Slides
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30 July 2025 Second quarter 2025 Financial results
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1 Important information Forward-looking statements: This presentation contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. UBS’s business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS’s Annual Report on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. Alternative Performance Measures: In addition to reporting results in accordance with International Financial Reporting Standards (IFRS), UBS reports certain measures that may qualify as Alternative Performance Measures as defined in the SIX Exchange Directive on Alternative Performance Measures, under the guidelines published by the European Securities Market Authority (ESMA), or defined as Non-GAAP financial measures in regulations promulgated by the US Securities and Exchange Commission (SEC). Please refer to “Alternative Performance Measures” in the appendix of UBS’s Quarterly Report for the second quarter of 2025 for a list of all measures UBS uses that may qualify as APMs. Underlying results are non-GAAP financial measures as defined by SEC regulations and as APMs in Switzerland and the EU. Disclaimer: This presentation and the information contained herein are provided solely for information purposes and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG, or their affiliates should be made on the basis of this document. No representation or warranty is made or implied concerning, and UBS assumes no responsibility for, the accuracy, completeness, reliability or comparability of the information contained herein relating to third parties, which is based solely on publicly available information. UBS undertakes no obligation to update the information contained herein. Available Information: UBS’s Annual Report, Quarterly Reports, SEC filings on Form 20-F and Form 6-K, as well as investor presentations and other financial information are available at ubs.com/investors. UBS’s Annual Report on Form 20-F, quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K are also available at the SEC’s website: www.sec.gov Basel III RWA, LRD and capital: Basel III RWA, LRD and capital information is based on the BIS Basel III framework, as applicable for Swiss systemically relevant banks (SRB), unless otherwise stated. 2Q25 information includes the final Basel III standards effective in Switzerland from 1 January 2025. Refer to the “Capital management” section in UBS’s Quarterly Report for the second quarter of 2025 for more information. Definitions: “Earnings per share” refers to diluted earnings per share. “Litigation” refers to net additions/releases to provisions for litigation regulatory and similar matters reflected in the income statement for the relevant period. “Net profit” refers to net profit attributable to shareholders. “Tangible equity” refers to tangible equity attributable to shareholders. “Sustainability-focus and impact” refers to sustainability-focus and impact investing; sustainability focus refers to strategies that have sustainability as an explicit part of the investment guidelines, universe, selection, and/or investment process that drive the strategy; impact investing refers to strategies that have an explicit intention to generate measurable, verifiable, positive sustainability outcomes. “PPA” refers to purchase price allocation adjustments made in accordance with IFRS 3, Business Combinations, to bring the assets acquired and liabilities assumed to fair value, from the acquisition of the Credit Suisse Group. Rounding: Numbers presented throughout this presentation may not add up precisely to the totals provided in the tables and text. Percentages and percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be derived from numbers presented in related tables, are calculated on a rounded basis. Tables: Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values that are zero on a rounded basis can be either negative or positive on an actual basis. Numbers presented in US dollars unless otherwise indicated. Currency translation of monthly income statement items of operations with a functional currency other than the US dollar are translated with month-end rates into US dollar. © UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved
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2 Agenda Key messages Q&AFinancial performance Sergio P . Ermotti, Group CEO Todd Tuckner, Group CFO
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3 Key messages Strong 2Q25 and 1H25 financial performance on continued client momentum and progress on integration; 2Q25 net profit 2.4bn, underlying profit before tax 2.7bn, underlying RoCET1 15.3%; 1H25 net profit 4.1bn, underlying profit before tax 5.3bn, underlying RoCET1 13.3% Franchise strength demonstrated by robust client activity; 6.6trn invested assets, +8% QoQ, with 1H25 GWM NNA 55bn, 2Q25 GWM underlying transaction income +11% YoY, Global Markets underlying revenues +26% YoY Our balance sheet for all seasons is a key pillar of our strategy; CET1 capital ratio of 14.4%, executing on capital return plans for 2025 Integration remains on track, execution risk further reduced; ~1/3 of Swiss-booked client accounts successfully transferred onto UBS systems with aim to migrate remaining by the end of 1Q26, 9.1bn cumulative gross cost saves achieved We continue to position for long-term success; further enhancing our global capabilities, investing in our future infrastructure and AI and actively engaging in the debate on future regulation in Switzerland, all while staying close to our clients
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4 Financial performance Todd Tuckner, Group CFO
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5 2Q25 profitability driven by strong core revenue growth and positive jaws Refer to slide 19 for details on underlying results and reconciliation to reported results Revenues Underlying, bn Operating expenses Profit before tax 10.7 2Q24 11.6 2Q25 11.1 11.5 Core: +8% +4% 8.5 2Q24 8.8 2Q25 9.0 8.7 Core: +3% (3%) 2Q25 PBT 2.7bn RoCET1 15.3% Cost / income 75.4% Underlying Reported Net profit 2.4bn EPS 0.72 Core NCL 2.1 2Q24 2.7 2Q25 2.1 2.7 Core: +25% +30%
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6 282 114 81 183 565 202 NCL2Q24 PBT GWM P&C AM IB Group Items 2Q25 PBT 2,060 Non- underlying revenues2 (12) 2,683 (1,055) 2,193(26) Non- underlying expenses2 2Q25 reported PBT Tax and NCI 2Q25 net profit 2,395 +30% Net profit 2.4bn while integration continues at pace Profits m 1 Includes modeled accelerated accretion of PPA adjustments from early unwinds; 2 Refer to slide 19 for details on underlying results and reconciliation to reported results ~0.4bn expected in 3Q251 ~1.1bn expected in 3Q25 o/w tax benefit: +209m Underlying
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7 Achieved 70% of gross cost save ambition, on track to achieve end-2026 target Gross cost saves and forward-looking figures based on constant FX rates; 1 Refer to slide 24 for reconciliation of the FY22 combined baseline; 2 Last twelve months; 3 Does not include integration-related expenses booked in revenues, which were 105m cumulative through 2Q25 Underlying operating expenses Cumulative integration- related expenses3 ~32.2 26.6 FY24 26.0 2Q25 LTM2 ~40.6 36.4 36.1 (~11%) / (~4.5bn) excl. FX (~14%) / (~5.5bn) ~79% 2Q25 ~89% YE25e 100% YE26e 11.1 ~12.5 ~14 ~70% 2Q25 ~77% YE25e 100% YE26e 9.1 ~10 ~13 Excl. litigation, variable and FA compensation FY22 combined cost baseline1 (~19%) (~6.2bn) excl. FX (~22%) (~7.2bn) Cumulative annualized exit rate gross cost reductions USD bn / % of expected cumulative total USD bn / % of expected cumulative totalUSD bn o/w: +0.7bn in 2Q25
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8 Our balance sheet for all seasons is a key pillar of our strategy 1 Consists of Loans and advances to customers and Amounts due from banks, which were 646bn and 22bn, respectively, as of 2Q25; 2 Level 3 assets account for ~1% of our total balance sheet; 3 Includes 3.1bn of syndicated issuances 2Q25 TLAC RWA AT1 capital CET1 capital CET1 capital ratio (%) LRD CET1 leverage ratio (%) Liquidity coverage ratio (%, average) Liquidity and funding Regulatory capital Net stable funding ratio (%) 72.7 19.0 191.2 504.5 69.2 18.7 187.2 483.3 +5% +2% 76.1 15.7 197.7 511.4 (4%) (3%) 1,658 1,562 1,564 +4% (1%) +6% +6% +2% +21% 4.4% 4.4% 4.9% (4bps) (48bps) 182% 181% 212% +1pp (30pp) 122% 124% 128% (2pp) (6pp) 14.4% 14.3% 14.9% +10bps (47bps) USD bn, except where indicated 2Q25 2Q24 QoQ1Q25 YoY 2Q25 − Lending assets 668bn, +52bn QoQ, primarily reflecting currency effects − Deposits 800bn, +55bn QoQ reflecting currency effects, as well as net new deposit inflows, largely in GWM − Strong liquidity position with average LCR of 182%, 359bn of high- quality liquid assets − Issued 3.5bn of HoldCo during 2Q253 USD bn, except where indicated 2Q25 2Q24 QoQ1Q25 YoY Cost of credit risk Total liabilities o/w: Lending assets1 o/w: Short-term borrowings o/w: Fair value and long-term debt o/w: Customer deposits Total assets Total equity Tangible book value per share (USD) Tangible equity 668 1,580 615 1,456 +9%621 1,477 +7% 303 295 308 +9% +7% +3% (1%) 67 58 62 +15% +9% 800 745 757 +7% +6% 1,670 1,543 +8%1,561 +7% 90 88 84 82 80 76 +2% +7% +2% +8% 25.95 25.18 23.85 +3% +9% o/w: Cash and balances at central banks 236 231 +2%248 (5%) o/w: Fair value assets2 492 445 459 +11% +7% Credit risk Credit-impaired lending assets as a % of total 10bps 7bps 6bps +4bps +4bps 0.9% 1.0% 0.9% 0.0pp 0.0pp
