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Quarterly reporting

UBS financial information

Third quarter

UBS’s third-quarter 2026 results

UBS Group CEO Sergio Ermotti comments on our results for the third-quarter of 2026.

In an increasingly complex market environment, our strong third-quarter performance once again demonstrated the benefits of our diversified global business model and disciplined execution.“
“The breadth and depth of our global franchise and our unwavering commitment to serving our clients were reflected in robust client momentum, including USD 55 billion of net new assets in Global Wealth Management, with particularly strong inflows in APAC and the Americas. Against the current backdrop, we are staying close to clients to help them navigate the market conditions and capture opportunities.”
“UBS remains strategically committed to its diversified business model and its global and regional footprint. As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term competitive position.

Sergio P. Ermotti

UBS Group CEO

Selected financials for 3Q26

USD 2.7bn

Net profit

14.8%

RoCET1 capital

USD 3.6bn

Profit before tax

72.3%

Cost/income ratio

14.7%

CET1 capital ratio

USD 0.85

Diluted EPS

16.7%

Underlying1 RoCET1 capital

USD 4.1bn

Underlying1

profit before tax

68.7%

Underlying1 cost/income ratio

4.6%

CET1 leverage ratio

Highlights

  • Strong financial performance with 3Q26 PBT of USD 3.6bn and underlying PBT of USD 4.1bn, net profit of USD 2.7bn, RoCET1 of 14.8% and underlying RoCET1 of 16.7%
  • On track to exceed our 2026 underlying RoCET1 exit rate target and achieve our underlying cost/income ratio target; 9M26 underlying RoCET1 of 16.7% and underlying cost/income ratio of 69.6%
  • Robust client momentum across our businesses; 3Q26 Global Wealth Management (GWM) net new assets of USD 55.1bn; record USD 12.5bn in client commitments in the quarter in UGA across GWM and Asset Management; Personal & Corporate Banking net new investment products growth rate of 7%; underlying Global Markets revenues up 17% YoY
  • Integration on track for completion by year-end; decommissioning plans close to completion, with nearly all legacy applications in scope no longer in use and ~90% already fully decommissioned. Delivered an additional USD 0.6bn in gross cost savings in 3Q26; cumulative gross cost savings up to USD 13.2bn; now expect to reach a total of USD ~13.7bn in savings by end-2026, above our previous ambition of USD ~13.5bn
  • A reliable partner for the Swiss economy; granted or renewed CHF ~40bn of loans to Swiss businesses and households in 3Q26 as we continue to support clients with our leading credit offering and unique global capabilities and footprint; Personal & Corporate Banking 3Q26 net new loans of CHF 3.3bn
  • Strong capital position and balance sheet for all seasons; CET1 capital ratio of 14.7% and CET1 leverage ratio of 4.6%; continued to accrue for mid-teens percentage growth in dividend and execute on our USD 3bn share repurchase program. We intend to complete the buyback program by the time we report 4Q26 results2
  • Strategically committed to our diversified, global franchise and footprint, investing in technology, global capabilities and talent to drive long-term, sustainable growth and higher returns; contributing to fact-based deliberations on the Swiss capital framework

Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.
1 In this news release the term underlying refers to underlying results which exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the UBS Group third quarter 2026 report for a reconciliation of underlying to reported results and definitions of the APMs;
2 The amount and pace of share repurchases will remain subject to our short-term financial performance and outlook, maintaining a CET1 capital ratio of around 14% and further visibility on the deliberations by the Swiss Parliament on the capitalization of foreign subsidiaries.

Third quarter 2026 performance overview

Strong financial performance driven by disciplined execution and commitment to serving clients

In 3Q26, we reported a profit before tax (PBT) of USD 3,587m and USD 4,077m on an underlying basis, up 27% YoY and 14% YoY, respectively, driven by higher underlying PBT across each of our core business divisions. The Group delivered the sixth consecutive quarter of positive operating leverage. Our performance this quarter continues to highlight the benefits of our diversified global business model and disciplined execution for our clients. 

