UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 6-K

REPORT OF FOREIGN PRIVATE

ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Date: November 4, 2025

UBS AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

Aeschenvorstadt 1, 4051 Basel, Switzerland

(Address of principal executive offices)

Commission File Number: 1-15060

Indicate by check mark whether the registrant files or will file annual

reports under cover of Form 20-F or Form

40-

Form 20-F

☒

Form 40-F

☐

This Form 6-K consists of the Third Quarter 2025

Report of UBS AG, which appears immediately following this

page.

UBS AG

Third quarter 2025 report

Corporate calendar UBS AG

Information about future publication dates is generally

available at

ubs.com/global/en/investor-relations/events/calendar.html

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Switchboards

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manages relationships with

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analysts and credit rating agencies.

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Imprint

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

Language: English

the registered and unregistered

Key figures

UBS AG consolidated key figures

Recent developments

UBS AG performance, business divisions

and Group Items

UBS AG consolidated performance

Global Wealth Management

Personal & Corporate Banking

Risk and capital management

Risk management and control

Capital management

Consolidated

financial statements

UBS AG interim consolidated financial

statements (unaudited)

Comparison between UBS AG consolidated

and UBS Group AG consolidated

Comparison between UBS AG consolidated

and UBS Group AG consolidated

Appendix

Alternative performance measures

Abbreviations frequently used in

our financial reports

Information sources

Cautionary statement

UBS AG third quarter 2025 report

Terms used in this report, unless the context requires otherwise

“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”

UBS Group AG and its consolidated subsidiaries

“UBS AG” and “UBS AG consolidated”, “we”, “us” and “our”

UBS AG and its consolidated subsidiaries

“Credit Suisse AG”

Credit Suisse AG and its consolidated subsidiaries before the merger

with UBS AG

“Credit Suisse Group” and “Credit Suisse”

Pre-acquisition Credit Suisse Group

“UBS Group AG”

UBS Group AG on a standalone basis

“Credit Suisse Group AG”

Credit Suisse Group AG on a standalone basis

“UBS Switzerland AG”

UBS Switzerland AG on a standalone basis

“1m”

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

“1bn”

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

“1trn”

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

In this report, unless the context requires otherwise,

references to any gender shall apply to all genders.

Alternative performance measures

An alternative performance measure (an APM) is a financial measure of historical or

future financial performance,

financial position

or cash

flows other

than a

financial measure

defined or

specified in

the applicable

recognized

accounting standards or in other applicable regulations. A number of APMs are reported in UBS’s external reports

(annual, quarterly and

other reports). APMs

are used to provide

a more complete

picture of operating

performance

and to reflect

management’s view of

the fundamental

drivers of the

business results.

A definition of

each APM, the

method used to calculate

it and the information

content are presented

under “Alternative performance

measures”

in the

appendix to

this report.

These APMs

may qualify

as non-GAAP

measures as

defined by

US Securities

and

Exchange Commission (SEC) regulations.

Comparability

Comparative information in this report is

presented as follows.

Profit and loss information and other flow-based information for the third quarter of 2025, the second quarter of

2025 and the fourth quarter of

2024 is based entirely on consolidated

data following the merger of UBS AG and

Credit Suisse AG. Profit and loss information and other flow-based information for the nine-month period ending

30 September 2024 includes only four months

of post-merger UBS AG data.

Balance sheet information as at 30 September 2025, 30 June

2025 and 31 December 2024 includes post-merger

consolidated information.

Comparison between UBS AG consolidated

and UBS Group AG consolidated

This report

should be

read in

conjunction with

the UBS

Group third

quarter 2025

report that

was published

29 October

2025

and

available

under

“Quarterly

reporting”

ubs.com/investors

comparison

selected

financial and capital information of UBS AG consolidated and of

UBS Group AG consolidated is provided after the

Notes to the UBS AG interim consolidated financial

statements.

UBS AG third quarter 2025 report

Key figures

UBS AG consolidated key figures

As of or for the quarter ended

As of or year-to-date

USD m, except where indicated

30.9.25

30.6.25

31.12.24

30.9.24

30.9.25

30.9.24

Results

Total revenues

12,446

11,635

11,317

11,997

36,244

31,006

Credit loss expense / (release)

113

152

241

167

388

303

Operating expenses

10,826

10,621

11,017

10,640

32,148

28,329

Operating profit / (loss) before tax

1,507

862

1,191

3,708

2,374

Net profit / (loss) attributable to shareholders

1,288

1,192

(257)

996

3,508

1,738

Profitability and growth

Return on equity (%)

5.4

5.0

(1.1)

4.2

4.9

3.1

Return on tangible equity (%)

5.9

5.4

(1.2)

4.5

5.3

3.4

Return on common equity tier 1 capital (%)

7.3

6.8

(1.3)

4.8

6.6

3.6

Revenues over leverage ratio denominator, gross (%)

3.0

2.9

3.0

3.1

Cost / income ratio (%)

87.0

91.3

97.3

88.7

91.4

Net profit growth (%)

29.3

n.m.

6.9

101.8

(43.1)

Resources

Total assets

1,633,877

1,671,814

1,568,060

1,626,893

1,633,877

1,626,893

Equity attributable to shareholders

95,135

94,278

94,003

96,943

95,135

96,943

Common equity tier 1 capital

71,460

69,829

73,792

84,423

71,460

84,423

Risk-weighted assets

502,425

498,327

495,110

515,520

502,425

515,520

Common equity tier 1 capital ratio (%)

14.2

14.0

14.9

16.4

14.2

16.4

Going concern capital ratio (%)

18.2

17.8

18.1

19.5

18.2

19.5

Total loss-absorbing capacity ratio (%)

37.8

36.5

36.7

38.2

37.8

38.2

Leverage ratio denominator

1,642,843

1,660,097

1,523,277

1,611,151

1,642,843

1,611,151

Common equity tier 1 leverage ratio (%)

4.3

4.2

4.8

5.2

4.3

5.2

Liquidity coverage ratio (%)

179.0

179.4

186.1

196.3

179.0

196.3

Net stable funding ratio (%)

118.6

120.9

124.1

126.8

118.6

126.8

Other

Invested assets (USD bn)

1,4

6,910

6,618

6,087

6,199

6,910

6,199

Personnel (full-time equivalents)

62,636

62,958

68,982

69,185

62,636

69,185

1 Refer to “Alternative performance measures” in the appendix to this report

for the relevant definition(s) and calculation method(s).

2 Based on the Swiss systemically relevant bank framework. Refer

to the “Capital

management” section of this report for more information.

3 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 65 data points in the third quarter

of 2025, 61 data points in the second quarter

of 2025, 64 data points in the fourth quarter of

2024 and 65 data points in the third quarter of

2024. Refer to the “Liquidity and funding management” section

of the

UBS Group third quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors,

for more information.

4 Consists of invested assets for Global Wealth Management, Asset Management (including

invested assets from associates) and

Personal & Corporate

Banking. Refer to “Note 31 Invested

assets and net new money”

in the “Consolidated financial statements”

section of the UBS AG

Annual Report 2024,

available under “Annual reporting” at ubs.com/investors,

for more information.

UBS AG third quarter 2025 report |

Recent developments

Management report

Integration of Credit Suisse

We remain on

track to substantially complete

the integration of Credit

Suisse by the end

of 2026, and

our focus

continues to be on client account migrations

and infrastructure decommissioning.

In the

third quarter of

2025, and over

the course of

October 2025, we

successfully advanced our

Swiss business

migrations, having

now migrated

over two-thirds

of the

targeted client

accounts. We

still aim

to complete

the Swiss

booking center migrations by the end of the first

quarter of 2026.

Furthermore, we have substantially completed the integration of

Asset Management,

including the final portfolio

migrations

onto UBS platforms.

Regulatory and legal developments

Developments in Switzerland aimed at strengthening

financial stability

In September 2025, the Swiss

Federal Council launched a

public consultation on proposed legislative

amendments

capital

requirements

foreign

subsidiaries.

The

proposed

changes

would

require

the

deduction

investments in foreign subsidiaries

of systemically important

banks (SIBs) from

common equity tier 1

(CET1) capital.

After the

end of

the public

consultation in

January 2026,

the Swiss

Federal Council

is expected

to submit

its proposal

to the Swiss Parliament in the first half of 2026. Subject to the Parliament’s final decision, the proposal states

that

the amendments would

enter into force in 2028,

at the earliest, starting

with a 65% deduction

requirement in the

first year

and increasing

to 100%

by 5-percentage-point

increments each

year over

seven years.

The phase-in

subject to adjustment should the legislation be

delayed.

A public consultation on other

proposed measures at the

ordinance level ended in

September 2025. The proposals

include

provisions to

deduct capitalized

software and

deferred

tax assets

(DTAs) on

temporary differences

from

CET1

capital,

add

stricter

requirements

for

prudent

valuation

adjustments

(PVAs)

assets

and

liabilities,

and

mandate the suspension of interest payments for additional tier 1 capital instruments in the event of a cumulative

loss

over

four

quarters.

The

proposals

also

introduce

measures

that

aim

enable

the

Swiss

Financial

Market

Supervisory Authority (FINMA) and other authorities to better assess the situation of banks in a liquidity crisis. The

entry into force of the above is expected

in January 2027, at the earliest.

A public consultation

by the Swiss

Federal Council is

expected to be

launched in the

first half of 2026

on additional

legislative measures,

including incremental

requirements for

the recovery

and resolution

plans of

SIBs, measures

aimed at

increasing

the potential

for obtaining

liquidity via

the Swiss

National Bank,

the introduction

of an

enhanced

accountability

framework in

the

form

Senior

Managers

Regime

for

banks, and

the

provision

additional

powers for

FINMA. We

expect the

Swiss Federal

Council’s submission

of these

legislative measures

to the

Parliament

in the first half of 2027, with the entry into force

expected in 2028 or 2029.

In addition, a public consultation

on amendments to the

Liquidity Ordinance is expected

to be launched in the

first

half

of 2026.

The

proposals are

expected to

set minimum

requirements for

maintaining borrowing

capacity for

emergency liquidity assistance.

Based on financial information

published for the

first quarter of

2025 and given UBS AG’s

target CET1 capital ratio

between

12.5% and

13%, UBS AG

would

required

hold

additional estimated

CET1

capital of

around

USD 24bn on

a pro-forma basis

if all

capital measures were

to be

implemented as proposed.

This would

include

around

USD 23bn

the

full

deduction

UBS AG’s

investments

foreign

subsidiaries,

which

approximately USD 7bn would be

required at the

start of the

proposed phase-in period.

These pro-forma figures

reflect previously announced expected capital

repatriations of around USD 5bn to

UBS AG from its subsidiaries.

UBS AG third quarter 2025 report |

Recent developments

The incremental

CET1 capital

of around

USD 24bn required

for UBS AG,

given our

aim to

maintain an

equity double

leverage

ratio

around

100%

UBS Group AG,

would

result

CET1

capital

ratio

the

UBS Group AG

(consolidated)

level

around

19%.

Group

level,

the

proposed

measures

DTAs

temporary

differences, capitalized

software and

PVAs would

eliminate capital

recognition for

these items,

thereby reducing

the CET1 capital ratio for

the Group from around 19% to

around 17%, underrepresenting UBS’s capital strength

compared with peers.

The additional capital of USD 24bn would be in addition to the incremental capital that UBS will have

to hold as a

result

the

acquisition

the

Credit

Suisse

Group

order

meet

existing

regulations. This

includes

around

USD 9bn to remove the regulatory concessions granted to Credit Suisse and around USD 6bn to meet the current

progressive requirements due

to the

increased leverage

ratio denominator

(LRD) and

higher market

share of

the

combined business. The estimated effect for the progressive requirements for LRD and

market share decreased to

USD 6bn, from

USD 9bn, following

FINMA’s confirmation

about the

requirements

that will

apply to

UBS. The

phase-

in of the increased capital

requirements relating to the increased LRD and

higher market share will commence on

1 January 2026 and will be completed by the

beginning of 2030, at the latest.

On this basis, UBS would be required to hold

around USD 39bn in additional CET1 capital

in total.

FINMA resolution report on UBS

In September

2025, FINMA

published its

2025 resolution

report

on UBS

related to

the 2024

fiscal year.

FINMA

concluded

that

UBS

remains

resolvable

under

UBS’s

existing

preferred

resolution

strategy,

which

includes

recapitalization via a bail-in at the Group holding company level. The

Swiss emergency plan of UBS is designed to

ensure the

continuity of

systemically important

functions and

critical operations

in Switzerland

in the

case of

a failed

attempt

restructure

the

UBS

Group.

According

FINMA,

this

plan

was

largely

compliant

with

the

current

regulatory requirements. However,

given the lessons learned from

the Credit Suisse crisis, FINMA has

determined

that

the

Swiss

emergency

plan

requires

further

development

meet

the

objective

maintaining

systemically

important functions while

also safeguarding financial stability

at the international

level. Moreover, FINMA assessed

that UBS’s Swiss emergency plan requires better integration into UBS’s global resolution plan.

Due to the ongoing

integration

Credit

Suisse

into

UBS,

FINMA

has

refrained

from

assessing

UBS’s

recovery

plan,

which

outlines

measures that aim to restore financial strength if UBS should come under severe

capital or liquidity stress.

›

Refer to “Recovery and resolution” in the “Regulation and supervision” section of the UBS AG Annual Report 2024,

available under “Annual reporting” at

ubs.com/investors

, for more information

Updated Federal Reserve Board stress capital

buffer requirements

In August

2025, the

Federal Reserve

Board reduced

the stress

capital buffer

(the SCB)

of UBS

Americas Holding

LLC, our

US-based intermediate

holding company,

to 5.2%,

from 9.3%,

applicable from

1 October 2025

under

the

Federal

Reserve

Board’s

SCB

rule,

resulting

total

CET1

capital

requirement

9.7%.

The

SCB

for

UBS

Americas Holding LLC is derived from the

results of the Federal Reserve

Board’s 2025 Dodd–Frank Act Stress Test

(DFAST) released in June 2025.

Earlier in 2025, the

Federal Reserve Board proposed measures to

reduce the volatility of the

SCB requirements by

averaging the

capital stress

test results

from the

past two

years, with

the aim

of making

capital planning

predictable for

banks. In

addition, the

Federal Reserve

Board proposed

moving the

effective date

for the

annual

SCB updates from 1 October to 1 January to allow more time to

meet the new requirements. We expect the final

rules to be published in the first half of 2026.

Changes to the UK senior management function

and material risk taker compensation schemes

In October

2025, the

Prudential Regulation Authority

and Financial

Conduct Authority adopted

changes to

their

regulations

the compensation

of senior

managers and

material risk

takers. The

revised

regulations

generally

reduce the

portion of

incentive compensation

subject to

mandatory deferral,

reduce the

mandatory deferral

periods

for incentive compensation to a

uniform four years, eliminate

post-vesting blocked periods and permit

awards to

accrue

interest

and

dividends.

Changes

are

generally

effective

immediately

and

companies

may

elect

apply

certain elements of

the revised requirements to

awards in the

current compensation year, as well as

to outstanding

deferred incentive compensation plans. UBS AG is assessing

the changes and the related impacts.

UBS AG third quarter 2025 report |

Recent developments

Other developments

Completion of obligations under Credit Suisse’s

residential mortgage-backed securities settlement

with the US

Department of Justice

On 1 August 2025, UBS AG entered into an agreement with the US Department of Justice (the DOJ) under which

UBS AG paid USD

300m to resolve

all remaining obligations

under Credit Suisse’s

2017 settlement agreement

with

the

DOJ

residential

mortgage-backed

securities

activities.

The

resolution

had

effect

UBS AG’s

performance in the third quarter of 2025.

Resolution of legacy French cross-border matter

September

2025,

UBS AG

resolved

the

legacy

matter

its

cross-border

business

activities

France

between 2004 and 2012. As a

result, UBS AG agreed to pay

a fine of EUR 730m and

EUR 105m in civil damages

to the French State in the third quarter of 2025 and recognized a gain of

USD 321m (USD 284m in Global Wealth

Management and

USD 37m in

Personal & Corporate

Banking) in connection

with the

release of a

related provision.

2023,

the

French

Supreme

Court

confirmed

the

Paris

Court

Appeal’s

decision

finding

UBS AG

guilty

unlawful client solicitation and aggravated money laundering but

referred the financial penalty and civil

damages

to be re-assessed by the lower court.

Sale of a 36.01%

stake in Credit Suisse Securities (China)

Limited

In the third quarter of 2025,

UBS AG completed the sale

of a 36.01% stake

in a subsidiary, Credit Suisse Securities

(China) Limited (CSS),

to Beijing State-Owned Assets Management Co., Ltd., as announced

on 24 June 2024, and

deconsolidated the entity. The sale resulted in a

pre-tax gain of USD 128m

in the Investment Bank.

UBS AG retains

a 14.99% shareholding in CSS and accounts for

this minority interest as an investment in an associate.

Court ruling related to the write-off of Credit

Suisse additional tier 1 capital instruments in 2023

proceedings

initiated

certain

former

holders

Credit

Suisse

Group AG

additional

tier 1

(AT1)

capital

instruments

against

FINMA

challenging

FINMA’s

decree

19 March

2023

ordering

the

write-off

CHF 16bn

principal amount of

Credit Suisse Group AG’s AT1 instruments, the

Swiss Federal Administrative

Court published a

partial

decision

October

2025.

The

court

determined

that

FINMA’s

order

lacked

sufficient

legal

basis

and

revoked FINMA’s decree.

FINMA has

stated it will

appeal the decision

to the Swiss

Federal Supreme Court.

UBS also

intends to appeal.

Supplementary 2024 dividend to UBS Group

On 23 October 2025, the Extraordinary General Meeting of

UBS AG approved a supplementary 2024 dividend of

USD 6,500m. The dividend was paid by UBS AG

to its shareholder UBS Group AG on the same day.

