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: October 28, 2026
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
Form 40-F
☐
This Form 6-K consists of the Third Quarter 2026 Report of UBS AG, which appears immediately following this
page.
UBS AG
Third quarter 2026 report
Corporate calendar UBS AG
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ubs.com/global/en/investor-relations/events/calendar.html
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Publisher: UBS AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2026. The key symbol and UBS are among the registered and unregistered
trademarks of UBS. All rights reserved.
1.
Key figures
2.
Introduction
3.
Risk and capital management
4.
Consolidated
financial information
Appendix
UBS AG third quarter 2026 report
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
ThisreportshouldbereadinconjunctionwiththeUBSGroup30 September2026InterimReportthatwas
published on 28 October 2026 and isavailable under “Quarterly reporting” at
ubs.com/investors
. A comparison of
selected financial and capital informationof UBS AG consolidated andof UBS Group AG consolidated isprovided
in the “Introduction”section of this report.
Change in interim reporting
As previously announced, from the firstquarter of 2026 onward, UBS AG’sfirst- and third-quarter financial reports
include consolidated financialinformation that isno longer preparedin accordance withIAS 34,
Interim Financial
Reporting
.Instead,UBS AGpublishesconsolidatedfinancialinformationforthosequartersthatispreparedin
accordance with UBS AGaccounting policies, which areconsistent with IFRS AccountingStandards, but doesnot
includeallexplanatorynotesasrequiredunderIAS 34andthereforedoesnotconstitutean“interimfinancial
report” as defined by IAS 34.
The income statement, thestatement of comprehensive incomeand information related tothose statements in the
“Consolidated financialinformation” section ofthis report arepresented on thebasis of thenine-month periods
ended 30 September 2026and 30 September 2025.The balance sheetand related informationare presentedas
of 30 September 2026 and 31 December 2025.
In 2026, UBS AG started the publication ofsemi-annual interim financial reports that includeinterim consolidated
financial statements as of and for the six-month period ending 30 June, prepared in accordance with IAS 34.
UBS AG third quarter 2026 report
|
Key figures | UBS AG consolidated key 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
30.9.26
30.6.26
31.12.25
30.9.25
30.9.26
30.9.25
Results
Total revenues
13,175
13,480
11,444
12,446
40,685
36,244
Credit loss expense / (release)
115
133
161
113
312
388
Operating expenses
9,928
10,431
10,890
10,826
31,140
32,148
Operating profit / (loss) before tax
3,132
2,915
393
1,507
9,233
3,708
Net profit / (loss) attributable to shareholders
2,315
2,213
33
1,288
7,028
3,508
Profitability and growth
Return on equity (%)
1
10.5
9.9
0.1
5.4
10.5
4.9
Return on tangible equity (%)
1
11.3
10.6
0.2
5.9
11.3
5.3
Return on common equity tier 1 capital (%)
1
12.9
12.4
0.2
7.3
13.2
6.6
Cost / income ratio (%)
1
75.4
77.4
95.2
87.0
76.5
88.7
Net profit growth (%)
1
79.7
85.6
n.m.
29.3
100.3
101.8
Resources
Total assets
1,657,146
1,707,065
1,617,173
1,633,877
1,657,146
1,633,877
Equity attributable to shareholders
88,856
88,275
88,845
95,135
88,856
95,135
Common equity tier 1 capital
2
71,601
71,637
70,394
71,460
71,601
71,460
Risk-weighted assets
2
493,617
500,420
489,775
502,425
493,617
502,425
Common equity tier 1 capital ratio (%)
2
14.5
14.3
14.4
14.2
14.5
14.2
Going concern capital ratio (%)
2
19.1
18.9
18.4
18.2
19.1
18.2
Total loss-absorbing capacity ratio (%)
2
37.2
37.7
36.8
37.8
37.2
37.8
Leverage ratio denominator
2
1,593,452
1,650,139
1,622,921
1,642,843
1,593,452
1,642,843
Common equity tier 1 leverage ratio (%)
2
4.5
4.3
4.3
4.3
4.5
4.3
Liquidity coverage ratio (%)
3
174.5
172.5
176.2
179.0
174.5
179.0
Net stable funding ratio (%)
114.2
114.7
115.7
118.6
114.2
118.6
Other
Invested assets (USD bn)
1,4
7,328
7,326
7,005
6,910
7,328
6,910
Personnel (full-time equivalents)
59,005
59,594
61,899
62,636
59,005
62,636
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
66 data points in the third quarter of 2026, 60 data points in the second quarter of 2026, 64 data points in the fourth quarter of 2025 and 65 data pointsin the third quarter of 2025.4 Consists of invested assets
for Global WealthManagement, AssetManagement (includinginvested assetsfrom associates)and Personal& CorporateBanking. Referto “Note 30Invested assets andnet new money”in the “Consolidated
financial statements” section of the UBS AG Annual Report 2025, available under “Annualreporting” at ubs.com/investors, for more information.
UBS AG third quarter 2026 report |
Introduction4
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
.
The financialinformation includedin thisreport hasbeen preparedin accordancewith UBS AG’saccounting policies
asdescribed in“Note 1 Summaryof materialaccounting policies”to theUBS AGconsolidated annualfinancial
statements for the year ended 31 December 2025.
›
Refer to the “Consolidated financial information” 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 third quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors
, for
more information
Comparison between UBS AG consolidated and
UBS Group AG consolidated
The table 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 thethird quarterof 2026,UBS AG consolidatedrecognized anet profitof USD 2,325m,while UBS Group AG
consolidated recognized anet profit ofUSD 2,700m. The USD 375mdifference 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.Other differencesin
net profit mainly arose dueto UBS Business Solutions AG andother shared services subsidiaries ofUBS Group AG
chargingotherlegalentitieswithintheUBS AGconsolidationscopeamarkuponcostsincurredforservices
provided.
UBS AG third quarter 2026 report |
Introduction5
Forthefirstninemonthsof2026,UBS AGconsolidatedrecognizedanetprofitofUSD 7,063m,while
UBS Group AG consolidated recognizeda net profitof USD 8,566m. TheUSD 1,503m difference wasmainly due
to the aforementioned PPA effects recognized at the UBS Group level and the aforementioned markup charged by
UBS Business Solutions AGand othershared servicessubsidiaries ofUBS Group AG toother legalentities within
the UBS AG consolidation scope.
As of 30 September 2026, the total assets of UBS AGconsolidated were USD 2.0bn higher than the total assets of
UBS Group AGconsolidated.ThedifferencemainlyreflectedPPAeffectsrecognizedattheUBS GroupAGlevel
upon the acquisition of the Credit Suisse Group andconsolidation scope differences. The total liabilities of UBS AG
consolidatedwereUSD 1.7bnhigherthanthetotalliabilitiesofUBS Group AGconsolidated,mainlydueto
consolidation scope differences.
Theequity ofUBS AG consolidatedwasUSD 0.3bn higherthantheequity ofUBS GroupAGconsolidated asof
30 September 2026. This difference was mainly due to PPA effects of USD 1.0bn recognized at the UBS Group AG
level upon the acquisition of the Credit Suisse Group that did not impact UBSAG consolidated, primarilyrelated to
loans measuredat amortizedcost andcontingentliabilitiesrecognizedunder IFRS3 for litigation,partly offsetby PPA
effects onreal estateand debtissued.These PPAeffects werepartly offsetbyconsolidation scope differences of
USD 0.7bn.
