Ubs Group Ag · SIX:UBSG
Ubs — Q1 2026 Earnings Presentation
39 slides from Ubs's earnings presentation, Apr 29, 2026
Slide 1: First quarter 2026 Fixed Income investor presentation
First quarter 2026 Fixed Income investor presentation This document should be read in conjunction with UBS’s 1Q26 report and earnings presentation, as well as the UBS Group Annual Report 2025 29 April 2026
Slide 2: Important information
Important information Forward-looking statements: This presentation contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiat
Slide 3: Agenda
Agenda 1Q26 financial performance Group balance sheet Slides 3-6 Slides 8-15 2
Slide 4: Key messages
Key messages Strong 1Q26 financial performance; net profit 3.0bn, underlying profit before tax 4.0bn, underlying RoCET1 17.0%, underlying cost/income ratio 70.2% Franchise strength demonstrated by robust client momentum; 6.9trn invested assets with GWM NNA 37bn and AM NNM 14bn, GWM underlying transa
Slide 5: Strong business momentum and cost discipline driving operating leverage
Strong business momentum and cost discipline driving operating leverage Underlying, bn Revenues Operating expenses Profit before tax Underlying 1Q26 (7%) excl. litigation, variable and FA compensation, and FX +15% PBT 4.0bn 13.6 +4% Core: 9.6 RoCET1 17.0% 11.9 9.2 +18% Core: +8% +54% Cost / income 7
Slide 6: Delivered additional 0.8bn gross cost saves, on track for ~13.5bn by YE26
Delivered additional 0.8bn gross cost saves, on track for ~13.5bn by YE26 Cumulative annualized exit rate Underlying Cumulative integration- gross cost reductions operating expenses related expenses3 USD bn USD bn USD bn ~13.5 ~40.6 14.2 35.6 36.0 13.4 11.5 10.7 (~27%) / (~8.5bn) at constant FX ~15
Slide 7: Nearing completion of NCL wind-down with further progress made
Nearing completion of NCL wind-down with further progress made Underlying Underlying operating expenses excl. litigation USD m, except where indicated 1Q26 4Q25 1Q25 QoQ YoY bn (84%) ~6.1 Total revenues (11) (10) 284 Credit loss expense / (release) (74) (12) 7 1.0 ~0.5 ~0.2 Operating expenses 160 22
Slide 8: Group balance sheet
Group balance sheet 36 UBS
Slide 9: Our balance sheet for all seasons is a key pillar of our strategy
Our balance sheet for all seasons is a key pillar of our strategy USD bn, except where indicated 1Q26 4Q25 1Q25 QoQ YoY USD bn, except where indicated 1Q26 4Q25 1Q25 QoQ YoY Total assets 1,687 1,617 1,543 +4% +9% Regulatory capital o/w: Cash and balances at central banks 225 210 231 +7% (3%) CET1 ca
Slide 10: Generating capital while funding growth and shareholder returns
Generating capital while funding growth and shareholder returns CET1 capital ratio CET1 capital, bn 71.3 3.4 (0.9) (0.2) n/a (0.1) 73.3 0.7% 0.0% (0.2%) 14.7% − RWA 500bn, +7bn QoQ 14.4% (0.3%) 0.0% (0.2bn) impact on CET1 − CET1 leverage ratio 4.4%, +4bps capital and QoQ, with LRD 1,653bn, +31bn QoQ
Slide 11: Funding overview
Funding overview Group funding USD bn, as of period-end 1,329 1,191 1,248 1,268 1Q26, QoQ 1% 1% 100% 2% 100% 92bn − +2.0bn, mainly driven net profit of +3.0bn, partly offset net treasury share activity of (1.4bn) shareholder equity 60% 63% 63% 62% 370bn − Of which short-term debt1,2: 69bn − Of which
Slide 12: Capital markets issuances and redemptions
Capital markets issuances and redemptions Issuances and redemptions Upcoming maturities and first calls1,2 2026 issuances, year to date USD bn USD bn, as of 31.3.26 As of 29.4.26 AT1 HoldCo OpCo Covered bonds 1Q26 119 USD 3.0bn USD 5.3bn USD 3.0bn EUR 1.5bn AUD 1.0bn EUR 3.0bn AUD 2.8bn CHF 0.7bn 11
