Annual Report highlights

The excellent integration progress we have made during 2025, makes us confident in our ability to substantially complete the integration and capture remaining synergies by-end 2026. We have successfully migrated ~85% of some 1.1 million client accounts booked in Switzerland throughout the year.

In 2025, we reported a net profit of USD 7.8 billion, up 53% YoY, a reported profit before tax of USD 8,853 million, up 30% YoY, and USD 11,729 million, up 33% YoY, on an underlying basis. Our reported return on CET1 capital was 10.8% and 13.7% on an underlying basis. We also attracted USD 101 billion of net new assets in Global Wealth Management and USD 30.4 billion of net new money in Asset Management, which both supported total invested assets to exceed the USD 7 trillion mark for the first time.

Our cumulative gross cost savings were USD 10.7 billion by end-2025, including USD 3.2 billion of Group wide gross cost savings achieved in 2025. We have also identified an additional USD 0.5 billion of savings, which will result in expected cumulative gross cost savings of USD ~13.5 billion by year-end 2026, exceeding our previous guidance of USD ~13 billion.
We also made progress in de-risking our balance sheet. We have further reduced the drag from the NCL unit on our Group results as we continued to wind-down non-strategic positions and reduce its exposures in 2025. Since the second quarter of 2023, we have reduced NCL risk-weighted assets by 67% and underlying operating expenses, excluding litigation, by 80% compared with the full-year 2022 combined baseline.

Our capital position remains strong with a Group CET1 capital ratio of 14.4% and a Group CET1 Leverage Ratio of 4.4%. Total loss absorbing capacity was USD 187 billion and our LCR was 183% by year-end.

For 2026, we plan to accrue for a mid-teens percent increase in dividend per share. We also intend to repurchase USD 3 billion of shares in 2026 with the aim to do more. The amount of additional buybacks is subject to further clarity around the future regulatory regime in Switzerland, our financial performance, and maintaining a CET1 capital ratio of ~14%.

Beyond 2026, we intend to continue to pursue a progressive dividend complemented by share repurchases that will be calibrated based on our financial results, our capital ratio and the final outcome and timing of the implementation of the new regulatory regime in Switzerland.