UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,D.C. 20549
_________________
FORM
6-K
REPORT OF FOREIGN PRIVATEISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: July 31, 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
☒
Form 40-F
☐
This Form 6-K consists of the Second Quarter 2026 Report of UBS AG, which appears immediately following this
page.
UBS AG
30 June 2026 Interim Report
UBS AG 30 June 2026 Interim Report
1
1.
Key figures
2.
Introduction
3.
Risk and capital management
4.
Consolidated
financial statements
Appendix
Corporate calendar UBS AG
Information about future publication dates is generally available at
ubs.com/global/en/investor-relations/events/calendar.html
Contacts
Switchboards
For all general inquiries
ubs.com/contact
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UBS’s Investor Relations team
manages relationships with
institutional investors, research
analysts and credit rating agencies.
ubs.com/investors
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UBS’s Media Relations team manages
relationships with global media and
journalists.
ubs.com/media
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Imprint
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.
UBS AG 30 June 2026 Interim Report
2
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 (anAPM) is a financial measureof historical or future financialperformance,
financial position orcash flows otherthan a financialmeasure defined orspecified in IFRSAccounting Standards,
as issued by the International Accounting StandardsBoard (the IASB), or in other applicable recognizedaccounting
standards or regulations.We report anumber of APMsin the discussionof the financialand operating performance
ofUBS AG,ourbusinessdivisionsandGroupItems.WeuseAPMstoprovideamorecompletepictureofour
operating performanceand toreflectmanagement’sviewof thefundamental driversof ourbusinessresults. A
definitionofeachAPM,themethodusedtocalculateitandtheinformationcontentarepresentedunder
“Alternativeperformancemeasures”intheappendixtothisreport.EachAPMthatqualifiesasanon-GAAP
measure as defined by US Securities and ExchangeCommission (SEC) regulations is designated as such inthe 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 June 2026 Interim Report that was published on
29 July 2026 and is available under “Quarterly reporting” at
ubs.com/investors
. A comparison of selected financial
andcapitalinformationofUBS AGconsolidatedandofUBS Group AGconsolidatedisprovidedinthe
“Introduction”section of this report.
Change in interim reporting
Startingfrom2026,UBS AGpublishessemi-annualinterimfinancialreportsthatincludeinterimconsolidated
financial statementsas ofand forthe six-monthperiod ending30 June, prepared inaccordance withIAS 34,
Interim
Financial Reporting
. The income statement, the statementof comprehensive income, the statement ofchanges in
equity and the statement of cash flows and related information in this report are presented on the basis of the six-
month periods ended30 June 2026 and30 June 2025. Thebalance sheet andrelated information arepresented
as of 30 June 2026 and 31 December 2025.
Fromthefirstquarterof2026onward,UBS AG’sfirst-andthird-quarterfinancialreportsincludeconsolidated
financialinformationthatisnolongerpreparedinaccordancewithIAS 34.Instead,UBS AGpublishesfinancial
information forthose quartersthat isprepared inaccordance withUBS AG accountingpolicies, whichare consistent
with IFRS Accounting Standards, but does not includeall explanatory notes as required under IAS 34 andtherefore
doesnotconstitutean“interimfinancialreport”asdefinedbyIAS 34.Thischangewasintendedtoimprove
efficiency, while maintaining a high level of transparency for investors.
UBS AG 30 June 2026 Interim Report
|
Key figures | UBS AG consolidated key figures3
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
30.6.26
31.3.26
31.12.25
30.6.25
30.6.26
30.6.25
Results
Total revenues
13,480
14,030
11,444
11,635
27,510
23,798
Credit loss expense / (release)
133
64
161
152
197
275
Operating expenses
10,431
10,780
10,890
10,621
21,211
21,322
Operating profit / (loss) before tax
2,915
3,186
393
862
6,101
2,201
Net profit / (loss) attributable to shareholders
2,213
2,500
33
1,192
4,713
2,220
Profitability and growth
Return on equity (%)
1
9.9
11.1
0.1
5.0
10.5
4.7
Return on tangible equity (%)
1
10.6
12.0
0.2
5.4
11.3
5.0
Return on common equity tier 1 capital (%)
1
12.4
14.2
0.2
6.8
13.3
6.2
Cost / income ratio (%)
1
77.4
76.8
95.2
91.3
77.1
89.6
Net profit growth (%)
1
85.6
143.2
n.m.
n.m.
112.3
199.2
Resources
Total assets
1,707,065
1,687,883
1,617,173
1,671,814
1,707,065
1,671,814
Equity attributable to shareholders
88,275
91,404
88,845
94,278
88,275
94,278
Common equity tier 1 capital
2
71,637
70,867
70,394
69,829
71,637
69,829
Risk-weighted assets
2
500,420
497,433
489,775
498,327
500,420
498,327
Common equity tier 1 capital ratio (%)
2
14.3
14.2
14.4
14.0
14.3
14.0
Going concern capital ratio (%)
2
18.9
18.9
18.4
17.8
18.9
17.8
Total loss-absorbing capacity ratio (%)
2
37.7
38.4
36.8
36.5
37.7
36.5
Leverage ratio denominator
2
1,650,139
1,655,400
1,622,921
1,660,097
1,650,139
1,660,097
Common equity tier 1 leverage ratio (%)
2
4.3
4.3
4.3
4.2
4.3
4.2
Liquidity coverage ratio (%)
3
172.5
172.4
176.2
179.4
172.5
179.4
Net stable funding ratio (%)
114.7
116.1
115.7
120.9
114.7
120.9
Other
Invested assets (USD bn)
1,4
7,326
6,881
7,005
6,618
7,326
6,618
Personnel (full-time equivalents)
59,594
61,146
61,899
62,958
59,594
62,958
1 Refer to “Alternativeperformance measures” in the appendix tothis report for the relevantdefinition and calculation method. Eachalternative performance measure (APM) thatqualifies as a non-GAAP measure
as defined by US Securities and Exchange Commission (SEC) regulations is designatedas 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” sectionof this report for moreinformation.3 The disclosed ratiosrepresent quarterly averages foreach of the quarters presentedand have been calculated basedon an average of
60 data points in the second quarterof 2026, 62 data points in thefirst quarter of 2026, 64data points in the fourth quarterof 2025 and 61 data points inthe second quarter of 2025.Refer to the “Liquidity and
funding management” sectionof the UBS Group30 June 2026Interim Report, availableunder “Quarterly reporting”at ubs.com/investors,for more information.4 Consists of investedassets for GlobalWealth
Management, Asset Management (including investedassets from associates) and Personal& Corporate Banking. Refer to“Note 30 Invested assets and netnew money” in the “Consolidated financialstatements”
section of the UBS AG Annual Report 2025, available under “Annualreporting” at ubs.com/investors, for more information.
UBS AG 30 June 2026 Interim Report |
Introduction
4
Introduction
Overview
UBS Group AG isthe holdingcompany forthe UBSGroup andthe parentcompany ofUBS AG. UBS Group AG
holds 100% ofthe issued sharesin UBS AG. UBS AGand UBS Group bothprepare annualconsolidated financial
statementsinaccordancewithIFRSAccountingStandardsandsemi-annualinterimconsolidatedfinancial
statements in accordance with IAS 34,
Interim Financial Reporting
.
Theinterimconsolidatedfinancialstatementsincludedinthisreporthavebeenpreparedinaccordancewith
UBS AG’s accountingpolicies asdescribed in“Note 1 Summaryof materialaccounting policies”to theUBS AG
consolidated annual financialstatements for theyear ended 31 December2025, except forchanges described in
“Note 1 Basis of accounting” in the “Consolidated financial statements” section of this report.
›
Refer to the “Consolidated financial statements” section of this report for more information
UBS Group hasapplied acquisitionaccounting asdefined byIFRS 3,
Business Combinations
, tothe acquisitionof
the Credit SuisseGroup in2023. The mergerof UBS AG andCredit Suisse AG on31 May 2024 hasbeen accounted
for as a business combination under common control, as definedin IFRS 3, using the historic carrying values of the
assets andliabilities ofCredit Suisse AGas atthe dateof thetransaction (31 May2024), determinedunder IFRS
Accounting Standards. Therefore,differences existbetween the accountingtreatments appliedat 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 30 June 2026 Interim Report, available under “Quarterly reporting” at
ubs.com/investors
,
for more information
UBS AG 30 June 2026 Interim Report |
Introduction
5
Comparison between UBS AG consolidated and
UBS Group AG consolidated
The table belowprovides a comparisonof selected financialand capital informationof UBS AG consolidatedand
of UBS Group AG consolidated.
Assets,liabilities,revenues,operatingexpensesandtaxexpenses/(benefits)relatingtoUBS Group AGandits
directly heldsubsidiaries, includingUBS BusinessSolutions AG, arereflected inthe consolidatedfinancial statements
of UBS Group AG but notin those of UBS AG.UBS AG’s assets, liabilities, revenues andoperating expenses related
to transactionswith UBS Group AGand itsdirectly heldsubsidiaries, includingUBS BusinessSolutions AG andother
shared services subsidiaries, are notsubject to elimination in theUBS AG consolidated financial statements, butare
eliminated in the UBS Group AG consolidated financial statements.
In the second quarter of 2026, UBS AG consolidated recognized anet profit of USD 2,224m, while UBS Group AG
consolidated recognized anet profit ofUSD 2,811m. The USD 587mdifference was mainlydue to certainpurchase
price allocation(PPA) effectsrecognized atthe UBS Grouplevel uponthe acquisitionof theCredit SuisseGroup.
These resulted in net accretion income at the UBS Group level, net of tax effects, whereas UBS AG has not applied
acquisition accountingand doesnot havethe PPAeffects orthe correspondingnet income.The PPAeffects also
resulted in net releases for litigation, regulatory and similar matters at the UBS Group AG consolidated level (while
UBS AGconsolidatedincurrednetexpenses).OtherdifferencesinnetprofitmainlyaroseduetoUBSBusiness
Solutions AGandothersharedservicessubsidiariesofUBS Group AGchargingotherlegalentitieswithinthe
UBS AG consolidation scope a markup on costs incurred for services provided.
Forthefirsthalfof2026,UBS AGconsolidatedrecognizedanetprofitofUSD 4,738m,whileUBS Group AG
consolidatedrecognizedanetprofitofUSD 5,866m.TheUSD 1,128mdifferencewasmainlyduetothe
aforementionedPPAeffectsrecognizedattheUBS Grouplevelandtheaforementionedmarkupchargedby
UBS Business Solutions AGand othershared servicessubsidiaries ofUBS Group AG toother legalentities within
the UBS AG consolidation scope.
Asof30 June2026,thetotalassetsofUBS AGconsolidatedwereUSD 0.2bnlowerthanthetotalassetsof
UBS Group AG consolidated. The difference mainly reflected consolidation scope differences, largelyoffset by PPA
effects recognized at theUBS Group AG level uponthe acquisition of theCredit Suisse Group. Thetotal liabilities
of UBS AG consolidatedwere USD 0.6bn higherthan the totalliabilities of UBS Group AGconsolidated, mainly due
to consolidation scope differences.
Theequityof UBSAGconsolidatedwasUSD 0.8bnlowerthantheequityofUBS Group AGconsolidatedas of30 June
2026. Thisdifferencewas mainlydue to consolidationscope differencesof USD 2.2bn,partly offsetby PPA effectsof
USD 1.2bnrecognizedat theUBS Group AGlevel uponthe acquisitionof theCredit SuisseGroup thatdid notimpact
UBS AG consolidated,primarily relatedto loans and loan commitmentsmeasured at amortizedcost and contingent
liabilitiesrecognizedunder IFRS3 for litigation,partly offsetby PPA effectson real estateand debt issued.
ThegoingconcerncapitalofUBS AGconsolidatedwasUSD 1.2bnlowerthanthegoingconcerncapitalof
UBS Group AGconsolidatedasof30 June2026,reflectingthecommonequitytier 1(CET1)capitalofUBS AG
consolidatedbeinglowerbyUSD 0.8bnandgoingconcernloss-absorbingadditionaltier 1(AT1)capitalbeing
USD 0.4bn lower.
The USD 0.8bn lowerCET1 capital ofUBS AG consolidated wasprimarily due toa USD 6.1bn differencein dividend
accrualsbetweenUBS AGandUBS Group AGandUBS AGconsolidatedequitybeingUSD 0.8bnlower,partly
offsetbycapitalreservesforexpectedfuturesharerepurchasesofUSD 3.3bn,compensation-relatedregulatory
capital accruals at theUBS Group AG level ofUSD 2.5bn and a USD 0.5bn effectfrom eligible deferred taxassets
on temporary differences.
Thegoingconcernloss-absorbingAT1capitalofUBS AGconsolidatedwasUSD 0.4bnlowerthanthatof
UBS Group AG consolidated as of30 June 2026, mainly reflectingdeferred contingent capital planawards granted
at the Group level to eligible employees for the 2021 to 2025 performance years.
DifferencesincapitalbetweenUBS AGconsolidatedandUBS Group AGconsolidatedrelatedtoemployee
compensationplanswillreversetotheextentunderlyingservicesareperformedbyemployeesof,andare
consequently charged to, UBS AG and its subsidiaries. Such reversal generally occurs over the service period of the
employee compensation plan.
UBS AG 30 June 2026 Interim Report |
Introduction
6
Theleverageratiodenominator(theLRD)ofUBS AGconsolidatedwasUSD 0.4bnhigherthantheLRDof
UBS Group AG consolidated,mainly reflecting intercompanyexposures in UBSAG toward Groupentities, aswell
as PPAadjustments thatapply atthe Grouplevel butnot atthe UBS AGlevel, partlyoffset byfixed assetsheld
outside of the UBS AG consolidation scope.
The risk-weightedassets (RWA)of UBS AG consolidatedwere USD 3.5bn lowerthan theRWA ofUBS Group AG
consolidated, mainlyreflecting non-counterparty-relatedassets heldoutside theUBS AG consolidationscope, partly
offset by intercompany credit risk exposuresin UBS AG toward Group entities outsideof the UBS AG consolidation
scope.
The LRD for UBS AG consolidated exceeds thatof UBS Group AG consolidated, and UBS AG’s RWAare lower than
those of UBS Group AG consolidated. This divergencestems mainly from certain PPA adjustmentsthat apply at the
Group level but not at the UBS AG level and are subject to low risk weights.
The quarterly averageliquidity coverage ratio(the LCR) ofUBS AG consolidated was4.8 percentage points lower
than the quarterly average LCR ofUBS Group AG consolidated. The difference mainlyreflected the higher net cash
outflowsofUBS AGconsolidatedfromintercompanydepositsandloansthatarenotwithintheGroup
consolidation scope but are within the UBS AG consolidation scope.
The net stable funding ratio (the NSFR) of UBS AG consolidated was 0.4 percentage points lower than the NSFR of
UBS Group AGconsolidated.ThedifferenceprimarilyreflectedlowerUBS AGconsolidatedeligibleregulatory
capital compared with UBS Group AG consolidated.
Comparison between UBS AG consolidated and UBS Group AG consolidated
As of or for the quarter ended 30.6.26
As of or for the quarter ended 31.3.26
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
13,480
13,700
(220)
14,030
14,243
(213)
11,444
12,145
(700)
Credit loss expense / (release)
133
121
12
64
70
(6)
161
159
3
Operating expenses
10,431
9,986
446
10,780
10,333
447
10,890
10,286
604
Operating profit / (loss) before tax
2,915
3,594
(678)
3,186
3,841
(655)
393
1,700
(1,307)
Net profit / (loss)
2,224
2,811
(587)
2,514
3,054
(540)
39
1,205
(1,166)
Balance sheet
Total assets
1,707,065
1,707,284
(219)
1,687,883
1,686,521
1,362
1,617,173
1,617,427
(255)
Total liabilities
1,618,463
1,617,854
609
1,596,162
1,594,019
2,143
1,527,994
1,526,944
1,050
Total equity
88,602
89,430
(828)
91,722
92,502
(781)
89,179
90,484
(1,305)
Capital, liquidity and funding information
Common equity tier 1 capital
71,637
72,464
(827)
70,867
73,313
(2,447)
70,394
71,262
(868)
Going concern capital
94,780
95,977
(1,197)
94,129
96,963
(2,834)
89,993
91,176
(1,183)
Risk-weighted assets
500,420
503,923
(3,503)
497,433
500,355
(2,922)
489,775
493,397
(3,622)
Common equity tier 1 capital ratio (%)
14.3
14.4
(0.1)
14.2
14.7
(0.4)
14.4
14.4
(0.1)
Going concern capital ratio (%)
18.9
19.0
(0.1)
18.9
19.4
(0.5)
18.4
18.5
(0.1)
Total loss-absorbing capacity ratio (%)
37.7
38.4
(0.7)
38.4
39.5
(1.1)
36.8
38.0
(1.2)
Leverage ratio denominator
1,650,139
1,649,751
389
1,655,400
1,653,460
1,940
1,622,921
1,622,438
483
Common equity tier 1 leverage ratio (%)
4.3
4.4
(0.1)
4.3
4.4
(0.2)
4.3
4.4
(0.1)
Liquidity coverage ratio (%)
1
172.5
177.3
(4.8)
172.4
177.8
(5.4)
176.2
182.6
(6.4)
Net stable funding ratio (%)
114.7
115.1
(0.4)
116.1
116.9
(0.8)
115.7
116.1
(0.4)
1 The disclosed ratios represent quarterly averages for each of the quarters presentedand have been calculated based on an average of 60data points in the second quarter of 2026, 62data points in the first quarter
of 2026and 64data pointsin thefourth quarterof 2025.Refer tothe “Liquidityand fundingmanagement” sectionof theUBS Group30 June2026 InterimReport, availableunder “Quarterlyreporting” 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 30.6.26
Year-to-date 30.6.25
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
27,510
27,943
(433)
23,798
24,668
(870)
Credit loss expense / (release)
197
191
7
275
263
12
Operating expenses
21,211
20,319
893
21,322
20,080
1,242
Operating profit / (loss) before tax
6,101
7,434
(1,333)
2,201
4,325
(2,125)
Net profit / (loss)
4,738
5,866
(1,128)
2,233
4,105
(1,871)
UBS AG 30 June 2026 Interim Report |
Introduction
7
Additional information about our business divisions
Global Wealth Management
For the quarter ended 30.6.26
For the quarter ended 31.3.26
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
7,012
7,112
(100)
6,996
7,106
(110)
6,585
6,695
(110)
Credit loss expense / (release)
4
(2)
6
9
9
0
34
32
2
Operating expenses
5,257
5,231
26
5,349
5,305
44
5,393
5,373
19
Operating profit / (loss) before tax
1,751
1,883
(132)
1,638
1,792
(153)
1,158
1,290
(132)
Profitbefore taxwas USD 1,751matthe UBSAG level,comparedwithprofit beforetaxofUSD 1,883mat the
UBS Grouplevel.TheUSD 132mdifferencemainlyreflectedPPAeffectsontotalrevenuesrecognizedinGlobal
Wealth Management at the UBS Group level.
Personal & Corporate Banking – in Swiss francs
For the quarter ended 30.6.26
For the quarter ended 31.3.26
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
1,755
1,896
(140)
1,872
2,029
(157)
1,664
1,830
(166)
Credit loss expense / (release)
66
61
5
54
55
(1)
79
80
(1)
Operating expenses
1,140
1,159
(19)
1,154
1,164
(10)
1,288
1,297
(9)
Operating profit / (loss) before tax
550
676
(126)
664
809
(145)
297
452
(155)
ProfitbeforetaxwasCHF 550mattheUBS AGlevel,comparedwithprofitbeforetaxofCHF 676matthe
UBS Group level. The CHF 126m difference mainly reflected PPA effects ontotal revenues recognized in Personal &
Corporate Banking at the UBS Group level.