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9 Maintaining a strong capital position 1 Profit before tax less current tax expense; 2 Includes 0.4bn from eligible deferred tax assets on temporary differences, and movements related to other items; 3 Estimate for 2Q25, fully applied UBS AG standalone CET1 capital ratio under current rules; final figures to be published with the UBS AG quarterly report available as of 5 August 2025 CET1 capital ratio CET1 capital, bn 69.2 1.8 (0.8) n/a2.3 72.70.2 +2.3bn impact on CET1 and +18.6bn impact on RWA − RWA 504.5bn, +21.2bn QoQ, driven by currency effects − CET1 leverage ratio 4.4%, flat QoQ, with LRD 1,658bn, +96.5bn QoQ, driven by currency effects − Refer to slide 22 for full QoQ RWA and LRD walk − Parent bank CET1 capital ratio, fully applied 13.2%3 0.4% 0.0% 1Q25 Net profit1 Dividend accrual Currency effects RWA excl. currency effects Other2 2Q25 14.3% (0.2%) (0.1%) (0.1%) 14.4%
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10 Global Wealth Management PBT 1,443m, +24% Credit loss expense 3m Operating expenses 4,710m, +1%, driven by currency effects; (5%) excluding variable compensation, litigation and currency effects Net new assets 23bn, including ~(11bn) of tax-related outflows in the US; net new fee-generating assets 8bn Invested assets 4,512bn, +7% QoQ driven by higher market levels, positive currency effects and net new assets Net new deposits 9.0bn driven by current accounts Net new loans 3.4bn driven by EMEA and Americas Cost / income ratio Invested assets, bn Deposits, bn Loans, bn Other income Net interest income Recurring net fee income Transaction-based income Operating expenses Profit before tax Credit loss expense / (release) Total revenues USD m, except where indicated 2Q25 6,156 77% 4,710 1,443 3 4,512 489 318 1,557 3,351 1,232 15 5,820 80% 4,038 476 305 19 1,586 3,104 1,111 4,660 1,161 (1) 2Q24 (2%) +1pp +7% +5% +6% +1% +2% (13%) 0% (7%) QoQ Underlying RWA, bn 170 166 +4% 6,253 75% 4,218 464 300 4 1,549 3,279 1,421 4,702 1,545 6 1Q25 164 +6% (4pp) +12% +3% +4% (2%) +8% +11% +1% +24% YoY +3% Profit before tax (reported) 1,204 871 (11%)1,359 +38% Underlying 2Q25 vs. 2Q24 Total revenues 6,156m, +6% − NII (2%) YoY, +1% QoQ mainly due to currency impacts and net new deposits partly offset by lower rates − Recurring net fee income +8% on higher asset levels and NNFGA − Transaction-based income +11% on higher levels of client activity across regions
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11 Personal & Corporate Banking (CHF) Underlying 2Q25 vs. 2Q24 PBT 557m, (14%) Credit loss expense 91m, mainly reflecting net expenses on Stage 3 positions Operating expenses 1,048m, (5%) mainly driven by lower personnel expenses Total revenues 1,696m, (8%) − NII (11%) YoY, (2%) QoQ reflecting lower CHF rates − Recurring net fee income flat YoY − Transaction-based income flat YoY Cost / income ratio Deposits, bn Loans, bn Other income Net interest income Recurring net fee income Transaction-based income Operating expenses Profit before tax Credit loss expense / (release) Total revenues CHF m, except where indicated Underlying RWA, bn Profit before tax (reported) 62% 557 91 1,696 1,048 249 249 907 357 442 (10) 119 566 1,705 62% 251 249 (2) 923 357 427 1,060 597 48 121 1,838 60% 255 249 16 1,024 357 441 1,101 645 92 132 545 703 0% 0pp (1%) 0% (2%) 0% +4% (1%) (7%) (1%) +4% (8%) +2pp (2%) 0% (11%) 0% 0% (5%) (14%) (9%) (19%) 2Q25 2Q24 QoQ1Q25 YoY Net new loans 1.2bn driven by mortgage growth in Personal Banking Net new deposits 1.1bn mainly from Corporate and Institutional Clients
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12 2Q24 QoQ1Q25 YoY Asset Management Total revenues 772m, flat YoY, +4% excl. 2Q24 net gain from disposals − Management fees +3% driven by positive currency effects and market performance − Performance fees +36% driven by Hedge Fund Businesses Operating expenses 555m, +3% or (1%) excluding currency effects Invested assets 1,952bn, +9% QoQ driven by positive currency effects and market performance Net new money (2.0bn), driven by net outflows in Fixed Income (excluding money market) and Multi-asset & Solutions, partially offset by net inflows in ETFs PBT 216m, (5%), +8% excl. 2Q24 net gain from disposals Cost / income ratio Invested assets, bn Net new money, bn Net management fees Performance fees Net gain from disposals Operating expenses Profit before tax Credit loss expense / (release) Total revenues USD m, except where indicated Underlying Profit before tax (reported) Underlying 2Q25 vs. 2Q24 72% 555 216 772 0 (2) 1,952 733 39 72% 533 208 741 (2) 7 1,796 713 30 0 70% 540 228 768 (12) 1,701 711 28 0 0pp +4% +4% +4% +9% +3% +28% +2pp +3% (5%) 0% +15% +3% +36% 153 135 130 +13% +18% 2Q25 28
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13 2Q25 2Q24 QoQ1Q25 YoY Global Markets +26% − Execution Services +24%, with increases in all regions − Derivatives & Solutions +25%, driven by increases in FX, Rates and Equity Derivatives − Financing +27%, led by Prime Brokerage supported by higher client balances Of which: − Equities 1,627m, +20% − FRC 667m, +41% Global Banking revenues (22%) − Advisory (19%), driven by lower private fund and M&A activity − Capital Markets (24%), with higher ECM revenues more than offset by lower LCM and 65m of markdowns on LCM and hedging positions Underlying 2Q25 vs. 2Q24 Operating expenses +7% mainly on higher personnel costs PBT 526m; record 2Q revenues1, +13% 1 Since 2013 Cost / income ratio Operating expenses Profit before tax Credit loss expense / (release) Global Markets Execution Services Global Banking Advisory Capital Markets Derivatives & Solutions Financing Total revenues 2,815 48 2,241 526 80% 521 192 328 2,294 501 1,124 670 2,493 2,087 525 (6) 895 668 239 429 1,825 412 84% 405 (4pp) RWA, bn 110 108 Return on attributed equity 11.5% 9.7% +1.8pp USD m, except where indicated Underlying 3,045 2,314 665 35 1,300 564 221 342 2,481 696 76% 517 109 15.8% (8%) (3%) +1% (14%) (8%) (13%) (4%) (8%) +4pp (3%) 1% (4.3pp) (24%) Profit before tax (reported) 557 477 +13% +7% +27% +25% (22%) (19%) (24%) +26% +24% 2% +28% +17%722 (23%) Investment Bank
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14 Non-core and Legacy Total revenues (83m) mainly driven by funding costs Operating expenses (83m); 353m excluding litigation release, (25%) QoQ Underlying 2Q25 vs. 2Q24 Credit loss expense (2m) RWA 33bn, (1bn) QoQ PBT 1m 2Q25 2Q24 QoQ1Q25 YoY RWA, bn LRD, bn Operating expenses Profit before tax Credit loss expense / (release) Total revenues (83) (2) (83) 1 29 33 284 7 477 (200) 35 34 (16%) (4%) USD m, except where indicated Underlying 401 (1) 481 (80) 80 50 (63%) (34%) Profit before tax (reported) (250) (391) (405) LRD 29bn, (5bn) QoQ driven by reduction in HQLA
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15 FY22 combined baseline1 2Q25 LTM2 FY25 updated ambition 2026 exit-rate ambition ~6.1 2.0 ~1.6 ~0.8 NCL run-down continuing at pace Forward-looking figures based on constant FX rates; 1 Refer to slide 24 for reconciliation of FY22 baseline; 2 Last twelve months; 3 Also including non-counterparty-related risk RWA 56 9 30 24 2Q23 2Q25 ~20 <8 YE25 ambition ~18 ~4 YE26 ambition 86 33 <28 ~22 (62%) Reducing complexity Credit and market risk3 83% books closed since June 2023 Target: >95% by YE26 56% IT apps decommissioned since June 2023 Target: 100% by YE26 Operational Risk Risk-weighted assets bn Underlying operating expenses excl. litigation bn
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16 17% 3% 9% 13% FY22, reported 2H23 FY24 1H25 Continuing to make progress towards our 2026 exit rate targets Group underlying return on CET1 capital Forward-looking guidance assumes a 14% CET1 ratio; 1 Reported basis; 2 Excluding litigation and applying structural tax rate of 23% Underlying cost / income ratio 80%72%1 91% <70%76% ~14% CET1 capital ratio >4.0% CET1 leverage ratio Capital guidance 2026e exit rate ~15% 11% excl. 1H25 litigation and applying a normalized tax rate2
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17 Appendix
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18 UBS Group results Credit loss expense / (release) Operating expenses of which: current tax expense Tax expense / (benefit) Total revenues Operating profit / (loss) before tax Net profit / (loss) attributable to shareholders Diluted EPS (USD) Return on CET1 capital Tangible book value per share (USD)1 Total book value per share (USD)1 Cost / income ratio Return on tangible equity USD m, except where indicated 2Q24 95 10,340 310 293 11,904 1,469 1,136 0.34 5.9% 26.13 86.9% 23.85 5.9% 2Q25 163 9,756 368 (209) 12,112 2,193 2,395 13.5% 28.17 80.5% 25.95 11.8% 1Q25 100 10,324 460 430 12,557 2,132 1,692 0.51 9.6% 27.35 82.2% 25.18 8.5% 3Q24 121 10,283 378 502 12,334 1,929 1,425 0.43 7.6% 27.32 83.4% 25.10 7.3% 4Q24 89.0% 229 10,359 1,015 268 11,635 1,047 770 0.23 4.2% 24.63 3.9% 26.80 Effective tax rate 20%20% 26%26%(10%) Tangible book value per share (CHF)1 21.4320.60 22.27 21.2622.37 1 The payment of the 2024 dividend of USD 0.90 per share, approved by shareholders at the 2025 Annual General Meeting, reduced book value and tangible book value by USD 2.9bn in 2Q25 0.72
