Ubs Group Ag · SIX:UBSG
Ubs — Debt Investor Presentation (February 2026)
48 slides from Ubs's debt investor presentation, Feb 4, 2026
Slide 1: Fourth quarter 2025 Fixed Income investor presentation
Fourth quarter 2025 Fixed Income investor presentation This document should be read in conjunction with UBS’s 4Q25 report and earnings presentation, as well as the UBS Group Annual Report 2024 4 February 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 Financial performance and Group balance sheet strategic update Slides 3-17 Slides 19-27 2
Slide 4: Strong momentum positions us to achieve our 2026 targets and 2028 ambitions
Strong momentum positions us to achieve our 2026 targets and 2028 ambitions Diversified global business model YE25 Group invested assets 7.0trn, +15% YoY, 2025 GWM NNA 101bn, AM NNM 30bn, reinforces franchise strength and IB underlying revenues +18% YoY, CHF ~80bn loans granted or renewed to Swiss c
Slide 5: 4Q25 profitability driven by strong revenue growth and positive operating leverage
4Q25 profitability driven by strong revenue growth and positive operating leverage Underlying, bn Revenues Operating expenses Profit before tax Underlying 4Q25 (7%) excl. litigation, variable and FA compensation, and FX +10% PBT 2.9bn 12.2 +1% Core: 11.1 9.1 9.2 RoCET1 11.9% +10% Core: +5% +62% Cost
Slide 6: FY25 net profit of 7.8bn, up 53% YoY with strong momentum in core businesses
FY25 net profit of 7.8bn, up 53% YoY with strong momentum in core businesses Underlying, bn Revenues Operating expenses Profit before tax Underlying FY25 (7%) excl. litigation, variable and FA compensation, and FX PBT 11.7bn +4% 47.8 (2%) 45.8 Core: +8% 36.4 35.6 RoCET1 13.7%1 Core: +3% +33% Cost /
Slide 7: On track to deliver on 2026 exit rate targets
On track to deliver on 2026 exit rate targets Group targets, underlying Business division ambitions, underlying Cost / income 74.4% GWM cost / income ratio P&C cost / income ratio ratio <70% 74.9% <70% 76% excl. litigation 61.2% <50% RoCET1 ~15% capital 13.7% FY25 2026e FY25 2026e 11.5% excl. exit r
Slide 8: GWM – Capitalizing on integration and growing the expanded platform
GWM – Capitalizing on integration and growing the expanded platform Profit before tax Medium-term priorities 2028 ambitions underlying, bn 6.1bn excl. litigation, >5.5trn +23% YoY Complete client Enhance the US Invested assets +30% migrations and capture platform to drive remaining synergies higher
Slide 9: GWM – Unrivaled diversification and scale with interconnected global franchises
GWM – Unrivaled diversification and scale with interconnected global franchises APAC EMEA Switzerland Americas #1 #1 #1 #1 in LatAm, leading in US FY25 underlying 1.5bn 1.5bn 1.5bn 1.6bn PBT +30% YoY +19% YoY +34% YoY excl. litigation1 +2% YoY Invested assets2 0.8trn 0.8trn 0.9trn 2.3trn Reinforce l
Slide 10: GWM Americas – Enhance the platform to drive higher sustainable profitability
GWM Americas – Enhance the platform to drive higher sustainable profitability Key levers PBT margin Build on leading position with UHNW and Prior guidance1 Family Offices Actuals / updated guidance ~18% ~16% Streamline and strategically align client coverage to ~15% drive growth 12.7% ~15% Leverage
Slide 11: P&C – A core pillar of our strategy and reliable partner to the Swiss economy
P&C – A core pillar of our strategy and reliable partner to the Swiss economy Profit before tax Medium-term priorities Ambitions Underlying PBT; CHF bn Avg. SNB policy rate 1.8% Realize remaining cost 0.0010 1.3% 2 Capitalize on synergies by combined franchise to ~19% 0.2% 1 decommissioning and Repo
Slide 12: AM – Driving focused growth and operating leverage
AM – Driving focused growth and operating leverage Profit before tax Medium-term priorities Ambitions excl. net gain / loss from disposals underlying, bn Build on differentiated +33% offering – ETF and Capture alternatives ~3% 1.0 Net new money passive, SMA2, CIG3, growth opportunity growth rate, As
Slide 13: IB – Capitalizing on strategic investments to drive sustainable returns
IB – Capitalizing on strategic investments to drive sustainable returns Underlying RoAE Medium-term priorities Ambition % +5ppts 15.3% 14.8% Global Banking – Global Markets – monetize investments maintain leading in the US and high- position in Equities and growth sectors FX businesses 9.6% ~15% Rep
Slide 14: NCL wind-down expected to be substantially complete by year-end 2026
NCL wind-down expected to be substantially complete by year-end 2026 Underlying operating expenses excl. litigation Risk-weighted assets Finishing the wind-down bn bn (67%) 100% Books closed and apps ~6.1 86 decommissioned by YE26 As of YE25: 98% and 73% closed respectively Op. risk 30 ~92% Cumulati
