Ubs Group Ag · SIX:UBSG
Ubs — Debt Investor Presentation (October 2026)
42 slides from Ubs's debt investor presentation, Oct 28, 2026
Slide 1: Third quarter 2026 Fixed Income investor presentation
Third quarter 2026 Fixed Income investor presentation This document should be read in conjunction with the UBS Group 3Q26 Report and earnings presentation, as well as the UBS Group Annual Report 2025 28 October 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 3Q26 financial performance Group balance sheet Slides 3-7 Slides 8-16 2
Slide 4: Key messages
Key messages Strong 3Q26 financial performance in a complex market environment; 3Q26 net profit 2.7bn, underlying RoCET1 16.7%; underlying cost / income ratio 68.7% Robust client momentum across our businesses; 7.3trn invested assets; GWM NNA 55bn, record client commitments in UGA 12.5bn, P&C net ne
Slide 5: PBT +14% on revenue growth and positive operating leverage
PBT +14% on revenue growth and positive operating leverage Underlying, bn Revenues Operating expenses Profit before tax Reported 3Q26 (7%) excl. litigation, variable and FA compensation, and FX +10% Net profit 2.7bn 13.4 +8% 12.2 Core: 9.2 EPS 0.85 +3% 8.5 Core: +2% +14% (1%) excl. Underlying litiga
Slide 6: Additional efficiencies identified, ~13.7bn cumulative gross cost saves expected
Additional efficiencies identified, ~13.7bn cumulative gross cost saves expected Cumulative annualized exit rate Underlying Cumulative integration- gross cost reductions operating expenses related expenses3 USD bn USD bn USD bn Increased from ~13.5bn +0.6bn in 3Q26 13.2 ~13.7 ~40.6 15.2 ~15.7 37.3 3
Slide 7: NCL wind-down almost complete
NCL wind-down almost complete Underlying Underlying operating expenses excl. litigation USD m, except where indicated 3Q26 2Q26 3Q25 QoQ YoY bn (91%) ~6.1 Total revenues1 764 44 (42) Credit loss expense / (release) 38 0 6 +554% Expecting ~0.3bn 0.5 ~0.5 ~0.2 Operating expenses 366 96 (149) +281% FY2
Slide 8: Well-positioned to outperform 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 9M26 reported Underlying cost / income 72%1 91% 80% 74%3 70% ratio 1 Reported basis; 2 11.
Slide 9: Group balance sheet
Group balance sheet 36 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 3Q26 2Q26 3Q25 QoQ YoY USD bn, except where indicated 3Q26 2Q26 3Q25 QoQ YoY Total assets 1,655 1,707 1,632 (3%) +1% Regulatory capital o/w: Cash and balances at central banks 196 216 219 (9%) (10%) CET1
Slide 11: Strong capital generation and discipline while funding capital return ambitions
Strong capital generation and discipline while funding capital return ambitions CET1 capital ratio CET1 capital, bn 72.5 2.9 (0.9) (0.7) n/a (0.7) 73.1 0.6% 0.1% 0.0% 14.7% − RWA 496bn, (8bn) QoQ 14.4% (0.2%) (0.1%) − CET1 leverage ratio 4.6%, +20bps QoQ, with LRD 1,591bn, (59bn) QoQ − Refer to slid
Slide 12: Funding overview
Funding overview Group funding USD bn, as of period-end 1,329 1,191 1,248 1,237 3Q26, QoQ 1% 1% 100% 2% 100% 89bn − (0.6bn), predominantly due to share repurchases under our 2026 share repurchase programs shareholder equity 60% 63% 63% 63% 349bn − Of which short-term debt1,2: 63bn − Of which long-te
Slide 13: Capital markets issuances and redemptions
Capital markets issuances and redemptions We manage our funding resources prudently, leveraging market options across all currencies to maintain a balance sheet for all seasons Issuances and redemptions Upcoming maturities and first calls1,2 2026 issuances, year-to-date USD bn USD bn, as of 30.9.26
Slide 14: Long-term wholesale funding diversification
Long-term wholesale funding diversification Group funding 3Q26 Total long-term wholesale funding: 155bn Covered Bonds <1 year Other 9% 13% CHF 8% 5% OpCo >5 years 15% 36% By 1-3 years By By source EUR maturity1 26% currency USD HoldCo 30% AT1 58% 14% 62% 3-5 years 25% As of quarter-end, does not inc
Slide 15: 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 332 319 359 347 332 334 342 324 Net cash outflows2, bn 176 176 197 190 182 188 193 182 3 188% 181% 182% 182% 183% 178% 177% 179% 4Q24 1Q25 2Q25 3Q25 4Q25 1Q2
Slide 16: Deposits
Deposits A well diversified deposit base 3Q26 Total deposits: 779bn Other 9% Time EUR deposits Demand 9% 33% 32% USD P&C 39% 39% By By By client type currency segment GWM 61%1 Sweeps 5% CHF Retail savings 43% 30% 1 Includes customer brokerage payables which are presented in separate reporting lines
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, 3Q26 Other3 11% Corporates2 7% − Mortgages have average LTV of ~50% with strict affordability criteria and with a majority in Switzerland − Lombard / securities-based lending is
Slide 18: Appendix
Appendix Group balance sheet and credit quality 3Q26 financial results 17
Slide 19: Balance sheet
Balance sheet 3Q26 1,655 1,655 1. Cash and balances at central banks 63 a a. Short-term borrowings2,3 21 and amounts due from banks 1 217 b b. Securities financing transactions 2. Loans and advances to customers at amortized cost 3. Securities financing transactions c. Customer deposits at amortized
Slide 20: 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) USD m On balance sheet 3Q25 4Q25 1Q26 2Q26 3Q26 GWM 7 32 9 (2) 10 29.1% 29.0% P&C 72 101 70 76 33 IB 17 34 65 45 30 28.1% NCL 6 (12) (74) 0 38 27.3% Othe
Slide 21: Overview of capital requirements and ratios
Overview of capital requirements and ratios 186.7bn 37.6% 11.7% Gone concern: 90.8bn Gone concern: 18.3% Gone concern: 5.7% Total loss-absorbing capacity: 8.88% Total loss-absorbing capacity: 26.1% Going concern: 95.9bn Going concern: 19.3% Going concern: 6.0% o/w CET1 Going concern: 5.08% Going con
Slide 22: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk-weighted assets bn (2%) 503.9 0.0 0.0 496.1 (2.3) (0.8) (4.7) 2Q26 Credit and Non-counterparty- Market risk Operational risk Currency effects 3Q26 counterparty credit risk related risk Leverage ratio denominator bn (4%) 318.5 1,649.8 0.6 1,591.2 (15.2) (12.5) (11.1) (20.3)
Slide 23: Issuances – 2026 year-to-date
Issuances – 2026 year-to-date Notional Coupon Issuance Call/ Notional Coupon Issuance Call/ ISIN Instrument Currency ISIN Instrument Currency (bn) Rate Date Maturity (bn) Rate Date Maturity US902613BV99 AT1 USD 1.500 6.625% 08.01.26 08.01.31 BBSW + AU3FN0109039 OpCo AUD 1.150 14.04.26 14.04.31 86bps
Slide 24: Redemptions – 2026 year-to-date (1/2)
Redemptions – 2026 year-to-date (1/2) Notional Coupon Issuance Call/ Notional Coupon Issuance Call/ ISIN Instrument Currency ISIN Instrument Currency (bn) Rate Date Maturity (bn) Rate Date Maturity XS2345982362 OpCo EUR 1.328 0.250% 21.05.21 05.01.26 CH0336602930 HoldCo EUR 1.250 1.250% 01.09.16 01.
Slide 25: Redemptions – 2026 year-to-date (2/2)
Redemptions – 2026 year-to-date (2/2) Notional Coupon Issuance Call/ Notional Coupon Issuance Call/ ISIN Instrument Currency ISIN Instrument Currency (bn) Rate Date Maturity (bn) Rate Date Maturity US902613AH15 HoldCo USD 2.000 1.494% 10.08.21 10.08.26 CH1211713198 HoldCo GBP 0.750 7.375% 07.09.22 1
Slide 26: Credit ratings peer comparison (holding company)
Credit ratings peer comparison Long-term senior unsecured debt – holding company, as of 27.10.26 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
Slide 27: Credit ratings peer comparison (operating company)
Credit ratings peer comparison Long-term senior unsecured debt – operating company, as of 27.10.26 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 neg
Slide 28: 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+/Stable Long-term Aa2/Stable A+/Stable AA/ Stable UBS AG Short-term P-1 A-1 F1+ Long-term A+/Stable AA/ Stable UBS Switzerland AG Short-term A-1 F1+ Long-term Aa3/Stable A+/Stable AA/ Stable UBS Europe SE Sho
Slide 29: Legal structure of the UBS Group
Legal structure of the UBS Group As of 30.9.26 1 Other non-US subsidiaries are held either directly or indirectly by UBS AG; 2 Name has been changed in connection with the conversion to a US national bank on 20 March 2026; 3 Of which 99% directly 28 held by UBS Americas Inc. and 1% held by UBS Ameri
Slide 30: Appendix
Appendix Group balance sheet and credit quality 3Q26 financial results 29
Slide 31: 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 32: Net profit 2.7bn driven by PBT growth across our businesses
Net profit 2.7bn driven by PBT growth across our businesses Profits m Underlying o/w (346m) from repurchase of legacy CS debt1 259 67 4,077 161 17 o/w tax: (887m) 199 (215) (38) 3,590 3,587 (452) ~0.5bn expected 2,690 in 4Q26 (897) 3Q25 GWM P&C AM IB NCL Group Items 3Q26 Non- Non- 3Q26 Tax 3Q26 PBT
Slide 33: UBS Group results
UBS Group results Reported, USD m, except where indicated 3Q26 2Q26 1Q26 4Q25 3Q25 Total revenues 13,350 13,700 14,243 12,145 12,760 Credit loss expense / (release) 114 121 70 159 102 Operating expenses 9,648 9,986 10,333 10,286 9,831 Operating profit / (loss) before tax 3,587 3,594 3,841 1,700 2,82
Slide 34: 3Q26 overview of financial performance by business division
3Q26 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 13,350 7,002 2,360 780 3,239 764 (795) of which: PPA effects and other integration items1 (38) 104 174 21 0 (337)2 Total revenues (underlying)
Slide 35: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 3Q26 2Q26 3Q25 QoQ YoY Underlying 3Q26 Total revenues 6,898 6,997 6,410 (1%) +8% PBT 1,972m, +11% YoY, +25% YoY excluding litigation Net interest income 1,755 1,750 1,631 0% +8% Total revenues 6,898m, +8% YoY Recurring net fee income
Slide 36: 3Q26 Global Wealth Management results by region
3Q26 Global Wealth Management results by region Americas APAC EMEA Switzerland 3Q26 3Q25 YoY 3Q26 3Q25 YoY 3Q26 3Q25 YoY 3Q26 3Q25 YoY Underlying revenues, m 3,380 3,097 9% 1,107 1,035 7% 1,295 1,203 8% 1,126 1,045 8% Net interest income, m 575 527 9% 359 349 3% 425 378 13% 409 371 10% Recurring net
Slide 37: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 3Q26 2Q26 3Q25 QoQ YoY Underlying 3Q26 Total revenues 1,787 1,741 1,724 +3% +4% PBT 813m, +22% YoY Net interest income 942 918 919 +3% +2% Total revenues 1,787m, +4% YoY Recurring net fee income 381 358 351 +6% +8% − NII +2%
Slide 38: Asset Management
Asset Management Underlying USD m, except where indicated 3Q26 2Q26 3Q25 QoQ YoY Underlying 3Q26 Total revenues 780 756 843 +3% (7%) PBT 300m, +6% YoY Net management fees 767 731 755 +5% +2% Performance fees 16 25 Total revenues 780m, (7%) YoY on lower performance 87 (37%) (82%) fees mainly reflecti
Slide 39: Investment Bank
Investment Bank Underlying USD m, except where indicated 3Q26 2Q26 3Q25 QoQ YoY Underlying 3Q26 PBT 854m; revenues +6% YoY; RoAE 17.7% with RWA Total revenues 3,218 3,701 3,025 (13%) +6% +3% YoY and LRD flat YoY Global Banking 670 693 844 (3%) (21%) Advisory 181 184 324 (1%) (44%) Global Banking rev
Slide 40: Group Items
Group Items 3Q26 (138) (346m) − Reported PBT (740m) driven by liability management exercise from LME1 (LME) and losses related to group hedging and own debt (403) (265) − 9.8bn of legacy Credit Suisse debt repurchased resulting in a net reported loss of 346m1 − 265m net loss related to hedging and o
Slide 41: Capturing final synergies from the integration
Capturing final synergies from the integration Illustrative key milestone timeline (examples) 1Q26 2Q26 3Q26 4Q26 Client account migrations 85% 100% migrated migrated Application decommissioning 73% 78% 88% 96% 100% % decommissioned NCL apps NCL apps NCL apps NCL apps NCL apps Infrastructure and leg
Slide 42: 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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