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19 2Q25 overview of financial performance by business division 1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental it ems directly related to the integration; 2 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group Total revenues as reported of which: PPA effects and other integration items1 Total revenues (underlying) Credit loss expense / (release) Operating expenses as reported of which: integration-related expenses and PPA effects2 Operating expenses (underlying) Operating profit / (loss) before tax as reported Operating profit / (loss) before tax (underlying) Underlying return on CET1 capital Underlying return on tangible equity Underlying cost / income ratio GWM P&C AM IB NCL Group Items 6,300 2,336 772 2,966 (82) (180) 153 274 152 17 6,156 2,085 772 2,815 (83) (198) 3 114 0 48 (2) 0 5,093 1,528 618 2,361 170 (13) 383 240 63 121 252 (4) 4,710 1,288 555 2,241 (83) (10) 1,204 695 153 557 (250) (167) 1,443 684 216 526 1 (188) 76.5% 61.8% 72.0% 79.6% n.m. n.m. 12,112 596 11,546 163 9,756 1,055 8,701 2,193 2,683 15.3% 13.4% 75.4% UBS GroupUSD m, except where indicated Operating profit / (loss) before tax (underlying excl. litigation) 1,456 684 216 535 (434) (186)2,271 1 of which: loss related to an investment in an associate (8) (23)(31)
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20 2Q25 Global Wealth Management results by region Table excludes Divisional items. Refer to the “Global Wealth Management” section of the 2Q25 report for more information Invested assets, bn Net new assets, bn Underlying cost / income ratio Transaction-based income, m Underlying operating expenses, m Recurring net fee income, m Net interest income, m Other income, m Underlying revenues, m Loans, bn Net new deposits, bn Net new loans, bn Credit loss expense / (release), m Deposits, bn Underlying PBT, m Fee-generating assets, bn Net new fee-generating assets, bn Advisors (full-time equivalents) (3.5) 2,189 2,561 2,015 2,929 0.2 114 364 1.7 1,125 5,773 Americas EMEAAPAC Switzerland 6.2 1,994 91% 2,510 385 1,891 477 8 2,761 (4.1) 96 1.1 4 105 247 2Q24 87% 403 500 10 100 1.9 4 2Q25 YoY (3pp) 2% 5% 7% 5% 6% 48% 4% 10% 8% 8.2 627 66% 596 313 258 323 10 903 (2.3) 42 (0.8) (3) 127 310 2Q24 11.1 746 63% 598 359 286 304 (2) 947 4.8 45 0.2 1 123 348 2Q25 YoY (3pp) 0% 15% 11% (6%) 5% 12% 6% 19% (3%) 1.1 660 74% 856 230 527 403 (1) 1,159 (1.2) 59 (0.4) 1 119 302 1 2Q24 9.1 728 68% 839 274 575 382 2 1,234 4.5 63 2.2 118 394 2Q25 YoY (6pp) (2%) 19% 9% (5%) 6% 30% 7% 10% (1%) 11.9 750 68% 683 198 418 389 (2) 1,003 1.7 107 (1.4) (2) 124 322 2Q24 7.0 844 67% 698 215 463 374 (2) 1,049 0.0 109 (0.7) (2) 130 353 2Q25 YoY (2pp) 2% 9% 11% (4%) 5% 10% 2% 12% 5% 12.1 1,012 11% 1.1 160 1.6 187 17% (0.5) 371 3.5 417 12% 3.6 221 0.8 249 13% 6,002 (4%) 1,014933 (8%) 1,5531,508 (3%) 1,4071,259 (10%)
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21 Overview of capital requirements and ratios Refer to the “Capital Management” section of the 2Q25 report for more information 2Q25 191.2bn Gone concern: 99.4bn Going concern: 91.7bn o/w CET1 72.7bn 2Q25 37.9% Gone concern: 19.7% Going concern: 18.2% o/w CET1 14.4% vs. guidance: ~14% 2Q25 11.5% Gone concern: 6.0% Going concern: 5.5% o/w CET1 4.4% vs. guidance: >4% CET1: 10.6% Going concern: 14.9% Requirements Total loss-absorbing capacity: 25.7% Requirements CET1: 3.50% Going concern: 5.00% Total loss-absorbing capacity: 8.75% RWA 504.5bn LRD 1,658.1bn
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22 318.5 RWA and LRD QoQ walk Risk weighted assets bn Leverage ratio denominator bn 3.2 18.6 1Q25 Credit and counterparty credit risk Non-counterparty- related risk Market risk Operational risk Currency effects 2Q25 483.3 0.4 (0.9) 0.0 504.5 +4% 6.7 2.9 88.1 1Q25 On-balance sheet exposures Derivatives Securities financing transactions Off-balance sheet items Currency effects 2Q25 1,561.6 (0.2) (1.1) 1,658.1 +6%
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23 PPA pull to par overview and revenue recognition 1 Excluding Non-core and Legacy, which is not excluded from underlying results as the majority of Non-core and Legacy’s assets are held at fair value; 2 Represented at acquisition date FX rates; 3 Represented at current FX rates and treasury allocations; 4 Does not include effects from accelerated accretion from early unwinds Recognized Estimated amortization profile4 USD bn Opening balance as of 12.6.23 (close) 2023–2Q25 Remaining balance to be recognized2 Expected future P&L releases at 30.6.25 FX rates3 3Q-4Q25 2026 2027+ GWM ~3.0 (1.6) ~1.4 ~1.6 (~0.2) (~0.3) (~1.1) P&C ~4.3 (2.0) ~2.3 ~2.6 (~0.4) (~0.6) (~1.6) IB ~2.3 (2.0) ~0.3 ~0.3 (~0.1) (~0.1) (~0.1) Total1 ~9.6 (5.6) ~4.1 ~4.5 (~0.7) (~1.0) (~2.8) Recognized Estimated amortization profile4 USD bn NII expected to be recognized as of 12.6.23 (close) 2023–2Q25 Remaining NII expected to be recognized Expected future P&L releases at 30.6.25 FX rates3 3Q-4Q25 2026 2027+ Elimination of Credit Suisse’s prior cash flow hedge ~1.2 (1.0) ~0.2 ~0.2 (~0.1) (~0.1) (~0.0) Accretion of PPA adjustments on financial instruments Additional PPA related benefits (4.1bn) from standard accretion and (1.5bn) from early unwinds
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24 FY22 combined cost baseline 1 UBS Group AG and consolidated subsidiaries; 2 Credit Suisse AG and its consolidated subsidiaries, also including Credit Suisse Services AG and other small former Credit Suisse Group entities now directly held by UBS Group AG; 3 CHF translated to USD using FY22 average USD / CHF rates of 0.95; 4 Excludes net expenses for litigation, regulatory and similar matters of USD 348m; 5 Excludes major litigation provisions of CHF 1,299m, restructuring expenses of CHF 533m, goodwill impairment of 23m, expenses related to real estate disposals of CHF 24m, expenses related to Archegos of CHF 40m and expenses related to equity investment in Allfunds Group of CHF 2m; 6 Impact from reclassifying commission expense from operating expenses to negative revenues for the Credit Suisse sub -group based on Credit Suisse Group reported commission expenses of CHF 1,012m in FY22 USD bn Operating expenses UBS sub-group (IFRS)1 24.9 Credit Suisse sub-group (US GAAP)2,3 19.1 UBS sub-group exclusions4 (0.3) Credit Suisse sub-group exclusions3,5 (2.0) Commission expense reclassification3,6 (1.1) FY22 combined cost baseline 40.6 FY22 • of which: ~34.5bn in Core and ~6.1bn in Non-core and Legacy • of which: further excluding litigation, variable and FA compensation ~32.2bn
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25 Underlying revenue and expense currency mix Underlying revenues1 % Underlying operating expenses1,2 % 1 Based on estimated currency splits as of 1H25; 2 Also includes updated methodology for variable compensation FX splits; 3 NCL underlying operating expenses currency mix excludes litigation releases 59 8 47 53 48 52 23 82 26 9 19 26 12 17 13 7 12 11 19 18 12 4 2 GWM 5 4 P&C 4 AM 3 IB 2 NCL3 3 Group USD CHF GBP EUR Other 68 7 50 62 53 11 83 31 20 10 9 11 12 9 9 17 16 2 GWM 1 P&C 3 4 AM 4 IB 2 Group 5
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26 Proposals would make UBS a pronounced outlier among G-SIBs 1 Based on latest available filings as of 29 July 2025 for publicly traded North American and European G-SIB peers, excluding trust banks; US G-SIBs on standardized basis reflecting revised preliminary Stress Capital Buffer requirements published on 1 July 2025; 2 Refer to presentation published on 6 June 2025 titled “Assessment of the impact of the proposed Swiss regulatory capital measures on UBS”, available on UBS’s Investor Relations web page; 3 Assumes static countercyclical buffer and Pillar 2 add-ons; progressive add-ons based on expected levels of LRD and market share (phasing in by 2030); LRD buckets as proposed in the Federal Council’s communication on 6 June 2025 ~17% 12.6% 12.2% ~12% 11.6% 11.6% 11.5% 11.5% 11.2% 11.1% 10.9% 10.9% 10.5% 10.5% 10.2% 10.0% 9.7% 8.5% ~19% UBS proposed de-facto requirement2 UBS 2030 current formal requirement3 Minimum CET1 ratio requirements1 UBS Group AG vs. peers Peer average 10.9% UBS de-facto minimum of ~19% based on current proposal, or ~17% after proposed DTA, software and PVA deductions from regulatory capital2 ~11.5% reflecting market share add-on as indicated in the 6 June 2025 Federal Council communication, which is to be formally confirmed, and excluding any Pillar 2 add-ons