Reported revenues were USD 13,350m, up 5% YoY. On an underlying basis, revenues increased by 10% to USD 13,387m, with a 3% YoY increase in revenues in our core businesses.

GWM underlying revenues increased 8% YoY to USD 6,898m, mainly driven by a 9% increase in recurring net fee income and 8% rise in net interest income. The Investment Bank delivered a record third quarter of underlying revenues, propelled by a 17% increase in Global Markets to USD 2,548m, led by a 22% increase in Equities, supported by higher client balances, market share gains and strong activity in Corporate Derivatives and Structured Products.

Group invested assets were USD 7.3trn. GWM net new assets for the quarter totaled USD 55.1bn, representing a 4.5% annualized growth rate, with positive contributions across all regions and led by APAC and the Americas. In the Americas, we continued to execute our strategy with discipline, driving growth and delivering further improvements in profitability. PBT increased by 28% YoY, and the PBT margin improved by over 2 percentage points YoY to 16%.

Our Unified Global Alternatives initiative across GWM and Asset Management saw a record USD 12.5bn in new commitments in the quarter with assets under management up to USD 371bn.

We remain a reliable partner for the Swiss economy continuing to support businesses and households with our global reach, advice and expertise. We granted or renewed CHF ~40bn of loans to businesses and households in 3Q26, underscoring our position as the leading provider of credit to the economy. Client momentum in Personal & Corporate Banking remained strong, with the franchise adding net new clients and delivering CHF 3.3bn in net new loans and CHF 1.8bn in net new deposits.

Integration firmly on track to be substantially completed by the end of this year

We continue to execute on the final stages of the integration. With USD 13.2bn of gross cost reductions already delivered, including USD 0.6bn in the third quarter, we expect to deliver a total of USD 13.7bn in cumulative gross cost savings, above our previous ambition of approximately USD 13.5bn.

As of 30 September 2026, nearly all of the legacy Credit Suisse IT applications in scope for decommissioning were no longer in use and around 90% of such applications had already been fully decommissioned.

With nine-month underlying return on CET1 of 16.7% and underlying cost/income ratio of 69.6%, we are also well positioned to outperform our 2026 exit rate return on CET1 capital target of ~15% and achieve our 2026 exit rate cost/income ratio target of <70% with potential for incremental improvement.

Strong capital position and balance sheet for all seasons

Our strong capital generation in the quarter further fortified our capital position with a CET1 capital ratio of 14.7% and a CET1 leverage ratio of 4.6%, both above our guidance of ~14% and >4.0%, respectively. We expect to end 2026 with a CET1 capital ratio at or very close to our target of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks.

Our performance allows us to continue deploying resources towards profitable growth opportunities, investing into our future, and delivering on our capital return ambitions. In the quarter we continued to accrue for mid-teens percentage growth in our dividend, and repurchased USD 1.8bn of shares. We plan to complete the USD 3bn program by the time we report our fourth quarter results. The amount and pace of share repurchases will remain subject to our short-term financial performance and outlook, maintaining a CET1 capital ratio of around 14% and further visibility on the deliberations by the Swiss Parliament on the capitalization of foreign subsidiaries.

We will communicate our 2027 capital return ambitions with our fourth-quarter and full-year financial results in February 2027.

Strategically investing in our franchise and footprint

We remain focused on investing in technology, including AI, as well as our capabilities and talent, to position UBS for the future as we enhance our client experience, further strengthen our infrastructure and increase efficiency.

We continue to progress our 9 large-scale, end-to-end transformational AI initiatives and build on our 608 live AI use cases in production (81% YoY increase, with another 1,090+ applications in development).

We also continue to provide our employees with the AI tools necessary to successfully deliver tangible outcomes for our clients and our business on a daily basis. Our employees are running over 12,700 AI personal agents to support them in their daily activities. Over 18,000 of our software developers are leveraging AI tools in the software development cycles, leading to measurable productivity gains. And, our award-winning STAAT tool has year-to-date generated over 30 million insights to be distributed to the Financial Advisor teams to help them even better advise their clients.

