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 Group AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

(Address of principal executive office)

Commission File Number: 1-36764

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 registrants file 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

30 September

2025 Pillar

3 Report

of UBS

Group and

significant regulated

subsidiaries

and sub-groups, which appears immediately following this page.

Pillar 3 Report

30 September 2025

UBS Group and significant regulated subsidiaries

and sub-groups

Terms used in this report, unless the context requires

otherwise

“UBS”, “UBS Group”, “UBS Group

AG consolidated”, “Group”, “the

Group”, “we”, “us” and

“our”

UBS Group AG and its consolidated subsidiaries

“UBS AG” and “UBS

AG consolidated”

UBS AG and its consolidated subsidiaries

“Credit Suisse Group” and “Credit Suisse”

Pre-acquisition Credit Suisse Group

“UBS Group AG” and “UBS

Group AG standalone”

UBS Group AG on a standalone basis

“UBS AG standalone”

UBS AG on a standalone basis

“UBS Switzerland AG” and “UBS

Switzerland AG standalone”

UBS Switzerland AG on a standalone basis

“UBS Europe SE consolidated”

UBS Europe SE and its consolidated subsidiaries

“UBS Americas Holding LLC” and

“UBS Americas Holding LLC consolidated”

UBS Americas Holding LLC and its consolidated subsidiaries

“Credit Suisse International standalone”

Credit Suisse International 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.

Table of contents

UBS Group

Section 1

Introduction and basis for preparation

Section 2

Key metrics

Section 3

Risk-weighted assets

Section 4

Going and gone concern requirements

and eligible capital

Section 5

Leverage ratio

Section 6

Liquidity and funding

Significant regulated subsidiaries and sub-groups

Section 1

Introduction

Section 2

UBS AG consolidated

Section 3

UBS AG standalone

Section 4

UBS Switzerland AG standalone

Section 5

UBS Europe SE consolidated

Section 6

UBS Americas Holding LLC consolidated

Section 7

Credit Suisse International standalone

Appendix

Abbreviations frequently used in our financial reports

Cautionary statement

Contacts

Switchboards

For all general inquiries

ubs.com/contact

Zurich +41-44-234-1111

London +44-207-567-8000

New York +1-212-821-3000

Hong Kong SAR +852-2971-8888

Singapore +65-6495-8000

Investor Relations

UBS’s Investor Relations team

manages relationships with

institutional investors, research

analysts and credit rating agencies.

ubs.com/investors

Zurich +41-44-234-4100

New York +1-212-882-5734

Media Relations

UBS’s Media Relations team

manages relationships with global

media and journalists.

ubs.com/media

Zurich +41-44-234-8500

mediarelations@ubs.com

London +44-20-7567-4714

ubs-media-relations@ubs.com

New York +1-212-882-5858

mediarelations@ubs.com

Hong Kong SAR +852-2971-8200

sh-mediarelations-ap@ubs.com

Office of the Group Company

Secretary

The Group Company Secretary

handles inquiries directed to the

Chairman or to other members

of the Board of Directors.

UBS Group AG, Office of the

Group Company Secretary

PO Box, CH-8098 Zurich, Switzerland

sh-company-secretary@ubs.com

Zurich +41-44-235-6652

Shareholder Services

UBS’s Shareholder Services team,

a unit of the Group Company

Secretary’s office, manages

relationships with shareholders and

the registration of UBS Group AG

registered shares.

UBS Group AG, Shareholder Services

PO Box, CH-8098 Zurich, Switzerland

sh-shareholder-services@ubs.com

Zurich +41-44-235-6652

US Transfer Agent

For global registered share-related

inquiries in the US.

Computershare Trust Company NA

PO Box 43006

Providence, RI, 02940-3006, USA

Shareholder online inquiries:

www.computershare.com/us/

investor-inquiries

Shareholder website:

computershare.com/investor

Calls from the US

+1-866-305-9566

Calls from outside the US

+1-781-575-2623

TDD for hearing impaired

+1-800-231-5469

TDD for foreign shareholders

+1-201-680-6610

Imprint

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

Language: English

the registered and

30 September 2025 Pillar 3 Report |

UBS Group | Introduction and basis for preparation

UBS Group

Introduction and basis for preparation

Scope of Basel III Pillar 3 disclosures

The

Basel

Committee

Banking

Supervision

(the

BCBS)

final

Basel III

capital

adequacy

framework

consists

three

complementary pillars. Pillar 1 provides a framework for measuring minimum capital requirements

for the credit, market

and operational risks faced by banks. Pillar 2 addresses the principles of the supervisory review

process, emphasizing the

need

for

qualitative

approach

to supervising

banks. Pillar

3 requires

banks

to publish

range

disclosures,

mainly

covering risk, capital, leverage, liquidity and remuneration.

This

report

provides

Pillar 3

disclosures

for

the

UBS

Group

and

prudential

key

figures

and

regulatory

information

for

UBS AG consolidated and standalone,

UBS Switzerland AG standalone,

UBS Europe SE consolidated,

and UBS Americas

Holding LLC consolidated, as well as Credit Suisse

International standalone,

in the respective sections under “Significant

regulated subsidiaries and sub-groups”.

This

Pillar

report

has

been

prepared

accordance

with

the

Swiss

Financial

Market

Supervisory

Authority

(FINMA)

Ordinance on the Disclosure Obligations

of Banks and Securities Firms (the DisO-FINMA), the corresponding

explanatory

notes, and the underlying BCBS Basel framework

disclosure requirements.

The revised Capital Adequacy Ordinance

(the

CAO) that

incorporates

the final

Basel III

standards

into

Swiss law,

and the

five new

FINMA ordinances

(including

the

DisO-FINMA) that contain

the implementing

provisions for

the revised CAO,

entered into force

on 1 January 2025.

The

DisO-FINMA

replaces

FINMA

Circular

2016/1

“Disclosure

–

banks”

and

incorporates

particular

new

and

revised

disclosure tables on risks and capital requirements.

›

Refer to “Changes to Pillar 3 disclosure requirements” in the

“Introduction and basis for preparation” section of the 31

March

2025 Pillar 3 Report, available under “Pillar 3 disclosures”

ubs.com/investors

, for more information about new and revised

quarterly tables as a result of the implementation

of the final Basel III standards in Switzerland

As UBS

is a

systemically

relevant bank

(an SRB)

under Swiss

banking law,

UBS Group AG

and UBS AG

are required

comply with regulations based on the final Basel III framework

as applicable to Swiss SRBs on a consolidated basis.

Local

regulators

may

also

require

the

publication

Pillar 3

information

subsidiary

sub-group

level.

Where

applicable, these local disclosures

are provided under “Holding

company and significant

regulated subsidiaries and sub-

groups” at

ubs.com/investors

Significant regulatory developments, disclosure requirements

and other changes

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

related to foreign

subsidiaries. The proposed

changes would require

the deduction of

investments

in foreign subsidiaries

of systemically important banks

(SIBs) from common

equity tier 1 (CET1) capital.

After the end of

the

public

consultation

January

2026,

the

Swiss

Federal

Council

expected

submit

its

proposal

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 is 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) of

assets and

liabilities, and

mandate the

suspension of

interest

payments

for

additional

tier 1

capital

instruments

the

event

cumulative

loss

over

four

quarters.

The

proposals also introduce measures that aim to enable

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

increasing

the

potential

for

obtaining

liquidity

via

the

Swiss

National

Bank,

the

introduction

enhanced

accountability framework in the form of a

Senior Managers Regime for banks, and the

provision of 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.

30 September 2025 Pillar 3 Report |

UBS Group | Introduction and basis for preparation

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

be required

to 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

related to the full deduction of UBS AG’s investments in foreign subsidiaries,

of 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.

The incremental

CET1 capital

of around

USD 24bn

required

for

UBS AG,

given

our aim

to maintain

an equity

double

leverage ratio

of around 100%

at UBS Group AG,

would result in

a CET1 capital

ratio at 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

remove

the

regulatory

concessions

granted

Credit Suisse

and

around

USD 6bn

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

UBS.

The

phase-in of

the

increased

capital

requirements

relating

the

increased

LRD

and

higher

market

will

commence

1 January

2026

and

will

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

a recapitalization

via a

bail-in at

the Gro

up 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 to

restructure the

UBS Group.

According

to 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

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 Group Annual

Report 2024, available

under “Annual reporting” at

ubs.com/investors

, for more information

Frequency and comparability of Pillar 3 disclosures

The

DisO-FINMA

specifies

the

reporting

frequency

for

each

disclosure.

line

with

these

FINMA-specified

disclosure

requirements,

including

with

regard

comparative

periods,

provide

quantitative

comparative

information

30 June 2025 for

disclosures required on

a quarterly basis.

Where specifically required

by FINMA and / or

the BCBS, we

disclose comparative information for additional reporting

dates.

›

Refer to the 30 June 2025 Pillar 3 Report,

available under “Pillar 3 disclosures” at

ubs.com/investors

, for more information about

previously published quarterly movement commentary

30 September 2025 Pillar 3 Report |

UBS Group | Key metrics

Key metrics

Key metrics for the third quarter of 2025

The KM1

and KM2

tables below

are based

on the

Swiss Financial

Market Supervisory

Authority (FINMA)

Ordinance on

the Disclosure Obligations

of Banks and

Securities Firms

(DisO-FINMA) rules.

The KM2 table

includes a reference

to the

total loss-absorbing capacity (TLAC) term sheet, published by the

Financial Stability Board (the FSB). The FSB provides this

term sheet at

fsb.org/2015/11/total-loss-absorbing-capacity-tlac-principles-and-term-sheet

Our capital ratio increased,

primarily reflecting an increase in our tier 1 capital.

Our leverage ratio increased, driven by an

increase in our tier 1 capital and a decrease in the leverage

ratio denominator (the LRD).

Our common equity

tier 1 (CET1)

capital increased by USD 1.9bn

to USD 74.7bn, mainly driven

by operating profit

before

tax of USD 2.8bn and an

increase in eligible deferred

tax assets on temporary

differences of USD 0.2bn, partly

offset by

dividend accruals

of USD 0.8bn

and current

tax expenses

of USD 0.3bn.

Share repurchases

of USD 1.1bn

made under

our 2025 share

repurchase program

in the

third quarter

of 2025 did

not materially

affect our

CET1 capital

position, as

there was an almost identical reduction in the capital reserve

for expected future share repurchases.

Our tier

1 capital

increased

by USD

3.2bn to

USD 95.0bn,

reflecting

the

aforementioned

USD 1.9bn

increase

CET1

capital and a USD 1.3bn increase in additional tier 1 (AT1) capital.

The increase in AT1 capital was driven by the issuance

of new AT1

capital instruments

equivalent to USD 2.8bn, partly

offset by the

call of one

AT1 capital instrument

equivalent

to USD 1.6bn.

The TLAC available as

of 30 September 2025

included CET1 capital,

AT1 capital and non-regulatory

capital elements of

TLAC.

Our available TLAC increased by USD 8.2bn to USD 199.3bn, reflecting the aforementioned increase in tier 1 capital and

USD 4.9bn

increase

non-regulatory

capital

elements

TLAC.

The

increase

non-regulatory

capital

elements

TLAC

was

mainly

driven

new

issuances

totaling

USD 7.9bn

equivalent

TLAC-eligible

senior

unsecured

debt

instruments

and

positive

impacts

from

interest

rate

risk

hedge,

foreign

currency

translation

and

other

effects.

These

effects

were

partly

offset

the

call

one

TLAC-eligible

senior

unsecured

debt

instrument

for

the

equivalent

USD 1.5bn,

well

USD 1.7bn

the

last

tier 2

instrument

and

one

TLAC-eligible

senior

unsecured

debt

instrument ceasing to be eligible as non-regulatory capital elements of TLAC, as those instruments entered the final year

before maturity.

During the third quarter of 2025, risk-weighted assets (RWA)

increased by USD 0.4bn to USD 504.9bn, mainly driven by

increases of USD 3.6bn from counterparty credit risk RWA and

USD 1.2bn from credit valuation adjustment RWA, partly

offset by

decreases of

USD 2.3bn from

market risk

RWA, USD 0.9bn

from RWA

on securitization

exposures in

banking

book and USD 0.7bn from credit risk RWA. The remaining

variance was spread across other risk types.

The LRD decreased by USD 17.6bn

to USD 1,640.5bn, mainly due to asset

size and other movements of

USD 12.4bn and

currency effects of USD 5.2bn.

The

quarterly

average

liquidity

coverage

ratio

the

UBS

Group

remained

broadly

unchanged

182.1%,

remaining

above

the

prudential

requirement

communicated

FINMA.

Average

high-quality

liquid

assets

(HQLA)

decreased

USD 12.2bn to

USD 346.6bn, mainly

reflecting lower

cash due to

higher lending

assets,

partly due

to currency

effects,

and funding for trading assets.

The decreases were partly offset by higher

cash due to an increase in customer deposits,

largely due to currency effects, and higher

proceeds from securities financing transactions.

The effect from the decrease

in HQLA was offset

by a USD 6.5bn decrease in

average net cash outflows

to USD 190.4bn, reflecting lower net outflows

from

derivatives

and

higher

net

inflows

from

securities

financing

transactions,

partly

offset

higher

outflows

from

customer deposits.

As of 30 September

2025, the net

stable funding ratio

of the UBS

Group decreased

2.8 percentage points

to 119.7%,

remaining above the prudential requirement communicated by FINMA. Available

stable funding decreased by USD 5.9bn

to USD 898.8bn,

mainly driven

by decreases

in customer

deposits and

debt issued

measured at

amortized cost,

partly

offset by higher

regulatory capital. Required stable

funding increased by

USD 12.1bn to USD 751.0bn, primarily

reflecting

an increase in trading assets.

30 September 2025 Pillar 3 Report |

UBS Group | Key metrics

KM1: Key metrics

USD m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

74,655

72,709

69,152

71,367

74,213

Tier 1

94,950

91,721

87,837

87,739

91,024

Total capital

94,950

91,721

87,837

87,739

91,025

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

504,897

504,500

483,276

498,538

519,363

Total risk-weighted assets (pre-floor)

504,897

504,500

483,276

Minimum capital requirement

40,392

40,360

38,662

39,883

41,549

Risk-based capital ratios as a percentage of RWA

Common equity tier 1 ratio (%)

14.79

14.41

14.31

14.32

14.29

Common equity tier 1 ratio (%) (pre-floor)

14.79

14.41

14.31

Tier 1 ratio (%)

18.81

18.18

17.60

17.53

Tier 1 ratio (%) (pre-floor)

18.81

18.18

Total capital ratio (%)

18.81

18.18

17.60

17.53

Total capital ratio (%) (pre-floor)

18.81

18.18

Additional CET1 buffer requirements as a percentage of RWA

Capital conservation buffer requirement (%)

2.50

Countercyclical buffer requirement (%)

0.12

0.13

0.16

0.17

Additional countercyclical buffer for Swiss mortgage loans

(%)

0.32

0.33

0.31

0.37

0.38

Bank G-SIB and / or D-SIB additional requirements (%)

1.50

1.00

Total of bank CET1 specific buffer requirements (%)

4.12

4.13

3.66

3.67

CET1 available after meeting the bank’s minimum capital requirements (%)

10.29

9.91

9.81

9.60

9.53

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

1,640,464

1,658,089

1,561,583

1,519,477

1,608,341

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves)

5.79

5.53

5.62

5.77

5.66

14b

Basel III leverage ratio (%) (excluding the impact of any applicable temporary

exemption of central bank reserves)

5.79

5.53

5.62

14c

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves) incorporating mean values for SFT

assets

5.77

5.54

5.60

14d

Basel III leverage ratio (%) (excluding the impact of any applicable temporary

exemption of central bank reserves) incorporating mean values for SFT

assets

5.77

5.54

5.60

14e

Minimum capital requirements

49,214

49,743

46,848

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

346,550

358,759

318,735

331,481

360,628

Total net cash outflow

190,359

196,846

176,190

176,008

181,051

16a

of which: cash outflows

388,343

385,105

362,013

347,761

342,952

16b

of which: cash inflows

197,984

188,259

185,823

171,753

161,901

LCR (%)

182.12

182.31

180.96

188.37

199.25

Net stable funding ratio (NSFR)

Total available stable funding

898,762

904,703

861,717

856,804

904,295

Total required stable funding

750,960

738,891

693,777

682,508

712,773

NSFR (%)

119.68

122.44

124.21

125.54

126.87

1 Calculated as 8% of total RWA,

based on total capital minimum requirements,

excluding CET1 buffer requirements.

2 Excludes non-BCBS capital buffer

requirements for risk-weighted positions that are

directly

or indirectly backed by residential

properties

in Switzerland.

3 Represents the CET1 ratio

that is available to meet

buffer requirements. Calculated as the

CET1 ratio minus the BCBS CET1

capital requirement and,

where applicable, minus the BCBS tier

2 capital requirement met with CET1 capital.

4 There is currently no

temporary exemption of central bank

reserves for UBS.

5 The higher of capital

requirements based on

8% of RWA or 3% of LRD.

6 Calculated after the application of haircuts and inflow

and outflow rates, as well as,

where applicable, caps on Level 2 assets

and cash inflows. Calculated based on an

average of 65

data points

in the

third quarter

of 2025

and 61

data points

in the

second quarter

of 2025.

For

the prior-quarter

data points,

refer to

the respective

Pillar 3

Report, available

under “Pillar

3 disclosures”

ubs.com/investors, for more information.

KM2: Key metrics – TLAC requirements (at resolution group level)

USD m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Total loss-absorbing capacity (TLAC) available

199,329

191,171

187,168

185,395

194,907

Total RWA at the level of the resolution group

504,897

504,500

483,276

498,538

519,363

TLAC as a percentage of RWA (%)

39.48

37.89

38.73

37.19

37.53

Leverage ratio exposure measure at the level of the resolution group

1,640,464

1,658,089

1,561,583

1,519,477

1,608,341

TLAC as a percentage of leverage ratio exposure measure (%)

12.15

11.53

11.99

12.20

12.12

Does the subordination exemption in the antepenultimate

paragraph of Section

11 of the FSB TLAC Term Sheet apply?

Does the subordination exemption in the penultimate paragraph of Section

of the FSB TLAC Term Sheet apply?

If the capped subordination exemption applies, the amount of funding issued

that ranks pari passu with excluded liabilities and that is recognized

as external

TLAC, divided by funding issued that ranks pari passu with excluded liabilities

and that would be recognized as external TLAC if no cap was applied (%)

N/A – Refer to our response to 6b.

1 Resolution group level is defined as the UBS Group AG consolidated level.

30 September 2025 Pillar 3 Report |

UBS Group | Risk-weighted assets

Risk-weighted assets

Overview of RWA and capital requirements

The

OV1

table

below

provides

overview

our

risk-weighted

assets

(RWA)

and

the

minimum

capital

requirements by

risk type.

The table

presented is

based on

the respective

Swiss Financial

Market Supervisory

Authority

(FINMA) template and empty rows indicate current non-applicability

to UBS.

During the third

quarter of 2025,

RWA increased by USD 0.4bn

to USD 504.9bn, mainly driven

by increases of

USD 3.6bn

from counterparty

credit risk

(CCR) RWA

and USD 1.2bn

from credit valuation

adjustment (CVA)

RWA, partly

offset by

decreases of USD 2.3bn

from market risk

RWA, USD 0.9bn from

RWA on securitization

exposures in banking

book and

USD 0.7bn from credit risk RWA. The remaining variance

was spread across other risk types.

CCR RWA increased by USD 3.6bn, mainly

driven by increases of USD 3.8bn related

to asset size and other movements.

The movements

in RWA

attributable to

currency effects,

as well as

to model

updates and

methodology changes,

were

broadly neutral. The increase in asset size and other movements largely reflects higher trading

volumes in derivatives and

securities financing transactions,

primarily in the Investment Bank.

CVA RWA increased by USD 1.2bn, primarily due to higher trading volumes in

derivatives in the Investment Bank, as well

as derivatives market movements in Personal & Corporate

Banking.

Market risk RWA decreased by USD 2.3bn, due

to asset size and other movements

in the Investment Bank and de-risking

within Non-core and Legacy.

RWA

securitization

exposures

banking

book

decreased

USD 0.9bn,

primarily

driven

asset

size

and

other

movements in Personal & Corporate Banking.

Credit

risk

RWA

decreased

USD 0.7bn,

mainly

driven

decreases

USD 1.4bn

model

updates

and

methodology changes

and USD 0.8bn

from currency

effects,

partly offset

by an increase

of USD 1.5bn

related to

asset

size and other movements.

Model updates and methodology changes

resulted in an RWA

decrease of USD 1.4bn, mainly

due to an RWA decrease

of USD 1.5bn related to

improvements in the model

for concentrated equity lending

in Global

Wealth Management,

and an

RWA decrease

of USD 1.0bn

from an update

in loss giv

en default (LGD

)

models for

cash

and balances

central

banks, which

was

partly

offset

by an

RWA increase

of USD

1.1bn following

the

migration

exposures from Credit Suisse models.

Asset size and other movements

increased by USD 1.5bn, mainly driven

by higher

RWA from loans and loan commitments in the Investment

Bank and Personal & Corporate Banking.

The flow tables for credit risk, CCR and CVA RWA below provide further details regarding the movements in RWA in the

third quarter of 2025.

›

Refer to the “Introduction and basis for preparation” section

of this report for more information about the regulatory standards

applied

›

Refer to the “Capital management”

section of the UBS Group third quarter 2025 report, available

under

“Quarterly reporting” at

ubs.com/investors

, for more information about capital management and

RWA, including details regarding movements in RWA

during the third quarter of 2025

30 September 2025 Pillar 3 Report |

UBS Group | Risk-weighted assets

OV1: Overview of RWA

Minimum

capital

requirements

USD m, except where indicated

30.9.25

30.6.25

30.9.25

Credit risk (excluding counterparty credit risk)

257,432

258,111

20,595

of which: standardized approach (SA)

61,791

61,170

4,943

of which: non-counterparty-related risk

16,178

16,553

1,294

of which: foundation internal ratings-based (F-IRB) approach

41,364

38,599

3,309

of which: supervisory slotting approach

1,533

1,638

123

of which: advanced internal ratings-based (A-IRB) approach

152,743

156,704

12,219

of which: adjustments related to the Swiss sectoral real estate floor

for exposures secured by real estate in Switzerland

3,4

Counterparty credit risk

35,497

31,903

2,840

of which: SA for counterparty credit risk (SA-CCR)

7,586

7,708

607

of which: internal model method (IMM)

14,941

13,197

1,195

of which: value-at-risk (VaR)

8,253

6,544

660

of which: other CCR

4,717

4,454

377

Credit valuation adjustment (CVA)

11,140

9,904

891

10a

of which: full basic approach (BA-CVA)

5,798

5,566

464

10b

of which: standardized approach (SA-CVA)

5,342

4,338

427

Equity positions under the simple risk weight approach during the five-year

transitional period

Equity investments in funds – look-through approach

1,885

2,023

151

Equity investments in funds – mandate-based approach

1,011

1,070

Equity investments in funds – fallback approach

520

610

Settlement risk

202

243

Securitization exposures in banking book

5,678

6,529

454

of which: securitization internal ratings-based approach (SEC-IRBA)

2,191

3,022

175

of which: securitization external ratings-based approach (SEC-ERBA),

including internal assessment approach (IAA)

812

801

of which: securitization standardized approach (SEC-SA)

2,675

2,706

214

Market risk

28,208

30,469

2,257

of which: standardized approach (SA)

28,208

30,469

2,257

of which: internal models approach (IMA)

Capital charge for switch between trading book and banking book

Operational risk

136,394

10,912

Amounts below thresholds for deduction (250% risk weight)

26,930

27,243

2,154

25a

of which: deferred tax assets

18,932

18,436

1,515

Output floor applied (%)

3,8

Floor adjustment (before application of transitional cap)

3,9

Floor adjustment (after application of transitional cap)

Total

504,897

504,500

40,392

1 Calculated based on 8%

of RWA.

2 Non-counterparty-related risk includes

property, equipment, software

and other items.

3 Disclosure is based on

the final Basel III standards

implemented with effect as of

1 January 2025.

4 The Swiss sectoral

real estate floor is not applicable

at the level of UBS Group

AG consolidated.

5 Excludes settlement risk, which

is separately reported in line

15 “Settlement risk”. Includes

RWA with central counterparties. The

split between the sub-components of counterparty credit

risk refers to the calculation of the exposure measure.

6 The simple risk-weight approach is no

longer applicable at

UBS, and equity positions in the banking

book are included in row 2. The

five-year transitional period is effective as

of 1 January 2025 but is not applicable

to UBS.

7 Includes items subject to threshold deduction

treatment that do not exceed their respective threshold and are risk weighted at 250%. Items subject to threshold deduction treatment include significant investments in common shares of non-consolidated financial

institutions (banking, insurance and financial entities)

and deferred tax assets arising from temporary

differences.

8 The overall output floor of

72.5% is subject to a phase-in until

1 January 2028. As of 1 January

2025, the applicable overall output floor at the level of UBS Group AG consolidated is 60%. In 2026 and 2027, the output floor will increase by 5% per year, to 65% and 70%, respectively.

9 FINMA has not opted

to implement a transitional cap that would limit the increase in RWA to 25% of a bank’s RWA before the

application of the output floor.

10 The total of our actual Basel III finalized RWA is higher than 60% of our

Basel III finalized RWA calculated using the full standardized approach. Therefore,

the overall output floor is not binding, and our RWA before and after the effects of the overall output

floor are equal.

Comparison of modelled and standardized RWA at risk level

The

CMS1

table

compares

RWA

determined

using

models

approved

FINMA

with

RWA

determined

under

the

full

standardized approach. The table also provides the full standardized approach for

RWA that are the base of the phased-

in overall

output floor.

The purpose

of the

overall output

floor is

to ensure

that banks’

capital requirements

based on

modelled approaches where

permitted do not

fall below a

certain percentage of

capital requirements

based on the

full

standardized

approach,

thereby

reducing

excessive

variability

RWA

and

enhancing

the

comparability

risk-based

capital ratios across banks.

The impact of the output

floor, if applicable, will be

disclosed in the “OV1:

Overview of RWA”

table in rows 27 and 28. The applicable threshold pursuant to the reporting date is disclosed

in row 26 of the OV1 table,

and in column e in the CMS1 table below. The output

floor, which is set at 60% during 2025, will incrementally increase

to a level of 72.5% by

2028. As of 30 September

2025, the floor is not binding

at the level of UBS Group,

i.e. the total

of our actual

RWA shown

in column

c in the

CMS1 table below

is greater than

60% of the

RWA calculated

under the

full standardized approach

shown in column

e, and therefore

no adjustment is

required. UBS

is undertaking

mitigating

actions with respect to RWA under

the standardized approach to minimize a future

floor adjustment required as the level

of the output floor increases.

›

Refer to “Overview of RWA and capital requirements” in this section for information

about the OV1 table

The table

below provides

a summary

of the

key conceptual

differences between

the internal

model approach

and the

standardized approach.

30 September 2025 Pillar 3 Report |

UBS Group | Risk-weighted assets

Key differences between the internal model approach and the standardized approach

Internal model approach

Standardized approach

Key impact

Risk weighting

Reliance on internal ratings where each

counterparty / transaction receives a rating.

Reliance on external credit assessment institutions

where permitted in the regulatory framework.

Modelled approach produces RWA that is more risk

sensitive.

Granular risk-sensitive risk weights differentiation

via individual probability of default (PD) and LGD

for mortgages.

Less granular risk weights based on loan-to-value

(LTV)

bands for mortgages.

The Group’s residential mortgage portfolio is

focused on the Swiss market, and the Group has

robust review processes in place concerning

borrowers’ ability to repay. This results in the

Group’s residential mortgage portfolio having a low

average LTV and results in an average risk weight

of around 20% under the advanced internal

ratings-based (A-IRB) approach.

Modelled LGD captures transaction quality

features including collateralization. Under the

foundation internal ratings-based (F-IRB)

approach, the LGD values are calculated based

on the rules set by regulatory authorities. This is

applicable for banks and large corporates.

No differentiation for transaction features (except

where a claim is subordinated).

Impact relevant across all asset classes.

Credit risk mitigation

Credit risk mitigation recognized via risk-sensitive

LGD or exposure at default (EAD).

Limited recognition of credit risk mitigation.

Standardized approach RWA is higher than

modelled RWA for most transaction types.

Wider variety of eligible collateral.

Restricted list of eligible collateral.

Limited recognition of collateral results in higher

RWA for Lombard lending and securities financing

transactions (SFTs).

Repo value-at-risk (VaR)

permits the use of VaR

models to estimate exposure and collateral for

SFTs. Approach permits full diversification and

netting across all collateral types.

Conservative and crude regulatory haircuts with

limited risk-sensitivity.

The effects

of guarantees and credit derivatives

are considered through either adjusting PD

and / or LGD estimates. UBS applies the F-IRB

approach for guarantee recognition.

In case of eligible guarantees and credit derivatives,

substitution is applied and the risk weight

applicable to the protection provider can be

assigned to the protected portion of the underlying

exposure.

CCF

A credit conversion factor (CCF) is applied to

model expected future drawdowns over the 12-

month period, irrespective of the actual maturity

of a particular transaction. The CCF includes

downturn adjustments and is the result of

analysis of internal data and expert opinion.

Credit exposure equivalents are determined by

applying CCF to off-balance sheet items. The CCFs

vary based on product type, maturity and the

underlying contractual agreements.

Modelled CCFs can be more tailored and

differentiated.

EAD for derivatives

Internal model method (IMM) facilitates the use

of a Monte Carlo simulation to estimate

exposure.

The standardized approach for CCR (SA-CCR) is

calculated as the replacement costs plus regulatory

add-ons that take into account potential future

market moves at predetermined fixed rates.

For large,

diversified derivatives portfolios,

standardized EAD is higher than modelled EAD.

Application of multiplier on IMM exposure

estimate.

Differentiates add-ons by five exposure types and

three maturity buckets only.

Variability in holding period applied to

collateralized transactions, reflecting liquidity

risks.

Limited netting can be recognized.

EAD for SFTs

The repo VaR approach is a model based on a

Monte Carlo simulation and historical calibration

to estimate exposure, computed as quantile

exposure.

The comprehensive approach considers the adjusted

exposure after applicable supervisory haircuts on

both the exposure and the collateral received to

take account of possible future fluctuations in the

value of either the exposure or the collateral.

For large, diversified SFT portfolios, standardized

EAD is higher than modelled EAD.

Maturity in risk weight

Regulatory RWA function considers maturity: the

longer the maturity, the higher the risk weight.

No differentiation for maturity of transactions,

except for interbank exposures.

Model approach produces lower RWA for high-

quality, short-term transactions.

Credit valuation

adjustment

Not applicable under the final Basel III standards.

UBS calculates the CVA risk capital requirement

using both the standardized approach (SA-CVA)

and the full basic approach (BA-CVA) in line with

the final Basel III standards.

The SA-CVA uses

sensitivities to market risk factors (e.g. interest rates

and credit spreads) and uses those sensitivities with

regulatory-prescribed risk weights and correlations

to arrive at a capital charge. The BA-CVA approach

is simpler and less risk sensitive.

Where the BA-CVA and the SA-CVA are applied

under the output floor calculation, the application

of internal ratings is not permitted.

Securitization exposures

in the banking book

The regulatory capital requirements are

calculated using a hierarchy of approaches. First,

the securitization internal ratings-based approach

(SEC-IRBA) is applied, if possible. If this approach

cannot be applied, one of the standardized

approaches is applied.

If the SEC-IRBA cannot be applied, the regulatory

capital requirements are calculated using the

following hierarchy of approaches:

the securitization

external ratings-based approach or the

securitization standardized approach (SEC-SA).

Otherwise, a 1,250% risk weight is applied as a

fallback.

30 September 2025 Pillar 3 Report |

UBS Group | Risk-weighted assets

Key differences between the internal model approach and the standardized approach (continued)

Internal model approach

Standardized approach

Key impact

Market risk

UBS does not apply the internal model approach

for market risk.

UBS currently applies the standardized approach of

the Fundamental Review of the Trading Book (the

FRTB)

framework, in which minimum market risk

capital requirements are computed on the basis of

three components: the sensitivities-based method

(the SBM), the default risk charge (the DRC) and

the residual risk add-on (the RRAO). The SBM

captures delta, vega and curvature risk of the

underlying trading positions, the DRC uses the

jump-to-default risk in positions subject to equity

and credit risk, and positions that may not be

adequately capitalized by the SBM and the DRC

additionally attract an RRAO charge.

Where the standardized approach is applied under

the output floor calculation, the application of

internal ratings is not permitted.

The new FRTB framework replaced the VaR-

and

stressed VaR-based Basel 2.5 market risk

framework.

Operational risk

Not applicable under the final Basel III standards.

The standardized approach is based on the business

indicator component, derived from financial

statement metrics, as well as the internal loss

multiplier, derived from average historical

operational losses. The new framework replaced the

advanced measurement approach.

As of

30 September 2025,

the output

floor is

set at

USD 446.7bn, representing

60% of

RWA calculated

using the

full

standardized approach. This floor remains USD 58.2bn below

the actual RWA of USD 504.9bn.

During the third

quarter of 2025,

the difference between RWA

calculated using the

full standardized approach

and actual

RWA decreased by

USD 6.6bn, to USD 239.6bn

from USD 246.2bn. This

decrease was primarily

driven by

RWA mitigation

actions undertaken during

the quarter,

as well as asset

size and other

movements. UBS is

making progress with

further

measures to minimize the impact as the output floor

increases to 72.5% of standardized RWA by 2028.

Credit risk

RWA under

the full

standardized approach

are higher

than actual

RWA. Under

the standardized

approach,

fixed

risk

weights

are

applied

residential

mortgage

exposures,

depending

the

LTV.

The

internal

model-based

approach considers

borrowers’ ability

to service

debt more

accurately, including

mortgage affordability

and calibration

based on

historic data.

The Group’s

residential mortgage

portfolio is

focused on

the Swiss

market, and

the Group

has

robust review processes

in place concerning

borrowers’ ability to

repay. This results

in the Group’s

residential mortgage

portfolio

having

low

average

LTV

and

results

average

risk

weight

around

20%

under

the

A-IRB

approach

compared

with

average

risk

weight

around

35%

under

the

standardized

approach.

For

Lombard

lending

the

average

risk weight

using internal

models

is around

9%.

The

risk weight

under

the

standardized

approach

is around

100%

for

these

exposures,

primarily

due

the

differences

the

treatment

collateral.

Furthermore,

corporate

exposures have higher

risk weights

under the standardized

approach, with

an average

of 82%,

compared with

an average

of 51% under the internal model approach.

CCR RWA

under the full

standardized approach are

higher than actual

RWA, primarily reflecting

higher risk weights

under

the standardized

approach compared

with the

internal ratings-based

(IRB) risk

weights mainly

in the

Corporates asset

class, especially

on managed

funds. In

addition to

risk weights,

exposures calculated

under the

standardized approach

are higher, because

the standardized approach

does not fully

recognize the benefits

of netting, portfolio

diversification

and collateral.

CVA RWA

calculated

using

the

full standardized

approach

are

higher than

actual

RWA, as

the

application

of internal

ratings is not permitted under the standardized approach

for output floor calculations.

Securitization RWA calculated

using the full

standardized approach are

higher than actual

RWA, due to

more conservative

assumptions

and

less

granular

risk

assessments

permitted

under

the

SEC-SA

when

compared

with

the

SEC-IRBA

framework.

30 September 2025 Pillar 3 Report |

UBS Group | Risk-weighted assets

CMS1: Comparison of modelled and standardized RWA at risk level

USD m

RWA for modelled

approaches that UBS has

FINMA approval to use

RWA for portfolios

where standardized

approaches are used

Total Actual RWA

(i.e. RWA which banks

report as current

requirements)

RWA calculated using

full standardized

approach

(i.e. used in the base

of the output floor)

Output floor base

(60% of RWA

calculated using full

standardized

approach)

30.9.25

Credit risk (excluding counterparty credit risk)

195,641

61,791

257,432

379,571

227,743

Counterparty credit risk

28,705

6,792

35,497

143,077

85,846

Credit valuation adjustment (CVA)

11,140

17,252

10,351

Securitization exposures in banking book

2,191

3,487

5,678

8,944

5,366

Market risk

28,208

28,060

16,836

Operational risk

136,394

81,836

Residual RWA

1,971

28,577

30,548

31,169

18,701

Total

228,508

276,389

504,897

744,466

446,680

30.6.25

Credit risk (excluding counterparty credit risk)

196,941

61,170

258,111

383,454

230,072

Counterparty credit risk

25,025

6,878

31,903

138,977

83,386

Credit valuation adjustment (CVA)

9,904

16,284

9,770

Securitization exposures in banking book

3,022

3,507

6,529

13,325

7,995

Market risk

30,469

30,353

18,212

Operational risk

136,394

81,836

Residual RWA

2,096

29,093

31,189

31,931

19,159

Total

227,085

277,415

504,500

750,719

450,431

1 Includes settlement risk, equity investments in funds and deferred tax assets arising from temporary differences.

2 Conceptually, the output floor is applied at the total RWA level, rather than at individual risk-type

levels.

RWA flow statements of credit risk exposures under

the internal ratings-based approach

The

CR8

table

below

provides

breakdown

the

credit

risk

RWA

movements

the

third

quarter

2025

across

movement categories defined by the Basel Committee on Banking

Supervision (the BCBS).

Credit risk RWA under the IRB approach decreased by USD 1.3bn to USD 195.6bn during the third quarter of 2025. This

balance reflects credit risk

under the IRB approach,

including the F-IRB approach

under the final

Basel III standards from

1 January 2025 onward, as well as credit risk under the

supervisory slotting approach.

Movements

asset

size

drove

USD 0.9bn

decrease

RWA,

mainly

driven

decreases

liquid

assets

and

loan

commitments in Global Wealth Management.

Movements in asset quality

increased RWA by USD

3.2bn, mainly due to

changes in the portfolio

mix in the Investment

Bank and Personal & Corporate Banking.

Model updates decreased RWA by USD 2.6bn,

related to improvements in the model

for concentrated equity lending in

Global Wealth Management and an update in LGD models for

cash and balances at central banks.

Methodology

and

policy

changes

resulted

RWA

decrease

USD 0.7bn

under

the

IRB

approach,

following

the

migration of exposures from Credit Suisse models

to the standardized approach. This methodology

change resulted in a

net increase of USD 1.1bn in Group RWA.

Currency effects, driven

by the

strengthening of the

US dollar

against other major

currencies, resulted in

an RWA decrease

of USD 0.6bn.

›

Refer to “Definitions of credit risk and counterparty credit risk

RWA movement table components for CR8 and CCR7” in

the

“Credit risk” section of the 31 December 2024 Pillar

3 Report, available under “Pillar 3 disclosures” at

ubs.com/investors

, for

definitions of credit risk RWA movement table components

30 September 2025 Pillar 3 Report |

UBS Group | Risk-weighted assets

CR8: RWA flow statements of credit risk exposures under IRB

USD m

For the quarter

ended 30.9.25

RWA as of the beginning of the quarter

196,941

Asset size

(881)

Asset quality

3,225

Model updates

(2,553)

Methodology and policy

(721)

of which: impact from the implementation of final Basel

III standards

of which: others

(721)

Acquisitions and disposals

Foreign exchange movements

(606)

Other

236

RWA as of the end of the quarter

195,641

RWA flow statements of counterparty credit risk exposures

under the internal model method and VaR

The CCR7

table below

presents

a flow

statement explaining

movements in

CCR RWA

determined under

the IMM

for

derivatives and the VaR approach

for SFTs

across movement categories defined by the

BCBS.

CCR RWA on derivatives under the IMM increased by USD 1.7bn to

USD 14.9bn during the third quarter of 2025. Asset

size movements contributed to an RWA increase of USD 0.6bn, primarily

reflecting higher trading volumes in derivatives

in the Investment Bank.

Credit quality movements

contributed to a USD

1.0bn increase in RWA,

mainly due to changes

in the portfolio mix in the Investment Bank. Methodology changes led to a USD 0.3bn increase in

RWA, mainly driven by

the increased use

of the IMM

replacing the standardized

approach for derivative

exposures. This shift

in approach resulted

in a USD 0.1bn decrease in the Group’s RWA.

CCR RWA on SFTs

under the VaR approach increased by

USD 1.7bn to USD 8.3bn during the

third quarter of 2025. Asset

size movements contributed to an RWA increase of USD 0.7bn, primarily driven by higher trading volumes, mainly in the

Investment

Bank,

well

Group

Items.

Credit

quality

movements

contributed

USD 1.0bn

increase

RWA,

mainly due to changes in the portfolio mix in Group Items and

the Investment Bank.

›

Refer to “Definitions of credit risk and counterparty credit risk

RWA movement table components for CR8 and CCR7” in

the

“Credit risk” section of the 31 December 2024 Pillar

3 Report, available under “Pillar 3 disclosures” at

ubs.com/investors

, for

definitions of CCR RWA movement table components

CCR7: RWA flow statements of CCR exposures under the internal model method (IMM) and value-at-risk (VaR)

For the quarter ended 30.9.25

USD m

Derivatives

SFTs

Total

Subject to IMM

Subject to VaR

RWA as of the beginning of the quarter

13,197

6,544

19,741

Asset size

560

742

1,302

Credit quality of counterparties

987

1,002

1,989

Model updates

(10)

(5)

Methodology and policy

250

of which: impact from the implementation of final Basel

III standards

of which: others

250

Acquisitions and disposals

Foreign exchange movements

(59)

(25)

(84)

Other

RWA as of the end of the quarter

14,941

8,253

23,194

RWA flow statements of CVA risk exposures under

SA-CVA

The CVA4 table below shows the variations in RWA for CVA risk determined under the SA-CVA. The CVA capital charge

covers the

risk of

mark-to-market

losses associated

with the

deterioration of

counterparty

credit quality.

We apply

the

SA-CVA on positions where we generally use the IMM to derive the EAD for derivatives and the full BA-CVA for all other

positions.

›

Refer to “Overview of RWA and capital requirements” in this section for the

materiality of BA-CVA and SA-CVA RWA and capital

requirements

SA-CVA RWA increased by

USD 1.0bn to USD 5.3bn during

the third quarter of

2025, mainly driven by non

-modellable

trades, new exposures in the Swiss portfolio and hedge bucketing

CVA4: RWA

flow statements of CVA risk exposures under SA-CVA

USD m

Total RWA

RWA as of 30.6.25

4,338

RWA as of 30.9.25

5,342

30 September 2025 Pillar 3 Report |

UBS Group | Going and gone concern requirements

and eligible capital

Going and gone concern requirements and eligible

capital

The

table

below

provides

details

the

Swiss

systemically

relevant

bank

(SRB)

going

and

gone

concern

capital

requirements as required

by the Swiss Financial Market Supervisory Authority (FINMA

›

Refer to the “Capital management” section of the

UBS Group third quarter 2025 report, available under “Quarterly

reporting” at

ubs.com/investors

, for more information about capital management

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

14.97

75,601

5.00

82,023

Common equity tier 1 capital

10.60

53,537

3.50

57,416

of which: minimum capital

4.50

22,720

1.50

24,607

of which: buffer capital

5.50

27,769

2.00

32,809

of which: countercyclical buffer

0.44

2,226

Maximum additional tier 1 capital

4.37

22,064

1.50

24,607

of which: additional tier 1 capital

3.50

17,671

1.50

24,607

of which: additional tier 1 buffer capital

0.80

4,039

Eligible going concern capital

Total going concern capital

18.81

94,950

5.79

94,950

Common equity tier 1 capital

14.79

74,655

4.55

74,655

Total loss-absorbing additional tier 1 capital

4.02

20,296

1.24

20,296

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

4.02

20,296

1.24

20,296

Required gone concern capital

Total gone concern loss-absorbing capacity

4,5,6

10.73

54,150

3.75

61,517

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

10.73

54,150

3.75

61,517

Eligible gone concern capital

Total gone concern loss-absorbing capacity

20.67

104,379

6.36

104,379

Total tier 2 capital

0.00

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

0.00

TLAC-eligible senior unsecured debt

20.67

104,379

6.36

104,379

Total loss-absorbing capacity

Required total loss-absorbing capacity

25.70

129,751

8.75

143,541

Eligible total loss-absorbing capacity

39.48

199,329

12.15

199,329

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

504,897

Leverage ratio denominator

1,640,464

1 Includes applicable add-ons

of 1.67% for risk-weighted assets

(RWA) and 0.50% for

leverage ratio denominator (LRD),

of which 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 3.50% consists

of a 1.5% base

requirement, a 1.5% base

buffer capital requirement,

a 0.25% LRD add-on requirement and a 0.25% market share add-on requirement based on our Swiss credit business.

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 a 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-on).

6 As of July 2024,

the Swiss Financial Market

Supervisory Authority (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-on) 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.

30 September 2025 Pillar 3 Report |

UBS Group | Leverage ratio

Leverage ratio

Basel III leverage ratio

The Basel Committee on Banking Supervision (the BCBS)

leverage ratio, as summarized in the “KM1: Key metrics”

table

section 2

this

report,

calculated

dividing

the

period-end

tier 1

capital

the

period-end

leverage

ratio

denominator (the LRD).

The LRD consists of on-balance sheet assets and off-balance sheet items based on IFRS Accounting Standards. Derivative

exposures are

adjusted for

a number of

items, including

replacement values

and eligible

cash variation

margin netting,

potential future

exposure and

net notional

amounts for

written credit

derivatives. The

LRD also

includes an

additional

charge for counterparty credit risk related to securities financing transactions

(SFTs).

On-balance

sheet

items

(excluding

derivatives

and

securities

financing

transactions

(SFTs),

but

including

collateral),

disclosed in the

LR2 table,

differ from IFRS

Accounting Standards

total assets

due to

adjustments to the

former for

the

application of the regulatory scope of consolidation and due to the carrying amounts for derivative financial instruments

and SFTs, which

are removed

and replaced

with exposures,

as per

the leverage

ratio rules, in

separate line

items in

the

LR2 table.

Difference between the Swiss systemically relevant bank

and BCBS leverage ratio

The LRD is

the same under

Swiss systemically relevant

bank (SRB) and

BCBS rules. However,

there is a

difference in

the

capital numerator between the two frameworks. Under BCBS

rules only common equity tier 1 and additional

tier 1 (AT1)

capital are included

in the numerator.

Under Swiss SRB rules

UBS is required

to meet going and

gone concern leverage

ratio requirements.

Therefore,

depending on

the requirement,

the numerator

includes tier 1

capital instruments,

tier 2

capital instruments and / or total loss-absorbing capacity-eligible

senior unsecured debt.

The

difference

between

the total

leverage

ratio

exposures

of USD 1,640.5

bn and

total

consolidated

assets

as per

the

published financial

statements of

USD 1,632.3bn

was USD 8.2bn,

reflecting

the sum

of lines

2 to

12 in

the following

table.

LR1: Summary comparison of accounting assets vs leverage ratio exposure measure

USD m

30.9.25

30.6.25

Total consolidated assets as per published financial statements

1,632,251

1,669,991

Adjustment for investments in banking, financial, insurance or

commercial entities that are consolidated for accounting

purposes but outside the

scope of regulatory consolidation

(21,078)

(20,348)

Adjustment for securitized exposures that meet the operational

requirements for the recognition of risk transference

Adjustments for temporary exemption of central bank reserves (if applicable)

Adjustment for fiduciary assets recognized on the balance

sheet pursuant to the operative accounting framework but excluded

from the leverage

ratio exposure measure

Adjustments for regular-way purchases and sales of financial assets subject to trade date

accounting

Adjustments for eligible cash pooling transactions

Adjustments for derivative financial instruments

(35,526)

(58,682)

Adjustment for securities financing transactions (i.e. repos and similar secured

lending)

12,876

11,963

Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts

of off-balance sheet exposures)

63,381

66,646

Adjustments for prudent valuation adjustments and specific and

general provisions which have reduced Tier 1 capital

(721)

(592)

Other adjustments

(10,719)

(10,888)

12a

of which: asset amounts deducted in determining Tier 1 capital

(11,771)

(11,981)

12b

of which: consolidated entities under the regulatory scope

of consolidation

1,052

1,093

Leverage ratio exposure

1,640,464

1,658,089

1 Reflects the shortfall to expected losses on advanced internal ratings-based (IRB) portfolio less general

provisions. Deduction items other than the IRB shortfall are disclosed in row 12a.

30 September 2025 Pillar 3 Report |

UBS Group | Leverage ratio

LR2: Leverage ratio common disclosure

USD m, except where indicated

30.9.25

30.6.25

On-balance sheet exposures

On-balance sheet items (excluding derivatives and securities financing

transactions (SFTs), but including collateral)

1,313,919

1,321,802

Gross-up for derivatives collateral provided where deducted from balance

sheet assets pursuant to the operative accounting framework

(Deductions of receivable assets for cash variation margin provided

in derivatives transactions)

(43,538)

(45,478)

(Adjustment for securities received under securities financing

transactions that are recognised as an asset)

(Specific and general provisions associated with on-balance sheet exposures

that are deducted from Tier 1 capital)

(748)

(651)

(Asset amounts deducted in determining Tier 1 capital)

(11,771)

(11,981)

Total on-balance sheet exposures (excluding derivatives and SFTs)

1,257,863

1,263,692

Derivative Exposures

Replacement cost associated with all derivatives transactions (where

applicable net of eligible cash variation margin and/or with bilateral

netting)

61,594

59,792

Add-on amounts for potential future exposure associated

with all derivatives transactions

123,997

114,223

(Exempted qualifying central counterparty (QCCP) leg of client-cleared

trade exposures)

(24,834)

(18,849)

Adjusted effective notional amount of all written credit

derivatives

89,204

65,631

(Adjusted effective notional offsets and add-on deductions for

written credit derivatives)

(87,827)

(64,009)

Total derivative exposures

162,134

156,788

Securities financing transaction exposures

Gross SFT assets (with no recognition of netting), after adjusting

for sale accounting transactions

262,189

271,059

(Netted amounts of cash payables and cash receivables of gross SFT assets)

(118,005)

(112,117)

Counterparty credit risk exposure for SFT assets

12,876

11,963

Agent transaction exposures

Total securities financing transaction exposures

157,060

170,905

Other off-balance sheet exposures

Off-balance sheet exposure at gross notional amount

268,605

291,757

(Adjustments for conversion to credit equivalent amounts)

(205,224)

(225,112)

(Specific and general provisions associated with off-balance sheet

exposures deducted in determining Tier 1 capital)

Total off-balance sheet items

63,407

66,705

Capital and total exposures (leverage ratio denominator),

phase-in

Tier 1 capital

94,950

91,721

Total exposures (leverage ratio denominator)

1,640,464

1,658,089

Leverage ratio

Basel III leverage ratio (including the impact of any applicable temporary

exemption of central bank reserves)

5.79

5.53

25a

Basel III leverage ratio (excluding the impact of any applicable temporary exemption

of central bank reserves)

5.79

5.53

Leverage ratio minimum requirement

3.00

Leverage ratio buffers

2.00

Disclosure of mean values

Mean value of gross SFT assets, after adjustment for sale accounting transactions

and netted of amounts of associated cash payables and cash

receivables

150,094

155,918

Quarter-end value of gross SFT assets, after adjustment for sale accounting transactions and netted

of amounts of associated cash payables and

cash receivables

144,184

158,942

Total exposures (including the impact of any applicable temporary exemption

of central bank reserves) incorporating mean values from row 28 of

gross SFT assets (after adjustment for sale accounting

transactions and netted of amounts of associated cash payables and cash

receivables)

1,646,375

1,655,065

30a

Total exposures (excluding the impact of any applicable temporary exemption

of central bank reserves) incorporating mean values from row 28

of gross SFT assets (after adjustment for sale accounting

transactions and netted of amounts of associated cash payables and cash

receivables)

1,646,375

1,655,065

Basel III leverage ratio (including the impact of any applicable temporary

exemption of central bank reserves) incorporating mean values from row

28 of gross SFT assets (after adjustment for sale accounting

transactions and netted of amounts of associated cash payables and cash

receivables)

5.77

5.54

31a

Basel III leverage ratio (excluding the impact of any applicable temporary exemption

of central bank reserves) incorporating mean values from

row 28 of gross SFT assets (after adjustment for sale accounting

transactions and netted of amounts of associated cash payables

and cash

receivables)

5.77

5.54

1 Includes protection

sold, including agency

transactions.

2 Protection sold can

be offset with

protection bought on

the same underlying

reference entity,

provided that the

conditions according

to the Basel

III

leverage ratio framework and disclosure

requirements are met.

3 There is currently no temporary

exemption of central bank reserves for

UBS.

4 The buffer is based on

Swiss SRB requirements as per the

Capital

Adequacy Ordinance. These requirements are above BCBS requirements for G-SIBs.

LRD development during the third quarter of 2025

During the

third

quarter

of 2025,

the LRD

decreased

by USD 17.6bn

to USD 1,640.5bn

mainly

due to

asset size

and

other movements of USD 12.4bn and currency effects

of USD 5.2bn.

On-balance sheet exposures (excluding derivatives and securities financing transactions) decreased by USD 5.8bn, mainly

due to currency

effects of USD 4.1bn

and asset size

and other movements

of USD 1.8bn. The

asset size movement mainly

reflected a decrease in cash and balances

at central banks in Group Treasury,

partly offset by growth in trading

portfolio

assets

reflecting

market-driven

increases,

well

higher

inventory

held

hedge

client

positions

the

Investment

Bank.

Derivative exposures increased by USD 5.3bn, mainly due to asset

size and other movements of USD 5.9bn, partly offset

by currency

effects of

USD 0.5bn. The

asset size

movement primarily

reflected higher

trading volumes,

partly offset

the effects of market-driven movements on foreign currency contracts

in the Investment Bank.

30 September 2025 Pillar 3 Report |

UBS Group | Leverage ratio

Securities financing

transaction exposures

decreased by

USD 13.8bn, mainly

due to asset

size and other

movements of

USD 13.4bn and currency

effects of USD 0.5bn.

The asset size

movement was mainly

due to roll-offs

of cash reinvestment

trades in Group Treasury.

Off-balance

sheet

items

decreased

USD 3.3bn,

mainly

due

asset

size

and

other

movements

USD 3.1bn

and

currency

effects

USD 0.1bn.

The

asset

size

movement

was

mainly

due to

decreases

commitments

Personal

Corporate Banking and Global Wealth Management.

›

Refer to “Leverage ratio denominator” in the

“Risk, capital, liquidity and funding, and balance

sheet” section of the UBS Group

third quarter 2025 report,

available under “Quarterly reporting” at

ubs.com/investors

, for more information

Liquidity and funding

Liquidity coverage ratio

We monitor the liquidity coverage

ratio (the LCR) in all significant currencies

in order to manage any currency

mismatch

between high-quality liquid assets (HQLA) and the net expected

cash outflows in times of stress.

Pillar 3 disclosure requirement

Third quarter 2025 report section

Disclosure

Third quarter 2025 report page number

Concentration of funding sources

Balance sheet and off-balance sheet

Liabilities, by product and currency

High-quality liquid assets

HQLA must be

easily and immediately convertible

into cash at little

or no loss

of value, especially during

a period of stress.

HQLA are

assets that

are

of low

risk and

are

unencumbered.

Other characteristics

of HQLA

are

ease and

certainty

valuation, low

correlation with

risky assets,

listing of

the assets

on a developed

and recognized

exchange, existence

an active and sizable

market for the

assets, and low volatility.

Our HQLA predominantly

consist of assets that

qualify as

Level 1 in the LCR framework, including

cash, central bank reserves and government bonds. In

the third quarter of 2025,

our HQLA decreased

by USD 12.2bn

to USD 346.6bn,

mainly reflecting

lower cash due

to higher

lending assets,

partly

due to currency

effects, and funding

for trading assets.

The decreases were partly offset

by higher cash

due to an

increase

in customer deposits, largely due to currency effects,

and higher proceeds from securities

financing transactions.

High-quality liquid assets (HQLA)

Average 3Q25

Average 2Q25

USD m

Level 1

weighted

liquidity

value

Level 2

weighted

liquidity

value

Total

weighted

liquidity

value

Level 1

weighted

liquidity

value

Level 2

weighted

liquidity

value

Total

weighted

liquidity

value

Cash balances

232,503

256,189

Securities (on- and off-balance sheet)

86,366

27,681

114,047

76,108

26,462

102,570

Total HQLA

318,869

27,681

346,550

332,297

26,462

358,759

1 Calculated based on an average of

65 data points in the third quarter

of 2025 and 61 data points

in the second quarter of 2025.

2 Calculated after the application of haircuts and,

where applicable, caps on Level 2

assets.

3 Includes cash and balances with central banks and other eligible balances as prescribed by FINMA.

4 Calculated in accordance with FINMA requirements.

30 September 2025 Pillar 3 Report |

UBS Group | Liquidity and funding

Liquidity coverage ratio development during the third quarter

of 2025

The quarterly average

LCR of the

UBS Group remained

broadly unchanged at

182.1%, remaining above

the prudential

requirement communicated by the Swiss Financial Market

Supervisory Authority (FINMA).

Average

HQLA decreased

by USD

12.2bn to

USD 346.6bn,

mainly

reflecting

lower

cash due

to higher

lending

assets,

partly due to currency effects, and funding

for trading assets. The decreases

were partly offset by higher cash

due to an

increase in customer deposits, largely due

to currency effects, and higher proceeds from

securities financing transactions.

The effect from the decrease in

HQLA was offset by a USD

6.5bn decrease in average net cash

outflows to USD 190.4bn,

reflecting lower net outflows from derivatives and

higher net inflows from securities financing transactions,

partly offset

by higher outflows from customer deposits.

LIQ1: Liquidity coverage ratio (LCR)

Average 3Q25

Average 2Q25

USD m

Unweighted

value

Weighted

value

Unweighted

value

Weighted

value

High-quality liquid assets (HQLA)

Total HQLA

351,663

346,550

363,824

358,759

Cash outflows

Retail deposits and deposits from small business customers

388,660

45,003

378,633

43,920

of which: stable deposits

31,133

1,130

31,060

1,123

of which: less stable deposits

357,527

43,873

347,573

42,797

Unsecured wholesale funding

304,482

154,199

298,735

151,438

of which: operational deposits (all counterparties)

68,313

17,078

67,788

16,947

of which: non-operational deposits (all counterparties)

219,859

120,811

215,995

119,540

of which: unsecured debt

16,309

14,952

Secured wholesale funding

102,570

95,185

Additional requirements:

162,537

45,424

173,923

51,456

of which: outflows related to derivatives and other transactions

78,826

26,754

89,777

30,989

of which: outflows related to loss of funding on debt products

391

535

of which: committed credit and liquidity facilities

83,320

18,280

83,610

19,932

Other contractual funding obligations

30,828

27,086

32,429

30,004

Other contingent funding obligations

342,554

14,062

341,262

13,102

Total cash outflows

388,343

385,105

Cash inflows

Secured lending

346,121

127,808

313,077

116,535

Inflows from fully performing exposures

79,194

36,796

79,422

35,964

Other cash inflows

33,380

35,760

Total cash inflows

458,695

197,984

428,260

188,259

Average 3Q25

Average 2Q25

USD m, except where indicated

Total adjusted

value

Total adjusted

value

Liquidity coverage ratio (LCR)

Total HQLA

346,550

358,759

Net cash outflows

190,359

196,846

LCR (%)

182.12

182.31

1 Calculated based

on an average

of 65 data

points in the

third quarter of

2025 and 61

data points in

the second quarter

of 2025.

2 Calculated after

the application of

haircuts and inflow

and outflow rates.

3 Includes outflows related to loss of

funding on asset-backed securities,

covered bonds, other structured

financing instruments, asset-backed

commercial papers, structured entities

(conduits), securities investment

vehicles and other such financing facilities.

4 Calculated after the application of haircuts and inflow and outflow rates, as well

as, where applicable, caps on Level 2 assets and cash inflows.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| Introduction

Significant regulated subsidiaries

and sub-groups

Introduction

Scope of disclosures in these sections

The sections below include capital and other regulatory information as

of 30 September 2025 for UBS AG consolidated,

UBS AG

standalone,

UBS Switzerland AG

standalone,

UBS Europe SE

consolidated,

UBS Americas Holding LLC

consolidated and Credit Suisse International standalone. Capital information in the following sections is based on Pillar 1

capital requirements.

Entities may

be subject

to significant

additional Pillar

2 requirements,

which represent

additional

amounts of capital considered necessary and are agreed with regulators based on the risk profile of the respective entity.

UBS Americas Holding LLC consolidated

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,

5.2%,

from

9.3%,

applicable

from

1 October

2025

under

the

Federal

Reserve

Board’s

SCB

rule,

resulting

total

common

equity

tier 1

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

2025,

the

Federal

Reserve

Board

proposed

measures

reduce

the

volatility

the

SCB

requirements

averaging the capital stress

test results from

the past two years,

with the aim

of making capital

planning more 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.

UBS AG consolidated

Key metrics for the third quarter of 2025

The

table

below

based

the

Swiss

Financial

Market

Supervisory

Authority

(FINMA)

Ordinance

the

Disclosure

Obligations of Banks and Securities Firms (DisO-FINMA) rules

and IFRS Accounting Standards.

During the

third quarter

of 2025,

tier 1 capital

increased

by USD 2.9bn

to USD 91.4bn.

Common equity

tier 1 (CET1)

capital increased by

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. Additional tier 1 (AT1) capital

issued by the Group and on

lent to UBS AG increased by

USD 1.3bn to USD 20.0bn, reflecting the

issuance of new AT1

capital

instruments

equivalent

USD 2.8bn,

partly

offset

the

call

one

AT1

capital

instrument

equivalent

USD 1.6bn.

During

the

third

quarter

2025,

risk-weighted

assets

(RWA)

increased

USD 4.1bn

USD 502.4bn,

driven

USD 6.6bn

increase

resulting

from

asset

size

and

other

movements,

partly

offset

USD 1.5bn

decrease

driven

model updates and methodology changes and a USD 1.0bn

decrease from currency effects.

During the third quarter of 2025, the leverage

ratio denominator (the LRD) decreased by USD 17.3bn to USD 1,642.8bn,

mainly

due

asset

size

and

other

movements

USD 12.1bn

and

currency

effects

USD 5.2bn.

The

asset

size

movement was mainly

driven by a

decrease in cash

and balances at

central banks and

roll-offs of cash

reinvestment trades

in Group Treasury,

partly offset by

growth in trading

portfolio assets and

higher derivatives

exposures in the

Investment

Bank.

Correspondingly,

the

CET1

capital

ratio

UBS AG

consolidated

increased

14.2%

from

14.0%,

reflecting

the

aforementioned increase in CET1 capital, partly

offset by the aforementioned increase in

RWA.

The Basel III leverage ratio

increased to 5.6% from 5.3%, reflecting the aforementioned increase

in tier 1 capital and the aforementioned decrease

in the LRD.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS AG consolidated

The

quarterly

average

liquidity

coverage

ratio

UBS AG

consolidated

remained

broadly

unchanged

179.0%,

remaining

above

the

prudential

requirement

communicated

FINMA.

Average

high-quality

liquid

assets

(HQLA)

decreased

USD 12.2bn

USD 346.7bn,

mainly

reflecting

lower

cash

due

higher

lending

assets,

partly

due

currency effects,

and funding

for trading

assets. The

decreases were

partly offset

by higher

cash due

to an

increase in

customer deposits, largely due to currency effects, and higher proceeds from securities financing transactions. The effect

from the decrease in HQLA was offset by a USD 6.3bn decrease in average net cash outflows

to USD 193.8bn, reflecting

lower net outflows from derivatives and higher net inflows

from securities financing transactions, partly offset by

higher

outflows from customer deposits.

30 September

2025,

the

net

stable

funding

ratio

UBS AG

consolidated

decreased

2.3 percentage

points

118.6%, remaining

above the

prudential requirement

communicated by

FINMA. Available

stable funding

decreased by

USD 4.9bn to

USD 887.4bn,

mainly driven

by decreases

in customer

deposits and

debt

issued measured

at amortized

cost,

partly

offset

higher

regulatory

capital.

Required

stable

funding

increased

USD 10.2bn

USD 748.3bn,

primarily reflecting an increase in trading assets.

KM1: Key metrics

USD m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

71,460

69,829

70,756

73,792

84,423

Tier 1

91,425

88,485

89,081

89,623

100,673

Total capital

91,425

88,485

89,081

89,623

100,675

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

502,425

498,327

481,539

495,110

515,520

Total risk-weighted assets (pre-floor)

502,425

498,327

481,539

Minimum capital requirement

40,194

39,866

38,523

39,609

41,242

Risk-based capital ratios as a percentage of RWA

Common equity tier 1 ratio (%)

14.22

14.01

14.69

14.90

16.38

Common equity tier 1 ratio (%) (pre-floor)

14.22

14.01

14.69

Tier 1 ratio (%)

18.20

17.76

18.50

18.10

19.53

Tier 1 ratio (%) (pre-floor)

18.20

17.76

18.50

Total capital ratio (%)

18.20

17.76

18.50

18.10

19.53

Total capital ratio (%) (pre-floor)

18.20

17.76

18.50

Additional CET1 buffer requirements as a percentage of RWA

Capital conservation buffer requirement (%)

2.50

Countercyclical buffer requirement (%)

0.11

0.13

0.15

0.17

Additional countercyclical buffer for Swiss mortgage loans

(%)

0.33

0.34

0.31

0.37

0.39

Bank G-SIB and / or D-SIB additional requirements (%)

Total of bank CET1 specific buffer requirements (%)

2.61

2.63

2.65

2.67

CET1 available after meeting the bank’s minimum capital requirements (%)

9.72

9.51

10.19

10.10

11.53

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

1,642,843

1,660,097

1,565,845

1,523,277

1,611,151

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves)

5.57

5.33

5.69

5.88

6.25

14b

Basel III leverage ratio (%) (excluding the impact of any applicable temporary

exemption of central bank reserves)

5.57

5.33

5.69

14c

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves) incorporating mean values for SFT

assets

5.55

5.34

5.67

14d

Basel III leverage ratio (%) (excluding the impact of any applicable temporary

exemption of central bank reserves) incorporating mean values for SFT

assets

5.55

5.34

5.67

14e

Minimum capital requirements

49,285

49,803

46,975

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

346,734

358,940

318,893

331,627

360,628

Total net cash outflow

193,817

200,107

176,928

178,228

183,725

16a

of which: cash outflows

393,826

390,719

366,165

352,482

347,583

16b

of which: cash inflows

200,009

190,613

189,237

174,254

163,858

LCR (%)

178.96

179.45

180.28

186.08

196.34

Net stable funding ratio (NSFR)

Total available stable funding

887,444

892,381

853,742

847,008

903,402

Total required stable funding

748,303

738,056

695,201

682,504

712,729

NSFR (%)

118.59

120.91

122.81

124.10

126.75

1 Calculated as 8% of total RWA, based

on total capital minimum requirements,

excluding CET1 buffer requirements.

2 Swiss SRB going and gone concern

requirements and information for UBS AG

consolidated

are provided below in this section.

3 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland.

4 Represents the CET1

ratio that is available

to meet buffer requirements.

Calculated as the CET1 ratio

minus the BCBS CET1

capital requirement and, where

applicable, minus the

BCBS tier 2 capital requirement

met with CET1 capital.

5 There is currently no temporary

exemption of central bank reserves

for UBS.

6 The higher of capital

requirements based on 8% of RWA

or 3% of LRD.

7 Calculated after the application of haircuts

and inflow

and outflow rates, as

well as, where applicable,

caps on Level 2 assets and

cash inflows. Calculated based

on an average of 65

data points in the third quarter

of 2025 and 61 data points

in the second quarter of

2025. For the prior-quarter data points, refer to

the respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors,

for more information.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS AG consolidated

Swiss systemically relevant bank going and gone concern

requirements and information

The tables below

provide details of

the Swiss systemically

relevant bank RWA-

and LRD-based going

and gone concern

requirements and

information as required

by FINMA;

details regarding

eligible gone concern

instruments are also

provided

below.

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

increase

23 basis

points

the

RWA-based

going

concern

capital

requirement as of 30 September 2025.

UBS AG’s

outstanding

non-Basel III-compliant

tier 2

capital

instruments

and

total

loss-absorbing

capacity-eligible

unsecured debt instruments are eligible to meet gone concern

requirements until one year before maturity.

More information

about the

going and

gone concern

requirements

is provided

in the

“Total

loss-absorbing

capacity”

section of the UBS AG Annual Report 2024, available under

“Annual reporting” at

ubs.com/investors.

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.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS AG consolidated

Swiss SRB going and gone concern information

USD m, except where indicated

30.9.25

30.6.25

Eligible going concern capital

Total going concern capital

91,425

88,485

Total tier 1 capital

91,425

88,485

Common equity tier 1 capital

71,460

69,829

Total loss-absorbing additional tier 1 capital

19,964

18,656

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

19,964

18,656

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

Eligible gone concern capital

Total gone concern loss-absorbing capacity

98,452

93,502

Total tier 2 capital

196

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

196

TLAC-eligible unsecured debt

98,452

93,306

Total loss-absorbing capacity

189,876

181,987

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

502,425

498,327

Leverage ratio denominator

1,642,843

1,660,097

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

18.2

17.8

of which: common equity tier 1 capital ratio

14.2

14.0

Gone concern loss-absorbing capacity ratio

19.6

18.8

Total loss-absorbing capacity ratio

37.8

36.5

Leverage ratios (%)

Going concern leverage ratio

5.6

5.3

of which: common equity tier 1 leverage ratio

4.3

4.2

Gone concern leverage ratio

6.0

5.6

Total loss-absorbing capacity leverage ratio

11.6

11.0

UBS AG standalone

Key metrics for the third quarter of 2025

The

table

below

based

the

Swiss

Financial

Market

Supervisory

Authority

(FINMA)

Ordinance

the

Disclosure

Obligations of Banks and Securities Firms (DisO-FINMA) rules

and IFRS Accounting Standards.

During the

third quarter

of 2025,

tier 1 capital

increased

by USD 1.5bn

to USD 93.3bn.

Common equity

tier 1 (CET1)

capital increased by USD

0.2bn to USD 73.4bn,

mainly reflecting operating

profit before tax

of USD 0.9bn, partly offset

defined

benefit

plans

effects

USD 0.3bn

and

current

tax

expenses

USD 0.1bn.

Additional

tier 1

(AT1)

capital

issued by the Group and on

lent to UBS AG increased by

USD 1.3bn to USD 20.0bn, reflecting the

issuance of new AT1

capital

instruments

equivalent

USD 2.8bn,

partly

offset

the

call

one

AT1

capital

instrument

equivalent

USD 1.6bn.

Phase-in risk-weighted assets (RWA) increased by USD 1.5bn to USD 517.9bn during the third quarter of 2025, primarily

driven by increases

in credit and counterparty

credit risk RWA and

market risk RWA,

partly offset by a

decrease in RWA

on investments in subsidiaries.

During the third

quarter of 2025,

the leverage ratio

denominator (the LRD)

decreased by USD 11.9bn

to USD 952.1bn,

mainly due to

asset size and

other movements of

USD 8.7bn and currency effects

of USD 3.2bn.

The asset size

movement

was mainly driven by roll-offs of cash reinvestment trades and a decrease in cash and balances at central banks in Group

Treasury, partly offset by growth in trading portfolio assets

and higher derivatives

exposures in the Investment Bank.

Correspondingly,

the

phase-in

CET1

capital

ratio

UBS AG

standalone

was

stable

14.2%,

reflecting

the

aforementioned increase

in CET1

capital offset

by the

aforementioned increase

in phase-in

RWA. The

Basel III leverage

ratio

increased

9.8%

from

9.5%,

reflecting

the

aforementioned

increase

tier 1

capital

and

the

aforementioned

decrease in the LRD.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS AG standalone

The

quarterly

average

liquidity

coverage

ratio

(the

LCR)

UBS AG

standalone

increased

5.4 percentage

points

240.9%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average

LCR was

primarily driven

by an

USD 8.1bn decrease

in the

average net

cash outflows

to USD 67.6bn,

reflecting lower

outflows from mainly intercompany deposits, lower

net outflows from derivatives and higher net inflows from

securities

financing transactions. The

average high-quality liquid

assets decreased by

USD 14.9bn to USD 162.5bn,

mainly reflecting

lower cash due to higher funding for trading assets.

As of

30 September 2025, the net

stable funding ratio

of UBS AG standalone

decreased 0.5 percentage points to

96.2%,

remaining above the prudential requirement communicated by FINMA.

Available stable funding decreased by USD 2.3bn

to USD 419.0

bn, mainly

driven

by decreases

in customer

deposits and

debt issues

measured at

amortized cost,

partly

offset by higher regulatory capital. Required stable funding was

broadly unchanged at USD 435.6bn.

KM1: Key metrics

USD m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

73,384

73,178

70,980

75,051

83,113

Tier 1

93,349

91,834

89,305

90,881

99,363

Total capital

93,349

91,834

89,305

90,882

99,365

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

517,929

516,479

514,897

507,964

565,180

Total risk-weighted assets (pre-floor)

517,929

516,479

514,897

Minimum capital requirement

41,434

41,318

41,192

40,637

45,214

Risk-based capital ratios as a percentage of RWA

Common equity tier 1 ratio (%)

14.17

13.79

14.77

14.71

Common equity tier 1 ratio (%) (pre-floor)

14.17

13.79

Tier 1 ratio (%)

18.02

17.78

17.34

17.89

17.58

Tier 1 ratio (%) (pre-floor)

18.02

17.78

17.34

Total capital ratio (%)

18.02

17.78

17.34

17.89

17.58

Total capital ratio (%) (pre-floor)

18.02

17.78

17.34

Additional CET1 buffer requirements as a percentage of RWA

Capital conservation buffer requirement (%)

2.50

Countercyclical buffer requirement (%)

0.14

0.15

0.19

Additional countercyclical buffer for Swiss mortgage loans

(%)

0.00

Bank G-SIB and / or D-SIB additional requirements (%)

Total of bank CET1 specific buffer requirements (%)

2.64

2.65

2.69

CET1 available after meeting the bank’s minimum capital requirements (%)

9.67

9.29

9.89

9.58

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

952,112

964,000

935,496

899,348

944,404

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves)

9.80

9.53

9.55

10.11

10.52

14b

Basel III leverage ratio (%) (excluding the impact of any applicable

temporary exemption of central bank reserves)

9.80

9.53

9.55

14c

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves) incorporating mean values for SFT

assets

9.72

9.56

9.52

14d

Basel III leverage ratio (%) (excluding the impact of any applicable

temporary exemption of central bank reserves) incorporating mean values for

SFT assets

9.72

9.56

9.52

14e

Minimum capital requirements

41,434

41,318

41,192

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

162,513

177,434

150,544

142,661

170,179

Total net cash outflow

67,644

75,720

65,962

58,620

60,445

16a

of which: cash outflows

244,306

248,255

238,931

231,213

228,228

16b

of which: cash inflows

176,662

172,535

172,969

172,593

167,783

LCR (%)

240.93

235.52

229.18

243.95

282.26

Net stable funding ratio (NSFR)

Total available stable funding

419,024

421,323

410,507

410,197

446,435

Total required stable funding

435,582

435,547

418,661

421,792

444,875

NSFR (%)

96.20

96.73

98.05

97.25

100.35

1 Based on phase-in rules for RWA. Refer to “Swiss systemically relevant bank going and gone concern requirements and information” below for more information.

2 Calculated as 8% of total RWA, based on total

capital minimum requirements, excluding CET1 buffer requirements.

3 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section.

4 Excludes non-

BCBS capital buffer requirements for risk-weighted

positions that are directly or indirectly backed

by residential properties in Switzerland.

5 Represents the CET1 ratio that is

available to meet buffer requirements.

Calculated as the

CET1 ratio minus

the BCBS CET1

capital requirement and,

where applicable, minus

the BCBS tier

2 capital requirement

met with CET1

capital.

6 There is currently

no temporary exemption

central bank reserves for UBS.

7 The higher of capital requirements based on

8% of RWA or 3% of LRD.

8 Calculated after the application of haircuts and inflow

and outflow rates, as well

as, where applicable,

caps on Level 2 assets and cash inflows. Calculated based on an average of 65 data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. For the prior-quarter data points, refer to the

respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information.

9 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to

maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into

account such excess funding.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS AG standalone

Swiss systemically relevant bank going and gone concern

requirements and information

The tables below

provide details of

the Swiss systemically

relevant bank RWA-

and LRD-based going

and gone concern

requirements and

information as required

by FINMA;

details regarding

eligible gone concern

instruments are also

provided

below.

UBS AG standalone

is subject

to a

gone concern capital

requirement based

on the sum

of: (i) the

nominal value

of the

gone concern

instruments issued

by UBS

entities and

held by

the parent

firm; (ii) 75%

of the

capital requirements

resulting

from third-party exposure

on a standalone

basis; and (iii) a

buffer requirement equal

to 30% of

the Group’s gone

concern

capital requirement on UBS AG’s

consolidated exposure. The gone concern

capital requirement is the higher

of the RWA-

and LRD-based

requirements,

calculated

separately.

The

gone concern

capital

coverage

ratio reflects

how much

gone

concern capital is

available to meet

the gone concern

requirement. UBS AG’s outstanding

non-Basel III-compliant tier

capital

instruments

and

total

loss-absorbing

capacity-eligible

unsecured

debt

instruments

are

eligible

meet

gone

concern requirements until one year before maturity.

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 as of 30 September

2025 of 21 basis points in the

RWA phase-

in-based going

concern capital

requirement and

19 basis points

in the

RWA fully

applied-based

going concern

capital

requirement.

More information about

the going and

gone concern requirements

is provided

in the “UBS

AG standalone”

section of

the 31 December 2024 Pillar 3 Report, available under “Pillar

3 disclosures” at

ubs.com/investors.

Swiss SRB going and gone concern requirements and information

As of 30.9.25

RWA, phase-in

RWA, fully applied as of 1.1.28

LRD

USD m, except where indicated

in %

Required going concern capital

Total going concern capital

14.67

75,973

14.65

81,078

5.01

47,713

Common equity tier 1 capital

10.31

53,380

10.30

56,966

3.51

33,431

of which: minimum capital

4.50

23,307

4.50

24,898

1.50

14,282

of which: buffer capital

5.50

28,486

5.50

30,430

2.00

19,042

of which: countercyclical buffer

0.14

732

0.14

782

Maximum additional tier 1 capital

4.36

22,593

4.36

24,113

1.50

14,282

of which: additional tier 1 capital

3.50

18,128

3.50

19,365

1.50

14,282

of which: additional tier 1 buffer capital

0.80

4,143

0.80

4,426

Eligible going concern capital

Total going concern capital

18.02

93,349

16.87

93,349

9.80

93,349

Common equity tier 1 capital

14.17

73,384

13.26

73,384

7.71

73,384

Total loss-absorbing additional tier 1 capital

3.85

19,964

3.61

19,964

2.10

19,964

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

3.85

19,964

3.61

19,964

2.10

19,964

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

517,929

553,280

Leverage ratio denominator

952,112

Required gone concern capital

Higher of RWA-

or LRD-based

Total gone concern loss-absorbing capacity

78,527

Eligible gone concern capital

Total gone concern loss-absorbing capacity

98,452

Gone concern capital coverage ratio

125.37

1 Fully applied relates to participation RWA.

Direct and indirect investments including

holding of regulatory capital instruments in

Switzerland-domiciled subsidiaries and for direct and

indirect investments including

holding of regulatory

capital instruments in foreign-domiciled

subsidiaries are risk weighted

at 235% and 340%,

respectively, for the current

year. As per current rules, risk

weights will gradually increase

by 5 percentage

points per year for Switzerland-domiciled investments and 20 percentage points per year

for foreign-domiciled investments until the fully applied risk weights of

250% and 400%, respectively, are applied.

2 Includes

applicable add-ons of 1.67% for risk-weighted assets (RWA, phase-in), 1.65%

for risk-weighted assets (RWA, fully applied) and 0.51% for leverage

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

phase-

in, 2 basis points for RWA fully applied 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 21 basis points for RWA

phase-in and 19

basis points for

RWA fully applied

reflect a Pillar

2 capital add-on

for the residual

exposure (after collateral

mitigation) to hedge

fund, private equity

and family offices,

effective 1 January

2025.

3 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.14% for CET1 capital and 0.06% for AT1 capital for RWA phase-in and 0.14%

for CET1 capital

and 0.06%

for AT1

capital for RWA

fully applied, 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; 4.36% for RWA phase-in and 4.36%

for RWA fully applied include the aforementioned Pillar

2 capital add-on.

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 a 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.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS AG standalone

Swiss SRB going and gone concern information

USD m, except where indicated

30.9.25

30.6.25

Eligible going concern capital

Total going concern capital

93,349

91,834

Total tier 1 capital

93,349

91,834

Common equity tier 1 capital

73,384

73,178

Total loss-absorbing additional tier 1 capital

19,964

18,656

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

19,964

18,656

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

Eligible gone concern capital

Total gone concern loss-absorbing capacity

98,452

93,499

Total tier 2 capital

193

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

193

TLAC-eligible unsecured debt

98,452

93,306

Total loss-absorbing capacity

191,800

185,333

Denominators for going and gone concern ratios

Risk-weighted assets, phase-in

517,929

516,479

of which: investments in Switzerland-domiciled subsidiaries

91,436

91,537

of which: investments in foreign-domiciled subsidiaries

167,254

170,979

Risk-weighted assets, fully applied as of 1.1.28

553,280

552,495

of which: investments in Switzerland-domiciled subsidiaries

97,272

97,379

of which: investments in foreign-domiciled subsidiaries

196,770

201,151

Leverage ratio denominator

952,112

964,000

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio, phase-in

18.0

17.8

of which: common equity tier 1 capital ratio, phase-in

14.2

Going concern capital ratio, fully applied as of 1.1.28

16.9

16.6

of which: common equity tier 1 capital ratio, fully applied as of 1.1.28

13.3

13.2

Leverage ratios (%)

Going concern leverage ratio

9.8

9.5

of which: common equity tier 1 leverage ratio

7.7

7.6

Capital coverage ratio (%)

Gone concern capital coverage ratio

125.4

118.2

1 Fully applied relates to participation RWA.

Direct and indirect investments including

holding of regulatory capital instruments in

Switzerland-domiciled subsidiaries and for direct and

indirect investments including

holding of regulatory

capital instruments in foreign-domiciled

subsidiaries are risk weighted

at 235% and 340%,

respectively, for the current

year. As per current rules, risk

weights will gradually increase

by 5 percentage

points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights

of 250% and 400%, respectively, are applied.

UBS Switzerland AG standalone

Key metrics for the third quarter of 2025

The

table

below

based

the

Swiss

Financial

Market

Supervisory

Authority

(FINMA)

Ordinance

the

Disclosure

Obligations of Banks and Securities Firms (DisO-FINMA) rules

and IFRS Accounting Standards.

During the third quarter of 2025, common equity tier 1 capital increased by CHF

0.1bn to CHF 21.5bn, mainly driven by

operating profit almost entirely offset by additional dividend

accruals.

Total risk-weighted

assets

(RWA)

decreased

CHF 0.5bn

CHF 168.2bn,

due

lower

credit risk

RWA

driven

decrease in exposures,

partly offset by an increase in counterparty

credit risk RWA.

The leverage ratio

denominator (the LRD)

decreased by CHF 1.9bn

to CHF 547.8bn, mainly

due to decreases

in lending

exposures and cash and balances at central banks, partly

offset by an increase in derivatives

transactions.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS Switzerland AG standalone

The

quarterly

average

liquidity

coverage

ratio

(the

LCR)

UBS

Switzerland AG

increased

2.3 percentage

points

140.4%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average

LCR was driven by a

CHF 4.5bn increase in high-quality

liquid assets to CHF 116.4bn,

primarily due to higher cash

from

funding received from UBS AG and higher customer deposits. The average

net cash outflows increased by CHF 1.9bn to

CHF 83.0bn, mainly due to higher outflows from customer

deposits and intercompany deposits from UBS AG.

As of

30 September 2025,

the net

stable funding

ratio decreased

2.5 percentage points

to 126.0%,

remaining above

the prudential requirement communicated by FINMA. Available stable funding decreased by CHF 3.3bn

to CHF 351.3bn,

mainly

driven

decrease

customer

deposits.

Required

stable

funding

increased

CHF 2.9bn

CHF 278.8bn,

primarily reflecting higher lending assets and derivatives

instruments.

KM1: Key metrics

CHF m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

21,527

21,470

21,596

21,659

22,016

Tier 1

29,520

29,463

29,590

29,652

30,009

Total capital

29,520

29,463

29,590

29,652

30,009

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

168,223

168,701

174,610

186,265

185,237

Total risk-weighted assets (pre-floor)

154,370

151,470

153,743

168,033

167,384

Minimum capital requirement

13,458

13,496

13,969

14,901

14,819

Risk-based capital ratios as a percentage of RWA

Common equity tier 1 ratio (%)

12.80

12.73

12.37

11.63

11.89

Common equity tier 1 ratio (%) (pre-floor)

13.95

14.17

14.05

12.89

13.15

Tier 1 ratio (%)

17.55

17.46

16.95

15.92

16.20

Tier 1 ratio (%) (pre-floor)

19.12

19.45

19.25

17.65

17.93

Total capital ratio (%)

17.55

17.46

16.95

15.92

16.20

Total capital ratio (%) (pre-floor)

19.12

19.45

19.25

17.65

17.93

Additional CET1 buffer requirements as a percentage of RWA

Capital conservation buffer requirement (%)

2.50

Countercyclical buffer requirement (%)

0.06

0.07

0.06

0.08

Additional countercyclical buffer for Swiss mortgage loans

(%)

0.82

0.83

0.80

0.88

0.90

Bank G-SIB and / or D-SIB additional requirements (%)

Total of bank CET1 specific buffer requirements (%)

2.56

2.57

2.56

2.58

CET1 available after meeting the bank’s minimum capital requirements (%)

8.30

8.23

7.87

7.13

7.39

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

547,805

549,690

551,716

556,053

567,484

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves)

5.39

5.36

5.33

5.29

14b

Basel III leverage ratio (%) (excluding the impact of any applicable temporary

exemption of central bank reserves)

5.39

5.36

14c

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves) incorporating mean values for SFT

assets

5.39

5.34

14d

Basel III leverage ratio (%) (excluding the impact of any applicable temporary

exemption of central bank reserves) incorporating mean values for SFT

assets

5.39

5.34

14e

Minimum capital requirements

16,434

16,491

16,551

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

116,430

111,945

111,231

125,007

126,037

Total net cash outflow

83,009

81,142

81,164

87,160

85,964

16a

of which: cash outflows

113,942

110,217

110,357

116,768

114,992

16b

of which: cash inflows

30,933

29,074

29,193

29,608

29,027

LCR (%)

140.37

138.05

137.08

143.47

146.68

Net stable funding ratio (NSFR)

Total available stable funding

351,349

354,633

355,035

359,170

369,168

Total required stable funding

278,806

275,862

276,279

271,688

274,029

NSFR (%)

126.02

128.55

128.51

132.20

134.72

1 Calculated as 8% of total RWA, based

on total capital minimum requirements,

excluding CET1 buffer requirements.

2 Excludes non-BCBS capital buffer requirements

for risk-weighted positions that are directly

or indirectly backed by residential propertie

in Switzerland.

3 Represents the CET1 ratio that is

available to meet buffer requirements.

Calculated as the CET1 ratio minus

the BCBS CET1 capital requirement

and,

where applicable, minus the BCBS tier

2 capital requirement met with CET1 capital.

4 There is currently no temporary

exemption of central bank reserves

for UBS.

5 The higher of capital requirements

based on

8% of RWA or 3% of LRD.

6 Calculated after the application of haircuts and inflow and outflow rates,

as well as, where applicable, caps

on Level 2 assets and cash inflows. Calculated based

on an average of 65

data points

in the

third quarter

of 2025

and 61

data points

in the

second quarter

of 2025.

For

the prior-quarter

data points,

refer to

the respective

Pillar 3 Report,

available

under “Pillar 3

disclosures” at

ubs.com/investors, for more information.

7 UBS Switzerland AG is required to maintain

a minimum NSFR of at least 100%

on an ongoing basis, as set out

in Art. 17h para. 1 of the

Liquidity Ordinance. A portion

of the excess funding is used to fulfill the NSFR requirement of UBS AG standalone.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS Switzerland AG standalone

Swiss systemically relevant bank going and gone concern

requirements and information

The

tables

below

provide

details

of the

Swiss

systemically

relevant

bank

(SRB)

RWA-

and

LRD-based

going

and

gone

concern requirements

and information

as required

by FINMA

;

details regarding

eligible

gone concern

instruments

are

also provided below.

UBS Switzerland AG is considered an

SRB under Swiss banking law

and is subject to capital regulations

on a standalone

basis.

30 September

2025,

the

going

concern

capital

and

leverage

ratio

requirements

for

UBS

Switzerland AG

standalone were 15.18% (including a countercyclical buffer

of 0.88%) and 5.00%, respectively.

The Swiss SRB

framework and

going concern requirements

applicable to

UBS Switzerland AG

standalone are

the same

as those applicable to

UBS Group AG consolidated.

The gone concern requirement

corresponds to 62% of

the Group’s

going concern

requirements, excluding

the countercyclical

buffer requirements

and Pillar 2

add-ons. Outstanding

total

loss-absorbing

capacity-eligible

unsecured

debt

instruments

are

eligible to

meet

gone concern

requirements

until one

year before maturity.

The gone concern

requirements were 8.87%

for the RWA-based

requirement and 3.10%

for the LRD-based

requirement.

›

Refer to “Capital and capital ratios of our

significant regulated subsidiaries” in the “Capital,

liquidity and funding, and balance

sheet” section of the UBS Group Annual Report 2024,

available under “Annual reporting” at

ubs.com/investors

, for more

information about the joint liability of UBS AG and

UBS Switzerland AG

Swiss SRB going and gone concern requirements and information

As of 30.9.25

RWA

LRD

CHF m, except where indicated

in %

Required going concern capital

Total going concern capital

15.18

25,542

5.00

27,390

Common equity tier 1 capital

10.88

18,309

3.50

19,173

of which: minimum capital

4.50

7,570

1.50

8,217

of which: buffer capital

5.50

9,252

2.00

10,956

of which: countercyclical buffer

0.88

1,487

Maximum additional tier 1 capital

4.30

7,234

1.50

8,217

of which: additional tier 1 capital

3.50

5,888

1.50

8,217

of which: additional tier 1 buffer capital

0.80

1,346

Eligible going concern capital

Total going concern capital

17.55

29,520

5.39

29,520

Common equity tier 1 capital

12.80

21,527

3.93

21,527

Total loss-absorbing additional tier 1 capital

4.75

7,993

1.46

7,993

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

4.75

7,993

1.46

7,993

Required gone concern capital

Total gone concern loss-absorbing capacity

8.87

14,915

3.10

16,982

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

8.87

14,915

3.10

16,982

Eligible gone concern capital

Total gone concern loss-absorbing capacity

11.38

19,151

3.50

19,151

TLAC-eligible unsecured debt

11.38

19,151

3.50

19,151

Total loss-absorbing capacity

Required total loss-absorbing capacity

24.05

40,457

8.10

44,372

Eligible total loss-absorbing capacity

28.93

48,671

8.88

48,671

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

168,223

Leverage ratio denominator

547,805

1 Includes applicable add-ons of 1.44% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD).

2 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 a 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.

3 Includes applicable add-ons of 0.89% for RWA and 0.31% for LRD.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS Switzerland AG standalone

Swiss SRB going and gone concern information

CHF m, except where indicated

30.9.25

30.6.25

Eligible going concern capital

Total going concern capital

29,520

29,463

Total tier 1 capital

29,520

29,463

Common equity tier 1 capital

21,527

21,470

Total loss-absorbing additional tier 1 capital

7,993

7,994

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

7,993

7,994

Eligible gone concern capital

Total gone concern loss-absorbing capacity

19,151

19,148

TLAC-eligible unsecured debt

19,151

19,148

Total loss-absorbing capacity

48,671

48,611

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

168,223

168,701

Leverage ratio denominator

547,805

549,690

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

17.5

of which: common equity tier 1 capital ratio

12.8

12.7

Gone concern loss-absorbing capacity ratio

11.4

Total loss-absorbing capacity ratio

28.9

28.8

Leverage ratios (%)

Going concern leverage ratio

5.4

of which: common equity tier 1 leverage ratio

3.9

Gone concern leverage ratio

3.5

Total loss-absorbing capacity leverage ratio

8.9

8.8

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS Europe SE consolidated

UBS Europe SE consolidated

Key metrics for the third quarter of 2025

The table below provides information about the regulatory capital components,

capital ratios, leverage ratio and liquidity

of UBS Europe SE

consolidated based

on Basel

Committee

on Banking

Supervision (BCBS)

Pillar 1

requirements and

accordance with EU regulatory rules and IFRS Accounting

Standards.

During

the

third

quarter

2025,

available

capital

remained

stable.

Risk-weighted

assets

increased

EUR 1.3bn

EUR 15.9bn, mainly driven by higher over-the-counter derivative exposures and related credit valuation adjustment,

new

Lombard loans,

and new

loan facilities.

The leverage

ratio exposure

decreased by

EUR 5.9bn to

EUR 55.8bn,

primarily

driven by decreases

in cash at central banks and securities financing transaction

exposures.

The average liquidity coverage ratio (the LCR)

remained well above the regulatory requirement of

100%, at 141.5%. The

increase in

the LCR

was driven by

an increase of

EUR 1.3bn in

high-quality liquid assets

(HQLA), partly

offset by

an increase

of EUR 0.7bn

in total

net cash

outflows. Higher

HQLA and

net outflows

are materially

attributed to

higher UBS

Group

euro-clearing

activities.

The

net

stable

funding

ratio

remained

well

above

the

regulatory

requirements

100%,

135.8%. Available

stable funding

increased by

EUR 1.4bn, mainly

due to

higher funding

with a

residual maturity

of in

excess of one

year. Required stable

funding increased by

EUR 0.5bn, mainly driven

by higher client-driven

activity levels

in the Investment Bank in Asian markets.

KM1: Key metrics

1,2

EUR m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

2,973

2,995

3,424

3,239

2,701

Tier 1

3,573

3,595

4,024

3,839

3,301

Total capital

3,573

3,595

4,024

3,839

3,301

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

15,938

14,625

14,387

14,079

12,657

Total risk-weighted assets (RWA) (pre-floor)

15,938

14,625

14,387

Minimum capital requirement

1,275

1,170

1,151

1,126

1,013

Risk-based capital ratios as a percentage of RWA

CET1 ratio (%)

18.7

20.5

23.8

23.0

21.3

CET1 ratio (%) (pre-floor)

18.7

20.5

23.8

Tier 1 ratio (%)

22.4

24.6

28.0

27.3

26.1

Tier 1 ratio (%) (pre-floor)

22.4

24.6

28.0

Total capital ratio (%)

22.4

24.6

28.0

27.3

26.1

Total capital ratio (%) (pre-floor)

22.4

24.6

28.0

Additional CET1 buffer requirements as a percentage of RWA

Capital conservation buffer requirement (%)

2.5

Countercyclical buffer requirement (%)

0.7

Bank G-SIB and / or D-SIB additional requirements (%)

Total of bank CET1 specific buffer requirements (%)

3.2

CET1 available after meeting the bank’s minimum capital requirements (%)

14.2

16.0

19.3

18.5

16.8

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

55,776

61,706

55,615

55,567

50,053

Basel III leverage ratio (%) (including the impact of any applicable

temporary

exemption of central bank reserves)

6,7

6.4

5.8

7.2

6.9

6.6

14b

Basel III leverage ratio (%) (excluding the impact of any applicable

temporary exemption of central bank reserves)

6.4

5.8

7.2

14e

Minimum capital requirements

1,673

1,851

1,668

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

21,360

20,038

18,664

17,285

16,741

Total net cash outflow

15,155

14,469

13,355

12,542

11,523

LCR (%)

141.5

138.9

140.4

138.9

145.2

Net stable funding ratio (NSFR)

Total available stable funding

19,252

17,830

18,580

17,134

14,409

Total required stable funding

14,182

13,716

13,222

13,656

11,266

NSFR (%)

135.8

130.0

140.5

125.5

127.9

1 Based on applicable EU regulatory rules.

2 Row 9a of the FINMA template

is applicable to the FINMA-regulated scope only

and rows 14c and 14d have

been removed because the EU does

not require the disclosure

of mean values for SFTs.

3 Comparative figures have been restated to align with the

regulatory reports as submitted to the European

Central Bank.

4 Calculated as 8% of total RWA, based

on total capital minimum

requirements, excluding CET1 buffer requirements.

5 Represents the CET1 ratio that is available

for meeting buffer requirements. Calculated as the CET1

ratio minus 4.5% and after considering, where applicable,

CET1 capital that has been used to meet tier 1

and / or total capital ratio requirements under Pillar 1.

6 Calculated on the basis of tier 1 capital.

7 There is currently no temporary exemption of central bank reserves

for UBS Europe SE.

8 The higher of capital requirements based on 8% of RWA or 3% of LRD.

9 Figures are calculated based on a 12

‑

month average.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS Americas Holding LLC consolidated

UBS Americas Holding LLC consolidated

Key metrics for the third quarter of 2025

The table

below is

based on

Basel Committee

on Banking

Supervision

(BCBS) Pillar

1 requirements

and in

accordance

with US Basel III rules and generally accepted accounting

principles in the US (US GAAP).

Effective

1 October 2024

and through

30 September

2025, UBS

Americas Holding

LLC was

subject to

a stress

capital

buffer

(an

SCB)

9.3%,

addition

the

minimum

capital

requirements.

The

SCB

was

determined

the

Federal

Reserve Board following

the completion of

the 2024 Comprehensive

Capital Analysis and

Review (the CCAR)

based on

Dodd–Frank

Act

Stress

Test

(DFAST)

results

and

planned

future

dividends.

The

SCB,

which

replaced

the

static

capital

conservation buffer of 2.5%, is subject to change on an annual

basis or as otherwise determined by the Federal Reserve

Board. Based on

the results of

the 2025 CCAR,

the SCB

for UBS Americas

Holding LLC was

adjusted to 5.2%

effective

1 October 2025 and

through 30 September

2026, resulting

in a total

common equity

tier 1 (CET1) capital

requirement

of 9.7%.

During the third quarter of 2025, the CET1 capital ratio increased 0.2 percentage points to 21.1%, and the tier 1 capital

ratio decreased 0.1 percentage points to 24.5%. Both CET1 capital and tier 1 capital increased by USD 1.0bn due to net

profit and

the positive

impact from

a decrease

in deferred

tax assets

deductions,

slightly offset

by preferred

dividends

paid. Risk-weighted

assets (RWA)

increased by

USD 4.2bn to

USD 81.5bn, driven

by a USD 4.4bn

increase in credit

risk

RWA, mainly in derivatives,

securities financing transactions and loans, slightly offset by a USD 0.2bn decrease in market

risk RWA.

Leverage ratio exposure,

calculated on an

average basis,

decreased by USD

4.2bn to

USD 195.0bn and, as

a result, the

tier 1 leverage ratio increased 0.7 percentage points

to 10.2%. Similarly, the

tier 1 supplementary leverage ratio (the SLR)

increased 0.5 percentage

points to

8.7%, primarily

driven by

a USD 1.8bn

decrease in

SLR exposure

in addition

to the

increase in tier 1 capital.

The

average

liquidity

coverage

ratio

increased

0.8 percentage

points

128.7%,

net

cash

outflows

decreased

USD 1.3bn

and

high-quality

liquid

assets

decreased

USD 1.5bn.

The

average

net

stable

funding

ratio

decreased

4.2 percentage points

to 128.6%.

This was

due to

a USD 2.7bn

decrease in

available stable

funding and

a USD 0.4bn

increase in required stable funding.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| UBS Americas Holding LLC consolidated

KM1: Key metrics

USD m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

17,161

16,152

16,236

16,123

23,303

Tier 1

19,984

18,974

19,053

18,941

26,121

Total capital

20,185

19,164

19,258

19,181

26,378

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

81,477

77,244

78,830

78,166

84,944

Minimum capital requirement

6,518

6,180

6,306

6,253

6,795

Risk-based capital ratios as a percentage of RWA

CET1 ratio (%)

21.1

20.9

20.6

27.4

Tier 1 ratio (%)

24.5

24.6

24.2

30.8

Total capital ratio (%)

24.8

24.4

24.5

31.1

Additional CET1 buffer requirements as a percentage of RWA

BCBS capital conservation buffer requirement (%)

2.5

US stress capital buffer requirement (%)

9.3

9.1

Countercyclical buffer requirement (%)

Bank G-SIB and / or D-SIB additional requirements (%)

BCBS total of bank CET1 specific buffer requirements (%)

2.5

11a

US total bank specific capital buffer requirements (%)

9.3

9.1

CET1 available after meeting the bank’s minimum capital requirements (%)

16.6

16.4

16.1

22.9

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

195,030

199,196

204,960

197,487

197,597

Basel III leverage ratio (%)

10.2

9.5

9.3

9.6

13.2

14a

Total Basel III supplementary leverage ratio exposure measure

229,768

231,603

234,346

227,973

227,490

14b

Basel III supplementary leverage ratio (%)

8.7

8.2

8.1

8.3

11.5

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

27,496

28,951

28,182

26,801

32,069

Total net cash outflow

5,7

21,365

22,639

21,213

20,064

24,649

LCR (%)

128.7

127.9

132.9

133.6

130.1

Net stable funding ratio (NSFR)

Total available stable funding

102,169

104,867

107,920

109,283

112,554

Total required stable funding

5,7

79,425

78,978

80,532

80,456

81,952

NSFR (%)

128.6

132.8

134.0

135.8

137.3

1 As the final Basel III standards have not been implemented in the US,

rows that are not applicable have been removed from the FINMA template.

2 Comparative information has been aligned with UBS Americas

Holding LLC’s regulatory

resubmissions of the FR

Y-9C

reports for 1Q25 and

4Q24, reflecting a reduction

in RWA and improved

capital ratios.

3 Calculated as 8%

of total RWA, based

on total minimum

capital

requirements, excluding CET1

buffer requirements.

4 Represents the CET1

ratio that is

available to meet

buffer requirements. Calculated

as the CET1

ratio minus the

BCBS CET1 capital

requirement and, where

applicable, minus the BCBS additional tier 1 and tier 2 capital requirements met with CET1 capital.

5 Figures are calculated on a quarterly average.

6 Calculated on the basis of tier 1 capital.

7 Reflected at 85%

of the full amount in accordance with the Federal Reserve tailoring rule.

30 September 2025 Pillar 3 Report |

Significant regulated subsidiaries and sub-groups

| Credit Suisse International standalone

Credit Suisse International standalone

Key metrics for the third quarter of 2025

The table

below is

based on

Basel Committee

on Banking

Supervision

(BCBS) Pillar

1 requirements

and in

accordance

with UK Prudential Regulatory Authority regulations and IFRS

Accounting Standards.

During the

third quarter

of 2025,

the common

equity tier

1 capital

of Credit

Suisse International

standalone remained

stable at USD 6.8bn. Risk-weighted assets

(RWA) decreased by USD 1.2bn to

USD 5.8bn, mainly driven by a decrease

credit risk

RWA. Leverage ratio

exposure decreased by

USD 4.4bn to USD 15.4bn,

as a

result of decreases

in reverse repos,

money market loans and derivatives.

The average liquidity coverage ratio

was 353.1%, compared with 361.4%

in the second quarter of

2025. The quarterly

variance was driven

by a decrease

of USD 2.1bn in

high-quality liquid assets

reflecting a decrease

in treasury-controlled

assets and a USD 0.5bn reduction in net cash outflows.

The

net

stable

funding

ratio

(the

NSFR)

Credit

Suisse

International

standalone

remained

above

the

regulatory

requirement of 100%, at

310.8%, compared with 266.1%

in the second quarter

of 2025. The movement

in the NSFR,

aligned with the

reduction in balance sheet

exposures, was driven by

a decrease of USD 2.9bn

in available stable

funding,

mainly

reflecting

decrease

capital

and

long-term

funding.

This

was

partly

offset

decrease

USD 1.5bn

required

stable

funding,

mainly

driven

by decrease

derivative

exposures,

trading

inventory,

unsecured

lending

and

other assets.

KM1: Key metrics

USD m, except where indicated

30.9.25

30.6.25

31.3.25

31.12.24

30.9.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

6,768

6,734

6,816

6,883

12,945

Tier 1

6,768

6,734

6,816

6,883

14,145

Total capital

6,768

6,734

6,816

6,883

14,145

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

5,853

7,046

9,332

10,951

16,983

Minimum capital requirement

468

564

747

876

1,359

Risk-based capital ratios as a percentage of RWA

CET1 ratio (%)

115.63

95.57

73.04

62.86

76.22

Tier 1 ratio (%)

115.63

95.57

73.04

62.86

83.29

Total capital ratio (%)

115.63

95.57

73.04

62.86

83.29

Additional CET1 buffer requirements as a percentage of RWA

BCBS capital conservation buffer requirement (%)

2.50

Countercyclical buffer requirement (%)

0.80

0.57

0.93

0.76

0.73

Bank G-SIB and / or D-SIB additional requirements (%)

BCBS total of bank CET1 specific buffer requirements (%)

3.30

3.07

3.43

3.26

3.23

CET1 available after meeting the bank’s minimum capital requirements (%)

107.63

87.57

65.04

54.86

71.72

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

15,386

19,754

23,341

32,521

55,245

Basel III leverage ratio (%)

43.99

34.09

29.20

21.16

25.60

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

10,319

12,427

14,008

15,031

14,984

Total net cash outflow

3,011

3,544

4,070

4,253

4,206

LCR (%)

353.10

361.40

361.77

363.29

367.15

Net stable funding ratio (NSFR)

Total available stable funding

8,043

10,951

13,990

17,503

21,600

Total required stable funding

2,744

4,214

6,145

8,693

12,935

NSFR (%)

310.83

266.14

241.78

214.78

182.88

1 As the final

Basel III standards

have not been implemented

in the UK, rows

that are not applicable

have been removed from

the FINMA template.

2 Calculated as 8%

of total RWA,

based on total minimum

capital requirements, excluding CET1

buffer requirements.

3 Represents the CET1 ratio

that is available to

meet buffer requirements. Calculated

as the CET1 ratio

minus the BCBS CET1

capital requirement and,

where applicable, minus the BCBS additional tier 1 and tier 2 capital requirements met with CET1 capital.

4 On the basis of tier 1 capital.

5 Based on Pillar 1 requirements; calculated using a 12-month average.

30 September 2025 Pillar 3 Report |

Appendix

Abbreviations frequently used in our financial reports

ABS

asset-backed securities

Aktiengesellschaft

AGM

Annual General Meeting of

shareholders

artificial intelligence

A-IRB

advanced internal ratings-

based

ALCO

Asset and Liability

Committee

AMA

advanced measurement

approach

AML

anti-money laundering

AoA

Articles of Association

APM

alternative performance

measure

ARR

alternative reference rate

ARS

auction rate securities

ASF

available stable funding

AT1

additional tier 1

AuM

assets under management

BCBS

Basel Committee on

Banking Supervision

BIS

Bank for International

Settlements

BoD

Board of Directors

CAO

Capital Adequacy

Ordinance

CCAR

Comprehensive Capital

Analysis and Review

CCF

credit conversion factor

CCP

central counterparty

CCR

counterparty credit risk

CCRC

Corporate Culture and

Responsibility Committee

CDS

credit default swap

CEO

Chief Executive Officer

CET1

common equity tier 1

CFO

Chief Financial Officer

CGU

cash-generating unit

CHF

Swiss franc

CIO

Chief Investment Office

C&ORC

Compliance & Operational

Risk Control

CRM

credit risk mitigation

CRO

Chief Risk Officer

CST

combined stress test

CUSIP

Committee on Uniform

Security Identification

Procedures

CVA

credit valuation adjustment

DBO

defined benefit obligation

DCCP

Deferred Contingent

Capital Plan

DFAST

Dodd–Frank Act Stress Test

DisO-FINMA

FINMA Ordinance on the

Disclosure Obligations of

Banks and Securities Firms

discount margin

DOJ

US Department of Justice

DTA

deferred tax asset

DVA

debit valuation adjustment

EAD

exposure at default

Executive Board

European Commission

ECB

European Central Bank

ECL

expected credit loss

EGM

Extraordinary General

Meeting of shareholders

EIR

effective interest rate

expected loss

EMEA

Europe, Middle East and

Africa

EOP

Equity Ownership Plan

EPS

earnings per share

ESG

environmental, social and

governance

ETD

exchange-traded derivatives

ETF

exchange-traded fund

European Union

EUR

euro

EURIBOR

Euro Interbank Offered Rate

EVE

economic value of equity

Ernst & Young Ltd

FCA

UK Financial Conduct

Authority

FDIC

Federal Deposit Insurance

Corporation

FINMA

Swiss Financial Market

Supervisory Authority

FMIA

Swiss Financial Market

Infrastructure Act

FRTB

Fundamental Review of the

Trading Book

FSB

Financial Stability Board

FTA

Swiss Federal Tax

Administration

FVA

funding valuation

adjustment

FVOCI

fair value through other

comprehensive income

FVTPL

fair value through profit or

loss

foreign exchange

GAAP

generally accepted

accounting principles

GBP

pound sterling

GCRG

Group Compliance,

Regulatory and Governance

GDP

gross domestic product

GEB

Group Executive Board

GHG

greenhouse gas

GIA

Group Internal Audit

GRI

Global Reporting Initiative

G-SIB

global systemically

important bank

HQLA

high-quality liquid assets

Internal Audit

IAS

International Accounting

Standards

IASB

International Accounting

Standards Board

IBOR

interbank offered rate

IFRIC

International Financial

Reporting Interpretations

Committee

IFRS

accounting standards

Accounting

issued by the IASB

Standards

IRB

internal ratings-based

IRRBB

interest rate risk in the

banking book

ISDA

International Swaps and

Derivatives Association

ISIN

International Securities

Identification Number

30 September 2025 Pillar 3 Report |

Appendix

Abbreviations frequently used in our financial reports (continued)

KRT

Key Risk Taker

LAS

liquidity-adjusted stress

LCR

liquidity coverage ratio

LGD

loss given default

LIBOR

London Interbank Offered

Rate

LLC

limited liability company

LoD

lines of defense

LRD

leverage ratio denominator

LTIP

Long-Term

Incentive Plan

LTV

loan-to-value

M&A

mergers and acquisitions

MRT

Material Risk Taker

NII

net interest income

NSFR

net stable funding ratio

NYSE

New York Stock Exchange

OCA

own credit adjustment

OCI

other comprehensive

income

OECD

Organisation for Economic

Co-operation and

Development

OTC

over-the-counter

PCI

purchased credit impaired

probability of default

PIT

point in time

PPA

purchase price allocation

QCCP

qualifying central

counterparty

RBC

risk-based capital

RbM

risk-based monitoring

REIT

real estate investment trust

RMBS

residential mortgage-

backed securities

RniV

risks not in VaR

RoCET1

return on CET1 capital

RoU

right-of-use

rTSR

relative total shareholder

return

RWA

risk-weighted assets

standardized approach or

société anonyme

SA-CCR

standardized approach for

counterparty credit risk

SAR

Special Administrative

Region of the People’s

Republic of China

SDG

Sustainable Development

Goal

SEC

US Securities and Exchange

Commission

SFT

securities financing

transaction

SIBOR

Singapore Interbank

Offered Rate

SICR

significant increase in credit

risk

SIX

SIX Swiss Exchange

SME

small and medium-sized

entities

SMF

Senior Management

Function

SNB

Swiss National Bank

SOR

Singapore Swap Offer Rate

SPPI

solely payments of principal

and interest

SRB

systemically relevant bank

SVaR

stressed value-at-risk

TBTF

too big to fail

TCFD

Task

Force on Climate-

related Financial Disclosures

TIBOR

Tokyo

Interbank Offered

Rate

TLAC

total loss-absorbing capacity

TTC

through the cycle

USD

US dollar

VaR

value-at-risk

VAT

value added tax

This is a general list of the abbreviations frequently used in our financial reporting. Not all of

the listed abbreviations may

appear in this particular report.

30 September 2025 Pillar 3 Report |

Appendix

Cautionary statement

This report

and the

information contained

herein are

provided solely

for information

purposes, and

are not to

be construed

as solicitation

of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating

to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on

Form 20-

quarterly reports and other information

furnished to or filed with

the US Securities and Exchange

Commission (the SEC) on Form

6-K, available at

ubs.com/investors

, for additional information.

Rounding |

Numbers presented throughout this report may not add up

precisely to the totals provided in the tables and text.

Percentages and percent changes

disclosed in text and tables are

calculated on the basis of unrounded

figures. Absolute changes between reporting periods disclosed in

the text, which can be

derived from numbers presented in related tables, are calculated on

a rounded basis.

Tables |

Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not

available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis.

Values

that are zero on a rounded basis can be either negative

or positive on an actual basis.

Websites |

In this report,

any website

addresses are provided

solely for information

and are not

intended to

be active links.

UBS does not

incorporate

the contents

of any such websites into this report.

UBS Group AG

PO Box

CH-8098 Zurich

ubs.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrants have duly caused this

report to be signed on their behalf by the undersigned, thereunto duly

authorized.

UBS Group AG

By:

/s/ David Kelly

Name:

David Kelly

Title:

Managing Director

By:

/s/ Ella Copetti-Campi

Name:

Ella Copetti-Campi

Title:

Executive Director

UBS AG

By:

/s/ David Kelly

Name:

David Kelly

Title:

Managing Director

By:

/s/ Ella Copetti-Campi

Name:

Ella Copetti-Campi

Title:

Executive Director

Date:

November 4, 2025

UBS AG 6-K