UBS : Annual Report 2025 – UBS AG consolidated

Annual Report 2025

UBS AG

Contents

2 1 4 6 13 15	Our key figures Our business model and environment Integration of Credit Suisse Our businesses Our environment Regulation and supervision	4 107 5	Corporate governance Corporate governance Financial statements
19	Regulatory and legal developments	132	Consolidated financial statements
24	Risk factors	252	Comparison between UBS AG consolidated and
			UBS Group AG consolidated

2

Financial and operating performance

1. Accounting and financial reporting

2. UBS AG consolidated performance

1. Global Wealth Management

2. Personal & Corporate Banking

47 Asset Management

48 Investment Bank

50 Non-core and Legacy

3

50 Group Items

Risk, capital, liquidity and funding, and balance sheet

53 Risk management and control

88 Capital management

97 Liquidity and funding management

101 Balance sheet and off-balance sheet

106 Currency management

Additional

6

regulatory information

255 UBS AG consolidated supplemental disclosures required under SEC regulations

A Appendix

263 Alternative performance measures

267 Abbreviations frequently used in our financial reports

1. Information sources

2. Cautionary statement

Corporate information

UBS AG is incorporated and domiciled in Switzerland and operates under Art. 620ff. of the Swiss Code of Obligations as an Aktiengesellschaft, a corporation limited by shares. The addresses and telephone numbers of the two registered offices of UBS AG are: Bahnhofstrasse 45, CH-8001 Zurich, Switzerland, telephone [phone]; and Aeschenvorstadt 1, CH-4051

Basel, Switzerland, telephone [phone]. The corporate identification number is CHE-101.329.561. UBS AG is a bank. The company was formed on 29 June 1998, when Union Bank of Switzerland (founded in 1862) and

Swiss Bank Corporation (founded in 1872) merged to form UBS AG.

Contacts

Switchboards

For all general inquiries ubs.com/contact

Zurich [phone]

London [phone]

New York [phone] Hong Kong SAR [phone]

Singapore [phone]

Investor Relations

UBS's Investor Relations team manages relationships with institutional investors, research analysts and credit rating agencies.

ubs.com/investors

Zurich [phone]

New York [phone]

Corporate calendar UBS AG

Media Relations

UBS's Media Relations team manages relationships with global media and journalists.

ubs.com/media

Zurich [phone]

[e-mail]

London [phone]

[e-mail]

New York [phone]

[e-mail]

Hong Kong SAR [phone]

[e-mail]

Office of the Group Company Secretary The Group Company Secretary handles inquiries directed to the Chairman or to other members of the Board of Directors.

UBS Group AG, Office of the Group Company Secretary

P.O. Box, CH-8098 Zurich, Switzerland [e-mail] Zurich [phone]

Imprint

Shareholder Services

UBS's Shareholder Services team, a unit of the Group Company Secretary's office, manages relationships with shareholders and the registration of UBS Group AG registered shares.

UBS Group AG, Shareholder Services

P.O. Box, CH-8098 Zurich, Switzerland [e-mail] Zurich [phone]

US Transfer Agent

For global registered share-related inquiries in the US.

Computershare Trust Company NA

P.O. Box 43006

Providence, RI, 02940-3006, USA

Shareholder online inquiries: https://www.computershare.com/us/ investor-inquiries

Shareholder website: computershare.com/investor

Calls from the US

[phone]

Calls from outside the US

[phone]

TDD for hearing impaired

[phone]

TDD for foreign shareholders

[phone]

Information about future publication dates is available at ubs.com/global/en/investor-relations/events/calendar.html

Publisher: UBS AG, Zurich, Switzerland | ubs.com Language: English

© UBS 2026. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

‌Our key figures

UBS AG consolidated key figures

	As of o	r for the year ende	d
USD m, except where indicated	31.12.25	31.12.24	31.12.23
Results
Total revenues	47,688	42,323	33,675
Credit loss expense / (release)	549	544	143
Operating expenses	43,038	39,346	29,011
Operating profit / (loss) before tax	4,101	2,433	4,521
Net profit / (loss) attributable to shareholders	3,541	1,481	3,290
Profitability and growth1
Return on equity (%)2	3.8	1.9	6.0
Return on tangible equity (%)2	4.0	2.0	6.7
Return on common equity tier 1 capital (%)2	5.0	2.2	7.6
Revenues over leverage ratio denominator, gross (%)2	3.0	3.0	3.2
Cost / income ratio (%)2	90.2	93.0	86.2
Net profit growth (%)2	139.0	(55.0)	(53.6)
Resources1
Total assets	1,617,173	1,568,060	1,156,016
Equity attributable to shareholders	88,845	94,003	55,234
Common equity tier 1 capital3	70,394	73,792	44,130
Risk-weighted assets3	489,775	495,110	333,979
Common equity tier 1 capital ratio (%)3	14.4	14.9	13.2
Going concern capital ratio (%)3	18.4	18.1	17.0
Total loss-absorbing capacity ratio (%)3	36.8	36.7	33.3
Leverage ratio denominator3	1,622,921	1,523,277	1,104,408
Common equity tier 1 leverage ratio (%)3	4.3	4.8	4.0
Liquidity coverage ratio (%)4	176.2	186.1	189.7
Net stable funding ratio (%)	115.7	124.1	119.6
Other
Invested assets (USD bn)2,5	7,005	6,087	4,505
Personnel (full-time equivalents)	61,899	68,982	47,590

1 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 measurement. 2 Refer to "Alternative performance measures" in the appendix to this report for the relevant definition(s) and calculation method(s). 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 this report. 3 Based on the Swiss systemically relevant bank framework. Refer to the "Capital management" section of this report for more information. 4 The disclosed ratios represent averages for the fourth quarter of each year presented, which were calculated based on an average of 64 data points in the fourth quarter of 2025, 64 data points in the fourth quarter of 2024 and 63 data points in the fourth quarter of 2023. Refer to the "Liquidity and funding management" section of this report for more information. 5 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 this report for more information.

Alternative performance measures

An alternative performance measure (an APM) is a financial measure of historical or future financial performance, financial position or cash flows other than a financial measure defined or specified in the applicable recognized accounting standards or in other applicable regulations. We report a number of APMs in the discussion of the financial and operating performance of UBS AG, our business divisions and Group Items. We use APMs to provide a more complete picture of our operating performance and to reflect management's view of the fundamental drivers of our business results. A definition of each APM, the method used to calculate it and the information content are presented under "Alternative performance measures" in the appendix to this report. Each 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 this report.

› Refer to "Alternative performance measures" in the appendix to this report for additional information

Annual Report 2025 2

Terms used in this report, unless the context requires otherwise

"UBS", "UBS Group", "UBS Group AG consolidated", "Group" and "the Group"

UBS Group AG and its consolidated subsidiaries

"UBS AG", "UBS AG consolidated", "we", "us" and "our" UBS AG and its consolidated subsidiaries

"Credit Suisse AG" Credit Suisse AG and its consolidated subsidiaries, before the merger with UBS AG

"Credit Suisse Group" and "Credit Suisse" Credit Suisse Group AG and its consolidated subsidiaries, before the acquisition by UBS

"UBS Group AG" UBS Group AG on a standalone basis

"Credit Suisse Group AG" Credit Suisse Group AG on a standalone basis, before the merger with UBS Group AG

"UBS AG standalone" UBS AG on a standalone basis

"UBS Switzerland AG" and "UBS Switzerland AG standalone» UBS Switzerland AG on a standalone basis "UBS Europe SE" and "UBS Europe SE consolidated" UBS Europe SE and its consolidated subsidiaries "UBS Europe SE standalone" UBS Europe SE on a standalone basis

"UBS Americas Holding LLC" UBS Americas Holding LLC and its consolidated subsidiaries

"1m" One million, i.e. 1,000,000

"1bn" One billion, i.e. 1,000,000,000

"1trn" One trillion, i.e. 1,000,000,000,000

In this report, unless the context requires otherwise, references to any gender shall apply to all genders.

Comparability

Profit and loss and other flow-based information for the years ended 31 December 2025 is based entirely on consolidated data following the acquisition of the Credit Suisse Group. Comparative information for the year ended 31 December 2024 includes seven months of consolidated data following the merger of UBS AG and Credit Suisse AG (June to December 2024) and five months of pre-merger UBS AG data only (January to May 2024). Comparative information for the year ended 31 December 2023 includes pre-merger UBS AG data only.

Balance sheet information as at 31 December 2025 and as at 31 December 2024 includes post-merger consolidated information. Balance sheet information as at 31 December 2023 reflects pre-merger UBS AG information only.

Annual Report 2025 3