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: February 4, 2026

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

Fourth Quarter 2025

Report of UBS

Group AG, which

appears immediately following

this page.

UBS

Group

Fourth quarter 2025 report

Corporate calendar UBS Group

Information about future publication dates is generally

available at

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

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London +44-207-567-8000

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UBS’s Investor Relations team manages

relationships with institutional investors,

research analysts and credit rating agencies.

ubs.com/investors

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journalists.

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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

P.O.

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

P.O.

Box, CH-8098 Zurich, Switzerland

sh-shareholder-services@ubs.com

Zurich +41-44-235-6652

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For global registered share-related

inquiries in the US.

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P.O.

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Shareholder online inquiries:

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Imprint

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

Language: English

the registered and unregistered

Key figures

UBS Group key figures

Recent developments

UBS Group performance, business

divisions and Group Items

Group performance

Global Wealth Management

Personal & Corporate Banking

Risk, capital, liquidity and funding,

and balance sheet

Risk management and control

Capital management

Liquidity and funding management

Balance sheet and off-balance sheet

Share information and earnings per share

Consolidated

financial information

UBS Group AG interim consolidated financial

information (unaudited)

Appendix

Alternative performance measures

Abbreviations frequently used in

our financial reports

Information sources

Cautionary statement

UBS Group fourth quarter 2025 report

Terms used in this report, unless the context requires otherwise

“UBS”, “UBS Group”, “UBS Group

AG consolidated”, “Group”, “we”,

“us” and “our”

UBS Group AG and its consolidated subsidiaries

“UBS AG” and “UBS

AG consolidated”

UBS AG and its consolidated subsidiaries

“UBS Group AG”

UBS Group AG on a standalone basis

“UBS Switzerland AG”

UBS Switzerland AG on a standalone basis

“Credit Suisse Group” and “Credit Suisse”

Pre-acquisition Credit Suisse Group

“Credit Suisse Group AG”

Pre-acquisition Credit Suisse Group AG on

a standalone basis

“Credit Suisse AG”

Credit Suisse AG and its consolidated subsidiaries

before the merger with UBS AG

“1m”

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

“1bn”

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

“1trn”

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

In this report, unless the context requires otherwise,

references to any gender shall apply to all genders.

Alternative performance measures

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

future financial performance,

financial position

or cash

flows other

than a

financial measure

defined or

specified in

the applicable

recognized

accounting standards

in other

applicable regulations.

report

number of

APMs

the discussion

the

financial and

operating performance

of the

Group, our

business divisions

and Group

Items. We

use APMs

to provide

complete

picture of

our

operating performance

and

reflect

management’s view

the

fundamental

drivers

our

business

results. A

definition

each

APM,

the

method

used

calculate

and

the

information

content are presented

under “Alternative performance measures”

in the

appendix to this

report. Our APMs

may

qualify

non-GAAP

measures

defined

Securities

and

Exchange

Commission

(SEC)

regulations.

Our

underlying results are APMs and are non-GAAP

financial measures.

›

Refer to “Alternative performance measures” in the appendix to this report for additional information

›

Refer to the “Group performance” section of this report for additional information about underlying results

UBS Group fourth quarter 2025 report |

Key figures | UBS Group key figures

Key figures

UBS Group key figures

As of or for the quarter ended

As of or for the year ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

31.12.25

31.12.24

Group results

Total revenues

12,145

12,760

11,635

49,573

48,611

Credit loss expense / (release)

159

102

229

524

551

Operating expenses

10,286

9,831

10,359

40,197

41,239

Operating profit / (loss) before tax

1,700

2,828

1,047

8,853

6,821

Net profit / (loss) attributable to shareholders

1,199

2,481

770

7,767

5,085

Diluted earnings per share (USD)

0.37

0.76

0.23

2.36

1.52

Profitability and growth

2,3

Return on equity (%)

5.3

11.1

3.6

8.8

6.0

Return on tangible equity (%)

5.8

12.0

3.9

9.5

6.5

Underlying return on tangible equity (%)

10.5

14.6

6.6

12.1

8.5

Return on common equity tier 1 capital (%)

6.6

13.5

4.2

10.8

6.7

Underlying return on common equity tier 1 capital (%)

11.9

16.3

7.2

13.7

8.7

Revenues over leverage ratio denominator, gross (%)

3.0

3.1

3.0

3.1

3.0

Cost / income ratio (%)

84.7

77.0

89.0

81.1

84.8

Underlying cost / income ratio (%)

75.2

69.7

81.9

74.4

79.5

Effective tax rate (%)

29.1

12.0

25.6

11.9

24.6

Net profit growth (%)

55.6

74.2

n.m.

52.7

(81.4)

Resources

Total assets

1,617,427

1,632,251

1,565,028

1,617,427

1,565,028

Equity attributable to shareholders

90,213

89,899

85,079

90,213

85,079

Common equity tier 1 capital

71,262

74,655

71,367

71,262

71,367

Risk-weighted assets

493,397

504,897

498,538

493,397

498,538

Common equity tier 1 capital ratio (%)

14.4

14.8

14.3

14.4

14.3

Going concern capital ratio (%)

18.5

18.8

17.6

18.5

17.6

Total loss-absorbing capacity ratio (%)

38.0

39.5

37.2

38.0

37.2

Leverage ratio denominator

1,622,438

1,640,464

1,519,477

1,622,438

1,519,477

Common equity tier 1 leverage ratio (%)

4.4

4.6

4.7

4.4

4.7

Liquidity coverage ratio (%)

182.6

182.1

188.4

182.6

188.4

Net stable funding ratio (%)

116.1

119.7

125.5

116.1

125.5

Other

Invested assets (USD bn)

3,7

7,005

6,910

6,087

7,005

6,087

Internal and external personnel

119,589

122,382

128,983

119,589

128,983

Internal personnel (full-time equivalents)

103,177

104,427

108,648

103,177

108,648

Market capitalization

1,9

155,760

136,416

105,719

155,760

105,719

Total book value per share (USD)

29.18

28.78

26.80

29.18

26.80

Tangible book value per share (USD)

26.93

26.54

24.63

26.93

24.63

Credit-impaired lending assets as a percentage of total lending

assets, gross (%)

0.9

1.0

0.9

1.0

Cost of credit risk (bps)

1 Refer to the

“Share information and

earnings per share”

section of this

report for more

information.

2 Refer to the

“Targets,

capital guidance and

ambitions” section of

the UBS Group

Annual Report 2024,

available under “Annual reporting” at ubs.com/investors, for more information about our previous performance targets

and to the “Recent developments” section of

this report for more information about our updated

targets and ambitions.

3 Refer to “Alternative

performance measures” in the appendix

to this report for the

relevant definition(s) and calculation

method(s).

4 Refer to the “Group

performance” section of this

report for more information about underlying results.

5 Based on the Swiss systemically relevant bank framework.

Refer to the “Capital management” section of this report

for more information.

6 The disclosed

ratios represent quarterly averages for the quarters

presented and are calculated based on an average

of 64 data points in the fourth quarter

of 2025, 65 data points in the third quarter

of 2025 and 64 data points

in the fourth

quarter of 2024.

Refer to

the “Liquidity

and funding management”

section of this

report for

more information.

7 Consists of invested

assets for

Global Wealth

Management, Asset

Management

(including invested assets from associates)

and Personal &

Corporate Banking. Refer to

“Note 31 Invested assets

and net new money” in

the “Consolidated financial statements”

section of the UBS Group

Annual

Report 2024, available under “Annual reporting” at ubs.com/investors, for more information.

8 Represents full-time equivalents for internal personnel and workforce count for external personnel.

9 The calculation

of market capitalization reflects total shares issued multiplied by the share price at the end of the period.

UBS Group fourth quarter 2025 report

Recent developments

Management report

Integration of Credit Suisse

We continued

to make

excellent progress

the integration

of Credit

Suisse, which

expect to

substantially

complete by the

end of 2026.

Our efforts continue

to concentrate on

client account migrations,

business clearance

activities and infrastructure decommissioning.

We remain

on track

to complete

the Swiss-booked

client account

migrations by

the end

of the

first quarter

of 2026.

By the end of

the fourth quarter of 2025, 85%

of Swiss-booked accounts had been migrated, and

the migration

of Personal & Corporate client accounts was

substantially complete.

At the end

of the fourth

quarter of 2025,

we had decommissioned

around 73% of

applications in our

Non-core

and Legacy division, and

we had materially completed

the transfer of Credit

Suisse International’s residual

business

and related products to UBS AG London Branch

and UBS Europe SE.

