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4 February 2026 Fourth quarter 2025 Financial results and investor update
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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. 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 US Securities and Exchange Commission (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 SEC. Please refer to “Alternative Performance Measures” in the appendix of UBS’s Quarterly Report for the fourth 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 SEC 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 Swiss systemically relevant bank framework, unless otherwise stated. Refer to the “Capital management” section in UBS’s Quarterly Report for the fourth quarter of 2025 for more information. Definitions: “Earnings per share” refers to diluted earnings per share. “Litigation” refers to net additions/releases to provisions and releases of acquisition-related contingent liabilities 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. “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 2026. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved
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2 Agenda 4Q25 results Q&AInvestor update Sergio P . Ermotti, Group CEO Todd Tuckner, Group CFO
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3 2.4 4Q24 3.1 4Q25 1.8 2.9 Core: +30% +62% 4Q25 profitability driven by strong revenue growth and positive operating leverage Refer to slide 38 for details on underlying results and reconciliation to reported results Revenues Underlying, bn Operating expenses Profit before tax 11.1 4Q24 12.2 4Q25 11.1 12.2 Core: +10% +10% 8.5 4Q24 8.9 4Q25 9.1 9.2 Core: +5% +1% Core NCL 4Q25 2.9bn 11.9% 75.2% 1.2bn 0.37 (7%) excl. litigation, variable and FA compensation, and FX PBT RoCET1 Cost / income Net profit EPS Underlying Reported
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4 411 31 45 252 382 GWM P&C AM IB NCL Group Items 4Q25 PBT 4Q25 net profit Tax and NCI 4Q25 reported PBT Non- underlying expenses1 Non- underlying revenues1,2 (17) 2,871 (54) (1,117) 1,700 (501) 1,199 1,768 4Q24 PBT +62% 4Q25 net profit 1.2bn reflects broad-based growth and NCL cost reduction Profits m 1 Refer to slide 38 for details on underlying results and reconciliation to reported results; 2 ~0.4bn of non-underlying revenues expected in 1Q26; 3 Impact includes a loss of 885m before PPA adjustments, partly offset by a 427m gain from the release of PPA adjustments o/w tax: (495m) Underlying ~0.7bn expected in 1Q26 o/w (457m) from repurchase of legacy CS debt3
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5 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 654bn and 20bn, respectively, as of 4Q25; 2 Level 3 assets account for ~1% of total assets 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 (%) 71.3 19.9 187.3 493.4 74.7 20.3 199.3 504.9 (5%) (6%) 71.4 16.4 185.4 498.5 0% +1% 1,622 1,640 1,519 (2%) (1%) (1%) +7% (2%) +22% 4.4% 4.6% 4.7% (16bps) (30bps) 183% 182% 188% +1pp (6pp) 116% 120% 126% (4pp) (9pp) 14.4% 14.8% 14.3% (34bps) +13bps USD bn, except where indicated 4Q25 4Q24 QoQ3Q25 YoYUSD bn, except where indicated 4Q25 4Q24 QoQ3Q25 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 673 1,527 666 1,542 +1%599 1,479 +12% 295 304 292 (1%) +3% (3%) +1% 58 57 54 +2% +8% 788 783 746 +1% +6% 1,617 1,632 (1%)1,565 +3% 90 90 86 83 83 78 0% +6% 0% +6% 26.93 26.54 24.63 +1% +9% o/w: Cash and balances at central banks 210 219 (4%)223 (6%) o/w: Fair value assets2 493 490 476 +1% +4% Credit risk Credit-impaired lending assets as a % of total lending assets, gross 9bps 6bps 15bps +3bps (5bps) 0.9% 0.9% 1.0% 0.0pp 0.0pp 4Q25 − Lending assets 673bn, +8bn QoQ driven mainly by net new loans in GWM − Deposits 788bn, +5bn QoQ reflecting net new deposit inflows in P&C and GWM 4Q25 − Strong liquidity position with average LCR of 183%, 332bn of high- quality liquid assets − Issued 3.3bn of syndicated TLAC-eligible Holdco bonds while repurchasing 5.8bn in a tender offer
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6 0.3% 0.0% 0.4% 3Q25 Net profit1 Capital reserve for expected future share repurchases in 2026 Dividend accrual Currency effects RWA excl. currency effects Other2 4Q25 14.8% (0.6%) (0.2%) (0.2%) 14.4% Strong operating profits fund capital returns, investments and debt buyback 1 Profit before tax less current tax expense; 2 Includes (0.3bn) from compensation and own-share-related capital components, (0.3bn) from eligible deferred tax assets on temporary differences, and movements related to other items; 3 Estimate, final figures to be published with our 31 December 2025 Pillar 3 report, which will be available as of 9 March 2026; 4 These distributions increased UBS AG standalone CET1 capital by 2bn and reduced fully-applied RWA related to foreign subsidiaries by 26bn; 5 Subject to customary regulatory approval CET1 capital ratio CET1 capital, bn 74.7 (3.0) (1.1) n/a0.1 71.3(0.8) +0.1bn impact on CET1 and +0.6bn impact on RWA 1.4 o/w CET1 (0.5bn) from repurchase of legacy CS debt UBS Group AG − RWA 493bn, (11bn) QoQ − CET1 leverage ratio 4.4%, (16bps) QoQ, with LRD 1,622bn, (18bn) QoQ − Refer to slide 42 for full QoQ RWA and LRD walk UBS AG standalone (parent bank) − 14.2% UBS AG standalone CET1 capital ratio, fully applied as of 4Q253 − 1bn incremental accrual for dividend to UBS Group AG in 4Q25, bringing FY25 accrual to 9bn − 9bn of additional capital up-streamed to UBS AG in 4Q254 − ~3bn of additional return of capital expected from the UK subsidiaries by the end of 2026 and ~2bn from the US IHC by 20285
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7 Global Wealth Management PBT 1,558m, +36% YoY Credit loss expense 32m, mainly due to methodology and scenario updates Operating expenses 4,989m, +4% YoY, (2%) excluding variable compensation, litigation and currency effects Net new assets 8.5bn; net new fee-generating assets 8.7bn Invested assets 4,753bn, +1% QoQ driven by positive market performance and NNA Net new deposits 0.6bn reflecting inflows to calls, sweeps and savings, partly offset by fixed-term deposit outflows Net new loans 4.5bn mainly driven by Lombard Cost / income ratio Invested assets, bn Deposits, bn Loans, bn Other revenues 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 4Q25 6,580 76% 4,989 32 4,753 479 327 1,702 3,566 1,243 69 5,942 81% 4,182 470 300 (11) 1,657 3,262 1,034 4,808 1,147 (14) 4Q24 +3% +4pp +1% 0% +2% +4% +3% (2%) +8% (12%) QoQ Underlying RWA, bn 166 166 (2%) 6,410 72% 4,714 478 322 37 1,631 3,475 1,267 4,629 1,774 7 3Q25 170 +11% (5pp) +14% +2% +9% +3% +9% +20% +4% +36% YoY 0% Profit before tax (reported) 1,290 867 (5%)1,354 +49% Underlying 4Q25 Total revenues 6,580m, +11% YoY − NII +3%, +4% QoQ reflecting higher average deposit and loan volumes and more favorable deposit mix − Recurring net fee income +9% on higher fee-generating assets − Transaction-based income +20% on increased client activity 1,558
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8 Personal & Corporate Banking (CHF) Underlying 4Q25 PBT 543m, (5%) YoY Credit loss expense 80m, due to net expenses on stage 3 positions Operating expenses 1,069m, (1%) YoY Total revenues 1,692m, (7%) YoY − NII (10%), (2%) QoQ mainly reflecting rate headwinds − Non-NII (3%) on lower Corporate & Institutional Clients activity and fees Cost / income ratio Deposits, bn Loans, bn Other revenues 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) 63% 543 80 1,692 1,069 249 246 899 339 429 25 119 452 1,724 58% 247 247 11 919 351 443 998 668 58 120 1,810 60% 254 242 5 994 357 453 1,083 572 155 130 507 524 (2%) +5pp +1% (1%) (2%) (3%) (3%) +7% (19%) (1%) (11%) (7%) +3pp (2%) +1% (10%) (5%) (5%) (1%) (5%) (8%) (14%) 4Q25 4Q24 QoQ3Q25 YoY Net new loans (1.4bn) as positive net new loans in Personal Banking were offset by reduced balances with Corporate & Institutional Clients Net new deposits +2.1bn driven by inflows from Corporate & Institutional Clients
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9 4Q24 QoQ3Q25 YoY Asset Management Total revenues 800m, +4% YoY, +10% excluding net gains and losses from disposals, on higher net management fees Operating expenses 531m, (2%) YoY on lower non- personnel costs Invested assets 2,098bn, +3% QoQ reflecting positive market performance and net new money Net new money 7.6bn, driven by inflows into ETFs, Money Market and Unified Global Alternatives PBT 268m, +20% YoY, +41% excluding net gains and losses from disposals Cost / income ratio Invested assets, bn Net new money, bn Net management fees Performance fees Net gain / (loss) from disposal Operating expenses Profit before tax Credit loss expense / (release) Total revenues USD m, except where indicated Underlying Profit before tax (reported) Underlying 4Q25 66% 531 268 800 1 8 2,098 790 39 66% 560 282 843 18 2,043 755 87 0 71% 543 224 766 33 1,773 709 44 0 0pp (5%) (5%) (5%) +3% +5% (55%) (4pp) (2%) +20% +4% +18% +11% (12%) 212 218 128 (3%) +66% 4Q25 13(29) 1
