Ubs Group Ag · SIX:UBSG
Ubs — Q2 2025 Earnings Presentation
29 slides from Ubs's earnings presentation, Jul 30, 2025
Slide 1: Second quarter 2025 Financial results
Second quarter 2025 Financial results 30 July 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 Strong 2Q25 and 1H25 financial performance on continued client momentum and progress on integration; 2Q25 net profit 2.4bn, underlying profit before tax 2.7bn, underlying RoCET1 15.3%; 1H25 net profit 4.1bn, underlying profit before tax 5.3bn, underlying RoCET1 13.3% Franchise strength
Slide 5: Financial performance
Financial performance Todd Tuckner, Group CFO 4
Slide 6: 2Q25 profitability driven by strong core revenue growth and positive jaws
2Q25 profitability driven by strong core revenue growth and positive jaws Underlying, bn Revenues Operating expenses Profit before tax Underlying 2Q25 +4% PBT 2.7bn 11.5 (3%) 11.1 Core: +8% 9.0 8.7 RoCET1 15.3% Core: +3% +30% Cost / 75.4% income 2.7 Core: 11.6 2.1 +25% Reported 10.7 8.8 8.5 2.7 Net
Slide 7: Net profit 2.4bn while integration continues at pace
Net profit 2.4bn while integration continues at pace Profits m Underlying ~0.4bn expected in 3Q251 565 +30% o/w tax benefit: 183 2,683 +209m 81 114 202 2,395 282 2,193 2,060 (26) (12) (1,055) ~1.1bn expected in 3Q25 2Q24 GWM P&C AM IB NCL Group Items 2Q25 Non- Non- 2Q25 Tax 2Q25 PBT PBT underlying u
Slide 8: Achieved 70% of gross cost save ambition, on track to achieve end-2026 target
Achieved 70% of gross cost save ambition, on track to achieve end-2026 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 (~11%) /
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 2Q25 1Q25 2Q24 QoQ YoY 2Q25 1Q25 2Q24 QoQ YoY Total assets 1,670 1,543 1,561 +8% +7% Regulatory capital o/w: Cash and balances at central banks 236 231 248 +2% (5%) CET1 ca
Slide 10: Maintaining a strong capital position
Maintaining a strong capital position CET1 capital ratio CET1 capital, bn 69.2 1.8 (0.8) 2.3 n/a 0.2 72.7 0.4% − RWA 504.5bn, +21.2bn QoQ, driven (0.2%) 0.0% 14.4% by currency effects (0.1%) 14.3% (0.1%) − CET1 leverage ratio 4.4%, flat QoQ, +2.3bn impact on with LRD 1,658bn, +96.5bn QoQ, CET1 and +
Slide 11: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 Total revenues 6,156 6,253 5,820 (2%) +6% PBT 1,443m, +24% Net interest income 1,557 1,549 1,586 +1% (2%) Total revenues 6,156m, +6% Recurring net fee income 3,351 3,279 3,104 +2% +8% −
Slide 12: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 Total revenues 1,696 1,705 1,838 0% (8%) PBT 557m, (14%) Net interest income 907 923 1,024 (2%) (11%) Total revenues 1,696m, (8%) Recurring net fee income 357 357 357 0% 0% − N
Slide 13: Asset Management
Asset Management Underlying USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 Total revenues 772 741 768 0% PBT 216m, (5%), +8% excl. 2Q24 net gain from disposals +4% Net management fees 733 713 711 +3% +3% Total revenues 772m, flat YoY, +4% excl. 2Q24 net gain Performanc
Slide 14: Investment Bank
Investment Bank Underlying USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY Underlying 2Q25 vs. 2Q24 PBT 526m; record 2Q revenues1, +13% Total revenues 2,815 3,045 2,493 (8%) +13% Global Banking 521 564 668 (8%) (22%) Global Banking revenues (22%) Advisory 192 221 239 (13%) (19%) − Advisory (19%
Slide 15: Non-core and Legacy
Non-core and Legacy Underlying Underlying 2Q25 vs. 2Q24 USD m, except where indicated 2Q25 1Q25 2Q24 QoQ YoY PBT 1m Total revenues (83) 284 401 Credit loss expense / (release) (2) 7 (1) Total revenues (83m) mainly driven by funding costs Operating expenses (83) 477 481 Credit loss expense (2m) Profi