On 21 October 2026,the Extraordinary General Meeting ofUBS AG approved asupplementary 2025 dividend of
USD 4,500m.The dividendwas paid byUBS AG to itsshareholderUBS GroupAG on the nextday.
ThegoingconcerncapitalofUBS AGconsolidatedwasUSD 1.9bnlowerthanthegoingconcerncapitalof
UBS Group AGconsolidatedasof30 September2026,reflectingthecommonequitytier 1(CET1)capitalof
UBS AG consolidatedbeing lowerby USD 1.5bnand goingconcern loss-absorbingadditional tier 1(AT1) capital
being USD 0.3bn lower.
The USD 1.5bn lowerCET1 capital ofUBS AG consolidated wasprimarily due toa USD 6.9bn differencein dividend
accruals between UBS AG and UBS Group AG, partly offset by compensation-related regulatory capitalaccruals at
theUBS GroupAGlevelofUSD 3.4bn,capitalreserveforexpectedfuturesharerepurchasesofUSD 1.5bn,a
USD 0.4bn effect fromeligible deferred taxassets on temporarydifferences, andthe consolidated equityof UBS AG
being USD 0.3bn higher.
Thegoingconcernloss-absorbingAT1capitalofUBS AGconsolidatedwasUSD 0.3bnlowerthanthatof
UBS Group AG consolidatedas of30 September 2026, mainlyreflecting deferred contingentcapital 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.
Theleverageratiodenominator(theLRD)ofUBS AGconsolidatedwasUSD 2.3bnhigherthantheLRDof
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 2.5bn 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 was4.2 percentage points lower
than the quarterly average LCR ofUBS Group AG consolidated. The difference mainlyreflected the higher net cash
outflowsofUBS AGconsolidatedfromintercompanydepositsandloansthatarerecognizedforUBS AG
consolidated but are eliminated at the UBS Group AG consolidated level.
The net stable funding ratio (the NSFR) of UBS AG consolidated was 0.6 percentage points lower than the NSFR of
UBS Group AGconsolidated.ThedifferenceprimarilyreflectedlowerUBS AGconsolidatedeligibleregulatory
capital compared with UBS Group AG consolidated.
UBS AG third quarter 2026 report |
Introduction6
Comparison between UBS AG consolidated and UBS Group AG consolidated
As of or for the quarter ended 30.9.26
As of or for the quarter ended 30.6.26
As of or for the quarter ended 31.12.25
USD m, except where indicated
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Income statement
Total revenues
13,175
13,350
(175)
13,480
13,700
(220)
11,444
12,145
(700)
Credit loss expense / (release)
115
114
1
133
121
12
161
159
3
Operating expenses
9,928
9,648
280
10,431
9,986
446
10,890
10,286
604
Operating profit / (loss) before tax
3,132
3,587
(455)
2,915
3,594
(678)
393
1,700
(1,307)
Net profit / (loss)
2,325
2,700
(375)
2,224
2,811
(587)
39
1,205
(1,166)
Balance sheet
Total assets
1,657,146
1,655,168
1,978
1,707,065
1,707,284
(219)
1,617,173
1,617,427
(255)
Total liabilities
1,567,949
1,566,279
1,671
1,618,463
1,617,854
609
1,527,994
1,526,944
1,050
Total equity
89,196
88,889
307
88,602
89,430
(828)
89,179
90,484
(1,305)
Capital, liquidity and funding information
Common equity tier 1 capital
71,601
73,117
(1,515)
71,637
72,464
(827)
70,394
71,262
(868)
Going concern capital
94,051
95,909
(1,857)
94,780
95,977
(1,197)
89,993
91,176
(1,183)
Risk-weighted assets
493,617
496,111
(2,494)
500,420
503,923
(3,503)
489,775
493,397
(3,622)
Common equity tier 1 capital ratio (%)
14.5
14.7
(0.2)
14.3
14.4
(0.1)
14.4
14.4
(0.1)
Going concern capital ratio (%)
19.1
19.3
(0.3)
18.9
19.0
(0.1)
18.4
18.5
(0.1)
Total loss-absorbing capacity ratio (%)
37.2
37.6
(0.5)
37.7
38.4
(0.7)
36.8
38.0
(1.2)
Leverage ratio denominator
1,593,452
1,591,152
2,299
1,650,139
1,649,751
389
1,622,921
1,622,438
483
Common equity tier 1 leverage ratio (%)
4.5
4.6
(0.1)
4.3
4.4
(0.1)
4.3
4.4
(0.1)
Liquidity coverage ratio (%)
1
174.5
178.7
(4.2)
172.5
177.3
(4.8)
176.2
182.6
(6.4)
Net stable funding ratio (%)
114.2
114.8
(0.6)
114.7
115.1
(0.4)
115.7
116.1
(0.4)
1 The disclosedratios represent quarterlyaverages for eachof the quarterspresented and have beencalculated based on anaverage of 66data points inthe third quarter of2026, 60 datapoints in thesecond
quarter of 2026 and64 data points inthe fourth quarter of2025. Refer to the“Liquidity and funding management”section of the UBSGroup third quarter 2026report, available under“Quarterly reporting” at
ubs.com/investors, for more information.
Comparison between UBS AG consolidated and UBS Group AG consolidated – income statement year-to-date
Year-to-date 30.9.26
Year-to-date 30.9.25
USD m, except where indicated
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Income statement
Total revenues
40,685
41,293
(608)
36,244
37,429
(1,185)
Credit loss expense / (release)
312
305
7
388
365
23
Operating expenses
31,140
29,967
1,173
32,148
29,911
2,237
Operating profit / (loss) before tax
9,233
11,021
(1,788)
3,708
7,153
(3,445)
Net profit / (loss)
7,063
8,566
(1,503)
3,527
6,592
(3,064)
UBS AG third quarter 2026 report |
Introduction7
Additional information about our business divisions
Global Wealth Management
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
6,910
7,002
(92)
7,012
7,112
(100)
6,585
6,695
(110)
Credit loss expense / (release)
10
10
0
4
(2)
6
34
32
2
Operating expenses
5,092
5,072
19
5,257
5,231
26
5,393
5,373
19
Operating profit / (loss) before tax
1,808
1,919
(111)
1,751
1,883
(132)
1,158
1,290
(132)
Profitbefore taxwas USD 1,808matthe UBSAG level,comparedwithprofit beforetaxofUSD 1,919mat the
UBS Grouplevel.TheUSD 111mdifferencemainlyreflectedPPAeffectsontotalrevenuesrecognizedinGlobal
Wealth Management at the UBS Group level.