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10 4Q25 4Q24 QoQ3Q25 YoY Global Markets revenues +17% YoY − Execution Services +29% on higher Cash Equities revenues − Derivatives & Solutions +32% driven by FX / Precious Metals and Equity Derivatives − Financing (4%) on lower Capital Markets Financing, partly offset by Prime Brokerage Of which: − Equities 1,574m, +9% − FRC 625m, +46% Global Banking revenues +2% YoY − Advisory +2% largely driven by Switzerland and EMEA − Capital Markets +1% on higher ECM, partly offset by lower LCM Underlying 4Q25 Operating expenses +6% YoY mainly due to currency effects and higher technology costs PBT 703m; revenues +13% YoY 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 2,885 34 2,148 703 74% 687 266 421 2,198 608 895 696 2,547 2,032 722 63 679 675 260 415 1,872 452 80% 471 (5pp) RWA, bn 107 106 Return on attributed equity 14.9% 10.5% +4.4pp USD m, except where indicated Underlying 3,025 2,221 671 17 950 844 324 520 2,181 787 73% 560 112 17.0% (5%) (3%) +4% (6%) (19%) (18%) (19%) +1% +1pp +9% (4%) (2.1pp) (11%) Profit before tax (reported) 640 479 +13% +6% (4%) +32% +2% +2% +1% +17% +29% 1% +56% +34%900 (29%) Investment Bank
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11 Non-core and Legacy Total revenues (10m) including funding costs, partly offset by position marks and net gains on disposals Operating expenses 226m; 192m excluding litigation, (66%) YoY, (34%) QoQ Credit loss expense (12m) RWA 29bn, (2bn) QoQ and LRD 19bn, (6bn) QoQ, reflecting decreases across various portfolios PBT (224m) 4Q25 4Q24 QoQ3Q25 YoY RWA, bn LRD, bn Operating expenses Profit before tax Credit loss expense / (release) Total revenues (10) (12) 226 (224) 19 29 (42) 6 (149) 102 26 31 (25%) (6%) USD m, except where indicated Underlying (58) 6 541 (606) 54 41 (64%) (30%) Profit before tax (reported) (455) (102) (923) Underlying 4Q25 (58%)
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12 9.7 FY24 12.1 FY25 8.8 11.7 Core: +25% +33% FY25 net profit of 7.8bn, up 53% YoY with strong momentum in core businesses Refer to slide 39 for details on underlying results and reconciliation to reported results; 1 11.5% excluding litigation and applying a normalized tax rate; 2 76.4% excluding litigation Revenues Underlying, bn Operating expenses Profit before tax 44.2 FY24 47.7 FY25 45.8 47.8 Core: +8% +4% 34.1 FY24 35.1 FY25 36.4 35.6 Core: +3% (2%) Core NCL FY25 11.7bnPBT 13.7%1RoCET1 74.4%2Cost / income Underlying Reported 7.8bnNet profit 2.36EPS (7%) excl. litigation, variable and FA compensation, and FX
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13 Increased profitability across our globally diversified franchise 1 Underlying PBT excluding NCL and litigation. NCL underlying PBT excluding litigation was (1.1bn) and (1.2bn) in FY24 and FY25, respectively. Regional allocations of revenues and expenses reflect internal management reporting APAC Underlying profit before tax excluding litigation across core businesses1 bn EMEA Switzerland FY24 FY25 1.9 2.8 +47% Americas FY24 FY25 1.3 1.9 +42% FY24 FY25 4.7 5.1 +9% FY24 FY25 2.0 2.2 +14%
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14 Investor update
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15 Strong momentum positions us to achieve our 2026 targets and 2028 ambitions 1 Refer to slide 27 for additional details on capital returns. Amount of additional share buybacks subject to further clarity around the future regulatory regime in Switzerland, our financial performance and maintaining a CET1 capital ratio of ~14%; 2 Based on current capital framework and ~14% CET1 ratio Diversified global business model reinforces franchise strength and continued client momentum YE25 Group invested assets 7.0trn, +15% YoY, 2025 GWM NNA 101bn, AM NNM 30bn, IB underlying revenues +18% YoY, CHF ~80bn loans granted or renewed to Swiss clients Excellent progress on integration ~85% of Swiss-booked accounts transferred onto UBS systems, 10.7bn gross cost saves achieved, on track to underlying ~15% RoCET1 and <70% cost/income ratio by 2026 exit-rate Committed to delivering attractive capital returns Delivered USD 3bn of buybacks in 2025 and propose FY25 dividend of USD 1.10 per share, +22% YoY; accruing for mid-teens percent increase in dividend per share in 2026; intend to repurchase USD 3bn of shares in 2026 with an aim to do more1 Positioning for long-term growth Executing our proven strategy while investing in capabilities, talent and technology to deliver on our 2028 ambitions of ~18% RoCET12 and ~67% cost/income ratio on a reported basis Maintained strong capital position and a balance sheet for all seasons CET1 capital ratio 14.4%, CET1 leverage ratio 4.4%, total loss-absorbing capacity 187bn, liquidity coverage ratio 183%
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16 Executing final stages of integration to capture synergies Illustrative key milestone timeline (examples) 1 Based on constant FX rates as of September 2023 1H26 2H26 Client account migrations 85% migrated 100% Integration-related expenses cumulative 13bn1 ~15bn1 Integration-related expenses to taper over 2026 10.7bn ~13.5bn1 Cost savings cumulative Infrastructure and legal entities Materially complete CS legacy IT infrastructure wind-down and legal entities integration Application decommissioning % decommissioned 73% NCL apps 100% NCL apps Finalize remaining Swiss-booked client migrations
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17 On track to deliver on 2026 exit rate targets 74.9% FY25 2026e exit rate <70% 61.2% FY25 2026e exit rate <50% 69.1% FY25 2026e exit rate <70% 14.8% FY25 Through the cycle ~15% 13.7% 74.4% FY25 <70% 2026e exit rate ~15% 76% excl. litigation GWM cost / income ratio P&C cost / income ratio AM cost / income ratio IB return on attributed equity RoCET1 capital Cost / income ratio Group targets, underlying Business division ambitions, underlying 11.5% excl. litigation and applying a normalized tax rate
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18 Committed to our global, diversified model weighted towards asset gathering Business mix, Revenues1 Regional mix, Revenues2 1 FY25 underlying revenues excluding Non-core and Legacy and Group Items; 2 FY25 underlying revenues by geographic region, split excludes NCL revenues which are not allocated to regions GWM + AMP&C IB ~60% GWM + AM Balance sheet for all seasons Outstanding client franchises with differentiated capabilities Disciplined risk and cost managementAmericas Switzerland EMEA APAC 48bn Attractive capital returns and growth
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19 1 Based on external disclosure and internal analysis; 2 Euromoney 2025 award for “Switzerland’s best bank”; 3 Lucerne University of Applied Sciences and Arts, 2025; 4 Peer disclosure, by invested assets or closest disclosed proxy, as of 30.09.25 or latest prior disclosure; 5 Unified Global Alternatives; 6 Credit Investments Group; 7 Separately Managed Accounts; 8 Excluding NCL; 9 Excluding NCL and Group Items; based on FY25 Strong client franchises, capabilities and scale Global Wealth Management Asset Management Personal & Corporate Banking Investment Bank − 4.8trn invested assets with unrivaled geographic footprint − #1 in APAC, EMEA, Switzerland and Latam; leading in the US1 − Advisory-led approach driven by integrated CIO − Capitalizing on scale and integrated platform to accelerate growth − 2.1trn invested assets − #3 European-based Asset Manager (#12 globally)4 − Focus on differentiated and scalable offering across traditional and alternatives − Driving strategic growth in UGA5, CIG6, ETF & passive, SMAs7, Asia & Emerging Markets − #1 bank in Switzerland2 − Reliable partner to Swiss corporates, entrepreneurs, institutional and private clients − #1 digital bank in Switzerland3 − Returning to growth post- integration − Leading Equities and FX businesses − Continuous focus on UHNW, GFIW and Swiss corporate banking clients − Capitalizing on investments to capture market share in Global Banking − <25% of Group RWA8 Underlying profit before tax contribution9
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20 Secular trends shaping our industry support our long-term growth 1 UBS Global Wealth Report (2025); 2 UBS CIO December 2025 report, “An introduction to private markets”; 3 UBS CIO November 2025 report, “Year Ahead 2026: Escape velocity?”; 4 World Economic Forum report, “Building Geopolitical Muscle 2026” >83trn expected to be transferred over next 20-25 years1 Wealth creation, migration, longevity and inter- generational wealth transfers Growth in alternatives and private markets 3.4x AuM growth in private markets over the last decade2 Technology advancements, AI and digital assets Increased geopolitical uncertainty, elevated event risk and premium for advice 20 year high for geopolitical uncertainty4 Delivering for our clients Innovation, security, seamless client experience Global connectivity, local expertise Differentiated, integrated solutions Resilience, risk management and trust 4.7trn estimated global AI capex between 2026 and 20303