Personal & Corporate Banking – in US dollars
For the quarter ended 30.6.26
For the quarter ended 31.3.26
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
2,222
2,399
(178)
2,400
2,601
(201)
2,079
2,286
(207)
Credit loss expense / (release)
82
76
6
69
70
(2)
100
101
(1)
Operating expenses
1,442
1,466
(25)
1,477
1,491
(14)
1,610
1,621
(12)
Operating profit / (loss) before tax
698
857
(159)
854
1,040
(186)
370
565
(194)
Asset Management
For the quarter ended 30.6.26
For the quarter ended 31.3.26
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
756
756
0
772
772
0
796
800
(4)
Credit loss expense / (release)
0
0
0
0
0
0
1
1
0
Operating expenses
544
542
2
556
555
1
593
588
5
Operating profit / (loss) before tax
211
214
(2)
215
217
(2)
203
212
(9)
UBS AG 30 June 2026 Interim Report |
Introduction
8
Investment Bank
For the quarter ended 30.6.26
For the quarter ended 31.3.26
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
3,703
3,727
(24)
3,991
4,054
(63)
2,886
2,946
(60)
Credit loss expense / (release)
46
45
1
61
65
(4)
36
34
2
Operating expenses
2,561
2,531
30
2,817
2,784
34
2,283
2,272
11
Operating profit / (loss) before tax
1,095
1,150
(55)
1,112
1,205
(93)
567
640
(73)
Profitbefore taxwas USD 1,095matthe UBSAG level,comparedwithprofit beforetaxofUSD 1,150mat the
UBS Grouplevel.TheUSD 55mdifferencemainlyreflectedPPAeffectsontotalrevenuesrecognizedinthe
Investment Bank at theUBS Group level,
as well as share-basedcompensation resulting in an expenserecognized
attheUBS AGlevel.ThedifferencealsoaroseduetoUBSBusinessSolutions AGandothersharedservices
subsidiaries ofUBS Group AG chargingother legalentities withinthe UBS AGconsolidation scopea markupon
costs incurred for services provided.
Non-core and Legacy
For the quarter ended 30.6.26
For the quarter ended 31.3.26
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
29
43
(15)
(20)
(10)
(10)
(18)
(8)
(10)
Credit loss expense / (release)
0
0
0
(74)
(74)
(1)
(13)
(12)
(1)
Operating expenses
389
246
143
319
219
100
648
459
188
Operating profit / (loss) before tax
(360)
(203)
(157)
(265)
(155)
(110)
(653)
(455)
(197)
Loss beforetax wasUSD 360m atthe UBS AGlevel, comparedwith aloss beforetax ofUSD 203m atthe UBS Group
level. The USD 157m difference was mainly due to PPA effectsthat resulted in net releases for litigation, regulatory
and similar matters recognized inNon-core and Legacy at theUBS Group level, while at theUBS AG level Non-core
and Legacy incurred net expenses for such matters.
Group Items
For the quarter ended 30.6.26
For the quarter ended 31.3.26
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
(241)
(338)
97
(109)
(279)
171
(885)
(575)
(309)
Credit loss expense / (release)
1
1
0
0
0
0
4
3
0
Operating expenses
238
(31)
269
260
(21)
282
365
(27)
392
Operating profit / (loss) before tax
(480)
(307)
(172)
(369)
(258)
(111)
(1,253)
(552)
(701)
Loss beforetax wasUSD 480m atthe UBS AGlevel, comparedwith aloss beforetax ofUSD 307m atthe UBS Group
level.TheUSD 172mdifferencemainlyaroseduetoUBSBusinessSolutions AGandothersharedservices
subsidiaries ofUBS Group AG chargingother legalentities withinthe UBS AGconsolidation scopea markupon
costs incurred for services provided.
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Risk management and control9
Risk and capital management
Management report
Risk management and control
Thissectionprovidesinformationaboutkeydevelopmentsduringthereportingperiodandshouldbereadin
conjunction with the “Risk management and control” section of the UBS AG AnnualReport 2025, available under
“Annual reporting” at
ubs.com/investors
, and the “Recentdevelopments” section of theUBS Group 30 June 2026
InterimReport,availableunder“Quarterlyreporting”at
ubs.com/investors
,formoreinformationaboutthe
integration of Credit Suisse.
UBS AG consolidated risk profile
The riskprofile ofUBS AG consolidateddoes notdiffer materiallyfrom thatof UBS Group AGconsolidated, and
theriskinformationprovidedintheUBS Group30 June2026InterimReportisequallyapplicabletoUBS AG
consolidated.
ThetotalbankingproductsexposureofUBS AGconsolidatedasof30 June2026differedfromthatof
UBS Group AG consolidated, mainly reflecting purchase price allocation effects bookedat the Group level relating
to the acquisition of theCredit Suisse Group, as wellas receivables of UBS AG standaloneand UBS Switzerland AG
from UBS Group AG and UBS Business Solutions AG, reflecting consolidation scope differences.
ThetotalbankingproductsexposureofUBS AGconsolidatedasof30 June2026wasUSD 1,110.0bn,i.e.
USD 5.0bn, or0.5%, higherthan theexposure ofUBS Group AG consolidated.As of31 March 2026,the total
banking products exposure of UBS AG consolidatedwas USD 1,112.5bn, i.e. USD 6.8bn, or 0.6%,higher than the
exposure of UBS Group AG consolidated.
›
Refer to the “Risk management and control” section of the UBS Group 30 June 2026 Interim 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 30 June 2026 Interim Report |
Risk and capital management | Capital management10
Capital management
ThedisclosuresinthissectionareprovidedforUBS AGonaconsolidatedbasisandfocusoninformationin
accordance with the Basel IIIframework, as applicable toSwiss systemically relevant banks(SRBs). They should be
read in conjunctionwith the “Capitalmanagement” section ofthe UBS AG Annual Report2025, available under
“Annualreporting”at
ubs.com/investors
,whichprovidesmoreinformation aboutrelevantcapitalmanagement
objectives, planning and activities, as well asthe Swiss SRB total loss-absorbing capacity framework,on a UBS AG
consolidated basis.
In Switzerland, theamendments to theCapital Adequacy Ordinance(the CAO) thatincorporate the finalBasel III
standards intoSwiss law,including thenew ordinancescontaining theimplementing provisionsfor therevised CAO,
entered into force on 1 January 2025.
UBS AG contributesa significant portion of capitalto, and provides substantial liquidityto, its subsidiaries. Many of
thesesubsidiariesaresubjecttoregulationsrequiringcompliancewithminimumcapital,liquidityandsimilar
requirements.
›
Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 June 2026 Pillar 3 Report, which
will be available as of 14 August 2026 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 30.6.26
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
15.21
1
76,128
5.08
1
83,785
Common equity tier 1 capital
10.84
2
54,262
3.58
3
59,032
of which: minimum capital
4.50
22,519
1.50
24,752
of which: buffer capital
5.72
28,604
2.08
34,240
of which: countercyclical buffer
0.45
2,273
Maximum additional tier 1 capital
4.37
2
21,866
1.50
24,752
of which: additional tier 1 capital
3.50
17,515
1.50
24,752
of which: additional tier 1 buffer capital
0.80
4,003
Eligible going concern capital
Total going concern capital
18.94
94,780
5.74
94,780
Common equity tier 1 capital
14.32
71,637
4.34
71,637
Total loss-absorbing additional tier 1 capital
4.62
4
23,144
1.40
23,144
of which: high-trigger loss-absorbing additional tier 1 capital
4.62
23,144
1.40
23,144
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
10.89
54,481
3.81
62,808
of which: base requirement including add-ons for market share and LRD
10.89
8
54,481
3.81
8
62,808
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
18.74
93,760
5.68
93,760
TLAC-eligible unsecured debt
18.74
93,757
5.68
93,757
Total loss-absorbing capacity
Required total loss-absorbing capacity
26.10
130,609
8.88
146,593
Eligible total loss-absorbing capacity
37.68
188,540
11.43
188,540
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
500,420
Leverage ratio denominator
1,650,139
1 Includes applicable add-onsof 1.90% for risk-weightedassets (RWA) and 0.58%for leverage ratiodenominator (LRD). Forthe RWA-based requirement, theadd-on includes 0.86% formarket share,0.79% for
LRD, 0.23% reflecting aPillar 2 capital add-on forthe residual exposure (after collateralmitigation) to hedge funds,private equity and family offices,effective 1 January 2025, and1 basis point reflecting aPillar 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) tohedge funds, privateequity and family officesof 0.17% for CET1capital and 0.07% forAT1 capital, effective1 January 2025. ForAT1 capital under
Pillar 1 requirements amaximum of 4.3% ofAT1 capital canbe used to meetgoing concern requirements; 4.37%includes the aforementionedPillar 2 capital add-on.3 Our CET1 leverageratio 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% marketshare add-on requirement based on our Swisscredit business.4 UBS
meets its minimum goingconcern capital requirementswith CET1 capitaland AT1 capital.As UBS exceedsits minimum goingconcern requirements, theactual available andeligible AT1 capitalis above theAT1
capital used to meetthe minimum requirements (whichis capped at 4.37%as explained in footnote2 above).5 A maximum of 25%of the gone concernrequirements can be metwith instruments that havea
remaining maturity of between oneand two years. Once at least75% of the minimum goneconcern requirement has been metwith instruments that have aremaining maturity of greater thantwo years, all instruments
that havea remainingmaturity ofbetween oneand twoyears remaineligible tobe includedin thetotal goneconcern capital.6 Systemically importantbanks (SIBs)are subjectto basegone concerncapital
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 concerncapital requirements (excluding countercyclical bufferrequirements and the Pillar 2add-ons) should obstacles to anSIB’s resolvability be identified in future resolvabilityassessments.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 measuredat 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 30 June 2026 Interim Report |
Risk and capital management | Capital management11
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 June 2026.
UBS AG and UBS Switzerland AG are subject to going and gone concern requirements on a standalone basis.
On a standalonebasis as of30 June 2026, UBS AG’sfully applied commonequity tier 1 capitalratio was 14.4%.
Additional capital information for UBS AG standalone will beprovided in the UBS Group and significant regulated
subsidiariesandsub-groups30 June2026Pillar 3Report,whichwillbeavailableasof14 August2026under
“Pillar 3 disclosures” at
ubs.com/investors
.
Total loss-absorbing capacity
The table below provides SwissSRB going and gone concerninformation based on the SwissSRB framework and
requirements thatare discussedin the“Capital management”section ofthe UBS AGAnnual Report2025, available
under “Annual reporting” at
ubs.com/investors
.
Swiss SRB going and gone concern information
USD m, except where indicated
30.6.26
31.3.26
31.12.25
Eligible going concern capital
Total going concern capital
94,780
94,129
89,993
Total tier 1 capital
94,780
94,129
89,993
Common equity tier 1 capital
71,637
70,867
70,394
Total loss-absorbing additional tier 1 capital
23,144
23,262
19,600
of which: high-trigger loss-absorbing additional tier 1 capital
23,144
23,262
19,600
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
93,760
96,717
90,164
TLAC-eligible unsecured debt
93,757
96,707
90,139
Total loss-absorbing capacity
Total loss-absorbing capacity
188,540
190,846
180,157
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
500,420
497,433
489,775
Leverage ratio denominator
1,650,139
1,655,400
1,622,921
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
18.9
18.9
18.4
of which: common equity tier 1 capital ratio
14.3
14.2
14.4
Gone concern loss-absorbing capacity ratio
18.7
19.4
18.4
Total loss-absorbing capacity ratio
37.7
38.4
36.8
Leverage ratios (%)
Going concern leverage ratio
5.7
5.7
5.5
of which: common equity tier 1 leverage ratio
4.3
4.3
4.3
Gone concern leverage ratio
5.7
5.8
5.6
Total loss-absorbing capacity leverage ratio
11.4
11.5
11.1
1 Includes anadd-back of 45%of unrealized gainsfrom financial assetsmeasured at fairvalue throughother comprehensiveincome. Suchgains donot qualify asCET1 capital, but45% of thesegains canbe
recognized as gone concern capital.
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Capital management12
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 30.6.26
USD m, except where indicated
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Eligible going concern capital
Total going concern capital
94,780
95,977
(1,197)
Total tier 1 capital
94,780
95,977
(1,197)
Common equity tier 1 capital
71,637
72,464
(827)
Total loss-absorbing additional tier 1 capital
23,144
23,513
(370)
of which: high-trigger loss-absorbing additional tier 1 capital
23,144
23,513
(370)
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
93,760
97,654
(3,894)
TLAC-eligible senior unsecured debt
93,757
97,651
(3,894)
Total loss-absorbing capacity
Total loss-absorbing capacity
188,540
193,631
(5,091)
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
500,420
503,923
(3,503)
Leverage ratio denominator
1,650,139
1,649,751
389
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
18.9
19.0
(0.1)
of which: common equity tier 1 capital ratio
14.3
14.4
(0.1)
Gone concern loss-absorbing capacity ratio
18.7
19.4
(0.6)
Total loss-absorbing capacity ratio
37.7
38.4
(0.7)
Leverage ratios (%)
Going concern leverage ratio
5.7
5.8
(0.1)
of which: common equity tier 1 leverage ratio
4.3
4.4
(0.1)
Gone concern leverage ratio
5.7
5.9
(0.2)
Total loss-absorbing capacity leverage ratio
11.4
11.7
(0.3)
1 Includes anadd-back of45% of unrealizedgains fromfinancial assetsmeasured atfair valuethrough othercomprehensive income.Such gainsdo notqualify as CET1capital, but45% of thesegains canbe
recognized as gone concern capital.
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Capital management13
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital (UBS AG vs UBS
Group AG consolidated)
As of 30.6.26
USD m
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Total equity under IFRS Accounting Standards
88,602
89,430
(828)
Equity attributable to non-controlling interests
(328)
(265)
(63)
Defined benefit plans, net of tax
(925)
(937)
12
Deferred tax assets recognized for tax loss carry-forwards
(2,265)
(2,265)
0
Deferred tax assets for unused tax credits
(785)
(785)
Deferred tax assets on temporary differences, excess over threshold
(469)
(948)
479
Goodwill, net of tax
(6,269)
(5,764)
(505)
Intangible assets, net of tax
(86)
(618)
531
Compensation-related components (not recognized in net profit)
(2,486)
2,486
Expected losses on advanced internal ratings-based portfolio less provisions
(644)
(639)
(5)
Unrealized (gains) / losses from cash flow hedges, net of tax
1,783
1,783
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date,
net of tax
1,423
1,367
56
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
(70)
(70)
Prudential valuation adjustments
(176)
(176)
Accruals for dividends to shareholders for 2025
(4,500)
1
(4,500)
Accruals for expected dividends to shareholders for 2026
(3,500)
(1,875)
(1,625)
Existing capital reserve for expected future share repurchases in 2026
(261)
261
New capital reserve for expected future share repurchases
(3,000)
3,000
Other
(156)
(29)
(127)
Total common equity tier 1 capital
71,637
72,464
(827)
1 Reflects the appropriation of USD 4,500m to a special dividend reserve, approved at the 2026 Annual General Meeting in April 2026. The decision on the distribution of the specialdividend is intended to be made
at an ExtraordinaryGeneral Meeting inthe second half of2026 and is subjectto UBS AGmeeting its capital requirementson a standalone andconsolidated level, and furthervisibility on the deliberationsby the
Swiss Parliament on the capitalization of foreign subsidiaries.