Personal & Corporate Banking – in Swiss francs
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
CHF m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
1,803
1,929
(126)
1,755
1,896
(140)
1,664
1,830
(166)
Credit loss expense / (release)
26
27
0
66
61
5
79
80
(1)
Operating expenses
964
988
(23)
1,140
1,159
(19)
1,288
1,297
(9)
Operating profit / (loss) before tax
812
915
(102)
550
676
(126)
297
452
(155)
ProfitbeforetaxwasCHF 812mattheUBS AGlevel,comparedwithprofitbeforetaxofCHF 915matthe
UBS Group level. The CHF 102m 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 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
2,206
2,360
(154)
2,222
2,399
(178)
2,079
2,286
(207)
Credit loss expense / (release)
33
33
(1)
82
76
6
100
101
(1)
Operating expenses
1,182
1,210
(29)
1,442
1,466
(25)
1,610
1,621
(12)
Operating profit / (loss) before tax
991
1,117
(125)
698
857
(159)
370
565
(194)
Asset Management
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
780
780
0
756
756
0
796
800
(4)
Credit loss expense / (release)
0
0
0
0
0
0
1
1
0
Operating expenses
507
508
(1)
544
542
2
593
588
5
Operating profit / (loss) before tax
273
271
1
211
214
(2)
203
212
(9)
UBS AG third quarter 2026 report |
Introduction8
Investment Bank
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
3,223
3,239
(16)
3,703
3,727
(24)
2,886
2,946
(60)
Credit loss expense / (release)
31
30
1
46
45
1
36
34
2
Operating expenses
2,388
2,371
17
2,561
2,531
30
2,283
2,272
11
Operating profit / (loss) before tax
803
838
(35)
1,095
1,150
(55)
567
640
(73)
ProfitbeforetaxwasUSD 803mattheUBS AGlevel,comparedwithprofitbeforetaxofUSD 838matthe
UBS Grouplevel.TheUSD 35mdifferencemainlyreflectedPPAeffectsontotalrevenuesrecognizedinthe
Investment Bank at the UBS Group level, as well as compensation-related effects at the UBS AG level.
Non-core and Legacy
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
755
764
(9)
29
43
(15)
(18)
(8)
(10)
Credit loss expense / (release)
38
38
0
0
0
0
(13)
(12)
(1)
Operating expenses
485
544
(59)
389
246
143
648
459
188
Operating profit / (loss) before tax
232
183
50
(360)
(203)
(157)
(653)
(455)
(197)
ProfitbeforetaxwasUSD 232mattheUBS AGlevel,comparedwithaprofitbeforetaxofUSD 183matthe
UBS Grouplevel.TheUSD 50mdifferencewasmainlyduetonetexpensesforlitigation,regulatoryandsimilar
matters recognized at the UBS Group level only.
Group Items
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
(698)
(795)
97
(241)
(338)
97
(885)
(575)
(309)
Credit loss expense / (release)
2
2
0
1
1
0
4
3
0
Operating expenses
274
(58)
332
238
(31)
269
365
(27)
392
Operating profit / (loss) before tax
(975)
(740)
(235)
(480)
(307)
(172)
(1,253)
(552)
(701)
Loss beforetax wasUSD 975m atthe UBS AGlevel, comparedwith aloss beforetax ofUSD 740m atthe UBS Group
level.TheUSD 235mdifferencemainlyaroseduetoUBSBusinessSolutions AGandothersharedservices
subsidiaries ofUBS Group AG chargingother legalentities withinthe UBS AGconsolidation scopea markupon
costs incurred for services provided.
UBS AG third quarter 2026 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 “Recent developments” section of the UBS Group thirdquarter
2026report,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 Groupthirdquarter2026reportisequallyapplicabletoUBS AG
consolidated.
ThetotalbankingproductsexposureofUBS AGconsolidatedasof30 September2026differedfromthatof
UBS Group AGconsolidated,mainlyreflectingreceivablesofUBS AGstandaloneandUBS Switzerland AGfrom
UBS Group AG and UBS BusinessSolutions AG, reflecting consolidationscope differences, aswell as purchaseprice
allocation effects booked at the Group level relating to the acquisition of the Credit Suisse Group.
The totalbanking productsexposure ofUBS AG consolidatedas of30 September 2026was USD 1,080.5bn,i.e.
USD 6.9bn,or0.6%,higherthantheexposureofUBS Group AGconsolidated.Asof30 June2026,thetotal
banking products exposure of UBS AG consolidatedwas USD 1,110.0bn, i.e. USD 5.0bn, or 0.5%,higher than the
exposure of UBS Group AG consolidated.
›
Refer to the “Risk management and control” section of the UBS Group third quarter 2026 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information
›
Refer to “Comparison between UBS AG consolidated and UBS Group AG consolidated” in the “Introduction” section
of this report for more information about selected financial and capital information of UBS AG consolidated and
UBS Group AG consolidated
UBS AG third quarter 2026 report |
Risk and capital management | Capital 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 September 2026 Pillar 3 Report,
available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about additional regulatory
disclosures for UBS Group AG on a consolidated basis, as well as the significant regulated subsidiaries and sub-
groups of UBS Group AG
Swiss SRB going and gone concern requirements and information
As of 30.9.26
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
15.20
1
75,027
5.08
1
80,908
Common equity tier 1 capital
10.83
2
53,474
3.58
3
57,006
of which: minimum capital
4.50
22,213
1.50
23,902
of which: buffer capital
5.72
28,215
2.08
33,064
of which: countercyclical buffer
0.45
2,229
Maximum additional tier 1 capital
4.37
2
21,553
1.50
23,902
of which: additional tier 1 capital
3.50
17,277
1.50
23,902
of which: additional tier 1 buffer capital
0.80
3,949
Eligible going concern capital
Total going concern capital
19.05
94,051
5.90
94,051
Common equity tier 1 capital
14.51
71,601
4.49
71,601
Total loss-absorbing additional tier 1 capital
4.55
4
22,450
1.41
22,450
of which: high-trigger loss-absorbing additional tier 1 capital
4.55
22,450
1.41
22,450
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
10.89
53,740
3.81
60,651
of which: base requirement including add-ons for market share and LRD
10.89
8
53,740
3.81
8
60,651
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
18.11
89,382
5.61
89,382
TLAC-eligible unsecured debt
18.11
89,382
5.61
89,382
Total loss-absorbing capacity
Required total loss-absorbing capacity
26.09
128,767
8.88
141,558
Eligible total loss-absorbing capacity
37.16
183,433
11.51
183,433
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
493,617
Leverage ratio denominator
1,593,452
1 Includes applicable add-onsof 1.89% for risk-weightedassets (RWA) and0.58% for leverageratio denominator (LRD).For the RWA-based requirement theadd-on includes 0.86%for market share,0.79% for
LRD, 0.22% 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. Forthe 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 0.16% 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, a0.28% LRD add-on requirement and a0.30% market share add-on requirementbased on our Swiss credit 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 third quarter 2026 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 September 2026.
UBS AG and UBS Switzerland AG are subject to going and gone concern requirements on a standalone basis.