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21 GWM – Capitalizing on integration and growing the expanded platform FY221 2H23 annualized FY24 FY25 4.8 3.2 4.9 6.3 +30% 2028 ambitionsMedium-term priorities >5.5trn Invested assets >200bn NNA per annum Complete client migrations and capture remaining synergies (2026) Enhance the US platform to drive higher sustainable profitability Capitalize on scale and integrated franchise to accelerate growth and deliver One UBS Drive growth in HNW by leveraging technology advancements and expanded channels Profit before tax underlying, bn ~68% Reported cost / income ratio 6.1bn excl. litigation, +23% YoY 1 Pre-acquisition of Credit Suisse
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22 GWM – Unrivaled diversification and scale with interconnected global franchises Rankings based on peer disclosure and internal analysis; 1 Underlying PBT was 1.5bn, +30% YoY in APAC, 1.6bn, +31% in EMEA, 1.5bn, +7% in Switzerland and 1.6bn, +49% in Americas; 2 31.12.25 invested assets excluding Divisional items which had 6bn invested assets as of 31.12.25 FY25 underlying PBT excl. litigation1 Complete Swiss booking center migration to drive enhanced growth Reinforce leadership in Hong Kong and Singapore while growing in Southeast Asia, Taiwan, Japan and Australia Capture cross-border connectivity opportunities in Europe and Middle East Switzerland #1 APAC #1 EMEA #1 Americas #1 in LatAm, leading in US Enhance the US platform to drive higher sustainable profitability Medium-term priorities 1.5bn +30% YoY 1.5bn +19% YoY 1.6bn +34% YoY 0.8trn 0.9trn0.8trn 2.3trnInvested assets2 1.5bn +2% YoY
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23 GWM Americas – Enhance the platform to drive higher sustainable profitability 1 Guidance provided with 4Q24 results PBT marginKey levers Build on leading position with UHNW and Family Offices Drive targeted growth in HNW and Core Affluent Leverage momentum and continue to build out banking infrastructure Streamline and strategically align client coverage to drive growth Invest in technology, capabilities and feeder channels FY24 ~10% FY25 ~13% FY26e ~15% FY27e FY28e 9.3% 12.7% ~15% ~16% ~18% Prior guidance1 Actuals / updated guidance
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24 (0.3%) 1.8% 1.3% 0.2% -1 0 1 2 0.0000 0.0005 0.0010 P&C – A core pillar of our strategy and reliable partner to the Swiss economy AmbitionsMedium-term priorities ~48% Reported cost / income ratio in 2028 Profit before tax 0.0000 0.0002 0.0004 0.0006 0.0008 0.0010 FY221 2H23 annualized FY24 FY25 1.7 2.8 2.7 2.4 (11%) Underlying PBT; CHF bn Avg. SNB policy rate Realize remaining cost synergies by decommissioning and removing duplications front-to-back (2026) Capitalize on combined franchise to serve corporates, entrepreneurs and private clients Advance digital leadership through user experience improvement, AI-roll out and digital assets Support clients and the economy with sustainable lending growth ~19% Reported RoAE, medium-term 1 Pre-acquisition of Credit Suisse
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25 Ambitions ~65% Reported cost / income ratio in 2028 AM – Driving focused growth and operating leverage Medium-term priorities Build on differentiated offering – ETF and passive, SMA2, CIG3, Asia & Emerging Markets Capture alternatives growth opportunity through UGA4 Drive further operational efficiency with rigorous cost discipline Transform front-to- back platform, embed AI in investment process FY221 2H23 annualized FY24 FY25 0.5 0.6 0.8 1.0 +33% Profit before tax excl. net gain / loss from disposals underlying, bn 1 Pre-acquisition of Credit Suisse; 2 Separately Managed Accounts; 3 Credit Investments Group; 4 Unified Global Alternatives ~3% Net new money growth rate, through the cycle
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26 IB – Capitalizing on strategic investments to drive sustainable returns 15.3% (5.1%) 9.6% 14.8% FY221 2H23 FY24 FY25 +5ppts Medium-term priorities ~15% Reported RoAE, through the cycle Global Markets – maintain leading position in Equities and FX businesses Global Banking – monetize investments in the US and high- growth sectors Deepen partnership with GWM, building on strong momentum Maintain risk, resource and cost discipline while investing in technology to drive efficiency Underlying RoAE % Ambition 1 Pre-acquisition of Credit Suisse
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27 Capital generative business model supports our capital return policy 1 Amount of additional and future share buybacks subject to further clarity around the future regulatory regime in Switzerland, our financial performance and maintaining a CET1 capital ratio of ~14% Dividends Share buybacks Capital returns1 bn − USD 1.10 ordinary dividend per share, +22% YoY, to be proposed for FY25 − Accruing for mid-teens percent increase in dividend per share in 2026 − Committed to a progressive dividend per share beyond 2026 − Delivered USD 3bn of buybacks in 2025 − Intend to repurchase USD 3bn of shares in 2026 with an aim to do more − Intend to continue to do share buybacks beyond 2026 1.3 0.4 2020 1.7 2.6 2021 1.7 5.6 2022 2.3 1.3 2023 2.9 1.0 2024 3.4 3.0 2025 >3.4 3.0 2026e 1.7 4.3 7.3 3.5 3.9 6.4 Ordinary dividend Share repurchases 3.0 >3.4
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28 17% 3% 9% 14% FY22, reported1 2H23 FY24 FY25 FY26e 2026e exit rate ~13% ~15% Ambition to restore and surpass pre-acquisition levels of profitability Underlying return on CET1 capital Forward-looking guidance assumes a 14% CET1 ratio; 1 Pre-acquisition of Credit Suisse; 2 Reported basis; 3 Excluding litigation and applying a structural tax rate of 23% Underlying cost / income ratio 76% excl. litigation Ambition Reported, based on current capital framework and ~14% CET1 ratio 80%72%2 91% <70%74% ~73% 2028 ~18% 11.5% excl. litigation and applying a normalized tax rate3 ~67%
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29 Investor update: Financials
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30 2025 excl. litigation and applying normalized tax rate1 Capital-light growth in core businesses NCL wind-down Return- accretive capital deployment 2026e 2026 exit rate 11.5% ~13% ~15% Capture attractive growth opportunities, while maintaining RWA productivity Underlying return on CET1 capital Clear path to deliver on our 2026 exit rate targets Continued business momentum and realization of remaining cost saves Continued cost run-down Reflects annualization of cost saves achieved in year, which are weighted towards 2H25 Underlying cost / income ratio 76%2 13.7% as disclosed Illustrative walk; 1 Excluding litigation and applying a structural tax rate of 23%; 2 Excluding litigation; including litigation, underlying cost / income ratio in 2025 was 74% ~73% <70% Expect effective tax rate of ~23%
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31 Identified additional ~0.5bn cost saves, total ~13.5bn by year-end 2026 1 Based on constant FX rates as of September 2023; 2 Refer to slide 46 for reconciliation of the FY22 combined baseline; 3 Does not include integration-related expenses booked in revenues Cumulative integration- related expenses3 9.0 13.0 YE24 YE25 ~15 YE26e 9.1 13.4 FX impact At constant FX1 USD bn FY22 combined cost baseline2 Underlying operating expenses ~32.2 26.6 FY24 25.5 FY25 ~40.6 36.4 35.6 (~12%) / (~5.0bn) excl. FX (~16%) / (~6.5bn) 7.5 10.7 YE24 YE25 YE26e ~13.5 Excl. litigation, variable- and FA-compensation (~21%) (~6.7bn) excl. FX (~25%) (~8.1bn) Cumulative annualized exit rate gross cost reductions USD bn USD bn o/w: +0.7bn in 4Q25 At constant FX1 ~1.1x gross cost saves
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32 NCL wind-down expected to be substantially complete by year-end 2026 Forward-looking figures based on constant FX rates; 1 Refer to slide 46 for reconciliation of FY22 baseline; 2 Also including non-counterparty-related risk RWA Underlying operating expenses excl. litigation bn Credit and market risk2 Op. risk Risk-weighted assets bn FY22 combined baseline1 FY25 Updated 2026 exit- rate ambition FY28 ambition ~6.1 1.3 ~0.5 ~0.2 Finishing the wind-down 100% Books closed and apps decommissioned by YE26 As of YE25: 98% and 73% closed respectively ~92% Cumulative reduction in costs by 2026 exit rate, ~97% by 202856 5 30 24 2Q23 YE25 ~24 ~4 YE26 ambition 86 29 ~28 (67%) ~10% of Op. risk RWA to roll off through 2030, with remainder to substantially roll off in 2031-2035
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33 Balance sheet optimization complete, deploying capital to drive growth 10.7% 7.7% 8.8% 9.6% FY221 2H23 annualized FY24 FY25 Through the cycle expectation, reported ~10% Group underlying revenues / average RWA Driving return accretive growth through continued balance sheet discipline − Achieved ~10% revenue / RWA reflecting NCL rundown and disciplined balance sheet optimization − Expect RWAs to grow as we selectively deploy balance sheet to support profitable revenue growth across our businesses − Operational risk RWA to scale with revenues and reflect NCL run-off (refer to prior slide) − Mitigation of output floor underway; expect ~2% impact by the end of the phase-in period in 2028 1 Pre-acquisition of Credit Suisse
