{"success":true,"data":{"pressRelease":{"id":"182028","rtpr_id":"nBw9BLpfra-20261028","ticker":"UBS","exchange":"NYSE","all_tickers":["UBS","UBSG"],"title":"UBS reports 3Q26 net profit of USD 2.7bn and 14.8% RoCET1, continued strong client momentum and disciplined execution across businesses (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)","author":"Business Wire","published_at":"2026-10-28T05:45:00.245Z","article_body":"UBS reports 3Q26 net profit of USD 2.7bn and 14.8% RoCET1, continued strong\nclient momentum and disciplined execution across businesses (Ad hoc\nannouncement pursuant to Article 53 of the SIX Exchange Regulation Listing\nRules)\n\nRegulatory News:\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20261027135620/en/\n(https://www.businesswire.com/news/home/20261027135620/en/)\n\nSergio P. Ermotti quote\n\nUBS (NYSE:UBS) (SWX:UBSN):\n\n“In an increasingly complex market environment, our strong third-quarter\nperformance once again demonstrated the benefits of our diversified global\nbusiness model and disciplined execution.“\n\n“The breadth and depth of our global franchise and our unwavering commitment\nto serving our clients were reflected in robust client momentum, including USD\n55 billion of net new assets in Global Wealth Management, with particularly\nstrong inflows in APAC and the Americas. Against the current backdrop, we are\nstaying close to clients to help them navigate the market conditions and\ncapture opportunities.”\n\n“UBS remains strategically committed to its diversified business model and\nits global and regional footprint. As the political process on future\nregulatory requirements in Switzerland progresses, we will continue to engage\nconstructively in the hope that Parliament will reach a solution that supports\nthe country’s financial stability without imposing undue costs on UBS’s\nshareholders, clients and employees and without impacting its long-term\ncompetitive position.”\n\nSergio P. Ermotti, UBS Group CEO\n Selected financials for 3Q26                                                                   \n USD 2.7bn     14.8%             USD 3.6bn           72.3%                14.7%                 \n \n             \n                 \n                   \n                    \n                     \n \nNet profit   \nRoCET1 capital   \nProfit before tax  \nCost/income ratio   \nCET1 capital ratio   \n                                                                                                \n USD 0.85      16.7%             USD 4.1bn           68.7%                4.6%                  \n \n             \n                 \n                   \n                    \n                     \n \nDiluted EPS  \nUnderlying(1     \nUnderlying(1)      \nUnderlying(1        \nCET1 leverage ratio  \n               \n)RoCET1 capital  \n                   \n)cost/income ratio                        \n                                 \nprofit before tax                                             \n\n\nHighlights\n\nStrong financial performance with 3Q26 PBT of USD 3.6bn and underlying PBT of\nUSD 4.1bn, net profit of USD 2.7bn, RoCET1 of 14.8% and underlying RoCET1 of\n16.7%\n\nOn track to exceed our 2026 underlying RoCET1 exit rate target and achieve our\nunderlying cost/income ratio target; 9M26 underlying RoCET1 of 16.7% and\nunderlying cost/income ratio of 69.6%\n\nRobust client momentum across our businesses; 3Q26 Global Wealth Management\n(GWM) net new assets of USD 55.1bn; record USD 12.5bn in client commitments in\nthe quarter in UGA across GWM and Asset Management; Personal & Corporate\nBanking net new investment products growth rate of 7%; underlying Global\nMarkets revenues up 17% YoY\n\nIntegration on track for completion by year-end; decommissioning plans close\nto completion, with nearly all legacy applications in scope no longer in use\nand ~90% already fully decommissioned. Delivered an additional USD 0.6bn in\ngross cost savings in 3Q26; cumulative gross cost savings up to USD 13.2bn;\nnow expect to reach a total of USD ~13.7bn in savings by end-2026, above our\nprevious ambition of USD ~13.5bn\n\nA reliable partner for the Swiss economy; granted or renewed CHF ~40bn of\nloans to Swiss businesses and households in 3Q26 as we continue to support\nclients with our leading credit offering and unique global capabilities and\nfootprint; Personal & Corporate Banking 3Q26 net new loans of CHF 3.3bn\n\nStrong capital position and balance sheet for all seasons; CET1 capital ratio\nof 14.7% and CET1 leverage ratio of 4.6%; continued to accrue for mid-teens\npercentage growth in dividend and execute on our USD 3bn share repurchase\nprogram. We intend to complete the buyback program by the time we report 4Q26\nresults(2)\n\nStrategically committed to our diversified, global franchise and footprint,\ninvesting in technology, global capabilities and talent to drive long-term,\nsustainable growth and higher returns; contributing to fact-based\ndeliberations on the Swiss capital framework\n Information in this news release is presented for UBS Group AG on a              \n consolidated basis unless otherwise specified. 1 In this news release the term   \n underlying refers to underlying results which exclude items of profit or loss    \n that management believes are not representative of the underlying performance.   \n Underlying results are a non-GAAP financial measure and alternative              \n performance measure (APM). Refer to “Group Performance” and                      \n “Appendix-Alternative Performance Measures” in the UBS Group third quarter       \n 2026 report for a reconciliation of underlying to reported results and           \n definitions of the APMs; 2 The amount and pace of share repurchases will         \n remain subject to our short-term financial performance and outlook,              \n maintaining a CET1 capital ratio of around 14% and further visibility on the     \n deliberations by the Swiss Parliament on the capitalization of foreign           \n subsidiaries.                                                                    \n\n\nThird quarter 2026 performance overview\n\nStrong financial performance driven by disciplined execution and commitment to\nserving clients\n\nIn 3Q26, we reported a profit before tax (PBT) of USD 3,587m and USD 4,077m on\nan underlying basis, up 27% YoY and 14% YoY, respectively, driven by higher\nunderlying PBT across each of our core business divisions. The Group delivered\nthe sixth consecutive quarter of positive operating leverage. Our performance\nthis quarter continues to highlight the benefits of our diversified global\nbusiness model and disciplined execution for our clients.\n\nReported revenues were USD 13,350m, up 5% YoY. On an underlying basis,\nrevenues increased by 10% to USD 13,387m, with a 3% YoY increase in revenues\nin our core businesses.\n\nGWM underlying revenues increased 8% YoY to USD 6,898m, mainly driven by a 9%\nincrease in recurring net fee income and 8% rise in net interest income. The\nInvestment Bank delivered a record third quarter of underlying revenues,\npropelled by a 17% increase in Global Markets to USD 2,548m, led by a 22%\nincrease in Equities, supported by higher client balances, market share gains\nand strong activity in Corporate Derivatives and Structured Products.\n\nGroup invested assets were USD 7.3trn. GWM net new assets for the quarter\ntotaled USD 55.1bn, representing a 4.5% annualized growth rate, with positive\ncontributions across all regions and led by APAC and the Americas. In the\nAmericas, we continued to execute our strategy with discipline, driving growth\nand delivering further improvements in profitability. PBT increased by 28%\nYoY, and the PBT margin improved by over 2 percentage points YoY to 16%.\n\nOur Unified Global Alternatives initiative across GWM and Asset Management saw\na record USD 12.5bn in new commitments in the quarter with assets under\nmanagement up to USD 371bn.\n\nWe remain a reliable partner for the Swiss economy continuing to support\nbusinesses and households with our global reach, advice and expertise. We\ngranted or renewed CHF ~40bn of loans to businesses and households in 3Q26,\nunderscoring our position as the leading provider of credit to the economy.\nClient momentum in Personal & Corporate Banking remained strong, with the\nfranchise adding net new clients and delivering CHF 3.3bn in net new loans and\nCHF 1.8bn in net new deposits.\n\nIntegration firmly on track to be substantially completed by the end of this\nyear\n\nWe continue to execute on the final stages of the integration. With USD 13.2bn\nof gross cost reductions already delivered, including USD 0.6bn in the third\nquarter, we expect to deliver a total of USD 13.7bn in cumulative gross cost\nsavings, above our previous ambition of approximately USD 13.5bn.\n\nAs of 30 September 2026, nearly all of the legacy Credit Suisse IT\napplications in scope for decommissioning were no longer in use and around 90%\nof such applications had already been fully decommissioned.\n\nWith nine-month underlying return on CET1 of 16.7% and underlying cost/income\nratio of 69.6%, we are also well positioned to outperform our 2026 exit rate\nreturn on CET1 capital target of ~15% and achieve our 2026 exit rate\ncost/income ratio target of <70% with potential for incremental\nimprovement.\n\nStrong capital position and balance sheet for all seasons\n\nOur strong capital generation in the quarter further fortified our capital\nposition with a CET1 capital ratio of 14.7% and a CET1 leverage ratio of 4.6%,\nboth above our guidance of ~14% and >4.0%, respectively. We expect to end\n2026 with a CET1 capital ratio at or very close to our target of around 14%,\nincluding a potential accrual for the initial portion of intended 2027 share\nbuybacks.\n\nOur performance allows us to continue deploying resources towards profitable\ngrowth opportunities, investing into our future, and delivering on our capital\nreturn ambitions. In the quarter we continued to accrue for mid-teens\npercentage growth in our dividend, and repurchased USD 1.8bn of shares. We\nplan to complete the USD 3bn program by the time we report our fourth quarter\nresults. The amount and pace of share repurchases will remain subject to our\nshort-term financial performance and outlook, maintaining a CET1 capital ratio\nof around 14% and further visibility on the deliberations by the Swiss\nParliament on the capitalization of foreign subsidiaries.\n\nWe will communicate our 2027 capital return ambitions with our fourth-quarter\nand full-year financial results in February 2027.\n\nStrategically investing in our franchise and footprint\n\nWe remain focused on investing in technology, including AI, as well as our\ncapabilities and talent, to position UBS for the future as we enhance our\nclient experience, further strengthen our infrastructure and increase\nefficiency.\n\nWe continue to progress our 9 large-scale, end-to-end transformational AI\ninitiatives and build on our 608 live AI use cases in production (81% YoY\nincrease, with another 1,090+ applications in development).\n\nWe also continue to provide our employees with the AI tools necessary to\nsuccessfully deliver tangible outcomes for our clients and our business on a\ndaily basis. Our employees are running over 12,700 AI personal agents to\nsupport them in their daily activities. Over 18,000 of our software developers\nare leveraging AI tools in the software development cycles, leading to\nmeasurable productivity gains. And, our award-winning STAAT tool has\nyear-to-date generated over 30 million insights to be distributed to the\nFinancial Advisor teams to help them even better advise their clients.\n\nOur sustained commitment to building AI capabilities responsibly and at scale\nthrough our firm-wide investment in skills and tools was recognized externally\n– we’re the leading bank in Europe in the 2026 Evident AI Index for\nfinancial services and the only European bank in the global top 10. UBS was\nalso recognized as the global leader in responsible AI and talent development.\n\nOf special significance is our first place globally for Talent Development,\nwhich recognizes the firm-wide engagement in our AI Learning Journeys and\nenablement initiatives such as AI Power Hour, and our academic partnerships\nwith Oxford and Dalle Molle Institute for Artificial Intelligence (IDSIA).\nThese activities, combined with our investment in AI tools for employees\nacross the firm, are ensuring we can all play an active role in developing and\nusing meaningful AI skills and capabilities.\n\nOutlook\n\nAs we enter the fourth quarter, investor sentiment remains measured amid\nelevated macroeconomic volatility, ongoing geopolitical tensions and political\nuncertainty, with consequential elections, including in the US.\n\nFor the fourth quarter, we expect a more typical sequential seasonal\nmoderation in transaction volumes across our businesses. In Global Markets,\nthe strong prior-year performance, which included a gain on disposal, may\nweigh on the year-on-year comparison. In Global Banking, we expect revenues to\nincrease sequentially, based on the current pipeline and assuming constructive\nmarkets. Net interest income is expected to increase by a low-single-digit\npercentage sequentially in Global Wealth Management and increase slightly in\nPersonal & Corporate Banking in Swiss franc terms.\n\nWe expect to end 2026 with a CET1 capital ratio at or very close to our target\nof around 14%, including a potential accrual for the initial portion of\nintended 2027 share buybacks.\n\nUBS remains strategically committed to its diversified business model and its\nglobal and regional footprint. As the political process on future regulatory\nrequirements in Switzerland progresses, we will continue to engage\nconstructively in the hope that Parliament will reach a solution that supports\nthe country’s financial stability without imposing undue costs on UBS’s\nshareholders, clients and employees and without impacting its long-term\ncompetitive position.\n\nThird quarter 2026 performance overview\n\nGroup PBT USD 3,587m, underlying PBT USD 4,077m\n\nPBT of USD 3,587m included PPA effects and other integration items of negative\nUSD 38m and integration-related expenses and PPA effects of USD 452m.\nUnderlying PBT was USD 4,077m, including net credit loss expenses of USD 114m.\nThe cost/income ratio was 72.3%, and 68.7% on an underlying basis. Net profit\nattributable to shareholders was USD 2,690m, with diluted earnings per share\nof USD 0.85. Return on CET1 capital was 14.8%, and 16.7% on an underlying\nbasis.\n\nGlobal Wealth Management (GWM) PBT USD 1,919m, underlying PBT USD 1,972m\n\nTotal revenues increased by USD 459m, or 7%, to USD 7,002m, driven by all\nrevenue lines, and included a USD 67m decrease in PPA effects and other\nintegration items. Excluding USD 104m of PPA effects and other integration\nitems, underlying total revenues were USD 6,898m, an increase of 8%. Net\ncredit loss expenses were USD 10m, compared with net credit loss expenses of\nUSD 7m in the third quarter of 2025. Operating expenses decreased by USD 110m,\nor 2%, to USD 5,072m and included a USD 396m decrease in integration-related\nexpenses. Excluding USD 157m of integration-related expenses and PPA effects,\nunderlying operating expenses were USD 4,915m, an increase of 6%, which was\nprimarily due to the third quarter of 2025 including releases of USD 284m\nrelated to the resolution of a legacy matter concerning cross-border business\nactivities in France. The remaining increase was driven by higher variable\ncompensation, which primarily related to an increase in financial advisor\ncompensation, resulting from higher compensable revenues. The cost/income\nratio was 72.4%, and 71.3% on an underlying basis. Invested assets increased\nsequentially by USD 35bn to USD 4,977bn. Net new assets were USD 55.1bn.\n\nPersonal & Corporate Banking (P&C) PBT CHF 915m, underlying PBT CHF\n813m\n\nTotal revenues increased by CHF 65m to CHF 1,929m, reflecting positive other\nrevenues, compared with negative other revenues in the prior-year quarter, and\nhigher recurring net fee income, partly offset by lower net interest income\nand transaction-based income. Excluding CHF 142m of PPA effects and other\nintegration items, underlying total revenues were CHF 1,787m, an increase of\n4%. Net credit loss expenses were CHF 27m, mainly reflecting net expenses of\nCHF 55m on credit-impaired positions from a small number of corporate\ncounterparties, partly offset by net releases on performing positions. Net\ncredit loss expenses were CHF 58m in the third quarter of 2025. Operating\nexpenses decreased by CHF 312m, or 24%, to CHF 988m and included a CHF 261m\ndecrease in integration-related expenses. Excluding CHF 41m of\nintegration-related expenses and PPA effects, underlying operating expenses\nwere CHF 947m, a decrease of 5%, reflecting cost savings, including those\nrelated to integration synergies. The cost/income ratio was 51.2%, and 53.0%\non an underlying basis.\n\nAsset Management (AM) PBT USD 271m, underlying PBT USD 300m\n\nTotal revenues decreased by USD 63m, or 7%, to USD 780m, mainly due to lower\nperformance fees, partly offset by higher net management fees. Operating\nexpenses decreased by USD 116m, or 19%, to USD 508m and included a USD 36m\ndecrease in integration-related expenses. Excluding integration-related\nexpenses of USD 28m, underlying operating expenses were USD 480m, a decrease\nof 14%, reflecting lower personnel and non-personnel expenses, and included\nthe effects from the O’Connor business exit. The cost/income ratio was\n65.2%, and 61.6% on an underlying basis. Invested assets decreased\nsequentially by USD 27bn to USD 2,201bn. Net new money was negative USD 5.1bn,\nand negative USD 0.4bn excluding money market flows and associates.