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 (62%) ~6.1 86 83% books closed Operational since June 2023 30 Risk Target: >95% by YE26 33 56% 2.0 Credit and 56 <28 IT apps decommissioned ~1.6 market risk3 ~22 since June 2
Slide 17: Continuing to make progress towards our 2026 exit rate targets
Continuing to make progress towards our 2026 exit rate targets Group underlying return on CET1 capital Capital guidance 11% excl. 1H25 litigation and 17% applying a normalized tax rate2 ~15% 13% ~14% CET1 capital 9% ratio 3% >4.0% CET1 leverage FY22, 2H23 FY24 1H25 2026e ratio reported exit rate Und
Slide 18: Appendix
Appendix 17
Slide 19: UBS Group results
UBS Group results USD m, except where indicated 2Q25 1Q25 4Q24 3Q24 2Q24 Total revenues 12,112 12,557 11,635 12,334 11,904 Credit loss expense / (release) 163 100 229 121 95 Operating expenses 9,756 10,324 10,359 10,283 10,340 Operating profit / (loss) before tax 2,193 2,132 1,047 1,929 1,469 Tax ex
Slide 20: 2Q25 overview of financial performance by business division
2Q25 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 12,112 6,300 2,336 772 2,966 (82) (180) of which: PPA effects and other integration items1 596 153 274 152 1 17 of which: loss related to an in
Slide 21: 2Q25 Global Wealth Management results by region
2Q25 Global Wealth Management results by region Americas APAC EMEA Switzerland 2Q25 2Q24 YoY 2Q25 2Q24 YoY 2Q25 2Q24 YoY 2Q25 2Q24 YoY Underlying revenues, m 2,929 2,761 6% 947 903 5% 1,234 1,159 6% 1,049 1,003 5% Net interest income, m 500 477 5% 304 323 (6%) 382 403 (5%) 374 389 (4%) Recurring net
Slide 22: Overview of capital requirements and ratios
Overview of capital requirements and ratios 191.2bn 37.9% 11.5% Gone concern: 99.4bn Gone concern: 19.7% Gone concern: 6.0% Total loss-absorbing capacity: 25.7% Total loss-absorbing capacity: 8.75% Going concern: 91.7bn Going concern: 18.2% Going concern: 5.5% o/w CET1 o/w CET1 Going concern: 14.9%
Slide 23: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk weighted assets bn +4% 18.6 504.5 483.3 3.2 0.4 0.0 (0.9) 1Q25 Credit and Non-counterparty- Market risk Operational risk Currency effects 2Q25 counterparty credit risk related risk Leverage ratio denominator bn +6% 318.5 88.1 1,658.1 1,561.6 6.7 2.9 (0.2) (1.1) 1Q25 On-bala
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 2023–2Q25 releases at 30.6.25 3Q-4Q25 2026 2027+ as of 12.6.23 (close) to be recognized2 FX r
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: Underlying revenue and expense currency mix
Underlying revenue and expense currency mix Underlying revenues1 Underlying operating expenses1,2 % % 9 9 4 4 17 16 12 5 11 12 1 11 19 18 10 2 4 3 3 4 7 2 9 12 3 2 12 11 2 13 5 23 17 31 4 26 20 26 9 19 83 82 68 62 59 50 53 53 52 47 48 7 8 GWM P&C AM IB Group GWM P&C AM IB NCL3 Group USD CHF GBP EUR
Slide 27: Proposals would make UBS a pronounced outlier among G-SIBs
Proposals would make UBS a pronounced outlier among G-SIBs Minimum CET1 ratio requirements1 UBS Group AG vs. peers UBS de-facto minimum of ~19% based on current proposal, or ~17% after proposed DTA, software and PVA ~19% deductions from regulatory capital2 ~11.5% reflecting market share add-on as in
Slide 28: Proposed rules are not internationally aligned
Proposed rules are not internationally aligned Basel 3 standards Current rules Proposal Deferred tax Recognized up to a In line with Basel Full CET1 deduction – In line with Basel In line with Basel In line with Basel assets on threshold of 10% of CET1 standards not in line with Basel standards stan
Slide 29: 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