In the

fourth quarter

of 2025,

we realized

an additional

USD 0.7bn in

gross cost

savings. Cumulative

gross cost

savings at the

end of the

fourth quarter

of 2025 amounted

to USD 10.7bn

compared with

the 2022

combined cost

base of

UBS and

Credit Suisse. We

have identified additional

synergies, enabling us

to increase

our ambition

for

annualized exit rate gross cost savings

by the end of

2026 from around USD 13bn to approximately

USD 13.5bn.

expect

have

incurred

cumulative

integration-related expenses

around

USD 15bn

the

end

2026,

assuming constant foreign-exchange rates.

31 December

2025,

our

Non-core

and

Legacy

division

has

delivered

67%

reduction

risk-weighted

assets (RWA) since the

second quarter of

2023. We

have achieved a

reduction of

credit and

market risk RWA

around USD 5bn, and our ambition is to reduce

this further,

to around USD 4bn by the end of 2026.

Targets, ambitions and strategy update

Group targets, ambitions and guidance

We are on track to deliver on our exit rate

targets upon completion of the integration

by the end of 2026:

–

an underlying return on common equity tier 1

capital (RoCET1) of around 15% (exit

rate);

–

an underlying cost / income ratio of less than

70% (exit rate); and

–

gross cost savings

of around USD 13.5bn

(exit rate) compared with

the 2022 combined cost

base of UBS

and

Credit Suisse.

As we

complete the

integration, we

believe our

scale and

client franchises

will position

us to

sustainably deliver

higher returns.

We aim

to deliver

reported RoCET1

of around

18% in

2028 (based

on the

current capital

framework

and assuming a

common equity

tier 1 (CET1) capital

ratio of

around 14%)

and a reported

cost / income ratio of

around 67% in 2028.

Our capital guidance remains unchanged,

and we aim to maintain:

–

a CET1 capital ratio of around 14%;

and

–

a CET1 leverage ratio of greater than 4.0%.

Our business division ambitions are:

–

for Global Wealth

Management, more

than USD 5.5trn

of invested assets

by 2028,

more than USD

200bn of

net

new assets per annum from 2028 and a reported

cost / income ratio of around 68%;

–

for Personal & Corporate Banking,

a reported cost / income ratio of around 48% in 2028 and a reported return

on attributed equity of around 19% over the

medium term;

–

for

Asset

Management,

net

new

money

growth

rate

around

(through

the

cycle)

and

reported

cost / income ratio of around 65% in 2028;

and

–

for

the

Investment Bank,

unchanged

ambitions, with

reported

return

attributed equity

around 15%

(through the cycle).

UBS Group fourth quarter 2025 report

Recent developments

Capital returns

For the 2025 financial

year, the Board of

Directors plans to propose

a dividend to UBS

Group AG shareholders of

USD 1.10 per share.

Subject to approval

at the Annual

General Meeting, scheduled

for 15 April 2026,

the dividend

will be

paid on

23 April 2026

to shareholders

of record

on 22 April

2026. The

ex-dividend date

will be

21 April

2026

the

SIX

Swiss

Exchange

and

22 April

2026

the

New

York

Stock

Exchange.

are

committed

progressive dividends and plan to accrue for

a mid-teens percent increase in dividend per

share in 2026.

In the fourth quarter of 2025, we completed

our planned share repurchases of USD 3bn.

We intend to repurchase

USD 3bn of

shares in

2026 with

the aim

to do

more.

The amount

of additional repurchases

is subject

to further

clarity around

the future

regulatory regime

in Switzerland,

our financial

performance

and maintaining

a CET1

capital

ratio of around 14%.

Beyond 2026,

we intend

to continue

to pursue

a progressive

dividend complemented by

share repurchases

that

will

calibrated

based

our

financial

results,

our

capital

ratio

and

the

final

outcome

and

timing

the

implementation of the new regulatory regime

in Switzerland.

Regulatory and legal developments

US supervisory changes

US federal

banking agencies

have undertaken

several initiatives

to reform

supervisory standards

with the

stated

objective of

prioritizing material

financial risks.

In October

2025, the

Federal Deposit

Insurance Corporation

(the

FDIC) and the Office of

the Comptroller of the

Currency (the OCC) issued

two proposals. The first

proposal aims to

clarify

supervisory standards

regarding

the

circumstances under

which

deficiency

would

rise

the

level

supervisory finding or

enforcement action. The

second proposal would

prohibit examiners from

criticizing or taking

adverse action on

the basis of

reputational risk. In

November 2025, the

Federal Reserve Board

released a statement

of supervisory operating

principles that outlines

objectives for supervision,

expressing its focus

on material financial

risks over

process-based concerns.

The Federal

Reserve Board

has also

finalized a

rule to

amend its

supervisory rating

framework for

large bank

holding companies.

Under the

rule, which

became effective

on 16 January

2026, the

Federal Reserve Board

will take a more

holistic approach in

determining whether it

considers covered companies

be well managed. The impact of these will depend

on the implementation by examination

staff at these agencies.

addition, in

August 2025,

presidential executive

order directed

the US

federal banking

agencies to

identify

supervised

institutions

that

have

previously

engaged

are

currently

engaged

“politicized

unlawful

debanking”, which the order defined as restrictions on access to

financial services based on a customer’s political

or religious beliefs or lawful business activities. In

December 2025, the OCC released preliminary findings from its

supervisory review

of debanking

activities at the

nine largest national

banks that

it supervises.

The OCC determined

that

the

banks

had

policies

practices

that

limited

access

banking

services

for

certain

customers

and

has

recommended documentation of individualized,

objective, risk-based analyses for any decision to restrict

access to

banking services. The full impact of this issue will be

dependent on the outcome of ongoing debanking

reviews of

the OCC and other federal banking agencies.

In January 2026,

the OCC

issued a conditional

approval for

UBS Bank

USA’s application

to become

a national

bank.

Developments in the EU to simplify regulations

regarding environmental, social and governance

matters

December

2025,

legislators

reached

final

agreement

proposals

simplify

the

requirements

the

Corporate Sustainability

Reporting Directive

(the CSRD)

and the

Corporate Sustainability

Due Diligence

Directive

(the CSDDD) with a view to reducing the reporting and regulatory burden, particularly for smaller companies, and

to enhancing the EU’s competitiveness. The agreement

provides for a significantly reduced scope of application of

both the CSRD

and the CSDDD, while

maintaining their extra-territorial application. Companies within

the scope

of the

CSDDD will

be required

to take

a risk-based

approach when conducting

due diligence

and will

no longer

have to adopt a transition

plan for climate change

mitigation. EU Member

States will have to transpose

the revised

CSRD into national

law within the 12

months following its

entry into force, which

is expected in the

first quarter of

2026.

With

regard to

the CSDDD,

the transposition

deadline has

been

further postponed

until July

2028, with

compliance to be

achieved by July

2029. UBS AG, having

selected Germany as

its EU home

member state under

the EU Transparency directive,

and UBS Europe SE would

remain within the

scope of the

revised CSRD and become

subject to CSRD

reporting once Germany

has transposed this

directive.

We are

assessing the expected

impact of

scope changes of the revised CSDDD.

UBS Group fourth quarter 2025 report

Recent developments

1 January

2026,

simplification

measures

the

reporting

requirements

under

Art. 8

the

Taxonomy

Regulation became effective.

Companies have the option of

implementing the changes for

the 2025 financial year

or of

postponing until

the 2026

financial year.

The measures

aim

to reduce

the burden

and costs

of taxonomy

reporting for companies

pending the completion

of the comprehensive

review of the EU

Taxonomy Regulation and

related reporting rules in 2026. UBS is considering

the application of these measures to the

taxonomy reporting of

UBS AG standalone and UBS Europe SE consolidated

for the 2025 financial year.

Other developments

Repurchase of legacy Credit Suisse debt

In November

2025, UBS

repurchased USD 7.7bn aggregate

principal amount

of legacy

Credit Suisse

senior debt

instruments for an aggregate

acquisition cost of around

USD 8.5bn. UBS Group recognized

a net loss in the fourth

quarter of

USD 457m on

the retirement

of these

instruments, including

the release

of purchase

price allocation

adjustments of

USD 427m. The

net loss

expected to

be more

than offset

in future

periods by

lower ongoing

interest expense.