\n\nInvestment Bank (IB) PBT USD 838m, underlying PBT USD 854m\n\nTotal revenues decreased by USD 5m to USD 3,239m, due to lower revenues in\nGlobal Banking, almost entirely offset by higher revenues in Global Markets,\nand included a USD 198m decrease in PPA effects and other integration items,\nwhich included a gain of USD 128m from the sale of a stake in Credit Suisse\nSecurities (China) Limited in the third quarter of 2025. Excluding USD 21m of\nPPA effects and other integration items, underlying total revenues were USD\n3,218m, an increase of 6%. Net credit loss expenses were USD 30m, mostly\nreflecting net expenses on credit-impaired positions, which primarily related\nto a small number of corporate counterparties. Net credit loss expenses were\nUSD 17m in the third quarter of 2025. Operating expenses increased by USD 44m,\nor 2%, to USD 2,371m and included a USD 69m decrease in integration-related\nexpenses. Excluding integration-related expenses of USD 37m, underlying\noperating expenses were USD 2,334m, an increase of 5%, mainly due to higher\nnon-personnel expenses. The cost/income ratio was 73.2%, and 72.5% on an\nunderlying basis. Return on attributed equity was 17.4%, and 17.7% on an\nunderlying basis.\n\nNon-core and Legacy (NCL) PBT USD 183m, underlying PBT USD 360m\n\nTotal revenues were USD 764m, compared with total revenues of negative USD\n40m, primarily reflecting a net gain of USD 697m related to the settlements of\ncertain legacy legal matters, as well as lower liquidity and funding costs as\na result of a smaller portfolio. Net credit loss expenses were USD 38m,\nreflecting net expenses on credit-impaired positions, compared with net credit\nloss expenses of USD 6m in the third quarter of 2025. Operating expenses were\nUSD 544m, an increase of USD 488m, and included a USD 28m decrease in\nintegration-related expenses. The increase in operating expenses mainly\nreflected USD 275m net expenses for litigation, regulatory and similar matters\n(compared with USD 440m net releases in the third quarter of 2025), partly\noffset by lower professional fees, technology costs and personnel expenses.\nExcluding integration-related expenses of USD 177m, underlying operating\nexpenses were USD 366m.\n\nGroup Items PBT USD (740m), underlying PBT USD (403m)\n\nLoss before tax was USD 740m, compared with a loss of USD 173m in the third\nquarter of 2025. The change in the result between the quarters was mainly\ndriven by a net loss of USD 346m from the repurchase of legacy Credit Suisse\ndebt instruments and mark-to-market losses from Group hedging and own debt,\nincluding hedge accounting ineffectiveness. Underlying loss before tax was USD\n403m.\n 3 Also accounts for credit loss expenses/releases incurred in a given period.  \n\n\nUBS’s sustainability and impact highlights\n\nDuring the quarter, we continued to support clients through our philanthropy\noffering and further strengthened our sustainability capabilities and\nstakeholder engagement. This included a new practical guide for Swiss\nfoundations developed jointly with the Center for Philanthropy Studies (CEPS)\nat the University of Basel, providing practical insights on how philanthropic\ncapital can be deployed more effectively to increase social impact. We also\nexpanded the global UBS Optimus Foundation network, enhanced\nsustainability-related risk capabilities and fostered industry dialogue on\nsustainable finance.\n\nUBS Optimus Brasil launch\n\nIn August, UBS launched UBS Optimus Brasil, establishing a local presence in\nthe country and marking the UBS Optimus Foundation(4) network’s tenth\nonshore location globally and its first in South America. The expansion built\non the Foundation’s work in Brazil over the previous three years, during\nwhich it supported local initiatives through its global network. Through UBS\nOptimus Brasil, our clients and local organizations have greater access to the\nFoundation’s global philanthropy expertise, resources and partnerships.\n\nExpanding CTAS beyond climate to include drivers of nature change\n\nThe transition to a lower-carbon and more nature-positive economy continues to\nreshape how capital is deployed, businesses compete and markets evolve. To\nfurther enhance its capabilities in preparation for the application (as of 1st\nJanuary 2028) of FINMA Circular 2026/1 to all nature-related financial risks,\nUBS is expanding its Company Transition Assessment Scorecard (CTAS) beyond its\ninitial focus on climate. This rules-based, sector-agnostic assessment now\nalso considers all five IPBES(5) drivers of nature change. The enhanced\nmethodology is expected to strengthen our ability to assess how companies are\nresponding to their nature-related impacts, dependencies, risks and\nopportunities. The nature-related expansions are expected to be used as an\nanalytical input for UBS’s Transition Risk Rating Model.\n\nFostering dialogue on sustainable finance\n\nUBS continued to convene leaders from the financial sector, academia,\ninternational organizations and civil society. During the third quarter, UBS\nhosted the Wolfsberg Forum for Sustainable Finance together with the Institute\nof International Finance (IIF), as well as the Thun Group of Banks Annual\nMeeting. These forums provided platforms for dialogue on sustainable finance,\nhuman rights, climate resilience and emerging market financing. Through these\nexchanges, UBS supported knowledge sharing, strengthened partnerships and\ncontributed to the development of practical approaches to\nsustainability-related issues.\n 4 The UBS Optimus Foundation is a global network of separately organized and     \n regulated, tax-exempt, charitable organizations, founded by UBS, that make       \n grants and other financial contributions to implementing partner organizations   \n aligned with their values and objectives. 5 IPBES: Intergovernmental             \n Science-Policy Platform on Biodiversity and Ecosystem Services.                  \n\n Selected financial information of the business divisions and Group Items                                                                                                \n                                                            For the quarter ended 30.9.26                                                                                \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 7,002                     2,360           780          3,239       764                  (795)        13,350  \n of which: PPA effects and other integration items(1)       104                       174                          21          0                    (337)(2)     (38)    \n Total revenues (underlying)                                6,898                     2,186           780          3,218       764                  (459)        13,387  \n Credit loss expense / (release)                            10                        33              0            30          38                   2            114     \n Operating expenses as reported                             5,072                     1,210           508          2,371       544                  (58)         9,648   \n of which: integration-related expenses and PPA effects(3)  157                       51              28           37          177                  0            452     \n Operating expenses (underlying)                            4,915                     1,159           480          2,334       366                  (58)         9,197   \n Operating profit / (loss) before tax as reported           1,919                     1,117           271          838         183                  (740)        3,587   \n Operating profit / (loss) before tax (underlying)          1,972                     994             300          854         360                  (403)        4,077   \n                                                                                                                                                                         \n                                                            For the quarter ended 30.6.26                                                                                \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 7,112                     2,399           756          3,727       43                   (338)        13,700  \n of which: PPA effects and other integration items(1)       114                       196                          26          (1)                  17           352     \n Total revenues (underlying)                                6,997                     2,204           756          3,701       44                   (355)        13,348  \n Credit loss expense / (release)                            (2)                       76              0            45          0                    1            121     \n Operating expenses as reported                             5,231                     1,466           542          2,531       246                  (31)         9,986   \n of which: integration-related expenses and PPA effects(3)  228                       196             23           37          150                  11           645     \n Operating expenses (underlying)                            5,002                     1,270           519          2,494       96                   (42)         9,340   \n Operating profit / (loss) before tax as reported           1,883                     857             214          1,150       (203)                (307)        3,594   \n Operating profit / (loss) before tax (underlying)          1,997                     858             237          1,162       (52)                 (314)        3,887   \n                                                                                                                                                                         \n                                                            For the quarter ended 30.9.25                                                                                \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 6,543                     2,321           843          3,244       (40)                 (149)        12,760  \n of which: PPA effects and other integration items(1)       171                       276                          219(4)      1                    34           701     \n of which: loss related to an investment in an associate    (38)                      (102)                                                                      (140)   \n Total revenues (underlying)                                6,410                     2,147           843          3,025       (42)                 (183)        12,199  \n Credit loss expense / (release)                            7                         72              0            17          6                    0            102     \n Operating expenses as reported                             5,182                     1,619           624          2,327       56                   23           9,831   \n of which: integration-related expenses and PPA effects(3)  553                       376             64           106         205                  20           1,323   \n Operating expenses (underlying)                            4,629                     1,242           560          2,221       (149)                4            8,507   \n Operating profit / (loss) before tax as reported           1,354                     631             218          900         (102)                (173)        2,828   \n Operating profit / (loss) before tax (underlying)          1,774                     833             282          787         102                  (187)        3,590   \n 1 Includes accretion of PPA adjustments on financial instruments and other PPA                                                                                          \n effects, as well as temporary and incremental items directly related to the                                                                                             \n integration. 2 Includes a USD 346m net loss from the repurchase of legacy                                                                                               \n Credit Suisse debt instruments, as the repurchase price exceeded the                                                                                                    \n amortized-cost carrying value (the net loss reflects a loss of USD 587m before                                                                                          \n PPA adjustments, partly offset by a USD 241m gain from the release of PPA                                                                                               \n adjustments). 3 Includes temporary, incremental operating expenses directly                                                                                             \n related to the integration, as well as amortization of intangible assets                                                                                                \n resulting from the acquisition of the Credit Suisse Group. 4 Includes a USD                                                                                             \n 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities                                                                                            \n (China) Limited.                                                                                                                                                        \n\n Selected financial information of the business divisions and Group Items                                                                                                \n (continued)                                                                                                                                                             \n                                                            Year-to-date 30.9.26                                                                                         \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 21,220                    7,361           2,308        11,019      798                  (1,412)      41,293  \n of which: PPA effects and other integration items(1)       344                       593                          115         0                    (264)(2)     786     \n of which: items related to the Swisscard transactions(3)                             128                                                                        128     \n Total revenues (underlying)                                20,876                    6,640           2,308        10,905      798                  (1,148)      40,379  \n Credit loss expense / (release)                            17                        180             0            140         (36)                 3            305     \n Operating expenses as reported                             15,609                    4,168           1,606        7,686       1,009                (110)        29,967  \n of which: integration-related expenses and PPA effects(4)  693                       470             86           153         386                  59           1,847   \n Operating expenses (underlying)                            14,916                    3,698           1,520        7,533       623                  (169)        28,120  \n Operating profit / (loss) before tax as reported           5,594                     3,013           702          3,193       (175)                (1,305)      11,021  \n Operating profit / (loss) before tax (underlying)          5,943                     2,763           788          3,231       211                  (982)        11,954  \n                                                                                                                                                                         \n                                                            Year-to-date 30.9.25                                                                                         \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 19,265                    6,868           2,355        9,393       162                  (614)        37,429  \n of which: PPA effects and other integration items(1)       489                       790                          509(5)      2                    81           1,872   \n of which: loss related to an investment in an associate    (42)                      (114)                                                                      (156)   \n of which: items related to the Swisscard transactions(6)                             64                                                                         64      \n Total revenues (underlying)                                18,818                    6,128           2,355        8,884       159                  (696)        35,649  \n Credit loss expense / (release)                            16                        239             0            100         11                   (1)          365     \n Operating expenses as reported                             15,332                    4,697           1,848        7,115       894                  25           29,911  \n of which: integration-related expenses and PPA effects(4)  1,291                     808             200          339         648                  19           3,305   \n of which: items related to the Swisscard transactions(7)                             180                                                                        180     \n Operating expenses (underlying)                            14,041                    3,709           1,648        6,776       246                  6            26,426  \n Operating profit / (loss) before tax as reported           3,917                     1,932           507          2,179       (744)                (638)        7,153   \n Operating profit / (loss) before tax (underlying)          4,762                     2,179           707          2,009       (98)                 (701)        8,858   \n 1 Includes accretion of PPA adjustments on financial instruments and other PPA                                                                                          \n effects, as well as temporary and incremental items directly related to the                                                                                             \n integration. 