On astandalone basisas of30 September 2026,UBS AG’s fullyapplied commonequity tier 1capital ratiowas
14.5%.AdditionalcapitalinformationforUBS AGstandaloneisprovidedintheUBSGroupandsignificant
regulated subsidiariesand sub-groups30 September 2026Pillar 3 Reportavailable under“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
30.9.26
30.6.26
31.12.25
Eligible going concern capital
Total going concern capital
94,051
94,780
89,993
Total tier 1 capital
94,051
94,780
89,993
Common equity tier 1 capital
71,601
71,637
70,394
Total loss-absorbing additional tier 1 capital
22,450
23,144
19,600
of which: high-trigger loss-absorbing additional tier 1 capital
22,450
23,144
19,600
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
89,382
93,760
90,164
TLAC-eligible unsecured debt
89,382
93,757
90,139
Total loss-absorbing capacity
Total loss-absorbing capacity
183,433
188,540
180,157
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
493,617
500,420
489,775
Leverage ratio denominator
1,593,452
1,650,139
1,622,921
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
19.1
18.9
18.4
of which: common equity tier 1 capital ratio
14.5
14.3
14.4
Gone concern loss-absorbing capacity ratio
18.1
18.7
18.4
Total loss-absorbing capacity ratio
37.2
37.7
36.8
Leverage ratios (%)
Going concern leverage ratio
5.9
5.7
5.5
of which: common equity tier 1 leverage ratio
4.5
4.3
4.3
Gone concern leverage ratio
5.6
5.7
5.6
Total loss-absorbing capacity leverage ratio
11.5
11.4
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 third quarter 2026 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 30.9.26
USD m, except where indicated
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Eligible going concern capital
Total going concern capital
94,051
95,909
(1,857)
Total tier 1 capital
94,051
95,909
(1,857)
Common equity tier 1 capital
71,601
73,117
(1,515)
Total loss-absorbing additional tier 1 capital
22,450
22,792
(342)
of which: high-trigger loss-absorbing additional tier 1 capital
22,450
22,792
(342)
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
89,382
90,801
(1,419)
TLAC-eligible senior unsecured debt
89,382
90,800
(1,419)
Total loss-absorbing capacity
Total loss-absorbing capacity
183,433
186,709
(3,276)
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
493,617
496,111
(2,494)
Leverage ratio denominator
1,593,452
1,591,152
2,299
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
19.1
19.3
(0.3)
of which: common equity tier 1 capital ratio
14.5
14.7
(0.2)
Gone concern loss-absorbing capacity ratio
18.1
18.3
(0.2)
Total loss-absorbing capacity ratio
37.2
37.6
(0.5)
Leverage ratios (%)
Going concern leverage ratio
5.9
6.0
(0.1)
of which: common equity tier 1 leverage ratio
4.5
4.6
(0.1)
Gone concern leverage ratio
5.6
5.7
(0.1)
Total loss-absorbing capacity leverage ratio
11.5
11.7
(0.2)
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 third quarter 2026 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 30.9.26
USD m
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Total equity under IFRS Accounting Standards
89,196
88,889
307
Equity attributable to non-controlling interests
(341)
(277)
(64)
Defined benefit plans, net of tax
(728)
(740)
12
Deferred tax assets recognized for tax loss carry-forwards
(2,113)
(2,113)
0
Deferred tax assets for unused tax credits
(620)
(620)
Deferred tax assets on temporary differences, excess over threshold
(646)
(1,009)
363
Goodwill, net of tax
(6,267)
(5,762)
(505)
Intangible assets, net of tax
(85)
(576)
492
Compensation-related components (not recognized in net profit)
(3,414)
3,414
Expected losses on advanced internal ratings-based portfolio less provisions
(712)
(707)
(5)
Unrealized (gains) / losses from cash flow hedges, net of tax
3,089
3,089
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date,
net of tax
1,033
981
52
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
(78)
(78)
Prudential valuation adjustments
(204)
(204)
Accruals for dividends to shareholders for 2025
(4,500)
1
(4,500)
Accruals for expected dividends to shareholders for 2026
(5,250)
(2,813)
(2,438)
Capital reserve for expected future share repurchases in 2026 / 2027
(1,454)
1,454
Other
(175)
(77)
(98)
Total common equity tier 1 capital
71,601
73,117
(1,515)
1 Reflects the appropriationof USD 4,500m to aspecial dividend reserve,approved at the 2026Annual General Meetingin April 2026. Thesupplementary dividend of USD4,500m was paid toUBS Group AG in
October 2026 as approved by the Extraordinary General Meeting.
›
Refer to “Comparison between UBS AG consolidated and UBS Group AG consolidated” in the “Introduction” section
of this report for more information about the differences between UBS AG consolidated and UBS Group AG
consolidated
›
Refer to the “Capital management” section of the UBS Group third quarter 2026 report, available under “Quarterly
reporting” at
ubs.com/investors
, for information about the developments of loss-absorbing capacity, RWAand LRD
for UBS Group AG consolidated
UBS AG third quarter 2026 report |
Consolidated financial information14
Consolidated financial
information
Unaudited
The accompanying unauditedinterim consolidated financialinformation in thissection is presentedfor UBS AG and
itssubsidiariesonaconsolidatedbasis,unlessotherwisespecified,andispresentedinUSdollars.Thisfinancial
information has beenprepared in accordancewith UBS AG accounting policiesas described in“Note 1 Summary
ofmaterialaccountingpolicies”totheUBS AGconsolidatedannualfinancialstatementsfortheyearended
31 December 2025, exceptfor changes describedin “Note 1Basis of accounting”in the “Consolidatedfinancial
statements” section ofthe UBS AG 30 June2026 Interim Report.These accounting policiesare consistent withIFRS
AccountingStandards,asissuedbytheInternationalAccountingStandardsBoard(theIASB).Thefinancial
information presented isunaudited and doesnot constitute aninterim financial reportprepared in accordance with
IAS 34,
Interim Financial Reporting
.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)15
UBS AG interim consolidated
financial information (unaudited)
Income statement
Year-to-date
USD m
30.9.26
30.9.25
Interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
19,420
20,066
Interest expense from financial instruments measured at amortized cost
(17,625)
(20,281)
Net interest income from financial instruments measured at fair value through profit or loss and other
4,429
4,736
Net interest income
6,225
4,520
Other net income from financial instruments measured at fair value through profit or loss
10,658
10,796
Fee and commission income
25,003
22,230
Fee and commission expense
(2,263)
(1,977)
Net fee and commission income
22,741
20,253
Other income
1,062
675
Total revenues
40,685
36,244
Credit loss expense / (release)
312
388
Personnel expenses
17,874
17,356
General and administrative expenses
11,420
12,608
Depreciation, amortization and impairment of non-financial assets
1,846
2,184
Operating expenses
31,140
32,148
Operating profit / (loss) before tax
9,233
3,708
Tax expense / (benefit)
2,170
181
Net profit / (loss)
7,063
3,527
Net profit / (loss) attributable to non-controlling interests
35
19
Net profit / (loss) attributable to shareholders
7,028
3,508
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)16
Statement of comprehensive income
Year-to-date
USD m
30.9.26
30.9.25
Comprehensive income attributable to shareholders
Net profit / (loss)
7,028
3,508
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
(1,778)
5,482
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
508
(2,190)
Foreign currency translation differences on foreign operations reclassified to the income statement
(10)
0
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
(21)
(4)
Subtotal foreign currency translation, net of tax
(1,299)
3,288
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
(43)
9
Net realized (gains) / losses reclassified to the income statement from equity
(3)
0
Income tax relating to net unrealized gains / (losses)
(7)
0
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
(53)
9
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