Organizational changes

24 October

2025,

UBS AG

announced

that

Lukas

Gähwiler

will

not

stand

for

re-election

the

Board

Directors of UBS AG and

Markus Ronner will be

nominated as a new member

of the Board

of Directors and

Vice

Chairman of UBS AG, succeeding Lukas

Gähwiler.

Markus Ronner is a

Swiss citizen and has

been with UBS since

1981.

In addition, on

24 October 2025 several

changes with respect

to the responsibilities

of existing Executive

Board (EB)

members were announced and will be effective

1 January 2026.

Michelle Bereaux, UBS AG Integration Officer, will

take on the role

of UBS AG Head Compliance and

Operational

Risk Control.

Beatriz Martin, Head Non-core

and Legacy and the

EB Lead for Sustainability

and Impact, will also

become UBS AG

Chief Operating

Officer. In

addition to her

current responsibilities,

she will oversee

the finalization

of the

integration

of Credit Suisse, UBS AG

Operations, and the Internal

Consulting and Governance

teams. She will also continue

act as President EMEA and UK Chief Executive.

Todd

Tuckner

will

take

the

responsibility

for

Governmental

and

Regulatory Affairs

addition

his

role

UBS AG CFO.

Stefan Seiler will

take on the

responsibility for

the UBS AG

Security functions

in addition

to his role

as UBS AG

Head

of HR and Corporate Services.

Mike Dargan will focus

on capturing opportunities arising from

innovation and technological changes in addition

to his role as UBS AG Chief Technology Officer.

UBS AG third quarter 2025 report |

Recent developments

UBS’s tender offers for debt securities

30 October

2025,

UBS AG,

acting

through

its

Stamford

branch,

and

UBS

Group

announced

offers

repurchase outstanding

notes of seven

series of

senior debt for

a maximum

purchase consideration of

USD 4bn.

The securities subject to the

offers and the terms and conditions

of the offers are set forth in the

offer documents.

The offers

are made

as part

of UBS’s

proactive management

of its

funding and

total loss-absorbing

capacity, among

other

factors,

optimize

interest

expense.

The

offers

are

scheduled

expire

5 November

2025,

unless

extended or

earlier terminated.

UBS AG expects

to record

a loss

on the

purchase and

early repayment

of these

high-spread securities at above book value. The amount of the loss will vary based on the total consideration that

will be paid.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items

UBS AG performance,

business divisions and Group Items

Management report

Our businesses

We report

five business

divisions, each

of which

qualifies as

an operating

segment pursuant

to IFRS

Accounting

Standards: Global Wealth Management,

Personal & Corporate Banking,

Asset Management, the Investment

Bank,

and Non-core and Legacy. Non-core and Legacy consists of positions and businesses not aligned with our strategy

and policies.

Our Group

functions are

support and

control functions

that provide

services to

the Group.

Virtually all

costs incurred

by our Group functions are

allocated to the business divisions,

leaving a residual amount that

we refer to as Group

Items in our segment reporting.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

UBS AG consolidated performance

Income statement

For the quarter ended

% change from

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Net interest income

1,608

1,584

1,560

4,520

3,088

Other net income from financial instruments measured

at fair value through profit or loss

3,498

3,374

3,592

(3)

10,796

9,809

Net fee and commission income

7,097

6,526

6,334

20,253

17,084

Other income

243

150

510

(52)

675

1,025

Total revenues

12,446

11,635

11,997

36,244

31,006

Credit loss expense / (release)

113

152

167

(26)

(32)

388

303

Personnel expenses

5,797

5,649

5,788

17,356

14,746

General and administrative expenses

4,303

4,228

4,014

12,608

11,584

Depreciation, amortization and impairment of non-financial

assets

726

744

838

(3)

(13)

2,184

2,000

Operating expenses

10,826

10,621

10,640

32,148

28,329

Operating profit / (loss) before tax

1,507

862

1,191

3,708

2,374

Tax expense / (benefit)

213

(336)

194

181

587

Net profit / (loss)

1,294

1,198

997

3,527

1,787

Net profit / (loss) attributable to non-controlling interests

(1)

735

Net profit / (loss) attributable to shareholders

1,288

1,192

996

3,508

1,738

Comprehensive income

Total comprehensive income

846

4,231

3,623

(80)

(77)

7,735

3,724

Total comprehensive income attributable to non-controlling interests

(72)

(75)

Total comprehensive income attributable to shareholders

841

4,213

3,602

(80)

(77)

7,689

3,687

Net integration-related expenses, by business division and Group Items

For the quarter ended

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Global Wealth Management

539

381

416

1,275

1,022

Personal & Corporate Banking

344

213

171

723

368

Asset Management

199

189

Investment Bank

(15)

124

154

226

430

Non-core and Legacy

184

251

268

626

515

Group Items

Net integration-related expenses

1,118

1,038

1,116

3,056

2,555

of which: total revenues

(149)

(145)

of which: operating expenses

1,267

1,031

1,081

3,201

2,510

of which: personnel expenses

449

407

420

1,241

869

of which: general and administrative expenses

740

538

551

1,738

1,383

of which: depreciation, amortization and impairment of non-financial

assets

110

222

258

1 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse

Securities (China) Limited.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

Results: 3Q25 vs 3Q24

Operating

profit

before

tax

increased

USD 316m,

27%,

USD 1,507m,

reflecting

increase

total

revenues

and

decrease

net

credit

loss

expenses, partly

offset

higher operating

expenses. Total

revenues

increased by USD 449m, or

4%, to USD 12,446m,

which included an increase

from foreign currency effects. The

increase in total

revenues was largely due

to an increase

of USD 763m in

net fee and

commission income, partly

offset

decreases

USD 267m

other

income.

Operating

expenses

increased

USD 186m,

2%,

USD 10,826m and included

an increase

from foreign currency

effects. The overall

increase was largely

due to

increase

USD 289m

general

and

administrative

expenses,

partly

offset

USD 112m

decrease

depreciation,

amortization

and

impairment

non-financial

assets.

Net

credit

loss

expenses

were

USD 113m,

compared with USD 167m in the third quarter

of 2024.

Integration-related expenses

in general

and administrative

expenses primarily

included shared

services costs

charged

from other companies in

the UBS Group reporting

scope and consulting,

legal and audit fees.

Integration-related

personnel expenses were mainly due to

salaries and variable compensation and post-employment

benefit plans. In

addition,

there

was

accelerated

depreciation

properties

and

leasehold

improvements

depreciation,

amortization and impairment

of non-financial assets.

Integration items within

revenues included a

gain from the

sale of a stake in Credit Suisse Securities (China)

Limited (CSS).

Total revenues: 3Q25 vs 3Q24

Net interest income and other net income

from financial instruments measured at

fair value through profit or loss

Total combined net

interest income

and other

net income

from financial

instruments

measured at

fair value

through

profit or loss decreased by USD 47m to USD 5,106m.

Global Wealth

Management

revenues decreased

by USD 12m

to USD 2,077m,

mainly driven

by the

impact of

lower

central bank interest rates on

deposit revenues and by lower loan

revenues, reflecting margin contraction,

largely

offset

lower

liquidity

and

funding

costs,

the

effects

favorable

changes

deposit

mix,

balance

sheet

optimization measures,

and positive foreign currency effects.

Personal &

Corporate Banking

revenues decreased

by USD 50m

to USD 1,399m,

mainly driven

by lower

net interest

income, reflecting

the impact

of lower

central bank

interest rates

on deposit

revenues. This

was partly

offset by

deposit

pricing

measures

and

lower

liquidity

and

funding

costs.

These

revenues

also

included

positive

foreign

currency effects.

Investment Bank revenues increased by USD 360m

to USD 1,873m, mainly due to higher revenues in Financing in

Global Markets,

led by Prime Brokerage,

supported by higher client

balances. In addition, Global

Banking revenues

increased, driven by higher revenues in

Capital Markets.

Non-core and Legacy

revenues

were negative USD 91m

compared with positive

USD 63m

in the

third quarter of

2024, mainly due

to lower net

gains from position

exits and lower

net interest income

from the securitized

product

portfolio,

partly offset by lower markdowns.

Revenues in Group Items were negative USD

143m

compared with positive USD 14m in the

third quarter of 2024.

The

change in

revenues was

mainly driven

by lower

mark-to-market gains

from Group

hedging and

own debt,

including hedge accounting ineffectiveness.

›

Refer to the relevant business division and Group Items commentary in this section for more information about the

specific revenues of each of the business divisions and Group Items

›

Refer to “Note 4 Net interest income” in the “Consolidated financial statements” section of this report for more

information about net interest income

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

Net interest income and other net income from financial instruments measured at fair value through profit or loss

For the quarter ended

% change from

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Net interest income from financial instruments measured

at amortized cost and fair value

through other comprehensive income

(39)

(485)

(92)

(215)

(486)

Net interest income from financial instruments measured

at fair value through profit or

loss and other

1,647

1,495

2,045

(19)

4,736

3,573

Other net income from financial instruments measured

at fair value through profit or loss

3,498

3,374

3,592

(3)

10,796

9,809

Total

5,106

4,958

5,153

(1)

15,316

12,896

Global Wealth Management

2,077

2,042

2,089

(1)

6,193

5,287

of which: net interest income

1,655

1,587

1,662

4,831

4,183

of which: transaction-based income from foreign exchange and other

intermediary

activity

422

455

427

(7)

(1)

1,362

1,104

Personal & Corporate Banking

1,399

1,357

1,449

(3)

4,002

3,376

of which: net interest income

1,168

1,142

1,233

(5)

3,369

2,868

of which: transaction-based income from foreign exchange and other

intermediary

activity

231

215

216

634

509

Asset Management

(9)

(15)

Investment Bank

1,873

1,886

1,513

(1)

5,815

4,577

Non-core and Legacy

(91)

(150)

(40)

(124)

203

Group Items

(143)

(176)

(19)

(556)

(548)

1 Mainly includes spread-related income in connection with client-driven transactions,

foreign currency translation effects and income and expenses from precious metals,

which are included in the income statement

line Other net income from financial instruments measured

at fair value through profit or loss.

The amounts reported on this line

are one component of Transaction

-based income in the management discussion and

analysis in the “Global Wealth Management” and “Personal & Corporate Banking” sections

of this report.

Net fee and commission income

Net fee and commission income increased by USD 763m

to USD 7,097m.

Net

brokerage

fees

increased

USD 251m

USD 1,293m,

driven

increased

volumes

Cash

Equities

Execution Services

in the

Investment Bank,

led by the

Asia Pacific

region,

and higher

levels of

client activity

in Global

Wealth Management in the Asia Pacific,

EMEA and Americas regions.

Fees for portfolio management

and related services increased

by USD 190m to USD 3,301m.

These fees are largely

recurring and are driven

mainly by Global Wealth

Management.

Investment fund fees increased by

USD 188m

USD 1,740m. These

fees are

also largely

recurring in

nature and

are mainly

driven by

management and

performance

fees in Asset Management and asset-based

fund fees in Global Wealth Management.

The year-on-year increase in

both of

these fee

categories reflected

higher average

levels of

fee-generating assets

in Global

Wealth Management,

reflecting positive impacts from market performance and net new fee-generating asset inflows over the course of

the last

12 months.

Increases in

Asset Management reflected

growth in

Hedge Fund

Businesses, positive market

performance and foreign currency effects, partly

offset by negative impacts from continued

margin compression.

›

Refer to “Note 5 Net fee and commission income” in the “Consolidated financial statements” section of this report

for more information

Other income

Other income was

USD 243m compared with USD 510m

in the third

quarter of 2024.

The third

quarter of 2025

included

USD 128m

gain

from

the

sale

stake

CSS

and

USD 33m

gain

from

the

sale

our

wealth

management business in India. These gains were partly offset by a USD 140m loss relating to an

investment in an

associate.

The

third

quarter of

2024

also included

a USD 119m

gain related

to the

sale

an investment

associate and an USD 84m gain from disposals.

›

Refer to “Note 6 Other income” in the “Consolidated financial statements” section of this report for more

information

Credit loss expense / release: 3Q25 vs

3Q24

Total

net credit

loss expenses

the

third quarter

of 2025

were USD 113m,

reflecting net

expenses of

USD 8m

performing

positions

and

net

expenses

USD 105m

credit-impaired

positions.

Net

credit

loss

expenses were USD 167m

in the third quarter of 2024.

›

Refer to “Note 9 Expected credit loss measurement” in the “Consolidated financial statements” section of this

report for more information

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

Credit loss expense / (release)

Performing positions

Credit-impaired positions

USD m

Stages 1 and 2

Stage 3

Total

For the quarter ended 30.9.25

Global Wealth Management

(4)

Personal & Corporate Banking

Asset Management

Investment Bank

Non-core and Legacy

Group Items

Total

105

113

For the quarter ended 30.6.25

Global Wealth Management

(3)

(2)

Personal & Corporate Banking

114

Asset Management

Investment Bank

Non-core and Legacy

(1)

Group Items

Total

114

152

For the quarter ended 30.9.24

Global Wealth Management

(11)

Personal & Corporate Banking

(10)

Asset Management

Investment Bank

(4)

Non-core and Legacy

(2)

Group Items

Total

(15)

182

167

Operating expenses: 3Q25 vs 3Q24

Operating expenses

For the quarter ended

% change from

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Personnel expenses

5,797

5,649

5,788

17,356

14,746

of which: salaries and variable compensation

4,901

4,882

4,999

(2)

14,912

12,824

of which: variable compensation – financial advisors

1,419

1,335

4,163

3,893

General and administrative expenses

4,303

4,228

4,014

12,608

11,584

of which: net expenses / (releases) for litigation, regulatory

and similar matters

163

(47)

(75)

400

1,121

Depreciation, amortization and impairment of non-financial

assets

726

744

838

(3)

(13)

2,184

2,000

Total operating expenses

10,826

10,621

10,640

32,148

28,329

1 Financial advisor compensation consists of cash

compensation, determined using a formulaic

approach based on production, and

deferred awards. It also

includes expenses related to compensation commitments

with financial advisors entered into at the time of recruitment that are subject to vesting requirements.

Personnel expenses

Personnel

expenses increased

USD 9m

USD 5,797m, including

USD 108m

increase

post-employment

benefit plans, predominantly related to integration-related expenses.

There were also increases in financial advisor

compensation, resulting

from higher

compensable revenues,

and in

accruals for

performance awards,

reflecting

business performance.

The increases were largely

offset by lower salary

expenses, reflecting the

impact of a

smaller

workforce.

›

Refer to “Note 7 Personnel expenses” in the “Consolidated financial statements” section of this report for more

information

General and administrative expenses

General

and

administrative

expenses

increased

USD 289m

USD 4,303m,

largely

due

increase

USD 340m

shared

services costs

charged

for

Technology,

Finance

and

Risk

shared

services subsidiaries

UBS Group AG, partly offset by a decrease of USD 87m

in real estate and logistics costs. The third quarter

of 2025

includes

net

expenses

USD

41m

for

provisions

for

litigation,

regulatory

and

similar

matters,

reflecting

USD 321m net

release related

to the

resolution of

a legacy

matter concerning

cross-border business

activities in

France, more than offset by expenses related to increases in other litigation

provisions.

›

Refer to “Note 8 General and administrative expenses” in the “Consolidated financial statements” section of this

report for more information

›

Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent

liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,

regulatory and similar matters

›

Refer to the “Regulatory and legal developments” and “Risk factors” sections of the UBS AG Annual Report 2024,

available under “Annual reporting” at

ubs.com/investors

, for more information about litigation, regulatory and

similar matters on a UBS AG consolidated basis

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

Depreciation, amortization and impairment of

non-financial assets

Depreciation, amortization

and impairment

of non-financial

assets decreased

by USD 112m

to USD 726m,

primarily

reflecting

USD 88m decrease

depreciation

leased

real

estate

result

higher

levels of

accelerated

depreciation

the

third

quarter

2024.

addition,

there

was

USD 54m

decrease

the

amortization

internally generated

capitalized software, reflecting

a lower cost

base of software

assets. The decreases

were partly

offset by a USD 39m

increase in impairments,

mainly related to internally generated

capitalized software.

Tax: 3Q25 vs 3Q24

UBS AG had a

net income tax

expense of USD 213m

in the third

quarter of 2025,

representing an effective

tax rate

of 14.1%, compared with USD 194m in the

third quarter of 2024 and an effective

tax rate of 16.3%.

The net current tax expense was

USD 282m, which primarily related to the taxable

profits of UBS Switzerland AG

and other entities.

There was a

net deferred

tax benefit

of USD 68m.

This reflected

a net deferred

tax expense

of USD 63m

that mainly

the

amortization

deferred

tax

assets

(DTAs)

previously

recognized

relation

tax

losses

carried

forward

and

deductible

temporary

differences,

than

offset

USD 109m

benefit

respect

the

tax

deduction for deferred compensation

awards and a USD 22m

benefit due to an

increase in DTA recognition

within

UBS AG’s US branch.

Total comprehensive income attributable

to shareholders

In the

third quarter

of 2025,

total

comprehensive

income

attributable

to shareholders

was USD

841m,

reflecting

a net

profit of

USD 1,288m

and other

comprehensive

income (OCI),

net of

tax, of negative

USD 447m.

OCI related to own credit on financial

liabilities designated at fair value was negative USD 576m, primarily due

a tightening of our own credit spreads.

Foreign currency

translation

OCI was

negative USD 116m,

mainly resulting

from the

US dollar

strengthening against

the Swiss franc, the euro and the pound sterling.

OCI

cash

flow

hedges

was

USD 178m,

mainly

reflecting

net

losses

hedging

instruments

that

were

reclassified from OCI to the income statement.