›
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 30 June 2026 Interim 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 30 June 2026 Interim Report |
Consolidated financial statements14
Consolidated financial
statements
Unaudited
Table of contents
UBS AG interim consolidated financial
statements (unaudited)
Notes to the UBS AG interim consolidated financial
statements (unaudited)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited)15
UBS AG interim consolidated
financial statements (unaudited)
Income statement
Year-to-date
USD m
Note
30.6.26
30.6.25
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
3
12,781
13,538
Interest expense from financial instruments measured at amortized cost
3
(11,661)
(13,715)
Net interest income from financial instruments measured at fair value through profit or loss and other
3
2,958
3,089
Net interest income
3
4,079
2,912
Other net income from financial instruments measured at fair value through profit or loss
7,624
7,298
Fee and commission income
4
16,743
14,459
Fee and commission expense
4
(1,516)
(1,303)
Net fee and commission income
4
15,227
13,156
Other income
5
580
432
Total revenues
27,510
23,798
Credit loss expense / (release)
8
197
275
Personnel expenses
6
12,252
11,559
General and administrative expenses
7
7,724
8,305
Depreciation, amortization and impairment of non-financial assets
1,235
1,458
Operating expenses
21,211
21,322
Operating profit / (loss) before tax
6,101
2,201
Tax expense / (benefit)
1,363
(32)
Net profit / (loss)
4,738
2,233
Net profit / (loss) attributable to non-controlling interests
25
13
Net profit / (loss) attributable to shareholders
4,713
2,220
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited)16
Statement of comprehensive income
Year-to-date
USD m
30.6.26
30.6.25
Comprehensive income attributable to shareholders
Net profit / (loss)
4,713
2,220
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
(847)
5,740
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
235
(2,330)
Foreign currency translation differences on foreign operations reclassified to the income statement
(5)
(1)
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to
the income statement
2
0
Income tax relating to foreign currency translations, including the effect of net investment hedges
(12)
(5)
Subtotal foreign currency translation, net of tax
(626)
3,404
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
(27)
(7)
Net realized (gains) / losses reclassified to the income statement from equity
0
0
Income tax relating to net unrealized gains / (losses)
(6)
0
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
(33)
(7)
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
(870)
746
Net (gains) / losses reclassified to the income statement from equity
334
617
Income tax relating to cash flow hedges
100
(256)
Subtotal cash flow hedges, net of tax
(436)
1,107
Cost of hedging
Cost of hedging, before tax
(1)
27
Income tax relating to cost of hedging
0
0
Subtotal cost of hedging, net of tax
(1)
27
Total other comprehensive income that may be reclassified to the income statement, net of tax
(1,096)
4,531
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
(102)
11
Income tax relating to defined benefit plans
25
(9)
Subtotal defined benefit plans, net of tax
(77)
3
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
258
94
Income tax relating to own credit on financial liabilities designated at fair value
(4)
1
Subtotal own credit on financial liabilities designated at fair value, net of tax
254
95
Total other comprehensive income that will not be reclassified to the income statement, net of tax
178
97
Total other comprehensive income
(919)
4,628
Total comprehensive income attributable to shareholders
3,794
6,848
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
25
13
Total other comprehensive income that will not be reclassified to the income statement, net of tax
10
28
Total comprehensive income attributable to non-controlling interests
35
41
Total comprehensive income
Net profit / (loss)
4,738
2,233
Other comprehensive income
(909)
4,656
of which: other comprehensive income that may be reclassified to the income statement
(1,096)
4,531
of which: other comprehensive income that will not be reclassified to the income statement
187
125
Total comprehensive income
3,829
6,889
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited)17
Balance sheet
USD m
Note
30.6.26
31.12.25
Assets
Cash and balances at central banks
215,716
209,858
Amounts due from banks
8
20,514
19,243
Receivables from securities financing transactions measured at amortized cost
8
83,553
83,656
Cash collateral receivables on derivative instruments
10
51,314
41,552
Loans and advances to customers
8
667,391
658,760
Other financial assets measured at amortized cost
11
72,437
72,025
Total financial assets measured at amortized cost
1,110,926
1,085,094
Financial assets at fair value held for trading
9
179,487
174,854
of which: assets pledged as collateral that may be sold or repledged by counterparties
39,626
44,627
Derivative financial instruments
9, 10
193,737
148,325
Brokerage receivables
9
44,704
35,579
Financial assets at fair value not held for trading
9
113,728
107,293
Total financial assets measured at fair value through profit or loss
531,656
466,051
Financial assets measured at fair value through other comprehensive income
9
14,517
13,868
Investments in associates
2,260
2,331
Property, equipment and software
12,179
12,125
Goodwill and intangible assets
6,702
6,734
Deferred tax assets
10,847
11,085
Other non-financial assets
11
17,979
19,884
Total assets
1,707,065
1,617,173
Liabilities
Amounts due to banks
27,345
24,434
Payables from securities financing transactions measured at amortized cost
20,449
16,225
Cash collateral payables on derivative instruments
10
37,783
34,742
Customer deposits
790,201
796,330
Funding from UBS Group AG measured at amortized cost
12
110,727
110,614
Debt issued measured at amortized cost
14
109,939
100,207
Other financial liabilities measured at amortized cost
11
17,444
16,617
Total financial liabilities measured at amortized cost
1,113,888
1,099,169
Financial liabilities at fair value held for trading
9
61,892
53,700
Derivative financial instruments
9, 10
199,373
156,267
Brokerage payables designated at fair value
9
78,536
62,202
Debt issued designated at fair value
9, 13
114,496
107,544
Other financial liabilities designated at fair value
9, 11
37,335
35,287
Total financial liabilities measured at fair value through profit or loss
491,632
415,001
Provisions
15
3,541
3,564
Other non-financial liabilities
11
9,402
10,260
Total liabilities
1,618,463
1,527,994
Equity
Share capital
386
386
Share premium
84,986
84,849
Retained earnings
(1,750)
(2,147)
Other comprehensive income recognized directly in equity, net of tax
4,653
5,757
Equity attributable to shareholders
88,275
88,845
Equity attributable to non-controlling interests
328
334
Total equity
88,602
89,179
Total liabilities and equity
1,707,065
1,617,173
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited)18
Statement of changes in equity
USD m
Share
capital and
share
premium
Retained
earnings
OCI recognized
directly in
equity,
net of tax
1
of which:
foreign
currency
translation
of which:
financial
assets
measured
at fair
value
through
OCI
of which:
cash flow
hedges
of which:
cost of
hedging
Total equity
attributable to
shareholders
Balance as of 1 January 2026
2
85,235
(2,147)
5,757
7,067
73
(1,339)
(44)
88,845
Premium on shares issued and warrants exercised
(3)
3
(3)
Tax (expense) / benefit
81
81
Dividends
(4,500)
(4,500)
Translation effects recognized directly in retained earnings
8
(8)
0
(7)
0
0
Share of changes in retained earnings of associates and joint ventures
(1)
(1)
New consolidations / (deconsolidations) and other increases / (decreases)
58
0
58
Total comprehensive income for the period
4,890
(1,096)
(626)
(33)
(436)
(1)
3,794
of which: net profit / (loss)
4,713
4,713
of which: OCI, net of tax
178
(1,096)
(626)
(33)
(436)
(1)
(919)
Balance as of 30 June 2026
2
85,372
(1,750)
4,653
6,441
39
(1,783)
(45)
88,275
Non-controlling interests as of 30 June 2026
328
Total equity as of 30 June 2026
88,602
Balance as of 1 January 2025
2
85,163
7,838
1,002
3,686
0
(2,585)
(100)
94,003
Premium on shares issued and warrants exercised
0
0
Tax (expense) / benefit
17
17
Dividends
(6,500)
(6,500)
Translation effects recognized directly in retained earnings
50
(50)
0
(50)
0
0
Share of changes in retained earnings of associates and joint ventures
(2)
(2)
New consolidations / (deconsolidations) and other increases / (decreases)
(89)
0
(89)
Total comprehensive income for the period
2,317
4,531
3,404
(7)
1,107
27
6,848
of which: net profit / (loss)
2,220
2,220
of which: OCI, net of tax
97
4,531
3,404
(7)
1,107
27
4,628
Balance as of 30 June 2025
2
85,091
3,703
5,483
7,090
(6)
(1,527)
(73)
94,278
Non-controlling interests as of 30 June 2025
576
Total equity as of 30 June 2025
94,854
1 Excludes other comprehensive income related to defined benefit plans and own credit that isrecorded directly in Retained earnings.2 Excludes non-controlling interests.3 Includes decreases related to recharges
by UBS Group AG for share-based compensation awards granted to employees of UBS AGor its subsidiaries.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited)19
Statement of cash flows
Year-to-date
USD m
30.6.26
30.6.25
Cash flow from / (used in) operating activities
Net profit / (loss)
4,738
2,233
Non-cash items included in net profit and other adjustments
Depreciation, amortization and impairment of non-financial assets
1,235
1,458
Credit loss expense / (release)
197
275
Share of net (profit) / loss of associates and joint ventures and impairment related to associates
(110)
(157)
Deferred tax expense / (benefit)
398
(792)
Net loss / (gain) from investing activities
(81)
(14)
Net loss / (gain) from financing activities
2,461
13,074
Other net adjustments
1
4,986
(30,564)
Net change in operating assets and liabilities
1
Amounts due from banks and amounts due to banks
3,338
6,990
Receivables from securities financing transactions measured at amortized cost
(982)
14,926
Payables from securities financing transactions measured at amortized cost
2,610
1,514
Cash collateral on derivative instruments
(6,822)
(3,954)
Loans and advances to customers
(19,083)
(6,143)
Customer deposits
3,248
(1,575)
Financial assets and liabilities at fair value held for trading and derivative financial instruments
778
33,802
Brokerage receivables and payables
7,287
5,294
Financial assets at fair value not held for trading and other financial assets and liabilities
(1,029)
(12,224)
Provisions and other non-financial assets and liabilities
915
(2,880)
Income taxes paid, net of refunds
(578)
(1,237)
Net cash flow from / (used in) operating activities
3,507
20,027
Cash flow from / (used in) investing activities
Purchase of subsidiaries, businesses, associates and intangible assets
(17)
Disposal of subsidiaries, businesses, associates and intangible assets
2
560
3
482
Purchase of property, equipment and software
(983)
(885)
Disposal of property, equipment and software
81
62
Purchase of financial assets measured at fair value
4
(3,879)
(7,175)
Disposal and redemption of financial assets measured at fair value
4
3,071
2,772
Purchase of debt securities measured at amortized cost
(7,939)
(14,792)
Disposal and redemption of debt securities measured at amortized cost
8,038
5,625
Net cash flow from / (used in) investing activities
(1,050)
(13,927)
Cash flow from / (used in) financing activities
Net issuance (repayment) of short-term debt measured at amortized cost
10,526
3,009
Distributions paid on UBS AG shares
(4,500)
(6,500)
Issuance of debt designated at fair value and long-term debt measured at amortized cost
5
84,811
62,315
Repayment of debt designated at fair value and long-term debt measured at amortized cost
5
(79,547)
(69,435)
Inflows from securities financing transactions measured at amortized cost
6
1,736
565
Outflows from securities financing transactions measured at amortized cost
6
(1,561)
Net cash flows from other financing activities
(358)
(505)
Net cash flow from / (used in) financing activities
12,668
(12,112)
Total cash flow
Cash and cash equivalents at the beginning of the year
230,965
243,360
Net cash flow from / (used in) operating, investing and financing activities
15,125
(6,012)
Effects of exchange rate differences on cash and cash equivalents
1
(3,867)
20,976
Cash and cash equivalents at the end of the year
242,223
258,323
of which: cash and balances at central banks
7
215,716
236,193
of which: amounts due from banks
7
19,177
19,094
of which: money market paper
7,8
7,330
3,036
Additional information
Net cash flow from / (used in) operating activities includes:
Interest received in cash
20,379
21,790
Interest paid in cash
15,491
19,593
Dividends on equity investments, investment funds and associates received in cash
2
1,332
1,803
1 Foreign currencytranslation and foreignexchange effects onoperating assets andliabilities and oncash and cashequivalents are presentedwithin the Othernet adjustments line,with the exceptionof foreign
currency hedge effectsrelated to foreignexchange swaps,which are presentedon the lineFinancial assets andliabilities at fairvalue held fortrading andderivative financialinstruments.2 Includes dividends
received fromassociates.3 Includescash proceedsof USD
506
m fromthe saleof a
50
% interestin Swisscard.Refer to“Note 28Changes inorganization andacquisitions anddisposals ofsubsidiaries and
businesses” in the “Consolidated financialstatements” section of the UBSAG Annual Report 2025 formore information.4 Includes cash flows in relationto financial assets measured atfair value through other
comprehensive income and financial assets measured at fair value throughprofit or loss.5 Includes funding from UBS Group AG measured atamortized cost (recognized on the balance sheet in Funding from UBS
Group AG measured at amortized cost) and measured at fair value (recognized on the balance sheet in Other financialliabilities designated at fair value).6 Reflects cash flows from securities financing transactions
measured at amortized cost that use UBS AG debt instruments as the underlying.7 Includes only balances with an original maturity of three months or less.8 Money market paper is included in the balance sheet
under Financialassets atfair valuenot heldfor trading(30 June 2026:USD
6,922
m; 30 June2025: USD
2,431
m), Otherfinancial assetsmeasured atamortized cost(30 June 2026:USD
377
m; 30 June2025:
USD
338
m), Financial assets measured atfair value through other comprehensive income(30 June 2026: USD
0
m; 30 June 2025: USD
140
m) and Financial assetsat fair value held fortrading (30 June 2026: USD
31
m;
30 June 2025: USD
127
m).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)20
Notes to the UBS AG interim consolidated financial
statements (unaudited)
Note 1Basis of accounting
Basis of preparation
The interimconsolidated financialstatements (thefinancial statements)of UBS AGand itssubsidiaries (together,
UBS AG) for thesix-month periodended 30 June 2026are preparedin accordancewith IFRSAccounting Standards,
as issued bythe International AccountingStandards Board (theIASB), and arepresented in USdollars. These interim
consolidated financial statements are prepared in accordance with IAS 34,
Interim Financial Reporting,
and include
theconsolidatedbalancesheetasof30 June2026andtherelatedconsolidatedstatementsofincome,
comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2026, as well as
accompanying explanatory notes.
Inpreparingtheseinterimconsolidatedfinancialstatements,thesameaccountingpoliciesandmethodsof
computation havebeen appliedas inthe UBS AGconsolidated annualfinancial statementsfor theperiod ended
31 December 2025, except for changes described in this Note. These interim consolidated financial statements are
unaudited andshould beread inconjunction with:the auditedconsolidated financialstatements inthe UBS AG
AnnualReport2025;the“Managementreport”sectionsoftheUBS Group30 June2026InterimReport,
specifically the disclosures in the “UBS Group performance, business divisions and Group Items” section regarding
the O’Connor business exit and the saleof UBS AG’s interest in Swisscard AECSGmbH; and the information about
these transactionsdisclosed inthe UBS Groupfirst quarter2026 report.In theopinion ofmanagement, allnecessary
adjustments have been made for afair presentation of UBS AG’s financial position,results of operations and cash
flows.
Preparationoftheseinterimconsolidatedfinancialstatementsrequiresmanagementtomakeestimatesand
assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent
assets and liabilities.These estimates andassumptions are basedon the bestavailable information. Actualresults
in the futurecould differ fromsuch estimates anddifferences may bematerial to thefinancial statements. Revisions
to estimates,based onregular reviews,arerecognized inthe periodin whichthey occur.For moreinformation
about areas ofestimation uncertaintythat are consideredto require criticaljudgment, refer to“Note 1a Material
accounting policies” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025.
Change in interim reporting
Startingfrom2026,UBSAGpublishessemi-annualinterimfinancialreportsthatincludeinterimconsolidated
financial statements asof and for thesix-month period ending 30June, prepared inaccordance with IAS 34.The
income statement, the statement ofcomprehensive income, the statement of changesin equity and the statement
ofcashflowsandrelated informationinthisreportarepresented onthebasisofthesix-monthperiodsended
30 June 2026 and 30 June 2025. Thebalance sheet and related information are presentedas of 30 June 2026 and
31 December 2025.
Fromthefirstquarterof2026onward,UBS AG’sfirst-andthird-quarterfinancialreportsincludeconsolidated
financialinformationthatisnolongerpreparedinaccordancewithIAS 34.Instead,UBS AGpublishesfinancial
information forthose quartersthat isprepared inaccordance withUBS AG accountingpolicies, whichare consistent
with IFRS Accounting Standards, but does not includeall explanatory notes as required under IAS 34 andtherefore
doesnotconstitutean“interimfinancialreport”asdefinedbyIAS 34.Thischangewasintendedtoimprove
efficiency, while maintaining a high level of transparency for investors.
Amendments to IFRS 9,
Financial Instruments,
and IFRS 7,
Financial Instruments: Disclosures
Effective from1 January 2026,UBS AG hasadopted the
Amendments tothe Classificationand Measurementof
Financial Instruments– Amendmentsto IFRS 9and IFRS 7
(the Amendments)related toclassification offinancial
assets andderecognition offinancial instruments,including theintroduction ofan accountingpolicy electionto
derecognizefinancialliabilitiessettledthroughelectronictransfersystemsbeforethesettlementdate,ifcertain
conditions are met.The Amendments alsointroduced new disclosurerequirements for financialinstruments with
contractualtermsthatcanchangethetimingoramountofcontractualcashflows,whichUBS AGpresentsin
Note 12. The impact of the Amendments
on these interim consolidated financial statements was not material.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)21
Other amendments to IFRS Accounting Standards
TheIASBhasissuednewIFRSAccountingStandardsandanumberofminoramendmentstoIFRSAccounting
Standards, effective from 1 January2026 and later. Thesedo not have orare not expected tohave a material effect
on UBS AG when they are adopted.
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
30.6.26
31.3.26
31.12.25
30.6.25
30.6.26
31.3.26
30.6.25
30.6.26
30.6.25
1 CHF
1.24
1.25
1.26
1.26
1.27
1.28
1.23
1.27
1.17
1 EUR
1.14
1.16
1.17
1.18
1.16
1.17
1.15
1.17
1.10
1 GBP
1.33
1.32
1.35
1.37
1.34
1.35
1.35
1.35
1.31
100 JPY
0.61
0.63
0.64
0.69
0.63
0.63
0.70
0.63
0.68
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollarsusing month-end rates. Disclosed average rates for a quarter representan average
of three month-end rates,weighted according to theincome and expense volumesof all operationsof UBS AG withthe same functional currencyfor each month. Weighted-average rates forindividual business
divisions may deviate from the weighted-average rates for UBS AG.
Note 2Segment reporting
UBS AG’sbusinessdivisionsareorganizedgloballyintofivebusinessdivisions:GlobalWealthManagement,
Personal &Corporate Banking,Asset Management,the InvestmentBank, andNon-core andLegacy. Allfive business
divisions are supported by GroupItems and qualify asreportable segments for the purposeof segment reporting.
Together with Group Items they reflect the management structure of UBS AG.
›
Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information
about UBS AG’s reporting segments
Segment reporting
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group
Items
UBS AG
For the six months ended 30 June 2026
Net interest income
3,508
2,352
(28)
(1,040)
(70)
(643)
4,079
Non-interest income
10,500
2,270
1,556
8,733
79
293
23,431
Total revenues
14,008
4,622
1,527
7,694
9
(350)
27,510
Credit loss expense / (release)
13
151
0
108
(75)
1
197
Operating expenses
10,606
2,919
1,100
5,379
708
499
21,211
Operating profit / (loss) before tax
3,389
1,552
426
2,207
(625)
(849)
6,101
Tax expense / (benefit)
1,363
Net profit / (loss)
4,738
As of 30 June 2026
Total assets
590,886
474,285
28,638
575,646
19,857
17,753
1,707,065
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group
Items
UBS AG
For the six months ended 30 June 2025
Net interest income
3,176
2,201
(35)
(1,559)
(134)
(737)
2,912
Non-interest income
9,287
1,890
1,547
7,428
113
621
20,886
Total revenues
12,463
4,091
1,512
5,869
(21)
(116)
23,798
Credit loss expense / (release)
6
172
0
90
9
(1)
275
Operating expenses
10,190
3,030
1,225
4,840
1,488
548
21,322
Operating profit / (loss) before tax
2,268
890
286
938
(1,519)
(663)
2,201
Tax expense / (benefit)
(32)
Net profit / (loss)
2,233
As of 31 December 2025
Total assets
577,946
481,784
26,889
488,001
25,413
17,140
1,617,173
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)22
Note 3Net interest income
Net interest income
Year-to-date
USD m
30.6.26
30.6.25
Interest income from loans and deposits
1
10,580
11,620
Interest income from securities financing transactions measured at amortized cost
2
1,443
1,754
Interest income from other financial instruments measured at amortized cost
834
766
Interest income from debt instruments measured at fair value through other comprehensive income
282
71
Interest income from derivative instruments designated as cash flow hedges
(358)
(672)
Total interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
12,781
13,538
Interest expense on loans and deposits
3
5,802
7,325
Interest expense on securities financing transactions measured at amortized cost
4
1,104
972
Interest expense on debt issued and funding from UBS Group AG measured at amortized cost
4,691
5,346
Interest expense on lease liabilities
63
72
Total interest expense from financial instruments measured at amortized cost
11,661
13,715
Total net interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
1,120
(177)
Net interest income from financial instruments measured at fair value through profit or loss and other
2,958
3,089
Total net interest income
4,079
2,912
1 Consists ofinterest income fromcash and balancesat central banks,amounts due frombanks, andcash collateralreceivables onderivative instruments,as well asnegative interest onamounts due tobanks,
customer deposits, andcash collateral payableson derivative instruments.2 Includes interest incomeon receivables fromsecurities financing transactionsand negative interest,including fees, onpayables from
securities financing transactions.3 Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negativeinterest on cash and balances
at central banks, amountsdue from banks, and cashcollateral receivables on derivativeinstruments.4 Includes interest expense on payablesfrom securities financing transactions andnegative interest, including
fees, on receivables from securities financing transactions.
Note 4Net fee and commission income
Net fee and commission income
Year-to-date
USD m
30.6.26
30.6.25
Underwriting fees
679
471
M&A and corporate finance fees
497
470
Brokerage fees
3,453
2,637
Portfolio management, investment fund and related services fees
1
10,522
9,408
Other
1,592
1,474
Total fee and commission income
2
16,743
14,459
of which: recurring
10,526
9,368
of which: transaction-based
6,176
5,019
of which: performance-based
42
73
Fee and commission expense
3
1,516
1,303
Net fee and commission income
15,227
13,156
of which: recurring net fee and commission income
9,780
8,737
of which: Global Wealth Management
7,328
6,626
of which: Personal & Corporate Banking
900
702
of which: Asset Management
1,420
1,350
of which: transaction-based net fee and commission income
5,406
4,350
of which: Global Wealth Management
2,114
1,706
of which: Personal & Corporate Banking
696
663
of which: Asset Management
17
27
of which: performance-based net fee and commission income
42
69
of which: Asset Management
42
69
1 Fees for portfolio management and related services and investment fund fees are presented on a combined basis. Comparative-period information has been aligned with the information presented for the six-month
period ended 30June 2026. Thiscategory includes feesearned on portfoliomanagement mandates withclients and managementand performance feesearned on UBS-managedfunds and third-party-managed
funds.2 For the six-month period ended 30 June 2026 reflects third-party fee and commission income of USD
9,940
m for Global Wealth Management, USD
1,694
m for Personal & Corporate Banking, USD
2,064
m
for AssetManagement, USD
3,011
m forthe InvestmentBank, USD
4
m forNon-core andLegacy,and USD
30
m forGroup Items(for thesix-month periodended 30June 2025:USD
8,752
m forGlobal Wealth
Management, USD
1,503
m for Personal & Corporate Banking, USD
1,923
m for Asset Management, USD
2,234
m for the Investment Bank, USD
30
m for Non-core and Legacy, USD
18
m for Group Items).3 Includes
brokerage expense for the six-month period ended 30 June 2026 of USD
208
m (for the six-month period ended 30 June 2025: USD
168
m).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)23
Note 5Other income
Other income
Year-to-date
USD m
30.6.26
30.6.25
Associates, joint ventures and subsidiaries
Net gains / (losses) from acquisitions and disposals of subsidiaries
1
3
(9)
2
Net gains / (losses) from disposals of investments in associates and joint ventures
163
3
3
Share of net profit / (loss) of associates and joint ventures
110
157
4
Total
276
150
Income from properties
5
18
10
Net gains / (losses) from properties held for sale
8
(28)
Income from shared services provided to UBS Group AG or its subsidiaries
300
322
Other
(22)
(23)
Total other income
580
432
1 Includes foreign exchange gains /(losses) reclassified from other comprehensiveincome related to the disposalor closure of foreign operations.2 Includes a loss of USD
11
m recognized upon completion ofthe
sale of theUS mortgageservicing businessof CreditSuisse, SelectPortfolio Servicing,which wasmanaged in Non-coreand Legacy.Refer to“Note 28Changes in organizationand acquisitionsand disposalsof
subsidiaries andbusinesses” inthe “Consolidatedfinancial statements”section ofthe UBSAG AnnualReport 2025for moreinformation.3 Represents a gainrelated to thesale of UBSAG’s
50
% interestin
Swisscard AECS GmbH (Swisscard), a joint venture in Switzerland between UBS AG and American Express Swiss Holdings GmbH (American Express), to American Express, which was managed in Personal & Corporate
Banking. Refer to “Note28 Changes in organizationand acquisitions and disposalsof subsidiaries and businesses”in the “Consolidated financialstatements” section of theUBS AG Annual Report2025 for more
information.4 Includes a gain of USD
64
m related to UBS AG’s share of the income recorded by 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 AnnualReport 2025 for more information.5 Includes rent received from third parties.