(2,654)
681
Net (gains) / losses reclassified to the income statement from equity
503
903
Income tax relating to cash flow hedges
395
(299)
Subtotal cash flow hedges, net of tax
(1,756)
1,285
Cost of hedging
Cost of hedging, before tax
18
66
Income tax relating to cost of hedging
(2)
0
Subtotal cost of hedging, net of tax
16
66
Total other comprehensive income that may be reclassified to the income statement, net of tax
(3,091)
4,648
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
(260)
46
Income tax relating to defined benefit plans
49
(31)
Subtotal defined benefit plans, net of tax
(211)
15
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
648
(483)
Income tax relating to own credit on financial liabilities designated at fair value
(4)
2
Subtotal own credit on financial liabilities designated at fair value, net of tax
644
(482)
Total other comprehensive income that will not be reclassified to the income statement, net of tax
433
(467)
Total other comprehensive income
(2,658)
4,181
Total comprehensive income attributable to shareholders
4,370
7,689
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
35
19
Total other comprehensive income that will not be reclassified to the income statement, net of tax
13
27
Total comprehensive income attributable to non-controlling interests
48
46
Total comprehensive income
Net profit / (loss)
7,063
3,527
Other comprehensive income
(2,645)
4,208
of which: other comprehensive income that may be reclassified to the income statement
(3,091)
4,648
of which: other comprehensive income that will not be reclassified to the income statement
446
(440)
Total comprehensive income
4,418
7,735
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)17
Balance sheet
USD m
30.9.26
31.12.25
Assets
Cash and balances at central banks
195,856
209,858
Amounts due from banks
20,636
19,243
Receivables from securities financing transactions measured at amortized cost
71,262
83,656
Cash collateral receivables on derivative instruments
48,112
41,552
Loans and advances to customers
664,662
658,760
Other financial assets measured at amortized cost
70,680
72,025
Total financial assets measured at amortized cost
1,071,207
1,085,094
Financial assets at fair value held for trading
176,327
174,854
of which: assets pledged as collateral that may be sold or repledged by counterparties
37,277
44,627
Derivative financial instruments
191,332
148,325
Brokerage receivables
41,674
35,579
Financial assets at fair value not held for trading
106,117
107,293
Total financial assets measured at fair value through profit or loss
515,451
466,051
Financial assets measured at fair value through other comprehensive income
19,973
13,868
Investments in associates
2,304
2,331
Property, equipment and software
11,945
12,125
Goodwill and intangible assets
6,693
6,734
Deferred tax assets
10,949
11,085
Other non-financial assets
18,623
19,884
Total assets
1,657,146
1,617,173
Liabilities
Amounts due to banks
24,179
24,434
Payables from securities financing transactions measured at amortized cost
21,049
16,225
Cash collateral payables on derivative instruments
36,867
34,742
Customer deposits
782,009
796,330
Funding from UBS Group AG measured at amortized cost
105,509
110,614
Debt issued measured at amortized cost
101,945
100,207
Other financial liabilities measured at amortized cost
16,095
16,617
Total financial liabilities measured at amortized cost
1,087,653
1,099,169
Financial liabilities at fair value held for trading
57,905
53,700
Derivative financial instruments
192,117
156,267
Brokerage payables designated at fair value
66,562
62,202
Debt issued designated at fair value
112,305
107,544
Other financial liabilities designated at fair value
37,461
35,287
Total financial liabilities measured at fair value through profit or loss
466,350
415,001
Provisions
3,524
3,564
Other non-financial liabilities
10,422
10,260
Total liabilities
1,567,949
1,527,994
Equity
Share capital
386
386
Share premium
84,991
84,849
Retained earnings
809
(2,147)
Other comprehensive income recognized directly in equity, net of tax
2,671
5,757
Equity attributable to shareholders
88,856
88,845
Equity attributable to non-controlling interests
341
334
Total equity
89,196
89,179
Total liabilities and equity
1,657,146
1,617,173
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)18
Additional information
Personnel expenses
Personnel expenses
Year-to-date
USD m
30.9.26
30.9.25
Salaries and variable compensation
1
15,630
14,912
of which: variable compensation – financial advisors
2
4,627
4,163
Contractors
70
113
Social security
968
927
Post-employment benefit plans
619
828
Other personnel expenses
586
575
Total personnel expenses
17,874
17,356
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.
General and administrative expenses
General and administrative expenses
Year-to-date
USD m
30.9.26
30.9.25
Outsourcing costs
336
576
Technology costs
629
728
Consulting, legal and audit fees
498
852
Real estate and logistics costs
544
618
Market data services
419
448
Marketing and communication
213
244
Travel and entertainment
223
217
Litigation, regulatory and similar matters
1
534
400
Other
8,025
8,524
2
of which: shared services costs charged by UBS Group AG or its subsidiaries
7,322
7,439
Total general and administrative expenses
11,420
12,608
1 Reflects thenet increase /(decrease) in provisionsfor litigation, regulatoryand similar mattersrecognized in theincome statement, aswell as recoveriesfrom third partiesor other UBSGroup entities.Refer to
"Litigation, regulatory and similar matters" in this section for more information.2 Includes a USD 180m expense related to the payment to Swisscard for the sale of the Credit Suisse cardportfolios to UBS AG. Refer
to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” sectionof the UBS AG Annual Report 2025 for more information.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)19
Expected credit loss measurement
a) Credit loss expense / release
Total net credit lossexpenses in thefirst nine months of2026 were USD 312m, reflectingUSD 45m net expenses
related to performing positions and USD 267m net expenses on credit-impaired positions.
Net creditloss expensesof USD 267mwere recognizedfor credit-impairedpositions, primarilyrelated toa small
number of corporate counterparties across Personal &Corporate Banking, the Investment Bank, and Non-coreand
Legacy. Thenet expensesincluded acredit lossrelease ofUSD 157m followingthe repaymentof acorporate lending
exposure, of which USD 85m was in Non-core and Legacy and USD 72m in the Investment Bank.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
Year-to-date 30.9.26
Global Wealth Management
(13)
36
23
Personal & Corporate Banking
(11)
194
183
Asset Management
0
1
0
Investment Bank
66
73
139
Non-core and Legacy
0
(37)
(37)
Group Items
3
0
3
Total
45
267
312
Year-to-date 30.9.25
Global Wealth Management
(14)
27
13
Personal & Corporate Banking
16
234
250
Asset Management
0
0
0
Investment Bank
23
88
111
Non-core and Legacy
0
14
15
Group Items
(1)
0
(1)
Total
25
364
388
b) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expected credit loss (ECL) scenariosand scenario weights applied by UBSAG in the first nine monthsof 2026
were in line with those applied in the UBSAG Annual Report 2025. All of the scenarios have beenupdated based
onthelatestmacroeconomicforecastsasof30 September2026.Thecurrentscenariosuite,togetherwiththe
applied scenario weightings and the levelof post-model adjustments, is deemed appropriateto sufficiently capture
prevailing macroeconomic and geopolitical uncertainties. The assumptions on a calendar-year basis are included in
the table below.
Thebaselinescenariowasupdatedwiththelatestmacroeconomicforecastsasof30 September2026.Global
growth andinflation forecastsreflect higherenergy pricesand theassociated uncertainty.However, theboom in
artificial intelligence(AI) isexpected toprovide ameaningful offset.In theUS growth isexpected tobe relatively
resilient, although inflation isexpected to remain abovetarget in 2026 beforemoving toward the targetin 2027.