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34 38.0% o/w CET1 14.4% RWA 493.4bn Maintaining our strong capital position while reducing funding costs Refer to the “Capital Management” section of the 4Q25 report for more information; 1 As of 4.2.2026; 2 ~11bn of expected syndicated HoldCo issuances in 2026 vs 20bn of maturities, redemptions and first calls 4Q25 187.3bn Gone concern: 96.1bn Going concern: 91.2bn o/w CET1 71.3bn 4Q25 Gone concern: 19.5% Going concern: 18.5% vs. guidance: ~14% ~14% CET1 capital ratio guidance enabling capacity to self-fund growth and deliver attractive capital returns Optimizing our funding profile >1bn net funding cost saves already achieved; ~11bn of HoldCo planned in 2026 vs. 20bn redemptions2 2026 AT1 issuance plan substantially completed 3.0bn issued year-to-date1 vs ~3.5bn plan
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35 Our Group financial targets and ambitions ~15% Underlying RoCET1 2026 exit rate Financial targets <70% Underlying cost / income ratio 2026 exit rate Capital guidance ~14% CET1 capital ratio >4.0% CET1 leverage ratio Ambitions 2028 ~18% Reported RoCET11 ~67% Reported cost / income ratio 1 Based on current capital framework and ~14% CET1 ratio
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36 Appendix
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37 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) Total book value per share (USD) Cost / income ratio Return on tangible equity USD m, except where indicated FY24 551 41,239 2,170 1,675 48,611 6,821 5,085 1.52 6.7% 26.80 84.8% 24.63 6.5% 4Q25 159 10,286 276 495 12,145 1,700 1,199 6.6% 29.18 84.7% 26.93 5.8% 3Q25 102 9,831 335 341 12,760 2,828 2,481 0.76 13.5% 28.78 77.0% 26.54 12.0% FY25 524 40,197 1,438 1,056 49,573 8,853 7,767 2.36 10.8% 29.18 81.1% 26.93 9.5% Effective tax rate 25%12% 12%29% Tangible book value per share (CHF) 22.3721.35 21.14 21.35 0.37 Total book value per share (CHF) 24.3423.14 22.92 23.14 4Q24 229 10,359 1,015 268 11,635 1,047 770 0.23 4.2% 26.80 89.0% 24.63 3.9% 26% 22.37 24.34
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38 4Q25 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 a 457m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 885m before PPA adjustments, partly offset by a USD 427m gain from the release of PPA adjustments); 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible s 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 effects3 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 6,695 2,286 800 2,946 (8) (575) 135 226 61 (404)2 6,580 2,114 800 2,885 (10) (171) 32 101 1 34 (12) 3 5,373 1,621 588 2,272 459 (27) 384 285 57 124 233 34 4,989 1,336 531 2,148 226 (62) 1,290 565 212 640 (455) (552) 1,558 678 268 703 (224) (113) 75.8% 63.2% 66.4% 74.5% n.m. n.m. 12,145 20 12,199 159 10,286 1,117 9,169 1,700 2,871 11.9% 10.5% 75.2% UBS GroupUSD m, except where indicated Operating profit / (loss) before tax (underlying excl. litigation) 1,556 677 268 688 (189) (112)2,888 2 of which: loss related to an investment in an associate (20) (54)(74)
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39 FY25 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 a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited; 3 Includes a 457m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 885m before PPA adjustments, partly offset by a USD 427m gain from the release of PPA adjustments); 4 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS; 5 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; 6 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS 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 effects5 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 25,960 9,154 3,156 12,340 154 (1,190) 624 1,016 5702 (323)3 25,398 8,242 3,156 11,769 150 (867) 48 339 1 133 (1) 2 20,705 6,318 2,436 9,387 1,353 (2) 1,675 1,093 256 463 882 53 19,030 5,045 2,179 8,924 472 (56) 5,207 2,497 719 2,819 (1,199) (1,190) 6,320 2,857 975 2,712 (321) (813) 74.9% 61.2% 69.1% 75.8% n.m. n.m. 49,573 1,892 47,848 524 40,197 4,422 35,595 8,853 11,729 13.7% 12.1% 74.4% UBS GroupUSD m, except where indicated Operating profit / (loss) before tax (underlying excl. litigation) 6,147 2,820 975 2,732 (1,155) (738)10,780 4 of which: loss related to an investment in an associate (62) (168)(230) of which: items related to the Swisscard transactions4 6464 of which: items related to the Swisscard transactions6 180180
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40 4Q25 Global Wealth Management results by region Table excludes divisional items. Refer to the “Global Wealth Management” section of the 4Q25 report for more information; 1 Excluding litigation, underlying PBT was +32% YoY in Americas, +24% in APAC, +27% in EMEA and (4%) in Switzerland 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 revenues, m Underlying revenues, m Loans, bn Net new deposits, bn Net new loans, bn Credit loss expense / (release), m Deposits, bn Underlying PBT, m1 Fee-generating assets, bn Net new fee-generating assets, bn Advisors (full-time equivalents) (14.1) 2,283 2,780 2,189 3,214 3.7 120 417 1.5 1,175 5,772 Americas EMEAAPAC Switzerland 13.7 2,109 92% 2,715 407 2,029 495 6 2,937 8.6 98 1.1 8 116 214 4Q24 87% 494 547 (16) 104 2.3 17 4Q25 YoY (6pp) 2% 22% 8% 10% 9% 95% 6% 8% 3% (1.2) 665 67% 568 230 271 359 (17) 842 (4.5) 42 (0.2) 3 125 271 4Q24 6.0 795 65% 631 305 309 361 (3) 972 (3.2) 46 1.4 4 117 337 4Q25 YoY (3pp) 11% 33% 14% 1% 15% 25% 12% 20% (7%) 1.4 655 75% 865 212 522 416 0 1,150 1.6 57 (0.5) (10) 111 296 12 4Q24 12.4 778 69% 851 255 585 401 0 1,240 1.3 63 (0.5) 114 378 4Q25 YoY (7pp) (2%) 20% 12% (4%) 8% 28% 10% 19% 3% 4.5 749 64% 642 189 426 391 (3) 1,004 (3.8) 103 (1.0) (14) 115 375 4Q24 4.4 891 67% 716 205 472 399 0 1,076 (0.5) 113 1.3 0 125 360 4Q25 YoY 3pp 12% 8% 11% 2% 7% (4%) 10% 19% 8% 18.1 1,062 11% 4.1 172 4.9 206 19% (5.3) 364 2.8 458 26% (3.5) 217 (0.4) 268 24% 5,968 (3%) 924910 (2%) 1,5201,438 (5%) 1,3111,207 (8%)
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41 FY25 Global Wealth Management results by region Table excludes divisional items. Refer to the “Global Wealth Management” section of the 4Q25 report for more information; 1 Excluding litigation, underlying PBT was +34% YoY in Americas, +30% in APAC, +19% in EMEA and +2% in Switzerland 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 revenues, m Underlying revenues, m Loans, bn Net new deposits, bn Net new loans, bn Credit loss expense / (release), m Deposits, bn Underlying PBT, m1 Fee-generating assets, bn Net new fee-generating assets, bn Advisors (full-time equivalents) (5.9) 2,283 10,639 8,373 12,243 3.0 120 1,554 11.7 1,175 5,772 Americas EMEAAPAC Switzerland 41.7 2,109 90% 10,192 1,582 7,712 1,934 36 11,263 5.8 98 0.4 27 116 1,044 FY24 87% 1,773 2,087 10 104 5.9 50 FY25 YoY (4pp) 4% 12% 9% 8% 9% 49% 6% 8% 3% 20.7 665 67% 2,437 1,220 1,055 1,335 3 3,612 (1.6) 42 (2.5) (8) 125 1,182 FY24 62.5 795 61% 2,447 1,531 1,151 1,325 (18) 3,988 (7.5) 46 3.0 5 117 1,535 FY25 YoY (6pp) 0% 26% 9% (1%) 10% 30% 12% 20% (7%) 3.0 655 74% 3,460 932 2,104 1,643 (2) 4,677 (4.1) 57 (4.6) (17) 111 1,234 21 FY24 28.4 778 66% 3,213 1,056 2,268 1,532 (2) 4,855 (0.5) 63 2.7 114 1,621 FY25 YoY (8pp) (7%) 13% 8% (7%) 4% 31% 10% 19% 3% 33.5 749 65% 2,662 821 1,704 1,565 (7) 4,083 0.2 103 (4.9) (21) 115 1,442 FY24 18.1 891 64% 2,689 881 1,831 1,489 (1) 4,201 (3.3) 113 2.2 (29) 125 1,540 FY25 YoY (1pp) 1% 7% 7% (5%) 3% 7% 10% 19% 8% 50.7 1,062 11% 12.0 172 14.5 206 19% (2.7) 364 20.7 458 26% 2.2 217 5.7 268 24% 5,968 (3%) 924910 (2%) 1,5201,438 (5%) 1,3111,207 (8%)
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42 318.5 RWA and LRD QoQ walk Risk-weighted assets bn Leverage ratio denominator bn 0.6 3Q25 Credit and counterparty credit risk Non-counterparty- related risk Market risk Operational risk Currency effects 4Q25 504.9 (5.8) (0.9) (4.5) (1.0) 493.4 (2%) 1.4 0.8 3Q25 On-balance sheet exposures Derivatives Securities financing transactions Off-balance sheet items Currency effects 4Q25 1,640.5 (1.1) (10.7) (8.4) 1,622.4 (1%)
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43 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 Adjusted for the early release of PPA against the derecognition loss within Group items due to the repurchase of legacy Credit Suisse debt in 4Q25; 4 Represented at current FX rates and treasury allocations; 5 Does not include effects from accelerated accretion from early unwinds Recognized Estimated amortization profile5 USD bn Opening balance as of 12.6.23 (close) 2023-2025 Remaining balance to be recognized2,3 Expected future P&L releases at 31.12.25 FX rates4 2026 2027 2028+ GWM ~3.0 (1.9) ~1.0 ~1.2 (~0.4) (~0.3) (~0.5) P&C ~4.3 (2.5) ~1.7 ~2.0 (~0.6) (~0.4) (~1.0) IB ~2.3 (2.1) ~0.2 ~0.2 (~0.1) (~0.1) (~0.0) Total1 ~9.6 (6.5) ~2.9 ~3.4 (~1.1) (~0.8) (~1.5) Recognized Estimated amortization profile5 USD bn NII expected to be recognized as of 12.6.23 (close) 2023-2025 Remaining NII expected to be recognized Expected future P&L releases at 31.12.25 FX rates4 2026 2027 2028+ Elimination of Credit Suisse’s prior cash flow hedge ~1.2 (1.1) ~0.1 ~0.1 (~0.1) (~0.0) (~0.0) Accretion of PPA adjustments on financial instruments Additional PPA related benefits (4.8bn) from standard accretion and (1.7bn) from early unwinds