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27 Proposed rules are not internationally aligned Deferred tax assets on temporary differences (TD DTAs) Capitalized software Prudential valuation adjustments (PVAs) Foreign participations In line with Basel standards Full CET1 deduction Adjustments for relevant modeled positions such as level 2 and 3 fair value assets and liabilities Deduction of all financial subsidiaries above a 10% CET1 threshold. In addition, waivers are granted In line with Basel standards1 Fully recognized, risk- weighted at 100%, amortized as in financial accounts No specific requirements No Parent standalone requirements apply (only consolidated requirements) In line with Basel standards Fully recognized when in use, risk weighted at 100% and amortized over 3 years for capital purposes Adjustments for relevant modeled positions such as level 2 and 3 fair value assets and liabilities Deductions not relevant in practice as waivers are granted (most banks only comply with consolidated requirements) or other supervisory exemptions UK / EU rules based on the Capital Requirements Regulation requiring CET1 deduction of significant investments in financial sector entities (independent whether foreign or local), unless exempted Current rules In line with Basel standards In line with Basel standards – UBS software classified as a tangible asset resulting in CET1 recognition In line with Basel standards 400% risk-weighting of foreign participations Recognized up to a threshold of 10% of CET1 and risk-weighted at 250%. Deduction above this threshold If classified as tangible assets, fully recognized, risk weighted at 100%. If classified as intangible assets, full CET1 deduction Guidance covering fair valued positions, with general rules for spreads and valuations No prescribed rules for participation treatment – Basel rules apply on a consolidated basis only. Equity investments in general risk-weighted at 250% Basel 3 standards Proposal Full CET1 deduction – not in line with Basel standards Full CET1 deduction – not in line with Basel standards Adjustments based on EU and UK rules Full CET1 deduction of foreign participations 1 10% threshold applies to US G-SIBs while a 25% threshold can apply for smaller banks
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28 Cautionary statement regarding forward-looking statements Cautionary statement regarding forward-looking statements | This presentation contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to international trade policies, including those related to tariffs and trade barriers, and ongoing conflicts in the Middle East, as well as the continuing Russia–Ukraine war. UBS’s acquisition of the Credit Suisse Group has materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the acquired business may have greater risks or liabilities than expected. Following the failure of Credit Suisse, Switzerland is considering significant changes to its capital, resolution and regulatory regime, which, if adopted, would significantly increase our capital requirements or impose other costs on UBS. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and expectations due to its acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.. © UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved
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30 July 2025 Second quarter 2025 Fixed Income investor presentation This document should be read in conjunction with UBS’s 2Q25 report and earnings presentation, as well as the UBS Group Annual Report 2024
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1 Important information Forward-looking statements: This presentation contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. UBS’s business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS’s Annual Report on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. Alternative Performance Measures: In addition to reporting results in accordance with International Financial Reporting Standards (IFRS), UBS reports certain measures that may qualify as Alternative Performance Measures as defined in the SIX Exchange Directive on Alternative Performance Measures, under the guidelines published by the European Securities Market Authority (ESMA), or defined as Non-GAAP financial measures in regulations promulgated by the US Securities and Exchange Commission (SEC). Please refer to “Alternative Performance Measures” in the appendix of UBS’s Quarterly Report for the second quarter of 2025 for a list of all measures UBS uses that may qualify as APMs. Underlying results are non-GAAP financial measures as defined by SEC regulations and as APMs in Switzerland and the EU. Disclaimer: This presentation and the information contained herein are provided solely for information purposes and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG, or their affiliates should be made on the basis of this document. No representation or warranty is made or implied concerning, and UBS assumes no responsibility for, the accuracy, completeness, reliability or comparability of the information contained herein relating to third parties, which is based solely on publicly available information. UBS undertakes no obligation to update the information contained herein. Available Information: UBS’s Annual Report, Quarterly Reports, SEC filings on Form 20-F and Form 6-K, as well as investor presentations and other financial information are available at ubs.com/investors. UBS’s Annual Report on Form 20-F, quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K are also available at the SEC’s website: www.sec.gov Basel III RWA, LRD and capital: Basel III RWA, LRD and capital information is based on the BIS Basel III framework, as applicable for Swiss systemically relevant banks (SRB), unless otherwise stated. 2Q25 information includes the final Basel III standards effective in Switzerland from 1 January 2025. Refer to the “Capital management” section in UBS’s Quarterly Report for the second quarter of 2025 for more information. Definitions: “Earnings per share” refers to diluted earnings per share. “Litigation” refers to net additions/releases to provisions for litigation regulatory and similar matters reflected in the income statement for the relevant period. “Net profit” refers to net profit attributable to shareholders. “Tangible equity” refers to tangible equity attributable to shareholders. “Sustainability-focus and impact” refers to sustainability-focus and impact investing; sustainability focus refers to strategies that have sustainability as an explicit part of the investment guidelines, universe, selection, and/or investment process that drive the strategy; impact investing refers to strategies that have an explicit intention to generate measurable, verifiable, positive sustainability outcomes. “PPA” refers to purchase price allocation adjustments made in accordance with IFRS 3, Business Combinations, to bring the assets acquired and liabilities assumed to fair value, from the acquisition of the Credit Suisse Group. Rounding: Numbers presented throughout this presentation may not add up precisely to the totals provided in the tables and text. Percentages and percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be derived from numbers presented in related tables, are calculated on a rounded basis. Tables: Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values that are zero on a rounded basis can be either negative or positive on an actual basis. Numbers presented in US dollars unless otherwise indicated. Currency translation of monthly income statement items of operations with a functional currency other than the US dollar are translated with month-end rates into US dollar. © UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved
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2 Group balance sheetKey messages and financial performance Slides 3-7 Slides 8-16 Agenda
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3 Key messages Strong 2Q25 and 1H25 financial performance on continued client momentum and progress on integration; 2Q25 net profit 2.4bn, underlying profit before tax 2.7bn, underlying RoCET1 15.3%; 1H25 net profit 4.1bn, underlying profit before tax 5.3bn, underlying RoCET1 13.3% Franchise strength demonstrated by robust client activity; 6.6trn invested assets, +8% QoQ, with 1H25 GWM NNA 55bn, 2Q25 GWM underlying transaction income +11% YoY, Global Markets underlying revenues +26% YoY Our balance sheet for all seasons is a key pillar of our strategy; CET1 capital ratio of 14.4%, executing on capital return plans for 2025 Integration remains on track, execution risk further reduced; ~1/3 of Swiss-booked client accounts successfully transferred onto UBS systems with aim to migrate remaining by the end of 1Q26, 9.1bn cumulative gross cost saves achieved We continue to position for long-term success; further enhancing our global capabilities, investing in our future infrastructure and AI and actively engaging in the debate on future regulation in Switzerland, all while staying close to our clients
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4 2Q25 profitability driven by strong core revenue growth and positive jaws Refer to slide 19 for details on underlying results and reconciliation to reported results Revenues Underlying, bn Operating expenses Profit before tax 10.7 2Q24 11.6 2Q25 11.1 11.5 Core: +8% +4% 8.5 2Q24 8.8 2Q25 9.0 8.7 Core: +3% (3%) 2Q25 PBT 2.7bn RoCET1 15.3% Cost / income 75.4% Underlying Reported Net profit 2.4bn EPS 0.72 Core NCL 2.1 2Q24 2.7 2Q25 2.1 2.7 Core: +25% +30%