Slide 15: Identified additional ~0.5bn cost saves, total ~13.5bn by year-end 2026
Identified additional ~0.5bn cost saves, total ~13.5bn by year-end 2026 Cumulative annualized exit rate Underlying Cumulative integration- gross cost reductions operating expenses related expenses3 USD bn USD bn USD bn (~12%) / (~5.0bn) excl. FX (~16%) / (~6.5bn) o/w: +0.7bn in 4Q25 ~13.5 ~40.6 36.4
Slide 16: Executing final stages of integration to capture synergies
Executing final stages of integration to capture synergies Illustrative key milestone timeline (examples) 1H26 2H26 Client account Finalize remaining Swiss-booked migrations client migrations 85% 100% migrated Application decommissioning 73% 100% % decommissioned NCL apps NCL apps Infrastructure and
Slide 17: Clear path to deliver on our 2026 exit rate targets
Clear path to deliver on our 2026 exit rate targets Underlying return on CET1 capital Expect effective tax rate of ~23% ~15% 13.7% as disclosed ~13% 11.5% Reflects annualization Continued business Continued cost Capture attractive of cost saves momentum and run-down growth opportunities, ach
Slide 18: Ambition to restore and surpass pre-acquisition levels of profitability
Ambition to restore and surpass pre-acquisition levels of profitability Underlying return on CET1 capital Ambition Reported, based on current capital framework 11.5% excl. litigation and ~14% CET1 ratio and applying a 17% normalized tax rate3 ~18% ~15% 14% ~13% 9% 3% FY22, 2H23 FY24 FY25 FY26e 2026e
Slide 19: Group balance sheet
Group balance sheet 36 UBS
Slide 20: 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 4Q25 3Q25 4Q24 QoQ YoY USD bn, except where indicated 4Q25 3Q25 4Q24 QoQ YoY Total assets 1,617 1,632 1,565 (1%) +3% Regulatory capital o/w: Cash and balances at central banks 210 219 223 (4%) (6%) CET1
Slide 21: Strong operating profits fund capital returns, investments and debt buyback
Strong operating profits fund capital returns, investments and debt buyback CET1 capital ratio CET1 capital, bn UBS Group AG − RWA 493bn, (11bn) QoQ 74.7 1.4 (3.0) (1.1) 0.1 n/a (0.8) 71.3 − CET1 leverage ratio 4.4%, (16bps) QoQ, with LRD 1,622bn, (18bn) QoQ 0.3% 14.8% − Refer to slide 32 for full Q
Slide 22: Balance sheet optimization complete, deploying capital to drive growth
Balance sheet optimization complete, deploying capital to drive growth Group underlying revenues / average RWA Driving return accretive growth through continued balance sheet discipline 10.7% ~10% − Achieved ~10% revenue / RWA reflecting NCL rundown 9.6% and disciplined balance sheet optimization 8.
Slide 23: Funding overview
Funding overview Group funding USD bn, as of year-end 1,330 1,329 1,248 4Q25, QoQ 1% 1% 1% 100% 90bn − +0.3bn, mainly driven net profit of +1.2bn, partly offset net treasury share activity of (1.3bn) shareholder equity 60% 63% 63% 353bn − Of which short-term debt1,2: 58bn − Of which long-term debt2,
Slide 24: Capital markets issuances and redemptions
Capital markets issuances and redemptions Issuances and redemptions Upcoming maturities and first calls2,3 2026 issuances, year to date USD bn USD bn, as of 31.12.25 As of 4.2.26 AT1 HoldCo Covered bonds FY25 101 USD 3.0bn EUR 3.0bn CHF 0.7bn 9 2026 funding plan3 9 We manage our funding resources pr
Slide 25: Long-term wholesale funding diversification
Long-term wholesale funding diversification Group funding 4Q25 Total long-term wholesale funding: 157bn Covered Bonds Other CHF 6% 8% <1 year 4% OpCo 23% >5 years 17% 35% By By By source maturity1 EUR currency USD AT1 33% 56% 11% HoldCo 64% 1-3 years 25% 3-5 years 17% As of quarter-end, does not inc
Slide 26: 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 423 378 361 332 319 359 347 332 Net cash outflows2, bn 192 179 181 176 176 197 190 182 Looking ahead, we expect our 3 LCR to remain around this level, reflec
Slide 27: Deposits
4Q25 data will be published as part of the 2025 Annual Report Deposits on 9 March 2026 A well diversified deposit base 3Q25 Total deposits: 783bn Other 9% Time EUR deposits Demand 10% 33% 33% USD P&C 38% 39% By By By client type currency segment GWM 61%1 Sweeps 5% CHF Retail savings 43% 28% 1 Includ
Slide 28: High-quality loan portfolio, mostly secured by real estate or securities
4Q25 data will be published as part of the 2025 Annual Report High-quality loan portfolio, mostly secured by real estate or securities on 9 March 2026 Loans and advances to customers On-balance sheet, 3Q25 Other3 8% Corporates2 Mortgages1: 378n, ~50% LTV 8% › Swiss mortgages make up the majority of