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44 Currency 40 5 5 Asset class 43 14 31 Equities Invested asset split Global Wealth Management 4Q25 Asset Management 4Q25 16% 6% 6% 9% 13% 50% Asset class 11% 9% 11% 69% Currency Other Alternatives MM instruments Cash Bonds Equities Others CHF EUR USD 4,753bn 4,753bn 43% 40% 16% 31% 18% 14%8% 5%8% 10%4% 3%Hedge Funds Associates Real Estate & Private Markets Money market Multi-asset & Solutions Fixed income excl. money market Other GBP EUR CHF USD 2,098bn 2,098bn
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45 Revenue and expense currency mix 60 11 47 51 47 51 23 81 26 10 17 26 11 17 15 7 11 11 19 19 12 3 2 GWM 3 4 P&C 4 AM 3 IB 2 NCL 3 Group Total revenues1 % Operating expenses1,2 % USD CHF GBP EUR Other 68 7 50 61 50 11 83 31 22 6 10 9 11 11 10 9 18 15 2 GWM P&C AM 4 IB 3 Group 3 4 1 Based on estimated currency splits for FY25; 2 Excluding litigation
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46 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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47 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. 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 evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group 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, including those related to litigation, 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, including any potential changes to banking examination and oversight practices and standards as a result of executive branch orders or staff interpretations of law in the US; (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, including as affected by the marketability of a current additional tier one debt instrument, to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between 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, including litigation it has inherited by virtue of the acquisition of Credit Suisse, 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 2026. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved
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4 February 2026 Fourth quarter 2025 Fixed Income investor presentation This document should be read in conjunction with UBS’s 4Q25 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. 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 US Securities and Exchange Commission (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 SEC. Please refer to “Alternative Performance Measures” in the appendix of UBS’s Quarterly Report for the fourth 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 SEC 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 Swiss systemically relevant bank framework, unless otherwise stated. Refer to the “Capital management” section in UBS’s Quarterly Report for the fourth quarter of 2025 for more information. Definitions: “Earnings per share” refers to diluted earnings per share. “Litigation” refers to net additions/releases to provisions and releases of acquisition-related contingent liabilities 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. “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 2026. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved
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2 Group balance sheetFinancial performance and strategic update Slides 3-17 Slides 19-27 Agenda
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3 Strong momentum positions us to achieve our 2026 targets and 2028 ambitions 1 Refer to slide 27 of the 4Q25 investor presentation for additional details on capital returns. Amount of additional share buybacks subject to further clarity around the future regulatory regime in Switzerland, our financial performance and maintaining a CET1 capital ratio of ~14%; 2 Based on current capital framework and ~14% CET1 ratio Diversified global business model reinforces franchise strength and continued client momentum YE25 Group invested assets 7.0trn, +15% YoY, 2025 GWM NNA 101bn, AM NNM 30bn, IB underlying revenues +18% YoY, CHF ~80bn loans granted or renewed to Swiss clients Excellent progress on integration ~85% of Swiss-booked accounts transferred onto UBS systems, 10.7bn gross cost saves achieved, on track to underlying ~15% RoCET1 and <70% cost/income ratio by 2026 exit-rate Committed to delivering attractive capital returns Delivered USD 3bn of buybacks in 2025 and propose FY25 dividend of USD 1.10 per share, +22% YoY; accruing for mid-teens percent increase in dividend per share in 2026; intend to repurchase USD 3bn of shares in 2026 with an aim to do more1 Positioning for long-term growth Executing our proven strategy while investing in capabilities, talent and technology to deliver on our 2028 ambitions of ~18% RoCET12 and ~67% cost/income ratio on a reported basis Maintained strong capital position and a balance sheet for all seasons CET1 capital ratio 14.4%, CET1 leverage ratio 4.4%, total loss-absorbing capacity 187bn, liquidity coverage ratio 183%
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4 2.4 4Q24 3.1 4Q25 1.8 2.9 Core: +30% +62% 4Q25 profitability driven by strong revenue growth and positive operating leverage Refer to slide 38 of the 4Q25 investor presentation for reconciliation for details on underlying results and reconciliation to reported results Revenues Underlying, bn Operating expenses Profit before tax 11.1 4Q24 12.2 4Q25 11.1 12.2 Core: +10% +10% 8.5 4Q24 8.9 4Q25 9.1 9.2 Core: +5% +1% Core NCL 4Q25 2.9bn 11.9% 75.2% 1.2bn 0.37 (7%) excl. litigation, variable and FA compensation, and FX PBT RoCET1 Cost / income Net profit EPS Underlying Reported
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5 9.7 FY24 12.1 FY25 8.8 11.7 Core: +25% +33% FY25 net profit of 7.8bn, up 53% YoY with strong momentum in core businesses Refer to slide 39 of the 4Q25 investor presentation for reconciliation for details on underlying results and reconciliation to reported results; 1 11.5% excluding litigation and applying a normalized tax rate; 2 76.4% excluding litigation Revenues Underlying, bn Operating expenses Profit before tax 44.2 FY24 47.7 FY25 45.8 47.8 Core: +8% +4% 34.1 FY24 35.1 FY25 36.4 35.6 Core: +3% (2%) Core NCL FY25 11.7bnPBT 13.7%1RoCET1 74.4%2Cost / income Underlying Reported 7.8bnNet profit 2.36EPS (7%) excl. litigation, variable and FA compensation, and FX
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6 On track to deliver on 2026 exit rate targets 74.9% FY25 2026e exit rate <70% 61.2% FY25 2026e exit rate <50% 69.1% FY25 2026e exit rate <70% 14.8% FY25 Through the cycle ~15% 13.7% 74.4% FY25 <70% 2026e exit rate ~15% 76% excl. litigation GWM cost / income ratio P&C cost / income ratio AM cost / income ratio IB return on attributed equity RoCET1 capital Cost / income ratio Group targets, underlying Business division ambitions, underlying 11.5% excl. litigation and applying a normalized tax rate
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7 GWM – Capitalizing on integration and growing the expanded platform FY221 2H23 annualized FY24 FY25 4.8 3.2 4.9 6.3 +30% 2028 ambitionsMedium-term priorities >5.5trn Invested assets >200bn NNA per annum Complete client migrations and capture remaining synergies (2026) Enhance the US platform to drive higher sustainable profitability Capitalize on scale and integrated franchise to accelerate growth and deliver One UBS Drive growth in HNW by leveraging technology advancements and expanded channels Profit before tax underlying, bn ~68% Reported cost / income ratio 6.1bn excl. litigation, +23% YoY 1 Pre-acquisition of Credit Suisse
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8 GWM – Unrivaled diversification and scale with interconnected global franchises Rankings based on peer disclosure and internal analysis; 1 Underlying PBT was 1.5bn, +30% YoY in APAC, 1.6bn, +31% in EMEA, 1.5bn, +7% in Switzerland and 1.6bn, +49% in Americas; 2 31.12.25 invested assets excluding Divisional items which had 6bn invested assets as of 31.12.25 FY25 underlying PBT excl. litigation1 Complete Swiss booking center migration to drive enhanced growth Reinforce leadership in Hong Kong and Singapore while growing in Southeast Asia, Taiwan, Japan and Australia Capture cross-border connectivity opportunities in Europe and Middle East Switzerland #1 APAC #1 EMEA #1 Americas #1 in LatAm, leading in US Enhance the US platform to drive higher sustainable profitability Medium-term priorities 1.5bn +30% YoY 1.5bn +19% YoY 1.6bn +34% YoY 0.8trn 0.9trn0.8trn 2.3trnInvested assets2 1.5bn +2% YoY
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9 GWM Americas – Enhance the platform to drive higher sustainable profitability 1 Guidance provided with 4Q24 results PBT marginKey levers Build on leading position with UHNW and Family Offices Drive targeted growth in HNW and Core Affluent Leverage momentum and continue to build out banking infrastructure Streamline and strategically align client coverage to drive growth Invest in technology, capabilities and feeder channels FY24 ~10% FY25 ~13% FY26e ~15% FY27e FY28e 9.3% 12.7% ~15% ~16% ~18% Prior guidance1 Actuals / updated guidance