Note 6Personnel expenses
Personnel expenses
Year-to-date
USD m
30.6.26
30.6.25
Salaries and variable compensation
1
10,733
10,011
of which: variable compensation – financial advisors
2
3,029
2,744
Contractors
48
77
Social security
662
610
Post-employment benefit plans
424
477
Other personnel expenses
385
383
Total personnel expenses
12,252
11,559
1 Includes role-based allowances.2 Financial advisor compensation mainly consists ofcash compensation, determined using a formulaic approachbased on production, and deferred awards. It alsoincludes expenses
related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
Note 7General and administrative expenses
General and administrative expenses
Year-to-date
USD m
30.6.26
30.6.25
Outsourcing costs
233
384
Technology costs
407
499
Consulting, legal and audit fees
337
540
Real estate and logistics costs
365
439
Market data services
279
302
Marketing and communication
143
164
Travel and entertainment
144
145
Litigation, regulatory and similar matters
1
255
359
Other
5,558
5,474
2
of which: shared services costs charged by UBS Group AG or its subsidiaries
5,032
4,769
Total general and administrative expenses
7,724
8,305
1 Reflects thenet increase /(decrease) in provisionsfor litigation, regulatoryand similar mattersrecognized in theincome statement, aswell as recoveriesfrom third partiesor other UBSGroup entities.Refer to
Note 15b for more information.2 Includes a USD
180
m expense relatedto the payment toSwisscard for thesale of the CreditSuisse card portfoliosto UBS AG.Refer to “Note28 Changes in organizationand
acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG AnnualReport 2025 for more information.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)24
Note 8Expected credit loss measurement
a) Credit loss expense / release
Total netcredit lossexpenses inthe firstsix monthsof 2026were USD
197
m, reflectingUSD
74
m netexpenses
related to performing positions and USD
123
m net expenses on credit-impaired positions.
Net expectedcredit lossexpenses onthe performingportfolio weremainly drivenby post-modeladjustments of
USD
42
m in the corporate lending portfolio, mainly in the InvestmentBank, reflecting current macroeconomic and
geopolitical uncertainty.
NetcreditlossexpensesofUSD
123
mwererecognizedforcredit-impairedpositionsandincludedaUSD
157
m
release following the repayment of a corporate lending exposure, of whichUSD
85
m was in Non-core and Legacy
and USD
72
m in the InvestmentBank. The effect ofthis release was morethan offset by net creditloss expenses,
primarilyrelatedtoasmallnumberofcorporatecounterpartiesacrossPersonal&CorporateBanking,the
Investment Bank and Non-core and Legacy.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
Year-to-date 30.6.26
Global Wealth Management
(9)
22
13
Personal & Corporate Banking
23
128
151
Asset Management
0
0
0
Investment Bank
59
49
108
Non-core and Legacy
0
(75)
(75)
Group Items
1
0
1
Total
74
123
197
Year-to-date 30.6.25
Global Wealth Management
(10)
16
6
Personal & Corporate Banking
14
158
172
Asset Management
0
0
0
Investment Bank
14
76
90
Non-core and Legacy
0
9
9
Group Items
(1)
0
(1)
Total
17
259
275
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)25
Note 8Expected credit loss measurement (continued)
b) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expectedcredit loss(ECL) scenarios,along withtheir relatedmacroeconomic factorsand marketdata, were
reviewed inlight ofthe economicand politicalconditions prevailingin thefirst halfof 2026through aseries of
governance meetings,with inputand feedbackfrom UBSAG’s Riskand Financeexperts acrossthe businessdivisions
and regions.
UBS AG keptthe scenarios andscenario weights inline with those appliedin the UBSAG’s Annual Report 2025.
Allofthescenarioshavebeenupdatedbasedonthelatestmacroeconomicforecastsasof30 June2026.The
current scenario suite,together with theapplied scenario weightingsand the levelof post-modeladjustments, is
deemedappropriatetosufficientlycaptureprevailingmacroeconomicandgeopoliticaluncertainties.The
assumptions on a calendar-year basis are included in the table below.
The baselinescenario wasupdated withthe latestmacroeconomic forecastsas of30 June 2026.
Global growth
and inflationforecasts havebeen adjustedto reflecthigher energyprices andrelated uncertainty.However,the
boom inAI hasbeen providinga meaningfuloffset. Inthe US,growth isexpected tobe relativelyresilient, and
inflation is expectedto peak inthe second halfof 2026, reflectingthe lasting effectsof the conflict-relatedpressure
in the supply chain. In the Eurozone, the outlookis more challenging, with Germany and Italy particularly exposed.
Swiss GDP outlook is below trend, affected by the negative spillovers from the Eurozone.
ComparedwiththeJanuary2026baseline,USGDPgrowthprojectionsfor2026and2027havebeenrevised
slightly upward. Stronger-than-expected economic performance in the beginning ofthe year more than offset the
negative effectsof higherenergyprices. Inthe Eurozonethe Iranconflict hascontributed tolower growthand
higher inflation, and in Switzerland GDP growth is also slightly weaker and inflation slightly higher in 2026 than in
the January baseline.Equity forecasts for2026 have beenrevised upward acrossdeveloped economies. Therevision
for European stocksreflects the improvedearnings outlook atthe beginning of2026, while USstocks have been
supported by strongtechnology-sector results. Oilprice forecasts for2026 and 2027have been adjustedupward
in 2026 and 2027 to reflect the situation in Iran.
Thedownsidescenariosetisunchanged,withglobaltradewarremainingthebindingscenarioandmoderate
stagflationcrisisthe secondarydownside scenario.Whilethe underlyingnarrativesremain unchanged,brentoil
price assumptionsfor 2026and 2027were recalibratedto reflectrecent geopoliticaldevelopments andthe ongoing
conflicts in the Middle East, resulting in a higher energy price profile.
Comparison of shock factors
Baseline
Key parameters
2025
2026
2027
Real GDP growth (annual percentage change)
US
2.1
2.2
2.1
Eurozone
1.5
0.8
1.2
Switzerland
1.4
1.1
1.1
Unemployment rate (%, annual average)
US
4.2
4.5
4.5
Eurozone
6.3
6.4
6.3
Switzerland
2.8
3.1
3.0
Fixed income: 10-year government bonds (%, Q4)
USD
4.2
4.5
4.5
EUR
2.9
2.9
3.0
CHF
0.3
0.3
0.4
Real estate (annual percentage change, Q4)
US
1.3
2.0
3.1
Eurozone
5.0
3.8
4.1
Switzerland
3.8
2.5
2.0
Economic scenarios and weights applied
Assigned weights in %
ECL scenario
30.6.26
31.12.25
30.6.25
Asset price appreciation
5.0
5.0
5.0
Baseline
50.0
50.0
50.0
Moderate stagflation crisis
30.0
30.0
0.0
Global trade war
15.0
15.0
0.0
Mild stagflation crisis
0.0
0.0
30.0
Global crisis
0.0
0.0
15.0
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)26
Note 8Expected credit loss measurement (continued)
c) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions
The following tables provideinformation about financial instrumentsand certain non-financial instrumentsthat are
subjecttoECLrequirements.Foramortized-costinstruments,thecarryingamountrepresentsthemaximum
exposure to creditrisk, taking intoaccount the allowancefor credit losses.Financial assets measuredat fair value
through other comprehensive income (FVOCI) arealso subject to ECL; however, unlike amortized-costinstruments,
the allowance forcredit losses forFVOCI instruments doesnot reduce thecarrying amount ofthese financial assets.
Instead, the carryingamount of financialassets measured atFVOCI represents themaximum exposure tocredit risk.
No purchased credit-impaired financial assets wererecognized in the first half 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 andother credit lines are
also subject toECL. The maximumexposure to creditrisk for off-balancesheet financial instrumentsis calculated
based on notional amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.6.26
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
215,716
215,693
23
0
(271)
0
(271)
0
Amounts due from banks
20,514
20,346
163
5
(3)
0
(3)
0
Receivables from securities financing transactions measured at amortized cost
83,553
83,553
0
0
(1)
(1)
0
0
Cash collateral receivables on derivative instruments
51,314
51,314
0
0
0
0
0
0
Loans and advances to customers
667,391
634,006
28,591
4,794
(3,162)
(365)
(286)
(2,511)
of which: Private clients with mortgages
288,702
274,962
12,069
1,671
(148)
(41)
(23)
(84)
of which: Real estate financing
94,239
86,428
7,396
415
(89)
(26)
(26)
(37)
of which: Large corporate clients
26,637
23,250
2,845
543
(767)
(104)
(101)
(562)
of which: SME clients
23,739
19,718
2,623
1,399
(1,445)
(92)
(86)
(1,267)
of which: Lombard
165,990
165,623
0
368
(74)
(5)
0
(69)
of which: Credit cards
2,535
1,934
550
51
(53)
(7)
(13)
(33)
of which: Commodity trade finance
5,498
4,726
772
0
(141)
(9)
0
(131)
of which: Ship / aircraft financing
9,097
8,145
883
69
(11)
(7)
(4)
0
of which: Consumer financing
2,988
2,760
121
106
(171)
(29)
(25)
(118)
Other financial assets measured at amortized cost
72,437
71,241
927
269
(138)
(31)
(15)
(91)
of which: Loans to financial advisors
2,947
2,806
48
93
(35)
(4)
(1)
(31)
Total financial assets measured at amortized cost
1,110,926
1,076,152
29,705
5,068
(3,576)
(398)
(576)
(2,603)
Financial assets measured at fair value through other comprehensive income
14,517
14,517
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
1,125,443
1,090,669
29,705
5,068
(3,576)
(398)
(576)
(2,603)
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
44,497
41,980
2,348
168
(76)
(16)
(24)
(37)
of which: Large corporate clients
7,140
5,645
1,460
35
(21)
(8)
(7)
(6)
of which: SME clients
3,513
3,034
392
88
(41)
(4)
(15)
(22)
of which: Financial intermediaries and hedge funds
26,498
26,224
254
21
(1)
(1)
0
0
of which: Lombard
3,316
3,291
0
25
(2)
0
0
(2)
of which: Commodity trade finance
5
5
0
0
0
0
0
0
Irrevocable loan commitments
86,509
82,219
3,843
447
(293)
(119)
(83)
(91)
of which: Large corporate clients
48,757
45,152
3,269
336
(264)
(98)
(80)
(85)
Forward starting reverse repurchase and securities borrowing agreements
9,806
9,806
0
0
0
0
0
0
Committed unconditionally revocable credit lines
57,746
53,883
3,739
124
(68)
(53)
(14)
0
of which: Real estate financing
6,733
5,461
1,272
0
(4)
(5)
1
0
of which: Large corporate clients
9,650
8,824
824
1
(13)
(8)
(4)
0
of which: SME clients
10,791
10,181
498
112
(33)
(25)
(7)
0
of which: Lombard
2
2,146
2,146
0
0
0
0
0
0
of which: Credit cards
12,800
12,158
638
3
(9)
(7)
(2)
0
Irrevocable committed prolongation of existing loans
8,620
8,603
15
2
(6)
(5)
(1)
0
Total off-balance sheet financial instruments and other credit lines
207,178
196,491
9,946
741
(443)
(192)
(122)
(128)
Total allowances and provisions
(4,019)
(590)
(698)
(2,731)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respectiveECL allowances.2 Committed unconditionally revocable credit lines decreased by
USD
65.2
bn, primarily in Global Wealth Management and mainly driven by certain Lombard facilities becoming uncommitted either following changesto certain contractual terms in the course of client account
migrations or by a refinement of UBS’s definition of a commitment.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)27
Note 8Expected 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
209,858
209,606
252
0
(262)
0
(262)
0
Amounts due from banks
19,243
19,119
124
0
(14)
(9)
(5)
0
Receivables from securities financing transactions measured at amortized cost
83,656
83,656
0
0
(1)
(1)
0
0
Cash collateral receivables on derivative instruments
41,552
41,552
0
0
0
0
0
0
Loans and advances to customers
658,760
628,914
25,287
4,559
(3,236)
(352)
(271)
(2,613)
of which: Private clients with mortgages
288,259
277,176
9,635
1,448
(134)
(44)
(18)
(72)
of which: Real estate financing
93,076
87,650
5,307
119
(68)
(26)
(30)
(12)
of which: Large corporate clients
26,963
23,146
2,890
928
(1,009)
(117)
(94)
(798)
of which: SME clients
23,941
19,984
2,551
1,406
(1,305)
(80)
(81)
(1,144)
of which: Lombard
165,336
164,890
169
276
(130)
(6)
0
(124)
of which: Credit cards
2,408
1,860
501
47
(48)
(7)
(12)
(29)
of which: Commodity trade finance
4,849
3,570
1,274
6
(136)
(8)
0
(128)
of which: Ship / aircraft financing
8,753
7,609
1,025
119
(17)
(9)
(8)
0
of which: Consumer financing
2,957
2,699
130
129
(167)
(19)
(24)
(123)
Other financial assets measured at amortized cost
72,025
70,552
1,247
225
(122)
(29)
(9)
(84)
of which: Loans to financial advisors
2,716
2,567
53
95
(34)
(3)
(1)
(30)
Total financial assets measured at amortized cost
1,085,094
1,053,400
26,911
4,784
(3,635)
(392)
(546)
(2,697)
Financial assets measured at fair value through other comprehensive income
13,868
13,868
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
1,098,962
1,067,267
26,911
4,784
(3,635)
(392)
(546)
(2,697)
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
47,102
45,512
1,448
142
(50)
(15)
(22)
(13)
of which: Large corporate clients
7,388
6,446
916
26
(17)
(7)
(6)
(4)
of which: SME clients
3,134
2,834
228
72
(24)
(5)
(15)
(4)
of which: Financial intermediaries and hedge funds
29,411
29,288
123
0
(1)
(1)
0
0
of which: Lombard
3,537
3,505
1
31
(2)
0
0
(1)
of which: Commodity trade finance
2,252
2,152
100
0
(1)
(1)
0
0
Irrevocable loan commitments
82,122
77,976
3,938
208
(227)
(114)
(77)
(36)
of which: Large corporate clients
50,000
46,556
3,292
153
(184)
(91)
(72)
(20)
Forward starting reverse repurchase and securities borrowing agreements
10,723
10,723
0
0
0
0
0
0
Unconditionally revocable loan commitments
123,107
119,410
3,449
248
(67)
(51)
(16)
0
of which: Real estate financing
6,433
5,291
1,041
101
(3)
(5)
1
0
of which: Large corporate clients
11,393
10,737
650
6
(15)
(7)
(6)
(2)
of which: SME clients
11,814
11,278
418
118
(31)
(24)
(7)
0
of which: Lombard
60,500
60,435
63
1
0
0
0
0
of which: Credit cards
12,943
12,361
578
4
(9)
(7)
(2)
0
Irrevocable committed prolongation of existing loans
8,178
8,141
32
5
(3)
(3)
0
0
Total off-balance sheet financial instruments and other credit lines
271,231
261,761
8,867
603
(347)
(184)
(115)
(49)
Total allowances and provisions
(3,982)
(575)
(661)
(2,746)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respectiveECL allowances.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)28
Note 8Expected credit loss measurement (continued)
The table below provides informationabout 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
Loans to financial advisors
) and relevant off-balance
sheet exposures.
Cash andbalancesat centralbanks
,
Amounts duefrom banks
,
Receivablesfrom securitiesfinancing
transactions
,
Cash collateralreceivableson derivativeinstruments
and
Financialassets measuredat fair valuethrough
other comprehensiveincome
are not includedin the tablebelow, dueto their lowersensitivityto ECL.
ECL coverage ratios arecalculated by dividing ECLallowances and provisions bythe gross carrying amountof the
corresponding on-balance sheet exposures or by the notional amount of the off-balance sheet exposures.
The overall coverageratio for performingpositions increased by
1
basis point to
11
basis points asof 30 June 2026.
Compared with 31 December 2025, the coverage ratio for performing positions related to real estate lending (on-
balancesheet)wasunchangedat
3
basispoints,andthecoverageratioforperformingpositionsrelatedto
corporate lending (on-balance sheet) increased by
3
basis points to
79
basis points.