›

Refer to “Statement of comprehensive income” in the “Consolidated financial statements” section of this report for

more information

›

Refer to “Reconciliation

of equity under

IFRS Accounting

Standards to

Swiss SRB common

equity tier

1 capital

(UBS AG

vs UBS Group

AG consolidated)”

in the “Capital

management”

section of

this report

for more information

about the

effects of OCI

on common

equity tier

1 capital

›

Refer to “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the UBS AG

Annual Report 2024, available under “Annual reporting” at

ubs.com/investors

, for more information about own

credit on financial liabilities designated at fair value

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

Sensitivity to interest rate movements

As of 30 September

2025, it is

estimated that a

parallel shift in

yield curves by

+100 basis points

could lead to

combined increase in

annual net interest

income from our

banking book of

approximately USD 1.4bn in

the first

year after

such a

shift. Of

this increase,

approximately USD 0.8bn, USD 0.4bn

and USD 0.1bn

would result

from

changes in Swiss franc, US dollar and euro

interest rates, respectively.

A parallel shift in yield

curves by –100 basis points

could lead to a combined

increase in annual net

interest income

of approximately USD 1.0bn. Of this increase, approximately USD 1.6bn would result from changes in Swiss franc

interest rates,

driven by both

contractual and

assumed flooring

benefits under

negative interest

rates. US dollar

and

euro interest rates would lead to an offsetting

decrease of USD 0.4bn and USD 0.1bn, respectively.

These estimates do not represent net interest income forecasts, as they are based

on a hypothetical scenario of an

immediate

change

interest

rates,

equal

across

all

currencies

and

relative

implied

forward

rates

30 September 2025

applied to our banking

book. These estimates further

assume no change to

balance sheet size

and product mix, stable foreign exchange rates,

and no specific management action.

›

Refer to the “Risk management and control” section of the UBS Group third quarter 2025 report, available under

“Quarterly reporting” at

ubs.com/investors

, for information about interest rate risk in the banking book

Key figures and personnel

Below is

an overview

of selected

key figures

of UBS AG

consolidated. For

further information

about key

figures

related to capital management, refer to

the “Capital management” section of this

report.

Cost / income ratio: 3Q25 vs 3Q24

The cost / income ratio was 87.0%,

compared with 88.7%, mainly reflecting

an increase in total

revenues, partly

offset by higher operating expenses.

Personnel: 3Q25 vs 2Q25

The number

of internal

personnel employed

was 62,636

(full-time equivalents)

as of

30 September 2025,

a net

decrease of 322 compared with 30 June 2025.

Equity, CET1 capital and returns

As of or for the quarter ended

Year-to-date

USD m, except where indicated

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Net profit

Net profit attributable to shareholders

1,288

1,192

996

3,508

1,738

Equity

Equity attributable to shareholders

95,135

94,278

96,943

95,135

96,943

less: goodwill and intangible assets

6,743

6,753

6,739

6,743

6,739

Tangible equity attributable to shareholders

88,392

87,524

90,204

88,392

90,204

less: other CET1 adjustments

16,931

17,695

5,781

16,931

5,781

CET1 capital

71,460

69,829

84,423

71,460

84,423

Returns

Return on equity (%)

5.4

5.0

4.2

4.9

3.1

Return on tangible equity (%)

5.9

5.4

4.5

5.3

3.4

Return on CET1 capital (%)

7.3

6.8

4.8

6.6

3.6

Common equity tier 1 capital: 3Q25 vs 2Q25

During the

third

quarter of

2025,

common equity

tier 1 (CET1)

capital increased

USD 1.6bn to

USD 71.5bn,

mainly driven by operating profit before tax of USD 1.5bn, partly offset by current tax expenses of USD 0.3bn

and

foreign currency translation losses of USD 0.1bn.

Return on common equity tier 1 capital: 3Q25

vs 3Q24

The annualized return on CET1 capital

was 7.3%, compared with 4.8%, driven

by higher net profit attributable to

shareholders and a decrease in average CET1 capital.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

Risk-weighted assets: 3Q25 vs 2Q25

During the third quarter

of 2025, risk-weighted

assets (RWA) increased by USD 4.1bn

to USD 502.4bn, driven

by a

USD 6.6bn increase resulting from

asset size and other

movements, partly offset by

a USD 1.5bn decrease driven

by model updates and methodology changes

and a USD 1.0bn decrease from currency effects.

Common equity tier 1 capital ratio: 3Q25 vs 2Q25

The CET1

capital ratio

increased to

14.2% from

14.0%, reflecting

the aforementioned

increase in

CET1 capital,

partly offset by the aforementioned increase in RWA.

Leverage ratio denominator: 3Q25 vs 2Q25

During

the

third

quarter

2025,

the

leverage

ratio

denominator

(the

LRD)

decreased

USD 17.3bn

USD 1,642.8bn,

mainly

driven

asset

size

and

other

movements

USD 12.1bn

and

currency

effects

USD 5.2bn.

Common equity tier 1 leverage ratio: 3Q25

vs 2Q25

The CET1 leverage ratio

increased to 4.3% from 4.2%, reflecting

the aforementioned increase in CET1

capital and

the aforementioned decrease in the LRD.

9M25 compared with 9M24

The legal merger

of UBS AG and

Credit Suisse AG

on 31 May

2024 has had

a significant impact

on the results

from

June 2024

onward. This

discussion and

analysis of

results compares

the first

nine months

of 2025,

which cover

nine

full months of post-merger results, with

the first nine months of

2024, which included only four months

of post-

merger results. This is a material driver in many

of the increases across both revenues

and operating expenses.

›

Refer to “Note 2 Accounting for the merger of UBS AG and Credit Suisse AG” in the “Consolidated financial

statements” section of this report for more information about the accounting for the merger of UBS AG and Credit

Suisse AG

Results 9M25 vs 9M24

Operating profit before tax increased by USD 1,334m, or 56%, to USD 3,708m, reflecting

a USD 5,238m increase

in total revenues,

which was

partly offset by

a USD 3,819m

increase in operating

expenses. Net

credit loss expenses

were USD 388m compared with USD 303m in the first

nine months of 2024.

Total combined

net interest

income and

other net

income from

financial instruments

measured at

fair value

through

profit

loss

increased

USD 2,420m

USD 15,316m.

Global

Wealth

Management

revenues

increased

USD 906m,

mainly

driven

the

consolidation of

Credit

Suisse AG revenues

for

the

full

period.

The

remaining

variance was

driven by

balance sheet

optimization measures,

lower liquidity

and funding

costs, positive

foreign

currency effects, and

the effects of

favorable changes in deposit

mix, partly offset by

the impact of

lower central

bank interest rates on deposit revenues and by lower loan revenues, which reflected margin contraction.

Personal

& Corporate Banking

revenues increased by

USD 626m, largely reflecting

the consolidation of

Credit Suisse AG net

interest income for the full period.

Investment Bank revenues increased

by USD 1,238m, mainly in Global

Markets,

due to

an increase

in Derivatives

& Solutions

revenues that resulted

from higher

revenues across

all products,

well as higher

revenues in Financing,

led by Prime

Brokerage, supported by

higher client balances.

Non-core and

Legacy revenues

were negative USD 124m,

compared with positive

USD 203m in

the first

nine months

of 2024,

mainly due to

lower net gains

from position exits

and lower net

interest income from

securitized product

and credit

portfolios and

the effect

from the

consolidation of Credit

Suisse AG revenues for

the full

period, partly

offset by

lower markdowns.

Net fee and commission

income increased by USD 3,169m to USD

20,253m. Fees for portfolio management and

services

increased

USD 1,320m

and

investment

fund

fees

increased

USD 772m,

which

included

increases

driven

the

consolidation of

Credit

Suisse AG revenues

for

the

full

period,

predominantly in

Global

Wealth Management and

Asset Management.

The year-on-year increase

in Global Wealth

Management in these

fee categories

was also

driven by

higher average

levels of

fee-generating assets

reflecting positive

impacts from

market

performance,

and

net

new

fee-generating

asset

inflows

over

the

course

the

last

months.

Net

brokerage fees

increased by

USD 761m due

to higher

levels of

client activity

across the

Asia Pacific,

EMEA and

Americas regions

in Global

Wealth Management

and also

due to

higher volumes,

across all

regions,

in Cash

Equities

in Execution Services in the Investment Bank.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | UBS AG consolidated performance

Other

income

was

USD 675m

compared

with

USD 1,025m

the

first

nine

months

2024

and

included

the

consolidation of Credit Suisse AG income for the full period. The first

nine months of 2025 included a USD 128m

gain from the sale

of a stake in

CSS, a USD 64m gain from

the Swisscard transactions and a

USD 33m gain from

the sale of our

wealth management business in India. These gains

were partly offset by a

USD 156m loss relating

to an investment in

an associate. The first

nine months of 2024

included a USD 119m gain

related to the sale

an investment in an associate, as well as

a USD 113m net gain from disposals.

Personnel

expenses

increased

USD

2,610m

USD

17,356m,

mainly

reflecting

the

consolidation

Credit Suisse AG expenses for the full period. Additionally, there were increases in financial advisor compensation,

resulting from higher

compensable revenues,

and accruals for

variable compensation,

as well as

integration-related

expenses for post-employment benefit plans.

General and

administrative

expenses increased

by USD 1,024m

to USD 12,608m,

mainly driven

by the

consolidation

Credit

Suisse AG expenses

for

the

full

period.

The

overall

increase

was

largely attributable

increase of

USD 1,079m related

to shared

services costs

for Technology,

Finance and

Risk charged

by shared

services subsidiaries

of the

UBS Group.

General and

administrative expenses

also included

a USD 180m

expense related

to the

Swisscard

transactions in

Personal &

Corporate Banking

and increases

of USD 103m

in technology

costs and

USD 96m in

consulting,

legal

and

audit

fees.

These

increases

were

partly

offset

USD 721m

decrease

expenses

for

litigation, regulatory and

similar matters,

mainly due to the

costs recognized in the

first nine months of

2024 when

UBS agreed to fund an offer

by the Credit Suisse supply

chain finance funds to redeem

all of the outstanding units

in the respective funds.

Outlook

With

valuations

elevated

across

most

asset

classes

entering

the

fourth

quarter,

investors

remain

engaged

but

increasingly focused on

hedging downside risks,

which is also

evident in periodic

headline-driven spikes

in volatility.

Against

this

backdrop,

transactional

activity

and

our

deal

pipelines

remain

healthy,

though

sentiment

can

shift

quickly as confidence

in the outlook

is tested and

seasonal effects

come into

play. Furthermore,

macro uncertainties

along

with

strong

Swiss

franc

and

higher

tariffs

are

clouding

the

outlook

for

the

Swiss

economy,

and

prolonged US government shutdown may delay

capital market activities.

In the fourth

quarter, we expect

net interest income

in US dollars

to remain broadly

stable in each

of Global Wealth

Management and Personal

& Corporate Banking. Credit

loss expense in Personal

& Corporate Banking is projected

around

CHF 80m.

Quarter-end

transactional

activity

levels

the

Investment

Bank

are

likely

normalize

compared with the

strong prior-year period

when markets were

unusually active ahead

of the

US administration

change.

We remain focused on actively engaging with our clients, helping them to navigate a

complex environment while

executing on

our growth

and integration

plans. We

are confident

in our

ability to

deliver on

our 2026

financial

targets, leveraging the power of our diversified

business model and global footprint.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Global Wealth Management

Global Wealth Management

As of or for the quarter ended

% change from

Year-to-date

USD m, except where indicated

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Results

Net interest income

1,655

1,587

1,662

4,831

4,183

Recurring net fee income

3,475

3,352

3,235

10,101

8,821

Transaction-based income

1,271

1,225

1,143

3,919

3,088

Other income

(3)

Total revenues

6,398

6,171

6,056

18,861

16,166

Credit loss expense / (release)

(2)

121

Operating expenses

5,193

5,121

5,131

15,383

13,579

Business division operating profit / (loss) before tax

1,197

1,052

922

3,465

2,577

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

29.9

46.0

(5.4)

34.5

(21.1)

Cost / income ratio (%)

81.2

83.0

84.7

81.6

84.0

Financial advisor compensation

1,419

1,334

1,335

4,162

3,892

Invested assets (USD bn)

4,714

4,512

4,259

4,714

4,259

Loans, gross (USD bn)

323.5

319.9

313.5

323.5

313.5

Customer deposits (USD bn)

478.4

489.0

482.2

(2)

(1)

478.4

482.2

Credit-impaired loan portfolio as a percentage of total loan

portfolio, gross (%)

1,4

0.5

0.4

0.5

0.4

Advisors (full-time equivalents)

9,499

9,565

9,897

(1)

(4)

9,499

9,897

1 Refer to “Alternative performance

measures” in the appendix to this report for

the definition and calculation method.

2 Relates to licensed professionals with the ability to

provide investment advice to clients in

the Americas. Consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. Also includes expenses related to compensation commitments with financial

advisors

entered into at the time

of recruitment that are

subject to vesting requirements.

Recruitment loans to

financial advisors were USD 1,551m

as of 30 September 2025.

3 Loans and Customer deposits

in this table

include customer brokerage receivables

and payables, respectively,

which are presented in separate

reporting lines on the balance

sheet.

4 Refer to the “Risk management

and control” section of the

UBS Group

third quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors,

for more information about credit-impaired exposures. Excludes loans to financial advisors.

Results: 3Q25 vs 3Q24

Profit before tax increased by

USD 275m, or 30%, to

USD 1,197m, mainly driven by higher

total revenues, partly

offset by higher operating expenses.

Total revenues

Total revenues increased by USD 342m, or

6%, to USD

6,398m, mainly due

to higher

recurring net fee

income and

transaction-based income.

Net

interest

income

decreased

USD 7m

USD 1,655m,

largely

driven

the

impact

lower

central

bank

interest rates on

deposit revenues and

by lower loan

revenues,

reflecting margin contraction.

These decreases

were

almost entirely offset by lower liquidity and

funding costs,

the effects of favorable changes in deposit

mix, balance

sheet optimization measures,

and positive foreign currency effects.

Recurring net fee

income increased by

USD 240m, or 7%,

to USD 3,475m and

largely consisted of

fees for services

provided on an ongoing basis,

such as portfolio management

fees, asset-based investment fund

fees, custody fees

and administrative fees for accounts. The year-on-year increase was mainly driven by higher

average levels of fee-

generating assets reflecting positive

impacts from market performance

and net new

fee-generating asset inflows

over the course of the last 12 months, mainly

driven by mandate sales.

Transaction-based income

increased by

USD 128m, or

11%, to

USD 1,271m, mainly

driven by

higher levels

of client

activity in the Asia Pacific,

EMEA and Americas regions.

Other income was negative

USD 3m, compared with positive

USD 16m, and included

a loss of USD 38m

related to

an investment in an associate and a USD 33m

gain from the sale of our wealth management

business in India.

Credit loss expense / release

Net credit loss expenses were

USD 7m, compared with net credit

loss expenses of USD 3m in the

third quarter of

2024.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Global Wealth Management

Operating expenses

Operating

expenses

increased

USD 62m,

1%,

USD 5,193m,

mainly

driven

increase

post-

employment benefit plans, predominantly

related to

integration-related expenses, and by

an increase in

financial

advisor compensation

as a

result of

higher compensable

revenues, partly

offset by

net releases

in provisions

for

litigation, regulatory and

similar matters,

primarily reflecting USD 284m

of releases

related to

the resolution

of a

legacy matter concerning cross-border business activities

in France.

›

Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent

liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,

regulatory and similar matters

Invested assets: 3Q25 vs 2Q25

Invested assets increased

by USD 202bn, or

4%, to USD 4,714bn,

mainly driven by

positive market performance

USD 177bn and net new

asset inflows, partly offset by

negative foreign currency effects of

USD 7bn. Positive net

new assets were driven

by inflows in the

Asia Pacific region, including

flows linked to strategic

holdings and higher

levels

client

activity

across

the

region.

The EMEA and

Switzerland

regions

also

contributed

positive

net

new

assets.

Loans: 3Q25 vs 2Q25

Loans increased by USD 3.6bn to USD 323.5bn,

mainly driven by positive net new loans.

›

Refer to the “Risk management and control” section of the UBS Group third quarter 2025 report, available under

“Quarterly reporting” at

ubs.com/investors

, for more information

Customer deposits: 3Q25 vs 2Q25

Customer

deposits

decreased by

USD 10.6bn

USD 478.4bn, mainly

driven

net

new

deposit

outflows and

negative foreign currency effects.

Results: 9M25 vs 9M24

Profit before tax increased by USD 888m,

or 34%, to USD 3,465m, largely driven

by higher total revenues and the

positive impact from the merger of UBS AG and

Credit Suisse AG, partly offset by higher

operating expenses.

Total

revenues

increased

USD 2,695m,

17%,

USD 18,861m, mainly

reflecting

higher

recurring

net

fee

income, transaction-based income and net

interest income. The

remaining increase was due

to the consolidation

of Credit Suisse AG revenues for the full period.

Net interest income

increased by USD 648m,

or 15%, to USD 4,831m,

mainly driven by

the consolidation of

Credit

Suisse AG

net

interest

income

for

the

full

period.

The

remaining

variance

was

mainly

due

balance

sheet

optimization

measures,

lower

liquidity

and

funding

costs,

positive

foreign

currency

effects

and

the

effects

favorable changes in

deposit mix. These

increases

were partly offset

by the impact

of lower central

bank interest

rates on deposit revenues and by lower loan revenues,

which reflected margin contraction.

Recurring net fee

income increased

by USD 1,280m, or

15%, to USD 10,101m,

mainly due to

higher average

levels

of fee-generating

assets reflecting

positive impacts

from market

performance and

net new

fee-generating asset

inflows over the

course of the

last 12 months,

largely driven by

mandate sales. The

increase was also

due to the

consolidation of Credit Suisse AG recurring net

fee income for the full period.