Slide 13: Long-term wholesale funding diversification
Long-term wholesale funding diversification Group funding 1Q26 Total long-term wholesale funding: 165bn Covered Bonds Other CHF 9% <1 year 6% 5% 23% OpCo >5 years 15% 34% By By By source EUR maturity1 32% currency USD AT1 HoldCo 57% 13% 1-3 years 63% 21% 3-5 years 22% As of quarter-end, does not inc
Slide 14: Liquidity: Balancing efficiency with resiliency and safety
Liquidity: Balancing efficiency with resiliency and safety Liquidity coverage ratio1 quarterly averages Average high-quality liquid assets, bn 378 361 332 319 359 347 332 334 Net cash outflows2, bn 179 181 176 176 197 190 182 188 3 212% 199% 188% 181% 182% 182% 183% 178% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q2
Slide 15: Deposits
Deposits A well diversified deposit base 1Q26 Total deposits: 786bn Other 9% Time EUR deposits Demand 9% 32% 33% USD P&C 38% 40% By By By client type currency segment GWM 60%1 Sweeps 5% CHF Retail savings 43% 30% 1 Includes customer brokerage payables which are presented in separate reporting lines
Slide 16: High-quality loan portfolio, mostly secured by real estate or securities
High-quality loan portfolio, mostly secured by real estate or securities Loans and advances to customers On-balance sheet, 1Q26 Other3 9% Corporates2 8% − Mortgages have average LTV of ~50% with strict affordability criteria and with a majority in Switzerland − Lombard / securities-based lending is
Slide 17: Appendix
Appendix Group balance sheet and credit quality 1Q26 financial results 16
Slide 18: Balance sheet
Balance sheet 1Q26 1,687 1,687 1. Cash and balances at central banks 69 a a. Short-term borrowings2,3 20 and amounts due from banks 1 246 b b. Securities financing transactions 2. Loans and advances to customers at amortized cost 3. Securities financing transactions c. Customer deposits at amortized
Slide 19: Credit loss expense and credit-impaired exposures
Credit loss expense / (release) and credit-impaired exposures Credit loss expense / (release) ECL coverage ratio for core loan portfolio (stage 3)3 USD m On balance sheet 1Q25 2Q25 3Q25 4Q25 1Q26 GWM 6 3 7 32 9 29% 29% P&C 53 114 72 101 70 IB 35 48 17 34 65 27% NCL 7 (2) 6 (12) (74) 27% Other1 (1) 0
Slide 20: Overview of capital requirements and ratios
Overview of capital requirements and ratios 197.6bn 39.5% 11.9% Gone concern: 100.6bn Gone concern: 20.1% Gone concern: 6.1% Total loss-absorbing capacity: 8.88% Total loss-absorbing capacity: 26.1% Going concern: 97.0bn Going concern: 19.4% Going concern: 5.9% Going concern: 5.08% Going concern: 15
Slide 21: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk-weighted assets bn 1% 7.5 0.6 0.8 0.0 500.4 493.4 (1.9) 4Q25 Credit and Non-counterparty- Market risk Operational risk Currency effects 1Q26 counterparty credit risk related risk Leverage ratio denominator bn 2% 318.5 39.9 11.6 1,653.5 1,622.4 (4.8) (6.1) (9.5) 4Q25 On-bala
Slide 22: Issuances 2026 year to date
Issuances – 2026 year-to-date ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US902613BV99 AT1 USD 1.500 6.625% 08.01.26 08.01.31 US902613BW72 AT1 USD 1.500 7.000% 08.01.26 08.01.36 CH1512676888 HoldCo EUR 1.500 3.125% 13.01.26 13.02.30 CH1512676896 HoldCo EUR 1.500 3.
Slide 23: Redemptions 2026 year to date
Redemptions – 2026 year-to-date ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity XS2345982362 OpCo EUR 1.328 0.250% 21.05.21 05.01.26 US902613AU26 HoldCo USD 1.750 5.711% 12.01.23 12.01.26 US902613AC28 HoldCo USD 1.300 1.364% 30.07.20 30.01.26 US225401AT54 HoldCo USD 2.