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10 (0.3%) 1.8% 1.3% 0.2% -1 0 1 2 0.0000 0.0005 0.0010 P&C – A core pillar of our strategy and reliable partner to the Swiss economy AmbitionsMedium-term priorities ~48% Reported cost / income ratio in 2028 Profit before tax 0.0000 0.0002 0.0004 0.0006 0.0008 0.0010 FY221 2H23 annualized FY24 FY25 1.7 2.8 2.7 2.4 (11%) Underlying PBT; CHF bn Avg. SNB policy rate Realize remaining cost synergies by decommissioning and removing duplications front-to-back (2026) Capitalize on combined franchise to serve corporates, entrepreneurs and private clients Advance digital leadership through user experience improvement, AI-roll out and digital assets Support clients and the economy with sustainable lending growth ~19% Reported RoAE, medium-term 1 Pre-acquisition of Credit Suisse
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11 Ambitions ~65% Reported cost / income ratio in 2028 AM – Driving focused growth and operating leverage Medium-term priorities Build on differentiated offering – ETF and passive, SMA2, CIG3, Asia & Emerging Markets Capture alternatives growth opportunity through UGA4 Drive further operational efficiency with rigorous cost discipline Transform front-to- back platform, embed AI in investment process FY221 2H23 annualized FY24 FY25 0.5 0.6 0.8 1.0 +33% Profit before tax excl. net gain / loss from disposals underlying, bn 1 Pre-acquisition of Credit Suisse; 2 Separately Managed Accounts; 3 Credit Investments Group; 4 Unified Global Alternatives ~3% Net new money growth rate, through the cycle
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12 IB – Capitalizing on strategic investments to drive sustainable returns 15.3% (5.1%) 9.6% 14.8% FY221 2H23 FY24 FY25 +5ppts Medium-term priorities ~15% Reported RoAE, through the cycle Global Markets – maintain leading position in Equities and FX businesses Global Banking – monetize investments in the US and high- growth sectors Deepen partnership with GWM, building on strong momentum Maintain risk, resource and cost discipline while investing in technology to drive efficiency Underlying RoAE % Ambition 1 Pre-acquisition of Credit Suisse
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13 NCL wind-down expected to be substantially complete by year-end 2026 Forward-looking figures based on constant FX rates; 1 Refer to slide 46 of the 4Q25 investor presentation for reconciliation for reconciliation of FY22 baseline; 2 Also including non-counterparty-related risk RWA Underlying operating expenses excl. litigation bn Credit and market risk2 Op. risk Risk-weighted assets bn FY22 combined baseline1 FY25 Updated 2026 exit- rate ambition FY28 ambition ~6.1 1.3 ~0.5 ~0.2 Finishing the wind-down 100% Books closed and apps decommissioned by YE26 As of YE25: 98% and 73% closed respectively ~92% Cumulative reduction in costs by 2026 exit rate, ~97% by 202856 5 30 24 2Q23 YE25 ~24 ~4 YE26 ambition 86 29 ~28 (67%) ~10% of Op. risk RWA to roll off through 2030, with remainder to substantially roll off in 2031-2035
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14 Identified additional ~0.5bn cost saves, total ~13.5bn by year-end 2026 1 Based on constant FX rates as of September 2023; 2 Refer to slide 46 of the 4Q25 investor presentation for reconciliation for reconciliation of the FY22 combined baseline; 3 Does not include integration- related expenses booked in revenues Cumulative integration- related expenses3 9.0 13.0 YE24 YE25 ~15 YE26e 9.1 13.4 FX impact At constant FX1 USD bn FY22 combined cost baseline2 Underlying operating expenses ~32.2 26.6 FY24 25.5 FY25 ~40.6 36.4 35.6 (~12%) / (~5.0bn) excl. FX (~16%) / (~6.5bn) 7.5 10.7 YE24 YE25 YE26e ~13.5 Excl. litigation, variable- and FA-compensation (~21%) (~6.7bn) excl. FX (~25%) (~8.1bn) Cumulative annualized exit rate gross cost reductions USD bn USD bn o/w: +0.7bn in 4Q25 At constant FX1 ~1.1x gross cost saves
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15 Executing final stages of integration to capture synergies Illustrative key milestone timeline (examples) 1 Based on constant FX rates as of September 2023 1H26 2H26 Client account migrations 85% migrated 100% Integration-related expenses cumulative 13bn1 ~15bn1 Integration-related expenses to taper over 2026 10.7bn ~13.5bn1 Cost savings cumulative Infrastructure and legal entities Materially complete CS legacy IT infrastructure wind-down and legal entities integration Application decommissioning % decommissioned 73% NCL apps 100% NCL apps Finalize remaining Swiss-booked client migrations
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16 2025 excl. litigation and applying normalized tax rate1 Capital-light growth in core businesses NCL wind-down Return- accretive capital deployment 2026e 2026 exit rate 11.5% ~13% ~15% Capture attractive growth opportunities, while maintaining RWA productivity Underlying return on CET1 capital Clear path to deliver on our 2026 exit rate targets Continued business momentum and realization of remaining cost saves Continued cost run-down Reflects annualization of cost saves achieved in year, which are weighted towards 2H25 Underlying cost / income ratio 76%2 13.7% as disclosed Illustrative walk; 1 Excluding litigation and applying a structural tax rate of 23%; 2 Excluding litigation; including litigation, underlying cost / income ratio in 2025 was 74% ~73% <70% Expect effective tax rate of ~23%
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17 17% 3% 9% 14% FY22, reported1 2H23 FY24 FY25 FY26e 2026e exit rate ~13% ~15% Ambition to restore and surpass pre-acquisition levels of profitability Underlying return on CET1 capital Forward-looking guidance assumes a 14% CET1 ratio; 1 Pre-acquisition of Credit Suisse; 2 Reported basis; 3 Excluding litigation and applying a structural tax rate of 23% Underlying cost / income ratio 76% excl. litigation Ambition Reported, based on current capital framework and ~14% CET1 ratio 80%72%2 91% <70%74% ~73% 2028 ~18% 11.5% excl. litigation and applying a normalized tax rate3 ~67%
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18 Group balance sheet
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19 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 654bn and 20bn, respectively, as of 4Q25; 2 Level 3 assets account for ~1% of total assets 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 (%) 71.3 19.9 187.3 493.4 74.7 20.3 199.3 504.9 (5%) (6%) 71.4 16.4 185.4 498.5 0% +1% 1,622 1,640 1,519 (2%) (1%) (1%) +7% (2%) +22% 4.4% 4.6% 4.7% (16bps) (30bps) 183% 182% 188% +1pp (6pp) 116% 120% 126% (4pp) (9pp) 14.4% 14.8% 14.3% (34bps) +13bps USD bn, except where indicated 4Q25 4Q24 QoQ3Q25 YoYUSD bn, except where indicated 4Q25 4Q24 QoQ3Q25 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 673 1,527 666 1,542 +1%599 1,479 +12% 295 304 292 (1%) +3% (3%) +1% 58 57 54 +2% +8% 788 783 746 +1% +6% 1,617 1,632 (1%)1,565 +3% 90 90 86 83 83 78 0% +6% 0% +6% 26.93 26.54 24.63 +1% +9% o/w: Cash and balances at central banks 210 219 (4%)223 (6%) o/w: Fair value assets2 493 490 476 +1% +4% Credit risk Credit-impaired lending assets as a % of total lending assets, gross 9bps 6bps 15bps +3bps (5bps) 0.9% 0.9% 1.0% 0.0pp 0.0pp 4Q25 − Lending assets 673bn, +8bn QoQ driven mainly by net new loans in GWM − Deposits 788bn, +5bn QoQ reflecting net new deposit inflows in P&C and GWM 4Q25 − Strong liquidity position with average LCR of 183%, 332bn of high- quality liquid assets − Issued 3.3bn of syndicated TLAC-eligible Holdco bonds while repurchasing 5.8bn in a tender offer
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20 0.3% 0.0% 0.4% 3Q25 Net profit1 Capital reserve for expected future share repurchases in 2026 Dividend accrual Currency effects RWA excl. currency effects Other2 4Q25 14.8% (0.6%) (0.2%) (0.2%) 14.4% Strong operating profits fund capital returns, investments and debt buyback 1 Profit before tax less current tax expense; 2 Includes (0.3bn) from compensation and own-share-related capital components, (0.3bn) from eligible deferred tax assets on temporary differences, and movements related to other items; 3 Estimate, final figures to be published with our 31 December 2025 Pillar 3 report, which will be available as of 9 March 2026; 4 These distributions increased UBS AG standalone CET1 capital by 2bn and reduced fully-applied RWA related to foreign subsidiaries by 26bn; 5 Subject to customary regulatory approval CET1 capital ratio CET1 capital, bn 74.7 (3.0) (1.1) n/a0.1 71.3(0.8) +0.1bn impact on CET1 and +0.6bn impact on RWA 1.4 o/w CET1 (0.5bn) from repurchase of legacy CS debt UBS Group AG − RWA 493bn, (11bn) QoQ − CET1 leverage ratio 4.4%, (16bps) QoQ, with LRD 1,622bn, (18bn) QoQ − Refer to slide 32 for full QoQ RWA and LRD walk UBS AG standalone (parent bank) − 14.2% UBS AG standalone CET1 capital ratio, fully applied as of 4Q253 − 1bn incremental accrual for dividend to UBS Group AG in 4Q25, bringing FY25 accrual to 9bn − 9bn of additional capital up-streamed to UBS AG in 4Q254 − ~3bn of additional return of capital expected from the UK subsidiaries by the end of 2026 and ~2bn from the US IHC by 20285