Sale of O’Connor business

31 December

2025,

UBS

Asset

Management

(Americas)

LLC

completed

the

first

closing

its

previously

announced sale

of its

O’Connor single

manager hedge fund,

private credit

and commodities platform

to Cantor

Fitzgerald. In connection with this

closing,

UBS recognized a loss

of USD 29m in the

fourth quarter of 2025. UBS

expects to

complete the

transfer of

the remaining

funds in

the first

quarter of

2026

and does

not expect

to recognize

any material profit or loss upon such completion.

Sale of our interest in Swisscard AECS GmbH

In January 2026, we completed the sale of our 50% interest in Swisscard AECS GmbH (Swisscard), a joint venture

in Switzerland between

UBS and American

Express Swiss Holdings

GmbH (American Express),

to American Express,

and expect

to record

a gain

on sale

in the

first quarter

of 2026.

As previously disclosed,

this gain

is expected

largely offset the effects related to the prior

Swisscard transactions recorded in the

fourth quarter of 2024 and the

first quarter of 2025.

Organizational changes

Mike

Dargan stepped

down as

Group

Chief Operations

and

Technology Officer

the end

of December

2025.

Effective

1 January

2026,

the

Group

Technology

function

reports

Beatriz

Martin

her

role

Group

Chief

Operating Officer.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items

UBS Group performance,

business divisions and Group Items

Management report

Our businesses

We report

five business

divisions, each

of which

qualifies as

an operating

segment pursuant

to IFRS

Accounting

Standards: Global Wealth Management,

Personal & Corporate Banking,

Asset Management, the Investment

Bank,

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

and policies.

Our Group

functions are

support and

control functions

that provide

services to

the Group.

Virtually all

costs incurred

by our Group functions are

allocated to the business divisions,

leaving a residual amount that

we refer to as Group

Items in our segment reporting.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

Group performance

Income statement

For the quarter ended

% change from

For the year ended

USD m

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Net interest income

2,172

1,981

1,838

7,747

7,108

Other net income from financial instruments measured

at fair value through profit or loss

3,163

3,502

3,144

(10)

14,011

14,690

Net fee and commission income

7,223

7,204

6,598

27,912

26,138

Other income

(412)

(96)

675

Total revenues

12,145

12,760

11,635

(5)

49,573

48,611

Credit loss expense / (release)

159

102

229

(31)

524

551

Personnel expenses

6,681

7,172

6,361

(7)

27,861

27,318

General and administrative expenses

2,740

1,755

3,004

(9)

8,807

10,124

Depreciation, amortization and impairment of non-financial

assets

865

904

994

(4)

(13)

3,529

3,798

Operating expenses

10,286

9,831

10,359

(1)

40,197

41,239

Operating profit / (loss) before tax

1,700

2,828

1,047

(40)

8,853

6,821

Tax expense / (benefit)

495

341

268

1,056

1,675

Net profit / (loss)

1,205

2,487

779

(52)

7,797

5,146

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

(27)

Net profit / (loss) attributable to shareholders

1,199

2,481

770

(52)

7,767

5,085

Comprehensive income

Total comprehensive income

1,270

2,073

(1,878)

(39)

12,045

3,401

Total comprehensive income attributable to non-controlling interests

(6)

(27)

(79)

Total comprehensive income attributable to shareholders

1,275

2,067

(1,851)

(38)

11,998

3,388

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

Selected financial information of the business divisions and Group Items

For the quarter ended 31.12.25

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

Total revenues as reported

6,695

2,286

800

2,946

(8)

(575)

12,145

of which: PPA effects and other integration items

135

226

(404)

of which: loss related to an investment in an associate

(20)

(54)

(74)

Total revenues (underlying)

6,580

2,114

800

2,885

(10)

(171)

12,199

Credit loss expense / (release)

101

(12)

159

Operating expenses as reported

5,373

1,621

588

2,272

459

(27)

10,286

of which: integration-related expenses and PPA effects

384

285

124

233

1,117

Operating expenses (underlying)

4,989

1,336

531

2,148

226

(62)

9,169

Operating profit / (loss) before tax as reported

1,290

565

212

640

(455)

(552)

1,700

Operating profit / (loss) before tax (underlying)

1,558

678

268

703

(224)

(113)

2,871

For the quarter ended 30.9.25

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

Total revenues as reported

6,543

2,321

843

3,244

(40)

(149)

12,760

of which: PPA effects and other integration items

171

276

219

701

of which: loss related to an investment in an associate

(38)

(102)

(140)

Total revenues (underlying)

6,410

2,147

843

3,025

(42)

(183)

12,199

Credit loss expense / (release)

102

Operating expenses as reported

5,182

1,619

624

2,327

9,831

of which: integration-related expenses and PPA effects

553

376

106

205

1,323

Operating expenses (underlying)

4,629

1,242

560

2,221

(149)

8,507

Operating profit / (loss) before tax as reported

1,354

631

218

900

(102)

(173)

2,828

Operating profit / (loss) before tax (underlying)

1,774

833

282

787

102

(187)

3,590

For the quarter ended 31.12.24

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

Total revenues as reported

6,121

2,245

766

2,749

(58)

(188)

11,635

of which: PPA effects and other integration items

200

258

202

(4)

656

of which: loss related to an investment in an associate

(21)

(59)

(80)

Total revenues (underlying)

5,942

2,047

766

2,547

(58)

(184)

11,059

Credit loss expense / (release)

(14)

175

229

Operating expenses as reported

5,268

1,476

639

2,207

858

(88)

10,359

of which: integration-related expenses and PPA effects

460

209

174

317

(1)

1,255

of which: items related to the Swisscard transactions

Operating expenses (underlying)

4,808

1,226

543

2,032

541

(88)

9,062

Operating profit / (loss) before tax as reported

867

595

128

479

(923)

(100)

1,047

Operating profit / (loss) before tax (underlying)

1,147

646

224

452

(606)

(96)

1,768

1 Includes accretion

of PPA

adjustments on financial

instruments and other

PPA effects,

as well as

temporary and incremental

items directly related

to the integration.

2 Includes a USD

457m net loss

from the

repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 885m before PPA adjustments,

partly offset by a USD 427m

gain from the release of PPA adjustments).

3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization

of intangibles resulting from the acquisition of the Credit

Suisse Group.

4 Includes a USD 128m gain from

the sale of a stake

in a subsidiary, Credit

Suisse Securities (China) Limited.

5 Represents the termination fee paid

to American Express related to

the sale of our

50% holding in Swisscard.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

Selected financial information of the business divisions and Group Items (continued)

For the year ended 31.12.25

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

Total revenues as reported

25,960

9,154

3,156

12,340

154

(1,190)

49,573

of which: PPA effects and other integration items

624

1,016

570

(323)

1,892

of which: loss related to an investment in an associate

(62)

(168)

(230)

of which: items related to the Swisscard transactions

Total revenues (underlying)

25,398

8,242

3,156

11,769

150

(867)

47,848

Credit loss expense / (release)

339

133

(1)

524

Operating expenses as reported

20,705

6,318

2,436

9,387

1,353

(2)

40,197

of which: integration-related expenses and PPA effects

1,675

1,093

256

463

882

4,422

of which: items related to the Swisscard transactions

180

Operating expenses (underlying)

19,030

5,045

2,179

8,924

472

(56)

35,595

Operating profit / (loss) before tax as reported

5,207

2,497

719

2,819

(1,199)

(1,190)

8,853

Operating profit / (loss) before tax (underlying)

6,320

2,857

975

2,712

(321)

(813)

11,729

For the year ended 31.12.24

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

Total revenues as reported

24,516

9,334

3,182

10,948

1,605

(975)

48,611

of which: PPA effects and other integration items

891

1,038

989

(41)

2,877

of which: loss related to an investment in an associate

(21)

(59)

(80)

Total revenues (underlying)

23,646

8,355

3,182

9,958

1,605

(933)

45,814

Credit loss expense / (release)

(16)

404

(1)

(2)

551

Operating expenses as reported

20,608

5,741

2,663

8,934

3,512

(220)

41,239

of which: integration-related expenses and PPA effects

1,807

749

351

717

1,154

(12)

4,766

of which: items related to the Swisscard transactions

Operating expenses (underlying)

18,802

4,951

2,312

8,217

2,359

(208)

36,432

Operating profit / (loss) before tax as reported

3,924

3,189

520

1,917

(1,976)

(752)

6,821

Operating profit / (loss) before tax (underlying)

4,860

3,000

871

1,644

(822)

(723)

8,831

1 Includes accretion of PPA adjustments

on financial instruments and other PPA

effects, as well as temporary and incremental

items directly related to the integration.

