Ubs Group Ag · SIX:UBSG
Ubs — Debt Investor Presentation (July 2025)
43 slides from Ubs's debt investor presentation, Jul 30, 2025
Slide 1: Second quarter 2025 Fixed Income investor presentation
Second quarter 2025 Fixed Income investor presentation This document should be read in conjunction with UBS’s 2Q25 report and earnings presentation, as well as the UBS Group Annual Report 2024 30 July 2025
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 Key messages and Group balance sheet financial performance Slides 3-7 Slides 8-16 2
Slide 4: Key messages
Key messages Strong 2Q25 and 1H25 financial performance on continued client momentum and progress on integration; 2Q25 net profit 2.4bn, underlying profit before tax 2.7bn, underlying RoCET1 15.3%; 1H25 net profit 4.1bn, underlying profit before tax 5.3bn, underlying RoCET1 13.3% Franchise strength
Slide 5: 2Q25 profitability driven by strong core revenue growth and positive jaws
2Q25 profitability driven by strong core revenue growth and positive jaws Underlying, bn Revenues Operating expenses Profit before tax Underlying 2Q25 +4% PBT 2.7bn 11.5 (3%) 11.1 Core: +8% 9.0 8.7 RoCET1 15.3% Core: +3% +30% Cost / 75.4% income 2.7 Core: 11.6 2.1 +25% Reported 10.7 8.8 8.5 2.7 Net
Slide 6: Achieved 70% of gross cost save ambition, on track to achieve end-2026 target
Achieved 70% of gross cost save ambition, on track to achieve end-2026 target Cumulative annualized exit rate Underlying Cumulative integration- gross cost reductions operating expenses related expenses3 USD bn / % of expected cumulative total USD bn USD bn / % of expected cumulative total (~11%) /
Slide 7: NCL run-down continuing at pace
NCL run-down continuing at pace Reducing complexity Underlying operating expenses excl. litigation Risk-weighted assets bn bn (62%) ~6.1 86 83% books closed Operational since June 2023 30 Risk Target: >95% by YE26 33 56% 2.0 Credit and 56 <28 IT apps decommissioned ~1.6 market risk3 ~22 since June 2
Slide 8: Continuing to make progress towards our 2026 exit rate targets
Continuing to make progress towards our 2026 exit rate targets Group underlying return on CET1 capital Capital guidance 17% 11% excl. 1H25 litigation and applying a normalized tax rate2 ~15% 13% ~14% CET1 capital 9% ratio 3% >4.0% CET1 leverage FY22, 2H23 FY24 1H25 2026e ratio reported exit rate Und
Slide 9: Group balance sheet
Group balance sheet 3 UBS
Slide 10: 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 USD bn, except where indicated 2Q25 1Q25 2Q24 QoQ YoY 2Q25 1Q25 2Q24 QoQ YoY Total assets 1,670 1,543 1,561 +8% +7% Regulatory capital o/w: Cash and balances at central banks 236 231 248 +2% (5%) CET1 ca
Slide 11: Maintaining a strong capital position
Maintaining a strong capital position CET1 capital ratio CET1 capital, bn 69.2 1.8 (0.8) 2.3 n/a 0.2 72.7 0.4% − RWA 504.5bn, +21.2bn QoQ, driven (0.2%) 0.0% 14.4% by currency effects (0.1%) 14.3% (0.1%) − CET1 leverage ratio 4.4%, flat QoQ, +2.3bn impact on with LRD 1,658bn, +96.5bn QoQ, CET1 and +
Slide 12: Funding overview
Funding overview Group funding bn 786 1,329 1,191 1,276 2Q25, QoQ 1% 1% 1% 100% 1% 100% − +2.1bn, mainly due to OCI of +2.9bn, mainly driven 89bn by FX, and net profit of +2.4bn, partly offset by distribution to shareholders of (2.9bn) and net shareholder equity treasury share activity of (0.7bn) 60
Slide 13: Capital markets issuances and redemptions
Capital markets issuances and redemptions Issuances and redemptions1 Upcoming maturities and first calls1,2 Issuances, year-to-date USD bn USD bn As of 30.7.25 1H25 HoldCo AT1 OpCo Covered bonds USD 1.8bn 112 USD 3.0bn USD 1.3bn EUR 1.3bn EUR 4.0bn 13 2025 funding plan 36 2 We manage our funding res
Slide 14: Long-term wholesale funding diversification
Long-term wholesale funding diversification Group funding 2Q25 Total long-term wholesale funding: 165bn Covered Bonds Other 7% CHF 8% <1 year 5% OpCo >5 years 25% 19% 31% By By source By maturity1 EUR currency USD AT1 33% 55% HoldCo 10% 64% 3-5 years 1-3 years 18% 26% As of quarter-end, does not inc
Slide 15: Liquidity
Liquidity Liquidity coverage ratio1,2 quarterly averages Average high-quality liquid assets, bn − Balance efficiency with 368 416 423 378 361 332 319 359 resiliency and safety Net cash outflows3, bn − Expect to operate at below 187 193 192 179 181 176 176 197 4Q24 level going forward, reflecting con
Slide 16: Deposits
Deposits A diversified deposit base 2Q25 Total deposits: 800bn Other 9% EUR Time Demand 10% deposits USD 33% P&C 35% 38% 39% By By By client type currency segment GWM 61%1 Sweeps 5% CHF Retail savings 43% 27% 1 Includes customer brokerage payables which are presented in separate reporting lines on t
Slide 17: 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, 2Q25 Other3 9% Corporates2 Mortgages1: 378n, ~50% LTV 8% › Swiss mortgages make up the majority of the portfolio Lombard: 161bn › Fully collateralized, with daily monitoring of
Slide 18: Appendix
Appendix 2Q25 financial results Group balance sheet and credit quality 17
Slide 19: UBS Group results
UBS Group results USD m, except where indicated 2Q25 1Q25 4Q24 3Q24 2Q24 Total revenues 12,112 12,557 11,635 12,334 11,904 Credit loss expense / (release) 163 100 229 121 95 Operating expenses 9,756 10,324 10,359 10,283 10,340 Operating profit / (loss) before tax 2,193 2,132 1,047 1,929 1,469 Tax ex
Slide 20: 2Q25 overview of financial performance by business division
2Q25 overview of financial performance by business division USD m, except where indicated UBS Group GWM P&C AM IB NCL Group Items Total revenues as reported 12,112 6,300 2,336 772 2,966 (82) (180) of which: PPA effects and other integration items1 596 153 274 152 1 17 of which: loss related to an in
Slide 21: Net profit 2.4bn while integration continues at pace
Net profit 2.4bn while integration continues at pace Profits m Underlying ~0.4bn expected in 3Q251 565 +30% o/w tax benefit: 183 2,683 +209m 81 114 202 2,395 282 2,193 2,060 (26) (12) (1,055) ~1.1bn expected in 3Q25 2Q24 GWM P&C AM IB NCL Group Items 2Q25 Non- Non- 2Q25 Tax 2Q25 PBT PBT underlying u
Slide 22: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 Total revenues 6,156 6,253 5,820 (2%) +6% PBT 1,443m, +24% Net interest income 1,557 1,549 1,586 +1% (2%) Total revenues 6,156m, +6% Recurring net fee income 3,351 3,279 3,104 +2% +8% −
Slide 23: 2Q25 Global Wealth Management results by region
2Q25 Global Wealth Management results by region Americas APAC EMEA Switzerland 2Q25 2Q24 YoY 2Q25 2Q24 YoY 2Q25 2Q24 YoY 2Q25 2Q24 YoY Underlying revenues, m 2,929 2,761 6% 947 903 5% 1,234 1,159 6% 1,049 1,003 5% Net interest income, m 500 477 5% 304 323 (6%) 382 403 (5%) 374 389 (4%) Recurring net
Slide 24: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 Total revenues 1,696 1,705 1,838 0% (8%) PBT 557m, (14%) Net interest income 907 923 1,024 (2%) (11%) Total revenues 1,696m, (8%) Recurring net fee income 357 357 357 0% 0% − N
Slide 25: Asset Management
Asset Management Underlying USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 Total revenues 772 741 768 0% PBT 216m, (5%), +8% excl. 2Q24 net gain from disposals +4% Net management fees 733 713 711 +3% +3% Total revenues 772m, flat YoY, +4% excl. 2Q24 net gain Performanc
Slide 26: Investment Bank
Investment Bank Underlying USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 PBT 526m; record 2Q revenues1, +13% Total revenues 2,815 3,045 2,493 (8%) +13% Global Banking 521 564 668 (8%) (22%) Global Banking revenues (22%) Advisory 192 221 239 (13%) (19%) − Advisory (19%
Slide 27: Non-core and Legacy
Non-core and Legacy Underlying Underlying 2Q25 vs. 2Q24 USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY PBT 1m Total revenues (83) 284 401 Credit loss expense / (release) (2) 7 (1) Total revenues (83m) mainly driven by funding costs Operating expenses (83) 477 481 Credit loss expense (2m) Profi
Slide 28: Appendix
Appendix 2Q25 financial results Group balance sheet and credit quality 27
Slide 29: Balance sheet
Balance sheet For the quarter-end 2Q25 1,670 1,670 1. Cash and balances at central banks 67 a a. Short-term borrowings2,3 16 and amounts due from banks 1 258 b b. Securities financing transactions 2. Loans and advances to customers at amortized cost 3. Securities financing transactions c. Customer d
Slide 30: Credit loss expense / (release) 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)2 USD m On balance sheet 2Q24 3Q24 4Q24 1Q25 2Q25 GWM (1) 2 (14) 6 3 27% P&C 103 83 175 53 114 26% IB (6) 9 63 35 48 24% NCL (1) 28 6 7 (2) Other1 0 0 0 (
Slide 31: Overview of capital requirements and ratios
Overview of capital requirements and ratios 191.2bn 37.9% 11.5% Gone concern: 99.4bn Gone concern: 19.7% Gone concern: 6.0% Total loss-absorbing capacity: 25.7% Total loss-absorbing capacity: 8.75% Going concern: 91.7bn Going concern: 18.2% Going concern: 5.5% o/w CET1 o/w CET1 Going concern: 14.9%
Slide 32: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk weighted assets bn +4% 18.6 504.5 483.3 3.2 0.4 0.0 (0.9) 1Q25 Credit and Non-counterparty- Market risk Operational risk Currency effects 2Q25 counterparty credit risk related risk Leverage ratio denominator bn +6% 318.5 88.1 1,658.1 1,561.6 6.7 2.9 (0.2) (1.1) 1Q25 On-bala
Slide 33: UBS Group AG capital requirements and eligibility criteria
UBS Group AG capital requirements and eligibility criteria Group consolidated requirements Grandfathering rules Going concern RWA LRD Gone concern RWA LRD Any going concern-eligible capital above the minimum Minimum capital 4.50% 1.50% Minimum gone-concern2 10.73% 3.75% requirement can be o/w additi
Slide 34: Proposals would make UBS a pronounced outlier among G-SIBs
Proposals would make UBS a pronounced outlier among G-SIBs Minimum CET1 ratio requirements1 UBS Group AG vs. peers UBS de-facto minimum of ~19% based on current proposal, or ~17% after proposed DTA, software and PVA ~19% deductions from regulatory capital2 ~11.5% reflecting market share add-on as in
Slide 35: Proposed rules are not internationally aligned
Proposed rules are not internationally aligned Basel 3 standards Current rules Proposal Deferred tax Recognized up to a In line with Basel Full CET1 deduction – In line with Basel In line with Basel In line with Basel assets on threshold of 10% of CET1 standards not in line with Basel standards stan
Slide 36: UBS Liquidity & Funding (Risk Management) Framework
UBS Liquidity & Funding (Risk Management) Framework Liquidity coverage ratio Net stable funding ratio Group Treasury • Proposes the liquidity and funding (L&F) strategy • Maintains the UBS L&F risk management framework, 100% 100% together with the 2nd line of defence, including the BCBS REQUIREMENT
Slide 37: YTD 2025 issuances
YTD 2025 issuances ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US90261AAD46 OpCo USD 1.250 4.864% 10.01.25 10.01.27 US225401BH08 AT1 USD 1.500 7.000% 10.02.25 10.02.30 US225401BJ63 AT1 USD 1.500 7.125% 10.02.25 10.08.34 CH1414003454 HoldCo EUR 1.250 2.875% 12.02.25
Slide 38: YTD 2025 redemptions
YTD 2025 redemptions ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US22550L2L411 OpCo USD 1.250 7.950% 09.01.23 09.01.25 US902674YU81 OpCo USD 1.000 1.375% 13.01.22 13.01.25 CH05919796352 HoldCo EUR 1.500 3mEURIBOR+100bps 18.01.21 16.01.25 CH0520042489 HoldCo EUR 1.5
Slide 39: Credit ratings peer comparison
Credit ratings peer comparison Long-term senior unsecured debt – operating company, as of 30.7.25 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 40: Credit ratings peer comparison
Credit ratings peer comparison Long-term senior unsecured debt – holding company, as of 30.7.25 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 41: 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/Positive Long-term Aa2/Stable A+/Stable A+/ Positive UBS AG Short-term P-1 A-1 F1 Long-term A+/Stable A+/ Positive UBS Switzerland AG Short-term A-1 F1 Long-term Aa3/Stable A+/Stable A+/ Positive UBS Europe S
Slide 42: Legal structure of the UBS Group
Legal structure of the UBS Group 1 Other non-US subsidiaries are held either directly or indirectly by UBS AG; 2 Of which 98% held by UBS AG and 2% held by UBS Group AG; 3 Merged with Credit Suisse Holdings (USA), Inc. on 30 May 41 2025; 4 Of which 99% directly held by UBS Americas Inc. and 1% held
Slide 43: 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