Coverage ratios for core loan portfolio
30.6.26
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
288,850
275,003
12,092
1,755
5
1
19
2
477
Real estate financing
94,327
86,454
7,422
451
9
3
35
6
809
Total real estate lending
383,177
361,457
19,514
2,206
6
2
25
3
545
Large corporate clients
27,537
23,354
2,946
1,238
279
45
344
78
4,542
SME clients
25,184
19,810
2,709
2,666
574
47
317
79
4,753
Total corporate lending
52,722
43,164
5,654
3,903
420
45
331
79
4,686
Lombard
166,064
165,628
0
436
4
0
1,025
0
1,574
Credit cards
2,588
1,941
564
83
204
37
233
81
3,905
Commodity trade finance
5,624
4,736
772
116
250
20
2
17
0
Ship / aircraft financing
9,109
8,152
887
69
12
8
50
12
0
Consumer financing
3,159
2,789
146
224
542
102
1,696
182
5,258
Other loans and advances to customers
48,110
46,504
1,340
267
55
10
56
11
7,924
Loans to financial advisors
2,982
2,809
49
124
118
13
195
16
2,465
Total other lending
237,637
232,559
3,758
1,320
31
5
135
7
4,488
Total
1
673,536
637,180
28,927
7,429
47
6
99
10
3,421
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
15,646
15,348
295
3
4
3
45
4
0
Real estate financing
8,561
7,280
1,282
0
6
12
0
6
0
Total real estate lending
24,207
22,628
1,577
3
5
6
0
5
0
Large corporate clients
65,722
59,797
5,553
372
45
19
164
32
2,460
SME clients
16,914
15,616
998
300
51
23
277
38
747
Total corporate lending
82,636
75,412
6,552
673
46
20
181
33
1,696
Lombard
2
8,329
8,304
0
25
4
1
0
1
875
Credit cards
12,800
12,158
638
3
7
6
36
7
0
Commodity trade finance
1,619
1,619
0
0
0
2
0
3
0
Ship / aircraft financing
1,602
1,562
40
0
6
0
216
6
0
Consumer financing
165
165
0
0
0
0
0
0
0
Financial intermediaries and hedge funds
32,659
32,027
611
21
1
1
4
1
0
Other off-balance sheet commitments
33,355
32,810
527
17
10
5
35
5
8,311
Total other lending
90,529
88,645
1,817
66
5
3
29
4
2,113
Total
3
197,372
186,685
9,946
741
22
10
123
16
1,727
Total on- and off-balance sheet
4
870,908
823,865
38,872
8,170
42
7
105
11
3,267
1 Includes Loans and advances to customers and Loans to financialadvisors, which are presented on the balance sheet line Other financial assets measured atamortized cost.2 Committed unconditionally revocable
credit lines decreasedby USD
65.2
bn, primarily inGlobal Wealth Managementand mainly drivenby certain Lombardfacilities becoming uncommittedeither following changesto certain contractualterms in the
course of client accountmigrations or bya refinement ofUBS’s definitionof a commitment.3 Excludes Forwardstarting reverse repurchaseand securities borrowingagreements.4 Includes on-balancesheet
exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio(bps).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)29
Note 8Expected 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
288,393
277,220
9,653
1,520
5
2
19
2
473
Real estate financing
93,145
87,676
5,337
132
7
3
57
6
936
Total real estate lending
381,538
364,896
14,991
1,651
5
2
32
3
510
Large corporate clients
27,973
23,263
2,984
1,726
361
50
315
80
4,625
SME clients
25,246
20,064
2,632
2,550
517
40
307
71
4,487
Total corporate lending
53,219
43,327
5,616
4,276
435
46
311
76
4,543
Lombard
165,466
164,896
169
401
8
0
0
0
3,107
Credit cards
2,456
1,867
513
76
197
37
234
80
3,867
Commodity trade finance
4,986
3,593
1,274
118
273
22
2
17
10,800
Ship / aircraft financing
8,771
7,618
1,033
119
20
12
77
20
0
Consumer financing
3,124
2,718
154
252
533
69
1,590
151
4,884
Other loans and advances to customers
42,437
40,351
1,809
278
52
9
17
9
6,530
Loans to financial advisors
2,750
2,571
54
125
125
12
141
15
2,431
Total other lending
229,989
223,614
5,006
1,370
33
4
97
6
4,504
Total
1
664,747
631,837
25,612
7,298
49
6
106
10
3,623
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
13,016
12,757
245
13
3
2
16
3
0
Real estate financing
7,743
6,591
1,051
101
7
13
0
7
0
Total real estate lending
20,758
19,348
1,296
114
4
6
0
4
0
Large corporate clients
68,798
63,753
4,860
184
31
17
173
28
1,403
SME clients
16,511
15,531
732
247
46
23
386
39
468
Total corporate lending
85,308
79,284
5,592
432
34
18
201
30
868
Lombard
65,395
65,298
64
33
2
0
0
0
2,151
Credit cards
12,943
12,361
578
4
7
6
34
7
0
Commodity trade finance
5,490
5,389
101
0
2
2
6
2
0
Ship / aircraft financing
1,968
1,770
198
0
11
2
89
11
0
Consumer financing
153
153
0
0
0
0
0
0
0
Financial intermediaries and hedge funds
37,709
37,307
401
0
1
1
5
1
0
Other off-balance sheet commitments
30,782
30,127
635
20
7
5
19
6
2,053
Total other lending
154,441
152,406
1,978
57
3
2
26
2
1,963
Total
2
260,508
251,038
8,867
603
13
7
129
11
806
Total on- and off-balance sheet
3
925,254
882,875
34,479
7,900
39
6
112
10
3,408
1 Includes Loans and advancesto customers and Loans tofinancial advisors, which arepresented on the balance sheetline Other financial assets measuredat amortized cost.2 Excludes Forward startingreverse
repurchase and securities borrowing agreements.3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the relatedECL coverage ratio (bps).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)30
Note 9Fair value measurement
a) Fair value hierarchy
The fairvalue hierarchyclassification offinancial andnon-financial assetsand liabilitiesmeasured atfair valueis
summarized in the table below.
Duringthefirstsixmonthsof2026,assetsandliabilitiesthatweretransferredfromLevel 2toLevel 1,orfrom
Level 1 to Level 2, and were held for the entire reporting period were not material.
Determination of fair values from quoted market prices or valuation techniques
1
30.6.26
31.12.25
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value on a recurring basis
Financial assets at fair value held for trading
146,769
29,329
3,389
179,487
143,013
29,509
2,333
174,854
of which: Equity instruments
128,333
761
196
129,289
127,459
538
151
128,149
of which: Government bills / bonds
8,685
4,675
1
13,361
6,868
4,298
2
11,168
of which: Investment fund units
9,651
1,238
143
11,032
8,319
1,287
71
9,677
of which: Corporate and municipal bonds
100
20,151
1,141
21,391
367
21,358
874
22,599
of which: Loans
0
2,242
1,417
3,660
0
1,703
1,111
2,814
of which: Asset-backed securities
1
262
120
383
0
324
123
447
Derivative financial instruments
1,369
189,562
2,806
193,737
581
144,514
3,230
148,325
of which: Foreign exchange
404
61,568
337
62,309
293
48,079
306
48,678
of which: Interest rate
0
32,959
813
33,772
0
34,156
1,159
35,315
of which: Equity / index
0
84,356
1,258
85,614
0
49,379
1,435
50,814
of which: Credit
0
3,956
395
4,350
0
3,587
323
3,910
of which: Commodities
0
6,599
2
6,601
3
9,239
5
9,247
Brokerage receivables
0
44,704
0
44,704
0
35,579
0
35,579
Financial assets at fair value not held for trading
49,078
54,901
9,749
113,728
47,564
50,817
8,911
107,293
of which: Financial assets for unit-linked investment contracts
22,633
61
0
22,694
20,776
145
0
20,922
of which: Corporate and municipal bonds
164
19,617
163
19,944
0
16,936
89
17,026
of which: Government bills / bonds
25,328
6,567
0
31,895
26,208
6,147
0
32,355
of which: Loans
0
5,296
5,422
10,718
0
5,760
4,226
9,987
of which: Securities financing transactions
0
21,755
968
22,724
0
20,553
937
21,490
of which: Asset-backed securities
0
1,325
431
1,756
0
1,002
480
1,482
of which: Auction rate securities
0
0
0
0
0
0
191
191
of which: Investment fund units
922
128
598
1,649
480
101
678
1,259
of which: Equity instruments
31
0
2,092
2,123
100
0
2,080
2,180
Financial assets measured at fair value through other comprehensive income on a recurring basis
Financial assets measured at fair value through other comprehensive income
12,266
2,251
0
14,517
11,735
2,133
0
13,868
of which: Government bills / bonds
12,162
246
0
12,409
11,659
0
0
11,659
of which: Commercial paper and certificates of deposit
0
1,817
0
1,817
0
1,944
0
1,944
of which: Corporate and municipal bonds
104
188
0
292
76
189
0
265
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
12,287
0
0
12,287
12,996
0
0
12,996
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
0
0
58
58
0
0
62
62
Total assets measured at fair value
221,769
320,747
16,001
558,518
215,890
262,551
14,536
492,977
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)31
Note 9Fair value measurement (continued)
Determination of fair values from quoted market prices or valuation techniques (continued)
1
30.6.26
31.12.25
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial liabilities measured at fair value on a recurring basis
Financial liabilities at fair value held for trading
48,719
13,120
53
61,892
39,315
14,278
107
53,700
of which: Equity instruments
40,116
427
48
40,592
32,533
135
65
32,734
of which: Corporate and municipal bonds
8
10,226
3
10,237
12
11,818
37
11,867
of which: Government bills / bonds
6,725
2,091
0
8,815
4,894
2,007
0
6,901
of which: Investment fund units
1,864
252
1
2,117
1,874
177
3
2,054
Derivative financial instruments
1,422
192,597
5,353
199,373
688
150,598
4,981
156,267
of which: Foreign exchange
427
56,751
101
57,279
346
49,496
77
49,918
of which: Interest rate
0
27,908
287
28,195
0
30,539
317
30,856
of which: Equity / index
0
97,427
4,375
101,802
0
58,396
4,224
62,620
of which: Credit
0
4,849
544
5,393
0
4,052
314
4,366
of which: Commodities
0
5,589
16
5,605
2
8,024
16
8,043
of which: Loan commitments measured at FVTPL
0
8
30
37
0
6
26
33
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
78,536
0
78,536
0
62,202
0
62,202
Debt issued designated at fair value
0
103,634
10,863
114,496
0
96,457
11,087
107,544
Other financial liabilities designated at fair value
0
34,406
2,928
37,335
0
32,047
3,240
35,287
of which: Financial liabilities related to unit-linked investment contracts
0
22,838
0
22,838
0
21,052
0
21,052
of which: Securities financing transactions
0
3,816
443
4,259
0
3,389
459
3,848
of which: Funding from UBS Group AG
0
5,904
1,604
7,508
0
5,500
1,604
7,104
of which: Over-the-counter debt instruments
and others
0
1,849
881
2,730
0
2,107
1,178
3,284
Total liabilities measured at fair value
50,142
422,293
19,197
491,632
40,003
355,584
19,415
415,001
1 Bifurcated embedded derivatives are presented on the same balance sheet linesas their host contracts and are not included in this table. The fair value of thesederivatives was not material for the periods presented.
2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measuredat the lower of their net carrying amount or fair value less costs to sell.
b) Valuation adjustments
The table below summarizes the changes in deferred day-1 profit or loss reserves during the relevant period.
Deferred day-1 profit or loss is generally released into
Other net incomefrom financialinstrumentsmeasured atfair
valuethroughprofitorloss
whenthepricingofequivalentproductsortheunderlyingparametersbecome
observable or when the transaction is closed out.
Deferred day-1 profit or loss reserves
Year-to-date
USD m
30.6.26
30.6.25
Reserve balance at the beginning of the period
446
421
Profit / (loss) deferred on new transactions
191
133
(Profit) / loss recognized in the income statement
(166)
(135)
Foreign currency translation
0
(2)
Reserve balance at the end of the period
472
417
The table below summarizes other valuation adjustment reserves recognized on the balance sheet.
Other valuation adjustment reserves on the balance sheet
As of
USD m
30.6.26
31.12.25
Own credit adjustments on financial liabilities designated at fair value
1
(1,424)
(1,733)
of which: debt issued designated at fair value
(779)
(1,014)
of which: other financial liabilities designated at fair value
(645)
(719)
Credit valuation adjustments
2
(24)
(29)
Funding and debit valuation adjustments
(70)
(50)
Other valuation adjustments
(741)
(740)
of which: liquidity
(508)
(523)
of which: model uncertainty
(233)
(217)
1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes.2 Amount does not include reserves against defaulted counterparties.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)32
Note 9Fair value measurement (continued)
c) Level 3 instruments: valuation techniques and inputs
ThetablebelowpresentsmaterialLevel 3assetsandliabilities,togetherwiththevaluationtechniquesusedto
measure fairvalue, aswell as theinputs used ina givenvaluation technique thatare consideredsignificant as of
30 June 2026 and unobservable, and a range of values for those unobservable inputs.
The range of values representsthe highest-and lowest-level inputs usedin the valuation techniques.Therefore,the
range does notreflect thelevel of uncertaintyregarding aparticularinput or an assessmentof the reasonablenessof
UBS AG’s estimates and assumptions, but ratherthe different underlying characteristics of therelevant assets and
liabilitiesheld by UBSAG.
The significant unobservable inputsdisclosed in the tablebelow are consistent withthose included in “Note 20Fair
value measurement” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025.
Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities
Fair value
Significant unobservable
input(s)
1
Range of inputs
Assets
Liabilities
Valuation technique(s)
30.6.26
31.12.25
USD bn
30.6.26
31.12.25
30.6.26
31.12.25
low
high
weighted
average
2
low
high
weighted
average
2
unit
1
Financial assets and liabilities at fair value held for trading and Financial assets at fair value not held for trading
Corporate and municipal
bonds
1.3
1.0
0.0
0.0
Relative value to
market comparable
Bond price equivalent
9
103
93
11
104
80
points
Loans at fair value (held for
trading and not held for
trading) and guarantees
3
6.9
5.6
0.0
0.0
Relative value to
market comparable
Loan price equivalent
4
100
96
19
101
87
points
Discounted expected
cash flows
Credit spread
275
275
275
233
277
277
basis
points
Market comparable
and securitization
model
Credit spread
75
1,915
248
85
1,965
323
basis
points
Investment fund units
4
0.7
0.7
0.0
0.0
Relative value to
market comparable
Net asset value
Equity instruments
4
2.3
2.2
0.0
0.1
Relative value to
market comparable
Price
Securities financing
transactions
1.0
0.9
0.4
0.5
Discounted expected
cash flows
Funding spread
95
181
95
166
basis
points
Debt issued designated at
fair value and Other
financial liabilities
designated at fair value
3
13.3
13.9
Derivative financial instruments
Interest rate
0.8
1.2
0.3
0.3
Option model
Volatility of interest rates
61
80
61
85
basis
points
Credit
0.4
0.3
0.5
0.3
Discounted expected
cash flows
Credit spreads
4
1,040
3
1,040
basis
points
Recovery rates
4
60
4
60
%
Option model
Recovery rates
0
40
0
40
%
Equity / index
1.3
1.4
4.4
4.2
Option model
Equity dividend yields
0
9
0
11
%
Volatility of equity stocks,
equity and other indices
4
195
3
104
%
Equity-to-FX correlation
(65)
70
(65)
70
%
Equity-to-equity correlation
13
100
(10)
100
%
Loan commitments
measured at FVTPL
0.0
0.0
Relative value to
market comparable
Loan price equivalent
66
100
80
100
points
1 The ranges of significant unobservableinputs are represented in points, percentages andbasis points. Points area percentage of par (e.g. 100 pointswould be 100% of par).2 Weighted averages are provided
for mostnon-derivative financialinstruments andwere calculatedby weightinginputs basedon thefair valuesof therespective instruments.Weighted averagesare notprovided forinputs relatedto Securities
financing transactions and Derivative financial instruments, as this would not be meaningful.3 Excludes securities financing transactions. Debt issued designated at fair value and Otherfinancial liabilities designated
at fair value primarily consists of UBS AG structured notes, which include variable maturity notes with various equity and foreignexchange underlying risks, as well as rates-linked and credit-linkednotes, all of which
have embedded derivative parameters that areconsidered to be unobservable. The derivative instrument parametersfor debt issued designated atfair value, embedded derivatives for over-the-counter debt instruments
reported under Otherfinancial liabilities designatedat fair valueand funded derivativesreported under Loansat fair value(held for tradingand not heldfor trading) arepresented in thecorresponding derivative
financial instruments lines in this table.4 The range of inputs is not disclosed, as there is a dispersion of valuesgiven the diverse nature of the investments.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)33
Note 9Fair value measurement (continued)
d) Level 3 instruments: sensitivity to changes in unobservable input assumptions
The table below summarizes thosefinancial assets and liabilities classifiedas Level 3 for which achange in one or
moreofthe unobservableinputs toreflectreasonably possiblealternative assumptionswouldchangefair value
significantly, and the estimated effect thereof.
Thesensitivitydatashownbelowpresentsanestimationofvaluationuncertaintybasedonreasonablypossible
alternative values for Level 3 inputs at the balance sheet date and does not represent the estimated effect of stress
scenarios. Typically,these financialassets andliabilities aresensitive toa combinationof inputsfrom Levels 1–3.
Although well-definedinterdependencies mayexist betweenLevel 1 / 2 parametersand Level 3parameters (e.g.
between interest rates, whichare generally Level 1 orLevel 2, and prepayments, whichare generally Level 3), these
have not been incorporated in the table. Furthermore,direct interrelationships between the Level 3 parameters are
not a significant element of the valuation uncertainty.
Sensitivity of fair value measurements to changes in unobservable input assumptions
1
30.6.26
31.12.25
USD m
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Loans at fair value (held for trading and not held for trading) and guarantees
2
32
(49)
79
(67)
Securities financing transactions
14
(22)
16
(8)
Auction rate securities
0
0
8
(4)
Asset-backed securities
19
(15)
15
(15)
Equity instruments
3
194
(194)
414
(389)
Investment fund units
180
(181)
204
(206)
Loan commitments measured at FVTPL
16
(26)
15
(25)
Interest rate derivatives, net
31
(24)
52
(23)
Credit derivatives, net
23
(49)
25
(55)
Foreign exchange derivatives, net
6
(5)
9
(6)
Equity / index derivatives, net
809
(705)
667
(570)
Other
242
(119)
206
(83)
Total
1,567
(1,389)
1,710
(1,452)
1 Sensitivity of issued and over-the-counter debt instruments isreported with the equivalent derivative or Other.2 Sensitivity of funded derivatives is reported under equivalent derivatives.3 Sensitivity decreased
due to refinements applied in estimating valuation uncertainty.
e) Level 3 instruments: movements during the period
The table below presents additional information about material Level 3assets and liabilities measured at fair value
on a recurring basis. Level 3 assets and liabilities may be hedged with instruments classified as Level 1 or Level 2 in
thefairvaluehierarchyand,asaresult,realizedandunrealizedgainsandlossesincludedinthetablemaynot
include the effect ofrelated hedging activity. Furthermore,the realized and unrealizedgains and losses presented
in the table are not limited solelyto those arising from Level 3 inputs, asvaluations are generally derived from both
observable and unobservable parameters.