2 Includes a USD

128m gain from the sale of

a stake in a subsidiary,

Credit Suisse Securities (China) Limited.

3 Includes a USD 457m net loss

from the repurchase of legacy Credit

Suisse debt instruments, as

the repurchase price exceeded the amortized

-cost

carrying value (the net loss reflects a loss of USD 885m before PPA adjustments,

partly offset by a USD 427m gain from the release of PPA

adjustments).

4 Represents the gain related to UBS’s share of the income

recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS.

5 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting

from the acquisition of

the Credit Suisse Group.

6 Represents the expense related

to the payment to

Swisscard for the sale

of the Credit Suisse

card portfolios to UBS.

7 Represents the termination

fee paid to

American Express related to the sale of our 50% holding in Swisscard.

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

For the quarter ended

For the year ended

USD m

31.12.25

30.9.25

31.12.24

31.12.25

31.12.24

Global Wealth Management

381

550

458

1,665

1,845

Personal & Corporate Banking

259

350

183

988

654

Asset Management

256

351

Investment Bank

125

(22)

174

336

717

Non-core and Legacy

231

204

317

877

1,154

Group Items

888

890

Net integration-related expenses

1,941

1,146

1,233

5,013

4,757

of which: total revenues

853

(149)

705

1, 2

104

of which: operating expenses

1,089

1,295

1,227

4,308

4,653

of which: personnel expenses

563

726

599

2,467

2,541

of which: general and administrative expenses

433

472

484

1,498

1,681

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

assets

144

343

430

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

Securities (China) Limited.

2 Includes an USD 885m loss from the repurchase of legacy Credit Suisse debt instruments, excluding

partly offsetting gain of USD 427m from the release of PPA adjustments (a net loss of USD 457m was

recognized on retirement of these instruments in the fourth quarter of 2025).

3 Negative values represent net

income.

Underlying results

In addition to

reporting our

results in accordance

with IFRS Accounting

Standards, we

report underlying results

that

exclude items of profit or loss that management

believes are not representative of

the underlying performance.

the

fourth

quarter

2025,

underlying

revenues

excluded

purchase

price

allocation

(PPA)

effects

and

other

integration items,

including a

net loss

from the

repurchase

of legacy

Credit Suisse

debt instruments.

PPA effects

mainly consisted

of PPA

adjustments on

financial instruments measured

at amortized

cost, including

off-balance

sheet positions, arising from the acquisition of the Credit Suisse Group. Accretion of PPA adjustments on financial

instruments is accelerated

when the related

financial instrument

is derecognized

before its contractual

maturity. No

adjustment is made for

accretion of PPA on

financial instruments within

Non-core and Legacy, due

to the nature of

its business model.

Underlying revenues also excluded a loss relating

to an investment in an associate.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

the

fourth

quarter

2025,

underlying

expenses

excluded

integration-related

expenses

that

are

temporary,

incremental and directly

related to the

integration of Credit

Suisse into

UBS, including costs

of internal

staff and

contractors

substantially

dedicated

integration

activities,

retention

awards,

redundancy

costs,

incremental

expenses from

the shortening

of useful lives

of property,

equipment and software,

and impairment charges

relating

these

assets.

Classification

integration-related

expenses

does

not

affect

the

timing

recognition

and

measurement of those expenses or the presentation

thereof in the income statement.

Results: 4Q25 vs 4Q24

Reported operating

profit before

tax increased

by USD 653m,

or 62%,

to USD 1,700m, reflecting

an increase

total

revenues

and

decrease

operating

expenses,

well

lower

net

credit

loss

expenses.

Total

revenues

increased by USD 510m, or 4%, to USD 12,145m, which included an increase from foreign currency

effects and a

decrease

of USD

636m in

accretion impacts

resulting from

PPA

adjustments on

financial

instruments and

other

integration items. The increase

in total revenues

was primarily driven

by an increase

of USD 625m in

net fee and

commission income

and an

increase of

USD 352m in

combined net

interest income

and other

net income

from

financial instruments measured at fair value

through profit or loss, partly

offset by a USD 468m

decrease in other

income, largely

reflecting a

net loss

of USD 457m

from the

repurchase

of legacy Credit

Suisse debt

instruments.

Operating expenses

decreased by

USD 73m, or

1%, to

USD 10,286m, which

included a

USD 138m decrease

integration-related

expenses

and

increase

from

foreign

currency

effects.

The

overall

reduction

operating

expenses reflected decreases of USD 264m

in general and administrative expenses and USD 129m

in expenses for

depreciation,

amortization

and

impairment

non-financial

assets,

partly

offset

USD 320m

increase

personnel expenses.

Net credit loss expenses were USD 159m, compared with USD 229m

in the fourth quarter of

2024.

›

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

repurchase of legacy Credit Suisse debt

Underlying results 4Q25 vs 4Q24

Underlying revenues for the fourth quarter of 2025 excluded

PPA effects and other integration items of

USD 20m,

including a net loss of USD 457m from the

repurchase

of legacy Credit Suisse debt instruments,

and also excluded

a USD 74m loss relating to

an investment in an associate.

Underlying operating expenses excluded

USD 1,117m

integration-related expenses and PPA effects.

underlying

basis,

profit

before

tax

increased

USD 1,103m

USD 2,871m,

reflecting

USD 1,140m

increase in

total revenues

and a

USD 70m decrease

in net

credit loss

expenses, partly

offset by

a USD 107m

increase

in operating expenses.

Total revenues: 4Q25 vs 4Q24

Net interest income and other net income

from financial instruments measured at

fair value through profit or loss

Total combined

net interest

income and

other net

income from

financial instruments

measured at

fair value

through

profit or

loss increased

by USD 352m

to USD 5,334m

and included

a decrease

of USD 85m

in accretion

impacts

resulting from PPA adjustments on financial

instruments and other PPA effects.

Global Wealth Management

revenues increased by

USD 83m to USD

2,300m, which

included a

USD 62m

decrease

accretion

PPA

adjustments

financial

instruments

and

other

PPA

effects.

Excluding

the

aforementioned

effects, net interest income

increased, largely driven

by the effects of

favorable changes in

deposit mix and positive

foreign currency effects,

partly offset by the impact of

lower central bank interest rates

on deposit revenues. There

was

also

increase of

USD 100m

transaction-based income

from foreign

exchange and

other

intermediary

activity.

Personal

Corporate

Banking

revenues

decreased

USD

32m

USD

1,540m,

which

included

USD

38m

decrease

accretion

PPA

adjustments

financial

instruments

and

other

PPA

effects.

Excluding

the

aforementioned effects, net interest income was

broadly stable, as a

decrease due to the

impact of lower central

bank interest

rates on

deposit revenues

was largely

offset by

positive foreign

currency effects

and impacts

from

deposit pricing measures and lower liquidity

and funding costs.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

Investment Bank revenues

increased by USD 183m

to USD 1,738m, including

a USD 5m decrease

in accretion of

PPA adjustments on financial instruments and other PPA effects. The revenues included a gain of USD 102m from

a strategic

equity investment in

Global Markets.

Excluding the aforementioned

effects, the growth

was primarily

due to higher revenues

in Derivatives & Solutions, mainly

driven by Foreign Exchange and

Equity Derivatives from

higher levels of client activity.

Non-core and Legacy revenues

were negative USD 60m, compared with negative USD 153m in the fourth quarter

of 2024, mainly due to

lower liquidity and funding

costs, partly offset by

lower net interest income,

as a result of a

smaller portfolio, and further offset by higher markdowns.

Revenues in Group

Items were

negative USD 181m, compared

with negative USD 202m

in the

fourth quarter of

2024, and

included a USD 20m

increase in

accretion of PPA

adjustments on

financial instruments and

other PPA

effects.