2 Includes a USD 346m net loss from the repurchase of legacy                                                                                               \n Credit Suisse debt instruments, as the repurchase price exceeded the                                                                                                    \n amortized-cost carrying value (the net loss reflects a loss of USD 587m before                                                                                          \n PPA adjustments, partly offset by a USD 241m gain from the release of PPA                                                                                               \n adjustments). 3 Represents the gain on sale of UBS’s 50% interest in                                                                                                    \n Swisscard AECS GmbH (Swisscard) that has been excluded from underlying                                                                                                  \n revenues. Refer to the “Recent developments” section of the UBS Group                                                                                                   \n first quarter 2026 report, available under “Quarterly reporting” at                                                                                                     \n ubs.com/investors, for more information about the Swisscard transactions. 4                                                                                             \n Includes temporary, incremental operating expenses directly related to the                                                                                              \n integration, as well as amortization of intangible assets resulting from the                                                                                            \n acquisition of the Credit Suisse Group. 5 Includes a USD 128m gain from the                                                                                             \n sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited. 6                                                                                            \n Represents the gain related to UBS’s share of the income recorded by                                                                                                    \n Swisscard for the sale of the Credit Suisse card portfolios to UBS. 7                                                                                                   \n Represents the expense related to the payment to Swisscard for the sale of the                                                                                          \n Credit Suisse card portfolios to UBS.                                                                                                                                   \n\n UBS Group key figures                                                                                                                                        \n                                                                                    As of or for the quarter ended                  As of or year-to-date     \n USD m, except where indicated                                                      30.9.26    30.6.26    31.12.25   30.9.25        30.9.26      30.9.25      \n Group results                                                                                                                                                \n Total revenues                                                                     13,350     13,700     12,145     12,760         41,293       37,429       \n Credit loss expense / (release)                                                    114        121        159        102            305          365          \n Operating expenses                                                                 9,648      9,986      10,286     9,831          29,967       29,911       \n Operating profit / (loss) before tax                                               3,587      3,594      1,700      2,828          11,021       7,153        \n Net profit / (loss) attributable to shareholders                                   2,690      2,800      1,199      2,481          8,530        6,568        \n Diluted earnings per share (USD)(1)                                                0.85       0.87       0.37       0.76           2.66         1.99         \n Profitability and growth(2)                                                                                                                                  \n Return on equity (%)(3)                                                            12.1       12.3       5.3        11.1           12.6         10.0         \n Return on tangible equity (%)(3)                                                   13.1       13.4       5.8        12.0           13.6         10.8         \n Underlying return on tangible equity (%)(3,4)                                      14.9       14.3       10.5       14.6           14.6         12.7         \n Return on common equity tier 1 capital (%)(3)                                      14.8       15.4       6.6        13.5           15.7         12.2         \n Underlying return on common equity tier 1 capital (%)(3,4)                         16.7       16.4       11.9       16.3           16.7         14.4         \n Cost / income ratio (%)(3)                                                         72.3       72.9       84.7       77.0           72.6         79.9         \n Underlying cost / income ratio (%)(3,4)                                            68.7       70.0       75.2       69.7           69.6         74.1         \n Effective tax rate (%)                                                             24.7       21.8       29.1       12.0           22.3         7.8          \n Net profit growth (%)(3)                                                           8.4        16.9       55.6       74.2           29.9         52.2         \n Resources(2)                                                                                                                                                 \n Total assets                                                                       1,655,168  1,707,284  1,617,427  1,632,251      1,655,168    1,632,251    \n Equity attributable to shareholders                                                88,613     89,165     90,213     89,899         88,613       89,899       \n Common equity tier 1 capital(5)                                                    73,117     72,464     71,262     74,655         73,117       74,655       \n Risk-weighted assets(5)                                                            496,111    503,923    493,397    504,897        496,111      504,897      \n Common equity tier 1 capital ratio (%)(5)                                          14.7       14.4       14.4       14.8           14.7         14.8         \n Going concern capital ratio (%)(5)                                                 19.3       19.0       18.5       18.8           19.3         18.8         \n Total loss-absorbing capacity ratio (%)(5)                                         37.6       38.4       38.0       39.5           37.6         39.5         \n Leverage ratio denominator(5)                                                      1,591,152  1,649,751  1,622,438  1,640,464      1,591,152    1,640,464    \n Common equity tier 1 leverage ratio (%)(5)                                         4.6        4.4        4.4        4.6            4.6          4.6          \n Liquidity coverage ratio (%)(6)                                                    178.7      177.3      182.6      182.1          178.7        182.1        \n Net stable funding ratio (%)                                                       114.8      115.1      116.1      119.7          114.8        119.7        \n Other                                                                                                                                                        \n Invested assets (USD bn)(3,7)                                                      7,328      7,326      7,005      6,910          7,328        6,910        \n Internal and external personnel(8)                                                 109,990    112,388    119,589    122,382        109,990      122,382      \n Internal personnel (full-time equivalents)                                         97,593     99,085     103,177    104,427        97,593       104,427      \n Market capitalization(9)                                                           157,911    162,373    155,760    136,416        157,911      136,416      \n Total book value per share (USD)(1)                                                29.24      29.12      29.18      28.78          29.24        28.78        \n Tangible book value per share (USD)(1)                                             27.00      26.89      26.93      26.54          27.00        26.54        \n Credit-impaired lending assets as a percentage of total lending assets, gross      1.0        1.0        0.9        0.9            1.0          0.9          \n (%)(3)                                                                                                                                                       \n Cost of credit risk (bps)(3)                                                       7          7          9          6              6            8            \n 1 Refer to the “Share information and earnings per share” section of the                                                                                     \n UBS Group third quarter 2026 report, available under “Quarterly reporting”                                                                                   \n at ubs.com/investors, for more information. 2 Refer to the “Targets, capital                                                                                 \n guidance and ambitions” section of the UBS Group Annual Report 2025,                                                                                         \n available under “Annual reporting” at ubs.com/investors, for more                                                                                            \n information about our performance targets. 3 Refer to “Alternative                                                                                           \n performance measures” in the appendix to the UBS Group third quarter 2026                                                                                    \n report, available under “Quarterly reporting” at ubs.com/investors, for                                                                                      \n the relevant definition and calculation method. Each alternative performance                                                                                 \n measure (APM) that qualifies as a non-GAAP measure as defined by US Securities                                                                               \n and Exchange Commission (SEC) regulations is designated as such in the table                                                                                 \n of APMs in the appendix to the UBS Group third quarter 2026 report, available                                                                                \n under “Quarterly reporting” at ubs.com/investors, for more information. 4                                                                                    \n Refer to the “Group performance” section of the UBS Group third quarter                                                                                      \n 2026 report, available under “Quarterly reporting” at ubs.com/investors,                                                                                     \n for more information about underlying results. 5 Based on the Swiss                                                                                          \n systemically relevant bank framework. Refer to the “Capital management”                                                                                      \n section of the UBS Group third quarter 2026 report, available under                                                                                          \n “Quarterly reporting” at ubs.com/investors, for more information. 6 The                                                                                      \n disclosed ratios represent quarterly averages for each of the quarters                                                                                       \n presented and have been calculated based on an average of 66 data points in                                                                                  \n the third quarter of 2026, 60 data points in the second quarter of 2026, 64                                                                                  \n data points in the fourth quarter of 2025 and 65 data points in the third                                                                                    \n quarter of 2025. Refer to the “Liquidity and funding management” section                                                                                     \n of the UBS Group third quarter 2026 report, available under “Quarterly                                                                                       \n reporting” at ubs.com/investors, for more information. 7 Consists of                                                                                         \n invested assets for Global Wealth Management, Asset Management (including                                                                                    \n invested assets from associates) and Personal & Corporate Banking. Refer                                                                                     \n to “Note 30 Invested assets and net new money” in the “Consolidated                                                                                          \n financial statements” section of the UBS Group Annual Report 2025, available                                                                                 \n under “Annual reporting” at ubs.com/investors, for more information. 8                                                                                       \n Represents full-time equivalents for internal personnel and workforce count                                                                                  \n for external personnel. 9 The calculation of market capitalization reflects                                                                                  \n total shares issued multiplied by the share price at the end of the period.                                                                                  \n\n Income statement                                                                                                                                          \n                                                                                 For the quarter ended             % change from         Year-to-date      \n USD m                                                                           30.9.26   30.6.26   30.9.25       2Q26     3Q25         30.9.26  30.9.25  \n Net interest income                                                             2,414     2,398     1,981         1        22           7,132    5,575    \n Other net income from financial instruments measured at fair value through      3,047     3,696     3,502         (18)     (13)         10,691   10,848   \n profit or loss                                                                                                                                            \n Net fee and commission income                                                   7,490     7,582     7,204         (1)      4            22,800   20,689   \n Other income                                                                    399       24        73                     444          670      317      \n Total revenues                                                                  13,350    13,700    12,760        (3)      5            41,293   37,429   \n Credit loss expense / (release)                                                 114       121       102           (6)      12           305      365      \n                                                                                                                                                           \n Personnel expenses                                                              6,703     7,380     7,172         (9)      (7)          21,667   21,180   \n General and administrative expenses                                             2,138     1,804     1,755         18       22           5,953    6,067    \n Depreciation, amortization and impairment of non-financial assets               807       802       904           1        (11)         2,347    2,663    \n Operating expenses                                                              9,648     9,986     9,831         (3)      (2)          29,967   29,911   \n Operating profit / (loss) before tax                                            3,587     3,594     2,828         0        27           11,021   7,153    \n Tax expense / (benefit)                                                         887       782       341           13       160          2,456    561      \n Net profit / (loss)                                                             2,700     2,811     2,487         (4)      9            8,566    6,592    \n Net profit / (loss) attributable to non-controlling interests                   10        11        6             (16)     59           35       24       \n Net profit / (loss) attributable to shareholders                                2,690     2,800     2,481         (4)      8            8,530    6,568    \n                                                                                                                                                           \n Comprehensive income                                                                                                                                      \n Total comprehensive income                                                      914       1,697     2,073         (46)     (56)         5,788    10,776   \n Total comprehensive income attributable to non-controlling interests            12        10        5             26       121          47       53       \n Total comprehensive income attributable to shareholders                         902       1,687     2,067         (47)     (56)         5,741    10,722   \n\n\nInformation about results materials and the earnings call\n\nUBS’s third quarter 2026 report, news release and slide presentation are\navailable from 06:45 CET on Wednesday, 28 October 2026, at\nubs.com/quarterlyreporting.