Transaction-based income

increased by

USD 831m, or

27%, to

USD 3,919m, mainly

driven by

higher levels

of client

activity across

the Asia

Pacific,

EMEA and

Americas regions

and by

the consolidation

of Credit

Suisse AG transaction-

based income for the full period.

Other

income decreased

by USD 63m

to USD 11m,

mostly due

to lower

shared services

costs charged

to other

subsidiaries of UBS Group AG,

mainly related to

secondments,

and included a

net loss of

USD 42m related to an

investment in an associate, partly offset by a

USD 33m gain from the sale

of our wealth management business in

India.

Net credit

loss expenses

were USD 13m,

compared with

net credit

loss expenses

of USD 10m

in the

first nine

months

of 2024.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Global Wealth Management

Operating expenses

increased by

USD 1,804m, or

13%, to

USD 15,383m, mainly

driven by

the consolidation

Credit Suisse AG operating expenses for the

full period and by

an increase in financial

advisor compensation as a

result of

higher compensable

revenues, partly

offset by

net releases

in provisions

for litigation,

regulatory and

similar

matters,

primarily reflecting USD 284m

of releases

related to

the resolution of

a legacy

matter concerning cross-

border business activities in France.

›

Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent

liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,

regulatory and similar matters

Personal & Corporate Banking

Personal & Corporate Banking – in Swiss francs

As of or for the quarter ended

% change from

Year-to-date

CHF m, except where indicated

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Results

Net interest income

938

929

1,059

(11)

2,819

2,522

Recurring net fee income

337

313

340

(1)

979

833

Transaction-based income

443

484

422

(8)

1,380

1,075

Other income

(57)

(28)

106

(17)

Total revenues

1,661

1,698

1,877

(2)

(12)

5,162

4,510

Credit loss expense / (release)

(32)

(14)

206

180

Operating expenses

1,281

1,224

1,244

3,878

2,864

Business division operating profit / (loss) before tax

318

383

561

(17)

(43)

1,079

1,467

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

(43.3)

(7.4)

(3.8)

(26.4)

(16.2)

Cost / income ratio (%)

77.1

72.1

66.3

75.1

63.5

Net interest margin (bps)

150

148

169

150

168

Loans, gross (CHF bn)

250.0

251.5

247.4

(1)

250.0

247.4

Customer deposits (CHF bn)

247.9

250.5

253.5

(1)

(2)

247.9

253.5

Credit-impaired loan portfolio as a percentage of total loan

portfolio, gross (%)

1,2

1.2

1.3

1.4

1.2

1.4

Refer to “Alternative performance measures”

in the appendix to this report for the definition and calculation method.

Refer to the “Risk management and control” section of the UBS Group third

quarter 2025

report, available under “Quarterly reporting” at ubs.com/investors, for more

information about credit-impaired exposures.

Results

3Q25 vs 3Q24

Profit before

tax decreased

by CHF 243m,

or 43%,

to CHF 318m,

as lower

total revenues

and higher

operating

expenses were partly offset by lower net credit loss expenses.

Total revenues

Total

revenues decreased

by CHF 216m,

or 12%,

to CHF 1,661m,

mainly due

to lower

net interest

income and

other income, and included a loss of CHF

81m related to an investment in an associate.

Net interest income decreased by CHF 121m, or 11%, to

CHF 938m, mainly reflecting the impact of lower central

bank interest rates on deposit revenues. This was partly offset by deposit pricing measures and lower liquidity and

funding costs.

Recurring net

fee income

decreased by

CHF 3m, or

1%, to

CHF 337m and

largely consisted

of fees

for services

provided on an ongoing basis, such as administrative

fees for accounts, custody fees,

asset-based investment fund

fees and

portfolio management

fees. The

year-on-year change

was negatively

affected by

lower Swisscard

revenues

and a reclassification of

recurring net fee income

to transaction-based income

as a result of

aligning Credit Suisse’s

presentation to

that of

UBS in

the second

half of

2024. These

effects were

partly offset

by higher

custody fees,

mainly reflecting positive market performance

and net new inflows.

Transaction-based income increased

by CHF 21m,

or 5%,

to CHF 443m,

mostly due

to higher

corporate finance

fees and the positive effect from the aforementioned

reclassification.

Other income was

negative CHF 57m, compared

with positive CHF 56m

and included a

loss of CHF 81m

related to

an investment in an associate.

Credit loss expense / release

Net credit loss expenses were CHF 62m and mainly reflected net expenses on credit-impaired positions. Net credit

loss expenses in the prior-year quarter were CHF 72m.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Personal & Corporate Banking

Operating expenses

Operating

expenses

increased

CHF 37m,

3%,

CHF 1,281m

and

included

higher

integration-related

expenses,

partly offset by

lower personnel and real

estate expenses and by

CHF 29m of net releases

in provisions

for litigation,

regulatory and

similar matters related

to the

resolution of

a legacy

matter concerning cross-border

business activities in France.

›

Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent

liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,

regulatory and similar matters

Results

9M25 vs 9M24

Profit before tax decreased

by CHF 388m, or

26%, to CHF 1,079m,

as higher total

revenues were more

than offset

by higher operating expenses and net credit

loss expenses.

Total

revenues

increased

CHF 652m,

14%,

CHF 5,162m,

mainly

due

the

consolidation

Credit

Suisse AG revenues for the full period, and included a

gain of CHF 58m related to the Swisscard

transactions and

a net loss of CHF 90m related to an investment

in an associate.

Net interest income

increased by CHF 297m,

or 12%, to CHF 2,819m,

largely reflecting the

consolidation of Credit

Suisse AG net interest income for the full period.

Recurring net

fee income

increased by

CHF 146m, or

18%, to

CHF 979m, mostly

due to the

consolidation of

Credit

Suisse AG recurring

net fee

income for

the full

period, as

well as

higher custody

fees, mainly

reflecting net

new

inflows and positive market performance.

Transaction-based income

increased by

CHF 305m, or

28%, to

CHF 1,380m, largely

due to

the consolidation

Credit Suisse AG transaction-based income

for the full period.

Other income was negative CHF 17m, compared with positive CHF 81m, and included a gain of CHF 58m related

to the Swisscard transactions and a net loss

of CHF 90m related to an investment in an associate.

Net credit loss expenses were

CHF 206m, primarily due to net

credit loss expenses on credit-impaired

positions in

the

legacy

Credit

Suisse

corporate

loan

book.

Net

credit

loss

expenses

the

first

nine

months

2024

were

CHF 180m.

Operating expenses increased by CHF 1,014m,

or 35%, to CHF 3,878m, largely due to the

consolidation of Credit

Suisse AG operating expenses for the full

period, a CHF 164m expense related to

the Swisscard transactions,

and

higher

integration-related

expenses,

partly

offset

lower

personnel

expenses,

including

lower

variable

compensation, and by CHF

29m of net releases in

provisions for litigation,

regulatory and similar

matters related to

the resolution of a legacy matter concerning

cross-border business activities in France.

›

Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent

liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,

regulatory and similar matters

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Personal & Corporate Banking

Personal & Corporate Banking – in US dollars

As of or for the quarter ended

% change from

Year-to-date

USD m, except where indicated

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Results

Net interest income

1,168

1,142

1,233

(5)

3,369

2,868

Recurring net fee income

420

385

396

1,171

946

Transaction-based income

551

594

492

(7)

1,651

1,220

Other income

(72)

(35)

106

(32)

Total revenues

2,067

2,086

2,185

(1)

(5)

6,158

5,127

Credit loss expense / (release)

114

(31)

(7)

249

203

Operating expenses

1,595

1,504

1,449

4,625

3,257

Business division operating profit / (loss) before tax

394

469

653

(16)

(40)

1,284

1,667

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

(39.6)

3.0

(0.2)

(23.0)

(13.9)

Cost / income ratio (%)

77.2

72.1

66.3

75.1

63.5

Net interest margin (bps)

148

152

172

151

169

Loans, gross (USD bn)

313.9

316.9

292.2

(1)

313.9

292.2

Customer deposits (USD bn)

311.3

315.5

299.4

(1)

311.3

299.4

Credit-impaired loan portfolio as a percentage of total loan

portfolio, gross (%)

1,2

1.2

1.3

1.4

1.2

1.4

1 Refer to “Alternative performance measures” in the

appendix to this report for the definition and calculation method.

2 Refer to the “Risk management and control” section of the UBS Group third quarter

2025

report, available under “Quarterly reporting”

at ubs.com/investors, for more information about credit-impaired exposures.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Asset Management

Asset Management

As of or for the quarter ended

% change from

Year-to-date

USD m, except where indicated

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Results

Net management fees

755

733

758

2,200

1,827

Performance fees

125

156

Net gain from disposals

(99)

(1)

113

Total revenues

842

771

888

(5)

2,354

2,031

Credit loss expense / (release)

Operating expenses

622

720

(14)

1,848

1,691

Business division operating profit / (loss) before tax

220

149

168

506

340

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

30.7

22.8

95.6

49.0

25.6

Cost / income ratio (%)

73.9

80.7

81.1

78.5

83.3

Gross margin on invested assets (bps)

Information by business line / asset

class

Invested assets (USD bn)

Equities

873

846

747

873

747

Fixed Income

499

497

471

499

471

of which: money market

172

169

153

172

153

Multi-asset & Solutions

360

304

285

360

285

Hedge Fund Businesses

Real Estate & Private Markets

158

159

152

(1)

158

152

Total invested assets excluding associates

1,954

1,868

1,714

1,954

1,714

of which: passive strategies

992

930

806

992

806

Associates

Total invested assets

2,043

1,952

1,797

2,043

1,797

Information by region

Invested assets (USD bn)

Americas

486

465

438

486

438

Asia Pacific

249

236

229

249

229

EMEA (excluding Switzerland)

519

487

403

519

403

Switzerland

789

765

728

789

728

Total invested assets

2,043

1,952

1,797

2,043

1,797

Information by channel

Invested assets (USD bn)

Third-party institutional

1,169

1,129

1,010

1,169

1,010

Third-party wholesale

200

179

182

200

182

UBS’s wealth management businesses

585

559

522

585

522

Associates

Total invested assets

2,043

1,952

1,797

2,043

1,797

1 Net management fees include transaction

fees, fund administration revenues

(including net interest and trading

income from lending activities and

foreign-exchange hedging as part of the

fund services offering),

distribution fees, incremental fund-related

expenses, gains or losses

from seed money and co-investments,

funding costs, the negative

pass-through impact of third-party performance

fees, and other items

that are

not Asset Management’s performance fees.

2 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method.

3 In the third quarter of 2025, certain portfolios

were reclassified from Equities and Fixed Income to Multi-asset & Solutions, as a

result of aligning Credit Suisse presentation to that of UBS. These changes were applied prospectively.

4 The invested assets amounts

reported for associates are prepared in accordance with their local regulatory requirements and practices.

5 Includes invested assets from associates.

Results: 3Q25 vs 3Q24

Profit before tax increased by USD 52m, or 31%, to USD 220m, reflecting lower operating expenses, partly offset

by lower total revenues.

Total revenues

Total

revenues decreased by USD 46m,

or 5%, to USD 842m,

mainly due to the

third quarter of 2024

including an

USD 84m net gain from disposals, partly offset by higher

performance fees. The gross margin was 17 basis

points.

Net management fees decreased by USD 3m to USD 755m, of which USD 736m was reported within net fee and

commission

income

for

UBS AG.

Positive

market

performance

and

foreign

currency

effects,

well

higher

transaction fees, were largely offset by the negative impact from continued margin compression and by USD 27m

negative revenues

related to

Hedge

Fund Businesses

(linked

to the

below-described increase

performance

fees). Net management fees were also impacted by a USD 19m revaluation in the third quarter of 2024 related to

a real-estate fund co-investment.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Asset Management

Performance

fees

increased

USD 41m,

90%,

USD 87m,

all

which

was

reported

within

net

fee

and

commission income for UBS AG.

The increase was mainly

due to a

USD 51m increase in revenues

in Hedge Fund

Businesses

(partly

offset

the

aforementioned negative

revenues

net

management fees),

partly

offset

USD 9m decrease in Fixed Income.

Operating expenses

Operating expenses decreased by USD 98m, or

14%, to USD 622m, driven by lower

non-personnel and personnel

expenses.

Invested assets: 3Q25 vs 2Q25

Invested

assets

increased

USD 91bn,

5%,

USD 2,043bn,

reflecting

positive

market

performance

USD 78bn

and

net

new

money

USD 18bn,

partly

offset

negative

foreign

currency

effects

USD 4bn.

Excluding money market flows and associates,

net new money was positive USD 14bn.

Results: 9M25 vs 9M24

Profit

before

tax

increased

USD 166m,

49%,

USD 506m,

mainly

reflecting

the

impact

from

the

consolidation of Credit Suisse AG for the full period.

Total revenues

increased by

USD 323m, or

16%, to

USD 2,354m, primarily reflecting

the consolidation of

Credit

Suisse AG revenues for the full period and higher performance fees, partly offset by the first nine months of 2024

including USD 113m of net gains from

disposals. The gross margin was 17 basis points.

Net

management

fees

increased

USD 373m,

20%,

USD 2,200m,

which

USD 2,113m

was

reported

within

net

fee

and

commission

income

for

UBS AG.

The

increase

largely

reflected

the

consolidation

Credit

Suisse AG net

management fees

for the

full period,

partly offset

by USD 27m

of negative

revenues related

to Hedge

Fund Businesses

(linked to

the below-described

increase in

performance fees) and

a USD 19m

revaluation in

the

first nine months of 2024 related to a real-estate

fund co-investment.

Performance fees

increased by

USD 65m, or

71%, to

USD 156m, all

of which

was reported

within net

fee and

commission income for UBS AG.

The increase was mainly

due to a

USD 68m increase in revenues

in Hedge Fund

Businesses (partly offset by the aforementioned

negative revenues in net management

fees).

Operating expenses

increased by

USD 157m, or

9%, to

USD 1,848m, largely

due to

the consolidation

of Credit

Suisse AG operating expenses for the full period,

partly offset by lower non-personnel and

personnel expenses.

Investment Bank

As of or for the quarter ended

% change from

Year-to-date

USD m, except where indicated

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Results

Advisory

324

192

220

738

611

Capital Markets

639

335

339

1,323

1,087

Global Banking

963

527

558

2,061

1,698

Execution Services

560

501

440

1,578

1,243

Derivatives & Solutions

962

1,119

949

(14)

3,381

2,762

Financing

671

670

506

2,005

1,574

Global Markets

2,192

2,289

1,895

(4)

6,964

5,579

of which: Equities

1,656

1,623

1,417

5,094

4,114

of which: Foreign Exchange, Rates and Credit

536

666

477

(20)

1,869

1,465

Total revenues

3,156

2,816

2,453

9,024

7,277

Credit loss expense / (release)

(48)

377

111

Operating expenses

2,352

2,385

2,240

(1)

7,192

6,523

Business division operating profit / (loss) before tax

782

390

209

100

274

1,721

718

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

273.9

64.7

n.m.

139.5

36.6

Cost / income ratio (%)

74.5

84.7

91.3

79.7

89.6

1 Refer to “Alternative performance measures” in the appendix to this report

for the definition and calculation method.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Investment Bank

Results: 3Q25 vs 3Q24

Profit before

tax increased

by USD 573m,

or 274%,

to USD 782m,

mainly due

to higher

total revenues,

partly offset

by higher operating expenses.

Total revenues

Total

revenues increased by

USD 703m, or 29%,

to USD 3,156m, due

to higher revenues

in Global Banking

and

Global Markets,

and included a USD 128m gain from the sale of a stake in Credit Suisse Securities (China) Limited

(CSS).

›

Refer to “Other developments” in the “Recent developments” section of this report for more information about the

sale of a stake in CSS

Global Banking

revenues increased

by USD 405m,

or 73%,

to USD 963m,

driven by

higher Capital

Markets and

Advisory revenues, and included the aforementioned

gain from the sale of a stake in CSS.

Advisory revenues

increased by

USD 104m, or

47%, to

USD 324m, largely

driven by

an increase

in merger

and

acquisition transaction revenues.

Capital Markets revenues

increased by USD 300m,

or 89%, to

USD 639m, driven

by the aforementioned

gain from

the sale of a

stake in CSS and by

higher revenues in Leveraged Capital Markets, Equity Capital

Markets and Debt

Capital Markets.

Global Markets

Global Markets revenues increased by USD

297m, or 16%, to USD 2,192m,

mostly driven by higher

Financing and

Execution Services revenues.

Execution Services revenues

increased by USD 120m,

or 27%, to USD 560m,

mainly driven by higher

Cash Equities

revenues, led by the Asia Pacific region, reflecting

higher volumes.

Derivatives & Solutions revenues increased

by USD 13m, or 1%, to USD 962m.

Financing revenues increased by USD 165m,

or 33%, to USD 671m,

led by Prime

Brokerage revenues, supported

by higher client

balances. The prior-year quarter included

a gain of

USD 51m

on the sale

of our investment in

associate.

Equities

Global

Markets

Equities

revenues

increased

USD 239m,

17%,

USD 1,656m,

mainly

driven

higher

revenues in Prime Brokerage and Cash Equities. The prior-year

quarter included a gain of USD 51m on the sale of

our investment in an associate.

Foreign Exchange, Rates and Credit

Global Markets

Foreign Exchange,

Rates and

Credit revenues increased

by USD 59m,

or 12%,

to USD 536m,

driven

by increases in Rates & Credit and Foreign Exchange revenues.

Credit loss expense / release

Net credit loss expenses were USD 21m, compared with net

credit loss expenses of USD 4m in the third quarter

2024.

Operating expenses

Operating expenses increased by USD 112m, or 5%,

to USD 2,352m, mainly due to higher personnel

expenses.

