Ubs Group Ag · SIX:UBSG
Ubs — Q1 2026 Earnings Presentation
27 slides from Ubs's earnings presentation, Apr 29, 2026
Slide 1: First quarter 2026 Financial results
First quarter 2026 Financial results 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 Key Financial Q&A messages performance Sergio P. Ermotti, Group CEO Todd Tuckner, Group CFO 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: Financial performance
Financial performance Todd Tuckner, Group CFO 4
Slide 6: 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 7: 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 8: 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 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: 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 12: Personal & Corporate Banking (CHF)
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 13: 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 14: 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 15: 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 16: Appendix
Appendix 15
Slide 17: 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 18: 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 19: 1Q26 overview of financial performance by business division
1Q26 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 14,243 7,106 2,601 772 4,054 (10) (279) of which: PPA effects and other integration items1 472 125 223 68 1 55 of which: items related to the S
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: 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 22: 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 23: 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 2023-1Q26 releases at 31.3.26 2Q-4Q26 2027 2028+ as of 12.6.23 (close) to be recognized2,3 FX
Slide 24: 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 25: 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 26: 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 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