›

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

specific revenues of each of the business divisions and Group Items

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

For the quarter ended

% change from

For the year ended

USD m

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Net interest income from financial instruments measured

at amortized cost and fair value

through other comprehensive income

577

329

(55)

1,404

Net interest income from financial instruments measured

at fair value through profit or

loss and other

1,594

1,652

1,893

(4)

(16)

6,343

7,061

Other net income from financial instruments measured

at fair value through profit or loss

3,163

3,502

3,144

(10)

14,011

14,690

Total

5,334

5,483

4,982

(3)

21,758

21,798

Global Wealth Management

2,300

2,192

2,217

8,854

9,031

of which: net interest income

1,832

1,773

1,849

(1)

7,018

7,358

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

intermediary

activity

468

419

368

1,836

1,673

Personal & Corporate Banking

1,540

1,626

1,572

(5)

(2)

6,178

6,479

of which: net interest income

1,322

1,395

1,362

(5)

(3)

5,322

5,650

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

intermediary

activity

218

231

209

(5)

856

829

Asset Management

(3)

(9)

(5)

(70)

(49)

(16)

Investment Bank

1,738

1,870

1,555

(7)

7,536

6,164

Non-core and Legacy

(60)

(43)

(153)

(61)

(24)

1,163

Group Items

(181)

(153)

(202)

(11)

(771)

(1,054)

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

translation effects and income and expenses from precious metals, which are included in the income statement

line Other net income from financial instruments measured

at fair value through profit or loss.

The amounts reported on this line are

one component of Transaction-based

income in the management discussion and

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

of this report.

Net fee and commission income

Net fee and commission income increased

by USD 625m

to USD 7,223m

and included a decrease of USD

131m in

accretion of PPA adjustments on financial instruments and other PPA effects, which was reflected in other fee and

commission income, predominantly in Global

Banking in the Investment Bank.

Fees for

portfolio management,

investment funds

and related

services increased

by USD 441m

to USD 5,106m.

These fees

are largely

recurring and

are mainly

driven by

portfolio management

and asset-based

fund fees

in Global

Wealth Management

and management

fees in

Asset Management.

The year-on-year

increase in

Global Wealth

Management

was

mainly

driven

higher

average

levels

fee-generating

assets,

primarily

from

mandates,

reflecting

positive

market

performance

and

net

new

fee-generating

asset

inflows

2025.

Increases

Asset

Management

were

mainly

driven

higher

average

levels

invested

assets,

primarily

from

positive

market

performance and foreign currency effects,

partly offset by ongoing margin compression.

Net

brokerage

fees

increased

USD 253m

USD 1,334m,

driven

increased

volumes

Cash

Equities

Execution Services

in the

Investment Bank,

led by the

Asia Pacific region,

and higher

levels of

client activity

in Global

Wealth Management across all regions.

Other income

was negative

USD 412m, compared

with positive

USD 56m

in the fourth

quarter of 2024.

The fourth

quarter of 2025 included a net loss of USD 457m from

the repurchase of legacy Credit Suisse debt instruments.

addition, a

loss of

USD 74m relating

to an

investment in

an associate

was recognized,

compared with

a loss

USD 80m in the fourth quarter of 2024.

The fourth quarter of 2025 also included

a net loss in Asset Management

of USD 29m

related to

the sale

of its

O’Connor business.

The losses

were partly

offset by

a release

of USD 42m

related to other financial liabilities in Global Wealth

Management.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

Credit loss expense / release: 4Q25 vs 4Q24

Total net

credit loss

expenses in the

fourth quarter of

2025 were

USD 159m, reflecting net

releases of USD 15m

performing

positions

and

net

expenses

USD 174m

credit-impaired

positions.

Net

credit

loss

expenses were USD 229m

in the fourth quarter of 2024.

Credit loss expense / (release)

Performing positions

Credit-impaired positions

USD m

Stages 1 and 2

Stage 3

Purchased

Total

For the quarter ended 31.12.25

Global Wealth Management

Personal & Corporate Banking

(16)

116

101

Asset Management

Investment Bank

(2)

Non-core and Legacy

(2)

(10)

(12)

Group Items

Total

(15)

184

(10)

159

For the quarter ended 30.9.25

Global Wealth Management

(4)

Personal & Corporate Banking

Asset Management

Investment Bank

Non-core and Legacy

Group Items

Total

102

For the quarter ended 31.12.24

Global Wealth Management

(26)

(14)

Personal & Corporate Banking

(24)

199

175

Asset Management

Investment Bank

Non-core and Legacy

(2)

Group Items

(1)

Total

(21)

247

229

Operating expenses: 4Q25 vs 4Q24

Operating expenses

For the quarter ended

% change from

For the year ended

USD m

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Personnel expenses

6,681

7,172

6,361

(7)

27,861

27,318

of which: salaries and variable compensation

5,564

5,906

5,321

(6)

23,338

23,047

of which: variable compensation – financial advisors

1,492

1,419

1,400

5,654

5,293

General and administrative expenses

2,740

1,755

3,004

(9)

8,807

10,124

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

and similar matters

(668)

(83)

(949)

(128)

Depreciation, amortization and impairment of non-financial

assets

865

904

994

(4)

(13)

3,529

3,798

Total operating expenses

10,286

9,831

10,359

(1)

40,197

41,239

1 Financial advisor compensation consists of cash

compensation, determined using a formulaic

approach based on production, and

deferred awards. It also

includes expenses related to compensation commitments

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

Personnel expenses

Personnel

expenses

increased

USD 320m

USD 6,681m,

mainly

driven

increase

accruals

for

performance awards, reflecting

business performance,

and an increase in financial

advisor compensation,

resulting

from higher compensable revenues.

Salary expenses were broadly

unchanged, as increases

due to foreign currency

effects were almost entirely offset by the impact

of a smaller workforce.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

General and administrative expenses

General

and

administrative

expenses

decreased

USD 264m

USD 2,740m,

mainly

driven

USD 134m

decrease in consulting,

legal and audit fees

and an USD 82m

decrease in net

expenses for litigation,

regulatory and

similar

matters.

addition,

the

fourth

quarter

2024

reflected

USD 41m

expense

the

Swisscard

transactions.

There

were

also

decreases

USD 36m

marketing

and

communication

costs,

USD 34m

outsourcing costs, and USD 33m

in real estate and logistics costs.

The decreases were partly offset by

a USD 139m

increase in technology costs, largely driven by

the recognition of provisions for onerous contracts

related to IT, and

a USD 25m increase in donation expenses,

due to higher contributions to the UBS

Optimus Foundation.

›

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

the “Consolidated financial information” section of this report for more information about litigation, regulatory

and similar matters

›

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

2024, available under “Annual reporting” at

ubs.com/investors

, for more information about litigation, regulatory

and similar matters

Depreciation, amortization and impairment of

non-financial assets

Depreciation, amortization

and impairment

of non-financial

assets decreased

by USD 129m

to USD 865m,

primarily

reflecting

USD 71m

decrease

depreciation

leased

real

estate

result

higher

levels

accelerated

depreciation

the

fourth

quarter

2024,

driven

integration

activities.

addition,

there

was

USD 47m

decrease in the depreciation

of IT and communication

equipment, mainly driven

by internally generated

capitalized

software,

reflecting a lower cost base of software assets.

Tax: 4Q25 vs 4Q24

The Group had a

net income tax

expense of USD 495m

in the fourth quarter

of 2025, representing

an effective tax

rate of 29.1%, compared with USD 268m in the

fourth quarter of 2024 and an effective

tax rate of 25.6%.

The net current tax expense was USD 276m, which

primarily related to the taxable profits of UBS

Switzerland AG

and other entities.

There was

a net

deferred tax

expense of

USD 219m. This

reflects a

net deferred

tax expense

of USD 287m

that

primarily related

to the

amortization of

deferred tax

assets (DTAs)

previously recognized

in relation

to tax

losses

carried

forward

and

deductible

temporary

differences,

partly

offset

net

benefit

USD 68m

revaluations of DTAs for certain entities in

connection with our business planning

process.

For the

full year

2026, we

expect a

tax rate

of around

23%, excluding

any potential

effects from

the remeasurement

of DTAs in

connection with

the business planning

process for 2026

and any material

jurisdictional statutory

tax rate

changes that could be enacted.

Total comprehensive income attributable

to shareholders

In the

fourth quarter

of 2025,

total comprehensive

income attributable

to shareholders

was USD 1,275m,

reflecting

a net profit of USD 1,199m and other comprehensive

income (OCI), net of tax, of USD 76m.

Foreign currency translation OCI

was USD 144m, mainly due

to the US

dollar weakening against the

Swiss franc,

and including a

positive effect from

UBS’s share of

a foreign currency

translation loss that

was reclassified from

OCI

to the income statement by an associate of

UBS.

OCI related to own credit on financial liabilities designated at fair value was negative USD 87m, primarily due to a

tightening of our own credit spreads.

