Ubs Group Ag · SIX:UBSG
Ubs — Debt Investor Presentation (July 2026)
42 slides from Ubs's debt investor presentation, Jul 29, 2026
Slide 1: Second quarter 2026 Fixed Income investor presentation
Second quarter 2026 Fixed Income investor presentation This document should be read in conjunction with UBS Group 30 June 2026 Interim Report and earnings presentation, as well as the UBS Group Annual Report 2025 29 July 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 2Q26 financial performance Group balance sheet Slides 3-7 Slides 8-16 2
Slide 4: Key messages
Key messages Strong 2Q26 and 1H26 financial performance; 2Q26 net profit 2.8bn, underlying RoCET1 16.4%; 1H26 net profit 5.8bn, underlying RoCET1 16.7%, underlying cost / income ratio 70.1% Robust client momentum across our businesses; 7.3trn invested assets with 1H26 GWM NNA 73bn and AM NNM 20bn, 2
Slide 5: Underlying PBT +45% on strong revenue growth and operating leverage
Underlying PBT +45% on strong revenue growth and operating leverage Underlying, bn Revenues Operating expenses Profit before tax Underlying 2Q26 (7%) excl. litigation, variable and FA compensation, and FX +16% PBT 3.9bn 13.3 +7% Core: 9.3 RoCET1 16.4% 11.5 +14% 8.7 Core: +5% +45% Cost / income 70.0%
Slide 6: On track to deliver ~13.5bn gross cost saves by YE26
On track to deliver ~13.5bn gross cost saves by YE26 Cumulative annualized exit rate Underlying Cumulative integration- gross cost reductions operating expenses related expenses3 USD bn USD bn USD bn +1.1bn in 2Q26 ~13.5 ~40.6 14.8 12.6 36.6 13.4 35.6 10.7 (~28%) / (~9.0bn) at constant FX 14.2 ~15 ~
Slide 7: Nearing completion of NCL wind-down
Nearing completion of NCL wind-down Underlying Underlying operating expenses excl. litigation USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY bn (88%) ~6.1 Total revenues 44 (11) (83) Now expecting Credit loss expense / (release) 0 (74) (2) ~0.4bn 0.7 ~0.5 ~0.2 Operating expenses 96 160 (83) (4
Slide 8: 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 1H26 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 2Q26 1Q26 2Q25 QoQ YoY USD bn, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Total assets 1,707 1,687 1,670 +1% +2% Regulatory capital o/w: Cash and balances at central banks 216 225 236 (4%) (9%) CET1 c
Slide 11: Capital generation and resource discipline while delivering on returns ambitions
Capital generation and resource discipline while delivering on returns ambitions CET1 capital ratio CET1 capital, bn 73.3 3.0 (3.9) (0.3) n/a 0.4 72.5 0.6% − RWA 504bn, +4bn QoQ 14.7% 0.1% 14.4% − 3bn buyback reserve for new program (0.8%) (0.0%) (0.2%) reflected in CET1 capital − CET1 leverage rati
Slide 12: Funding overview
Funding overview Group funding USD bn, as of period-end 1,329 1,191 1,248 1,265 2Q26, QoQ 1% 1% 100% 2% 100% − (3.1bn), mainly driven by the 2025 dividend payment 89bn of 3.4bn and share buybacks in the quarter partly shareholder equity offset by net profits of 2.8bn 60% 63% 63% 62% 371bn − Of which
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 30.6.26
Slide 14: Long-term wholesale funding diversification
Long-term wholesale funding diversification Group funding 2Q26 Total long-term wholesale funding: 156bn Covered Bonds Other <1 year CHF 7% 9% 16% 5% OpCo >5 years 15% 33% By By By source EUR maturity1 1-3 years 30% currency USD HoldCo 24% AT1 59% 61% 14% 3-5 years 26% 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 361 332 319 359 347 332 334 342 Net cash outflows2, bn 181 176 176 197 190 182 188 193 3 199% 188% 181% 182% 182% 183% 178% 177% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q2
Slide 16: Deposits
Deposits A well diversified deposit base 2Q26 Total deposits: 785bn Other 9% Time EUR deposits Demand 9% 32% 33% USD P&C 38% 40% By By By client type currency segment GWM 60%1 Sweeps 5% CHF Retail savings 44% 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, 2Q26 Other3 10% Corporates2 8% − 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 2Q26 financial results 17
Slide 19: Balance sheet
Balance sheet 2Q26 1,707 1,707 1. Cash and balances at central banks 71 a a. Short-term borrowings2,3 20 and amounts due from banks 1 237 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)3 USD m On balance sheet 2Q25 3Q25 4Q25 1Q26 2Q26 GWM 3 7 32 9 (2) 29% 29% P&C 114 72 101 70 76 IB 48 17 34 65 45 28% NCL (2) 6 (12) (74) 0 27% Other1 0 0
Slide 21: Overview of capital requirements and ratios
Overview of capital requirements and ratios 193.6bn 38.4% 11.7% Gone concern: 97.7bn Gone concern: 19.4% Gone concern: 5.9% Total loss-absorbing capacity: 8.88% Total loss-absorbing capacity: 26.1% Going concern: 96.0bn Going concern: 19.0% Going concern: 5.8% Going concern: 5.08% Going concern: 15.