\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com%2Fquarterlyreporting.&index=1&md5=1a1f06d77d973d5f930a922a2b20cf69)\n\nUBS will hold a presentation of its third quarter 2026 results on Wednesday,\n28 October 2026. The results will be presented by Sergio P. Ermotti (Group\nChief Executive Officer), Todd Tuckner (Group Chief Financial Officer) and\nSarah Mackey (Head of Investor Relations).\n\nTime\n\n09:00 CET\n\n08:00 GMT\n\n04:00 US EDT\n\nAudio webcast\n\nThe presentation for analysts can be followed live on\nubs.com/quarterlyreporting\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com%2Fquarterlyreporting&index=2&md5=b812ef98658f23f97eab7c9c381ea46b)\nwith a simultaneous slide show.\n\nWebcast playback\n\nAn audio playback of the results presentation will be made available at\nubs.com/investors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Finvestors&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com%2Finvestors&index=3&md5=7d5344f7e096a640c2c2970558ab4c53)\nlater in the day.\n\nCautionary statement regarding forward-looking statements\n\nThis news release contains statements that constitute “forward-looking\nstatements”, including but not limited to management’s outlook for UBS’s\nfinancial performance, statements relating to the anticipated effect of\ntransactions and strategic initiatives on UBS’s business and future\ndevelopment and goals. While these forward-looking statements represent\nUBS’s judgments, expectations and objectives concerning the matters\ndescribed, a number of risks, uncertainties and other important factors could\ncause actual developments and results to differ materially from UBS’s\nexpectations. In particular, the global economy may suffer significant adverse\neffects from increasing political tensions between world powers, changes to\ninternational trade policies, including those related to tariffs and trade\nbarriers, and evolving armed conflicts. UBS’s acquisition of the Credit\nSuisse Group materially changed its outlook and strategic direction and\nintroduced new operational challenges. The integration of the Credit Suisse\nentities into the UBS structure is expected to continue through 2026 and\npresents significant operational and execution risk, including the risks that\nUBS may be unable to achieve the cost reductions and business benefits\ncontemplated by the transaction, that it may incur higher costs to execute the\nintegration of Credit Suisse and that the acquired business may have greater\nrisks or liabilities, including those related to litigation, than expected. In\nresponse to the failure of Credit Suisse, Switzerland has amended its Capital\nAdequacy Ordinance and is considering changes to its Banking Act, which, if\nenacted as proposed, would substantially increase capital requirements for UBS\nin relation to its foreign subsidiaries. These factors create greater\nuncertainty about forward-looking statements. Other factors that may affect\nUBS’s performance and ability to achieve its plans, outlook and other\nobjectives also include, but are not limited to: (i) the degree to which UBS\nis successful in the execution of its strategic plans, including its cost\nreduction and efficiency initiatives and its ability to manage its levels of\nrisk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity\ncoverage ratio and other financial resources, including changes in RWA, assets\nand liabilities arising from higher market volatility and the size of the\ncombined Group; (ii) the degree to which UBS is successful in implementing\nchanges to its businesses to meet changing market, regulatory and other\nconditions, including any potential changes to banking examination and\noversight practices and standards as a result of executive branch orders or\nstaff interpretations of law in the US; (iii) inflation and interest rate\nvolatility in major markets; (iv) developments in the macroeconomic climate\nand in the markets in which UBS operates or to which it is exposed, including\nmovements in securities prices or liquidity, credit spreads, currency exchange\nrates, residential and commercial real estate markets, general economic\nconditions, and changes to national trade policies on the financial position\nor creditworthiness of UBS’s clients and counterparties, as well as on\nclient sentiment and levels of activity; (v) changes in the availability of\ncapital and funding, including any adverse changes in UBS’s credit spreads\nand credit ratings of UBS, as well as availability and cost of funding,\nincluding as affected by the marketability of additional tier one debt\ninstruments, to meet requirements for debt eligible for total loss-absorbing\ncapacity (TLAC); (vi) changes in and potential divergence between central bank\npolicies or the implementation of financial legislation and regulation in\nSwitzerland, the US, the UK, the EU and other financial centers that have\nimposed, or resulted in, or may do so in the future, more stringent or\nentity-specific capital, TLAC, leverage ratio, net stable funding ratio,\nliquidity and funding requirements, heightened operational resilience\nrequirements, incremental tax requirements, additional levies, limitations on\npermitted activities, constraints on remuneration, constraints on transfers of\ncapital and liquidity and sharing of operational costs across the Group or\nother measures, and the effect these will or would have on UBS’s business\nactivities; (vii) UBS’s ability to successfully implement resolvability and\nrelated regulatory requirements and the potential need to make further changes\nto the legal structure or booking model of UBS in response to legal and\nregulatory requirements including heightened requirements and expectations due\nto its acquisition of the Credit Suisse Group; (viii) UBS’s ability to\nmaintain and improve its systems and controls for complying with sanctions in\na timely manner and for the detection and prevention of money laundering to\nmeet evolving regulatory requirements and expectations, in particular in the\ncurrent geopolitical turmoil; (ix) the uncertainty arising from domestic\nstresses in certain major economies; (x) changes in UBS’s competitive\nposition, including whether differences in regulatory capital and other\nrequirements among the major financial centers adversely affect UBS’s\nability to compete in certain lines of business; (xi) changes in the standards\nof conduct applicable to its businesses that may result from new regulations\nor new enforcement of existing standards, including measures to impose new and\nenhanced duties when interacting with customers and in the execution and\nhandling of customer transactions; (xii) the liability to which UBS may be\nexposed, or possible constraints or sanctions that regulatory authorities\nmight impose on UBS, due to litigation, including litigation it has inherited\nby virtue of the acquisition of Credit Suisse, contractual claims and\nregulatory investigations, including the potential for disqualification from\ncertain businesses, potentially large fines or monetary penalties, or the loss\nof licenses or privileges as a result of regulatory or other governmental\nsanctions, as well as the effect that litigation, regulatory and similar\nmatters have on the operational risk component of its RWA; (xiii) UBS’s\nability to retain and attract the employees necessary to generate revenues and\nto manage, support and control its businesses, which may be affected by\ncompetitive factors; (xiv) changes in accounting or tax standards or policies,\nand determinations or interpretations affecting the recognition of gain or\nloss, the valuation of goodwill, the recognition of deferred tax assets and\nother matters; (xv) UBS’s ability to implement new technologies and business\nmethods, including digital services, artificial intelligence and other\ntechnologies, and ability to successfully compete with both existing and new\nfinancial service providers, some of which may not be regulated to the same\nextent; (xvi) limitations on the effectiveness of UBS’s internal processes\nfor risk management, risk control, measurement and modeling, and of financial\nmodels generally; (xvii) the occurrence of operational failures, such as\nfraud, misconduct, unauthorized trading, financial crime, cyberattacks, data\nleakage and systems failures, the risk of which is increased with persistently\nhigh levels of cyberattack threats; (xviii) restrictions on the ability of UBS\nGroup AG, UBS AG and regulated subsidiaries of UBS AG to make payments or\ndistributions, including due to restrictions on the ability of its\nsubsidiaries to make loans or distributions, directly or indirectly, or, in\nthe case of financial difficulties, due to the exercise by FINMA or the\nregulators of UBS’s operations in other countries of their broad statutory\npowers in relation to protective measures, restructuring and liquidation\nproceedings; (xix) the degree to which changes in regulation, capital or legal\nstructure, financial results or other factors may affect UBS’s ability to\nmaintain its stated capital return objective; (xx) uncertainty over the scope\nof actions that may be required by UBS, governments and others for UBS to\nachieve goals relating to climate, environmental and social matters, as well\nas the evolving nature of underlying science and industry and the increasing\ndivergence among regulatory regimes; (xxi) the ability of UBS to access\ncapital markets; (xxii) the ability of UBS to successfully recover from a\ndisaster or other business continuity problem due to a hurricane, flood,\nearthquake, terrorist attack, war, conflict, pandemic, security breach,\ncyberattack, power loss, telecommunications failure or other natural or\nman-made event; and (xxiii) the effect that these or other factors or\nunanticipated events, including media reports and speculations, may have on\nits reputation and the additional consequences that this may have on its\nbusiness and performance. The sequence in which the factors above are\npresented is not indicative of their likelihood of occurrence or the potential\nmagnitude of their consequences. UBS’s business and financial performance\ncould be affected by other factors identified in its past and future filings\nand reports, including those filed with the US Securities and Exchange\nCommission (the SEC). More detailed information about those factors is set\nforth in documents furnished by UBS and filings made by UBS with the SEC,\nincluding the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year\nended 31 December 2025. UBS is not under any obligation to (and expressly\ndisclaims any obligation to) update or alter its forward-looking statements,\nwhether as a result of new information, future events, or otherwise.\n\nRounding\n\nNumbers presented throughout this new release may not add up precisely to the\ntotals provided in the tables, infographics and text. Percentages and percent\nchanges disclosed in text and tables are calculated on the basis of unrounded\nfigures. Absolute changes between reporting periods disclosed in the text,\nwhich can be derived from numbers presented in related tables, are calculated\non a rounded basis.\n\nTables\n\nWithin tables, blank fields generally indicate non-applicability or that\npresentation of any content would not be meaningful, or that information is\nnot available as of the relevant date or for the relevant period. Zero values\ngenerally indicate that the respective figure is zero on an actual or rounded\nbasis. Values that are zero on a rounded basis can be either negative or\npositive on an actual basis.\n\nWebsites\n\nIn this news release, any website addresses are provided solely for\ninformation and are not intended to be active links. UBS is not incorporating\nthe contents of any such websites into this news release.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261027135620/en/\n(https://www.businesswire.com/news/home/20261027135620/en/)\n\nUBS Group AG and UBS AG\n\nInvestor contact\n\nSwitzerland: +41-44-234 41 00\n\nAmericas: +1-212-882 57 34\n\nMedia contact\n\nSwitzerland: +41-44-234 85 00\n\nUK: +44-207-567 47 14\n\nAmericas: +1-212-882 58 58\n\nAPAC: +852-297-1 82 00\n\nubs.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2F&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com&index=4&md5=26d4b528e9c55295f947659b284336af)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw9BLpfra-20261028","title":"UBS reports 3Q26 net profit of USD 2.7bn and 14.8% RoCET1, continued strong client momentum and disciplined execution across businesses (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)","author":"Business Wire","ticker":"UBS","created":"2026-10-28T05:45:00.245Z","tickers":["UBS","UBSG"],"exchange":"NYSE","article_body":"UBS reports 3Q26 net profit of USD 2.7bn and 14.8% RoCET1, continued strong\nclient momentum and disciplined execution across businesses (Ad hoc\nannouncement pursuant to Article 53 of the SIX Exchange Regulation Listing\nRules)\n\nRegulatory News:\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20261027135620/en/\n(https://www.businesswire.com/news/home/20261027135620/en/)\n\nSergio P. Ermotti quote\n\nUBS (NYSE:UBS) (SWX:UBSN):\n\n“In an increasingly complex market environment, our strong third-quarter\nperformance once again demonstrated the benefits of our diversified global\nbusiness model and disciplined execution.“\n\n“The breadth and depth of our global franchise and our unwavering commitment\nto serving our clients were reflected in robust client momentum, including USD\n55 billion of net new assets in Global Wealth Management, with particularly\nstrong inflows in APAC and the Americas. Against the current backdrop, we are\nstaying close to clients to help them navigate the market conditions and\ncapture opportunities.”\n\n“UBS remains strategically committed to its diversified business model and\nits global and regional footprint. As the political process on future\nregulatory requirements in Switzerland progresses, we will continue to engage\nconstructively in the hope that Parliament will reach a solution that supports\nthe country’s financial stability without imposing undue costs on UBS’s\nshareholders, clients and employees and without impacting its long-term\ncompetitive position.”\n\nSergio P. Ermotti, UBS Group CEO\n Selected financials for 3Q26                                                                   \n USD 2.7bn     14.8%             USD 3.6bn           72.3%                14.7%                 \n \n             \n                 \n                   \n                    \n                     \n \nNet profit   \nRoCET1 capital   \nProfit before tax  \nCost/income ratio   \nCET1 capital ratio   \n                                                                                                \n USD 0.85      16.7%             USD 4.1bn           68.7%                4.6%                  \n \n             \n                 \n                   \n                    \n                     \n \nDiluted EPS  \nUnderlying(1     \nUnderlying(1)      \nUnderlying(1        \nCET1 leverage ratio  \n               \n)RoCET1 capital  \n                   \n)cost/income ratio                        \n                                 \nprofit before tax                                             \n\n\nHighlights\n\nStrong financial performance with 3Q26 PBT of USD 3.6bn and underlying PBT of\nUSD 4.1bn, net profit of USD 2.7bn, RoCET1 of 14.8% and underlying RoCET1 of\n16.7%\n\nOn track to exceed our 2026 underlying RoCET1 exit rate target and achieve our\nunderlying cost/income ratio target; 9M26 underlying RoCET1 of 16.7% and\nunderlying cost/income ratio of 69.6%\n\nRobust client momentum across our businesses; 3Q26 Global Wealth Management\n(GWM) net new assets of USD 55.1bn; record USD 12.5bn in client commitments in\nthe quarter in UGA across GWM and Asset Management; Personal & Corporate\nBanking net new investment products growth rate of 7%; underlying Global\nMarkets revenues up 17% YoY\n\nIntegration on track for completion by year-end; decommissioning plans close\nto completion, with nearly all legacy applications in scope no longer in use\nand ~90% already fully decommissioned. Delivered an additional USD 0.6bn in\ngross cost savings in 3Q26; cumulative gross cost savings up to USD 13.2bn;\nnow expect to reach a total of USD ~13.7bn in savings by end-2026, above our\nprevious ambition of USD ~13.5bn\n\nA reliable partner for the Swiss economy; granted or renewed CHF ~40bn of\nloans to Swiss businesses and households in 3Q26 as we continue to support\nclients with our leading credit offering and unique global capabilities and\nfootprint; Personal & Corporate Banking 3Q26 net new loans of CHF 3.3bn\n\nStrong capital position and balance sheet for all seasons; CET1 capital ratio\nof 14.7% and CET1 leverage ratio of 4.6%; continued to accrue for mid-teens\npercentage growth in dividend and execute on our USD 3bn share repurchase\nprogram. We intend to complete the buyback program by the time we report 4Q26\nresults(2)\n\nStrategically committed to our diversified, global franchise and footprint,\ninvesting in technology, global capabilities and talent to drive long-term,\nsustainable growth and higher returns; contributing to fact-based\ndeliberations on the Swiss capital framework\n Information in this news release is presented for UBS Group AG on a              \n consolidated basis unless otherwise specified. 