IntheEurozonetheMiddleEastconflicthasweakenedconfidenceandpushedupenergyprices;nevertheless,
growth has remained strongerthan expected. Swiss grossdomestic product (GDP) growthhas also proven resilient,
supported by robust exports and domestic demandin the second quarter. Although thismomentum is expected to
moderate in the coming months, the slightly negative output gap is nevertheless projected to close by year-end.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)20
Expected credit loss measurement (continued)
ComparedwiththeJanuary2026baseline,USGDPgrowthprojectionsfor2026wereslightlyrevisedupward,
reflecting stronger-than-expectedeconomic performancein thefirst threequarters ofthe year,while projections
for 2027have remainedbroadly unchanged.In theEurozone theMiddle Eastconflict hascontributed tohigher
inflation but hashad only amoderate impact onthe annual growthexpectations for 2026and 2027. InSwitzerland
2026GDPgrowthisexpectedtobehigherthanintheJanuarybaseline,supportedbystronger-than-expected
performance inthe secondquarter, althoughinflation in2026 isalso projectedto behigher. Equityforecasts for
2026havebeenrevisedupwardacrossdevelopedeconomies,supportedbystrongearningsgrowth.Resilient
macroeconomic conditions,supportive fiscalpolicies andcontinued AIinvestment areexpected tosustain profit
growth, particularly in the technology sector. Oil price forecasts for 2026 and 2027 have been adjusted upward to
reflect developments in the Middle East.
The downside scenario set remains unchanged,with the global trade war remainingthe binding scenario and the
moderatestagflationcrisisremainingthesecondarydownsidescenario.Althoughtheunderlyingnarrativesare
unchanged,Brentoilpriceshockshavebeenadjustedtoensureaconsistentapproachacrossthedownside
scenarios.
Comparison of shock factors
Baseline
Key parameters
2025
2026
2027
Real GDP growth (annual percentage change)
US
2.3
2.4
2.1
Eurozone
1.3
0.8
1.2
Switzerland
1.6
2.2
1.2
Unemployment rate (%, annual average)
US
4.3
4.2
4.4
Eurozone
6.3
6.4
6.3
Switzerland
2.8
3.1
3.0
Fixed income: 10-year government bonds (%, Q4)
USD
4.2
5.3
5.4
EUR
2.9
3.6
3.7
CHF
0.3
0.6
0.7
Real estate (annual percentage change, Q4)
US
1.3
1.8
3.1
Eurozone
5.0
3.6
3.4
Switzerland
3.8
3.5
2.5
Economic scenarios and weights applied
Assigned weights in %
ECL scenario
30.9.26
31.12.25
30.9.25
Asset price appreciation
5.0
5.0
5.0
Baseline
50.0
50.0
50.0
Moderate stagflation crisis
30.0
30.0
30.0
Global trade war
15.0
15.0
0.0
Global crisis
0.0
0.0
15.0
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)21
Expected credit loss measurement (continued)
c) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions
The following tables 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 were recognizedin the first nine months of 2026. Originated credit-
impaired financial assets were not material and are not presented in the table below.
In addition to recognized financial assets,certain off-balance sheet financial instruments 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
30.9.26
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
195,856
195,833
22
0
(259)
0
(259)
0
Amounts due from banks
20,636
20,396
234
5
(3)
(2)
(2)
0
Receivables from securities financing transactions measured at amortized cost
71,262
71,262
0
0
(2)
(2)
0
0
Cash collateral receivables on derivative instruments
48,112
48,112
0
0
0
0
0
0
Loans and advances to customers
664,662
632,891
26,960
4,811
(3,044)
(359)
(265)
(2,420)
of which: Private clients with mortgages
282,035
268,755
11,617
1,663
(145)
(39)
(21)
(85)
of which: Real estate financing
92,655
85,250
7,120
285
(76)
(23)
(24)
(29)
Total real estate lending
374,690
354,005
18,737
1,948
(220)
(61)
(45)
(114)
of which: Large corporate clients
25,265
21,597
3,002
666
(716)
(116)
(90)
(510)
of which: SME clients
22,459
18,314
2,691
1,454
(1,398)
(80)
(80)
(1,238)
Total corporate lending
47,724
39,911
5,693
2,120
(2,114)
(196)
(170)
(1,748)
of which: Lombard
167,068
166,691
0
376
(63)
(7)
0
(56)
of which: Credit cards
2,560
1,958
551
51
(53)
(7)
(13)
(33)
of which: Commodity trade finance
6,315
6,243
68
3
(125)
(4)
0
(120)
of which: Ship / aircraft financing
9,054
8,149
843
62
(13)
(7)
(6)
0
of which: Consumer financing
2,917
2,689
125
102
(167)
(28)
(26)
(114)
of which: Other loans and advances to customers
54,336
53,244
944
148
(289)
(48)
(5)
(236)
Total other lending
242,248
238,975
2,530
743
(710)
(102)
(49)
(558)
Other financial assets measured at amortized cost
70,680
68,764
1,665
251
(128)
(30)
(14)
(83)
of which: Loans to financial advisors
3,082
2,927
72
83
(32)
(4)
(1)
(27)
Total financial assets measured at amortized cost
1,071,207
1,037,259
28,881
5,068
(3,437)
(393)
(540)
(2,504)
Financial assets measured at fair value through other comprehensive income
19,973
19,973
0
0
0
0
0
0
Total on-balance sheet financial assets in scope of ECL requirements
1,091,180
1,057,232
28,881
5,068
(3,437)
(393)
(540)
(2,504)
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
43,318
41,288
1,868
163
(87)
(14)
(21)
(52)
of which: Large corporate clients
7,243
6,135
1,064
44
(20)
(6)
(5)
(8)
of which: SME clients
3,188
2,751
360
76
(43)
(3)
(15)
(25)
of which: Financial intermediaries and hedge funds
24,672
24,322
332
18
(1)
(1)
0
0
of which: Lombard
3,191
3,167
0
24
(2)
0
0
(2)
of which: Commodity trade finance
0
0
0
0
0
0
0
0
Irrevocable loan commitments
82,531
77,969
4,011
551
(292)
(128)
(78)
(86)
of which: Large corporate clients
49,868
46,042
3,406
421
(250)
(102)
(75)
(73)
Forward starting reverse repurchase and securities borrowing agreements
12,906
12,906
0
0
0
0
0
0
Committed unconditionally revocable credit lines
55,315
51,708
3,482
125
(51)
(40)
(10)
0
of which: Private clients with mortgages
1,710
1,434
274
2
(1)
(1)
0
0
of which: Real estate financing
6,510
5,477
1,033
0
(4)
(4)
0
0
Total real estate lending
8,221
6,910
1,308
3
(5)
(5)
0
0
of which: Large corporate clients
9,533
8,818
710
4
(1)
(1)
0
0
of which: SME clients
10,476
9,798
564
114
(29)
(22)
(7)
0
Total corporate lending
20,009
18,617
1,274
119
(30)
(23)
(7)
0
of which: Lombard
2,259
2,259
0
0
0
0
0
0
of which: Credit cards
12,362
11,726
634
3
(9)
(6)
(2)
0
of which: Other off-balance sheet commitments
12,464
12,196
267
1
(7)
(6)
(1)
0
Total other lending
27,086
26,181
901
4
(16)
(13)
(4)
0
Irrevocable committed prolongation of existing loans
10,181
9,855
322
3
(5)
(5)
0
0
Total off-balance sheet financial instruments and other credit lines
204,251
193,726
9,683
843
(435)
(187)
(110)
(138)
Total allowances and provisions
(3,872)
(580)
(650)
(2,642)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respectiveECL allowances.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)22
Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
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)
Total real estate lending
381,335
364,826
14,942
1,567
(202)
(70)
(48)
(84)
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)
Total corporate lending
50,904
43,130
5,441
2,334
(2,314)
(197)
(175)
(1,942)
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)
of which: Other loans and advances to customers
42,218
40,330
1,805
81
(222)
(36)
(4)
(183)
Total other lending
226,521
220,958
4,904
658
(720)
(85)
(48)
(587)
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: Private clients with mortgages
1,869
1,643
216
10
(1)
(1)
0
0
of which: Real estate financing
6,433
5,291
1,041
101
(3)
(5)
1
0
Total real estate lending
8,302
6,934
1,257
111
(4)
(6)
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
Total corporate lending
23,207
22,015
1,068
124
(46)
(31)
(13)
(2)
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
of which: Other off-balance sheet commitments
18,155
17,665
483
8
(8)
(7)
(2)
2
Total other lending
91,598
90,461
1,124
13
(17)
(14)
(4)
2
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 third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)23
Expected 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 by1 basis point to11 basis points asof 30 September
2026. Compared with31 December 2025,the coverage ratiofor performingpositions related toreal estate lending
(on-balancesheet)was unchangedat 3 basispoints, andthe coverageratiofor performingpositions relatedto
corporate lending (on-balance sheet) increased by 4 basis points to 80 basis points.