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21 Balance sheet optimization complete, deploying capital to drive growth 10.7% 7.7% 8.8% 9.6% FY221 2H23 annualized FY24 FY25 Through the cycle expectation, reported ~10% Group underlying revenues / average RWA Driving return accretive growth through continued balance sheet discipline − Achieved ~10% revenue / RWA reflecting NCL rundown and disciplined balance sheet optimization − Expect RWAs to grow as we selectively deploy balance sheet to support profitable revenue growth across our businesses − Operational risk RWA to scale with revenues and reflect NCL run-off (refer to slide 13) − Mitigation of output floor underway; expect ~2% impact by the end of the phase-in period in 2028 1 Pre-acquisition of Credit Suisse
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22 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 90bn shareholder equity − +0.3bn, mainly driven net profit of +1.2bn, partly offset net treasury share activity of (1.3bn) 353bn debt − Of which short-term debt1,2: 58bn − Of which long-term debt2,3: 295bn 788bn customer deposits − GWM deposits +0.9bn largely driven by net new deposits of 0.6bn − P&C deposits in CHF +1.9bn with net new deposits of 2.1bn − Coverage ratio at 121% 4Q25, QoQ 6% 7% 7% 25% 24% 24% 8% 5% 5% 60% 63% 63% 1% 2023 1% 2024 1% 2025 100% 1,330 1,329 1,248 Securities financing transactions Customer deposits Short-term borrowings1,2 Fair value and long-term debt2,3 Shareholder equity Group funding USD bn, as of year-end
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23 Capital markets issuances and redemptions Upcoming maturities and first calls2,3Issuances and redemptions USD bn USD bn, as of 31.12.25 Figures refer to notional values at current FX; Does not include TLAC special feature notes and structured notes. For further information on our benchmark issuance please refer to Benchmark bonds; 1 2025 redemptions exclude 2.1bn OpCo and 5.6bn HoldCo instruments that were bought-back via the tender offer during 4Q25; 2 Based on outstanding issuances of UBS Group AG, UBS AG and UBS Switzerland AG; 3 Maturities and first calls reflect instruments maturing on their next call date for illustrative purposes only. UBS makes no representation on its intention to call the instruments We manage our funding resources prudently, leveraging available market options across all currencies to maintain a balance sheet for all season − 2026 AT1 plan substantially completed, with 3bn already issued versus a full-year plan of ~3.5bn − Net negative issuer of HoldCo with ~11bn syndicated issuance planned against 20bn maturities and first calls − Net negative issuer of OpCo, planning mid single-digit billion issuance against ~14bn maturities and first calls − Prepared to access the Covered Bond market in 2026 when market conditions are constructive 2026 issuances, year to date AT1 USD 3.0bn HoldCo EUR 3.0bn Covered bonds CHF 0.7bn 2026 funding plan3 6 3 17 20 3 113 Issuances Redemptions 29 361 14 20 12 14 3 9 9 2 1 2026 2 2 2027 69 2028 and beyond 37 20 101FY25 AT1 T2 Senior bonds (HoldCo) Senior bonds (OpCo) Covered bonds As of 4.2.26
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24 Long-term wholesale funding diversification As of quarter-end, does not include TLAC special feature notes and structured notes. Issuance view. 1 Redemptions reflect instruments maturing on their next call date for illustrative purposes only. UBS makes no representation on its intention to call the instruments By currency USD 56% EUR 33% CHF 4% Other 6% HoldCo 64% AT1 11% OpCo 17% Covered Bonds 8% By source Group funding 4Q25 <1 year 23% 1-3 years 25% 3-5 years 17% >5 years 35% By maturity1 Total long-term wholesale funding: 157bn
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25 Liquidity: Balancing efficiency with resiliency and safety Refer to the “Liquidity and funding management” section of the 4Q25 report. 1 Represents the ratio between average HQLA and net cash outflows expected over a stress period of 30 calendar days; Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows; 2 Represents the net cash outflows expected over a stress period of 30 calendar days; 3 Calculated based on an average of 64 data points in the fourth quarter of 2025 3 Liquidity coverage ratio1 quarterly averages 220% 212% 199% 188% 181% 182% 182% 183% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q253 Average high-quality liquid assets, bn 378 332 319361423 347359 332 Net cash outflows2, bn 179 176 176181192 190197 182 Looking ahead, we expect our LCR to remain around this level, reflecting both the prudent buffers we have long maintained and the more stringent Swiss liquidity requirements, which were fully phased in by the end of 2024, and which are more onerous than those in other jurisdictions
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26 Deposits A well diversified deposit base 3Q25 GWM 61%1 P&C 39% Demand 33% Retail savings 28% Sweeps 5% Time deposits 33% 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: 783bn 4Q25 data will be published as part of the 2025 Annual Report on 9 March 2026
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27 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, 3Q25 Mortgages1: 378n, ~50% LTV › Swiss mortgages make up the majority of the portfolio Lombard: 163bn › Fully collateralized, with daily monitoring of margin requirements Corporates2: 51bn › 27bn large corporate clients › 24bn SME clients Other: 54bn › 8bn ship/aircraft financing › 4bn commodity trade finance Mortgages 59%1 Lombard 25% Corporates2 8% Other3 8% 647bn 4Q25 data will be published as part of the 2025 Annual Report on 9 March 2026
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28 Appendix Group balance sheet and credit quality 4Q25 and FY25 financial results
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29 57 90 121 72 62 189 191 175 84 295 654 788 230 58 1 2 3 4 5 6 7 8 9 a 36 Assets c d e 16 f g 54 h 19 i Liabilities & Equity j 1,617 44 1,617 b Coverage ratio: 121% Loan-to-deposit ratio: 83% Balance sheet Refer to the “Balance sheet” section of the 4Q25 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 4Q25
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30 Credit loss expense / (release) and credit-impaired exposures 1 Other includes Asset Management and Group Items; 2 IFRS 9 gross exposure for banking products includes the following financial instruments within the scope of expected credit loss measurement: balances at central banks, amounts due from banks, loans and advances to customers, other financial assets at amortized cost, guarantees and irrevocable loan commitments Total credit-impaired exposure, gross (stage 3/PCI)2 USD bn 4Q24 1Q25 2Q25 3Q25 4Q25 GWM 1,397 1,391 1,578 1,766 1,748 P&C 3,714 3,825 4,003 3,965 4,112 IB 595 609 611 648 641 NCL 930 959 920 955 863 Other1 0 0 0 0 0 Total 6,637 6,784 7,112 7,334 7,363 Credit loss expense / (release) USD m 4Q24 1Q25 2Q25 3Q25 4Q25 GWM (14) 6 3 7 32 P&C 175 53 114 72 101 IB 63 35 48 17 34 NCL 6 7 (2) 6 (12) Other1 0 (1) 0 0 4 Total 229 100 163 102 159
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31 38.0% o/w CET1 14.4% RWA 493.4bn Maintaining our strong capital position while reducing funding costs Refer to the “Capital Management” section of the 4Q25 report for more information; 1 As of 4.2.2026; 2 ~11bn of expected syndicated HoldCo issuances in 2026 vs 20bn of maturities, redemptions and first calls 4Q25 187.3bn Gone concern: 96.1bn Going concern: 91.2bn o/w CET1 71.3bn 4Q25 Gone concern: 19.5% Going concern: 18.5% vs. guidance: ~14% ~14% CET1 capital ratio guidance enabling capacity to self-fund growth and deliver attractive capital returns Optimizing our funding profile >1bn net funding cost saves already achieved; ~11bn of HoldCo planned in 2026 vs. 20bn redemptions2 2026 AT1 issuance plan substantially completed 3.0bn issued year-to-date1 vs ~3.5bn plan
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32 318.5 RWA and LRD QoQ walk Risk-weighted assets bn Leverage ratio denominator bn 0.6 3Q25 Credit and counterparty credit risk Non-counterparty- related risk Market risk Operational risk Currency effects 4Q25 504.9 (5.8) (0.9) (4.5) (1.0) 493.4 (2%) 1.4 0.8 3Q25 On-balance sheet exposures Derivatives Securities financing transactions Off-balance sheet items Currency effects 4Q25 1,640.5 (1.1) (10.7) (8.4) 1,622.4 (1%)