1 In this news release the term   \n underlying refers to underlying results which exclude items of profit or loss    \n that management believes are not representative of the underlying performance.   \n Underlying results are a non-GAAP financial measure and alternative              \n performance measure (APM). Refer to “Group Performance” and                      \n “Appendix-Alternative Performance Measures” in the UBS Group third quarter       \n 2026 report for a reconciliation of underlying to reported results and           \n definitions of the APMs; 2 The amount and pace of share repurchases will         \n remain subject to our short-term financial performance and outlook,              \n maintaining a CET1 capital ratio of around 14% and further visibility on the     \n deliberations by the Swiss Parliament on the capitalization of foreign           \n subsidiaries.                                                                    \n\n\nThird quarter 2026 performance overview\n\nStrong financial performance driven by disciplined execution and commitment to\nserving clients\n\nIn 3Q26, we reported a profit before tax (PBT) of USD 3,587m and USD 4,077m on\nan underlying basis, up 27% YoY and 14% YoY, respectively, driven by higher\nunderlying PBT across each of our core business divisions. The Group delivered\nthe sixth consecutive quarter of positive operating leverage. Our performance\nthis quarter continues to highlight the benefits of our diversified global\nbusiness model and disciplined execution for our clients.\n\nReported revenues were USD 13,350m, up 5% YoY. On an underlying basis,\nrevenues increased by 10% to USD 13,387m, with a 3% YoY increase in revenues\nin our core businesses.\n\nGWM underlying revenues increased 8% YoY to USD 6,898m, mainly driven by a 9%\nincrease in recurring net fee income and 8% rise in net interest income. The\nInvestment Bank delivered a record third quarter of underlying revenues,\npropelled by a 17% increase in Global Markets to USD 2,548m, led by a 22%\nincrease in Equities, supported by higher client balances, market share gains\nand strong activity in Corporate Derivatives and Structured Products.\n\nGroup invested assets were USD 7.3trn. GWM net new assets for the quarter\ntotaled USD 55.1bn, representing a 4.5% annualized growth rate, with positive\ncontributions across all regions and led by APAC and the Americas. In the\nAmericas, we continued to execute our strategy with discipline, driving growth\nand delivering further improvements in profitability. PBT increased by 28%\nYoY, and the PBT margin improved by over 2 percentage points YoY to 16%.\n\nOur Unified Global Alternatives initiative across GWM and Asset Management saw\na record USD 12.5bn in new commitments in the quarter with assets under\nmanagement up to USD 371bn.\n\nWe remain a reliable partner for the Swiss economy continuing to support\nbusinesses and households with our global reach, advice and expertise. We\ngranted or renewed CHF ~40bn of loans to businesses and households in 3Q26,\nunderscoring our position as the leading provider of credit to the economy.\nClient momentum in Personal & Corporate Banking remained strong, with the\nfranchise adding net new clients and delivering CHF 3.3bn in net new loans and\nCHF 1.8bn in net new deposits.\n\nIntegration firmly on track to be substantially completed by the end of this\nyear\n\nWe continue to execute on the final stages of the integration. With USD 13.2bn\nof gross cost reductions already delivered, including USD 0.6bn in the third\nquarter, we expect to deliver a total of USD 13.7bn in cumulative gross cost\nsavings, above our previous ambition of approximately USD 13.5bn.\n\nAs of 30 September 2026, nearly all of the legacy Credit Suisse IT\napplications in scope for decommissioning were no longer in use and around 90%\nof such applications had already been fully decommissioned.\n\nWith nine-month underlying return on CET1 of 16.7% and underlying cost/income\nratio of 69.6%, we are also well positioned to outperform our 2026 exit rate\nreturn on CET1 capital target of ~15% and achieve our 2026 exit rate\ncost/income ratio target of <70% with potential for incremental\nimprovement.\n\nStrong capital position and balance sheet for all seasons\n\nOur strong capital generation in the quarter further fortified our capital\nposition with a CET1 capital ratio of 14.7% and a CET1 leverage ratio of 4.6%,\nboth above our guidance of ~14% and >4.0%, respectively. We expect to end\n2026 with a CET1 capital ratio at or very close to our target of around 14%,\nincluding a potential accrual for the initial portion of intended 2027 share\nbuybacks.\n\nOur performance allows us to continue deploying resources towards profitable\ngrowth opportunities, investing into our future, and delivering on our capital\nreturn ambitions. In the quarter we continued to accrue for mid-teens\npercentage growth in our dividend, and repurchased USD 1.8bn of shares. We\nplan to complete the USD 3bn program by the time we report our fourth quarter\nresults. The amount and pace of share repurchases will remain subject to our\nshort-term financial performance and outlook, maintaining a CET1 capital ratio\nof around 14% and further visibility on the deliberations by the Swiss\nParliament on the capitalization of foreign subsidiaries.\n\nWe will communicate our 2027 capital return ambitions with our fourth-quarter\nand full-year financial results in February 2027.\n\nStrategically investing in our franchise and footprint\n\nWe remain focused on investing in technology, including AI, as well as our\ncapabilities and talent, to position UBS for the future as we enhance our\nclient experience, further strengthen our infrastructure and increase\nefficiency.\n\nWe continue to progress our 9 large-scale, end-to-end transformational AI\ninitiatives and build on our 608 live AI use cases in production (81% YoY\nincrease, with another 1,090+ applications in development).\n\nWe also continue to provide our employees with the AI tools necessary to\nsuccessfully deliver tangible outcomes for our clients and our business on a\ndaily basis. Our employees are running over 12,700 AI personal agents to\nsupport them in their daily activities. Over 18,000 of our software developers\nare leveraging AI tools in the software development cycles, leading to\nmeasurable productivity gains. And, our award-winning STAAT tool has\nyear-to-date generated over 30 million insights to be distributed to the\nFinancial Advisor teams to help them even better advise their clients.\n\nOur sustained commitment to building AI capabilities responsibly and at scale\nthrough our firm-wide investment in skills and tools was recognized externally\n– we’re the leading bank in Europe in the 2026 Evident AI Index for\nfinancial services and the only European bank in the global top 10. UBS was\nalso recognized as the global leader in responsible AI and talent development.\n\nOf special significance is our first place globally for Talent Development,\nwhich recognizes the firm-wide engagement in our AI Learning Journeys and\nenablement initiatives such as AI Power Hour, and our academic partnerships\nwith Oxford and Dalle Molle Institute for Artificial Intelligence (IDSIA).\nThese activities, combined with our investment in AI tools for employees\nacross the firm, are ensuring we can all play an active role in developing and\nusing meaningful AI skills and capabilities.\n\nOutlook\n\nAs we enter the fourth quarter, investor sentiment remains measured amid\nelevated macroeconomic volatility, ongoing geopolitical tensions and political\nuncertainty, with consequential elections, including in the US.\n\nFor the fourth quarter, we expect a more typical sequential seasonal\nmoderation in transaction volumes across our businesses. In Global Markets,\nthe strong prior-year performance, which included a gain on disposal, may\nweigh on the year-on-year comparison. In Global Banking, we expect revenues to\nincrease sequentially, based on the current pipeline and assuming constructive\nmarkets. Net interest income is expected to increase by a low-single-digit\npercentage sequentially in Global Wealth Management and increase slightly in\nPersonal & Corporate Banking in Swiss franc terms.\n\nWe expect to end 2026 with a CET1 capital ratio at or very close to our target\nof around 14%, including a potential accrual for the initial portion of\nintended 2027 share buybacks.\n\nUBS remains strategically committed to its diversified business model and its\nglobal and regional footprint. As the political process on future regulatory\nrequirements in Switzerland progresses, we will continue to engage\nconstructively in the hope that Parliament will reach a solution that supports\nthe country’s financial stability without imposing undue costs on UBS’s\nshareholders, clients and employees and without impacting its long-term\ncompetitive position.\n\nThird quarter 2026 performance overview\n\nGroup PBT USD 3,587m, underlying PBT USD 4,077m\n\nPBT of USD 3,587m included PPA effects and other integration items of negative\nUSD 38m and integration-related expenses and PPA effects of USD 452m.\nUnderlying PBT was USD 4,077m, including net credit loss expenses of USD 114m.\nThe cost/income ratio was 72.3%, and 68.7% on an underlying basis. Net profit\nattributable to shareholders was USD 2,690m, with diluted earnings per share\nof USD 0.85. Return on CET1 capital was 14.8%, and 16.7% on an underlying\nbasis.\n\nGlobal Wealth Management (GWM) PBT USD 1,919m, underlying PBT USD 1,972m\n\nTotal revenues increased by USD 459m, or 7%, to USD 7,002m, driven by all\nrevenue lines, and included a USD 67m decrease in PPA effects and other\nintegration items. Excluding USD 104m of PPA effects and other integration\nitems, underlying total revenues were USD 6,898m, an increase of 8%. Net\ncredit loss expenses were USD 10m, compared with net credit loss expenses of\nUSD 7m in the third quarter of 2025. Operating expenses decreased by USD 110m,\nor 2%, to USD 5,072m and included a USD 396m decrease in integration-related\nexpenses. Excluding USD 157m of integration-related expenses and PPA effects,\nunderlying operating expenses were USD 4,915m, an increase of 6%, which was\nprimarily due to the third quarter of 2025 including releases of USD 284m\nrelated to the resolution of a legacy matter concerning cross-border business\nactivities in France. The remaining increase was driven by higher variable\ncompensation, which primarily related to an increase in financial advisor\ncompensation, resulting from higher compensable revenues. The cost/income\nratio was 72.4%, and 71.3% on an underlying basis. Invested assets increased\nsequentially by USD 35bn to USD 4,977bn. Net new assets were USD 55.1bn.\n\nPersonal & Corporate Banking (P&C) PBT CHF 915m, underlying PBT CHF\n813m\n\nTotal revenues increased by CHF 65m to CHF 1,929m, reflecting positive other\nrevenues, compared with negative other revenues in the prior-year quarter, and\nhigher recurring net fee income, partly offset by lower net interest income\nand transaction-based income. Excluding CHF 142m of PPA effects and other\nintegration items, underlying total revenues were CHF 1,787m, an increase of\n4%. Net credit loss expenses were CHF 27m, mainly reflecting net expenses of\nCHF 55m on credit-impaired positions from a small number of corporate\ncounterparties, partly offset by net releases on performing positions. Net\ncredit loss expenses were CHF 58m in the third quarter of 2025. Operating\nexpenses decreased by CHF 312m, or 24%, to CHF 988m and included a CHF 261m\ndecrease in integration-related expenses. Excluding CHF 41m of\nintegration-related expenses and PPA effects, underlying operating expenses\nwere CHF 947m, a decrease of 5%, reflecting cost savings, including those\nrelated to integration synergies. The cost/income ratio was 51.2%, and 53.0%\non an underlying basis.\n\nAsset Management (AM) PBT USD 271m, underlying PBT USD 300m\n\nTotal revenues decreased by USD 63m, or 7%, to USD 780m, mainly due to lower\nperformance fees, partly offset by higher net management fees. Operating\nexpenses decreased by USD 116m, or 19%, to USD 508m and included a USD 36m\ndecrease in integration-related expenses. Excluding integration-related\nexpenses of USD 28m, underlying operating expenses were USD 480m, a decrease\nof 14%, reflecting lower personnel and non-personnel expenses, and included\nthe effects from the O’Connor business exit. The cost/income ratio was\n65.2%, and 61.6% on an underlying basis. Invested assets decreased\nsequentially by USD 27bn to USD 2,201bn. Net new money was negative USD 5.1bn,\nand negative USD 0.4bn excluding money market flows and associates.\n\nInvestment Bank (IB) PBT USD 838m, underlying PBT USD 854m\n\nTotal revenues decreased by USD 5m to USD 3,239m, due to lower revenues in\nGlobal Banking, almost entirely offset by higher revenues in Global Markets,\nand included a USD 198m decrease in PPA effects and other integration items,\nwhich included a gain of USD 128m from the sale of a stake in Credit Suisse\nSecurities (China) Limited in the third quarter of 2025. Excluding USD 21m of\nPPA effects and other integration items, underlying total revenues were USD\n3,218m, an increase of 6%. Net credit loss expenses were USD 30m, mostly\nreflecting net expenses on credit-impaired positions, which primarily related\nto a small number of corporate counterparties. Net credit loss expenses were\nUSD 17m in the third quarter of 2025. Operating expenses increased by USD 44m,\nor 2%, to USD 2,371m and included a USD 69m decrease in integration-related\nexpenses. Excluding integration-related expenses of USD 37m, underlying\noperating expenses were USD 2,334m, an increase of 5%, mainly due to higher\nnon-personnel expenses. The cost/income ratio was 73.2%, and 72.5% on an\nunderlying basis. Return on attributed equity was 17.4%, and 17.7% on an\nunderlying basis.\n\nNon-core and Legacy (NCL) PBT USD 183m, underlying PBT USD 360m\n\nTotal revenues were USD 764m, compared with total revenues of negative USD\n40m, primarily reflecting a net gain of USD 697m related to the settlements of\ncertain legacy legal matters, as well as lower liquidity and funding costs as\na result of a smaller portfolio. Net credit loss expenses were USD 38m,\nreflecting net expenses on credit-impaired positions, compared with net credit\nloss expenses of USD 6m in the third quarter of 2025. Operating expenses were\nUSD 544m, an increase of USD 488m, and included a USD 28m decrease in\nintegration-related expenses. The increase in operating expenses mainly\nreflected USD 275m net expenses for litigation, regulatory and similar matters\n(compared with USD 440m net releases in the third quarter of 2025), partly\noffset by lower professional fees, technology costs and personnel expenses.\nExcluding integration-related expenses of USD 177m, underlying operating\nexpenses were USD 366m.\n\nGroup Items PBT USD (740m), underlying PBT USD (403m)\n\nLoss before tax was USD 740m, compared with a loss of USD 173m in the third\nquarter of 2025. The change in the result between the quarters was mainly\ndriven by a net loss of USD 346m from the repurchase of legacy Credit Suisse\ndebt instruments and mark-to-market losses from Group hedging and own debt,\nincluding hedge accounting ineffectiveness. Underlying loss before tax was USD\n403m.\n 3 Also accounts for credit loss expenses/releases incurred in a given period.  \n\n\nUBS’s sustainability and impact highlights\n\nDuring the quarter, we continued to support clients through our philanthropy\noffering and further strengthened our sustainability capabilities and\nstakeholder engagement. This included a new practical guide for Swiss\nfoundations developed jointly with the Center for Philanthropy Studies (CEPS)\nat the University of Basel, providing practical insights on how philanthropic\ncapital can be deployed more effectively to increase social impact. We also\nexpanded the global UBS Optimus Foundation network, enhanced\nsustainability-related risk capabilities and fostered industry dialogue on\nsustainable finance.\n\nUBS Optimus Brasil launch\n\nIn August, UBS launched UBS Optimus Brasil, establishing a local presence in\nthe country and marking the UBS Optimus Foundation(4) network’s tenth\nonshore location globally and its first in South America. The expansion built\non the Foundation’s work in Brazil over the previous three years, during\nwhich it supported local initiatives through its global network. Through UBS\nOptimus Brasil, our clients and local organizations have greater access to the\nFoundation’s global philanthropy expertise, resources and partnerships.\n\nExpanding CTAS beyond climate to include drivers of nature change\n\nThe transition to a lower-carbon and more nature-positive economy continues to\nreshape how capital is deployed, businesses compete and markets evolve. To\nfurther enhance its capabilities in preparation for the application (as of 1st\nJanuary 2028) of FINMA Circular 2026/1 to all nature-related financial risks,\nUBS is expanding its Company Transition Assessment Scorecard (CTAS) beyond its\ninitial focus on climate. This rules-based, sector-agnostic assessment now\nalso considers all five IPBES(5) drivers of nature change. The enhanced\nmethodology is expected to strengthen our ability to assess how companies are\nresponding to their nature-related impacts, dependencies, risks and\nopportunities. The nature-related expansions are expected to be used as an\nanalytical input for UBS’s Transition Risk Rating Model.