Slide 29: Appendix
Appendix Group balance sheet and credit quality 4Q25 and FY25 financial results 28
Slide 30: Balance sheet
Balance sheet For the quarter-end 4Q25 1,617 1,617 1. Cash and balances at central banks 58 a a. Short-term borrowings2,3 16 and amounts due from banks 1 230 b b. Securities financing transactions 2. Loans and advances to customers at amortized cost 3. Securities financing transactions c. Customer d
Slide 31: Credit loss expense / (release) and credit-impaired exposures
Credit loss expense / (release) and credit-impaired exposures Credit loss expense / (release) Total credit-impaired exposure, gross (stage 3/PCI)2 USD m USD bn 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 GWM (14) 6 3 7 32 GWM 1,397 1,391 1,578 1,766 1,748 P&C 175 53 114 72 101 P&C 3,714 3,825
Slide 32: Maintaining our strong capital position while reducing funding costs
Maintaining our strong capital position while reducing funding costs 187.3bn 38.0% Gone concern: 96.1bn Gone concern: 19.5% ~14% CET1 capital ratio guidance enabling capacity to self-fund growth and deliver attractive capital returns 2026 AT1 issuance plan substantially completed Going concern: 91.2
Slide 33: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk-weighted assets bn (2%) 504.9 0.6 493.4 (5.8) (0.9) (4.5) (1.0) 3Q25 Credit and Non-counterparty- Market risk Operational risk Currency effects 4Q25 counterparty credit risk related risk Leverage ratio denominator bn (1%) 318.5 1,640.5 1.4 0.8 1,622.4 (1.1) (10.7) (8.4) 3Q2
Slide 34: 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 35: 2025 issuances
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 12.
Slide 36: 2025 redemptions (1/2)
2025 redemptions (1/2) ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US22550L2L41 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 CH0591979635 HoldCo EUR 1.500 3mEURIBOR+100bps 18.01.21 16.01.25 CH0520042489 HoldCo EUR 1.5
Slide 37: 2025 redemptions (2/2)
2025 redemptions (2/2) ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity CH0520663581 Covered Bond CHF 0.350 0.000% 31.01.20 31.07.25 CH0286864027 AT1 USD 1.575 6.875% 07.08.15 07.08.25 CH0330938876 HoldCo GBP 0.500 2.750% 08.08.16 08.08.25 US902674ZV55 OpCo USD 1.000 5.
Slide 38: 2026 year-to-date
2026 year-to-date Issuances 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 3.87
Slide 39: Credit ratings peer comparison
Credit ratings peer comparison Long-term senior unsecured debt – holding company, as of 4.2.26 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 n
Slide 40: Credit ratings peer comparison
Credit ratings peer comparison Long-term senior unsecured debt – operating company, as of 4.2.26 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 negat
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 As of 31.12.25 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 In
Slide 43: Appendix
Appendix Group balance sheet and credit quality 4Q25 and FY25 financial results 42
Slide 44: Strong client franchises, capabilities and scale
Strong client franchises, capabilities and scale Global Wealth Personal & Asset Investment Management Corporate Banking Management Bank − 4.8trn invested assets with − #1 bank in Switzerland2 − 2.1trn invested assets − Leading Equities and FX unrivaled geographic footprint businesses − Reliable part
Slide 45: UBS Group results
UBS Group results USD m, except where indicated 4Q25 3Q25 4Q24 FY25 FY24 Total revenues 12,145 12,760 11,635 49,573 48,611 Credit loss expense / (release) 159 102 229 524 551 Operating expenses 10,286 9,831 10,359 40,197 41,239 Operating profit / (loss) before tax 1,700 2,828 1,047 8,853 6,821 Tax e
Slide 46: 4Q25 net profit 1.2bn reflects broad-based growth and NCL cost reduction
4Q25 net profit 1.2bn reflects broad-based growth and NCL cost reduction Profits m Underlying o/w (457m) from repurchase of +62% legacy CS debt3 382 2,871 (17) (54) 252 31 45 411 o/w tax: (495m) 1,768 1,700 (1,117) 1,199 ~0.7bn (501) expected in 1Q26 4Q24 GWM P&C AM IB NCL Group Items 4Q25 Non- Non-
Slide 47: Revenue and expense currency mix
Revenue and expense currency mix Total revenues1 Operating expenses1,2 % % 9 9 4 4 15 11 3 11 12 11 18 19 19 10 2 4 3 3 3 2 10 11 3 2 7 11 11 3 23 15 6 17 31 26 4 22 26 10 17 81 83 68 61 60 50 50 47 51 47 51 7 11 GWM P&C AM IB Group GWM P&C AM IB NCL Group USD CHF GBP EUR Other 1 Based on estimated
Slide 48: 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
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