›

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

for more information

›

Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in

the “Capital management” section of this report for more information about the effects of OCI on common equity

tier 1 capital

›

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

Annual Report 2024, available under “Annual reporting” at

ubs.com/investors

, for more information about own

credit on financial liabilities designated at fair value

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

Sensitivity to interest rate movements

As of

31 December 2025, it

is estimated

that a

parallel shift

in yield

curves by

+100 basis

points could lead

to a

combined increase in

annual net interest

income from our

banking book of

approximately USD 1.4bn in

the first

year after

such a

shift. Of

this increase,

approximately USD 1.1bn, USD 0.2bn

and USD 0.1bn

would result

from

changes in Swiss franc, US dollar and euro

interest rates, respectively.

A parallel shift in yield

curves by –100 basis points

could lead to a combined

increase in annual net

interest income

of approximately

USD 0.9bn. Of this increase, approximately USD 1.2bn would result from changes in Swiss franc

interest rates,

driven by both

contractual and

assumed flooring

benefits under

negative interest

rates. US dollar

and

euro interest rates would lead to an offsetting

decrease of USD 0.2bn and USD 0.1bn, respectively.

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

on a hypothetical scenario of an

immediate

change

interest

rates,

equal

across

all

currencies

and

relative

implied

forward

rates

31 December 2025

applied to our banking book. These estimates further

assume no change to balance sheet size

and product mix, stable foreign exchange rates,

and no specific management action.

›

Refer to the “Risk management and control” section of this report for information about interest rate risk in the

banking book

Key figures and personnel

Below is

an overview

of selected

key figures

of the

Group. For

further information

about key

figures related

capital management, refer to the “Capital management”

section of this report.

Cost / income ratio: 4Q25 vs 4Q24

The cost / income

ratio was

84.7%, compared

with 89.0%,

as a

result of

higher total

revenues and

lower operating

expenses.

On an underlying basis the cost / income ratio was 75.2%, compared with 81.9%, as a result of higher

total revenues,

partly offset by higher operating expenses.

Personnel: 4Q25 vs 3Q25

The

number

internal

and

external

personnel

employed

was

approximately

119,589

(based

full-time

equivalents for

internal

personnel and

workforce count

for

external personnel)

31 December 2025,

net

decrease

2,793

compared

with

30 September

2025.

The

number

internal

personnel

employed

31 December 2025

was 103,177

(full-time equivalents),

net

decrease

1,250

compared with

30 September

2025. The number of

external staff was approximately 16,412

(workforce count) as of

31 December 2025, a net

decrease of approximately 1,542 compared with

30 September 2025.

Equity, CET1 capital and returns

As of or for the quarter ended

As of or for the year ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

31.12.25

31.12.24

Net profit

Net profit / (loss) attributable to shareholders

1,199

2,481

770

7,767

5,085

Equity

Equity attributable to shareholders

90,213

89,899

85,079

90,213

85,079

less: goodwill and intangible assets

6,948

6,982

6,887

6,948

6,887

Tangible equity attributable to shareholders

83,265

82,916

78,192

83,265

78,192

less: other CET1 adjustments

12,003

8,262

6,825

12,003

6,825

CET1 capital

71,262

74,655

71,367

71,262

71,367

Returns

Return on equity (%)

5.3

11.1

3.6

8.8

6.0

Return on tangible equity (%)

5.8

12.0

3.9

9.5

6.5

Underlying return on tangible equity (%)

10.5

14.6

6.6

12.1

8.5

Return on CET1 capital (%)

6.6

13.5

4.2

10.8

6.7

Underlying return on CET1 capital (%)

11.9

16.3

7.2

13.7

8.7

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Group performance

Common equity tier 1 capital: 4Q25 vs 3Q25

During

the

fourth

quarter

2025,

our

common

equity

tier 1

(CET1)

capital

decreased

USD 3.4bn

USD 71.3bn,

mainly

reflecting

operating

profit

before

tax

USD 1.7bn,

which

was

than

offset

the

recognition of a

new USD 3.0bn capital

reserve for expected

future share repurchases

in 2026, dividend

accruals of

USD 1.1bn,

negative

USD 0.3bn

impact

from

compensation-

and

own-share-related

capital

components,

USD 0.3bn decrease

in eligible

deferred tax

assets on

temporary differences,

and current

tax expenses

of USD 0.3bn.

Share repurchases

of USD 0.9bn made

under our 2025

share repurchase

program in the

fourth quarter

of 2025 did

not affect our

CET1 capital

position, as there

was an

equal reduction

in the capital

reserve for

expected future

repurchases in 2025. The remaining

capital reserve for expected

future share repurchases in

2025 was fully utilized

in the fourth quarter of 2025 with the completion

of our 2025 share repurchase program

on 20 November 2025.

Return on common equity tier 1 capital: 4Q25

vs 4Q24

The annualized

return on

CET1 capital

was 6.6%,

compared with

4.2%. On

an underlying

basis, the

return on

CET1 capital

was 11.9%,

compared with

7.2%. These

increases were

driven by

an increase

in net

profit attributable

to shareholders and a decrease in average

CET1 capital.

Risk-weighted assets: 4Q25 vs 3Q25

During the fourth quarter of 2025, risk-weighted assets (RWA) decreased by

USD 11.5bn to USD 493.4bn, driven

by a

USD 10.8bn decrease

resulting from

asset size

and other

movements and

a USD 1.3bn

decrease driven

model updates and methodology changes,

partly offset by a USD 0.6bn increase

from currency effects.

Common equity tier 1 capital ratio: 4Q25 vs 3Q25

Our

CET1 capital

ratio

decreased to

14.4% from

14.8%, reflecting

the aforementioned

USD 3.4bn decrease

CET1 capital,

partly offset by the aforementioned USD

11.5bn decrease in RWA.

Leverage ratio denominator: 4Q25 vs 3Q25

During

the

fourth

quarter

2025,

the

leverage

ratio

denominator

(the

LRD)

decreased

USD 18.0bn

USD 1,622.4bn,

driven

USD 18.9bn

decrease

from

asset

size

and

other

movements,

partly

offset

USD 0.8bn increase from currency effects.

Common equity tier 1 leverage ratio: 4Q25

vs 3Q25

Our CET1

leverage ratio

decreased to

4.4% from

4.6%,

reflecting the

aforementioned USD

3.4bn decrease

in CET1

capital,

partly offset by the aforementioned USD

18.0bn decrease in the LRD.

Outlook

Entering the

first quarter

of 2026,

the macro

backdrop is

still one

of steady

global growth

and easing

inflation.

Market

conditions

remain

largely

constructive,

with

broader

equity

dispersion

and

rotation

supporting

client

engagement

and

healthy

transactional

and

capital

markets

activity,

and

pipeline.

Demand

remains

focused

diversification across

geographies and

asset classes,

as well

as principal

protection. However, continued

elevated

geopolitical and economic policy uncertainties mean sentiment and positioning can shift quickly, leading to spikes

in volatility influencing institutional and

corporate client activity levels.

In the

first quarter, we

expect a

low single-digit percentage

decline in

Global Wealth Management’s

net interest

income (NII), while in Personal & Corporate Banking

NII is expected to remain broadly stable in

US dollar terms.

We remain

track to

complete the

integration by

the end

the year,

and we

are

confident in

our

ability to

achieve our

financial targets.

As all

of 2026

is required

to deliver

on the

remaining integration

milestones, we

expect

net saves to build progressively,

with a greater proportion weighted to the

second half of the year.