AssetsandliabilitiestransferredintooroutofLevel 3arepresentedasifthoseassetsorliabilitieshadbeen
transferred on 1 January 2026.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)34
Note 9Fair value measurement (continued)
Movements of Level 3 instruments
USD bn
Balance at
the
beginning
of the period
Net gains /
losses
included in
compre-
hensive
income
1
of which:
related to
instruments
held at the
end of the
period
Purchases
Sales
Issuances
Settlements
Transfers
into
Level 3
Transfers
out of
Level 3
Foreign
currency
translation
Balance at
the end
of the
period
For the six months ended 30 June 2026
2
Financial assets at fair value held for
trading
2.3
(0.0)
(0.0)
0.9
(0.7)
1.0
(0.4)
0.7
(0.2)
(0.0)
3.4
of which: Equity instruments
0.2
(0.0)
(0.0)
0.0
(0.3)
0.0
(0.0)
0.4
(0.0)
(0.0)
0.2
of which: Corporate and municipal
bonds
0.9
(0.0)
(0.0)
0.4
(0.2)
0.0
0.0
0.2
(0.2)
(0.0)
1.1
of which: Loans
1.1
0.0
0.0
0.0
(0.3)
1.0
(0.4)
0.0
(0.0)
(0.0)
1.4
Derivative financial instruments – assets
3.2
0.2
0.2
0.0
0.0
0.7
(0.8)
0.1
(0.7)
(0.0)
2.8
of which: Interest rate
1.2
0.1
0.1
0.0
0.0
0.0
(0.1)
0.0
(0.4)
0.0
0.8
of which: Equity / index
1.4
0.2
0.1
0.0
0.0
0.6
(0.7)
0.0
(0.3)
(0.0)
1.3
of which: Credit
0.3
(0.1)
(0.0)
0.0
0.0
0.1
(0.0)
0.0
(0.0)
(0.0)
0.4
Financial assets at fair value not held
for trading
8.9
0.7
0.7
0.1
(0.1)
1.4
(1.0)
0.0
(0.2)
(0.0)
9.7
of which: Loans
4.2
0.7
0.7
0.0
0.0
1.2
(0.5)
0.0
(0.2)
(0.0)
5.4
of which: Auction rate securities
0.2
(0.0)
0.0
0.0
0.0
0.0
(0.2)
0.0
0.0
0.0
0.0
of which: Equity instruments
2.1
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
2.1
of which: Investment fund units
0.7
(0.0)
(0.0)
0.0
(0.1)
0.0
(0.0)
0.0
(0.0)
(0.0)
0.6
of which: Asset-backed securities
0.5
(0.0)
(0.0)
0.0
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
0.4
Derivative financial instruments –
liabilities
5.0
0.7
0.6
0.0
0.0
1.4
(1.5)
0.3
(0.5)
(0.0)
5.4
of which: Interest rate
0.3
0.2
0.1
0.0
0.0
0.0
(0.2)
0.0
(0.1)
(0.0)
0.3
of which: Equity / index
4.2
0.5
0.5
0.0
0.0
1.1
(1.3)
0.2
(0.4)
(0.0)
4.4
of which: Credit
0.3
(0.0)
(0.0)
0.0
0.0
0.2
0.0
0.1
(0.0)
(0.0)
0.5
of which: Loan commitments
measured at FVTPL
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
(0.0)
0.0
Debt issued designated at fair value
11.1
0.4
0.3
0.0
(0.0)
3.7
(2.3)
0.6
(2.4)
(0.1)
10.9
Other financial liabilities designated at
fair value
3.2
0.0
0.0
0.0
0.0
0.3
(0.6)
0.0
(0.0)
(0.0)
2.9
For the six months ended 30 June 2025
Financial assets at fair value held for
trading
3.1
(0.0)
(0.1)
0.4
(1.1)
1.1
(0.4)
0.4
(0.1)
0.1
3.5
of which: Equity instruments
0.1
(0.0)
(0.0)
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
0.2
of which: Corporate and municipal
bonds
0.8
(0.0)
(0.0)
0.3
(0.4)
0.0
(0.0)
0.1
(0.1)
0.0
0.8
of which: Loans
1.8
0.1
(0.0)
0.0
(0.5)
1.1
(0.3)
0.0
(0.0)
0.0
2.2
Derivative financial instruments – assets
2.8
(0.0)
0.1
0.0
(0.0)
1.3
(0.9)
0.3
(0.3)
0.0
3.2
of which: Interest rate
0.9
0.1
0.1
0.0
(0.0)
0.0
(0.2)
0.1
(0.0)
(0.1)
0.9
of which: Equity / index
1.1
(0.2)
(0.2)
0.0
0.0
0.7
(0.3)
0.1
(0.2)
0.0
1.3
of which: Credit
0.6
0.1
0.2
0.0
(0.0)
0.5
(0.3)
0.1
(0.1)
0.0
0.9
Financial assets at fair value not held
for trading
8.7
0.7
0.6
0.1
(0.3)
0.7
(0.8)
0.1
(0.1)
0.2
9.3
of which: Loans
3.2
0.7
0.7
0.0
(0.0)
0.5
(0.7)
0.0
(0.0)
0.1
3.7
of which: Auction rate securities
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
of which: Equity instruments
2.9
0.1
0.1
0.1
(0.1)
0.0
(0.0)
0.0
(0.0)
0.1
3.1
of which: Investment fund units
0.7
0.0
0.0
0.0
(0.1)
0.0
(0.0)
0.0
0.0
0.0
0.6
of which: Asset-backed securities
0.6
(0.0)
(0.0)
0.0
(0.1)
0.0
0.0
0.0
(0.0)
0.0
0.5
Derivative financial instruments –
liabilities
4.1
0.2
0.2
0.0
(0.0)
1.2
(1.0)
0.1
(0.6)
0.1
4.1
of which: Interest rate
0.3
0.1
0.1
0.0
(0.0)
0.0
(0.1)
0.0
(0.0)
0.0
0.3
of which: Equity / index
3.1
0.2
0.2
0.0
0.0
1.1
(0.6)
0.1
(0.5)
0.1
3.5
of which: Credit
0.4
(0.0)
(0.1)
0.0
0.0
0.1
(0.2)
0.0
(0.0)
(0.0)
0.2
of which: Loan commitments
measured at FVTPL
0.1
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
0.0
Debt issued designated at fair value
11.8
0.3
0.3
0.0
0.0
2.6
(1.7)
0.8
(2.9)
0.5
11.4
Other financial liabilities designated at
fair value
4.3
(0.1)
(0.1)
0.0
(0.0)
0.4
(0.8)
0.0
(0.0)
0.1
3.8
1 Net gains / losses includedin comprehensive income arerecognized in Net interestincome and Other netincome from financial instrumentsmeasured at fair valuethrough profit or lossin the Income statement,
and also in Gains / (losses) from own credit on financialliabilities designated at fair value, beforetax in the Statement of comprehensive income.Of the USD
0.2
bn net losses (30 June 2025: USD
0.2
bn net gains) in
net gains / losses included in comprehensive income, USD
0.3
bn net losses (30 June 2025: USD
0.1
bn net gains) are recognized in the Income statement and USD
0.1
bn net gains (30 June 2025: USD
0.1
bn net gains)
are recognized in the Statement of comprehensiveincome in Gains / (losses) from owncredit on financial liabilities designated atfair value, before tax.2 Total Level 3 assets as of30 June 2026 were USD
16.0
bn
(31 December 2025: USD
14.5
bn). Total Level 3 liabilities as of 30 June 2026 were USD
19.2
bn (31 December 2025: USD
19.4
bn).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)35
Note 9Fair value measurement (continued)
f) Financial instruments not measured at fair value
Thetablebelow reflectsthe estimatedfair valuesoffinancialinstruments notmeasured atfair value.Valuation
principles appliedwhen determiningfair valueestimates forfinancial instrumentsnot measuredat fairvalue are
consistent with those describedin “Note 20 Fairvalue measurement” in the“Consolidated financial statements”
section of the UBS AG Annual Report 2025.
Financial instruments not measured at fair value
30.6.26
31.12.25
USD bn
Carrying amount
Fair value
Carrying amount
Fair value
Assets
Cash and balances at central banks
215.7
215.7
209.9
209.9
Amounts due from banks
20.5
20.5
19.2
19.2
Receivables from securities financing transactions measured at amortized cost
83.6
83.6
83.7
83.7
Cash collateral receivables on derivative instruments
51.3
51.3
41.6
41.6
Loans and advances to customers
667.4
658.0
658.8
650.2
Other financial assets measured at amortized cost
72.4
71.4
72.0
71.3
Liabilities
Amounts due to banks
27.3
27.4
24.4
24.5
Payables from securities financing transactions measured at amortized cost
20.4
20.4
16.2
16.2
Cash collateral payables on derivative instruments
37.8
37.8
34.7
34.7
Customer deposits
790.2
791.0
796.3
796.7
Funding from UBS Group AG measured at amortized cost
110.7
114.3
110.6
114.6
Debt issued measured at amortized cost
109.9
110.7
100.2
100.6
Other financial liabilities measured at amortized cost
1
13.9
13.9
13.1
13.1
1 Excludes lease liabilities.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)36
Note 10
Derivative instruments
a) Derivative instruments
As of 30.6.26, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional amounts
1
Derivative financial instruments
Interest rate
33.8
28.2
30,732
Foreign exchange
62.3
57.3
8,625
Equity / index
85.6
101.8
1,933
Credit derivatives
4.4
5.4
185
Commodities
6.6
5.6
191
Others
2
1.1
1.1
206
Total derivative financial instruments, based on netting under IFRS AccountingStandards
3
193.7
199.4
41,871
Further netting potential not recognized on the balance sheet
4
(169.3)
(180.4)
of which: netting of recognized financial liabilities / assets
(142.1)
(142.1)
of which: netting with collateral received / pledged
(27.2)
(38.3)
Total derivative financial instruments, after considerationof further netting potential
24.5
19.0
As of 31.12.25, USD bn
Derivative financial instruments
Interest rate
35.3
30.9
25,432
Foreign exchange
48.7
49.9
8,157
Equity / index
50.8
62.6
1,789
Credit derivatives
3.9
4.4
163
Commodities
9.2
8.0
250
Others
2
0.4
0.5
95
Total derivative financial instruments, based on netting under IFRS AccountingStandards
3
148.3
156.3
35,887
Further netting potential not recognized on the balance sheet
4
(132.8)
(139.3)
of which: netting of recognized financial liabilities / assets
(110.3)
(110.3)
of which: netting with collateral received / pledged
(22.4)
(29.0)
Total derivative financial instruments, after considerationof further netting potential
15.6
17.0
1 In cases wherederivative financial instrumentsare presented on anet basis on thebalance sheet, the respectivenotional values ofthe netted derivativefinancial instruments are stillpresented on a grossbasis.
Notional amountsof client-clearedETD andOTC transactionsthrough centralclearing counterpartiesare notdisclosed, asthey havea significantlydifferent riskprofile. Includesother notionalvalues relatedto
derivatives that are cleared through either a central counterparty or an exchange and settled on a daily basis.The fair value of these derivatives is presented on the balance sheet within Cash collateralreceivables on
derivative instruments and Cash collateral payables on derivativeinstruments.2 Includes Loan commitments measured at FVTPL, as well as unsettled purchases and salesof non-derivative financial instruments for
which the changes in the fair value between trade date and settlement date are recognized as derivative financial instruments.3 Financial assets and liabilities are presented net on the balance sheet if UBS AG has
the unconditional andlegally enforceable rightto offset therecognized amounts,both in thenormal course ofbusiness and inthe event ofdefault, bankruptcy orinsolvency of UBSAG or itscounterparties, and
intends either to settleon a net basisor to realizethe asset and settlethe liability simultaneously.Refer to “Note21 Offsetting financialassets and financialliabilities” in the“Consolidated financial statements”
section of the UBS AG Annual Report 2025 for more information.4 Reflects the netting potential in accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation
on the balance sheet have been met. Refer to “Note 21 Offsetting financial assets and financial liabilities” inthe “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information.
b) Cash collateral on derivative instruments
USD bn
Receivables
30.6.26
Payables
30.6.26
Receivables
31.12.25
Payables
31.12.25
Cash collateral on derivative instruments, based on netting under IFRS Accounting Standards
1
51.3
37.8
41.6
34.7
Further netting potential not recognized on the balance sheet
2
(31.5)
(19.3)
(25.8)
(17.5)
of which: netting of recognized financial liabilities / assets
(29.7)
(17.5)
(24.1)
(15.8)
of which: netting with collateral received / pledged
(1.8)
(1.8)
(1.7)
(1.7)
Cash collateral on derivative instruments, after considerationof further netting potential
19.8
18.5
15.7
17.2
1 Financial assets and liabilitiesare presented net on thebalance sheet if UBS AGhas the unconditional and legallyenforceable right to offset therecognized amounts, both inthe normal course of businessand in
the event of default, bankruptcy or insolvency of UBS AG orits counterparties, and intends either to settle on anet basis or to realize the asset and settle the liability simultaneously.2 Reflects the netting potential
in accordance with enforceablemaster netting and similararrangements where not allcriteria for a net presentationon the balance sheethave been met. Referto “Note 21 Offsetting financialassets and financial
liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)37
Note
11
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD m
30.6.26
31.12.25
Debt securities
52,310
53,212
Loans to financial advisors
2,947
2,716
Fee-and commission-related receivables
2,830
2,409
Finance lease receivables
6,293
6,675
Settlement and clearing accounts
670
380
Accrued interest income
2,207
2,314
Other
1
5,179
4,321
Total other financial assets measured at amortized cost
72,437
72,025
1 Predominantly includes cash collateral provided to exchanges and clearing houses to secure securities trading activity throughthose counterparties.
b) Other non-financial assets
USD m
30.6.26
31.12.25
Precious metals and other physical commodities
12,287
12,996
Deposits and collateral provided in connection with litigation, regulatory and similar matters
1
735
769
Prepaid expenses
1,152
1,149
Current tax assets
1,411
1,442
VAT,withholding tax and other tax receivables
866
1,490
Properties and other non-current assets held for sale
234
425
Other
1,295
1,613
Total other non-financial assets
17,979
19,884
1 Refer to Note 15 for more information.
c) Other financial liabilities measured at amortized cost
USD m
30.6.26
31.12.25
Other accrued expenses
2,228
2,579
Accrued interest expenses
4,821
4,582
Settlement and clearing accounts
2,323
1,492
Lease liabilities
3,520
3,473
Other
4,553
4,492
Total other financial liabilities measured at amortized cost
17,444
16,617
d) Other financial liabilities designated at fair value
USD m
30.6.26
31.12.25
Financial liabilities related to unit-linked investment contracts
22,838
21,052
Securities financing transactions
4,259
3,848
Over-the-counter debt instruments and other
2,730
3,284
Funding from UBS Group AG
1
7,508
7,104
Total other financial liabilities designated at fair value
37,335
35,287
1 Funding from UBS Group AG consistsof subordinated debt of UBS AG andits subsidiaries toward UBS Group AG.Subordinated debt consists of unsecured debt obligationsthat are contractually subordinated in
right of payment to all other present and future non-subordinated obligations of the respective issuing entity.
e) Other non-financial liabilities
USD m
30.6.26
31.12.25
Compensation-related liabilities
6,074
7,190
of which: net defined benefit liability
601
615
Current tax liabilities
1,241
924
Deferred tax liabilities
360
351
VAT,withholding tax and other tax payables
955
938
Deferred income
599
718
Other
173
139
Total other non-financial liabilities
9,402
10,260
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)38
Note
12
Funding from UBS Group AG measured at amortized cost
Funding from UBS Group AG measured at amortized cost
USD m
30.6.26
31.12.25
Debt contributing to total loss-absorbing capacity (TLAC)
86,859
83,773
Debt eligible as high-trigger loss-absorbing additional tier 1 capital instruments
23,144
19,600
Other
1
724
7,242
Total funding from UBS Group AG measured at amortized cost
2,3,4
110,727
110,614
1 Includes one high-triggerloss-absorbing additional tier1 capital instrumentthat ceased to beeligible when UBSGroup AG issued a noticeof redemption inthe first half yearof 2026.2 Includes USD
18.0
bn
(31 December 2025: USD
13.0
bn) of contingent capital instruments that aresubject to equity conversion upon the occurrenceof a contractual trigger event or acontractual viability event and USD
6.0
bn (31 December
2025: USD
6.6
bn) of contingent capital instruments thatare subject to write-down upon theoccurrence of a contractual trigger eventor a contractual viability event, ineach case without prejudice to FINMA'sstatutory
powers (refer to “Note 1 Summary ofmaterial accounting policies” in the “Consolidated financial statements” sectionof the UBS AG Annual Report 2025 for moreinformation). The aforementioned contingent capital
instruments subject to write-down are financial instruments withcontractual terms that can change the timingand amount of contractual cash flows and arerequired to be disclosed by new disclosure requirements
in IFRS 7,effective from 1January 2026 (referto Note 1).3 Total fundingfrom UBS Group AG measuredat amortized costconsists of subordinateddebt of UBS AG andits subsidiaries towardUBS Group AG.
Subordinated debtconsists ofunsecured debtobligations thatare contractuallysubordinated inright ofpayment toall otherpresent andfuture non-subordinatedobligations ofthe respectiveissuing entity.All
instruments contributing to TLAC have been subordinated since 1 January 2020.4 UBS AG has also recognized funding from UBS Group AG that is designated at fair value. Refer to Note 11d for more information.
Note
13
Debt issued designated at fair value
Debt Issued designated at Fair Value
USD m
30.6.26
31.12.25
Equity-linked
1
66,987
60,303
Rates-linked
27,374
26,324
Fixed-rate
12,451
12,478
Credit-linked
3,388
3,597
Commodity-linked
2,810
3,030
Other
1,486
1,812
Total debt issued designated at fair value
2
114,496
107,544
1 Includes investment fund unit-linked instruments issued.2 As of 30 June 2026,
100
% of Total debt issued designated at fair value was unsecured (31 December 2025:
100
%).
Note
14
Debt issued measured at amortized cost
Debt issued measured at amortized cost
USD m
30.6.26
31.12.25
Short-term debt
1
44,031
33,870
Senior unsecured debt
22,309
24,695
Covered bonds
14,666
11,689
Subordinated debt
310
328
Debt issued through the Swiss central mortgage institutions
28,440
29,169
Other long-term debt
183
456
Long-term debt
2
65,908
66,337
Total debt issued measured at amortized cost
3,4
109,939
100,207
1 Predominantly consists of debt with anoriginal contractual maturity of lessthan one year and mainly includescertificates of deposit and commercialpaper.2 Debt with an original contractualmaturity greater
than or equal to one year.The classification of debtissued into short-term and long-termdoes not consider any earlyredemption features.3 Net of bifurcated embedded derivatives,the fair value of whichwas
not material for the periods presented.4 Except for Covered bonds (
100
% secured; 31 December 2025:
100
% secured), Debt issued through the Swiss central mortgage institutions (
100
% secured; 31 December
2025:
100
% secured) and Other long-term debt (
91
% secured; 31 December 2025:
97
% secured),
100
% of the balance was unsecured as of 30 June 2026 (31 December 2025:
100
% unsecured).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)39
Note 15Provisions and contingent liabilities
a) Provisions
The table below presents an overview of total provisions.
Overview of total provisions
USDm
30.6.26
31.12.25
Provisions other than provisions for expected credit losses
3,098
3,217
Provisions for expected credit losses
1
443
347
Total provisions
3,541
3,564
1 Refer to Note 8 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
326
462
4
51
843
Release of provisions recognized in the income statement
(61)
(54)
(10)
(32)
(157)
Provisions used in conformity with designated purpose
(451)
(329)
(8)
(29)
(818)
Foreign currency translation and other movements
12
(10)
(9)
20
13
Balance as of 30 June 2026
1,935
628
205
329
3,098
1 Consists of provisions for losses resulting from legal, liability and compliance risks.2 Mainly includes USD
357
m of personnel-related restructuring provisions as of 30 June 2026 (31 December 2025: USD
282
m),
USD
186
m of provisions foronerous contracts relatedto real estate asof 30 June 2026 (31 December2025: USD
229
m) and USD
40
m of restructuring provisionsfor onerous contractsrelated to technology asof
30 June 2026(31 December 2025:USD
48
m).3 Mainly includesprovisions forreinstatement costswith respectto leasedproperties.4 Mainly includesprovisions inrelation toVAT,employee benefitsand
operational risks.
Information about provisions and contingentliabilities with respect to litigation,regulatory and similar matters, as
aclass,isincludedinpartb).Therearenomaterialcontingentliabilitiesassociatedwiththeotherclassesof
provisions.
b) Litigation, regulatory and similar matters
UBS operates in alegal and regulatory environment thatexposes it to significant litigationand similar risks arising
from disputesand regulatoryproceedings. Asa result,UBS isinvolved invarious disputesand legalproceedings,
including litigation, arbitration,and regulatory andcriminal investigations. “UBS”,“we” and “our”, forpurposes
of this Note, refer to UBS AG and / or one or more of its subsidiaries, as applicable.
Such matters are subject to many uncertainties, andthe outcome and the timing of resolutionare 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 occurin order to avoidthe expense, management distraction orreputational implications of
continuingtocontestliability,evenforthosemattersforwhichUBSbelievesitshouldbeexonerated.The
uncertainties inherent in all such matters affect the amount andtiming of any potential outflows for both matters
with respectto whichprovisions havebeen establishedand othercontingent liabilities.UBS makesprovisions for
such mattersbrought againstit when,in theopinion ofmanagement afterseeking legaladvice, itis morelikely
than notthat UBShas apresent legalor constructiveobligation asa resultof pastevents, itis probablethat an
outflow of resources will berequired, and the amountcan be reliably estimated. Wherethese factors are otherwise
satisfied, aprovision maybe establishedfor claimsthat havenot yetbeen assertedagainst UBS,but arenevertheless
expected to be, based on UBS’s experience with similar asserted claims. If any of those conditions is not met, such
matters result in contingentliabilities. If the amount ofan obligation cannot be reliablyestimated, a liability exists
that is notrecognized even ifan outflow ofresources is probable.Accordingly, no provisionis established evenif
the potentialoutflow ofresources withrespect tosuch matterscould besignificant. Developmentsrelating toa
matterthatoccuraftertherelevantreportingperiod,butpriortotheissuanceoftheconsolidatedfinancial
statements, whichaffect management’sassessment ofthe provisionfor suchmatter (because,for example,the
developments provide evidence of conditions that existed at the end of the reportingperiod), are adjusting events
after thereporting periodunder IAS 10and mustbe recognizedin theconsolidated financialstatements forthe
reporting period.