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5 Achieved 70% of gross cost save ambition, on track to achieve end-2026 target Gross cost saves and forward-looking figures based on constant FX rates; 1 Refer to slide 24 in the 2Q25 Investor Presentation for reconciliation of the FY22 combined baseline; 2 Last twelve months; 3 Does not include integration-related expenses booked in revenues, which were 105m cumulative through 2Q25 Underlying operating expenses Cumulative integration- related expenses3 ~32.2 26.6 FY24 26.0 2Q25 LTM2 ~40.6 36.4 36.1 (~11%) / (~4.5bn) excl. FX (~14%) / (~5.5bn) ~79% 2Q25 ~89% YE25e 100% YE26e 11.1 ~12.5 ~14 ~70% 2Q25 ~77% YE25e 100% YE26e 9.1 ~10 ~13 Excl. litigation, variable and FA compensation FY22 combined cost baseline1 (~19%) (~6.2bn) excl. FX (~22%) (~7.2bn) Cumulative annualized exit rate gross cost reductions USD bn / % of expected cumulative total USD bn / % of expected cumulative totalUSD bn o/w: +0.7bn in 2Q25
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6 FY22 combined baseline1 2Q25 LTM2 FY25 updated ambition 2026 exit-rate ambition ~6.1 2.0 ~1.6 ~0.8 NCL run-down continuing at pace Forward-looking figures based on constant FX rates; 1 Refer to slide 24 in the 2Q25 Investor Presentation for a reconciliation of FY22 baseline; 2 Last twelve months; 3 Also including non-counterparty- related risk RWA 56 9 30 24 2Q23 2Q25 ~20 <8 YE25 ambition ~18 ~4 YE26 ambition 86 33 <28 ~22 (62%) Reducing complexity Credit and market risk3 83% books closed since June 2023 Target: >95% by YE26 56% IT apps decommissioned since June 2023 Target: 100% by YE26 Operational Risk Risk-weighted assets bn Underlying operating expenses excl. litigation bn
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7 17% 3% 9% 13% FY22, reported 2H23 FY24 1H25 Continuing to make progress towards our 2026 exit rate targets Group underlying return on CET1 capital Forward-looking guidance assumes a 14% CET1 ratio; 1 Reported basis; 2 Excluding litigation and applying structural tax rate of 23% Underlying cost / income ratio 80%72%1 91% <70%76% ~14% CET1 capital ratio >4.0% CET1 leverage ratio Capital guidance 2026e exit rate ~15% 11% excl. 1H25 litigation and applying a normalized tax rate2
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8 Group balance sheet
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9 Our balance sheet for all seasons is a key pillar of our strategy 1 Consists of Loans and advances to customers and Amounts due from banks, which were 646bn and 22bn, respectively, as of 2Q25; 2 Level 3 assets account for ~1% of our total balance sheet; 3 Includes 3.1bn of syndicated issuances 2Q25 TLAC RWA AT1 capital CET1 capital CET1 capital ratio (%) LRD CET1 leverage ratio (%) Liquidity coverage ratio (%, average) Liquidity and funding Regulatory capital Net stable funding ratio (%) 72.7 19.0 191.2 504.5 69.2 18.7 187.2 483.3 +5% +2% 76.1 15.7 197.7 511.4 (4%) (3%) 1,658 1,562 1,564 +4% (1%) +6% +6% +2% +21% 4.4% 4.4% 4.9% (4bps) (48bps) 182% 181% 212% +1pp (30pp) 122% 124% 128% (2pp) (6pp) 14.4% 14.3% 14.9% +10bps (47bps) USD bn, except where indicated 2Q25 2Q24 QoQ1Q25 YoY 2Q25 − Lending assets 668bn, +52bn QoQ, primarily reflecting currency effects − Deposits 800bn, +55bn QoQ reflecting currency effects, as well as net new deposit inflows, largely in GWM − Strong liquidity position with average LCR of 182%, 359bn of high- quality liquid assets − Issued 3.5bn of HoldCo during 2Q253 USD bn, except where indicated 2Q25 2Q24 QoQ1Q25 YoY Cost of credit risk Total liabilities o/w: Lending assets1 o/w: Short-term borrowings o/w: Fair value and long-term debt o/w: Customer deposits Total assets Total equity Tangible book value per share (USD) Tangible equity 668 1,580 615 1,456 +9%621 1,477 +7% 303 295 308 +9% +7% +3% (1%) 67 58 62 +15% +9% 800 745 757 +7% +6% 1,670 1,543 +8%1,561 +7% 90 88 84 82 80 76 +2% +7% +2% +8% 25.95 25.18 23.85 +3% +9% o/w: Cash and balances at central banks 236 231 +2%248 (5%) o/w: Fair value assets2 492 445 459 +11% +7% Credit risk Credit-impaired lending assets as a % of total 10bps 7bps 6bps +4bps +4bps 0.9% 1.0% 0.9% 0.0pp 0.0pp
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10 Maintaining a strong capital position 1 Profit before tax less current tax expense; 2 Includes 0.4bn from eligible deferred tax assets on temporary differences, and movements related to other items; 3 Estimate for 2Q25, fully applied UBS AG standalone CET1 capital ratio under current rules; final figures to be published with the UBS AG quarterly report available as of 5 August 2025 CET1 capital ratio CET1 capital, bn 69.2 1.8 (0.8) n/a2.3 72.70.2 +2.3bn impact on CET1 and +18.6bn impact on RWA − RWA 504.5bn, +21.2bn QoQ, driven by currency effects − CET1 leverage ratio 4.4%, flat QoQ, with LRD 1,658bn, +96.5bn QoQ, driven by currency effects − Refer to slide 22 for full QoQ RWA and LRD walk − Parent bank CET1 capital ratio, fully applied 13.2%3 0.4% 0.0% 1Q25 Net profit1 Dividend accrual Currency effects RWA excl. currency effects Other2 2Q25 14.3% (0.2%) (0.1%) (0.1%) 14.4%
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11 Funding overview 1 Consists of short-term debt issued measured at amortized cost and amounts due to banks, which includes amounts due to central banks; 2 The classification of debt issued measured at amortized cost into short-term and long-term is based on original contractual maturity and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early redemption features; 3 Debt issued designated at fair value and long-term debt issued at amortized cost 89bn shareholder equity − +2.1bn, mainly due to OCI of +2.9bn, mainly driven by FX, and net profit of +2.4bn, partly offset by distribution to shareholders of (2.9bn) and net treasury share activity of (0.7bn) 370bn debt − Of which short-term debt1,2: 67bn − Of which long-term debt2,3: 303bn 800bn customer deposits − GWM deposits +24bn on positive currency effects and net new deposits of 9.0bn − P&C deposits in CHF (1.9bn) with net new deposits of 1.1bn partly offsetting negative currency effects − Coverage ratio at 124% 2Q25, QoQ 7% 6% 7% 20% 25% 24% 5% 8% 5% 67% 60% 63% 1% 2022 1% 2023 1% 2024 100% 786 1,329 1,191 Securities financing transactions Customer deposits Short-term borrowings1,2 Fair value and long-term debt2,3 Shareholder equity Group funding bn 7% 24% 5% 63% 1% 2Q25 100% 1,276
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12 Capital markets issuances and redemptions Upcoming maturities and first calls1,2Issuances and redemptions1 USD bn USD bn 1 Does not include TLAC special feature notes and structured notes. For further information on our benchmark issuance please refer to Benchmark bonds; 2 Based on outstanding issuances of UBS Group AG, UBS AG and UBS Switzerland AG. For illustrative purposes, assumes that all instruments are redeemed at their first call date . UBS makes no representation on its intention to call the instruments; 3 Compared to 97bn on 31.12.24, estimate based on FX rate at time of guidance provided on 4.2.25 We manage our funding resources prudently and opportunistically, assessing available market options across all currencies as we maintain a balance sheet for all seasons − Completed AT1 issuances intended in 2025 − Targeting eligible HoldCo reduction to around 90bn by end-20253 − Maintain optionality with opportunistic access to OpCo and Covered Bond markets Issuances, year-to-date As of 30.7.25 AT1 USD 3.0bn HoldCo USD 1.8bn EUR 4.0bn Covered bonds EUR 1.3bn 2025 funding plan 7 12 6 3 11 Issuances 1 Redemptions 12 20 94 14 13 9 20 13 2 1 2025 2 1 2026 76 2027+ 16 36 112 1H25 AT1 T2 Senior bonds (HoldCo) Senior bonds (OpCo) Covered bonds OpCo USD 1.3bn
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13 Long-term wholesale funding diversification As of quarter-end, does not include TLAC special feature notes and structured notes. 1 For illustrative purposes, assumes that all instruments are redeemed at their first call date. UBS makes no representation on its intention to call the instruments By currency USD 55% EUR 33% CHF 5% Other 8% HoldCo 64% AT1 10% OpCo 19% Covered Bonds 7% By source Group funding 2Q25 <1 year 25% 1-3 years 26% 3-5 years 18% >5 years 31% By maturity1 Total long-term wholesale funding: 165bn
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14 Liquidity Refer to the “Liquidity and funding management” section of the 2Q25 report. 1 Represents the ratio between average HQLA and net cash outflows expected over a stress period of 30 calendar days, calculated in accordance with Swiss regulation; 2 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows; 3 Represents the net cash outflows expected over a stress period of 30 calendar days; 4 Calculated based on an average of 61 data points in the second quarter of 2025 3 Liquidity coverage ratio1,2 quarterly averages 197% 216% 220% 212% 199% 188% 181% 182% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q254 Average high-quality liquid assets, bn 416 378 361423368 319332 359 Net cash outflows3, bn 193 179 181192187 176176 197 − Balance efficiency with resiliency and safety − Expect to operate at below 4Q24 level going forward, reflecting continued efforts to manage towards a more efficient funding structure and reduced integration execution risk
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15 Deposits A diversified deposit base 2Q25 GWM 61%1 P&C 39% Demand 33% Retail savings 27% Sweeps 5% Time deposits 35% By type USD 38% CHF 43% EUR 10% Other 9% By currency By client segment 1 Includes customer brokerage payables which are presented in separate reporting lines on the balance sheet Total deposits: 800bn