Results: 9M25 vs 9M24

Profit before tax increased

by USD 1,003m, or 140%,

to USD 1,721m, due to

higher total revenues, partly

offset

by higher operating expenses and net credit

loss expenses.

Total revenues increased by USD 1,747m, or 24%, to USD 9,024m, due to higher revenues in Global Markets and

Global Banking,

and included the aforementioned gain

from the sale of a stake in CSS.

Global Banking revenues increased by USD 363m, or 21%, to USD 2,061m, driven by higher revenues in Advisory

and Capital Markets, and included the aforementioned

gain from the sale of a stake in CSS.

Advisory revenues

increased by

USD 127m, or

21%, to

USD 738m, largely

driven by

an increase

in merger

and

acquisition transaction revenues.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Investment Bank

Capital Markets revenues

increased by USD 236m,

or 22%, to

USD 1,323m, mostly driven

by higher revenues

Equity Capital Markets and by the aforementioned

gain from the sale of a stake in CSS.

Global

Markets

revenues

increased

USD 1,385m,

25%,

USD 6,964m,

driven

higher

Derivatives &

Solutions, Financing and Execution Services

revenues.

Execution

Services

revenues

increased

USD 335m,

27%,

USD 1,578m,

mainly

driven

higher

Cash

Equities revenues across all regions, reflecting

higher volumes.

Derivatives & Solutions revenues

increased by USD 619m, or

22%, to USD 3,381m, with higher

revenues across all

products.

Financing revenues increased by USD 431m, or 27%, to

USD 2,005m, with increases in all products, led

by Prime

Brokerage revenues, supported

by higher client balances.

The prior-year period included

a gain of USD 51m

on the

sale of our investment in an associate.

Equities

Global

Markets

Equities

revenues

increased

USD 980m,

24%,

USD 5,094m,

mainly

driven

higher

revenues

Prime

Brokerage,

Cash

Equities

and

Equity

Derivatives.

The

prior-year

period

included

gain

USD 51m on the sale of our investment in an

associate.

Foreign Exchange, Rates and Credit

Global Markets

Foreign Exchange,

Rates and

Credit revenues

increased by

USD 404m, or

28%, to

USD 1,869m,

mainly driven by increases in Foreign Exchange revenues.

Net

credit loss

expenses were

USD 111m, compared

with net

credit loss

expenses of

USD 35m in

the first

nine

months of 2024.

Operating expenses increased by USD 669m,

or 10%, to USD 7,192m, mainly due to

higher personnel expenses.

Non-core and Legacy

As of or for the quarter ended

% change from

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Results

Total revenues

(89)

(140)

225

(36)

(110)

411

Credit loss expense / (release)

(1)

(92)

Operating expenses

737

740

851

(1)

(13)

2,225

2,542

Operating profit / (loss) before tax

(832)

(880)

(701)

(5)

(2,351)

(2,184)

Results: 3Q25 vs 3Q24

Loss before tax was USD 832m, compared with

a loss before tax of USD 701m.

Total revenues

Total

revenues were negative USD 89m,

compared with total revenues

of USD 225m, mainly reflecting lower

net

gains from

position exits

and lower

net interest

income from

the securitized

product portfolio,

partly offset

by lower

markdowns. Total revenues in the third quarter of 2024 included a USD 67m gain from the sale of our investment

in an associate.

Credit loss expense / release

Net credit loss expenses were USD 6m,

compared with net credit loss expenses

of USD 76m, almost entirely driven

by higher credit-impaired positions in the third quarter of 2024.

Operating expenses

Operating expenses decreased by

USD 114m, or 13%, to USD 737m,

primarily driven by lower non-personnel

and

personnel expenses, partly

offset by net expenses

related to provisions for

litigation, regulatory and

similar matters.

UBS AG third quarter 2025 report |

UBS AG performance, business divisions

and Group Items | Non-core and Legacy

Results: 9M25 vs 9M24

Loss before tax was USD 2,351m, compared

with a loss before tax of USD 2,184m.

Total revenues

were negative

USD 110m, compared

with total

revenues of

USD 411m, mainly

reflecting lower

net

gains from position

exits and lower net

interest income

from securitized

product and credit

portfolios

and the effect

from

the

consolidation

Credit

Suisse AG

revenues

for

the

full

period,

partly

offset

lower

markdowns.

Total

revenues

in the first

nine months

of 2025 included

a loss of USD

11m from the

sale of Select

Portfolio

Servicing,

the

US mortgage

servicing business of Credit Suisse. Total

revenues in the first nine months

of 2024 included a USD 67m

gain from the sale of our

investment in an associate.

Net credit

loss expenses

were USD 15m,

compared with

net credit

loss expenses

of USD 53m

in the

first nine

months

of 2024.

Operating expenses

decreased by

USD 317m, or

12%, to

USD 2,225m, mainly

due to

the first

nine months

of 2024

including litigation expenses

of USD 1,074m, largely

reflecting UBS agreeing

in the second

quarter of 2024

to fund

an offer by

the Credit Suisse

supply chain finance

funds to

redeem all the

outstanding units

of the respective

funds.

This effect was partly

offset by USD 497m

of net expenses related

to provisions for

litigation, regulatory and

similar

matters

the

first

nine

months

2025

and

the

effect

from

the

consolidation

Credit

Suisse AG

operating

expenses for the full period.

Group Items

As of or for the quarter ended

% change from

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

2Q25

3Q24

30.9.25

30.9.24

Results

Total revenues

(70)

190

(62)

(44)

(6)

Credit loss expense / (release)

(1)

Operating expenses

327

249

250

875

737

Operating profit / (loss) before tax

(255)

(318)

(61)

(20)

321

(917)

(744)

Results: 3Q25 vs 3Q24

Loss before tax

was USD 255m, mainly reflecting

operating expenses and deferred

tax asset (DTA)

funding costs.

The USD 194m, or 321%,

change in the

result between quarters was

largely due to

lower mark-to-market gains

from Group hedging and own debt, including

hedge accounting ineffectiveness.

Results: 9M25 vs 9M24

Loss before

tax was

USD 917m, mainly

reflecting operating

expenses, DTA

funding costs

and mark-to-market

losses

from Group hedging and own debt, including hedge accounting ineffectiveness. The USD 173m,

or 23%, change

in loss before tax between periods was largely due to an increase

in provisions for litigation, regulatory and similar

matters, higher shared services costs charged by other subsidiaries of UBS Group AG, and losses from disposals of

properties held

for sale.

In addition,

the first

nine months

of 2025

included lower

mark-to-market losses

from Group

hedging and own debt,

including hedge accounting ineffectiveness,

compared with the first

nine months of 2024.

UBS AG third quarter 2025 report |

Risk and capital management | Risk management

and control

Risk and capital management

Management report

Risk management and control

This

section

provides

information

about

key

developments

during

the

reporting

period

and

should

read

conjunction with the “Risk

management and control”

section of the UBS AG Annual

Report 2024, available under

“Annual

reporting”

ubs.com/investors

and

the

“Recent

developments”

section

this

report

for

information about the integration of Credit

Suisse.

UBS AG consolidated risk profile

The risk profile

of UBS AG consolidated

does not differ

materially from that

of UBS Group AG consolidated

and the

risk information provided

in the UBS

Group third quarter 2025

report is equally

applicable to UBS

AG consolidated.

The

credit

risk

profile

UBS AG

consolidated

30 September

2025

differed

from

that

UBS Group AG

consolidated

relation

total

banking

products

exposure,

mainly

reflecting

purchase

price

allocation

effects

booked at the Group level relating to the acquisition of

the Credit Suisse Group, as well as receivables of

UBS AG

and

UBS Switzerland AG

from

UBS Group AG

and

UBS

Business

Solutions AG,

reflecting

consolidation

scope

differences.

The total banking

products exposure of

UBS AG consolidated as

of 30 September 2025

was USD 1,091.0bn, i.e.

USD 7.3bn,

0.7%,

higher

than

the

exposure

UBS Group AG

consolidated. As

30 June

2025,

the

total

banking products exposure

of UBS AG consolidated was

USD 1,111.9bn, i.e. USD

7.7bn, or 0.7%, higher

than the

exposure of UBS Group AG consolidated.

›

Refer to the “Risk management and control” section of the UBS Group third quarter 2025 report, available under

“Quarterly reporting” at

ubs.com/investors

, for more information

›

Refer to the “Comparison between UBS AG consolidated and UBS Group AG consolidated” section of this report for

more information about selected financial and capital information of UBS AG consolidated and UBS Group AG

consolidated

UBS AG third quarter 2025 report |

Risk and capital management | Capital management

Capital management

The

disclosures

this

section

are

provided

for

UBS AG

consolidated

basis

and

focus

information

accordance with the Basel III framework, as applicable to Swiss systemically

relevant banks (SRBs). They should be

read in conjunction with

“Capital management” in

the “Capital, liquidity

and funding, and balance

sheet” section

of the

UBS AG Annual

Report 2024,

available under

“Annual reporting”

ubs.com/investors

, which

provides more

information about relevant capital

management objectives, planning and activities,

as well as

the Swiss SRB

total

loss-absorbing capacity framework, on a UBS

AG consolidated basis.

In Switzerland, the

amendments to the Capital

Adequacy Ordinance (the CAO) that

incorporate the final Basel III

standards into

Swiss law,

including the

five new

ordinances that

contain the

implementing provisions

for the

revised

CAO, entered into force on 1 January 2025.

UBS AG contributes

a significant portion

of capital to,

and provides substantial

liquidity to, its

subsidiaries. Many of

these subsidiaries are subject to local

regulations requiring compliance with minimum capital, liquidity and similar

requirements.

›

Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 September 2025 Pillar 3 Report,

available under “Pillar 3 disclosures” at

ubs.com/investors

, for more information about additional regulatory

disclosures for UBS Group AG on a consolidated basis, as well as the significant regulated subsidiaries and sub-

groups of UBS Group AG

Swiss SRB going and gone concern requirements and information

As of 30.9.25

RWA

LRD

USD m, except where indicated

in %

Required going concern capital

Total going concern capital

15.00

75,347

5.01

82,249

Common equity tier 1 capital

10.63

53,389

3.51

57,607

of which: minimum capital

4.50

22,609

1.50

24,643

of which: buffer capital

5.50

27,633

2.00

32,857

of which: countercyclical buffer

0.44

2,218

Maximum additional tier 1 capital

4.37

21,957

1.50

24,643

of which: additional tier 1 capital

3.50

17,585

1.50

24,643

of which: additional tier 1 buffer capital

0.80

4,019

Eligible going concern capital

Total going concern capital

18.20

91,425

5.57

91,425

Common equity tier 1 capital

14.22

71,460

4.35

71,460

Total loss-absorbing additional tier 1 capital

3.97

19,964

1.22

19,964

of which: high-trigger loss-absorbing additional tier 1 capital

3.97

19,964

1.22

19,964

Required gone concern capital

Total gone concern loss-absorbing capacity

4,5,6

10.73

53,885

3.75

61,607

of which: base requirement including add-ons for market share and LRD

10.73

53,885

3.75

61,607

Eligible gone concern capital

Total gone concern loss-absorbing capacity

19.60

98,452

5.99

98,452

Total tier 2 capital

0.00

of which: non-Basel III-compliant tier 2 capital

0.00

TLAC-eligible unsecured debt

19.60

98,452

5.99

98,452

Total loss-absorbing capacity

Required total loss-absorbing capacity

25.72

129,232

8.76

143,856

Eligible total loss-absorbing capacity

37.79

189,876

11.56

189,876

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

502,425

Leverage ratio denominator

1,642,843

1 Includes applicable add-ons of 1.70% for risk-weighted assets (RWA) and 0.51% for leverage

ratio denominator (LRD), of which 2 basis points for RWA and 1 basis point

for LRD reflect a Pillar 2 capital add-on of

USD 107m related to the supply chain finance funds matter at Credit Suisse. An additional 23 basis points for RWA reflect a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge funds,

private equity and family

offices, effective 1

January 2025.

2 Includes the Pillar 2 add-on

for the residual exposure (after

collateral mitigation) to hedge

funds, private equity

and family offices of 0.16%

for CET1

capital and 0.07% for

AT1 capital, effective

1 January 2025. For

AT1 capital, under

Pillar 1 requirements a

maximum of 4.3% of

AT1 capital can

be used to meet

going concern requirements; 4.37%

includes the

aforementioned Pillar 2 capital add-on.

3 Our CET1 leverage ratio requirement of 3.51% consists of

a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.25% LRD

add-on requirement, a 0.25%

market share add-on requirement based on our Swiss credit business and a 0.01% Pillar 2 capital add-on related to

the supply chain finance funds matter at Credit Suisse.

4 A maximum of 25% of the gone concern

requirements can be met with

instruments that have a remaining

maturity of between one and

two years. Once at

least 75% of the minimum

gone concern requirement has been

met with instruments that have

remaining maturity of greater than two years, all instruments that have a remaining

maturity of between one and two years remain eligible to be included in the total

gone concern capital.

5 From 1 January 2023,

the resolvability discount on the gone concern capital requirements for systemically

important banks (SIBs) has been replaced with reduced base gone concern capital requirements

equivalent to 75% of the total going

concern requirements (excluding countercyclical

buffer requirements and the

Pillar 2 add-ons).

6 As of July

2024, FINMA has the

authority to impose a

surcharge of up to 25%

of the total going

concern capital

requirements (excluding countercyclical buffer requirements and the Pillar

2 add-ons) should obstacles to an SIB’s resolvability be identified in

future resolvability assessments.

7 Includes applicable add-ons of 1.08%

for RWA and 0.38% for LRD.

UBS AG third quarter 2025 report |

Risk and capital management | Capital management

UBS AG, on a consolidated basis, is subject to

the going and gone concern requirements of the Swiss

CAO, which

include additional requirements applicable to Swiss SRBs.

The table above provides the risk-weighted asset (RWA)-

and leverage ratio denominator (LRD)-based

requirements and information as of 30 September 2025.

UBS AG and UBS Switzerland AG are subject

to going and gone concern requirements

on a standalone basis.

Effective 1 January 2025,

a Pillar 2 capital

add-on for uncollateralized

exposures to hedge

funds, private equity

and

family offices has been introduced.

This resulted in an increase of

23 basis points in the RWA-based

going concern

capital requirement as of 30 September 2025.

On a standalone basis as of 30 September 2025, UBS AG’s fully applied common equity tier 1 (CET1) capital ratio

was 13.3%.

Additional capital

information for

UBS AG standalone

is provided

in the

UBS Group

and significant

regulated subsidiaries and sub-groups 30 September 2025 Pillar 3 Report, available under “Pillar 3

disclosures” at

ubs.com/investors

Total loss-absorbing capacity

The table below provides Swiss SRB going and gone concern information based on the Swiss SRB

framework and

requirements that are discussed under “Capital management” in the “Capital, liquidity and funding, and

balance

sheet”

section

the

UBS AG

Annual

Report

2024,

available

under

“Annual

reporting”

ubs.com/investors

Changes to the Swiss SRB framework

and requirements after the publication of the

UBS AG Annual Report 2024

are described above.

Swiss SRB going and gone concern information

USD m, except where indicated

30.9.25

30.6.25

31.12.24

Eligible going concern capital

Total going concern capital

91,425

88,485

89,623

Total tier 1 capital

91,425

88,485

89,623

Common equity tier 1 capital

71,460

69,829

73,792

Total loss-absorbing additional tier 1 capital

19,964

18,656

15,830

of which: high-trigger loss-absorbing additional tier 1 capital

19,964

18,656

14,585

of which: low-trigger loss-absorbing additional tier 1 capital

1,245

Eligible gone concern capital

Total gone concern loss-absorbing capacity

98,452

93,502

92,177

Total tier 2 capital

196

207

of which: non-Basel III-compliant tier 2 capital

196

207

TLAC-eligible unsecured debt

98,452

93,306

91,970

Total loss-absorbing capacity

189,876

181,987

181,800

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

502,425

498,327

495,110

Leverage ratio denominator

1,642,843

1,660,097

1,523,277

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

18.2

17.8

18.1

of which: common equity tier 1 capital ratio

14.2

14.0

14.9

Gone concern loss-absorbing capacity ratio

19.6

18.8

18.6

Total loss-absorbing capacity ratio

37.8

36.5

36.7

Leverage ratios (%)

Going concern leverage ratio

5.6

5.3

5.9

of which: common equity tier 1 leverage ratio

4.3

4.2

4.8

Gone concern leverage ratio

6.0

5.6

6.1

Total loss-absorbing capacity leverage ratio

11.6

11.0

11.9

UBS AG third quarter 2025 report |

Risk and capital management | Capital management

UBS AG vs UBS Group AG consolidated

loss-absorbing capacity and leverage information

Swiss SRB going and gone concern information (UBS AG vs UBS Group AG consolidated)

As of 30.9.25

USD m, except where indicated

UBS AG

(consolidated)

UBS Group AG

(consolidated)

Difference

Eligible going concern capital

Total going concern capital

91,425

94,950

(3,526)

Total tier 1 capital

91,425

94,950

(3,526)

Common equity tier 1 capital

71,460

74,655

(3,194)

Total loss-absorbing additional tier 1 capital

19,964

20,296

(331)

of which: high-trigger loss-absorbing additional tier 1 capital

19,964

20,296

(331)

Eligible gone concern capital

Total gone concern loss-absorbing capacity

98,452

104,379

(5,927)

Total tier 2 capital

of which: non-Basel III-compliant tier 2 capital

TLAC-eligible senior unsecured debt

98,452

104,379

(5,927)

Total loss-absorbing capacity

189,876

199,329

(9,453)

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

502,425

504,897

(2,472)

Leverage ratio denominator

1,642,843

1,640,464

2,380

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

18.2

18.8

(0.6)

of which: common equity tier 1 capital ratio

14.2

14.8

(0.6)

Gone concern loss-absorbing capacity ratio

19.6

20.7

(1.1)

Total loss-absorbing capacity ratio

37.8

39.5

(1.7)

Leverage ratios (%)

Going concern leverage ratio

5.6

5.8

(0.2)

of which: common equity tier 1 leverage ratio

4.3

4.6

(0.2)

Gone concern leverage ratio

6.0

6.4

(0.4)

Total loss-absorbing capacity leverage ratio

11.6

12.2

(0.6)

UBS AG third quarter 2025 report |

Risk and capital management | Capital management

Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital (UBS AG vs UBS

Group AG consolidated)

As of 30.9.25

USD m

UBS AG

(consolidated)

UBS Group AG

(consolidated)

Difference

Total equity under IFRS Accounting Standards

95,594

90,204

5,390

Equity attributable to non-controlling interests

(459)

(305)

(154)

Defined benefit plans, net of tax

(945)

(957)

Deferred tax assets recognized for tax loss carry-forwards

(2,306)

Deferred tax assets for unused tax credits

(883)

Deferred tax assets on temporary differences, excess over threshold

(676)

(1,081)

404

Goodwill, net of tax

(6,290)

(5,785)

(505)

Intangible assets, net of tax

(104)

(714)

610

Compensation-related components (not recognized in net profit)

(2,298)

2,298

Expected losses on advanced internal ratings-based portfolio less provisions

(728)

(721)

(6)

Unrealized (gains) / losses from cash flow hedges, net of tax

1,349

Own credit related to (gains) / losses on financial liabilities

measured at fair value that existed at the balance sheet date,

net of tax

1,657

1,588

Own credit related to (gains) / losses on derivative financial instruments

that existed at the balance sheet date

(73)

Prudential valuation adjustments

(177)

Accruals for dividends to shareholders for 2024

(6,500)

Accruals for expected dividends to shareholders for 2025

(8,000)

(2,340)

(5,660)

Capital reserve for expected future share repurchases

(904)

904

Other

(56)

Total common equity tier 1 capital

71,460

74,655

(3,194)

1 Reflects the appropriation

of USD 6,500m to

a special dividend reserve

approved at the 2025

Annual General Meeting

in April 2025.