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33 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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34 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 US902613BR87 AT1 USD 0.750 6.600% 05.08.25 05.08.30 US902613BS60 AT1 USD 1.250 7.000% 05.08.25 05.02.35 CH1474856957 HoldCo EUR 0.750 3.162% 11.08.25 11.08.30 CH1474856965 HoldCo EUR 1.250 3.757% 11.08.25 11.08.35 CH1474856973 Covered Bond CHF 0.235 0.560% 13.08.25 13.08.30 CH1474856981 Covered Bond CHF 0.275 0.935% 13.08.25 13.08.35 CH1478430817 Covered Bond EUR 1.000 2.783% 09.09.25 09.09.30 US225401BP24 HoldCo USD 1.750 5.010% 23.09.25 23.03.36 US225401BM92 HoldCo USD 1.000 4.398% 23.09.25 23.09.30 US225401BN75 HoldCo USD 0.300 SOFR + 106bps 23.09.25 23.09.30 US225401BK37 HoldCo USD 1.250 4.151% 23.09.25 23.12.28 US225401BL10 HoldCo USD 0.700 SOFR + 84bps 23.09.25 23.12.28 CH1485827070 AT1 AUD 1.250 6.375% 29.09.25 29.09.30 US90261AAE29 OpCo USD 0.750 SOFR + 50bps 18.11.25 18.11.26 US902613BT44 HoldCo USD 2.000 4.844% 06.11.25 06.11.32 US902613BU17 HoldCo USD 1.250 5.528% 06.11.25 06.05.46 XS3239180071 OpCo EUR 0.750 3mEuribor + 38bps 21.11.25 21.11.27 Does not include TLAC special feature notes and structured notes. For further information on our benchmark issuance please refer to Benchmark bonds
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35 2025 redemptions (1/2) Does not include TLAC special feature notes and structured notes. For further information on our benchmark issuance please refer to Benchmark bonds ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US22550L2L41 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 CH0591979635 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 US22550UAF84 OpCo USD 0.329 SOFR + 126bps 07.04.22 21.02.25 US22550L2H39 OpCo USD 1.931 3.700% 07.04.22 21.02.25 US902613AW81 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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36 2025 redemptions (2/2) Does not include TLAC special feature notes and structured notes. Additionally, a legacy capital instrument in the amount of CHF 15m matured on 1 September 2025. For further information on our benchmark issuance please refer to Benchmark bonds. ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity CH0520663581 Covered Bond CHF 0.350 0.000% 31.01.20 31.07.25 CH0286864027 AT1 USD 1.575 6.875% 07.08.15 07.08.25 CH0330938876 HoldCo GBP 0.500 2.750% 08.08.16 08.08.25 US902674ZV55 OpCo USD 1.000 5.800% 11.09.23 11.09.25 US902674ZX12 OpCo USD 0.500 SOFR + 93bps 11.09.23 11.09.25 US90351DAB38 HoldCo USD 2.500 4.125% 24.09.15 24.09.25 CH1174335732 HoldCo EUR 2.000 2.125% 24.03.22 13.10.25 CH1142231682 HoldCo EUR 1.250 0.250% 03.11.21 03.11.25 CH0506668869 AT1 CHF 0.275 3.000% 13.11.19 13.11.25 CH1228837865 OpCo CHF 0.375 2.330% 14.11.22 14.11.25 XS1523029673 OpCo JPY 10.000 0.724% 22.11.16 22.11.25 CH1230759495 Covered Bond EUR 0.750 3.390% 07.12.22 05.12.25 XS2345981802 OpCo GBP 0.737 1.125% 21.05.21 15.12.25 XS0062270581 Legacy Capital GBP 0.061 8.750% 18.12.95 18.12.25 JP575608CFC0 OpCo JPY 9.200 0.899% 18.12.15 18.12.25
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37 2026 year-to-date As of 4.2.26; 1 Does not include TLAC special feature notes and structured notes. For further information on our benchmark issuance please refer to Benchmark bonds ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US902613BV99 AT1 USD 1.500 6.625% 08.01.26 08.01.31 US902613BW72 AT1 USD 1.500 7.000% 08.01.26 08.01.36 CH1512676888 HoldCo EUR 1.500 3.125% 13.01.26 13.02.30 CH1512676896 HoldCo EUR 1.500 3.875% 13.01.26 13.01.36 CH1512676912 Covered Bond CHF 0.150 0.435% 15.01.26 15.01.29 CH1512676920 Covered Bond CHF 0.190 0.745% 15.01.26 15.01.32 CH1512676938 Covered Bond CHF 0.345 1.023% 15.01.26 15.01.36 ISIN Instrument Currency Notional (bn) Coupon Rate Issuance Date Call/Maturity US902613AC28 HoldCo USD 1.300 1.364% 30.07.20 30.01.26 US225401AT54 HoldCo USD 2.000 1.305% 02.02.21 02.02.26 XS2345982362 OpCo EUR 1.328 0.250% 21.05.21 05.01.26 US902613AU26 HoldCo USD 1.750 5.711% 12.01.23 12.01.26 Issuances Redemptions1
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38 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 4.2.26 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 UBS Review for upgradeReview for downgrade Outlook stable [No arrow] Outlook positiveOutlook negative
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39 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 MOODY’S S&P FITCH Long-term senior unsecured debt – operating company, as of 4.2.26 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 Review for upgradeReview for downgrade Outlook stable [No arrow] Outlook positiveOutlook negative
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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 Merged with UBS Americas Inc. on 2 February 2026; 6 Typically held either directly or indirectly by UBS Americas Inc.; 7 And other small former Credit Suisse Group entities now directly held by UBS Group AG; 8 Merged with Credit Suisse Services AG on 1 July 2025 As of 31.12.25
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42 Appendix Group balance sheet and credit quality 4Q25 and FY25 financial results
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43 1 Based on external disclosure and internal analysis; 2 Euromoney 2025 award for “Switzerland’s best bank”; 3 Lucerne University of Applied Sciences and Arts, 2025; 4 Peer disclosure, by invested assets or closest disclosed proxy, as of 30.09.25 or latest prior disclosure; 5 Unified Global Alternatives; 6 Credit Investments Group; 7 Separately Managed Accounts; 8 Excluding NCL; 9 Excluding NCL and Group Items; based on FY25 Strong client franchises, capabilities and scale Global Wealth Management Asset Management Personal & Corporate Banking Investment Bank − 4.8trn invested assets with unrivaled geographic footprint − #1 in APAC, EMEA, Switzerland and Latam; leading in the US1 − Advisory-led approach driven by integrated CIO − Capitalizing on scale and integrated platform to accelerate growth − 2.1trn invested assets − #3 European-based Asset Manager (#12 globally)4 − Focus on differentiated and scalable offering across traditional and alternatives − Driving strategic growth in UGA5, CIG6, ETF & passive, SMAs7, Asia & Emerging Markets − #1 bank in Switzerland2 − Reliable partner to Swiss corporates, entrepreneurs, institutional and private clients − #1 digital bank in Switzerland3 − Returning to growth post- integration − Leading Equities and FX businesses − Continuous focus on UHNW, GFIW and Swiss corporate banking clients − Capitalizing on investments to capture market share in Global Banking − <25% of Group RWA8 Underlying profit before tax contribution9
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44 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) Total book value per share (USD) Cost / income ratio Return on tangible equity USD m, except where indicated FY24 551 41,239 2,170 1,675 48,611 6,821 5,085 1.52 6.7% 26.80 84.8% 24.63 6.5% 4Q25 159 10,286 276 495 12,145 1,700 1,199 6.6% 29.18 84.7% 26.93 5.8% 3Q25 102 9,831 335 341 12,760 2,828 2,481 0.76 13.5% 28.78 77.0% 26.54 12.0% FY25 524 40,197 1,438 1,056 49,573 8,853 7,767 2.36 10.8% 29.18 81.1% 26.93 9.5% Effective tax rate 25%12% 12%29% Tangible book value per share (CHF) 22.3721.35 21.14 21.35 0.37 Total book value per share (CHF) 24.3423.14 22.92 23.14 4Q24 229 10,359 1,015 268 11,635 1,047 770 0.23 4.2% 26.80 89.0% 24.63 3.9% 26% 22.37 24.34
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45 411 31 45 252 382 GWM P&C AM IB NCL Group Items 4Q25 PBT 4Q25 net profit Tax and NCI 4Q25 reported PBT Non- underlying expenses1 Non- underlying revenues1,2 (17) 2,871 (54) (1,117) 1,700 (501) 1,199 1,768 4Q24 PBT +62% 4Q25 net profit 1.2bn reflects broad-based growth and NCL cost reduction Profits m 1 Refer to slide 38 of the 4Q25 investor presentation for reconciliation for details on underlying results and reconciliation to reported results; 2 ~0.4bn of non-underlying revenues expected in 1Q26; 3 Impact includes a loss of 885m before PPA adjustments, partly offset by a 427m gain from the release of PPA adjustments o/w tax: (495m) Underlying ~0.7bn expected in 1Q26 o/w (457m) from repurchase of legacy CS debt3
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46 Revenue and expense currency mix 60 11 47 51 47 51 23 81 26 10 17 26 11 17 15 7 11 11 19 19 12 3 2 GWM 3 4 P&C 4 AM 3 IB 2 NCL 3 Group Total revenues1 % Operating expenses1,2 % USD CHF GBP EUR Other 68 7 50 61 50 11 83 31 22 6 10 9 11 11 10 9 18 15 2 GWM P&C AM 4 IB 3 Group 3 4 1 Based on estimated currency splits for FY25; 2 Excluding litigation
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47 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. 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 evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group 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, including those related to litigation, 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, including any potential changes to banking examination and oversight practices and standards as a result of executive branch orders or staff interpretations of law in the US; (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, including as affected by the marketability of a current additional tier one debt instrument, to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between 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, including litigation it has inherited by virtue of the acquisition of Credit Suisse, 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 2026. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved