Slide 1: Second quarter 2026 Financial results
Second quarter 2026 Financial results 29 July 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 Key Financial Q&A messages performance Sergio P. Ermotti, Group CEO Todd Tuckner, Group CFO 2
Slide 4: Key messages
Key messages Strong 2Q26 and 1H26 financial performance; 2Q26 net profit 2.8bn, underlying RoCET1 16.4%; 1H26 net profit 5.8bn, underlying RoCET1 16.7%, underlying cost / income ratio 70.1% Robust client momentum across our businesses; 7.3trn invested assets with 1H26 GWM NNA 73bn and AM NNM 20bn, 2
Slide 5: Financial performance
Financial performance Todd Tuckner, Group CFO 4
Slide 6: Underlying PBT +45% on strong revenue growth and operating leverage
Underlying PBT +45% on strong revenue growth and operating leverage Underlying, bn Revenues Operating expenses Profit before tax Underlying 2Q26 (7%) excl. litigation, variable and FA compensation, and FX +16% PBT 3.9bn 13.3 +7% Core: 9.3 RoCET1 16.4% 11.5 +14% 8.7 Core: +5% +45% Cost / income 70.0%
Slide 7: Net profit 2.8bn driven by PBT growth across our businesses
Net profit 2.8bn driven by PBT growth across our businesses Profits m Underlying ~0.25bn expected in 3Q26 352 636 3,887 o/w tax: (782m) (53) (127) 3,594 174 20 554 (645) ~0.4bn expected 2,800 2,683 in 3Q26 (793) 2Q25 GWM P&C AM IB NCL Group Items 2Q26 Non- Non- 2Q26 Tax 2Q26 PBT PBT underlying under
Slide 8: On track to deliver ~13.5bn gross cost saves by YE26
On track to deliver ~13.5bn gross cost saves by YE26 Cumulative annualized exit rate Underlying Cumulative integration- gross cost reductions operating expenses related expenses3 USD bn USD bn USD bn +1.1bn in 2Q26 ~13.5 ~40.6 14.8 12.6 36.6 13.4 35.6 10.7 (~28%) / (~9.0bn) at constant FX 14.2 ~15 ~
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 2Q26 1Q26 2Q25 QoQ YoY USD bn, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Total assets 1,707 1,687 1,670 +1% +2% Regulatory capital o/w: Cash and balances at central banks 216 225 236 (4%) (9%) CET1 c
Slide 10: Capital generation and resource discipline while delivering on returns ambitions
Capital generation and resource discipline while delivering on returns ambitions CET1 capital ratio CET1 capital, bn 73.3 3.0 (3.9) (0.3) n/a 0.4 72.5 0.6% − RWA 504bn, +4bn QoQ 14.7% 0.1% 14.4% − 3bn buyback reserve for new program (0.8%) (0.0%) (0.2%) reflected in CET1 capital − CET1 leverage rati
Slide 11: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 6,997 6,981 6,156 0% +14% PBT 1,997m, +38% YoY Net interest income 1,750 1,729 1,557 +1% +12% Total revenues 6,997m, +14% YoY Recurring net fee income 3,711 3,617 3,351 +3% +11% −
Slide 12: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 1,741 1,756 1,696 (1%) +3% PBT 676m, +21% YoY Net interest income 918 900 907 +2% +1% Total revenues 1,741m, +3% YoY Recurring net fee income 358 348 357 +3% 0% − NII +1%
Slide 13: Asset Management
Asset Management Underlying USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 756 772 772 (2%) (2%) PBT 237m, +9% YoY Net management fees 731 755 733 (3%) (0%) Performance fees 25 17 39 +46% (35%) Total revenues 756m, (2%) YoY on lower performance and Net gain / (lo
Slide 14: Investment Bank
Investment Bank Underlying USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 3,701 3,986 2,815 (7%) +31% PBT 1,162m; revenues +31% YoY; RoAE 23.5% Global Banking 693 733 521 (6%) +33% Global Banking revenues +33% YoY Advisory 184 238 192 (23%) (5%) − Advisory (5%) o
Slide 15: Nearing completion of NCL wind-down
Nearing completion of NCL wind-down Underlying Underlying operating expenses excl. litigation USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY bn (88%) ~6.1 Total revenues 44 (11) (83) Now expecting Credit loss expense / (release) 0 (74) (2) ~0.4bn 0.7 ~0.5 ~0.2 Operating expenses 96 160 (83) (4
Slide 16: Well positioned to outperform our 2026 exit rate underlying RoCET1 target
Well positioned to outperform our 2026 exit rate underlying RoCET1 target of ~15% and achieve <70% underlying cost / income ratio Group underlying return on CET1 capital 17% 17% 14%2 9% 3% FY22, 2H23 FY24 FY25 1H26 reported Underlying cost / income 72%1 91% 80% 74%3 70% ratio 1 Reported basis; 2 11.