Coverage ratios for core loan portfolio
30.9.26
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
Private clients with mortgages
282,179
268,793
11,638
1,748
5
1
18
2
486
Real estate financing
92,731
85,273
7,144
314
8
3
34
5
919
Total real estate lending
374,910
354,066
18,782
2,062
6
2
24
3
552
Large corporate clients
25,981
21,713
3,092
1,176
276
53
291
83
4,339
SME clients
23,857
18,395
2,771
2,692
586
44
289
76
4,598
Total corporate lending
49,838
40,107
5,863
3,868
424
49
290
80
4,519
Lombard
167,130
166,699
0
432
4
0
0
0
1,289
Credit cards
2,613
1,965
564
84
204
38
233
81
3,890
Commodity trade finance
6,439
6,247
68
124
193
7
1
7
9,724
Ship / aircraft financing
9,067
8,156
848
62
14
9
69
14
0
Consumer financing
3,084
2,717
151
216
543
102
1,707
187
5,270
Other loans and advances to customers
54,624
53,293
948
383
53
9
49
10
6,146
Loans to financial advisors
3,114
2,931
73
111
104
13
152
16
2,477
Total other lending
246,072
242,007
2,653
1,412
30
4
190
6
4,147
Total
1
670,820
636,180
27,298
7,342
46
6
97
9
3,334
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
13,926
13,321
599
6
4
4
6
4
0
Real estate financing
8,464
7,422
1,042
0
7
11
0
7
0
Total real estate lending
22,390
20,743
1,641
6
5
7
0
5
0
Large corporate clients
67,162
61,514
5,180
469
40
18
151
29
1,729
SME clients
15,305
13,943
1,041
321
54
22
256
38
765
Total corporate lending
82,467
75,457
6,221
790
43
19
168
30
1,337
Lombard
7,257
7,233
0
24
4
1
0
1
648
Credit cards
12,362
11,726
634
3
7
5
37
7
0
Commodity trade finance
1,156
1,156
0
0
0
3
0
3
0
Ship / aircraft financing
1,331
1,298
33
0
10
2
338
10
0
Consumer financing
150
150
0
0
0
0
0
0
0
Financial intermediaries and hedge funds
37,763
36,973
771
18
1
1
3
1
0
Other off-balance sheet commitments
26,467
26,083
383
1
21
8
11
8
0
Total other lending
86,487
84,620
1,821
47
8
4
23
4
7,055
Total
2
191,345
180,820
9,683
843
23
10
110
16
1,643
Total on- and off-balance sheet
3
862,165
817,000
36,980
8,185
41
7
101
11
3,160
1 Includes Loans and advances tocustomers and Loans to financial advisors,which are presented on the balance sheetline Other financial assets measured atamortized cost.2 Excludes Forward starting reverse
repurchase and securities borrowing agreements.3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the relatedECL coverage ratio (bps).
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)24
Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.25
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
Private clients with mortgages
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 third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)25
Provisions and contingent liabilities
a) Provisions
The table below presents an overview of total provisions.
Overview of total provisions
USD m
30.9.26
31.12.25
Provisions other than provisions for expected credit losses
3,089
3,217
Provisions for expected credit losses
1
435
347
Total provisions
3,524
3,564
1 Refer to “Expected credit loss measurement” in this section for more information about ECL provisions recognized for off-balance sheet financial instrumentsand credit lines.
The table below presents additional information for provisions other than provisions for expected credit losses.
Additional information for provisions other than provisions for expected credit losses
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2025
2,109
560
229
319
3,217
Increase in provisions recognized in the income statement
688
608
4
65
1,364
Release of provisions recognized in the income statement
(143)
(77)
(10)
(57)
(287)
Provisions used in conformity with designated purpose
(655)
(499)
(10)
(39)
(1,202)
Foreign currency translation and other movements
11
(19)
(9)
14
(3)
Balance as of 30 September 2026
2,010
573
204
302
3,089
1 Consists ofprovisions forlosses resultingfrom legal,liability andcompliance risks.2 Mainly includesUSD 323mof personnel-relatedrestructuring provisionsas of30 September 2026(31 December 2025:
USD 282m), USD 172m of provisions for onerouscontracts related to real estate asof 30 September 2026 (31 December 2025: USD 229m)and USD 34m of restructuring provisions foronerous contracts related to
technology as of 30 September 2026 (31 December2025: USD 48m).3 Mainly includes provisions for reinstatementcosts with respect to leasedproperties.4 Mainly includes provisions in relationto VAT, employee
benefits and 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 disclosure, 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
matter that occur after therelevant reporting period, but priorto the issuance of thefinancial information, which
affect management’s assessmentof the provisionfor such matter(because, for example,the developments provide
evidenceofconditions thatexistedatthe endofthe reportingperiod), areadjusting eventsafterthe reporting
period under IAS 10 and must be recognized in the financial information for the 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 third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)26
Provisions and contingent liabilities (continued)
In the case of certain matters below,we state that we have established a provision,and for the other matters, we
make no such statement. When we make this statement and we expect disclosure of the amount of a provision to
prejudice 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 0bn to USD 1.3bn.