\n\nFostering dialogue on sustainable finance\n\nUBS continued to convene leaders from the financial sector, academia,\ninternational organizations and civil society. During the third quarter, UBS\nhosted the Wolfsberg Forum for Sustainable Finance together with the Institute\nof International Finance (IIF), as well as the Thun Group of Banks Annual\nMeeting. These forums provided platforms for dialogue on sustainable finance,\nhuman rights, climate resilience and emerging market financing. Through these\nexchanges, UBS supported knowledge sharing, strengthened partnerships and\ncontributed to the development of practical approaches to\nsustainability-related issues.\n 4 The UBS Optimus Foundation is a global network of separately organized and     \n regulated, tax-exempt, charitable organizations, founded by UBS, that make       \n grants and other financial contributions to implementing partner organizations   \n aligned with their values and objectives. 5 IPBES: Intergovernmental             \n Science-Policy Platform on Biodiversity and Ecosystem Services.                  \n\n Selected financial information of the business divisions and Group Items                                                                                                \n                                                            For the quarter ended 30.9.26                                                                                \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 7,002                     2,360           780          3,239       764                  (795)        13,350  \n of which: PPA effects and other integration items(1)       104                       174                          21          0                    (337)(2)     (38)    \n Total revenues (underlying)                                6,898                     2,186           780          3,218       764                  (459)        13,387  \n Credit loss expense / (release)                            10                        33              0            30          38                   2            114     \n Operating expenses as reported                             5,072                     1,210           508          2,371       544                  (58)         9,648   \n of which: integration-related expenses and PPA effects(3)  157                       51              28           37          177                  0            452     \n Operating expenses (underlying)                            4,915                     1,159           480          2,334       366                  (58)         9,197   \n Operating profit / (loss) before tax as reported           1,919                     1,117           271          838         183                  (740)        3,587   \n Operating profit / (loss) before tax (underlying)          1,972                     994             300          854         360                  (403)        4,077   \n                                                                                                                                                                         \n                                                            For the quarter ended 30.6.26                                                                                \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 7,112                     2,399           756          3,727       43                   (338)        13,700  \n of which: PPA effects and other integration items(1)       114                       196                          26          (1)                  17           352     \n Total revenues (underlying)                                6,997                     2,204           756          3,701       44                   (355)        13,348  \n Credit loss expense / (release)                            (2)                       76              0            45          0                    1            121     \n Operating expenses as reported                             5,231                     1,466           542          2,531       246                  (31)         9,986   \n of which: integration-related expenses and PPA effects(3)  228                       196             23           37          150                  11           645     \n Operating expenses (underlying)                            5,002                     1,270           519          2,494       96                   (42)         9,340   \n Operating profit / (loss) before tax as reported           1,883                     857             214          1,150       (203)                (307)        3,594   \n Operating profit / (loss) before tax (underlying)          1,997                     858             237          1,162       (52)                 (314)        3,887   \n                                                                                                                                                                         \n                                                            For the quarter ended 30.9.25                                                                                \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 6,543                     2,321           843          3,244       (40)                 (149)        12,760  \n of which: PPA effects and other integration items(1)       171                       276                          219(4)      1                    34           701     \n of which: loss related to an investment in an associate    (38)                      (102)                                                                      (140)   \n Total revenues (underlying)                                6,410                     2,147           843          3,025       (42)                 (183)        12,199  \n Credit loss expense / (release)                            7                         72              0            17          6                    0            102     \n Operating expenses as reported                             5,182                     1,619           624          2,327       56                   23           9,831   \n of which: integration-related expenses and PPA effects(3)  553                       376             64           106         205                  20           1,323   \n Operating expenses (underlying)                            4,629                     1,242           560          2,221       (149)                4            8,507   \n Operating profit / (loss) before tax as reported           1,354                     631             218          900         (102)                (173)        2,828   \n Operating profit / (loss) before tax (underlying)          1,774                     833             282          787         102                  (187)        3,590   \n 1 Includes accretion of PPA adjustments on financial instruments and other PPA                                                                                          \n effects, as well as temporary and incremental items directly related to the                                                                                             \n integration. 2 Includes a USD 346m net loss from the repurchase of legacy                                                                                               \n Credit Suisse debt instruments, as the repurchase price exceeded the                                                                                                    \n amortized-cost carrying value (the net loss reflects a loss of USD 587m before                                                                                          \n PPA adjustments, partly offset by a USD 241m gain from the release of PPA                                                                                               \n adjustments). 3 Includes temporary, incremental operating expenses directly                                                                                             \n related to the integration, as well as amortization of intangible assets                                                                                                \n resulting from the acquisition of the Credit Suisse Group. 4 Includes a USD                                                                                             \n 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities                                                                                            \n (China) Limited.                                                                                                                                                        \n\n Selected financial information of the business divisions and Group Items                                                                                                \n (continued)                                                                                                                                                             \n                                                            Year-to-date 30.9.26                                                                                         \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 21,220                    7,361           2,308        11,019      798                  (1,412)      41,293  \n of which: PPA effects and other integration items(1)       344                       593                          115         0                    (264)(2)     786     \n of which: items related to the Swisscard transactions(3)                             128                                                                        128     \n Total revenues (underlying)                                20,876                    6,640           2,308        10,905      798                  (1,148)      40,379  \n Credit loss expense / (release)                            17                        180             0            140         (36)                 3            305     \n Operating expenses as reported                             15,609                    4,168           1,606        7,686       1,009                (110)        29,967  \n of which: integration-related expenses and PPA effects(4)  693                       470             86           153         386                  59           1,847   \n Operating expenses (underlying)                            14,916                    3,698           1,520        7,533       623                  (169)        28,120  \n Operating profit / (loss) before tax as reported           5,594                     3,013           702          3,193       (175)                (1,305)      11,021  \n Operating profit / (loss) before tax (underlying)          5,943                     2,763           788          3,231       211                  (982)        11,954  \n                                                                                                                                                                         \n                                                            Year-to-date 30.9.25                                                                                         \n USD m                                                      Global Wealth Management  Personal &      Asset        Investment  Non-core and Legacy  Group Items  Total   \n                                                                                      \n               \n            \n                                                     \n                                                                                      \nCorporate      \nManagement  \nBank                                                 \n                                                                                      \n                                                                                  \n                                                                                      \nBanking                                                                           \n Total revenues as reported                                 19,265                    6,868           2,355        9,393       162                  (614)        37,429  \n of which: PPA effects and other integration items(1)       489                       790                          509(5)      2                    81           1,872   \n of which: loss related to an investment in an associate    (42)                      (114)                                                                      (156)   \n of which: items related to the Swisscard transactions(6)                             64                                                                         64      \n Total revenues (underlying)                                18,818                    6,128           2,355        8,884       159                  (696)        35,649  \n Credit loss expense / (release)                            16                        239             0            100         11                   (1)          365     \n Operating expenses as reported                             15,332                    4,697           1,848        7,115       894                  25           29,911  \n of which: integration-related expenses and PPA effects(4)  1,291                     808             200          339         648                  19           3,305   \n of which: items related to the Swisscard transactions(7)                             180                                                                        180     \n Operating expenses (underlying)                            14,041                    3,709           1,648        6,776       246                  6            26,426  \n Operating profit / (loss) before tax as reported           3,917                     1,932           507          2,179       (744)                (638)        7,153   \n Operating profit / (loss) before tax (underlying)          4,762                     2,179           707          2,009       (98)                 (701)        8,858   \n 1 Includes accretion of PPA adjustments on financial instruments and other PPA                                                                                          \n effects, as well as temporary and incremental items directly related to the                                                                                             \n integration. 2 Includes a USD 346m net loss from the repurchase of legacy                                                                                               \n Credit Suisse debt instruments, as the repurchase price exceeded the                                                                                                    \n amortized-cost carrying value (the net loss reflects a loss of USD 587m before                                                                                          \n PPA adjustments, partly offset by a USD 241m gain from the release of PPA                                                                                               \n adjustments). 3 Represents the gain on sale of UBS’s 50% interest in                                                                                                    \n Swisscard AECS GmbH (Swisscard) that has been excluded from underlying                                                                                                  \n revenues. Refer to the “Recent developments” section of the UBS Group                                                                                                   \n first quarter 2026 report, available under “Quarterly reporting” at                                                                                                     \n ubs.com/investors, for more information about the Swisscard transactions. 4                                                                                             \n Includes temporary, incremental operating expenses directly related to the                                                                                              \n integration, as well as amortization of intangible assets resulting from the                                                                                            \n acquisition of the Credit Suisse Group. 5 Includes a USD 128m gain from the                                                                                             \n sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited. 6                                                                                            \n Represents the gain related to UBS’s share of the income recorded by                                                                                                    \n Swisscard for the sale of the Credit Suisse card portfolios to UBS. 7                                                                                                   \n Represents the expense related to the payment to Swisscard for the sale of the                                                                                          \n Credit Suisse card portfolios to UBS.                                                                                                                                   \n\n UBS Group key figures                                                                                                                                        \n                                                                                    As of or for the quarter ended                  As of or year-to-date     \n USD m, except where indicated                                                      30.9.26    30.6.26    31.12.25   30.9.25        30.9.26      30.9.25      \n Group results                                                                                                                                                \n Total revenues                                                                     13,350     13,700     12,145     12,760         41,293       37,429       \n Credit loss expense / (release)                                                    114        121        159        102            305          365          \n Operating expenses                                                                 9,648      9,986      10,286     9,831          29,967       29,911       \n Operating profit / (loss) before tax                                               3,587      3,594      1,700      2,828          11,021       7,153        \n Net profit / (loss) attributable to shareholders                                   2,690      2,800      1,199      2,481          8,530        6,568        \n Diluted earnings per share (USD)(1)                                                0.85       0.87       0.37       0.76           2.66         1.99         \n Profitability and growth(2)                                                                                                                                  \n Return on equity (%)(3)                                                            12.1       12.3       5.3        11.1           12.6         10.0         \n Return on tangible equity (%)(3)                                                   13.1       13.4       5.8        12.0           13.6         10.8         \n Underlying return on tangible equity (%)(3,4)                                      14.9       14.3       10.5       14.6           14.6         12.7         \n Return on common equity tier 1 capital (%)(3)                                      14.8       15.4       6.6        13.5           15.7         12.2         \n Underlying return on common equity tier 1 capital (%)(3,4)                         16.7       16.4       11.9       16.3           16.7         14.4         \n Cost / income ratio (%)(3)                                                         72.3       72.9       84.7       77.0           72.6         79.9         \n Underlying cost / income ratio (%)(3,4)                                            68.7       70.0       75.2       69.7           69.6         74.1         \n Effective tax rate (%)                                                             24.7       21.8       29.1       12.0           22.3         7.8          \n Net profit growth (%)(3)                                                           8.4        16.9       55.6       74.2           29.9         52.2         \n Resources(2)                                                                                                                                                 \n Total assets                                                                       1,655,168  1,707,284  1,617,427  1,632,251      1,655,168    1,632,251    \n Equity attributable to shareholders                                                88,613     89,165     90,213     89,899         88,613       89,899       \n Common equity tier 1 capital(5)                                                    73,117     72,464     71,262     74,655         73,117       74,655       \n Risk-weighted assets(5)                                                            496,111    503,923    493,397    504,897        496,111      504,897      \n Common equity tier 1 capital ratio (%)(5)                                          14.7       14.4       14.4       14.8           14.7         14.8         \n Going concern capital ratio (%)(5)                                                 19.3       19.0       18.5       18.8           19.3         18.8         \n Total loss-absorbing capacity ratio (%)(5)                                         37.6       38.4       38.0       39.5           37.6         39.5         \n Leverage ratio denominator(5)                                                      1,591,152  1,649,751  1,622,438  1,640,464      1,591,152    1,640,464    \n Common equity tier 1 leverage ratio (%)(5)                                         4.6        4.4        4.4        4.6            4.6          4.6          \n Liquidity coverage ratio (%)(6)                                                    178.7      177.3      182.6      182.1          178.7        182.1        \n Net stable funding ratio (%)                                                       114.8      115.1      116.1      119.7          114.8        119.7        \n Other                                                                                                                                                        \n Invested assets (USD bn)(3,7)                                                      7,328      7,326      7,005      6,910          7,328        6,910        \n Internal and external personnel(8)                                                 109,990    112,388    119,589    122,382        109,990      122,382      \n Internal personnel (full-time equivalents)                                         97,593     99,085     103,177    104,427        97,593       104,427      \n Market capitalization(9)                                                           157,911    162,373    155,760    136,416        157,911      136,416      \n Total book value per share (USD)(1)                                                29.24      29.12      29.18      28.78          29.24        28.78        \n Tangible book value per share (USD)(1)                                             27.00      26.89      26.93      26.54          27.00        26.54        \n Credit-impaired lending assets as a percentage of total lending assets, gross      1.0        1.0        0.9        0.9            1.0          0.9          \n (%)(3)                                                                                                                                                       \n Cost of credit risk (bps)(3)                                                       7          7          9          6              6            8            \n 1 Refer to the “Share information and earnings per share” section of the                                                                                     \n UBS Group third quarter 2026 report, available under “Quarterly reporting”                                                                                   \n at ubs.com/investors, for more information. 2 Refer to the “Targets, capital                                                                                 \n guidance and ambitions” section of the UBS Group Annual Report 2025,                                                                                         \n available under “Annual reporting” at ubs.com/investors, for more                                                                                            \n information about our performance targets. 3 Refer to “Alternative                                                                                           \n performance measures” in the appendix to the UBS Group third quarter 2026                                                                                    \n report, available under “Quarterly reporting” at ubs.com/investors, for                                                                                      \n the relevant definition and calculation method. Each alternative performance                                                                                 \n measure (APM) that qualifies as a non-GAAP measure as defined by US Securities                                                                               \n and Exchange Commission (SEC) regulations is designated as such in the table                                                                                 \n of APMs in the appendix to the UBS Group third quarter 2026 report, available                                                                                \n under “Quarterly reporting” at ubs.com/investors, for more information. 4                                                                                    \n Refer to the “Group performance” section of the UBS Group third quarter                                                                                      \n 2026 report, available under “Quarterly reporting” at ubs.com/investors,                                                                                     \n for more information about underlying results. 5 Based on the Swiss                                                                                          \n systemically relevant bank framework. Refer to the “Capital management”                                                                                      \n section of the UBS Group third quarter 2026 report, available under                                                                                          \n “Quarterly reporting” at ubs.com/investors, for more information. 6 The                                                                                      \n disclosed ratios represent quarterly averages for each of the quarters                                                                                       \n presented and have been calculated based on an average of 66 data points in                                                                                  \n the third quarter of 2026, 60 data points in the second quarter of 2026, 64                                                                                  \n data points in the fourth quarter of 2025 and 65 data points in the third                                                                                    \n quarter of 2025. Refer to the “Liquidity and funding management” section                                                                                     \n of the UBS Group third quarter 2026 report, available under “Quarterly                                                                                       \n reporting” at ubs.com/investors, for more information. 7 Consists of                                                                                         \n invested assets for Global Wealth Management, Asset Management (including                                                                                    \n invested assets from associates) and Personal & Corporate Banking. Refer                                                                                     \n to “Note 30 Invested assets and net new money” in the “Consolidated                                                                                          \n financial statements” section of the UBS Group Annual Report 2025, available                                                                                 \n under “Annual reporting” at ubs.com/investors, for more information. 8                                                                                       \n Represents full-time equivalents for internal personnel and workforce count                                                                                  \n for external personnel. 9 The calculation of market capitalization reflects                                                                                  \n total shares issued multiplied by the share price at the end of the period.                                                                                  \n\n Income statement                                                                                                                                          \n                                                                                 For the quarter ended             % change from         Year-to-date      \n USD m                                                                           30.9.26   30.6.26   30.9.25       2Q26     3Q25         30.9.26  30.9.25  \n Net interest income                                                             2,414     2,398     1,981         1        22           7,132    5,575    \n Other net income from financial instruments measured at fair value through      3,047     3,696     3,502         (18)     (13)         10,691   10,848   \n profit or loss                                                                                                                                            \n Net fee and commission income                                                   7,490     7,582     7,204         (1)      4            22,800   20,689   \n Other income                                                                    399       24        73                     444          670      317      \n Total revenues                                                                  13,350    13,700    12,760        (3)      5            41,293   37,429   \n Credit loss expense / (release)                                                 114       121       102           (6)      12           305      365      \n                                                                                                                                                           \n Personnel expenses                                                              6,703     7,380     7,172         (9)      (7)          21,667   21,180   \n General and administrative expenses                                             2,138     1,804     1,755         18       22           5,953    6,067    \n Depreciation, amortization and impairment of non-financial assets               807       802       904           1        (11)         2,347    2,663    \n Operating expenses                                                              9,648     9,986     9,831         (3)      (2)          29,967   29,911   \n Operating profit / (loss) before tax                                            3,587     3,594     2,828         0        27           11,021   7,153    \n Tax expense / (benefit)                                                         887       782       341           13       160          2,456    561      \n Net profit / (loss)                                                             2,700     2,811     2,487         (4)      9            8,566    6,592    \n Net profit / (loss) attributable to non-controlling interests                   10        11        6             (16)     59           35       24       \n Net profit / (loss) attributable to shareholders                                2,690     2,800     2,481         (4)      8            8,530    6,568    \n                                                                                                                                                           \n Comprehensive income                                                                                                                                      \n Total comprehensive income                                                      914       1,697     2,073         (46)     (56)         5,788    10,776   \n Total comprehensive income attributable to non-controlling interests            12        10        5             26       121          47       53       \n Total comprehensive income attributable to shareholders                         902       1,687     2,067         (47)     (56)         5,741    10,722   \n\n\nInformation about results materials and the earnings call\n\nUBS’s third quarter 2026 report, news release and slide presentation are\navailable from 06:45 CET on Wednesday, 28 October 2026, at\nubs.com/quarterlyreporting.\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com%2Fquarterlyreporting.&index=1&md5=1a1f06d77d973d5f930a922a2b20cf69)\n\nUBS will hold a presentation of its third quarter 2026 results on Wednesday,\n28 October 2026. The results will be presented by Sergio P. Ermotti (Group\nChief Executive Officer), Todd Tuckner (Group Chief Financial Officer) and\nSarah Mackey (Head of Investor Relations).\n\nTime\n\n09:00 CET\n\n08:00 GMT\n\n04:00 US EDT\n\nAudio webcast\n\nThe presentation for analysts can be followed live on\nubs.com/quarterlyreporting\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Fquarterlyreporting&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com%2Fquarterlyreporting&index=2&md5=b812ef98658f23f97eab7c9c381ea46b)\nwith a simultaneous slide show.\n\nWebcast playback\n\nAn audio playback of the results presentation will be made available at\nubs.com/investors\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2Finvestors&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com%2Finvestors&index=3&md5=7d5344f7e096a640c2c2970558ab4c53)\nlater in the day.