Slide 17: Appendix
Appendix 16
Slide 18: Our Group financial targets and ambitions
Our Group financial targets and ambitions Financial Capital Ambitions targets guidance 2028 Underlying RoCET1 ~15% 2026 exit rate ~14% CET1 capital ratio ~18% Reported RoCET11 Underlying cost / income Reported cost / income <70% ratio 2026 exit rate >4.0% CET1 leverage ratio ~67% ratio 1 Based on 20
Slide 19: UBS Group results
UBS Group results Reported, USD m, except where indicated 2Q26 1Q26 4Q25 3Q25 2Q25 Total revenues 13,700 14,243 12,145 12,760 12,112 Credit loss expense / (release) 121 70 159 102 163 Operating expenses 9,986 10,333 10,286 9,831 9,756 Operating profit / (loss) before tax 3,594 3,841 1,700 2,828 2,19
Slide 20: 2Q26 overview of financial performance by business division
2Q26 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 13,700 7,112 2,399 756 3,727 43 (338) of which: PPA effects and other integration items1 352 114 196 26 (1) 17 Total revenues (underlying) 13,3
Slide 21: Overview of capital requirements and ratios
Overview of capital requirements and ratios 193.6bn 38.4% 11.7% Gone concern: 97.7bn Gone concern: 19.4% Gone concern: 5.9% Total loss-absorbing capacity: 8.88% Total loss-absorbing capacity: 26.1% Going concern: 96.0bn Going concern: 19.0% Going concern: 5.8% Going concern: 5.08% Going concern: 15.
Slide 22: 2Q26 Global Wealth Management results by region
2Q26 Global Wealth Management results by region Americas APAC EMEA Switzerland 2Q26 2Q25 YoY 2Q26 2Q25 YoY 2Q26 2Q25 YoY 2Q26 2Q25 YoY Underlying revenues, m 3,364 2,929 15% 1,152 947 22% 1,328 1,234 8% 1,135 1,049 8% Net interest income, m 569 500 14% 363 304 20% 415 382 9% 407 374 9% Recurring net
Slide 23: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk-weighted assets bn 1% 7.7 0.0 503.9 500.4 (1.9) (2.0) (0.2) 1Q26 Credit and Non-counterparty- Market risk Operational risk Currency effects 2Q26 counterparty credit risk related risk Leverage ratio denominator bn (0%) 318.5 17.4 1.9 1,653.5 1,649.8 (12.9) (0.8) (9.4) 1Q26 O
Slide 24: PPA pull to par overview and revenue recognition
PPA pull to par overview and revenue recognition Accretion of PPA adjustments on financial instruments Recognized Estimated amortization profile5 Expected future P&L Opening balance Remaining balance USD bn 2023-2Q26 releases at 30.06.26 2H26 2027 2028 2029+ as of 12.6.23 (close) to be recognized2,3
Slide 25: FY22 combined cost baseline
FY22 combined cost baseline FY22 USD bn Operating expenses UBS sub-group (IFRS)1 24.9 Credit Suisse sub-group (US GAAP)2,3 19.1 UBS sub-group exclusions4 (0.3) Credit Suisse sub-group exclusions3,5 (2.0) Commission expense reclassification3,6 (1.1) FY22 combined cost baseline 40.6 • of which: ~34.5b
Slide 26: Capturing final synergies from the integration
Capturing final synergies from the integration Illustrative key milestone timeline (examples) 1Q26 2Q26 2H26 Client account migrations 85% 100% migrated migrated Application decommissioning 73% 78% 88% 100% % decommissioned NCL apps NCL apps NCL apps NCL apps Infrastructure and legal entities Decoup
Slide 27: 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