Ubs Group Ag · SIX:UBSG
Ubs — Q3 2025 Earnings Presentation
27 slides from Ubs's earnings presentation, Oct 29, 2025
Slide 1: Third quarter 2025 Financial results
Third quarter 2025 Financial results 29 October 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 Financial Q&A messages performance Sergio P. Ermotti, Group CEO Todd Tuckner, Group CFO 2
Slide 4: Key messages
Key messages Net profit 2.5bn, underlying PBT 3.6bn, underlying RoCET1 16.3%; core underlying PBT 3.3bn excluding litigation, +19% YoY Our balance sheet for all seasons is a key pillar of our strategy; CET1 capital ratio of 14.8%, executing on capital return plans for 2025 Strong client activity and
Slide 5: Financial performance
Financial performance Todd Tuckner, Group CFO 4
Slide 6: 3Q25 profitability driven by strong revenue growth and positive operating leverage
3Q25 profitability driven by strong revenue growth and positive operating leverage Underlying, bn Revenues Operating expenses Profit before tax Underlying 3Q25 (7%) +5% (1%) excl. PBT 3.6bn litigation 12.2 11.7 Core: +7% 9.2 Core: +50% RoCET1 16.3%1 8.5 +1%, +26% excl. +4% excl. litigation Cost / li
Slide 7: Net profit 2.5bn with underlying PBT growth in all businesses
Net profit 2.5bn with underlying PBT growth in all businesses Profits m Underlying 561 +50% 435 3,590 410 (247) 45 o/w tax: (341m) 493 67 +86m excl. 2,828 litigation (1,323) 2,481 2,386 (347) +278m excl. litigation 3Q24 GWM P&C AM IB NCL Group Items 3Q25 Non- Non- 3Q25 Tax 3Q25 PBT PBT underlying un
Slide 8: Achieved 10bn of gross cost saves, on track to deliver ~13bn target
Achieved 10bn of gross cost saves, on track to deliver ~13bn 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 (~13%) / (~5.1bn) e
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 USD bn, except where indicated 3Q25 2Q25 3Q24 QoQ YoY 3Q25 2Q25 3Q24 QoQ YoY Total assets 1,632 1,670 1,624 (2%) +1% Regulatory capital o/w: Cash and balances at central banks 219 236 243 (7%) (10%) CET1
Slide 10: Strong profitability reinforces our capital strength
Strong profitability reinforces our capital strength CET1 capital ratio CET1 capital, bn 72.7 2.5 (0.8) (0.1) n/a 0.3 74.7 0.5% 0.0% 0.1% 14.8% (0.2%) 0.0% − RWA 504.9bn, +0.4bn QoQ, 14.4% reflecting business-driven increases (0.1bn) impact on CET1 and (1.0bn) impact on RWA − CET1 leverage ratio 4.6
Slide 11: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 3Q25 2Q25 3Q24 QoQ YoY Underlying 3Q25 Total revenues 6,410 6,156 5,975 +4% +7% PBT 1,774m, +39% YoY, +21% YoY excluding litigation Net interest income 1,631 1,557 1,590 +5% +3% Total revenues 6,410m, +7% YoY Recurring net fee income
Slide 12: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 3Q25 2Q25 3Q24 QoQ YoY Underlying 3Q25 Total revenues 1,724 1,696 1,818 +2% (5%) PBT 668m, +1% YoY, (3%) YoY excluding litigation Net interest income 919 907 1,008 +1% (9%) Total revenues 1,724m, (5%) YoY Recurring net fee i
Slide 13: Asset Management
Asset Management Underlying USD m, except where indicated 3Q25 2Q25 3Q24 QoQ YoY Underlying 3Q25 Total revenues 843 772 873 +9% (3%) PBT 282m, +19% YoY, +70% excluding net gains from disposals Net management fees 755 733 755 +3% 0% Performance fees 87 39 46 +125% +90% Total revenues 843m, (3%) YoY,
Slide 14: Investment Bank
Investment Bank Underlying USD m, except where indicated 3Q25 2Q25 3Q24 QoQ YoY Underlying 3Q25 Total revenues 3,025 2,815 2,461 +7% +23% PBT 787m; revenues +23% YoY Global Banking 844 521 555 +62% +52% Global Banking revenues +52% YoY Advisory 324 192 220 +68% +47% − Advisory +47% reflecting increa
Slide 15: Non-core and Legacy
Non-core and Legacy Underlying USD m, except where indicated 3Q25 2Q25 3Q24 QoQ YoY Underlying 3Q25 PBT 102m Total revenues (42) (83) 262 Credit loss expense / (release) 6 (2) 28 Total revenues (42m) mainly driven by funding costs, partly offset by net gains on position exits Operating expenses (149
Slide 16: NCL run-down continuing at pace
NCL run-down continuing at pace Reducing complexity Underlying operating expenses excl. litigation Risk-weighted assets bn bn (64%) ~6.1 86 94% books closed since June 2023 Operational 30 risk Target: >95% by YE26 65% Credit and 31 IT apps decommissioned 1.7 56 ~22 market risk3 since June 2023 24 ~0
Slide 17: Continuing our progress towards our 2026 exit rate targets
Continuing our progress towards our 2026 exit rate targets Group underlying return on CET1 capital Capital guidance 11% excl. litigation and 17% applying a normalized tax rate2 14% ~15% ~14% CET1 capital 9% ratio 3% >4.0% CET1 leverage FY22, 2H23 FY24 9M25 2026e ratio reported exit rate Underlying c
Slide 18: Appendix
Appendix 17
Slide 19: UBS Group results
UBS Group results USD m, except where indicated 3Q25 2Q25 1Q25 4Q24 3Q24 Total revenues 12,760 12,112 12,557 11,635 12,334 Credit loss expense / (release) 102 163 100 229 121 Operating expenses 9,831 9,756 10,324 10,359 10,283 Operating profit / (loss) before tax 2,828 2,193 2,132 1,047 1,929 Tax ex
Slide 20: 3Q25 overview of financial performance by business division
3Q25 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 12,760 6,543 2,321 843 3,244 (40) (149) of which: PPA effects and other integration items1 701 171 276 2192 1 34 of which: loss related to an i
Slide 21: 3Q25 Global Wealth Management results by region
3Q25 Global Wealth Management results by region Americas APAC EMEA Switzerland 3Q25 3Q24 YoY 3Q25 3Q24 YoY 3Q25 3Q24 YoY 3Q25 3Q24 YoY Underlying revenues, m 3,097 2,838 9% 1,035 919 13% 1,203 1,169 3% 1,045 1,043 0% Net interest income, m 527 474 11% 349 327 7% 378 402 (6%) 371 394 (6%) Recurring n
Slide 22: Overview of capital requirements and ratios
Overview of capital requirements and ratios 199.3bn 39.5% 12.2% Gone concern: 104.4bn Gone concern: 20.7% Gone concern: 6.4% Total loss-absorbing capacity: 25.7% Total loss-absorbing capacity: 8.75% Going concern: 95.0bn Going concern: 18.8% Going concern: 5.8% o/w CET1 o/w CET1 Going concern: 15.0%
Slide 23: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk-weighted assets bn 0% 3.5 0.2 504.5 0.0 504.9 (2.3) (1.0) 2Q25 Credit and Non-counterparty- Market risk Operational risk Currency effects 3Q25 counterparty credit risk related risk Leverage ratio denominator bn (1%) 318.5 1,658.1 5.9 1,640.5 (1.8) (13.4) (3.1) (5.2) 2Q25 On
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 profile4 Expected future P&L Opening balance Remaining balance USD bn 2023–3Q25 releases at 30.9.25 4Q25 2026 2027 2028+ as of 12.6.23 (close) to be recognized2 FX
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: TBTF regulatory process
TBTF regulatory process Currently envisaged process by Swiss Federal Council Today 2H25 1H26 2H26 1H27 2H27 2028+ CAO Consul- Evaluation/ Decision Changes effective earliest in 2027 (PVA, Software, tation Federal Council Transition period TBD DTA, AT1) Law change Consul- Evaluation/ Dispatch Parliam
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