\n\nCautionary statement regarding forward-looking statements\n\nThis news release contains statements that constitute “forward-looking\nstatements”, including but not limited to management’s outlook for UBS’s\nfinancial performance, statements relating to the anticipated effect of\ntransactions and strategic initiatives on UBS’s business and future\ndevelopment and goals. While these forward-looking statements represent\nUBS’s judgments, expectations and objectives concerning the matters\ndescribed, a number of risks, uncertainties and other important factors could\ncause actual developments and results to differ materially from UBS’s\nexpectations. In particular, the global economy may suffer significant adverse\neffects from increasing political tensions between world powers, changes to\ninternational trade policies, including those related to tariffs and trade\nbarriers, and evolving armed conflicts. UBS’s acquisition of the Credit\nSuisse Group materially changed its outlook and strategic direction and\nintroduced new operational challenges. The integration of the Credit Suisse\nentities into the UBS structure is expected to continue through 2026 and\npresents significant operational and execution risk, including the risks that\nUBS may be unable to achieve the cost reductions and business benefits\ncontemplated by the transaction, that it may incur higher costs to execute the\nintegration of Credit Suisse and that the acquired business may have greater\nrisks or liabilities, including those related to litigation, than expected. In\nresponse to the failure of Credit Suisse, Switzerland has amended its Capital\nAdequacy Ordinance and is considering changes to its Banking Act, which, if\nenacted as proposed, would substantially increase capital requirements for UBS\nin relation to its foreign subsidiaries. These factors create greater\nuncertainty about forward-looking statements. Other factors that may affect\nUBS’s performance and ability to achieve its plans, outlook and other\nobjectives also include, but are not limited to: (i) the degree to which UBS\nis successful in the execution of its strategic plans, including its cost\nreduction and efficiency initiatives and its ability to manage its levels of\nrisk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity\ncoverage ratio and other financial resources, including changes in RWA, assets\nand liabilities arising from higher market volatility and the size of the\ncombined Group; (ii) the degree to which UBS is successful in implementing\nchanges to its businesses to meet changing market, regulatory and other\nconditions, including any potential changes to banking examination and\noversight practices and standards as a result of executive branch orders or\nstaff interpretations of law in the US; (iii) inflation and interest rate\nvolatility in major markets; (iv) developments in the macroeconomic climate\nand in the markets in which UBS operates or to which it is exposed, including\nmovements in securities prices or liquidity, credit spreads, currency exchange\nrates, residential and commercial real estate markets, general economic\nconditions, and changes to national trade policies on the financial position\nor creditworthiness of UBS’s clients and counterparties, as well as on\nclient sentiment and levels of activity; (v) changes in the availability of\ncapital and funding, including any adverse changes in UBS’s credit spreads\nand credit ratings of UBS, as well as availability and cost of funding,\nincluding as affected by the marketability of additional tier one debt\ninstruments, to meet requirements for debt eligible for total loss-absorbing\ncapacity (TLAC); (vi) changes in and potential divergence between central bank\npolicies or the implementation of financial legislation and regulation in\nSwitzerland, the US, the UK, the EU and other financial centers that have\nimposed, or resulted in, or may do so in the future, more stringent or\nentity-specific capital, TLAC, leverage ratio, net stable funding ratio,\nliquidity and funding requirements, heightened operational resilience\nrequirements, incremental tax requirements, additional levies, limitations on\npermitted activities, constraints on remuneration, constraints on transfers of\ncapital and liquidity and sharing of operational costs across the Group or\nother measures, and the effect these will or would have on UBS’s business\nactivities; (vii) UBS’s ability to successfully implement resolvability and\nrelated regulatory requirements and the potential need to make further changes\nto the legal structure or booking model of UBS in response to legal and\nregulatory requirements including heightened requirements and expectations due\nto its acquisition of the Credit Suisse Group; (viii) UBS’s ability to\nmaintain and improve its systems and controls for complying with sanctions in\na timely manner and for the detection and prevention of money laundering to\nmeet evolving regulatory requirements and expectations, in particular in the\ncurrent geopolitical turmoil; (ix) the uncertainty arising from domestic\nstresses in certain major economies; (x) changes in UBS’s competitive\nposition, including whether differences in regulatory capital and other\nrequirements among the major financial centers adversely affect UBS’s\nability to compete in certain lines of business; (xi) changes in the standards\nof conduct applicable to its businesses that may result from new regulations\nor new enforcement of existing standards, including measures to impose new and\nenhanced duties when interacting with customers and in the execution and\nhandling of customer transactions; (xii) the liability to which UBS may be\nexposed, or possible constraints or sanctions that regulatory authorities\nmight impose on UBS, due to litigation, including litigation it has inherited\nby virtue of the acquisition of Credit Suisse, contractual claims and\nregulatory investigations, including the potential for disqualification from\ncertain businesses, potentially large fines or monetary penalties, or the loss\nof licenses or privileges as a result of regulatory or other governmental\nsanctions, as well as the effect that litigation, regulatory and similar\nmatters have on the operational risk component of its RWA; (xiii) UBS’s\nability to retain and attract the employees necessary to generate revenues and\nto manage, support and control its businesses, which may be affected by\ncompetitive factors; (xiv) changes in accounting or tax standards or policies,\nand determinations or interpretations affecting the recognition of gain or\nloss, the valuation of goodwill, the recognition of deferred tax assets and\nother matters; (xv) UBS’s ability to implement new technologies and business\nmethods, including digital services, artificial intelligence and other\ntechnologies, and ability to successfully compete with both existing and new\nfinancial service providers, some of which may not be regulated to the same\nextent; (xvi) limitations on the effectiveness of UBS’s internal processes\nfor risk management, risk control, measurement and modeling, and of financial\nmodels generally; (xvii) the occurrence of operational failures, such as\nfraud, misconduct, unauthorized trading, financial crime, cyberattacks, data\nleakage and systems failures, the risk of which is increased with persistently\nhigh levels of cyberattack threats; (xviii) restrictions on the ability of UBS\nGroup AG, UBS AG and regulated subsidiaries of UBS AG to make payments or\ndistributions, including due to restrictions on the ability of its\nsubsidiaries to make loans or distributions, directly or indirectly, or, in\nthe case of financial difficulties, due to the exercise by FINMA or the\nregulators of UBS’s operations in other countries of their broad statutory\npowers in relation to protective measures, restructuring and liquidation\nproceedings; (xix) the degree to which changes in regulation, capital or legal\nstructure, financial results or other factors may affect UBS’s ability to\nmaintain its stated capital return objective; (xx) uncertainty over the scope\nof actions that may be required by UBS, governments and others for UBS to\nachieve goals relating to climate, environmental and social matters, as well\nas the evolving nature of underlying science and industry and the increasing\ndivergence among regulatory regimes; (xxi) the ability of UBS to access\ncapital markets; (xxii) the ability of UBS to successfully recover from a\ndisaster or other business continuity problem due to a hurricane, flood,\nearthquake, terrorist attack, war, conflict, pandemic, security breach,\ncyberattack, power loss, telecommunications failure or other natural or\nman-made event; and (xxiii) the effect that these or other factors or\nunanticipated events, including media reports and speculations, may have on\nits reputation and the additional consequences that this may have on its\nbusiness and performance. The sequence in which the factors above are\npresented is not indicative of their likelihood of occurrence or the potential\nmagnitude of their consequences. UBS’s business and financial performance\ncould be affected by other factors identified in its past and future filings\nand reports, including those filed with the US Securities and Exchange\nCommission (the SEC). More detailed information about those factors is set\nforth in documents furnished by UBS and filings made by UBS with the SEC,\nincluding the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year\nended 31 December 2025. UBS is not under any obligation to (and expressly\ndisclaims any obligation to) update or alter its forward-looking statements,\nwhether as a result of new information, future events, or otherwise.\n\nRounding\n\nNumbers presented throughout this new release may not add up precisely to the\ntotals provided in the tables, infographics and text. Percentages and percent\nchanges disclosed in text and tables are calculated on the basis of unrounded\nfigures. Absolute changes between reporting periods disclosed in the text,\nwhich can be derived from numbers presented in related tables, are calculated\non a rounded basis.\n\nTables\n\nWithin tables, blank fields generally indicate non-applicability or that\npresentation of any content would not be meaningful, or that information is\nnot available as of the relevant date or for the relevant period. Zero values\ngenerally indicate that the respective figure is zero on an actual or rounded\nbasis. Values that are zero on a rounded basis can be either negative or\npositive on an actual basis.\n\nWebsites\n\nIn this news release, any website addresses are provided solely for\ninformation and are not intended to be active links. UBS is not incorporating\nthe contents of any such websites into this news release.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261027135620/en/\n(https://www.businesswire.com/news/home/20261027135620/en/)\n\nUBS Group AG and UBS AG\n\nInvestor contact\n\nSwitzerland: +41-44-234 41 00\n\nAmericas: +1-212-882 57 34\n\nMedia contact\n\nSwitzerland: +41-44-234 85 00\n\nUK: +44-207-567 47 14\n\nAmericas: +1-212-882 58 58\n\nAPAC: +852-297-1 82 00\n\nubs.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ubs.com%2F&esheet=54630094&newsitemid=20261027135620&lan=en-US&anchor=ubs.com&index=4&md5=26d4b528e9c55295f947659b284336af)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-28T05:45:00.317491459Z","server_sent_at_ms":1793166300317},"received_at":"2026-10-28T05:45:00.595Z","source_url":"https://www.businesswire.com/news/home/20261027135620/en/"},"analysis":{"id":"169825","press_release_id":"182028","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":["Swiss Parliament capital-requirement legislation could substantially increase capital requirements on foreign subsidiaries and constrain buybacks","Buyback pace explicitly conditioned on Swiss regulatory deliberations","Asset Management saw negative net new money of USD 5.1bn","Credit-impaired lending assets ticked up to 1.0% of total lending assets"],"eventType":"earnings","narrative":"UBS reported 3Q26 net profit of USD 2.7bn with diluted EPS of USD 0.85, on PBT of USD 3.6bn — up 27% YoY — and a 14.8% return on CET1 capital.\n\nClient momentum was strong with USD 55.1bn of GWM net new assets and a record USD 12.5bn in UGA commitments, while Investment Bank underlying revenues hit a record third quarter, led by 17% YoY growth in Global Markets.\n\nThe Credit Suisse integration is on track to complete by year-end; cumulative gross savings reached USD 13.2bn and the end-2026 target was raised to USD ~13.7bn from ~13.5bn.\n\nUBS repurchased USD 1.8bn of shares in the quarter and plans to complete its USD 3bn buyback by 4Q26 results, while flagging uncertainty around pending Swiss capital-requirement legislation.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Beat-quality quarter with raised cost-savings target and buyback on track — but Swiss capital rules remain the overhang on the story."},"keyFigures":{"eps":0.85,"revenue":13350000000,"guidance":"Q4: typical seasonal moderation in transaction volumes; NII up low-single-digit sequentially in GWM; on track to exceed 2026 underlying RoCET1 exit rate target (~15%) and achieve <70% underlying cost/income ratio; expect year-end CET1 ratio at or very close to ~14%","revenueYoy":"5%","customDimensions":{"pbt":3587000000,"rocet1":"14.8%","pbt_yoy":"27%","cet1_ratio":"14.7%","net_profit":2700000000,"underlying_pbt":4077000000,"invested_assets":"USD 7.3trn","buyback_progress":"USD 1.8bn repurchased in 3Q26 of USD 3bn program","cost_income_ratio":"72.3%","underlying_rocet1":"16.7%","gwm_net_new_assets":"USD 55.1bn","underlying_pbt_yoy":"14%","cet1_leverage_ratio":"4.6%","cost_savings_target":"USD ~13.7bn by end-2026 (raised from ~13.5bn)","global_markets_revenue":2548000000,"global_markets_revenue_yoy":"17%","underlying_cost_income_ratio":"68.7%","cumulative_gross_cost_savings":"USD 13.2bn"}},"quotedText":"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.","namedEntities":{"people":[{"name":"Sergio P. Ermotti","role":"Group Chief Executive Officer"},{"name":"Todd Tuckner","role":"Group Chief Financial Officer"},{"name":"Sarah Mackey","role":"Head of Investor Relations"}],"products":["STAAT","UBS Optimus Brasil","Company Transition Assessment Scorecard (CTAS)"],"companies":[{"name":"UBS Group AG","ticker":"UBS","relationship":"filer"},{"name":"Credit Suisse","relationship":"acquired entity (integration)"}],"dollarAmounts":[{"amount":"USD 2.7bn","context":"3Q26 net profit"},{"amount":"USD 3.6bn","context":"3Q26 profit before tax"},{"amount":"USD 4.1bn","context":"3Q26 underlying profit before tax"},{"amount":"USD 55.1bn","context":"GWM net new assets in 3Q26"},{"amount":"USD 12.5bn","context":"record UGA client commitments in the quarter"},{"amount":"USD 13.2bn","context":"cumulative gross cost savings delivered"},{"amount":"USD 3bn","context":"share repurchase program, to be complete by 4Q26 results"},{"amount":"USD 1.8bn","context":"shares repurchased in 3Q26"},{"amount":"USD 697m","context":"net gain on settlements of legacy legal matters in NCL"},{"amount":"CHF ~40bn","context":"loans granted or renewed to Swiss businesses and households in 3Q26"}]},"materialImpact":{"score":4,"reasoning":"Large global bank reporting strong beat-quality quarter: net profit USD 2.7bn with PBT up 27% YoY, record IB Global Markets revenues, raised cost-savings target, and buyback on track. Not a >10% surprise event, but a materially strong, capital-return-positive report from a systemically important bank."},"tickerRelevance":{"others":[],"primary":"UBS"},"globalImportance":62,"audienceRelevance":55,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"global systemically important bank","eventGravity":"quarterly earnings, strong but not a >10% surprise","sectorWeight":"financials macro relevance","regulatoryOverhang":"Swiss capital framework pending"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"UBS reported 3Q26 net profit of USD 2.7bn with diluted EPS of USD 0.85, on PBT of USD 3.6bn — up 27% YoY — and a 14.8% return on CET1 capital.\n\nClient momentum was strong with USD 55.1bn of GWM net new assets and a record USD 12.5bn in UGA commitments, while Investment Bank underlying revenues hit a record third quarter, led by 17% YoY growth in Global Markets.\n\nThe Credit Suisse integration is on track to complete by year-end; cumulative gross savings reached USD 13.2bn and the end-2026 target was raised to USD ~13.7bn from ~13.5bn.\n\nUBS repurchased USD 1.8bn of shares in the quarter and plans to complete its USD 3bn buyback by 4Q26 results, while flagging uncertainty around pending Swiss capital-requirement legislation.","key_figures":{"eps":0.85,"revenue":13350000000,"guidance":"Q4: typical seasonal moderation in transaction volumes; NII up low-single-digit sequentially in GWM; on track to exceed 2026 underlying RoCET1 exit rate target (~15%) and achieve <70% underlying cost/income ratio; expect year-end CET1 ratio at or very close to ~14%","revenueYoy":"5%","customDimensions":{"pbt":3587000000,"rocet1":"14.8%","pbt_yoy":"27%","cet1_ratio":"14.7%","net_profit":2700000000,"underlying_pbt":4077000000,"invested_assets":"USD 7.3trn","buyback_progress":"USD 1.8bn repurchased in 3Q26 of USD 3bn program","cost_income_ratio":"72.3%","underlying_rocet1":"16.7%","gwm_net_new_assets":"USD 55.1bn","underlying_pbt_yoy":"14%","cet1_leverage_ratio":"4.6%","cost_savings_target":"USD ~13.7bn by end-2026 (raised from ~13.5bn)","global_markets_revenue":2548000000,"global_markets_revenue_yoy":"17%","underlying_cost_income_ratio":"68.7%","cumulative_gross_cost_savings":"USD 13.2bn"}},"named_entities":{"people":[{"name":"Sergio P. Ermotti","role":"Group Chief Executive Officer"},{"name":"Todd Tuckner","role":"Group Chief Financial Officer"},{"name":"Sarah Mackey","role":"Head of Investor Relations"}],"products":["STAAT","UBS Optimus Brasil","Company Transition Assessment Scorecard (CTAS)"],"companies":[{"name":"UBS Group AG","ticker":"UBS","relationship":"filer"},{"name":"Credit Suisse","relationship":"acquired entity (integration)"}],"dollarAmounts":[{"amount":"USD 2.7bn","context":"3Q26 net profit"},{"amount":"USD 3.6bn","context":"3Q26 profit before tax"},{"amount":"USD 4.1bn","context":"3Q26 underlying profit before tax"},{"amount":"USD 55.1bn","context":"GWM net new assets in 3Q26"},{"amount":"USD 12.5bn","context":"record UGA client commitments in the quarter"},{"amount":"USD 13.2bn","context":"cumulative gross cost savings delivered"},{"amount":"USD 3bn","context":"share repurchase program, to be complete by 4Q26 results"},{"amount":"USD 1.8bn","context":"shares repurchased in 3Q26"},{"amount":"USD 697m","context":"net gain on settlements of legacy legal matters in NCL"},{"amount":"CHF ~40bn","context":"loans granted or renewed to Swiss businesses and households in 3Q26"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-28T05:45:11.945Z","global_importance":62,"audience_relevance":55,"importance_components":{"tickerTier":"global systemically important bank","eventGravity":"quarterly earnings, strong but not a >10% surprise","sectorWeight":"financials macro relevance","regulatoryOverhang":"Swiss capital framework pending"}},"durationMs":10035,"modelName":"glm-5.3-flashx"}}