The supplementary dividend

of USD 6,500m was

paid to UBS Group

AG in

October 2025 as approved by the Extraordinary General Meeting.

The

going

concern

capital

UBS AG

consolidated

was

USD 3.5bn

lower

than

the

going

concern

capital

UBS Group AG consolidated as of 30 September

2025, reflecting CET1 capital being USD 3.2bn

lower and going

concern loss-absorbing additional tier 1 (AT1)

capital being USD 0.3bn lower.

The aforementioned difference in CET1 capital was

primarily due to a

USD 12.2bn difference in dividend accruals

between UBS AG

and UBS

Group AG, partly

offset by

UBS Group AG’s

consolidated equity

being USD 5.4bn

lower,

compensation-related regulatory

capital accruals

at the

UBS

Group AG level

of USD 2.3bn,

capital

reserve for

expected

future

repurchases

USD 0.9bn

and

USD 0.4bn

effect

from

eligible

deferred

tax

assets

temporary differences.

The

going

concern

loss-absorbing

AT1

capital

UBS AG

consolidated

was

USD 0.3bn

lower

than

that

UBS Group AG consolidated as

of 30 September 2025, mainly

reflecting deferred contingent capital plan

awards

granted at the Group level to eligible employees

for the 2020 to 2024 performance years.

Differences

capital

between

UBS AG

consolidated

and

UBS Group

consolidated

employee

compensation

plans

will

reverse

the

extent

underlying

services

are

performed

employees

of,

and

are

consequently charged to, UBS AG and its subsidiaries.

Such reversal generally occurs over the service

period of the

employee compensation plan.

The

LRD

UBS AG

consolidated

was

USD 2.4bn

higher

than

the

LRD

UBS

Group AG

consolidated,

mainly

reflecting

intercompany

exposures

UBS AG

toward Group

entities,

well

purchase

price

allocation

(PPA)

adjustments that apply at the Group level but not at the UBS AG level, partly offset by fixed assets held outside of

the UBS AG consolidation scope.

The RWA

of UBS AG

consolidated were

USD 2.5bn lower

than the

RWA of

UBS Group AG

consolidated, mainly

reflecting

non-counterparty-related

assets

held

outside

the

UBS AG

consolidation

scope,

partly

offset

intercompany credit risk exposures in UBS AG

toward Group entities outside of the

UBS AG consolidation scope.

The LRD for UBS AG consolidated

exceeds that of UBS

Group AG consolidated, and

UBS AG’s RWA are lower

than

those of UBS Group AG

consolidated.

This divergence stems

mainly from certain PPA

adjustments that apply

at the

Group level but not at the UBS AG level and are

subject to low risk weights.

›

Refer to the “Capital management” section of the UBS Group third quarter 2025 report, available under “Quarterly

reporting” at

ubs.com/investors

, for information about the developments of loss-absorbing capacity, RWA

and LRD

for UBS Group AG consolidated

UBS AG third quarter 2025 report |

Consolidated financial statements

Consolidated financial

statements

Unaudited

Table of contents

UBS AG interim consolidated financial

statements (unaudited)

Income statement

Statement of comprehensive income

Balance sheet

Statement of changes in equity

Statement of cash flows

Notes to the UBS AG interim consolidated financial

statements (unaudited)

Basis of accounting

Accounting for the merger of UBS AG and Credit Suisse AG

Segment reporting

Net interest income

Net fee and commission income

Other income

Personnel expenses

General and administrative expenses

Expected credit loss measurement

Fair value measurement

Derivative instruments

Other assets and liabilities

Funding from UBS Group AG measured at amortized cost

Debt issued designated at fair value

Debt issued measured at amortized cost

Provisions and contingent liabilities

UBS AG third quarter 2025 report |

Consolidated financial statements | UBS

AG interim consolidated financial statements

(unaudited)

UBS AG interim consolidated

financial statements (unaudited)

Income statement

For the quarter ended

Year-to-date

USD m

Note

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Interest income from financial instruments measured at

amortized cost and fair value through

other comprehensive income

6,528

6,895

8,335

20,066

21,467

Interest expense from financial instruments measured at

amortized cost

(6,567)

(6,805)

(8,820)

(20,281)

(21,952)

Net interest income from financial instruments measured

at fair value through profit or loss and other

1,647

1,495

2,045

4,736

3,573

Net interest income

1,608

1,584

1,560

4,520

3,088

Other net income from financial instruments measured

at fair value through profit or loss

3,498

3,374

3,592

10,796

9,809

Fee and commission income

7,771

7,179

6,986

22,230

18,783

Fee and commission expense

(674)

(653)

(652)

(1,977)

(1,699)

Net fee and commission income

7,097

6,526

6,334

20,253

17,084

Other income

243

150

510

675

1,025

Total revenues

12,446

11,635

11,997

36,244

31,006

Credit loss expense / (release)

113

152

167

388

303

Personnel expenses

5,797

5,649

5,788

17,356

14,746

General and administrative expenses

4,303

4,228

4,014

12,608

11,584

Depreciation, amortization and impairment of non-financial

assets

726

744

838

2,184

2,000

Operating expenses

10,826

10,621

10,640

32,148

28,329

Operating profit / (loss) before tax

1,507

862

1,191

3,708

2,374

Tax expense / (benefit)

213

(336)

194

181

587

Net profit / (loss)

1,294

1,198

997

3,527

1,787

Net profit / (loss) attributable to non-controlling interests

Net profit / (loss) attributable to shareholders

1,288

1,192

996

3,508

1,738

UBS AG third quarter 2025 report |

Consolidated financial statements | UBS

AG interim consolidated financial statements

(unaudited)

Statement of comprehensive income

For the quarter ended

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Comprehensive income attributable to shareholders

Net profit / (loss)

1,288

1,192

996

3,508

1,738

Other comprehensive income that may be reclassified to the income

statement

Foreign currency translation

Foreign currency translation movements related to net assets of foreign operations, before tax

(257)

4,433

2,460

5,482

787

Effective portion of changes in fair value of hedging instruments

designated as net investment hedges, before tax

140

(1,819)

(1,008)

(2,190)

(123)

Foreign currency translation differences on foreign operations reclassified to the

income statement

(1)

Effective portion of changes in fair value of hedging instruments

designated as net investment hedges reclassified

the income statement

Income tax relating to foreign currency translations, including the effect of

net investment hedges

(3)

(4)

Subtotal foreign currency translation, net of tax

(116)

2,610

1,461

3,288

690

Financial assets measured at fair value through other comprehensive income

Net unrealized gains / (losses), before tax

(4)

Net realized (gains) / losses reclassified to the income statement

from equity

Income tax relating to net unrealized gains / (losses)

Subtotal financial assets measured at fair value through other comprehensive

income, net of tax

(4)

Cash flow hedges of interest rate risk

Effective portion of changes in fair value of derivative instruments designated

as cash flow hedges, before tax

(65)

398

1,579

681

169

Net (gains) / losses reclassified to the income statement from

equity

286

296

388

903

1,506

Income tax relating to cash flow hedges

(43)

(131)

(374)

(299)

(255)

Subtotal cash flow hedges, net of tax

178

562

1,593

1,285

1,420

Cost of hedging

Cost of hedging, before tax

(8)

(34)

Income tax relating to cost of hedging

Subtotal cost of hedging, net of tax

(8)

(34)

Total other comprehensive income that may be reclassified to the income statement, net

of tax

117

3,175

3,048

4,648

2,077

Other comprehensive income that will not be reclassified to the income

statement

Defined benefit plans

Gains / (losses) on defined benefit plans, before tax

(7)

(127)

(50)

Income tax relating to defined benefit plans

(22)

(9)

(31)

Subtotal defined benefit plans, net of tax

(16)

(119)

(49)

Own credit on financial liabilities designated at fair value

Gains / (losses) from own credit on financial liabilities designated

at fair value, before tax

(577)

(140)

(317)

(483)

(70)

Income tax relating to own credit on financial liabilities designated

at fair value

(6)

(8)

Subtotal own credit on financial liabilities designated at

fair value, net of tax

(576)

(138)

(323)

(482)

(78)

Total other comprehensive income that will not be reclassified to the income statement,

net of tax

(564)

(154)

(442)

(467)

(128)

Total other comprehensive income

(447)

3,021

2,606

4,181

1,949

Total comprehensive income attributable to shareholders

841

4,213

3,602

7,689

3,687

Comprehensive income attributable to non-controlling

interests

Net profit / (loss)

Total other comprehensive income that will not be reclassified to the income statement,

net of tax

(1)

(11)

Total comprehensive income attributable to non-controlling interests

Total comprehensive income

Net profit / (loss)

1,294

1,198

997

3,527

1,787

Other comprehensive income

(448)

3,034

2,626

4,208

1,937

of which: other comprehensive income that may be reclassified

to the income statement

117

3,175

3,048

4,648

2,077

of which: other comprehensive income that will not be reclassified

to the income statement

(565)

(142)

(422)

(440)

(139)

Total comprehensive income

846

4,231

3,623

7,735

3,724

UBS AG third quarter 2025 report |

Consolidated financial statements | UBS

AG interim consolidated financial statements

(unaudited)

Balance sheet

USD m

Note

30.9.25

30.6.25

31.12.24

Assets

Cash and balances at central banks

218,738

236,193

223,329

Amounts due from banks

18,666

20,688

18,111

Receivables from securities financing transactions measured at amortized

cost

95,343

110,161

118,302

Cash collateral receivables on derivative instruments

43,538

45,478

43,959

Loans and advances to customers

653,269

653,195

587,347

Other financial assets measured at amortized cost

72,904

72,546

59,279

Total financial assets measured at amortized cost

1,102,458

1,138,262

1,050,326

Financial assets at fair value held for trading

178,831

169,487

159,223

of which: assets pledged as collateral that may be sold or repledged

by counterparties

45,062

46,336

38,532

Derivative financial instruments

10, 11

154,712

170,622

186,435

Brokerage receivables

30,633

29,068

25,858

Financial assets at fair value not held for trading

105,566

107,503

95,203

Total financial assets measured at fair value through profit or loss

469,742

476,680

466,719

Financial assets measured at fair value through other comprehensive income

9,801

6,872

2,195

Investments in associates

2,260

2,628

2,306

Property, equipment and software

12,246

12,425

12,091

Goodwill and intangible assets

6,743

6,753

6,661

Deferred tax assets

11,121

11,112

10,481

Other non-financial assets

19,505

17,082

17,282

Total assets

1,633,877

1,671,814

1,568,060

Liabilities

Amounts due to banks

28,182

31,928

23,347

Payables from securities financing transactions measured at amortized cost

18,650

16,308

14,824

Cash collateral payables on derivative instruments

34,546

33,492

36,366

Customer deposits

786,323

804,705

749,476

Funding from UBS Group AG measured at amortized cost

117,178

113,000

107,918

Debt issued measured at amortized cost

99,063

107,505

101,104

Other financial liabilities measured at amortized cost

17,559

18,528

21,762

Total financial liabilities measured at amortized cost

1,101,501

1,125,466

1,054,796

Financial liabilities at fair value held for trading

53,796

52,346

35,247

Derivative financial instruments

10, 11

163,534

183,905

180,678

Brokerage payables designated at fair value

62,067

57,951

49,023

Debt issued designated at fair value

10, 14

105,857

108,252

102,567

Other financial liabilities designated at fair value

10, 12

37,645

35,529

34,041

Total financial liabilities measured at fair value through profit or loss

422,899

437,984

401,555

Provisions

4,539

5,082

5,131

Other non-financial liabilities

9,345

8,429

11,911

Total liabilities

1,538,283

1,576,960

1,473,394

Equity

Share capital

386

Share premium

84,721

84,705

84,777

Retained earnings

4,427

3,703

7,838

Other comprehensive income recognized directly in equity, net of tax

5,600

5,483

1,002

Equity attributable to shareholders

95,135

94,278

94,003

Equity attributable to non-controlling interests

459

576

662

Total equity

95,594

94,854

94,666

Total liabilities and equity

1,633,877

1,671,814

1,568,060

UBS AG third quarter 2025 report |

Consolidated financial statements | UBS

AG interim consolidated financial statements

(unaudited)

Statement of changes in equity

USD m

capital and

premium

Retained

earnings

OCI recognized

directly in

equity,

net of tax

of which:

foreign

currency

translation

of which:

cash flow

hedges

Total equity

attributable to

shareholders

Balance as of 1 January 2025

85,163

7,838

1,002

3,686

(2,585)

94,003

Premium on shares issued and warrants exercised

(7)

Tax (expense) / benefit

Dividends

(6,500)

Translation effects recognized directly in retained earnings

(50)

Share of changes in retained earnings of associates and

joint ventures

(2)

New consolidations / (deconsolidations) and other increases

/ (decreases)

(86)

Total comprehensive income for the period

3,041

4,648

3,288

1,285

7,689

of which: net profit / (loss)

3,508

of which: OCI, net of tax

(467)

4,648

3,288

1,285

4,181

Balance as of 30 September 2025

85,107

4,427

5,600

6,974

(1,349)

95,135

Non-controlling interests as of 30 September 2025

459

Total equity as of 30 September 2025

95,594

Balance as of 1 January 2024

25,024

28,235

1,974

4,947

(2,961)

55,234

Equity recognized due to the merger of UBS AG and Credit Suisse

60,571

(18,848)

(291)

41,432

Premium on shares issued and warrants exercised

Tax (expense) / benefit

Dividends

(3,000)

Translation effects recognized directly in retained earnings

(3)

Share of changes in retained earnings of associates and

joint ventures

(3)

New consolidations / (deconsolidations) and other increases

/ (decreases)

(441)

(414)

Total comprehensive income for the period

1,610

2,077

690

1,420

3,687

of which: net profit / (loss)

1,738

of which: OCI, net of tax

(128)

2,077

690

1,420

1,949

Balance as of 30 September 2024

85,162

8,019

3,762

5,637

(1,830)

96,943

Non-controlling interests as of 30 September 2024

879

Total equity as of 30 September 2024

97,822

1 Excludes other comprehensive income related to defined benefit plans and own credit that is

recorded directly in Retained earnings.

2 Excludes non-controlling interests.

3 Includes decreases related to recharges

by UBS Group AG for share-based compensation awards

granted to employees of UBS AG or

its subsidiaries.

4 Refer to Note 2 for more information.

5 Mainly reflecting effects from transactions between

Credit

Suisse AG and its subsidiaries and UBS AG and its

subsidiaries prior to the merger in May 2024.

6 Includes an increase of USD 490m in

the second quarter of 2024 due to

the merger of UBS AG and Credit Suisse AG.

UBS AG third quarter 2025 report |

Consolidated financial statements | UBS

AG interim consolidated financial statements

(unaudited)

Statement of cash flows

Year-to-date

USD m

30.9.25

30.9.24

Cash flow from / (used in) operating activities

Net profit / (loss)

3,527

1,787

Non-cash items included in net profit and other adjustments

Depreciation, amortization and impairment of non-financial

assets

2,184

2,000

Credit loss expense / (release)

388

303

Share of net (profit) / loss of associates and joint ventures

and impairment related to associates

(97)

(107)

Deferred tax expense / (benefit)

(860)

(477)

Net loss / (gain) from investing activities

(190)

(98)

Net loss / (gain) from financing activities

15,433

5,574

Other net adjustments

(28,679)

(5,705)

Net change in operating assets and liabilities

Amounts due from banks and amounts due to banks

3,524

2,968

Receivables from securities financing transactions measured at amortized

cost

29,199

10,729

Payables from securities financing transactions measured at amortized cost

2,730

1,189

Cash collateral on derivative instruments

(977)

(11,320)

Loans and advances to customers

(8,322)

14,141

Customer deposits

(17,856)

(13,449)

Financial assets and liabilities at fair value held for trading and derivative financial

instruments

22,071

(11,213)

Brokerage receivables and payables

7,866

6,159

Financial assets at fair value not held for trading and other financial assets

and liabilities

(9,735)

(15,823)

Provisions and other non-financial assets and liabilities

(4,070)

738

Income taxes paid, net of refunds

(1,736)

(1,275)

Net cash flow from / (used in) operating activities

14,398

(13,879)

Cash flow from / (used in) investing activities

Cash and cash equivalents obtained due to the merger of UBS

AG and Credit Suisse AG

121,258

Purchase of subsidiaries, business, associates and intangible assets

(17)

Disposal of subsidiaries, business, associates and intangible assets

624

166

Purchase of property, equipment and software

(1,345)

(1,066)

Disposal of property, equipment and software

Purchase of financial assets measured at fair value

(11,103)

(3,951)

Disposal and redemption of financial assets measured at

fair value

3,652

3,978

Purchase of debt securities measured at amortized cost

(18,617)

(3,841)

Disposal and redemption of debt securities measured at amortized

cost

8,696

6,857

Net cash flow from / (used in) investing activities

(18,014)

123,412

Cash flow from / (used in) financing activities

Repayment of Swiss National Bank funding

(10,304)

Net issuance (repayment) of short-term debt measured at amortized

cost

(3,267)

(3,882)

Distributions paid on UBS AG shares

(6,500)

(3,000)

Issuance of debt designated at fair value and long-term debt measured

at amortized cost

98,329

82,921

Repayment of debt designated at fair value and long-term debt measured

at amortized cost

(107,926)

(98,381)

Inflows from securities financing transactions measured at amortized

cost

1,688

4,979

Outflows from securities financing transactions measured at amortized

cost

(1,561)

(1,113)

Net cash flows from other financing activities

(678)

(457)

Net cash flow from / (used in) financing activities

(19,915)

(29,238)

Total cash flow

Cash and cash equivalents at the beginning of the period

243,360

190,469

Net cash flow from / (used in) operating, investing and financing

activities

(23,531)

80,296

Effects of exchange rate differences on cash and cash equivalents

19,410

3,153

Cash and cash equivalents at the end of the period

239,238

273,918

of which: cash and balances at central banks

218,738

243,261

of which: amounts due from banks

17,199

18,540

of which: money market paper

10,11

3,301

11,915

Additional information

Net cash flow from / (used in) operating activities includes:

Interest received in cash

32,425

34,522

Interest paid in cash

29,250

30,623

Dividends on equity investments, investment funds and associates

received in cash

2,541

2,234

1 Foreign currency

translation and foreign

exchange effects on

operating assets and

liabilities and on

cash and cash

equivalents are presented

within the Other

net adjustments line,

with the exception

of foreign

currency hedge effects related to foreign

exchange swaps, which

are presented on the line Financial

assets and liabilities at fair value

held for trading and derivative

financial instruments.

2 Includes cash receipts

from the sale of loans

and loan commitments of USD 697m

and USD 2,980m within Non-core

and Legacy for the nine-month

periods ended 30 September 2025

and 30 September 2024, respectively.

3 Refer to

Note 2 for

more information.

4 Includes dividends received

from associates.

5 Includes cash proceeds

net of cash

and cash equivalents

disposed from the sale

of the US

mortgage servicing business of

Credit

Suisse, Select Portfolio Servicing, which was managed in Non-core and Legacy. Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and

businesses” in the “Consolidated financial

statements” section of the UBS AG Annual Report 2024 for more information. Also includes cash proceeds,

net of cash and cash equivalents disposed of, from the sale of a stake

in a subsidiary in China and the sale

of a wealth management business in India.

6 Includes cash flows in relation to financial assets measured at fair value through other comprehensive income and financial assets measured at fair value through profit

or loss.

7 Reflects the repayment of

the Emergency Liquidity Assistance facility

to the Swiss National

Bank, which was recognized

in the balance sheet line

Amounts due to banks.

8 Includes funding from UBS

Group AG measured at amortized

cost (recognized on the balance

sheet in Funding from UBS Group

AG measured at amortized cost)

and measured at fair value

(recognized on the balance sheet

in Other financial

liabilities designated at fair value).

9 Reflects cash flows from securities financing transactions measured at amortized

cost that use UBS AG debt instruments as the underlying.

10 Includes only balances with an

original maturity

of three

months or

less.

11 Money market

paper is

included in

the balance

sheet under

Financial assets

at fair

value not

held for

trading (30

September 2025:

USD 2,776m; 30

September

2024: USD 11,130m),

Other

financial

assets

measured

amortized

cost

(30

September 2025: USD 346m;

September 2024: USD 455m)

and

Financial

assets

fair

value

held

for

trading

(30 September 2025: USD 179m; 30 September 2024: USD 331m).

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Notes to the UBS AG interim consolidated financial

statements (unaudited)

Note 1

Basis of accounting

Basis of preparation

The consolidated financial statements (the financial statements) of UBS AG and its subsidiaries (together, UBS AG)

are prepared in

accordance with IFRS Accounting Standards,

as issued by

the International Accounting Standards

Board (the IASB),

and are

presented in

US dollars. These

interim financial statements

are prepared in

accordance

with IAS 34,

Interim Financial Reporting

In preparing

these interim financial

statements, the same

accounting policies and

methods of

computation have

been applied as in the UBS AG consolidated annual

financial statements for the period ended 31 December

2024.

These interim financial statements

are unaudited and

should be read in

conjunction with: the audited

consolidated

financial

statements

the

UBS AG

Annual

Report

2024;

the

“Management

report”

sections

this

report,

specifically the

disclosures in

the “Recent

developments” section

of this

report regarding

the sale

of a

36.01% stake

in Credit Suisse Securities

(China) Limited and in

the “UBS AG performance, business divisions

and Group Items”

section of this report regarding the sale of Select Portfolio Servicing (the US mortgage servicing business of Credit

Suisse), the transactions related to Swisscard and the sale of UBS’s wealth management business in India; and the

information about significant

transactions disclosed in

the UBS AG

first quarter 2025

report and UBS AG

second

quarter

2025

report.

the

opinion

management,

all

necessary

adjustments

have

been

made

for

fair

presentation of UBS AG’s financial position, results

of operations and cash flows.

Preparation of

these interim financial

statements requires management

to make

estimates and

assumptions that

affect

the

reported

amounts

assets,

liabilities,

income,

expenses

and

disclosures

contingent

assets

and

liabilities. These estimates

and assumptions are based

on the best available

information. Actual results

in the future

could differ

from such

estimates and

differences may

be material

to the

financial statements.

Revisions to

estimates,

based on regular

reviews, are recognized

in the period

in which they

occur. For more

information about areas of

estimation

uncertainty

that

are

considered

require

critical

judgment,

refer

“Note 1a

Material

accounting

policies” in the “Consolidated financial statements”

section of the UBS AG Annual Report 2024.

Currency translation rates

The following table shows the rates of the

main currencies used to translate the

financial information of UBS AG’s

operations with a functional currency other

than the US dollar into US dollars.

Closing exchange rate

Average rate

As of

For the quarter ended

Year-to-date

30.9.25

30.6.25

31.12.24

30.9.24

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

1 CHF

1.26

1.10

1.18

1.25

1.23

1.17

1.19

1.14

1 EUR

1.17

1.18

1.04

1.11

1.16

1.15

1.10

1.12

1.09

1 GBP

1.34

1.37

1.25

1.34

1.35

1.31

1.32

1.28

100 JPY

0.68

0.69

0.63

0.69

0.67

0.70

0.69

0.68

0.66

1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of

three month-end rates, weighted according to the income and expense volumes of all operations of UBS AG with the same functional currency for each month. Weighted-average rates for individual business divisions

may deviate from the weighted-average rates for UBS AG.

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 2

Accounting for the merger of UBS AG and

Credit Suisse AG

Merger of UBS AG and Credit Suisse AG

The merger of UBS AG and Credit Suisse AG effected on 31 May 2024

with no consideration payable by UBS AG

constituted a business combination

under common control.

For details of the accounting for

the merger, including

accounting

policies

applicable

business

combinations

under

common

control,

refer

“Note 1a

Material

accounting

policies”

and

“Note 2

Accounting

for

the

merger

UBS AG

and

Credit

Suisse AG”

the

“Consolidated financial statements” section of

the UBS AG Annual Report 2024.

Comparability

The income statement and

the statement of comprehensive

income for the second and

third quarters of 2025

and

for the third quarter of 2024

are based entirely on

consolidated data following the merger of UBS AG and Credit

Suisse AG.

The

year-to-date

information

for

2025

the

income

statement,

the

statement

comprehensive

income, the statement of

changes in equity and

the statement of cash flows

is based entirely on consolidated

data

following

the

merger

UBS AG

and

Credit

Suisse AG.

The

year-to-date

information

for

2024

the

income

statement, the statement

of comprehensive income, the

statement of changes

in equity and the statement

of cash

flows

includes

four

months

consolidated

data

following

the

merger

UBS AG

and

Credit

Suisse AG

(June

through

September 2024)

and

five

months of

pre-merger

UBS AG

data only

(January

through

May 2024).

The

balance sheet information as of 30 September 2025, 30 June 2025 and

31 December 2024 includes post-merger

consolidated information.

Note 3

Segment reporting

UBS AG’s

business

divisions

are

organized

globally

into

five

business

divisions:

Global

Wealth

Management,

Personal &

Corporate Banking,

Asset Management,

the Investment

Bank, and

Non-core and

Legacy. All

five business

divisions are supported by Group Items and qualify as reportable segments for

the purpose of segment reporting.

Together with Group Items they reflect the management

structure of UBS AG.

›

Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2024 for more information

about UBS AG’s reporting segments

Segment reporting

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group

Items

UBS AG

For the nine months ended 30 September 2025

Net interest income

4,831

3,369

(54)

(2,280)

(213)

(1,132)

4,520

Non-interest income

14,030

2,790

2,409

11,304

103

1,088

31,724

Total revenues

18,861

6,158

2,354

9,024

(110)

(44)

36,244

Credit loss expense / (release)

249

111

(1)

388

Operating expenses

15,383

4,625

1,848

7,192

2,225

875

32,148

Operating profit / (loss) before tax

3,465

1,284

506

1,721

(2,351)

(917)

3,708

Tax expense / (benefit)

181

Net profit / (loss)

3,527

As of 30 September 2025

Total assets

579,027

480,689

25,932

497,954

32,725

17,550

1,633,877

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group

Items

UBS AG

For the nine months ended 30 September 2024

Net interest income

4,183

2,868

(38)

(2,667)

(17)

(1,243)

3,088

Non-interest income

11,982

2,259

2,069

9,944

427

1,237

27,918

Total revenues

16,166

5,127

2,031

7,277

411

(6)

31,006

Credit loss expense / (release)

203

303

Operating expenses

13,579

3,257

1,691

6,523

2,542

737

28,329

Operating profit / (loss) before tax

2,577

1,667

340

718

(2,184)

(744)

2,374

Tax expense / (benefit)

587

Net profit / (loss)

1,787

As of 31 December 2024

Total assets

560,194

449,224

22,291

453,078

67,696

15,577

1,568,060

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 4

Net interest income

For the quarter ended

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Interest income from loans and deposits

5,465

5,852

7,620

17,084

19,128

Interest income from securities financing transactions measured

at amortized cost

850

915

898

2,604

2,894

Interest income from other financial instruments measured

at amortized cost

428

406

346

1,194

989

Interest income from debt instruments measured at fair

value through other comprehensive income

164

Interest income from derivative instruments designated as cash

flow hedges

(308)

(322)

(556)

(981)

(1,625)

Total interest income from financial instruments measured at amortized cost and fair

value through other comprehensive income

6,528

6,895

8,335

20,066

21,467

Interest expense on loans and deposits

3,444

3,612

4,881

10,769

12,465

Interest expense on securities financing transactions measured

at amortized cost

564

554

569

1,536

1,476

Interest expense on debt issued and funding from UBS Group

AG measured at amortized cost

2,527

2,603

3,328

7,874

7,919

Interest expense on lease liabilities

103

Total interest expense from financial instruments measured at amortized cost

6,567

6,805

8,820

20,281

21,952

Total net interest income from financial instruments measured at amortized cost and fair

value through other comprehensive

income

(39)

(485)

(215)

(486)

Net interest income from financial instruments measured at fair value through profit

or loss and other

1,647

1,495

2,045

4,736

3,573

Total net interest income

1,608

1,584

1,560

4,520

3,088

1 Consists of

interest income from

cash and balances

at central

banks, amounts

due from banks,

and cash

collateral receivables

on derivative

instruments, as

well as negative

interest on amounts

due to

banks,

customer deposits, and

cash collateral payables

on derivative instruments.

2 Includes interest

income on receivables

from securities financing

transactions and negative

interest, including fees,

on payables from

securities financing transactions.

3 Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances

at central banks,

amounts due from banks,

and cash collateral receivables

on derivative instruments.

4 Includes interest expense

on payables from securities financing

transactions and negative interest,

including

fees, on receivables from

securities financing transactions.

5 Includes interest expense on

funding from UBS Group AG

measured at amortized cost, previously

presented in Interest expense on

loans and deposits.

Comparative period

information has been

revised, which resulted

in a USD

1.8bn reclassification from

Interest expense on

loans and

deposits to Interest

expense on debt

issued and funding

from UBS Group

measured at amortized cost for the third quarter of 2024, and USD 4.5bn for the nine months ended 30 September 2024.

Note 5

Net fee and commission income

For the quarter ended

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Underwriting fees

296

252

174

767

632

M&A and corporate finance fees

343

225

243

813

739

Brokerage fees

1,364

1,261

1,122

4,001

3,237

Investment fund fees

1,740

1,600

1,552

4,883

4,111

Portfolio management and related services

3,301

3,163

3,111

9,565

8,245

Other

727

677

785

2,201

1,819

Total fee and commission income

7,771

7,179

6,986

22,230

18,783

of which: recurring

4,965

4,760

4,693

14,332

12,437

of which: transaction-based

2,719

2,380

2,249

7,738

6,253

of which: performance-based

160

Fee and commission expense

674

653

652

1,977

1,699

of which: brokerage expense

240

237

Net fee and commission income

7,097

6,526

6,334

20,253

17,084

1 Reflects third-party fee and commission income for the

third quarter of 2025 of USD 4,531m for Global Wealth Management

(second quarter of 2025: USD 4,323m; third quarter of 2024: USD 4,148m), USD

781m

for Personal & Corporate Banking (second

quarter of 2025: USD 768m; third quarter

of 2024: USD 761m), USD 1,092m for

Asset Management (second quarter of

2025: USD 984m; third quarter of

2024: USD 926m),

USD 1,344m for the Investment Bank

(second quarter of 2025: USD 1,100m;

third quarter of 2024:

USD 1,041m), USD 1m for Non-core and

Legacy (second quarter of 2025:

USD 1m; third quarter of 2024:

USD 97m)

and USD 22m for Group Items (second quarter of 2025: USD 3m; third quarter of 2024: USD 13m).

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 6

Other income

For the quarter ended

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Associates, joint ventures and subsidiaries

Net gains / (losses) from acquisitions and disposals of

subsidiaries

131

(2)

122

2,3

(4)

Net gains / (losses) from disposals of investments in associates

and joint ventures

116

Share of net profit / (loss) of associates and joint ventures

(60)

107

Total

182

222

219

Income from properties

Net gains / (losses) from properties held for sale

(35)

(16)

(13)

(17)

Income from shared services provided to UBS Group AG or its subsidiaries

158

154

169

479

552

Other

(11)

(1)

163

(34)

247

Total other income

243

150

510

675

1,025

1 Includes foreign exchange

gains / (losses)

reclassified from other

comprehensive income related

to the disposal

or closure of

foreign operations.

2 Includes a

gain of USD

128m from the

sale of a

stake in

subsidiary, Credit Suisse Securities (China) Limited.

3 Includes a loss of USD 11m recognized upon completion of the sale of the US mortgage servicing business of Credit Suisse, Select Portfolio Servicing, which was

managed in Non-core and Legacy. Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual

Report 2024 for

more information.

4 Includes a

gain of USD 64m

related to UBS

AG’s share

of the income

recorded by Swisscard

for the sale

of the Credit

Suisse card portfolios

to UBS AG.

Refer to “Note

Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial stateme

nts” section of the UBS AG Annual Report 2024 for more information.

5 Includes rent

received from third parties.

6 Includes a USD 33m

gain from the sale of UBS AG’s

wealth management business in India.

7 Includes an USD 84m gain

in Asset Management from the sale of

UBS AG’s Brazilian

real estate fund management business (nine-month period ended 30 September 2024: USD 113m).

Note 7

Personnel expenses

For the quarter ended

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Salaries and variable compensation

4,901

4,882

4,999

14,912

12,824

of which: variable compensation – financial advisors

1,419

1,335

4,163

3,893

Contractors

113

Social security

318

300

315

927

774

Post-employment benefit plans

350

220

242

828

587

Other personnel expenses

192

207

200

575

482

Total personnel expenses

5,797

5,649

5,788

17,356

14,746

1 Includes role-based

allowances.

2 Financial advisor

compensation consists of

cash compensation, determined

using a formulaic

approach based on

production, and deferred

awards. It

also includes expenses

related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.

Note 8

General and administrative expenses

For the quarter ended

Year-to-date

USD m

30.9.25

30.6.25

30.9.24

30.9.25

30.9.24

Outsourcing costs

192

187

255

576

567

Technology costs

229

244

257

728

625

Consulting, legal and audit fees

312

283

315

852

756

Real estate and logistics costs

180

235

267

618

587

Market data services

146

150

177

448

409

Marketing and communication

244

226

Travel and entertainment

217

186

Litigation, regulatory and similar matters

163

(47)

400

1,121

Other

3,050

2,799

2,640

8,524

7,106

of which: shared services costs charged by UBS Group AG or its subsidiaries

2,670

2,538

2,330

7,439

6,360

Total general and administrative expenses

4,303

4,228

4,014

12,608

11,584

1 Reflects the net increase / (decrease) in provisions for litigation, regulatory and similar matters recognized in the income statement, as well as litigation expenses relating to matters where UBS AG or its subsidiaries

do not hold the provision but

have agreed to bear all or

a portion of the expense.

2 Includes a USD 180m expense related

to the payment to Swisscard

for the sale of the Credit

Suisse card portfolios to UBS AG.

Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2024 for more information.

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 9

Expected credit loss measurement

a) Credit loss expense / release

Total net credit loss

expenses in the third

quarter of 2025 were

USD 113m, reflecting USD 8m

net expenses related

to performing positions and USD 105m net

expenses on credit-impaired positions.

Net expected

credit loss

expenses on

the performing

portfolio were

primarily driven

by net

expenses in

the corporate

lending portfolios of Personal

& Corporate Banking and

the Investment Bank.

These expenses were partly

offset by

releases in the

real estate portfolios.

UBS has updated

several expected credit

loss models within

the real estate

and

corporate lending portfolios to enhance risk

differentiation and incorporate the latest

default history.

Credit loss

expenses of

USD 105m for

credit-impaired positions primarily

related to

a small

number of

corporate

counterparties in Personal & Corporate Banking

and the Investment Bank.

Credit loss expense / (release)

Performing positions

Credit-impaired positions

USD m

Stages 1 and 2

Stage 3

Total

For the quarter ended 30.9.25

Global Wealth Management

(4)

Personal & Corporate Banking

Asset Management

Investment Bank

Non-core and Legacy

Group Items

Total

105

113

For the quarter ended 30.6.25

Global Wealth Management

(3)

(2)

Personal & Corporate Banking

114

Asset Management

Investment Bank

Non-core and Legacy

(1)

Group Items

Total

114

152

For the quarter ended 30.9.24

Global Wealth Management

(11)

Personal & Corporate Banking

(10)

Asset Management

Investment Bank

(4)

Non-core and Legacy

(2)

Group Items

Total

(15)

182

167

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 9

Expected credit loss measurement (continued)

b) Changes to ECL models, scenarios and

scenario weights

Scenarios and scenario weights

The expected

credit loss

(ECL) scenarios,

along with

their related

macroeconomic factors and

market data,

were

reviewed in light of

the economic and political conditions prevailing

in the third quarter

of 2025 through a

series

governance

meetings,

with

input

and

feedback

from

UBS AG

Risk

and

Finance

experts

across

the

business

divisions and regions.

The

baseline

scenario

was

updated

with

the

latest

macroeconomic

forecasts

30 September

2025.

The

assumptions on a calendar-year basis are included in

the table below. The scenario assumes growth in Switzerland

will remain muted in 2025 and slow in the second half

of the year, reflecting a subdued outlook due to tariffs

and

the appreciation of the

Swiss franc in

the second quarter of

2025. For the

US, the outlook

has improved slightly,

but the

scenario still assumes

a slowdown

in the

second half of

2025, reflecting a

cooling labor

market and the

impact

tariffs

domestic

demand.

Expectations for

long-term

interest

rates

the

and

Switzerland

are

slightly lower than in the previous quarter.

At the beginning

of the first

quarter of 2025,

UBS AG replaced

the stagflationary

geopolitical crisis

scenario applied

at the end

of 2024 with

the global crisis

scenario, as

the severe downside

scenario. It targets

risks such as

sovereign

defaults, low

interest rates,

a crisis

in the

Eurozone and

significant emerging-market

stress. The

moderate stagflation

crisis scenario

replaced the

mild debt

crisis scenario

as the

mild downside

scenario. In

the moderate

stagflation crisis

scenario, interest rates

are assumed to

rise rather than

decline, as in

the previously

applied mild debt

crisis scenario.

However, the declines in gross domestic product

and equities are similar.

UBS AG kept

the scenarios

and scenario

weights in

line with

those applied

in the

UBS AG second

quarter 2025

report. All of

the scenarios, including the

asset price appreciation and

the baseline scenarios, have

been updated

based on the latest macroeconomic forecasts as of 30 September 2025. The assumptions on a calendar-year basis

are included in the table below.

Comparison of shock factors

Baseline

Key parameters

2024

2025

2026

Real GDP growth (annual percentage change)

2.8

1.9

1.7

Eurozone

0.8

1.1

0.9

Switzerland

1.4

0.9

1.3

Unemployment rate (%, annual average)

4.0

4.3

4.7

Eurozone

6.4

6.6

Switzerland

2.4

2.9

3.2

Fixed income: 10-year government bonds (%, Q4)

USD

4.6

4.2

4.3

EUR

2.4

2.7

2.9

CHF

0.3

0.2

0.4

Real estate (annual percentage change, Q4)

3.8

0.5

1.7

Eurozone

4.2

3.8

3.9

Switzerland

0.9

3.0

2.5

Economic scenarios and weights applied

Assigned weights in %

ECL scenario

30.9.25

30.6.25

30.9.24

Asset price appreciation

5.0

–

Baseline

50.0

60.0

Mild debt crisis

–

15.0

Stagflationary geopolitical crisis

–

25.0

Moderate stagflation crisis

30.0

–

Global crisis

15.0

–

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 9

Expected credit loss measurement (continued)

c) ECL-relevant balance sheet and off-balance

sheet positions including ECL allowances

and provisions

The following tables

provide information

about financial

instruments and

certain non-financial

instruments that

are

subject

ECL

requirements.

For

amortized-cost

instruments,

the

carrying

amount

represents

the

maximum

exposure to credit risk, taking

into account the allowance for

credit losses. Financial assets measured at

fair value

through other comprehensive

income (FVOCI) are

also subject to ECL;

however, unlike amortized-cost

instruments,

the allowance

for credit

losses for

FVOCI instruments

does not

reduce the

carrying amount

of these financial

assets.

Instead, the

carrying amount

of financial

assets measured

at FVOCI

represents the

maximum exposure

to credit

risk.

purchased

credit-impaired

financial

assets

were

recognized

the

third

quarter

2025.

Originated

credit-

impaired financial assets were not material

and are not presented in the table below.

In addition to recognized financial assets, certain off-balance sheet financial instruments and other credit lines are

also subject to ECL.

The maximum exposure to

credit risk for off-balance

sheet financial instruments is calculated

based on the maximum contractual amounts.

ECL-relevant balance sheet and off-balance sheet positions

USD m

30.9.25

Carrying amount

ECL allowances

Financial instruments measured at amortized cost

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Cash and balances at central banks

218,738

218,507

231

(259)

Amounts due from banks

18,666

18,549

117

(12)

(5)

(2)

Receivables from securities financing transactions measured at amortized

cost

95,343

(2)

Cash collateral receivables on derivative instruments

43,538

Loans and advances to customers

653,269

627,287

21,508

4,473

(3,225)

(347)

(283)

(2,596)

of which: Private clients with mortgages

287,703

277,638

8,794

1,271

(126)

(39)

(24)

(63)

of which: Real estate financing

93,770

89,778

3,718

274

(75)

(24)

(35)

(15)

of which: Large corporate clients

27,378

23,870

2,833

675

(970)

(110)

(98)

(762)

of which: SME clients

24,129

20,863

2,092

1,174

(1,262)

(81)

(82)

(1,099)

of which: Lombard

162,836

162,542

185

108

(123)

(9)

(114)

of which: Credit cards

2,326

1,784

497

(47)

(7)

(12)

(29)

of which: Commodity trade finance

3,894

3,183

716

(5)

(140)

(9)

(1)

(131)

of which: Ship / aircraft financing

8,562

7,212

1,232

119

(19)

(14)

(5)

of which: Consumer financing

2,953

2,701

133

119

(148)

(22)

(23)

(102)

Other financial assets measured at amortized cost

72,904

72,119

598

186

(119)

(24)

(9)

(86)

of which: Loans to financial advisors

2,712

2,509

105

(34)

(4)

(1)

(29)

Total financial assets measured at amortized cost

1,102,458

1,075,343

22,455

4,659

(3,617)

(378)

(556)

(2,684)

Financial assets measured at fair value through other comprehensive income

9,801

Total on-balance sheet financial assets in scope of ECL requirements

1,112,259

1,085,145

22,455

4,659

(3,617)

(378)

(556)

(2,684)

Total exposure

ECL provisions

Off-balance sheet (in scope of ECL)

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Guarantees

44,990

43,194

1,583

212

(69)

(16)

(22)

(31)

of which: Large corporate clients

7,486

6,366

1,031

(21)

(7)

(6)

(8)

of which: SME clients

3,062

2,730

251

(38)

(5)

(15)

(18)

of which: Financial intermediaries and hedge funds

27,000

26,833

167

(1)

of which: Lombard

3,891

3,857

(3)

(2)

of which: Commodity trade finance

2,126

2,027

(1)

Irrevocable loan commitments

79,592

74,709

4,593

290

(262)

(123)

(93)

(46)

of which: Large corporate clients

48,848

44,679

3,984

185

(206)

(95)

(82)

(30)

Forward starting reverse repurchase and securities borrowing agreements

18,463

Unconditionally revocable loan commitments

139,745

136,071

3,451

224

(68)

(52)

(16)

of which: Real estate financing

8,164

7,866

297

(3)

(5)

of which: Large corporate clients

13,349

11,922

1,419

(18)

(9)

(7)

(2)

of which: SME clients

12,208

11,350

691

166

(31)

(23)

(8)

of which: Lombard

68,793

68,710

of which: Credit cards

11,758

11,214

541

(10)

(8)

(2)

Irrevocable committed prolongation of existing loans

6,143

6,135

(4)

(3)

Total off-balance sheet financial instruments and other credit lines

288,933

278,572

9,632

729

(403)

(195)

(132)

(77)

Total allowances and provisions

(4,020)

(572)

(687)

(2,761)

1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective

ECL allowances.

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 9

Expected credit loss measurement (continued)

ECL-relevant balance sheet and off-balance sheet positions

USD m

30.6.25

Carrying amount

ECL allowances

Financial instruments measured at amortized cost

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Cash and balances at central banks

236,193

236,007

186

(263)

Amounts due from banks

20,688

20,587

102

(12)

(5)

(2)

Receivables from securities financing transactions measured at amortized

cost

110,161

(3)

Cash collateral receivables on derivative instruments

45,478

Loans and advances to customers

653,195

623,137

25,571

4,486

(3,187)

(343)

(311)

(2,533)

of which: Private clients with mortgages

286,744

273,655

11,641

1,448

(147)

(43)

(49)

(55)

of which: Real estate financing

94,056

88,123

5,611

322

(117)

(25)

(36)

(56)

of which: Large corporate clients

26,866

23,058

3,118

690

(866)

(116)

(97)

(653)

of which: SME clients

25,000

21,161

2,498

1,341

(1,225)

(74)

(85)

(1,065)

of which: Lombard

161,199

160,942

147

110

(141)

(11)

(130)

of which: Credit cards

2,315

1,791

479

(48)

(7)

(12)

(29)

of which: Commodity trade finance

4,263

4,236

(134)

(8)

(126)

of which: Ship / aircraft financing

8,859

8,054

727

(20)

(15)

(5)

of which: Consumer financing

2,894

2,707

131

(149)

(19)

(23)

(108)

Other financial assets measured at amortized cost

72,546

71,751

620

176

(129)

(25)

(11)

(93)

of which: Loans to financial advisors

2,682

2,495

(39)

(3)

(1)

(35)

Total financial assets measured at amortized cost

1,138,262

1,107,120

26,479

4,662

(3,595)

(378)

(590)

(2,627)

Financial assets measured at fair value through other comprehensive income

6,872

Total on-balance sheet financial assets in scope of ECL requirements

1,145,133

1,113,992

26,479

4,662

(3,595)

(378)

(590)

(2,627)

Total exposure

ECL provisions

Off-balance sheet (in scope of ECL)

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Guarantees

44,446

43,444

819

184

(93)

(14)

(21)

(58)

of which: Large corporate clients

7,728

7,154

480

(54)

(6)

(5)

(42)

of which: SME clients

3,280

3,007

219

(31)

(5)

(15)

(11)

of which: Financial intermediaries and hedge funds

26,604

26,516

(1)

of which: Lombard

3,958

3,933

(3)

(2)

of which: Commodity trade finance

1,874

1,873

(1)

Irrevocable loan commitments

82,046

77,132

4,688

226

(259)

(139)

(83)

(37)

of which: Large corporate clients

49,093

44,806

4,094

193

(195)

(101)

(74)

(20)

Forward starting reverse repurchase and securities borrowing agreements

20,143

Unconditionally revocable loan commitments

153,998

151,188

2,582

227

(62)

(47)

(15)

of which: Real estate financing

8,237

7,929

309

(3)

(4)

of which: Large corporate clients

14,601

13,752

817

(15)

(8)

(5)

(2)

of which: SME clients

12,030

11,420

454

156

(26)

(20)

(6)

of which: Lombard

75,099

75,013

of which: Credit cards

11,566

11,045

518

(9)

(7)

(2)

Irrevocable committed prolongation of existing loans

5,201

5,182

(2)

Total off-balance sheet financial instruments and other credit lines

305,834

297,089

8,108

637

(415)

(202)

(118)

(95)

Total allowances and provisions

(4,010)

(580)

(708)

(2,722)

1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective

ECL allowances.

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 9

Expected credit loss measurement (continued)

ECL-relevant balance sheet and off-balance sheet positions

USD m

31.12.24

Carrying amount

ECL allowances

Financial instruments measured at amortized cost

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Cash and balances at central banks

223,329

223,201

128

(186)

Amounts due from banks

18,111

17,912

198

(42)

(1)

(5)

(36)

Receivables from securities financing transactions measured at amortized

cost

118,302

(2)

Cash collateral receivables on derivative instruments

43,959

Loans and advances to customers

587,347

560,531

22,309

4,506

(2,830)

(276)

(323)

(2,230)

of which: Private clients with mortgages

251,955

241,690

9,009

1,256

(166)

(46)

(70)

(50)

of which: Real estate financing

83,780

79,480

4,071

229

(100)

(24)

(27)

(49)

of which: Large corporate clients

25,599

21,073

3,493

1,033

(828)

(72)

(123)

(632)

of which: SME clients

21,002

17,576

2,293

1,133

(963)

(55)

(47)

(860)

of which: Lombard

147,714

147,326

266

122

(107)

(6)

(101)

of which: Credit cards

1,978

1,533

406

(41)

(6)

(11)

(25)

of which: Commodity trade finance

4,204

4,089

106

(122)

(9)

(113)

of which: Ship / aircraft financing

8,058

7,136

922

(31)

(14)

(16)

of which: Consumer financing

2,814

2,468

114

232

(137)

(15)

(19)

(102)

Other financial assets measured at amortized cost

59,279

58,645

439

194

(135)

(25)

(7)

(103)

of which: Loans to financial advisors

2,723

2,568

(41)

(4)

(1)

(37)

Total financial assets measured at amortized cost

1,050,326

1,022,550

23,074

4,701

(3,195)

(304)

(521)

(2,369)

Financial assets measured at fair value through other comprehensive income

2,195

Total on-balance sheet financial assets in scope of ECL requirements

1,052,521

1,024,746

23,074

4,701

(3,195)

(304)

(521)

(2,369)

Total exposure

ECL provisions

Off-balance sheet (in scope of ECL)

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Guarantees

40,280

38,860

1,242

178

(61)

(16)

(24)

(22)

of which: Large corporate clients

7,818

7,098

635

(18)

(6)

(9)

(2)

of which: SME clients

2,524

2,074

393

(27)

(5)

(15)

(7)

of which: Financial intermediaries and hedge funds

21,590

21,449

141

(1)

of which: Lombard

3,709

3,652

(4)

(1)

(3)

of which: Commodity trade finance

2,678

2,676

(1)

Irrevocable loan commitments

79,579

75,158

4,178

243

(192)

(105)

(61)

(26)

of which: Large corporate clients

47,381

43,820

3,393

168

(155)

(91)

(54)

(10)

Forward starting reverse repurchase and securities borrowing agreements

24,896

Unconditionally revocable loan commitments

148,900

146,496

2,149

255

(75)

(59)

(17)

of which: Real estate financing

7,674

7,329

345

(6)

(4)

(2)

of which: Large corporate clients

14,692

14,091

584

(22)

(14)

(7)

(2)

of which: SME clients

9,812

9,289

333

190

(34)

(28)

(6)

of which: Lombard

73,267

73,181

of which: Credit cards

10,074

9,604

467

(8)

(6)

(2)

Irrevocable committed prolongation of existing loans

4,608

4,602

(3)

Total off-balance sheet financial instruments and other credit lines

298,263

290,012

7,572

678

(332)

(183)

(102)

(48)

Total allowances and provisions

(3,527)

(487)

(623)

(2,417)

1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective

ECL allowances.

UBS AG third quarter 2025 report |

Consolidated financial statements | Notes

to the UBS AG interim consolidated financial

statements (unaudited)

Note 9

Expected credit loss measurement (continued)

The

table

below

provides

information

about

the

gross

carrying

amount

exposures

subject

ECL

and

the

ECL

coverage ratio

for UBS AG’s

core loan

portfolios (i.e.

Loans and

advances to

customers

and

Loans to

financial advisors

)

and relevant off-balance sheet exposures.

Cash and balances at central banks

Amounts due from banks

Receivables

from

securities

financing

transactions

Cash

collateral

receivables

derivative

instruments

and

Financial

assets

measured at

fair value through

UBS AG 6-K