Slide 22: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk-weighted assets bn 1% 7.7 0.0 503.9 500.4 (1.9) (2.0) (0.2) 1Q26 Credit and Non-counterparty- Market risk Operational risk Currency effects 2Q26 counterparty credit risk related risk Leverage ratio denominator bn (0%) 318.5 17.4 1.9 1,653.5 1,649.8 (12.9) (0.8) (9.4) 1Q26 O
Slide 23: Issuances – 2026 year-to-date (1/2)
Issuances – 2026 year-to-date (1/2) ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US902613BV99 AT1 USD 1.500 6.625% 08.01.26 08.01.31 US902613BW72 AT1 USD 1.500 7.000% 08.01.26 08.01.36 CH1512676888 HoldCo EUR 1.500 3.125% 13.01.26 13.02.30 CH1512676896 HoldCo EUR 1.
Slide 24: Issuances – 2026 year-to-date (2/2)
Issuances – 2026 year-to-date (2/2) ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US90261AAF93 OpCo USD 0.500 SOFR + 81bps 16.03.26 16.03.28 US90261AAG76 OpCo USD 1.300 4.302% 16.03.26 16.03.28 US90261AAH59 OpCo USD 1.250 4.632% 16.03.26 16.02.31 AU3FN0109021 OpCo AU
Slide 25: Redemptions – 2026 year-to-date (1/2)
Redemptions – 2026 year-to-date (1/2) ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity XS2345982362 OpCo EUR 1.328 0.250% 21.05.21 05.01.26 US902613AU26 HoldCo USD 1.750 5.711% 12.01.23 12.01.26 US902613AC28 HoldCo USD 1.300 1.364% 30.07.20 30.01.26 US225401AT54 HoldCo
Slide 26: Redemptions – 2026 year-to-date (2/2)
Redemptions – 2026 year-to-date (2/2) ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity AU3FN0077962 OpCo AUD 0.600 BBSW + 130bps 12.05.23 12.05.26 CH0336602930 HoldCo EUR 1.250 1.250% 01.09.16 01.06.26 US902674ZZ69 OpCo USD 1.000 1.250% 01.06.21 01.06.26 US902613AG32 AT
Slide 27: Credit ratings peer comparison
Credit ratings peer comparison Long-term senior unsecured debt – holding company, as of 28.7.26 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 28: Credit ratings peer comparison
Credit ratings peer comparison Long-term senior unsecured debt – operating company, as of 28.7.26 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 nega
Slide 29: 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 30: Legal structure of the UBS Group
Legal structure of the UBS Group As of 30.6.26 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 29 held by UBS Americas Inc. and 1% held by UBS Ameri
Slide 31: Appendix
Appendix Group balance sheet and credit quality 2Q26 financial results 30
Slide 32: 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 20
Slide 33: Net profit 2.8bn driven by PBT growth across our businesses
Net profit 2.8bn driven by PBT growth across our businesses Profits m Underlying ~0.25bn expected in 3Q26 352 636 3,887 o/w tax: (782m) (53) (127) 3,594 174 20 554 (645) ~0.4bn expected 2,800 2,683 in 3Q26 (793) 2Q25 GWM P&C AM IB NCL Group Items 2Q26 Non- Non- 2Q26 Tax 2Q26 PBT PBT underlying under
Slide 34: UBS Group results
UBS Group results Reported, USD m, except where indicated 2Q26 1Q26 4Q25 3Q25 2Q25 Total revenues 13,700 14,243 12,145 12,760 12,112 Credit loss expense / (release) 121 70 159 102 163 Operating expenses 9,986 10,333 10,286 9,831 9,756 Operating profit / (loss) before tax 3,594 3,841 1,700 2,828 2,19
Slide 35: 2Q26 overview of financial performance by business division
2Q26 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 13,700 7,112 2,399 756 3,727 43 (338) of which: PPA effects and other integration items1 352 114 196 26 (1) 17 Total revenues (underlying) 13,3
Slide 36: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 6,997 6,981 6,156 0% +14% PBT 1,997m, +38% YoY Net interest income 1,750 1,729 1,557 +1% +12% Total revenues 6,997m, +14% YoY Recurring net fee income 3,711 3,617 3,351 +3% +11% −
Slide 37: 2Q26 Global Wealth Management results by region
2Q26 Global Wealth Management results by region Americas APAC EMEA Switzerland 2Q26 2Q25 YoY 2Q26 2Q25 YoY 2Q26 2Q25 YoY 2Q26 2Q25 YoY Underlying revenues, m 3,364 2,929 15% 1,152 947 22% 1,328 1,234 8% 1,135 1,049 8% Net interest income, m 569 500 14% 363 304 20% 415 382 9% 407 374 9% Recurring net
Slide 38: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 1,741 1,756 1,696 (1%) +3% PBT 676m, +21% YoY Net interest income 918 900 907 +2% +1% Total revenues 1,741m, +3% YoY Recurring net fee income 358 348 357 +3% 0% − NII +1%
Slide 39: Asset Management
Asset Management Underlying USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 756 772 772 (2%) (2%) PBT 237m, +9% YoY Net management fees 731 755 733 (3%) (0%) Performance fees 25 17 39 +46% (35%) Total revenues 756m, (2%) YoY on lower performance and Net gain / (lo
Slide 40: Investment Bank
Investment Bank Underlying USD m, except where indicated 2Q26 1Q26 2Q25 QoQ YoY Underlying 2Q26 Total revenues 3,701 3,986 2,815 (7%) +31% PBT 1,162m; revenues +31% YoY; RoAE 23.5% Global Banking 693 733 521 (6%) +33% Global Banking revenues +33% YoY Advisory 184 238 192 (23%) (5%) − Advisory (5%) o
Slide 41: Capturing final synergies from the integration
Capturing final synergies from the integration Illustrative key milestone timeline (examples) 1Q26 2Q26 2H26 Client account migrations 85% 100% migrated migrated Application decommissioning 73% 78% 88% 100% % decommissioned NCL apps NCL apps NCL apps NCL apps Infrastructure and legal entities Decoup
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