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16 High-quality loan portfolio, mostly secured by real estate or securities 1 Mortgages consists of Private clients with mortgages and Real estate financing; 2 Consists of large corporate clients and SME clients; 3 Includes ship / aircraft financing, commodity trade finance, credit cards, consumer financing and other Loans and advances to customers On-balance sheet, 2Q25 Mortgages1: 378n, ~50% LTV › Swiss mortgages make up the majority of the portfolio Lombard: 161bn › Fully collateralized, with daily monitoring of margin requirements Corporates2: 51bn › 27bn large corporate clients › 25bn SME clients Other: 56bn › 9bn ship/aircraft financing › 4bn commodity trade finance Mortgages 58%1Lombard 25% Corporates2 8% Other3 9% 646bn
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17 Appendix 2Q25 financial results Group balance sheet and credit quality
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18 UBS Group results Credit loss expense / (release) Operating expenses of which: current tax expense Tax expense / (benefit) Total revenues Operating profit / (loss) before tax Net profit / (loss) attributable to shareholders Diluted EPS (USD) Return on CET1 capital Tangible book value per share (USD)1 Total book value per share (USD)1 Cost / income ratio Return on tangible equity USD m, except where indicated 2Q24 95 10,340 310 293 11,904 1,469 1,136 0.34 5.9% 26.13 86.9% 23.85 5.9% 2Q25 163 9,756 368 (209) 12,112 2,193 2,395 13.5% 28.17 80.5% 25.95 11.8% 1Q25 100 10,324 460 430 12,557 2,132 1,692 0.51 9.6% 27.35 82.2% 25.18 8.5% 3Q24 121 10,283 378 502 12,334 1,929 1,425 0.43 7.6% 27.32 83.4% 25.10 7.3% 4Q24 89.0% 229 10,359 1,015 268 11,635 1,047 770 0.23 4.2% 24.63 3.9% 26.80 Effective tax rate 20%20% 26%26%(10%) Tangible book value per share (CHF)1 21.4320.60 22.27 21.2622.37 1 The payment of the 2024 dividend of USD 0.90 per share, approved by shareholders at the 2025 Annual General Meeting, reduced book value and tangible book value by USD 2.9bn in 2Q25 0.72
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19 2Q25 overview of financial performance by business division 1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental it ems directly related to the integration; 2 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group Total revenues as reported of which: PPA effects and other integration items1 Total revenues (underlying) Credit loss expense / (release) Operating expenses as reported of which: integration-related expenses and PPA effects2 Operating expenses (underlying) Operating profit / (loss) before tax as reported Operating profit / (loss) before tax (underlying) Underlying return on CET1 capital Underlying return on tangible equity Underlying cost / income ratio GWM P&C AM IB NCL Group Items 6,300 2,336 772 2,966 (82) (180) 153 274 152 17 6,156 2,085 772 2,815 (83) (198) 3 114 0 48 (2) 0 5,093 1,528 618 2,361 170 (13) 383 240 63 121 252 (4) 4,710 1,288 555 2,241 (83) (10) 1,204 695 153 557 (250) (167) 1,443 684 216 526 1 (188) 76.5% 61.8% 72.0% 79.6% n.m. n.m. 12,112 596 11,546 163 9,756 1,055 8,701 2,193 2,683 15.3% 13.4% 75.4% UBS GroupUSD m, except where indicated Operating profit / (loss) before tax (underlying excl. litigation) 1,456 684 216 535 (434) (186)2,271 1 of which: loss related to an investment in an associate (8) (23)(31)
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20 282 114 81 183 565 202 NCL2Q24 PBT GWM P&C AM IB Group Items 2Q25 PBT 2,060 Non- underlying revenues2 (12) 2,683 (1,055) 2,193(26) Non- underlying expenses2 2Q25 reported PBT Tax and NCI 2Q25 net profit 2,395 +30% Net profit 2.4bn while integration continues at pace Profits m 1 Includes modeled accelerated accretion of PPA adjustments from early unwinds; 2 Refer to slide 19 for details on underlying results and reconciliation to reported results ~0.4bn expected in 3Q251 ~1.1bn expected in 3Q25 o/w tax benefit: +209m Underlying
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21 Global Wealth Management PBT 1,443m, +24% Credit loss expense 3m Operating expenses 4,710m, +1%, driven by currency effects; (5%) excluding variable compensation, litigation and currency effects Net new assets 23bn, including ~(11bn) of tax-related outflows in the US; net new fee-generating assets 8bn Invested assets 4,512bn, +7% QoQ driven by higher market levels, positive currency effects and net new assets Net new deposits 9.0bn driven by current accounts Net new loans 3.4bn driven by EMEA and Americas Cost / income ratio Invested assets, bn Deposits, bn Loans, bn Other income Net interest income Recurring net fee income Transaction-based income Operating expenses Profit before tax Credit loss expense / (release) Total revenues USD m, except where indicated 2Q25 6,156 77% 4,710 1,443 3 4,512 489 318 1,557 3,351 1,232 15 5,820 80% 4,038 476 305 19 1,586 3,104 1,111 4,660 1,161 (1) 2Q24 (2%) +1pp +7% +5% +6% +1% +2% (13%) 0% (7%) QoQ Underlying RWA, bn 170 166 +4% 6,253 75% 4,218 464 300 4 1,549 3,279 1,421 4,702 1,545 6 1Q25 164 +6% (4pp) +12% +3% +4% (2%) +8% +11% +1% +24% YoY +3% Profit before tax (reported) 1,204 871 (11%)1,359 +38% Underlying 2Q25 vs. 2Q24 Total revenues 6,156m, +6% − NII (2%) YoY, +1% QoQ mainly due to currency impacts and net new deposits partly offset by lower rates − Recurring net fee income +8% on higher asset levels and NNFGA − Transaction-based income +11% on higher levels of client activity across regions Operating expenses and financial advisor compensation which more than offset lower other personnel and G&A expenses Operating expenses which more than offset impact of cost savings
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22 2Q25 Global Wealth Management results by region Table excludes Divisional items. Refer to the “Global Wealth Management” section of the 2Q25 report for more information Invested assets, bn Net new assets, bn Underlying cost / income ratio Transaction-based income, m Underlying operating expenses, m Recurring net fee income, m Net interest income, m Other income, m Underlying revenues, m Loans, bn Net new deposits, bn Net new loans, bn Credit loss expense / (release), m Deposits, bn Underlying PBT, m Fee-generating assets, bn Net new fee-generating assets, bn Advisors (full-time equivalents) (3.5) 2,189 2,561 2,015 2,929 0.2 114 364 1.7 1,125 5,773 Americas EMEAAPAC Switzerland 6.2 1,994 91% 2,510 385 1,891 477 8 2,761 (4.1) 96 1.1 4 105 247 2Q24 87% 403 500 10 100 1.9 4 2Q25 YoY (3pp) 2% 5% 7% 5% 6% 48% 4% 10% 8% 8.2 627 66% 596 313 258 323 10 903 (2.3) 42 (0.8) (3) 127 310 2Q24 11.1 746 63% 598 359 286 304 (2) 947 4.8 45 0.2 1 123 348 2Q25 YoY (3pp) 0% 15% 11% (6%) 5% 12% 6% 19% (3%) 1.1 660 74% 856 230 527 403 (1) 1,159 (1.2) 59 (0.4) 1 119 302 1 2Q24 9.1 728 68% 839 274 575 382 2 1,234 4.5 63 2.2 118 394 2Q25 YoY (6pp) (2%) 19% 9% (5%) 6% 30% 7% 10% (1%) 11.9 750 68% 683 198 418 389 (2) 1,003 1.7 107 (1.4) (2) 124 322 2Q24 7.0 844 67% 698 215 463 374 (2) 1,049 0.0 109 (0.7) (2) 130 353 2Q25 YoY (2pp) 2% 9% 11% (4%) 5% 10% 2% 12% 5% 12.1 1,012 11% 1.1 160 1.6 187 17% (0.5) 371 3.5 417 12% 3.6 221 0.8 249 13% 6,002 (4%) 1,014933 (8%) 1,5531,508 (3%) 1,4071,259 (10%)
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23 Personal & Corporate Banking (CHF) Underlying 2Q25 vs. 2Q24 PBT 557m, (14%) Credit loss expense 91m, mainly reflecting net expenses on Stage 3 positions Operating expenses 1,048m, (5%) mainly driven by lower personnel expenses Total revenues 1,696m, (8%) − NII (11%) YoY, (2%) QoQ reflecting lower CHF rates − Recurring net fee income flat YoY − Transaction-based income flat YoY Cost / income ratio Deposits, bn Loans, bn Other income Net interest income Recurring net fee income Transaction-based income Operating expenses Profit before tax Credit loss expense / (release) Total revenues CHF m, except where indicated Underlying RWA, bn Profit before tax (reported) 62% 557 91 1,696 1,048 249 249 907 357 442 (10) 119 566 1,705 62% 251 249 (2) 923 357 427 1,060 597 48 121 1,838 60% 255 249 16 1,024 357 441 1,101 645 92 132 545 703 0% 0pp (1%) 0% (2%) 0% +4% (1%) (7%) (1%) +4% (8%) +2pp (2%) 0% (11%) 0% 0% (5%) (14%) (9%) (19%) 2Q25 2Q24 QoQ1Q25 YoY Net new loans 1.2bn driven by mortgage growth in Personal Banking Net new deposits 1.1bn mainly from Corporate and Institutional Clients
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24 2Q24 QoQ1Q25 YoY Asset Management Total revenues 772m, flat YoY, +4% excl. 2Q24 net gain from disposals − Management fees +3% driven by positive currency effects and market performance − Performance fees +36% driven by Hedge Fund Businesses Operating expenses 555m, +3% or (1%) excluding currency effects Invested assets 1,952bn, +9% QoQ driven by positive currency effects and market performance Net new money (2.0bn), driven by net outflows in Fixed Income (excluding money market) and Multi-asset & Solutions, partially offset by net inflows in ETFs PBT 216m, (5%), +8% excl. 2Q24 net gain from disposals Cost / income ratio Invested assets, bn Net new money, bn Net management fees Performance fees Net gain from disposals Operating expenses Profit before tax Credit loss expense / (release) Total revenues USD m, except where indicated Underlying Profit before tax (reported) Underlying 2Q25 vs. 2Q24 72% 555 216 772 0 (2) 1,952 733 39 72% 533 208 741 (2) 7 1,796 713 30 0 70% 540 228 768 (12) 1,701 711 28 0 0pp +4% +4% +4% +9% +3% +28% +2pp +3% (5%) 0% +15% +3% +36% 153 135 130 +13% +18% 2Q25 28
