Slide 1: Fourth quarter 2025 Financial results and investor update
Fourth quarter 2025 Financial results and investor update 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 4Q25 results Investor update Q&A Sergio P. Ermotti, Group CEO Todd Tuckner, Group CFO 2
Slide 4: 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 5: 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 6: 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 7: 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 42 for full Q
Slide 8: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 4Q25 3Q25 4Q24 QoQ YoY Underlying 4Q25 Total revenues 6,580 6,410 5,942 +3% +11% PBT 1,558m, +36% YoY Net interest income 1,702 1,631 1,657 +4% +3% Total revenues 6,580m, +11% YoY Recurring net fee income 3,566 3,475 3,262 +3% +9% − N
Slide 9: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 4Q25 3Q25 4Q24 QoQ YoY Underlying 4Q25 Total revenues 1,692 1,724 1,810 (2%) (7%) PBT 543m, (5%) YoY Net interest income 899 919 994 (2%) (10%) Total revenues 1,692m, (7%) YoY Recurring net fee income 339 351 357 (3%) (5%) −
Slide 10: Asset Management
Asset Management Underlying USD m, except where indicated 4Q25 3Q25 4Q24 QoQ YoY Underlying 4Q25 Total revenues 800 843 766 (5%) +4% PBT 268m, +20% YoY, +41% excluding net gains and losses from disposals Net management fees 790 755 709 +5% +11% Performance fees 39 87 44 (55%) (12%) Net gain / (loss)
Slide 11: Investment Bank
Investment Bank Underlying USD m, except where indicated 4Q25 3Q25 4Q24 QoQ YoY Underlying 4Q25 Total revenues 2,885 3,025 2,547 (5%) +13% PBT 703m; revenues +13% YoY Global Banking 687 844 675 (19%) +2% Global Banking revenues +2% YoY Advisory 266 324 260 (18%) +2% − Advisory +2% largely driven by
Slide 12: Non-core and Legacy
Non-core and Legacy Underlying USD m, except where indicated 4Q25 3Q25 4Q24 QoQ YoY Underlying 4Q25 PBT (224m) Total revenues (10) (42) (58) Credit loss expense / (release) (12) 6 6 Total revenues (10m) including funding costs, partly offset by position marks and net gains on disposals Operating exp
Slide 13: 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 14: Increased profitability across our globally diversified franchise
Increased profitability across our globally diversified franchise Underlying profit before tax excluding litigation across core businesses1 bn APAC EMEA Switzerland Americas +9% 5.1 +47% 4.7 2.8 +14% +42% 2.2 1.9 1.9 2.0 1.3 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 1 Underlying PBT excluding NCL and
Slide 15: Investor update
Investor update 36 UBS
Slide 16: 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 17: 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 18: 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 19: Committed to our global, diversified model weighted towards asset gathering
Committed to our global, diversified model weighted towards asset gathering Outstanding client Business mix, Regional mix, franchises with Revenues1 Revenues2 differentiated capabilities APAC IB Disciplined risk and cost Americas management ~60% EMEA 48bn Balance sheet for all GWM + AM GWM + seasons
Slide 20: 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 21: Secular trends shaping our industry support our long-term growth
Secular trends shaping our industry support our long-term growth Delivering for our clients Wealth creation, migration, >83trn Global connectivity, longevity and inter- expected to be transferred over local expertise generational wealth transfers next 20-25 years1 Growth in alternatives and 3.4x Dif
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: Capital generative business model supports our capital return policy
Capital generative business model supports our capital return policy Capital returns1 Dividends bn 7.3 − USD 1.10 ordinary dividend per share, +22% YoY, to be proposed for FY25 6.4 − Accruing for mid-teens percent increase in dividend per share in 2026 3.0 − Committed to a progressive dividend per s
Slide 29: 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 30: Financials
Investor update: Financials 29
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 cu
Slide 37: Appendix
Appendix 36
Slide 38: 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 39: 4Q25 overview of financial performance by business division
4Q25 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 12,145 6,695 2,286 800 2,946 (8) (575) of which: PPA effects and other integration items1 20 135 226 61 2 (404)2 of which: loss related to an i
Slide 40: FY25 overview of financial performance by business division
FY25 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 49,573 25,960 9,154 3,156 12,340 154 (1,190) of which: PPA effects and other integration items1 1,892 624 1,016 5702 4 (323)3 of which: loss re
Slide 41: 4Q25 Global Wealth Management results by region
4Q25 Global Wealth Management results by region Americas APAC EMEA Switzerland 4Q25 4Q24 YoY 4Q25 4Q24 YoY 4Q25 4Q24 YoY 4Q25 4Q24 YoY Underlying revenues, m 3,214 2,937 9% 972 842 15% 1,240 1,150 8% 1,076 1,004 7% Net interest income, m 547 495 10% 361 359 1% 401 416 (4%) 399 391 2% Recurring net f
Slide 42: FY25 Global Wealth Management results by region
FY25 Global Wealth Management results by region Americas APAC EMEA Switzerland FY25 FY24 YoY FY25 FY24 YoY FY25 FY24 YoY FY25 FY24 YoY Underlying revenues, m 12,243 11,263 9% 3,988 3,612 10% 4,855 4,677 4% 4,201 4,083 3% Net interest income, m 2,087 1,934 8% 1,325 1,335 (1%) 1,532 1,643 (7%) 1,489 1
Slide 43: 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 44: 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 2023-2025 releases at 31.12.25 2026 2027 2028+ as of 12.6.23 (close) to be recognized2,3 FX r
Slide 45: Invested asset split
Invested asset split Global Wealth Management Asset Management 4Q25 4Q25 4,753bn 4,753bn 2,098bn 2,098bn Hedge Funds 3% 11% Others 4% 10% Other Other 16% Associates 5 8% 5% GBP 9% CHF Real Estate & 5 Alternatives 6% Private Markets 8% 14% EUR MM instruments 6% 11% EUR Money market Cash 9% Multi-asse
Slide 46: 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 47: 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 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