Our sustained commitment to building AI capabilities responsibly and at scale through our firm-wide investment in skills and tools was recognized externally – we’re the leading bank in Europe in the 2026 Evident AI Index for financial services and the only European bank in the global top 10. UBS was also recognized as the global leader in responsible AI and talent development.

Of special significance is our first place globally for Talent Development, which recognizes the firm-wide engagement in our AI Learning Journeys and enablement initiatives such as AI Power Hour, and our academic partnerships with Oxford and Dalle Molle Institute for Artificial Intelligence (IDSIA). These activities, combined with our investment in AI tools for employees across the firm, are ensuring we can all play an active role in developing and using meaningful AI skills and capabilities.

Outlook

As we enter the fourth quarter, investor sentiment remains measured amid elevated macroeconomic volatility, ongoing geopolitical tensions and political uncertainty, with consequential elections, including in the US.

For the fourth quarter, UBS expects a more typical sequential seasonal moderation in transaction volumes across its businesses. In Global Markets, the strong prior-year performance, which included a gain on disposal, may weigh on the year-on-year comparison. In Global Banking, we expect revenues to increase sequentially, based on the current pipeline and assuming constructive markets. Net interest income is expected to increase by a low-single-digit percentage sequentially in Global Wealth Management and increase slightly in Personal & Corporate Banking in Swiss franc terms.

We expect to end 2026 with a CET1 capital ratio at or very close to our target of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks.

UBS remains strategically committed to its diversified business model and its global and regional footprint. As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term competitive position.

UBS Group key figures

 

As of or for the quarter ended

As of or year-to-date

USD m, except where indicated

30.9.26

30.6.26

31.12.25

30.9.25

30.9.26

30.9.25

Group results

 

 

 

 

 

 

Total revenues

 13,350

 13,700

 12,145

 12,760

 41,293

 37,429

Credit loss expense / (release)

 114

 121

 159

 102

 305

 365

Operating expenses

 9,648

 9,986

 10,286

 9,831

 29,967

 29,911

Operating profit / (loss) before tax

 3,587

 3,594

 1,700

 2,828

 11,021

 7,153

Net profit / (loss) attributable to shareholders

 2,690

 2,800

 1,199

 2,481

 8,530

 6,568

Diluted earnings per share (USD)1

 0.85

 0.87

 0.37

 0.76

 2.66

 1.99

Profitability and growth2

 

 

 

 

 

 

Return on equity (%)3

 12.1

 12.3

 5.3

 11.1

 12.6

 10.0

Return on tangible equity (%)3

 13.1

 13.4

 5.8

 12.0

 13.6

 10.8

Underlying return on tangible equity (%)3,4

 14.9

 14.3

 10.5

 14.6

 14.6

 12.7

Return on common equity tier 1 capital (%)3

 14.8

 15.4

 6.6

 13.5

 15.7

 12.2

Underlying return on common equity tier 1 capital (%)3,4

 16.7

 16.4

 11.9

 16.3

 16.7

 14.4

Cost / income ratio (%)3

 72.3

 72.9

 84.7

 77.0

 72.6

 79.9

Underlying cost / income ratio (%)3,4

 68.7

 70.0

 75.2

 69.7

 69.6

 74.1

Effective tax rate (%)

 24.7

 21.8

 29.1

 12.0

 22.3

 7.8

Net profit growth (%)3

 8.4

 16.9

 55.6

 74.2

 29.9

 52.2

Resources2

 

 

 

 

 

 

Total assets

 1,655,168

 1,707,284

 1,617,427

 1,632,251

 1,655,168

 1,632,251

Equity attributable to shareholders

 88,613

 89,165

 90,213

 89,899

 88,613

 89,899

Common equity tier 1 capital5

 73,117

 72,464

 71,262

 74,655

 73,117

 74,655

Risk-weighted assets5

 496,111

 503,923

 493,397

 504,897

 496,111

 504,897

Common equity tier 1 capital ratio (%)5

 14.7

 14.4

 14.4

 14.8

 14.7

 14.8

Going concern capital ratio (%)5

 19.3

 19.0

 18.5

 18.8

 19.3

 18.8

Total loss-absorbing capacity ratio (%)5

 37.6

 38.4

 38.0

 39.5

 37.6

 39.5

Leverage ratio denominator5

 1,591,152

 1,649,751

 1,622,438

 1,640,464

 1,591,152

 1,640,464

Common equity tier 1 leverage ratio (%)5

 4.6

 4.4

 4.4

 4.6

 4.6

 4.6

Liquidity coverage ratio (%)6

 178.7

 177.3

 182.6

 182.1

 178.7

 182.1

Net stable funding ratio (%)

 114.8

 115.1

 116.1

 119.7

 114.8

 119.7

Other

 

 

 

 

 

 

Invested assets (USD bn)3,7

 7,328

 7,326

 7,005

 6,910

 7,328

 6,910

Internal and external personnel8

 109,990

 112,388

 119,589

 122,382

 109,990

 122,382

Internal personnel (full-time equivalents)

 97,593

 99,085

 103,177

 104,427

 97,593

 104,427

Market capitalization9

 157,911

 162,373

 155,760

 136,416

 157,911

 136,416

Total book value per share (USD)1

 29.24

 29.12

 29.18

 28.78

 29.24

 28.78

Tangible book value per share (USD)1

 27.00

 26.89

 26.93

 26.54

 27.00

 26.54

Credit-impaired lending assets as a percentage of total lending assets, gross (%)3

 1.0

 1.0

 0.9

 0.9

 1.0

 0.9

Cost of credit risk (bps)3

 7

 7

 9

 6

 6

 8

1 Refer to the “Share information and earnings per share” section of the UBS Group third quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information.

2 Refer to the “Targets, capital guidance and ambitions” section of the UBS Group Annual Report 2025, available under “Annual reporting” at ubs.com/investors, for more information about our performance targets.

3 Refer to “Alternative performance measures” in the appendix to the UBS Group third quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for the relevant definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to the UBS Group third quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information.

4 Refer to the “Group performance” section of the UBS Group third quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information about underlying results.

5 Based on the Swiss systemically relevant bank framework. Refer to the “Capital management” section of the UBS Group third quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information.

6 The disclosed ratios represent quarterly averages for each of the quarters presented and have been calculated based on an average of 66 data points in the third quarter of 2026, 60 data points in the second quarter of 2026, 64 data points in the fourth quarter of 2025 and 65 data points in the third quarter of 2025. Refer to the “Liquidity and funding management” section of the UBS Group third quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information.

7 Consists of invested assets for Global Wealth Management, Asset Management (including invested assets from associates) and Personal & Corporate Banking. Refer to “Note 30 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025, available under “Annual reporting” at ubs.com/investors, for more information.

8 Represents full-time equivalents for internal personnel and workforce count for external personnel.

9 The calculation of market capitalization reflects total shares issued multiplied by the share price at the end of the period.

Quarterly reporting archive

Second quarter

UBS’s second-quarter 2026 results

UBS Group CEO Sergio Ermotti comments on our results for the second-quarter of 2026.

Quarterly reporting archive

Key highlights

  • 2Q26 PBT of USD 3.6bn and underlying1 PBT of USD 3.9bn, net profit of USD 2.8bn,RoCET1 of 15.4% and underlying1 RoCET1 of 16.4%. Core businesses2 delivered 47% increase in underlying1 PBT YoY on a combined basis
  • 1H26 PBT of USD 7.4bn and underlying1 PBT of USD 7.9bn, net profit of USD 5.8bn, RoCET1 of 16.1% and underlying1 RoCET1 of 16.7%
  • Strong client momentum across our businesses;Global Wealth Management 2Q26 net new assets of USD 36bn and USD 73bn in 1H26, Asset Management 2Q26 net new money of USD 6bn and USD 20bn in 1H26; GWM 2Q26 underlying transaction-based income up 23% YoY and Investment Bank 2Q26 underlying revenues up 31% YoY
  • Integration on track for completion by YE26; decommissioning plans well advanced, with more than 90% of legacy applications no longer in use and ~70% already fully decommissioned. Delivered an additional USD 1.1bn in gross cost savings in 2Q26, bringing cumulative gross savings to USD 12.6bn and on track to deliver USD ~13.5bn by YE26
  • A reliable partner for the Swiss economy; granted or renewed CHF ~40bn of loans to Swiss businesses and households in 2Q26 as we continue to support clients with our leading credit offering and unique global capabilities and footprint; Personal & Corporate Banking 2Q26 net new loans of CHF 2.2bn and CHF 4.6bn in 1H26; positive net new clients in P&C in 2Q26
  • Maintaining strong capital position and balance sheet for all seasons; CET1 capital ratio of 14.4% and CET1 leverage ratio of 4.4%; accruing for mid-teens percentage growth in dividend and completed our latest share repurchase program in July; continuing with another share repurchase program of USD 3bn which we intend to complete at the latest by the end of 2Q27 and which is already reflected in our CET1 capital. We plan to repurchase at least USD 1bn of shares over the next three months3
  • Strategically investing in our franchise to drive long-term growth; continued investments in technology, global capabilities and talent while contributing to fact-based deliberations on the Swiss capital framework

Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.
1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the UBS Group 30 June 2026 Interim Report for a reconciliation of underlying to reported results and definitions of the APMs; 2 Includes Global Wealth Management, Personal & Corporate Banking, Asset Management, the Investment Bank and Group Items; 3 The amount and pace of share repurchases will remain subject to our short-term financial performance and outlook, maintaining a CET1 capital ratio of around 14% and further visibility on the deliberations by the Swiss Parliament on the capitalization of foreign subsidiaries.

First quarter

UBS’s first-quarter 2026 results

UBS Group CEO Sergio Ermotti comments on our results for the first-quarter of 2026.

Quarterly reporting archive

Key highlights

  • Excellent 1Q26 performance with net profit up 80% YoY to USD 3.0bn, return on CET1 capital (RoCET1) of 16.8% and underlying1 RoCET1 of 17.0%
  • Strong momentum with clients driving asset inflows and trading activity. Global Wealth Management (GWM) net new assets of USD 37bn, Asset Management net new money USD 14bn. GWM transaction-based income up 17% YoY; Investment Bank revenues up 27% YoY driven by record Global Markets and higher Global Banking
  • Successful completion of client account migrations following the transfer of all Swiss-booked clients onto UBS platforms, paving the way to substantially complete the integration by year-end and unlocking potential for further growth and efficiency gains. Delivered additional USD 0.8bn in cost reductions, bringing total cumulative savings to USD 11.5bn
  • A reliable partner for the Swiss economy; supporting clients with our leading credit offering and unique global capabilities and footprint. In 1Q26, granted or renewed CHF ~40bn of loans to Swiss businesses and households
  • Maintaining strong balance sheet and attractive capital returns supported by our capital-generative business model; CET1 capital ratio of 14.7% and 4.4% CET1 leverage ratio; accrued for mid-teens percentage growth in dividend and repurchased USD 0.9bn of shares; on-track to buy back USD 3bn in shares by 2Q results with aim to do more by year-end2
  • Committed to our global diversified business model; contributing to fact-based deliberations on the Swiss capital framework; remaining focused on protecting the interests of our shareholders while mitigating the impact, if possible, on our clients and employees

Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified.
1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the first quarter of 2026 for a reconciliation of underlying to reported results and definitions of the APMs. 2 The amount of additional buybacks is subject to our financial performance and outlook, maintaining a CET1 capital ratio of around 14% at year-end, and visibility on parliamentary deliberations on the treatment of foreign participations.

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