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25 2Q25 2Q24 QoQ1Q25 YoY Global Markets +26% − Execution Services +24%, with increases in all regions − Derivatives & Solutions +25%, driven by increases in FX, Rates and Equity Derivatives − Financing +27%, led by Prime Brokerage supported by higher client balances Of which: − Equities 1,627m, +20% − FRC 667m, +41% Global Banking revenues (22%) − Advisory (19%), driven by lower private fund and M&A activity − Capital Markets (24%), with higher ECM revenues more than offset by lower LCM and 65m of markdowns on LCM and hedging positions Underlying 2Q25 vs. 2Q24 Operating expenses +7% mainly on higher personnel costs PBT 526m; record 2Q revenues1, +13% 1 Since 2013 Cost / income ratio Operating expenses Profit before tax Credit loss expense / (release) Global Markets Execution Services Global Banking Advisory Capital Markets Derivatives & Solutions Financing Total revenues 2,815 48 2,241 526 80% 521 192 328 2,294 501 1,124 670 2,493 2,087 525 (6) 895 668 239 429 1,825 412 84% 405 (4pp) RWA, bn 110 108 Return on attributed equity 11.5% 9.7% +1.8pp USD m, except where indicated Underlying 3,045 2,314 665 35 1,300 564 221 342 2,481 696 76% 517 109 15.8% (8%) (3%) +1% (14%) (8%) (13%) (4%) (8%) +4pp (3%) 1% (4.3pp) (24%) Profit before tax (reported) 557 477 +13% +7% +27% +25% (22%) (19%) (24%) +26% +24% 2% +28% +17%722 (23%) Investment Bank
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26 Non-core and Legacy Total revenues (83m) mainly driven by funding costs Operating expenses (83m); 353m excluding litigation release, (25%) QoQ Underlying 2Q25 vs. 2Q24 Credit loss expense (2m) RWA 33bn, (1bn) QoQ PBT 1m 2Q25 2Q24 QoQ1Q25 YoY RWA, bn LRD, bn Operating expenses Profit before tax Credit loss expense / (release) Total revenues (83) (2) (83) 1 29 33 284 7 477 (200) 35 34 (16%) (4%) USD m, except where indicated Underlying 401 (1) 481 (80) 80 50 (63%) (34%) Profit before tax (reported) (250) (391) (405) LRD 29bn, (5bn) QoQ driven by reduction in HQLA
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27 Appendix 2Q25 financial results Group balance sheet and credit quality
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28 90 115 72 58 215 217 169 110 303 646 800 258 67 48 19 Liabilities & Equity 1 2 3 4 5 6 7 8 29 a b 55 c d e f g Assets h 16 i 52 j 1,670 1,670 9 Coverage ratio: 124% Loan-to-deposit ratio: 81% Balance sheet As per quarter end; Refer to the “Balance sheet” section of the 2Q25 report for more information; 1 Consists of financial assets at fair value not held for trading and financial assets measured at fair value through other comprehensive income; 2 Consists of short-term debt issued measured at amortized cost and amounts due to banks, which includes amounts due to central banks; 3 The classification of debt issued measured at amortized cost into short-term and long-term is based on original contractual maturity and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early redemption features 1. Cash and balances at central banks and amounts due from banks 2. Loans and advances to customers 3. Securities financing transactions at amortized cost 4. Trading assets 5. Derivatives and cash collateral receivables on derivative instruments 6. Brokerage receivables 7. Other financial assets measured at amortized cost 8. Other financial assets measured at fair value1 9. Non-financial assets a. Short-term borrowings2,3 b. Securities financing transactions at amortized cost c. Customer deposits d. Debt issued designated at fair value and long-term debt issued measured at amortized cost3 e. Trading liabilities f. Derivatives and cash collateral payables on derivative instruments g. Brokerage payables h. Other financial liabilities i. Non-financial liabilities j. Equity For the quarter-end 2Q25
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29 Credit loss expense / (release) and credit-impaired exposures 1 Other includes UBS Asset Management and Group Items; 2 Refer to “Note 8 Expected credit loss measurement” in the “Consolidated financial statements” section of the 2Q25 report Total credit-impaired exposure, gross (stage 3/PCI) USD bn 2Q24 3Q24 4Q24 1Q25 2Q25 GWM 1,373 1,442 1,397 1,391 1,578 P&C 3,325 3,695 3,714 3,825 4,003 IB 491 398 595 609 611 NCL 1,086 1,098 930 959 920 Other1 - - - - - Total 6,275 6,633 6,637 6,784 7,112 Credit loss expense / (release) USD m 2Q24 3Q24 4Q24 1Q25 2Q25 GWM (1) 2 (14) 6 3 P&C 103 83 175 53 114 IB (6) 9 63 35 48 NCL (1) 28 6 7 (2) Other1 0 0 0 (1) 0 Total 95 121 229 100 163 ECL coverage ratio for core loan portfolio (stage 3)2 On balance sheet 2Q24 3Q24 4Q24 1Q25 2Q25 22% 22% 24% 26% 27%
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30 Overview of capital requirements and ratios Refer to the “Capital Management” section of the 2Q25 report for more information 2Q25 191.2bn Gone concern: 99.4bn Going concern: 91.7bn o/w CET1 72.7bn 2Q25 37.9% Gone concern: 19.7% Going concern: 18.2% o/w CET1 14.4% vs. guidance: ~14% 2Q25 11.5% Gone concern: 6.0% Going concern: 5.5% o/w CET1 4.4% vs. guidance: >4% CET1: 10.6% Going concern: 14.9% Requirements Total loss-absorbing capacity: 25.7% Requirements CET1: 3.50% Going concern: 5.00% Total loss-absorbing capacity: 8.75% RWA 504.5bn LRD 1,658.1bn
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31 318.5 RWA and LRD QoQ walk Risk weighted assets bn Leverage ratio denominator bn 3.2 18.6 1Q25 Credit and counterparty credit risk Non-counterparty- related risk Market risk Operational risk Currency effects 2Q25 483.3 0.4 (0.9) 0.0 504.5 +4% 6.7 2.9 88.1 1Q25 On-balance sheet exposures Derivatives Securities financing transactions Off-balance sheet items Currency effects 2Q25 1,561.6 (0.2) (1.1) 1,658.1 +6%
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32 UBS Group AG capital requirements and eligibility criteria Grandfathering rules Any going concern-eligible capital above the minimum requirement can be counted towards the gone concern, subject to re- classification A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years Refer to the “Capital management” and “Recent developments” sections of the 2Q25 report for more information; 1 FINMA Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.12% for CET1 capital and 0.05% for AT1 capital, effective 1 January 2025; 2 Equal to 75% of the total going concern requirement excluding the countercyclical buffer and the Pillar 2 add-on Group consolidated requirements Going concern Gone concern Minimum capital Buffer capital Countercyclical buffer Minimum CET1 capital Maximum additional tier 1 capital Total going concern 4.50% 5.50% 0.46% 10.59% 4.35% 14.94% 1.50% 2.00% 3.50% 1.50% 5.00% Minimum gone-concern2 o/w additional requirement for market share and LRD 10.73% 1.08% 3.75% 0.38% . RWA LRD RWA LRD No MDA restrictions apply in Switzerland o/w additional requirement for market share and LRD, and Pillar 21 1.62% 0.50%
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33 Proposals would make UBS a pronounced outlier among G-SIBs 1 Based on latest available filings as of 29 July 2025 for publicly traded North American and European G-SIB peers, excluding trust banks; US G-SIBs on standardized basis reflecting revised preliminary Stress Capital Buffer requirements published on 1 July 2025; 2 Refer to presentation published on 6 June 2025 titled “Assessment of the impact of the proposed Swiss regulatory capital measures on UBS”, available on UBS’s Investor Relations web page; 3 Assumes static countercyclical buffer and Pillar 2 add-ons; progressive add-ons based on expected levels of LRD and market share (phasing in by 2030); LRD buckets as proposed in the Federal Council’s communication on 6 June 2025 ~17% 12.6% 12.2% ~12% 11.6% 11.6% 11.5% 11.5% 11.2% 11.1% 10.9% 10.9% 10.5% 10.5% 10.2% 10.0% 9.7% 8.5% ~19% UBS proposed de-facto requirement2 UBS 2030 current formal requirement3 Minimum CET1 ratio requirements1 UBS Group AG vs. peers Peer average 10.9% UBS de-facto minimum of ~19% based on current proposal, or ~17% after proposed DTA, software and PVA deductions from regulatory capital2 ~11.5% reflecting market share add-on as indicated in the 6 June 2025 Federal Council communication, which is to be formally confirmed, and excluding any Pillar 2 add-ons