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
47
7
0
58
564
11
688
Release of provisions recognized in the income statement
(52)
(6)
0
(1)
(83)
0
(143)
Provisions used in conformity with designated purpose
(231)
(1)
0
(10)
(337)
(76)
(655)
Foreign currency translation and other movements
(1)
(1)
0
(7)
20
0
11
Balance as of 30 September 2026
81
15
0
323
1,466
126
2,010
1 Provisions, if any, for the matters described in item 1of this disclosure are recorded in Global Wealth Management and Non-core and Legacy.Provisions, if any, for the matters described in item7 of this disclosure
are recorded in Global Wealth Management.Provisions, if any,for the matters described in items3, 4, 5 and 6 of thisdisclosure are recorded in Non-core andLegacy. Provisions,if any, for the mattersdescribed in
item 2 of this disclosure are allocated between the Investment Bank, Non-coreand Legacy, and Group Items.2 Includes a provision for the estimated costs of UBS’s ongoingobligations with the US Department of
Justice as described in this disclosure.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)27
Provisions and contingent liabilities (continued)
1. Madoff
In relation to 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 2.1bn, 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 2bn.In 2014,the USSupreme Courtrejected theBMIS Trustee’smotion forleave toappeal decisions,
dismissing allclaims againstUBS defendantsexcept thosefor therecovery ofapproximately USD 125mof payments
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.
More specifically, putative class actions were filed in US federaldistrict courts and subsequently consolidated in the
USDistrictCourtfortheSouthernDistrictofNewYork(SDNY)relatingtovarioustransactionsthatreferenced
USD LIBOR. Following various rulings, one class action with respect to transactionsin over-the-counter instruments
andseveralactionsbroughtbyindividualplaintiffsproceeded.InSeptember2025,thedistrictcourtgranted
defendants’ motion for 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.
The CHF and GBP LIBOR actions have concluded.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)28
Provisions and contingent liabilities (continued)
Credit default swap auction litigation
:
In June 2021, Credit Suisse,along with other banks 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 affirmedthe SDNY decision.In September 2026,the US DistrictCourt for theDistrict of NewMexico
granted in part defendants’ motion for judgment on the pleadings; plaintiffs can file an amended complaint.
With respectto additionalmatters andjurisdictions notencompassedby thesettlements andorders referredto
above,UBS’sbalancesheetat30September2026reflectedaprovisioninanamountthatUBSbelievestobe
appropriate underthe applicableaccounting standard.As inthe caseof othermatters forwhich wehave established
provisions, the futureoutflow of resourcesin respect ofsuch matters cannotbe determined withcertainty based
on currently available information and accordingly may ultimately prove to be substantially greater (or may be less)
than the provision that we have recognized.
3. Mortgage-related matters
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 mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements.
In October 2026, the parties agreed to resolve all remainingactions, including Asset Backed Securities Corporation
Home Equity Loan Trust, Series 2006-HE7, Home Equity Asset Trust, 2006-8, Home Equity Asset Trust 2007-2, and
CSMCAsset-BackedTrust2007-NC1.Theresolutionsremainsubjecttothesatisfactionofcertainconditions,
including court approval.
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; thematter has concluded. Of the other sevencases, plaintiffs voluntarily
dismissed one case in September 2026, four are stayed, and the EDNY dismissed two of these cases in April 2026;
the April dismissals may be appealed by plaintiffs.
5. Customer account matters
Several clients 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 130m,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 461m,
including interest and costs.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited)29
Provisions and contingent liabilities (continued)
In Bermuda, 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 2m. In addition, the court seized certainclient
assets in the amount of approximately CHF 12m and ordered Credit Suisse AG to pay a compensatory claim in the
amountofapproximatelyCHF 19m.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.
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS AG’s
operations with a functional currency other than the US dollar into US dollars.
Currency translation rates
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.9.26
30.6.26
31.12.25
30.9.25
30.9.26
30.6.26
30.9.25
30.9.26
30.9.25
1 CHF
1.20
1.24
1.26
1.26
1.22
1.27
1.25
1.26
1.19
1 EUR
1.13
1.14
1.17
1.17
1.15
1.16
1.16
1.16
1.12
1 GBP
1.33
1.33
1.35
1.34
1.34
1.34
1.35
1.35
1.32
100 JPY
0.64
0.61
0.64
0.68
0.63
0.63
0.67
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.
UBS AG third quarter 2026 report |
Appendix30
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 third quarter 2026 report |
Appendix31
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, and accrued interest and fees,
as well as the effects on customer deposits of
strategic decisions by UBS to exit markets or cease
offering services in a particular location, or those
resulting from new externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
UBS AG third quarter 2026 report |
Appendix32
APM / non-GAAP label
Calculation
Information content / usefulness
Net new deposits (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of inflows and outflows
of customer deposits recorded during a specific
period. Excluded from the calculation are movements
due to fair value measurement, foreign exchange
translation, and accrued interest and fees, as well as
the effects on customer deposits of strategic decisions
by UBS to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
Net new fee-generating assets (USD)
– Global Wealth Management
Calculated as the net amount of fee-generating asset
inflows and outflows, including dividend and interest
inflows into mandates and outflows from mandate
fees paid by clients during a specific period. Excluded
from the calculation are the effects on fee-generating
assets of strategic decisions by UBS to exit markets or
cease offering services in a particular location, or
those resulting from new externally imposed
regulations.
This measure provides information about the
development of fee-generating assets during a
specific period as a result of net flows, excluding
movements due to market performance and foreign
exchange translation, as well as the effects on fee-
generating assets of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
Net new loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of originations,
drawdowns and repayments of loan volumes
recorded during a specific period. Loan volumes
include loans and advances to customers and
customer brokerage receivables. Excluded from the
calculation are allowances, movements due to fair
value measurement and foreign exchange translation,
as well as the effects on loans and advances to
customers of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
This measure provides information about the
development of loan volumes during a specific period
as a result of net new loan volumes.
Net new loans (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of originations,
drawdowns and repayments of loans and advances to
customers recorded during a specific period. Excluded
from the calculation are allowances, movements due
to fair value measurement and foreign exchange
translation, as well as the effects on loans and
advances to customers of strategic decisions by UBS
to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of loans during a specific period as a
result of net new loans.
Net new money (USD)
– Global Wealth Management,
Asset Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period. Excluded from the calculation
are movements due to market performance, foreign
exchange translation, dividends, interest and fees, as
well as the effects on invested assets of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.Net new
money is not measured for Personal & Corporate
Banking.
This measure provides information about the
development of invested assets during a specific
period as a result of net new money flows.
Net profit growth (%)
Calculated as the change in net profit attributable to
shareholders from continuing operations between
current and comparison periods divided by net profit
attributable to shareholders from continuing
operations of the comparison period.
This measure provides information about profit
growth since the comparison period.
Operating expenses (underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating expenses as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating expenses, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Operating profit / (loss) before tax
(underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating profit / (loss) before
tax as reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating profit / (loss) before tax, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Other revenues (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by including other income as reported in
accordance with IFRS Accounting Standards, profit or
loss related to non-client derivative instruments and
profit or loss related to equity investments measured
at fair value through profit or loss.
This measure provides information about residual
business division revenues, after deduction of net
interest income, recurring net fee income and
transaction-based income.
UBS AG third quarter 2026 report |
Appendix33
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 third quarter 2026 report |
Appendix34
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 third quarter 2026 report |
Appendix35
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 third quarter 2026 report |
Appendix36
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 third quarter 2026 report |
Appendix37
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 third quarter 2026 report |
Appendix38
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 coverageratio and otherfinancial 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, including anyadverse
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 regulatoryor 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 technologiesand business 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 othercountries of 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) uncertaintyover the scope of actionsthat
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:October 28, 2026