We remain firmly focused on

disciplined execution, bringing the full

power of UBS to

our clients and investing

sustain growth momentum, supporting continued

value creation in the years ahead.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Global Wealth Management

Global Wealth Management

As of or for the quarter ended

% change from

As of or for the year

ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Results

Net interest income

1,832

1,773

1,849

(1)

7,018

7,358

Recurring net fee income

3,566

3,475

3,262

13,671

12,625

Transaction-based income

1,2

1,248

1,296

1,041

(4)

5,208

4,503

Other revenues

1,2

(1)

(32)

Total revenues

6,695

6,543

6,121

25,960

24,516

Credit loss expense / (release)

(14)

349

(16)

Operating expenses

5,373

5,182

5,268

20,705

20,608

Business division operating profit / (loss) before tax

1,290

1,354

867

(5)

5,207

3,924

Underlying results

Total revenues as reported

6,695

6,543

6,121

25,960

24,516

of which: PPA effects and other integration items

135

171

200

(21)

(32)

624

891

of which: PPA effects recognized in net interest income

130

142

192

(8)

(32)

579

910

of which: PPA effects and other integration items recognized in transaction-based income

(83)

(38)

(19)

of which: loss related to an investment in an associate

(20)

(38)

(21)

(47)

(4)

(62)

(21)

Total revenues (underlying)

6,580

6,410

5,942

25,398

23,646

Credit loss expense / (release)

(14)

349

(16)

Operating expenses as reported

5,373

5,182

5,268

20,705

20,608

of which: integration-related expenses and PPA effects

1,4

384

553

460

(31)

(17)

1,675

1,807

Operating expenses (underlying)

4,989

4,629

4,808

19,030

18,802

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

and similar matters

(3)

(198)

100

(99)

(173)

147

Business division operating profit / (loss) before tax as reported

1,290

1,354

867

(5)

5,207

3,924

Business division operating profit / (loss) before tax (underlying)

1,558

1,774

1,147

(12)

6,320

4,860

Performance measures and other information

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

48.8

24.8

209.8

32.7

13.9

Cost / income ratio (%)

80.3

79.2

86.1

79.8

84.1

Average attributed equity (USD bn)

34.5

33.6

34.2

33.3

Return on attributed equity (%)

1,5

14.9

15.7

10.3

15.2

11.8

Financial advisor compensation

1,492

1,419

1,400

5,654

5,292

Net new fee-generating assets (USD bn)

8.7

8.8

13.3

52.2

61.7

Fee-generating assets (USD bn)

2,108

2,066

1,816

2,108

1,816

Net new assets (USD bn)

8.5

37.5

17.7

100.8

96.7

Net new assets growth rate (%)

0.7

3.3

1.7

2.4

2.5

Invested assets (USD bn)

4,753

4,714

4,182

4,753

4,182

Net new loans (USD bn)

4.5

3.5

(0.8)

13.6

(11.8)

Loans, gross (USD bn)

327.2

322.0

300.5

327.2

300.5

Net new deposits (USD bn)

0.6

(9.5)

2.7

(9.2)

0.9

Customer deposits (USD bn)

479.1

478.2

470.1

479.1

470.1

Credit-impaired loan portfolio as a percentage of total loan

portfolio, gross (%)

1,8

0.5

0.4

0.5

0.4

Advisors (full-time equivalents)

9,420

9,499

9,803

(1)

(4)

9,420

9,803

Underlying performance measures

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

35.8

38.5

84.0

30.0

30.3

Cost / income ratio (%)

75.8

72.2

80.9

74.9

79.5

Return on attributed equity (%)

1,6

18.1

20.6

13.6

18.5

14.6

1 Refer to “Alternative

performance measures” in the appendix

to this report for the definition

and calculation method.

2 From the fourth

quarter of 2025 onward, income

related to certain financial instruments

not directly linked to client activity and measured at fair value that was previously presented as transaction-based income is now presented as other revenues. This change was applied prospectively. The line has been

renamed from “Other

income” to “Other

revenues”.

Includes accretion of

PPA adjustments

on financial instruments

and other PPA

effects, as

well as temporary

and incremental items

directly related to

the

integration.

4 Includes temporary, incremental operating

expenses directly related to the integration, as well as amortization of intangibles resulting from

the acquisition of the Credit Suisse Group.

5 Refer to the

“Equity attribution” section of this

report for more information

about the equity attribution

framework.

6 Relates to licensed professionals

with the ability to

provide investment advice to

clients in the Americas.

Consists of cash compensation, determined using a

formulaic approach based on production, and deferred

awards. Also includes expenses related

to compensation commitments with financial advisors entered

into

at the time of recruitment that are subject to vesting requirements. Recruitment loans to financial advisors were USD 1,493m as of 31 December 2025.

Loans and Customer deposits in this table include customer

brokerage receivables and

payables, respectively,

which are presented in

separate reporting lines on

the balance sheet.

8 Refer to the “Risk

management and control” section

of this report for

more information

about credit-impaired exposures. Excludes loans to financial advisors.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Global Wealth Management

Results: 4Q25 vs 4Q24

Profit

before tax

increased by

USD 423m,

or 49%,

to USD

1,290m, mainly

due to

higher

total

revenues, partly

offset

higher

operating

expenses.

Underlying

profit

before

tax

was

USD 1,558m,

increase

36%,

after

excluding from operating expenses USD 384m of integration-related expenses and purchase price allocation (PPA)

effects and

excluding from total

revenues USD 135m of

PPA effects

and other integration

items and

a USD 20m

loss related to an investment in an associate.

Total revenues

Total

revenues

increased

USD 574m,

9%,

USD 6,695m,

driven

higher

recurring

net

fee

income,

transaction-based income and other

revenues, partly offset by lower

net interest income, and included

a USD 65m

decrease in

PPA effects

and other

integration items.

Excluding USD 135m

of PPA

effects and

other integration

items

and

USD 20m

loss

related to

investment in

associate,

underlying

total

revenues

were

USD 6,580m, an

increase of 11%.

Net interest income

decreased by USD 17m,

or 1%, to

USD 1,832m and included

a USD 62m decrease

in accretion

of PPA adjustments on

financial instruments and

other PPA effects. Excluding

PPA effects of USD 130m,

underlying

net interest

income was

USD 1,702m, an

increase of

3%. This

increase was

largely driven

by the

effects of

favorable

changes

deposit

mix

and

positive

foreign

currency effects,

partly

offset

the

impact

lower

central

bank

interest rates on deposit revenues.

Recurring net fee income increased by USD 304m, or 9%, to USD 3,566m,

mainly driven by higher

average levels

fee-generating

assets,

primarily

from

mandates,

reflecting

positive

market

performance

and

net

new

fee-

generating asset inflows in 2025.

Transaction-based income

increased by

USD 207m, or

20%, to

USD 1,248m. Excluding

PPA

effects of

USD 5m,

underlying transaction-based

income was

USD 1,243m, an

increase of 20%,

mainly driven by

higher levels of

client

activity across all regions and also driven by contributions

from Structured Solutions, Cash Equities and Investment

Funds revenues.

Other revenues

were positive

USD 49m, compared

with negative

USD 32m, and

included a

release of

USD 42m

related to

other financial

liabilities,

USD 34m fair

value

gain driven

from a

strategic partnership

and

loss of

USD 20m related to an investment in

an associate. Other revenues in the

fourth quarter of 2024 included a

loss of

USD 21m related to an

investment in an associate. Excluding

the aforementioned loss, underlying other revenues

were USD 69m in the fourth quarter of 2025.

Credit loss expense / release

Net credit

loss expenses

were USD 32m,

mainly reflecting

net expenses

on credit-impaired

positions, compared

with

net credit loss releases of USD 14m in the fourth

quarter of 2024.

Operating expenses

Operating

expenses

increased

USD 105m,

2%,

USD 5,373m

and

included

USD 76m

decrease

integration-related

expenses.

Excluding

USD 384m

integration-related

expenses

and

PPA

effects,

underlying

operating expenses were USD 4,989m, an

increase of 4%, mainly

driven by higher variable compensation largely

related to an increase in financial

advisor compensation, resulting from

higher compensable revenues, partly

offset

by lower expenses related to provisions for litigation,

regulatory and similar matters.

Invested assets: 4Q25 vs 3Q25

Invested

assets

increased

USD 39bn

USD 4,753bn,

mainly

driven

positive

market

performance

USD 46.9bn and net new asset inflows of USD 8.5bn,

partly offset by reclassifications

of USD 16.0bn.

Invested assets: 4Q25 vs 4Q24

Invested

assets

increased

USD 571bn

USD 4,753bn,

mainly

driven

positive

market

performance

USD 376.7bn, positive foreign currency effects of USD 125.8bn and net new asset inflows of USD

100.8bn, partly

offset by reclassifications

of USD 27.5bn.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Global Wealth Management

Loans: 4Q25 vs 3Q25

Loans increased by USD 5.2bn to USD 327.2bn,

mainly driven by positive net new loans of

USD 4.5bn.

›

Refer to the “Risk management and control” section of this report for more information

Customer deposits: 4Q25 vs 3Q25

Customer deposits

increased by

USD 0.9bn to

USD 479.1bn,

mainly driven

by net

new deposit

inflows of

USD 0.6bn

and positive foreign currency effects.