Specific litigation, regulatoryand other matters aredescribed below, includingall such mattersthat management
considerstobematerialandothersthatmanagementbelievestobeofsignificancetoUBSduetopotential
financial,reputationalandothereffects.Theamountofdamagesclaimed,thesizeofatransactionorother
information isprovided whereavailable andappropriate inorder toassist usersin consideringthe magnitudeof
potentialexposures.Foradditionaldisclosuresrelatingtorisksthatmayresultinlitigation,regulatoryorsimilar
matters disclosed in this section, refer to the “Risk factors” section of the UBS AG Annual Report 2025.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)40
Note 15Provisions 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 seriouslyour positionwith otherparties inthe matterbecause itwould revealwhat UBSbelieves tobe
theprobableandreliablyestimableoutflow,wedonotdisclosethatamount.Insomecaseswearesubjectto
confidentiality obligationsthat precludesuch disclosure.With respectto themattersfor whichwedo notstate
whether we have established aprovision, either: (a) we havenot established a provision; or(b) we have established
a provisionbut expectdisclosure ofthat factto prejudiceseriously ourposition withother partiesin thematter
because it would reveal the fact that UBS believes an outflow of resources to be probable and reliably estimable.
With respect tocertain litigation, regulatoryand similar mattersfor which we haveestablished provisions, weare
able toestimate theexpected timingof outflows.However, theaggregate amountof theexpected outflowsfor
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.
Theaggregateamountprovisionedforlitigation,regulatoryandsimilarmattersasaclassisdisclosedinthe
“Provisions”tableinparta)above.UBSprovidesbelowanestimateoftheaggregateliabilityforitslitigation,
regulatory andsimilar mattersas aclass ofcontingent liabilities.Estimates ofcontingent liabilitiesare inherently
impreciseanduncertainastheseestimatesrequire UBStomakespeculativelegalassessmentsastoclaimsand
proceedings that involve unique factpatterns or novel legal theories,that have not yetbeen initiated or areat early
stagesofadjudication,orastowhichallegeddamageshavenot beenquantifiedbytheclaimants.Takinginto
account these uncertainties and the otherfactors described herein, UBS estimates thefuture losses that could arise
from litigation,regulatory andsimilar mattersdisclosed belowfor whichan estimateis possible,that arenot covered
by existing provisions are in the range of USD
0
bn to USD
1.6
bn.
Litigation,regulatoryandsimilarmattersmayalsoresultinnon-monetarypenaltiesandconsequences.Certain
resolutionsorconvictionsofacrimecouldhavematerialconsequencesforUBS.Resolutionofregulatory
proceedings may require UBS to obtainwaivers of regulatory disqualifications to maintaincertain operations, may
entitle regulatory authorities to limit, suspend or terminate licenses and regulatory authorizations, and may permit
financial marketutilities tolimit, suspendor terminateUBS’s participationin suchutilities. Failureto obtainsuch
waivers,oranylimitation,suspensionorterminationoflicenses,authorizationsorparticipations,couldhave
material consequences for UBS.
In May 2025, Credit SuisseServices AG entered into aplea agreement with the DOJrelating to legacy Credit Suisse
accounts booked inCredit Suisse’s Swissbooking center anda non-prosecution agreementrelating to legacyCredit
Suisse accounts bookedin Credit Suisse’sSingapore booking center.These agreements includeongoing 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
317
16
0
283
1,302
191
2,109
Increase in provisions recognized in the income statement
41
7
0
4
272
2
326
Release of provisions recognized in the income statement
(48)
(6)
0
(1)
(5)
0
(61)
Provisions used in conformity with designated purpose
(106)
0
0
(7)
(262)
(76)
(451)
Foreign currency translation and other movements
(1)
0
0
(6)
19
0
12
Balance as of 30 June 2026
203
15
0
274
1,326
118
1,935
1 Provisions, if any, for the mattersdescribed in items 1 and 7 of this Note are recorded in Global WealthManagement. Provisions, if any, forthe matters described in items 3, 4, 5 and 6 of this Note are recorded in
Non-core and Legacy. Provisions, if any, for the mattersdescribed in item 2 of this Note 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 Note.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)41
Note 15Provisions and contingent liabilities (continued)
1. Madoff
In relation to theBernard L. Madoff InvestmentSecurities LLC (BMIS)investment fraud, UBS AG,UBS (Luxembourg)
S.A. (nowUBS EuropeSE, Luxembourgbranch) andcertain otherUBS subsidiarieswere subjectto inquiriesby a
numberofregulators,includingtheSwissFinancialMarketSupervisoryAuthority (FINMA)andtheLuxembourg
CommissiondeSurveillanceduSecteurFinancier.Thoseinquiriesconcernedtwothird-partyfundsestablished
under Luxembourglaw,substantially allassets ofwhich werewith BMIS,as wellas certainfunds establishedin
offshorejurisdictionswitheitherdirectorindirectexposuretoBMIS.Thesefundsfacedseverelosses,andthe
Luxembourg funds are in liquidation.The documentation establishing both funds identifiesUBS entities in various
roles,including custodian,administrator,manager,distributor andpromoter,and indicatesthat UBSemployees
served as board members.
In 2009 and 2010, the liquidators of the two Luxembourg funds filed claims against UBS entities, non-UBS entities
andcertainindividuals,includingcurrentandformerUBSemployees,seekingamountstotalingapproximately
EUR
2.1
bn, which includes amountsthat the funds maybe held liable topay the trustee forthe 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 ordismissed for
want of prosecution.
In theUS, theBMIS Trusteefiled claimsagainst UBSentities, amongothers,in relationto thetwo Luxembourg
funds and one of the offshorefunds. The total amount claimed againstall defendants in these actions wasnot less
than USD
2
bn. In2014, theUS SupremeCourt rejectedthe BMISTrustee’s motionfor leaveto appealdecisions,
dismissing allclaims againstUBS defendantsexcept thosefor therecovery ofapproximately USD
125
m ofpayments
alleged to be fraudulentconveyances and preference payments.Similar claims have beenfiled against CreditSuisse
entities seeking to recover redemption payments. In2016, the bankruptcy court dismissed these claimsagainst the
UBS entities andmost of theCredit Suisse entities.In 2019, theCourt of Appealsreversed the dismissalof 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 beenfiled since 2013 in USfederal courts and
inotherjurisdictionsagainstUBS,CreditSuisseandotherbanksonbehalfofpersonswhoengagedinforeign
currency transactions with the defendant banks.While many of thesecases have concluded, UBS andCredit Suisse
continue to defendagainst several remainingmatters. In onesuch case, CreditSuisse and UBShave 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 andother benchmark-relatedcivil litigation:
A numberof putativeclass actionsand otheractions arepending
in the federalcourts in NewYork againstUBS andnumerous other bankson behalf ofparties who transactedin
certain interest ratebenchmark-based derivatives. Alsopending in theUS and inother jurisdictions area number
of otheractions assertinglosses relatedto variousproducts whoseinterest rateswere linkedto LIBORand other
benchmarks, including adjustable ratemortgages, preferred and debtsecurities, bonds pledged ascollateral, loans,
depositoryaccounts,investmentsandotherinterest-bearinginstruments.Thecomplaintsallegedmanipulation,
through various means,of certain benchmarkinterest rates, includingUSD LIBOR, Yen LIBOR,EURIBOR, CHF LIBOR,
and GBP LIBOR and seek unspecified compensatory and other damages under various legal theories. The CHF and
GBP LIBOR actions have concluded.
Putative class actions were filed in US federal district courts and subsequently consolidated in the US District Court
for the Southern District of New York(SDNY) relating to various transactions thatreferenced USD LIBOR. Following
various rulings,one classaction withrespect totransactions inover-the-counter instrumentsand severalactions
brought byindividual plaintiffsproceeded. InSeptember 2025,the districtcourt granteddefendants’ motionfor
summary judgment as to all remaining actions. Plaintiffs have appealed.
TheYenLIBOR/EuroyenTIBORandEURIBORactionshavebeendismissed.Theplaintiffshaveappealedthe
dismissals. In August 2025, the Second Circuit affirmed in part and reversedin part the district court’s dismissal of
the complaint in the EURIBOR action, returning the action to the district court.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)42
Note 15Provisions and contingent liabilities (continued)
Credit default swap auction litigation
:
In June 2021, Credit Suisse,along with other banks andentities, was named
in aputative classaction filedin federalcourt inNew Mexicoalleging manipulationof creditdefault swap(CDS)
final auctionprices. Defendantsfiled amotion toenforce aprevious CDSclass actionsettlement inthe SDNY.In
January2024,theSDNYruledthat,totheextentclaimsintheNewMexicoactionarisefromconductpriorto
30 June2014,thoseclaimsarebarredbytheSDNYsettlement.Theplaintiffsappealedand,inMay2025,the
Second Circuit affirmed the SDNY decision. Defendants filed a motionfor judgment on the pleadings in December
2025.
With respectto additionalmatters andjurisdictions notencompassedby thesettlements andorders referredto
above, UBS’s balance sheet at30 June 2026 reflected aprovision in an amountthat UBS believes to beappropriate
under the applicableaccounting standard. Asin the caseof other mattersfor which wehave established provisions,
the future outflow of resources in respect of such matters cannot be determined with certainty based on currently
availableinformation andaccordingly mayultimately proveto besubstantially greater(or maybe less)than the
provision that we have recognized.
3. Mortgage-related matters
CreditSuisseaffiliatesaredefendantsinvariouscivillitigationmattersrelatedtotheirrolesasissuer,sponsor,
depositor,underwriter and/orservicer ofRMBS transactions.These casescurrently includerepurchaseactions by
RMBS trusts and/or trustees, in whichplaintiffs generally allege breached representations and warranties in respect
of mortgageloans andfailure torepurchasesuch mortgageloans asrequiredunder theapplicable agreements.
The amounts disclosedbelow do not reflectactual realized plaintifflosses to date.Unless otherwise stated,these
amounts reflect the original unpaid principal balance amounts as alleged in these actions.
DLJ Mortgage Capital, Inc. (DLJ) is adefendant in New York State courtin four actions: An action brought byAsset
BackedSecuritiesCorporationHomeEquityLoanTrust,Series2006-HE7allegesdamagesofnotlessthan
USD
374
m. In December 2023, the trial court granted in part DLJ’s motion to dismiss, dismissing with prejudice all
notice-based claims.On appeal,the appellatecourt modifiedthe trialcourt’s dismissalin April2025 toreinstate
certain of plaintiff’snotice-based claims andotherwise dismissed plaintiff’sclaims. Plaintiff hassought leave from
the New YorkCourt of Appealsto further appealthe dismissal ofcertain of itsclaims. An actionby Home Equity
AssetTrust,Series2006-8,allegesdamagesofnotlessthanUSD
436
m.AnactionbyHomeEquityAssetTrust
2007-2 alleges damages ofnot less thanUSD
495
m. An action byCSMC Asset-Backed Trust2007-NC1 does not
allege a damages amount.
4. ATA litigation
Since November 2014,a series oflawsuits have beenfiled against anumber of banks,including Credit Suisse,in
the US DistrictCourt for theEastern District ofNew York(EDNY) and theSDNY alleging claimsunder the United
States Anti-TerrorismAct (ATA)and the JusticeAgainst Sponsors ofTerrorismAct. The plaintiffsin each ofthese
lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and
abetting based onallegations that variousinternational financial institutions, includingthe defendants, agreedto
alter,falsify oromit informationfrom paymentmessages thatinvolved Iranianparties forthe expresspurpose of
concealing theIranian parties’financial activitiesand transactionsfrom detectionby USauthorities. Thelawsuits
allege that thisconduct has madeit possible forIran to transferfunds to Hezbollahand other terroristorganizations
activelyengaged inharming USmilitarypersonnel andcivilians.InJanuary 2023,theSecond Circuitaffirmeda
September 2019 rulingby the EDNYgranting defendants’ motionto dismiss thefirst filed lawsuit.In October 2023,
the US Supreme Courtdenied plaintiffs’ petition fora writ of certiorari, andin September 2025 the EDNYdenied
plaintiffs’motion to vacate the judgment; the matter has concluded. Of the other seven cases, five are stayed and
the EDNY dismissed two of these cases in April 2026; the dismissals may be appealed by plaintiffs.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)43
Note 15Provisions and contingent liabilities (continued)
5. Customer account matters
Several clients havealleged that aformer relationship managerin Switzerland exceededhis investment authority,
resultinginexcessiveconcentrationsofcertainexposuresandinvestmentlosses.Followinginvestigationsand
criminal complaints,in February2018, theformer relationshipmanager wassentenced tofive yearsin prisonby
the Geneva criminal court and ordered to pay damages of approximately USD
130
m, a decision upheld on appeal.
Civil lawsuits havebeen initiated againstCredit Suisse AGand /or certain affiliatesin various jurisdictions,based
on the findings established in the criminal proceedings against the former relationship manager.
In Singapore, in 2024 in anow-concluded civil lawsuit, Credit Suisse TrustLimited was ordered to pay USD
461
m,
including interest and costs.
In Bermuda, inNovember 2025, theJudicial Committee ofthe Privy Councilissued its finaljudgment on theappeal,
denyingCreditSuisseLife(Bermuda)Ltd.’sappealonliability,butpartiallygrantingitsappealconcerningthe
quantum of damages and directing the parties to recalculate damages.
In Switzerland, certain civil lawsuits have been commenced againstCredit 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 DailyInverse VIX Short-Term ExchangeTraded Notes linkedto theS&P 500VIX Short-Term Futures
Index (XIVETNs). Thecomplaints havebeen consolidatedand assertclaims againstCredit Suissefor violationsof
various anti-fraud and anti-manipulation provisionsof US securities laws arisingfrom a decline inthe value of XIV
ETNs inFebruary 2018.On appealfrom anorder ofthe SDNYdismissing allclaims, theSecond Circuitissued an
order that reinstated aportion of theclaims. In decisionsin March 2023 andFebruary 2025, thecourt granted class
certification for two of the threeclasses proposed by plaintiffsand denied class certification of the thirdproposed
class.
7. Credit Suisse anti-money laundering matters
In December 2020, theSwiss Office ofthe Attorney General broughtcharges against CreditSuisse AG and other
parties concerning the diligence and controls applied to a historicalrelationship with Bulgarian former clients who
areallegedto havelaunderedfunds throughCreditSuisseAG accounts.In June2022, followingatrial,Credit
Suisse AG was convicted in the Swiss Federal Criminal Court of certainhistorical organizational inadequacies in its
anti-money-laundering framework and ordered to pay a fine ofCHF
2
m. In addition, the court seized certainclient
assets in the amount of approximately CHF
12
m and ordered Credit Suisse AG to pay a compensatory claim in the
amountofapproximatelyCHF
19
m.CreditSuisseAGappealedthedecisiontotheChamberofAppealsofthe
Swiss FederalCriminal Court(Chamber ofAppeals). Followingthe mergerof UBS AGand CreditSuisse AG,UBS AG
confirmed the appeal.In November 2024,the Chamber ofAppeals acquitted UBSAG and annulledthe fine and
compensatoryclaimorderedbythefirstinstancecourt.Subsequently,theOfficeoftheAttorneyGeneralhas
appealed the judgmentto the Swiss FederalSupreme Court. UBS hasalso appealed, limitedto the issueof whether
a successorentity bymerger canbe criminallyliable foracts ofthe predecessorentity. In July 2025,the SwissFederal
Supreme Courtremanded thecase backto theChamber ofAppeals fora fulland reasonedjudgment. In March
2026, theChamber ofAppeals issueda judgmentagain acquittingUBS AG. Thisjudgment maybe appealedby
the partiesto theSwiss FederalSupreme Court.Separately,in November2025, theSwiss Officeof theAttorney
General filed criminalcharges against UBSGroup andUBS AG,as the successorsto CreditSuisse GroupAG and
CreditSuisseAG,respectively,allegingthatCreditSuissefailedtomaintainappropriatecontrolstodetectand
prevent money launderingin connection withcertain payments fromaccounts atCredit Suisse byparties associated
with Mozambiquestate enterprisesfor whichCredit Suissearranged loanfinancing between2013 and2016. In
April 2026,the courtdismissed theproceedings, finding criminalliability couldnot betransferred from CreditSuisse
Group AG and Credit Suisse AG to UBS Group AG and UBS AG. The Attorney General has appealed.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited)44
Note 16Supplemental guarantor information
In2015,thePersonal&CorporateBankingandWealthManagementbusinessesbookedinSwitzerlandwere
transferred fromUBS AG toUBS SwitzerlandAG throughan assettransfer inaccordance withthe SwissMerger
Act. Underthe termsof theasset transferagreement, UBSSwitzerland AGassumed jointliability forcontractual
obligations of UBS AG existing on theasset transfer date, including the full andunconditional guarantee of certain
SEC-registered debtsecurities issuedby UBS AG.The jointliability ofUBS SwitzerlandAG forcontractual obligations
of UBS AG decreasedin the firsthalf of 2026 byUSD
0.1
bn to USD
1.7
bn as of 30 June2026. The decreasewas
mainly driven by
contractual maturities.
UBS AG, together with UBS GroupAG, has fully andunconditionally guaranteed the outstandingUS Securities and
Exchange Commission(SEC)-registered debtsecurities ofUBS AmericasInc., whichas of30 June 2026consisted
of a single outstanding issuance with a notional amount of USD
742
m maturing in July 2032. UBS Americas Inc. is
anindirect,whollyownedsubsidiaryofUBS AGandbecametheissueroftheguaranteedsecuritiesuponthe
merger of Credit Suisse (USA)LLC into UBS Americas Inc.on 2 February 2026. UBS AG assumedCredit Suisse AG’s
obligationsundertheguaranteeasof31 May2024(i.e.thedateonwhichthemergerofUBS AGand
Credit Suisse AG wascompleted). Inaccordance withthe guarantee,if UBSAmericas Inc.fails tomake atimely
paymentundertheagreementsgoverningsuchdebtsecurities,theholdersofthedebtsecuritiesmaydemand
payment from either UBS Group AG or UBS AG, without first proceeding against UBS Americas Inc.
UBS AG 30 June 2026 Interim Report |
Appendix45
Appendix
Alternative performance measures
An alternative performance measure (anAPM) is a financial measureof historical or future financialperformance,
financial positionor cashflows otherthan afinancial measuredefined orspecified inthe applicablerecognized
accounting standards orin otherapplicable regulations.A numberof APMsare reported inthe discussion ofthe
financial and operatingperformance of theexternal reports (annual,quarterly and otherreports). APMs areused
to providea morecomplete pictureof operatingperformance andto reflectmanagement’s viewof thefundamental
drivers of thebusiness results. Thetable below indicateswhere an APMalso qualifies asa non-GAAP measureas
defined byUS Securitiesand ExchangeCommission (SEC)regulations. Adefinition ofeach APM,and non-GAAP
measure as applicable,the method used tocalculate it andthe information content arepresented 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 30 June 2026 Interim Report |
Appendix46
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, equipmentand 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, incrementaland directly related to
the integration of Credit Suisse into UBS.
Invested assets (USD and CHF)
Calculated as the sum of managed fund assets,
managed institutional assets, discretionary and
advisory wealth management portfolios, fiduciary
deposits, time deposits, savings accounts, and wealth
management securities or brokerage accounts.
This measure provides information about the volume
of client assets managed by or deposited with UBS for
investment purposes.
Loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as loans and advances to customers and
brokerage receivables, gross of expected credit losses.
This measure provides information about the loan
volumes in Global Wealth Management.
Net interest income (underlying) (USD)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting net interest income as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of net interest income, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Net interest margin (bps)
– Personal & Corporate Banking
Calculated as net interest income (annualized for
reporting periods shorter than 12 months) divided by
average loans.
This measure provides information about the
profitability of the business by calculating the
difference between the interest charged for lending
and the associated cost of funding, relative to loan
value.
Net management fees (USD)
– Asset Management
(non-GAAP measure)
Calculated as the total of transaction fees, fund
administration revenues (including net interest and
trading income from lending activities and foreign-
exchange hedging as part of the fund services
offering), distribution fees, incremental fund-related
expenses, gains or losses from seed money and co-
investments, funding costs, the negative pass-through
impact of third-party performance fees, and other
items that are not Asset Management’s performance
fees.