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34 Proposed rules are not internationally aligned Deferred tax assets on temporary differences (TD DTAs) Capitalized software Prudential valuation adjustments (PVAs) Foreign participations In line with Basel standards Full CET1 deduction Adjustments for relevant modeled positions such as level 2 and 3 fair value assets and liabilities Deduction of all financial subsidiaries above a 10% CET1 threshold. In addition, waivers are granted In line with Basel standards1 Fully recognized, risk- weighted at 100%, amortized as in financial accounts No specific requirements No Parent standalone requirements apply (only consolidated requirements) In line with Basel standards Fully recognized when in use, risk weighted at 100% and amortized over 3 years for capital purposes Adjustments for relevant modeled positions such as level 2 and 3 fair value assets and liabilities Deductions not relevant in practice as waivers are granted (most banks only comply with consolidated requirements) or other supervisory exemptions UK / EU rules based on the Capital Requirements Regulation requiring CET1 deduction of significant investments in financial sector entities (independent whether foreign or local), unless exempted Current rules In line with Basel standards In line with Basel standards – UBS software classified as a tangible asset resulting in CET1 recognition In line with Basel standards 400% risk-weighting of foreign participations Recognized up to a threshold of 10% of CET1 and risk-weighted at 250%. Deduction above this threshold If classified as tangible assets, fully recognized, risk weighted at 100%. If classified as intangible assets, full CET1 deduction Guidance covering fair valued positions, with general rules for spreads and valuations No prescribed rules for participation treatment – Basel rules apply on a consolidated basis only. Equity investments in general risk-weighted at 250% Basel 3 standards Proposal Full CET1 deduction – not in line with Basel standards Full CET1 deduction – not in line with Basel standards Adjustments based on EU and UK rules Full CET1 deduction of foreign participations 1 10% threshold applies to US G-SIBs while a 25% threshold can apply for smaller banks
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35 UBS Liquidity & Funding (Risk Management) Framework Regulatory minimums Stress testing Governance Contingency planning Liquidity coverage ratio Net stable funding ratio 100% BCBS REQUIREMENT 100% BCBS REQUIREMENT UBS is also subject to the too-big-to-fail (TBTF) liquidity requirements arising from the revisions to the Swiss Liquidity Ordinance and which became effective on 1 January 2024. The affected legal entities of the UBS Group are compliant with these requirements Combined (market and idiosyncratic) scenario Structural market-wide scenario We ensure that the firm has sufficient liquidity and funding to survive a severe stress event without government support Group Treasury Group Asset and Liability Committee (ALCO) Board of Directors – Risk Committee • Proposes the liquidity and funding (L&F) strategy • Maintains the UBS L&F risk management framework, together with the 2nd line of defence, including the Contingency Funding Plan (CFP) • Manages the daily liquidity & funding requirements • Approves the liquidity and funding strategy on behalf of the Group Executive Board • Oversees L&F risk management • Approves the UBS CFP • Oversees the Group ALCO • Approves the UBS L&F risk management framework • To complement our business-as-usual management, Group Treasury maintains the Contingency Funding Plan (CFP) as a preparation and action plan to ensure the firm can maintain sufficient liquidity to meet payment obligations in a liquidity & funding stress scenario • The plan specifies the processes, tools and responsibilities that UBS has available to effectively manage through these periods Idiosyncratic scenario Refer to the “Liquidity and funding management” section of the UBS Group Annual Report 2024 for further information
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36 YTD 2025 issuances ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US90261AAD46 OpCo USD 1.250 4.864% 10.01.25 10.01.27 US225401BH08 AT1 USD 1.500 7.000% 10.02.25 10.02.30 US225401BJ63 AT1 USD 1.500 7.125% 10.02.25 10.08.34 CH1414003454 HoldCo EUR 1.250 2.875% 12.02.25 12.02.29 CH1414003462 HoldCo EUR 1.500 3.250% 12.02.25 12.02.33 US902613BQ05 HoldCo USD 1.750 5.580% 09.05.25 12.05.35 CH1433241192 HoldCo EUR 1.250 3mEuribor + 98bps 12.05.25 12.05.28 CH1433241275 Covered Bond EUR 1.250 2.746% 19.05.25 19.05.30 As of 30.7.25
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37 YTD 2025 redemptions As of 30.7.25, does not include TLAC special feature notes and structured notes. For further information on our benchmark issuance please refer to Benchmark bonds. 1 Originally issued by Credit Suisse AG; 2 Originally issued by Credit Suisse Group AG ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US22550L2L411 OpCo USD 1.250 7.950% 09.01.23 09.01.25 US902674YU81 OpCo USD 1.000 1.375% 13.01.22 13.01.25 CH05919796352 HoldCo EUR 1.500 3mEURIBOR+100bps 18.01.21 16.01.25 CH0520042489 HoldCo EUR 1.500 0.250% 29.01.20 29.01.25 CH0271428333 AT1 USD 1.250 7.000% 19.02.15 19.02.25 US22550UAF841 OpCo USD 0.329 SOFR + 126bps 07.04.22 21.02.25 US22550L2H391 OpCo USD 1.931 3.700% 07.04.22 21.02.25 US902613AW812 HoldCo USD 2.500 3.750% 26.03.15 26.03.25 CH0537261858 HoldCo EUR 2.000 3.250% 02.04.20 02.04.25 US22550L2C42 OpCo USD 1.231 2.950% 09.04.20 09.04.25 CH1264823480 OpCo CHF 0.310 2.385% 09.05.23 09.05.25 US902613AM00 HoldCo USD 1.200 4.488% 12.05.22 12.05.25 US902613AN82 HoldCo USD 0.600 SOFR + 158bps 12.05.22 12.05.25 XS2176686546 OpCo EUR 0.500 0.450% 18.05.20 19.05.25 XS1241134821 HoldCo NOK 1.000 3.600% 29.05.15 28.05.25 US225401AQ16 HoldCo USD 1.500 2.193% 05.06.20 05.06.25 XS1249369429 OpCo NOK 1.050 3.500% 18.06.15 18.06.25 US870836AC77 Legacy Capital USD 0.250 7.500% 21.07.95 15.07.25 US225401AY40 HoldCo USD 1.500 6.373% 12.08.22 15.07.25 JP575608DF70 OpCo JPY 5.600 1.008% 17.07.15 17.07.25 AU3CB0273407 OpCo AUD 0.500 1.200% 30.07.20 30.07.25 AU3FN0055307 OpCo AUD 1.250 BBSW + 87bps 30.07.20 30.07.25
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38 Source: Moody’s, S&P and Fitch’s websites; Operating companies: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Citibank, N.A.; Goldman Sachs Bank USA; Morgan Stanley Bank, N.A.; UBS AG; Hongkong and Shanghai Banking Corp. Ltd ; Barclays Bank PLC; BNP Paribas; Societe Generale; Deutsche Bank AG Credit ratings peer comparison Review for upgradeReview for downgrade Outlook stable [No arrow] Outlook positiveOutlook negative MOODY’S S&P FITCH Long-term senior unsecured debt – operating company, as of 30.7.25 Aa1Baa2 A3 A2 A1 Aa3 Aa2Baa1 BBB A- A A+ AA- AABBB- BBB+ BBB A- A A+ AA- AABBB- BBB+ Citi GS MS BNP HSBC Barclays DB UBS BoA SocGen JPM Outlook developing
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39 Source: Moody’s, S&P and Fitch’s websites; Holding companies: JPMorgan Chase & Co.; Bank of America Corporation; Citigroup Inc.; The Goldman Sachs Group, Inc.; Morgan Stanley; UBS Group AG; HSBC Holdings PLC; Barclays Plc; 1 BNP (BNP Paribas), SocGen (Société Générale) and Deutsche Bank (Deutsche Bank AG) have no holding company, but Moody's classifies certain parent company issuances as "junior senior unsecured“, S&P classifies certain parent company issuances as "senior subordinated“ and Fitch classifies certain parent company issuances as "senior non-preferred“ Credit ratings peer comparison MOODY’S S&P FITCH Long-term senior unsecured debt – holding company, as of 30.7.25 Aa3Baa3 Baa2 Baa1 A3 A2 A1Ba1 AA-BBB- BBB BBB+ A- A A+BB+ AA-BBB- BBB BBB+ A- A A+BB+ JPM Citi GS MS BoA Barclays HSBC BNP1 SocGen1 DB1 Review for upgradeReview for downgrade Outlook stable [No arrow] Outlook positiveOutlook negative Outlook developing UBS
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40 Ratings on main UBS entities A list of solicited ratings for UBS’s issuing entities can be accessed via www.ubs.com/ratings MOODY’S S&P FITCH A+/Stable A+/ Positive Aa3/Stable A+/Stable A+/ Positive Aa2/Stable A+/Stable A+/ Positive A+/Stable A+/ PositiveAa2/Stable A-/Stable A/PositiveA2/Stable UBS Switzerland AG UBS Europe SE UBS AG Credit Suisse International UBS Group AG Long-term Short-term Long-term Short-term Long-term Short-term Long-term Short-term Long-term P-1 A-1 F1 A-1 F1 P-1 A-1 F1 P-1 A-1 F1
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41 Legal structure of the UBS Group 1 Other non-US subsidiaries are held either directly or indirectly by UBS AG; 2 Of which 98% held by UBS AG and 2% held by UBS Group AG; 3 Merged with Credit Suisse Holdings (USA), Inc. on 30 May 2025; 4 Of which 99% directly held by UBS Americas Inc. and 1% held by UBS Americas Holding LLC; 5 Typically held either directly or indirectly by UBS Americas Inc.; 6 And other small former Credit Suisse Group entities now directly held by UBS Group AG; 7 Merged with Credit Suisse Services AG on 1 July 2025
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42 Cautionary statement regarding forward-looking statements Cautionary statement regarding forward-looking statements | This presentation contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to international trade policies, including those related to tariffs and trade barriers, and ongoing conflicts in the Middle East, as well as the continuing Russia–Ukraine war. UBS’s acquisition of the Credit Suisse Group has materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the acquired business may have greater risks or liabilities than expected. Following the failure of Credit Suisse, Switzerland is considering significant changes to its capital, resolution and regulatory regime, which, if adopted, would significantly increase our capital requirements or impose other costs on UBS. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and expectations due to its acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.. © UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved