Ubs Group Ag · SIX:UBSG
Ubs — Q3 2026 Earnings Presentation
28 slides from Ubs's earnings presentation, Oct 28, 2026
Slide 1: Third quarter 2026 Financial results
Third quarter 2026 Financial results 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 Key Financial Q&A messages performance Sergio P. Ermotti, Group CEO Todd Tuckner, Group CFO 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: Financial performance
Financial performance Todd Tuckner, Group CFO 4
Slide 6: 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 7: 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 8: 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 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 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 9M26 reported Underlying cost / income 72%1 91% 80% 74%3 70% ratio 1 Reported basis; 2 11.
Slide 18: Appendix
Appendix 17
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 2023-3Q26 releases at 30.9.26 4Q26 2027 2028 2029+ as of 12.6.23 (close) to be recognized2,3
Slide 26: 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 27: 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 28: 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