Slide 24: Credit ratings peer comparison (holding company)
Credit ratings peer comparison Long-term senior unsecured debt – holding company, as of 28.4.26 MOODY’S S&P FITCH Ba1 Baa3 Baa2 Baa1 A3 A2 A1 Aa3 BB+ BBB- BBB BBB+ A- A A+ AA- BB+ BBB- BBB BBB+ A- A A+ AA- UBS Barclays BNP1 BoA Citi DB1 GS HSBC JPM MS SocGen1 [No arrow] Review for downgrade Outlook
Slide 25: Credit ratings peer comparison (operating company)
Credit ratings peer comparison Long-term senior unsecured debt – operating company, as of 28.4.26 MOODY’S S&P FITCH Baa2 Baa1 A3 A2 A1 Aa3 Aa2 Aa1 BBB- BBB BBB+ A- A A+ AA- AA BBB- BBB BBB+ A- A A+ AA- AA UBS Barclays BNP BoA Citi DB GS HSBC JPM MS SocGen [No arrow] Review for downgrade Outlook nega
Slide 26: Ratings on main UBS entities
Ratings on main UBS entities MOODY’S S&P FITCH UBS Group AG Long-term A2/Stable A-/Stable A+/Stable Long-term Aa2/Stable A+/Stable AA-/ Stable UBS AG Short-term P-1 A-1 F1+ Long-term A+/Stable AA-/ Stable UBS Switzerland AG Short-term A-1 F1+ Long-term Aa3/Negative A+/Stable AA-/ Stable UBS Europe S
Slide 27: Legal structure of the UBS Group
Legal structure of the UBS Group As of 31.3.26 1 Other non-US subsidiaries are held either directly or indirectly by UBS AG; 2 Name has been changed in connection with the conversion to a US national bank on 20 March 2026; 3 Of which 99% directly 26 held by UBS Americas Inc. and 1% held by UBS Ameri
Slide 28: Appendix
Appendix Group balance sheet and credit quality 1Q26 financial results 27
Slide 29: Our Group financial targets and ambitions
Our Group financial targets and ambitions Financial Capital Ambitions targets guidance 2028 Underlying RoCET1 Reported RoCET11 ~15% 2026 exit rate ~14% CET1 capital ratio ~18% Underlying cost / income Reported cost / income <70% ratio 2026 exit rate >4.0% CET1 leverage ratio ~67% ratio 1 Based on 20
Slide 30: Net profit 3.0bn with double digit percentage PBT growth in all businesses
Net profit 3.0bn with double digit percentage PBT growth in all businesses Profits m Underlying ~0.3bn expected in 2Q26 600 +54% 61 3,990 o/w tax: (786m) 520 103 3,841 (750) 248 44 429 3,040 ~0.7bn expected 2,586 in 2Q26 (801) 1Q25 GWM P&C AM IB NCL Group Items 1Q26 Non- Non- 1Q26 Tax 1Q26 PBT PBT u
Slide 31: UBS Group results
UBS Group results Reported, USD m, except where indicated 1Q26 4Q25 3Q25 2Q25 1Q25 Total revenues 14,243 12,145 12,760 12,112 12,557 Credit loss expense / (release) 70 159 102 163 100 Operating expenses 10,333 10,286 9,831 9,756 10,324 Operating profit / (loss) before tax 3,841 1,700 2,828 2,193 2,1
Slide 32: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 1Q26 4Q25 1Q25 QoQ YoY Underlying 1Q26 Total revenues 6,981 6,580 6,253 +6% +12% PBT 1,974m, +28% YoY Net interest income 1,729 1,702 1,549 +2% +12% Total revenues 6,981m, +12% YoY Recurring net fee income 3,617 3,566 3,279 +1% +10% −
Slide 33: 1Q26 Global Wealth Management results by region
1Q26 Global Wealth Management results by region Americas APAC EMEA Switzerland 1Q26 1Q25 YoY 1Q26 1Q25 YoY 1Q26 1Q25 YoY 1Q26 1Q25 YoY Underlying revenues, m 3,267 3,003 9% 1,232 1,034 19% 1,360 1,177 16% 1,177 1,031 14% Net interest income, m 552 513 8% 366 311 18% 406 372 9% 408 345 18% Recurring
Slide 34: Personal & Corporate Banking
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 1Q26 4Q25 1Q25 QoQ YoY Underlying 1Q26 Total revenues 1,756 1,692 1,705 +4% +3% PBT 710m, +19% YoY Net interest income 900 899 923 0% (3%) Total revenues 1,756m, +3% YoY Recurring net fee income 348 339 357 +3% (2%) − NII (3
Slide 35: Asset Management
Asset Management Underlying USD m, except where indicated 1Q26 4Q25 1Q25 QoQ YoY Underlying 1Q26 Total revenues 772 800 741 (4%) +4% PBT 252m, +21% YoY Net management fees 755 790 713 (4%) +6% Performance fees 17 39 30 (56%) (43%) Total revenues 772m, +4% YoY on higher net Net gain / (loss) from dis
Slide 36: Investment Bank
Investment Bank Underlying USD m, except where indicated 1Q26 4Q25 1Q25 QoQ YoY Underlying 1Q26 Total revenues 3,986 2,885 3,045 +38% +31% PBT 1,216m; revenues +31% YoY; RoAE 25% Global Banking 733 687 564 +7% +30% Global Banking revenues +30% YoY Advisory 238 266 221 (10%) +8% − Advisory +8% largel
Slide 37: Estimated impact of final CAO and proposed foreign participation treatment
Estimated impact of final CAO and proposed foreign participation treatment Estimated impact on Estimated impact on Based on 4Q25 financials UBS AG standalone UBS Group AG consolidated Deferred tax assets on temporary differences (TD DTAs): No changes to current n/a n/a treatment, recognized up to a
Slide 38: Broad agreement that Swiss TBTF capital package would add further ~22bn of CET1
Broad agreement that Swiss TBTF capital package would add further ~22bn of CET1 capital requirements Total incremental CET1 capital based on the final CAO and proposed legislation1 4Q25 22bn 22bn CAO impact at 2bn Regardless of how the numbers are UBS AG standalone presented, it is broadly agreed, F
Slide 39: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements Cautionary statement regarding forward-looking statements | This presentation contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements rela