This measure provides information about the amount
of net management fees earned through managing
client assets.
Net new assets (USD)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period, plus interest and dividends.
Excluded from the calculation are movements due to
market performance, foreign exchange translation,
fees, and the effects on invested assets of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
This measure provides information about the
development of invested assets during a specific
period as a result of net new asset flows, plus the
effect of interest and dividends.
Net new assets growth rate (%)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period (annualized for reporting
periods shorter than 12 months), plus interest and
dividends, divided by total invested assets at the
beginning of the period.
This measure provides information about the growth
of invested assets during a specific period as a result
of net new asset flows.
Net new deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of inflows and outflows
of deposit volumes recorded during a specific period.
Deposits include customer deposits and customer
brokerage payables. Excluded from the calculation are
movements due to fair value measurement, foreign
exchange translation, accrued interest and fees, as
well as the effects on customer deposits of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
UBS AG 30 June 2026 Interim Report |
Appendix47
APM / non-GAAP label
Calculation
Information content / usefulness
Net new deposits (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of inflows and outflows
of customer deposits recorded during a specific
period. Excluded from the calculation are movements
due to fair value measurement, foreign exchange
translation, accrued interest and fees, as well as the
effects on customer deposits of strategic decisions by
UBS to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
Net new fee-generating assets (USD)
– Global Wealth Management
Calculated as the net amount of fee-generating asset
inflows and outflows, including dividend and interest
inflows into mandates and outflows from mandate
fees paid by clients during a specific period. Excluded
from the calculation are the effects on fee-generating
assets of strategic decisions by UBS to exit markets or
cease offering services in a particular location, or
those resulting from new externally imposed
regulations.
This measure provides information about the
development of fee-generating assets during a
specific period as a result of net flows, excluding
movements due to market performance and foreign
exchange translation, as well as the effects on fee-
generating assets of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
Net new loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of originations,
drawdowns and repayments of loan volumes
recorded during a specific period. Loan volumes
include loans and advances to customers and
customer brokerage receivables. Excluded from the
calculation are allowances, movements due to fair
value measurement and foreign exchange translation,
as well as the effects on loans and advances to
customers of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
This measure provides information about the
development of loan volumes during a specific period
as a result of net new loan volumes.
Net new loans (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of originations,
drawdowns and repayments of loans and advances to
customers recorded during a specific period. Excluded
from the calculation are allowances, movements due
to fair value measurement and foreign exchange
translation, as well as the effects on loans and
advances to customers of strategic decisions by UBS
to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of loans during a specific period as a
result of net new loans.
Net new money (USD)
– Global Wealth Management,
Asset Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period. Excluded from the calculation
are movements due to market performance, foreign
exchange translation, dividends, interest and fees, as
well as the effects on invested assets of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.Net new
money is not measured for Personal & Corporate
Banking.
This measure provides information about the
development of invested assets during a specific
period as a result of net new money flows.
Net profit growth (%)
Calculated as the change in net profit attributable to
shareholders from continuing operations between
current and comparison periods divided by net profit
attributable to shareholders from continuing
operations of the comparison period.
This measure provides information about profit
growth since the comparison period.
Operating expenses (underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating expenses as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating expenses, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Operating profit / (loss) before tax
(underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating profit / (loss) before
tax as reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating profit / (loss) before tax, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Other revenues (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by including other income as reported in
accordance with IFRS Accounting Standards, profit or
loss related to non-client derivative instruments and
profit or loss related to equity investments measured
at fair value through profit or loss.
This measure provides information about residual
business division revenues, after deduction of net
interest income, recurring net fee income and
transaction-based income.
UBS AG 30 June 2026 Interim Report |
Appendix48
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 onattributedequity (%)
– Global WealthManagement,
Personal &Corporate Banking,
Asset Management,
the InvestmentBank
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 oncommon equitytier 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 30 June 2026 Interim Report |
Appendix49
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 isa generallist ofthe APMsand non-GAAPmeasures usedin ourfinancial reporting.Not allof theabove-
listed measures may appear in this particular report.
UBS AG 30 June 2026 Interim Report |
Appendix50
Abbreviations frequently used in our financial reports
A
ABSasset-backed securities
AGAktiengesellschaft
AGMAnnual General Meeting of
shareholders
AIartificial intelligence
A-IRBadvanced internal ratings-
based
ALCOAsset and Liability
Committee
AMAadvanced measurement
approach
AMLanti-money laundering
AoAArticles of Association
APMalternative performance
measure
ARRalternative reference rate
ARSauction rate securities
ASFavailable stable funding
AT1additional tier 1
AuMassets under management
B
BCBSBasel Committee on
Banking Supervision
BISBank for International
Settlements
BoDBoard of Directors
C
CAOCapital Adequacy
Ordinance
CCARComprehensive Capital
Analysis and Review
CCFcredit conversion factor
CCPcentral counterparty
CCRcounterparty credit risk
CCRCCorporate Culture and
Responsibility Committee
CDScredit default swap
CEOChief Executive Officer
CET1common equity tier 1
CFOChief Financial Officer
CGUcash-generating unit
CHFSwiss franc
CIOChief Investment Office
CORCCompliance and
Operational Risk Control
CRMcredit risk mitigation
CROChief Risk Officer
CSTcombined stress test
CUSIPCommittee on Uniform
Security Identification
Procedures
CVAcredit valuation adjustment
D
DBOdefined benefit obligation
DCCPDeferred Contingent
Capital Plan
DFASTDodd–Frank Act Stress Test
DisO-FINMAFINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DMdiscount margin
DOJUS Department of Justice
DTAdeferred tax asset
DVAdebit valuation adjustment
E
EADexposure at default
EBExecutive Board
ECEuropean Commission
ECBEuropean Central Bank
ECLexpected credit loss
EGMExtraordinary General
Meeting of shareholders
EIReffective interest rate
ELexpected loss
EMEAEurope, Middle East and
Africa
EOPEquity Ownership Plan
EPSearnings per share
ESGenvironmental, social and
governance
ETDexchange-traded derivatives
ETFexchange-traded fund
EUEuropean Union
EUReuro
EURIBOREuro Interbank Offered Rate
EVEeconomic value of equity
EYErnst & Young Ltd
F
FCAUK Financial Conduct
Authority
FDICFederal Deposit Insurance
Corporation
FINMASwiss Financial Market
Supervisory Authority
FMIASwiss Financial Market
Infrastructure Act
FRTBFundamental Review of the
Trading Book
FSBFinancial Stability Board
FTASwiss Federal Tax
Administration
FVAfunding valuation
adjustment
FVOCIfair value through other
comprehensive income
FVTPLfair value through profit or
loss
FXforeign exchange
G
GAAPgenerally accepted
accounting principles
GBPpound sterling
GDPgross domestic product
GEBGroup Executive Board
GHGgreenhouse gas
GCORCGroup Compliance and
Operational Risk Control
GRIGlobal Reporting Initiative
G-SIBglobal systemically
important bank
H
HQLA
high-quality liquid assets
I
IASInternational Accounting
Standards
IASBInternational Accounting
Standards Board
IBORinterbank offered rate
IFRICInternational Financial
Reporting Interpretations
Committee
IFRSaccounting standards
Accountingissued by the IASB
Standards
IRBinternal ratings-based
IRRBBinterest rate risk in the
banking book
ISDAInternational Swaps and
Derivatives Association
ISINInternational Securities
Identification Number
UBS AG 30 June 2026 Interim Report |
Appendix51
Abbreviations frequently used in our financial reports (continued)
K
KRTKey Risk Taker
L
LASliquidity-adjusted stress
LCRliquidity coverage ratio
LGDloss given default
LIBORLondon Interbank Offered
Rate
LLClimited liability company
LoDlines of defense
LRDleverage ratio denominator
LTIPLong-Term Incentive Plan
LTVloan-to-value
M
M&Amergers and acquisitions
MRTMaterial Risk Taker
N
NIInet interest income
NSFRnet stable funding ratio
NYSENew York Stock Exchange
O
OCAown credit adjustment
OCIother comprehensive
income
OECDOrganisation for Economic
Co-operation and
Development
OTCover-the-counter
P
PCIpurchased credit impaired
PDprobability of default
PITpoint in time
PPApurchase price allocation
Q
QCCPqualifying central
counterparty
R
RBCrisk-based capital
RbMrisk-based monitoring
REITreal estate investment trust
RMBSresidential mortgage-
backed securities
RniVrisks not in VaR
RoCET1return on CET1 capital
RoUright-of-use
rTSRrelative total shareholder
return
RWArisk-weighted assets
S
SAstandardized approach or
société anonyme
SA-CCRstandardized approach for
counterparty credit risk
SARSpecial Administrative
Region of the People’s
Republic of China
SDGSustainable Development
Goal
SECUS Securities and Exchange
Commission
SFTsecurities financing
transaction
SIBORSingapore Interbank
Offered Rate
SICRsignificant increase in credit
risk
SIXSIX Swiss Exchange
SMEsmall and medium-sized
entities
SMFSenior Management
Function
SNBSwiss National Bank
SORSingapore Swap Offer Rate
SPPIsolely payments of principal
and interest
SRBsystemically relevant bank
SVaRstressed value-at-risk
T
TBTFtoo big to fail
TCFDTask Forceon Climate-
related Financial Disclosures
TIBORTokyo InterbankOffered
Rate
TLACtotal loss-absorbing capacity
TTCthrough the cycle
U
USDUS dollar
V
VaRvalue-at-risk
VAT
value-added tax
This is ageneral list ofthe abbreviations frequently usedin our financialreporting. Not allof the listedabbreviations
may appear in this particular report.
UBS AG 30 June 2026 Interim Report |
Appendix52
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 performanceof the business divisions andGroup functions; risk, treasury andcapital
management; corporate governance; and financial information, including the financial statements.
CompensationReport
:Thisreportdiscussesthecompensationframeworkandprovidesinformationabout
compensation forthe Boardof Directorsand theGroup ExecutiveBoard members.It isavailablein Englishand
German (
“Vergütungsbericht
”) and represents a component of the UBS Group Annual Report.
SustainabilityReport
:PublishedinEnglish,theUBSGroupSustainabilityReportprovidesdisclosureson
environmental, social and governance (ESG) topics.
Quarterly publications
Interim Report
: This reportprovides an updateon performance andstrategy (where applicable)for the respective
quarter. It is available in English.
The annualand quarterlypublications areavailable in .pdfand onlineformats at
ubs.com/investors
, under“Financial
information”. Printed copies, in any language, of the aforementioned annual publications are not provided.
Other information
Website
The “InvestorRelations” websiteat
ubs.com/investors
provides thefollowing informationabout UBS:results-related
newsreleases;financialinformation,includingresults-relatedfilingswiththeUSSecuritiesandExchange
Commission(theSEC);informationforshareholders,includingUBSdividendandsharerepurchaseprogram
information, and for bondholders, including rating agenciesreports; the corporate calendar; and presentationsby
management for investors and financial analysts. Information isavailable online in English, with some information
also available in German.
Results presentations
Quarterlyresultspresentationsarewebcastlive.Recordingsofmostpresentationscanbedownloadedfrom
ubs.com/presentations
.
Messaging service
EmailalertstonewsaboutUBScanbesubscribedforunder“UBSNewsAlert”at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, Frenchor 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 periodicreports with andsubmits other informationto the SEC.Principal among thesefilings is theannual
report on Form 20-F, filed pursuantto the US Securities Exchange Actof 1934. The filing ofForm 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, thereis asmall amountof additionalinformation inForm 20-Fthat isnot presentedelsewhere andis
particularlytargetedatreadersintheUS.Readersareencouragedtorefertothisadditionaldisclosure.Any
document that is filed with the SEC is available on the SEC’s website:
sec.gov
. Refer to
ubs.com/investors
for more
information.
UBS AG 30 June 2026 Interim Report |
Appendix53
Cautionary statement regarding forward-looking statements|
This report contains statementsthat constitute “forward-looking statements”,including but
not limited tomanagement’s outlook forUBS’s financial performance,statements relating tothe anticipated effectof transactions andstrategic initiatives on
UBS’s business and future development and goals. While these forward-looking statementsrepresent UBS’s judgments, expectations and objectives concerning
the matters described, a number of risks, uncertaintiesand other important factors could cause actualdevelopments and results to differ materiallyfrom UBS’s
expectations.Inparticular,the globaleconomymay suffersignificant adverseeffectsfromincreasingpolitical tensionsbetween worldpowers, changesto
international tradepolicies, includingthose relatedto tariffsand tradebarriers, andevolving armedconflicts.UBS’s acquisitionof theCreditSuisseGroup
materially changedits outlookand strategicdirection andintroduced newoperational challenges.The integrationof theCredit Suisseentities intothe UBS
structure is expectedto continue through2026 and presentssignificant operational andexecution risk, including therisks that UBSmay be unable toachieve
the cost reductions and business benefits contemplated by the transaction, that it mayincur 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 ofCredit Suisse, Switzerland
has amended its Capital Adequacy Ordinance and is considering changes to itsBanking Act, which, if enacted as proposed,would substantially increase capital
requirements forUBS in relationto its foreignsubsidiaries. These factorscreate greateruncertainty about forward-lookingstatements. Other factorsthat may
affect UBS’s performance andability to achieve itsplans, outlook and otherobjectives also include, butare not limited to:(i) the degree to whichUBS is successful
in the execution of its strategicplans, including its cost reductionand efficiency initiatives and itsability to manage its levels ofrisk-weighted assets (RWA) and
leverage ratio denominator (LRD),liquidity coverage ratio andother financial resources, including changesin RWA assets and liabilitiesarising from higher market
volatility and thesize of thecombined Group;(ii) the degreeto which UBSis successful inimplementing changes toits businesses tomeet changing market,
regulatory and other conditions,including any potential changes tobanking examination and oversight practicesand standards as aresult of executive branch
orders or staff interpretations of lawin the US; (iii) inflation and interest rate volatility inmajor markets; (iv) developments in the macroeconomic climate and in
the marketsin whichUBS operatesor towhich itis exposed,including movementsin securitiesprices orliquidity,credit spreads,currency exchangerates,
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 clientsentiment and levels of activity;(v) changes in the availability ofcapital and funding, includingany adverse
changes in UBS’s credit spreads and creditratings of UBS, as well as availability and costof funding,
including as affected by the marketability of additional tier
one debt instruments, to meetrequirements for debt eligiblefor total loss-absorbing capacity (TLAC);(vi) changes in and potential divergencebetween 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,
orresultedin,ormaydosointhefuture,morestringentorentity-specificcapital,TLAC,leverageratio,netstablefundingratio,liquidityandfunding
requirements, heightened operational resiliencerequirements, incremental tax requirements,additional levies, limitations on permitted activities, constraintson
remuneration, constraints on transfers of capitaland liquidity and sharing of operational costsacross the Group or othermeasures, and the effect thesewill or
would have on UBS’sbusiness activities; (vii) UBS’s abilityto successfully implement resolvabilityand related regulatoryrequirements and thepotential need to
make further changes to the legal structureor booking model of UBS in responseto legal and regulatory requirementsincluding heightened requirements and
expectations due to its acquisitionof the Credit Suisse Group;(viii) UBS’s ability to maintain andimprove its systems and controlsfor complying with sanctions
in a timelymanner and forthe detection andprevention of moneylaundering to meetevolving regulatory requirementsand expectations, inparticular in the
current geopolitical turmoil;(ix) the uncertainty arising fromdomestic stresses incertain major economies;(x) changes in UBS’s competitiveposition, including
whether differences in regulatorycapital and other requirementsamong the major financial centers adverselyaffect UBS’s ability to competein certain lines of
business; (xi) changes in thestandards of conduct applicableto its businesses thatmay result from newregulations or new enforcementof existing standards,
including measures to impose new andenhanced duties when interacting with customersand in the execution and handling ofcustomer 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 hasinherited byvirtue ofthe acquisitionof CreditSuisse, contractualclaims andregulatory investigations,including thepotential fordisqualification from
certain businesses, potentially large fines or monetary penalties, or the lossof licenses or privileges as a result of regulatory or other governmental sanctions, as
well as theeffect that litigation,regulatory and similarmatters have onthe operational riskcomponent of its RWA;(xiii) UBS’s ability toretain and attractthe
employees necessary togenerate revenues andto manage, supportand controlits businesses, whichmay be affectedby 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 andbusiness methods, including digital services, artificial intelligence
and other technologies, and abilityto successfully compete with bothexisting and new financial serviceproviders, some of whichmay not be regulatedto the
same extent;(xvi) limitations onthe effectivenessof UBS’s internalprocesses forrisk management,risk control,measurement andmodeling, andof financial
models generally; (xvii) the occurrenceof operational failures, suchas fraud, misconduct, unauthorized trading,financial crime, cyberattacks, data leakageand
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 restrictionson the ability of its subsidiaries to make loans or distributions,
directly or indirectly,or, in thecase of financial difficulties, due tothe exercise by FINMA or theregulators of UBS’s operations in other countriesof their broad
statutory powers inrelation to protectivemeasures, restructuring andliquidation proceedings; (xix) thedegree to whichchanges in regulation,capital or legal
structure, financial results orother factors may affectUBS’s ability to maintain itsstated capital return objective; (xx)uncertainty over the scope ofactions that
may be required by UBS, governmentsand others for UBS to achieve goals relatingto climate, environmental and social matters, aswell as the evolving nature
of underlying science and industry and the increasing divergence among regulatoryregimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of
UBS to successfully recover from a disaster or other business continuity problemdue to a hurricane, flood, earthquake, terrorist attack, war,conflict, pandemic,
security breach,cyberattack, powerloss, telecommunicationsfailure orother naturalor man-madeevent; and(xxiii) the effectthat theseor otherfactors or
unanticipated events, including media reports and speculations,may have on its reputation and theadditional consequences that this may have on itsbusiness
and performance. The sequence inwhich the factors above arepresented is not indicative oftheir likelihood of occurrenceor the potential magnitude oftheir
consequences. UBS’s business andfinancial performance could be affectedby other factors identifiedin its past and futurefilings and reports, includingthose
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 UBSwith the SEC, includingthe UBS GroupAG and UBS AGAnnual Reports on Form20-F for the yearended 31 December 2025. UBSis not
under any obligation to (and expressly disclaims any obligation to)update or alter its forward-looking statements, whether as a result ofnew information, future
events, or otherwise.
Rounding |
Numbers presentedthroughout thisreport maynot add upprecisely tothe totals providedin the tables,infographics and text.Percentages and
percent changes disclosed in text and tables are calculated on the basis ofunrounded figures. Absolute changes between reporting periods disclosed in the text,
which can be derived from numbers presented in related tables, are calculated on a rounded basis.
Tables|
Within tables, blank fields generally indicate non-applicabilityor that presentation of any contentwould not be meaningful, or thatinformation is not
available as of the relevant date or for the relevant period.Zero values generally indicate that the respective figure is zeroon an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
In this report, any website addresses are provided solelyfor information and are not intended tobe active links. UBS is notincorporating the contents
of any such websites into this report.
UBS AG
P.O. Box, CH-8098 Zurich
P.O. Box, CH-4002 Basel
ubs.com
ThisForm6-Kisherebyincorporatedbyreferenceinto(1)theregistrationstatementsofUBSAGonFormF-3
(RegistrationNumbers333-283672and333-293403),andintoeachprospectusoutstandingundertheforegoing
registration statement,(2) anyoutstanding offeringcircular orsimilar documentissued orauthorized byUBS AG
that incorporates by referenceany Forms 6-K of UBSAG that are incorporatedinto its registration statementsfiled
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 datedJune 23, 2004 (SEC FileNumber 001-
13444), and the ProspectusSupplements relating to theCABCO Series 2004-101 Trust dated May10, 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:July 31, 2026