Regional breakdown of performance measures

As of or for the quarter ended 31.12.25

USD m, except where indicated

Americas

Asia Pacific

EMEA

Switzerland

Divisional items

Global Wealth

Management

Net interest income

547

361

401

399

125

1,832

Recurring net fee income

2,189

309

585

472

3,566

Transaction-based income

3,4

494

305

255

205

(11)

1,248

Other revenues

3,4

(16)

(3)

Total revenues

3,214

972

1,240

1,076

192

6,695

Credit loss expense / (release)

Operating expenses

2,780

631

851

716

394

5,373

Operating profit / (loss) before tax

417

337

378

360

(202)

1,290

of which: PPA effects, integration-related items and other items

(268)

Cost / income ratio (%)

86.5

64.9

68.6

66.6

80.3

Net new fee-generating assets (USD bn)

1.5

4.9

2.8

(0.4)

(0.1)

8.7

Fee-generating assets (USD bn)

1,175

206

458

268

2,108

Net new assets (USD bn)

(14.1)

6.0

12.4

4.4

(0.3)

8.5

Net new assets growth rate (%)

(2.5)

3.0

6.6

2.0

0.7

Invested assets (USD bn)

2,283

795

778

891

4,753

Net new loans (USD bn)

2.3

1.4

(0.5)

1.3

0.1

4.5

Loans, gross (USD bn)

103.6

46.4

63.3

113.2

0.8

327.2

Net new deposits (USD bn)

3.7

(3.2)

1.3

(0.5)

(0.8)

0.6

Customer deposits (USD bn)

119.6

117.0

114.0

124.7

3.8

479.1

Advisors (full-time equivalents)

5,772

910

1,438

1,207

9,420

As of or for the quarter ended 31.12.24

USD m, except where indicated

Americas

Asia Pacific

EMEA

Switzerland

Divisional items

Global Wealth

Management

Net interest income

495

359

416

391

187

1,849

Recurring net fee income

2,029

271

522

426

3,262

Transaction-based income

3,4

407

230

212

189

1,041

Other revenues

3,4

(17)

(3)

(16)

(32)

Total revenues

2,937

842

1,150

1,004

188

6,121

Credit loss expense / (release)

(10)

(14)

(1)

(14)

Operating expenses

2,715

568

865

642

479

5,268

Operating profit / (loss) before tax

214

271

296

375

(289)

867

of which: PPA effects, integration-related items and other items

(280)

Cost / income ratio (%)

92.4

67.5

75.2

64.0

86.1

Net new fee-generating assets (USD bn)

18.1

4.1

(5.3)

(3.5)

(0.1)

13.3

Fee-generating assets (USD bn)

1,062

172

364

217

1,816

Net new assets (USD bn)

13.7

(1.2)

1.4

4.5

(0.7)

17.7

Net new assets growth rate (%)

2.6

(0.7)

0.8

2.3

1.7

Invested assets (USD bn)

2,109

665

655

749

4,182

Net new loans (USD bn)

1.1

(0.2)

(0.5)

(1.0)

(0.1)

(0.8)

Loans, gross (USD bn)

97.6

41.5

57.4

102.9

1.0

300.5

Net new deposits (USD bn)

8.6

(4.5)

1.6

(3.8)

0.8

2.7

Customer deposits (USD bn)

116.3

125.3

110.9

115.2

2.3

470.1

Advisors (full-time equivalents)

5,968

924

1,520

1,311

9,803

1 Including the following business

units: United States and Canada;

and Latin America.

2 Includes impacts from accretion of

purchase price allocation adjustments on

financial instruments and other PPA

effects,

integration-related expenses,

certain gains

and losses

from investments

in associates

and minor

functions, that

are not

included in

the four

regions individually

presented in

this table.

3 Refer to

“Alternative

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

4 From the fourth quarter of 2025 onward, income related to certain financial instruments not directly linked to client

activity and measured at

fair value that

was previously presented

as transaction-based income

is now presented

as other revenues.

This change was

applied prospectively.

The line has

been renamed from

“Other

income” to “Other revenues”.

5 Items of profit or loss that management

believes are not representative of the underlying

performance, namely impacts from

accretion of purchase price allocation adjustments

financial instruments

and other

PPA effects,

integration-related expenses,

amortization of

intangibles resulting

from the

acquisition of

the Credit

Suisse Group,

and certain

gains and

losses from

investments in

associates.

6 Loans and Customer deposits in this table include customer brokerage receivables

and payables, respectively, which are presented in

separate reporting lines on the balance sheet.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Global Wealth Management

Regional comments 4Q25 vs 4Q24, except where

indicated

Americas

Profit

before

tax

increased

USD 203m

USD 417m.

Total

revenues

increased

USD 277m,

9%,

USD 3,214m, mainly driven by increases of USD 160m in recurring net fee income, USD 87m in transaction-based

income and USD 52m in net interest income. Operating expenses increased by USD 65m, or 2%, to USD 2,780m.

The cost / income ratio decreased to 86.5%

from 92.4%. Loans increased by 2% compared

with the third quarter

of 2025, to USD 103.6bn, mainly driven by positive net new loans

of USD 2.3bn. Customer deposits increased by

3% compared with

the third quarter

of 2025, to

USD 119.6bn, with net new

deposit inflows of

USD 3.7bn. Net

new asset outflows were USD 14.1bn.

Asia Pacific

Profit

before

tax

increased

USD 66m

USD 337m.

Total

revenues

increased

USD 130m,

15%,

USD 972m, mainly driven by increases

of USD 75m in transaction-based income

and USD 38m in recurring net

fee

income. Operating expenses increased by USD 63m,

or 11%, to USD 631m. The

cost / income ratio decreased to

64.9%

from 67.5%.

Loans

increased

compared with

the third

quarter of

2025,

USD 46.4bn, mainly

driven

positive

net

new

loans

USD 1.4bn.

Customer

deposits

decreased

compared

with

the

third

quarter

2025,

USD 117.0bn,

with

net

new

deposit

outflows

USD 3.2bn.

Net

new

asset

inflows

were

USD 6.0bn.

EMEA

Profit

before

tax

increased

USD 82m

USD 378m.

Total

revenues

increased

USD 90m,

8%,

USD 1,240m, mainly

driven by

increases of

USD 63m in

recurring net

fee income

and

USD 43m in

transaction-

based income.

Operating expenses

decreased by

USD 14m, or

2%, to

USD 851m.

The cost / income

ratio decreased

to 68.6% from 75.2%. Loans decreased by 1% compared with the third quarter of 2025,

to USD 63.3bn, mainly

driven

negative

net

new loans

USD 0.5bn.

Customer

deposits

increased by

compared

with

the

third

quarter of 2025, to USD 114.0bn, mainly driven by net new deposit

inflows of USD 1.3bn. Net new asset inflows

were USD 12.4bn.

Switzerland

Profit

before

tax

decreased

USD 15m

USD 360m.

Total

revenues

increased

USD 72m,

7%,

USD 1,076m, mainly

driven by

increases of

USD 46m in

recurring net

fee income

and

USD 16m in

transaction-

based income.

Operating expenses

increased by

USD 74m, or

12%, to

USD 716m.

The cost / income

ratio increased

to 66.6% from 64.0%. Loans increased by 3% compared with the

third quarter of 2025, to USD 113.2bn, mainly

driven by positive net new loans of USD 1.3bn. Customer deposits were broadly stable at USD 124.7bn

compared

with

the

third

quarter

2025,

with

net

new

deposit

outflows

USD 0.5bn.

Net

new

asset

inflows

were

USD 4.4bn.

Divisional items

Operating loss before tax was USD 202m and included

USD 384m of integration-related expenses and

PPA effects

and a

loss of

USD 20m related to

an investment

in an

associate, partly

offset by

the aforementioned

USD 135m

related to PPA effects and other integration items, a release of USD 42m related to other financial liabilities, and a

USD 34m fair value gain driven from a strategic

partnership.

UBS Group fourth quarter 2025 report

UBS Group performance, business divisions

and Group Items | Personal & Corporate Banking

Personal & Corporate Banking

Personal & Corporate Banking – in Swiss francs

As of or for the quarter ended

% change from

As of or for the year

ended

CHF m, except where indicated

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Results

Net interest income

1,058

1,120

1,204

(6)

(12)

4,403

4,987

Recurring net fee income

339

351

357

(3)

(5)

1,405

1,425

Transaction-based income

1,2

451

463

471

(3)

(4)

1,825

1,821

Other revenues

1,2

(18)

(70)

(49)

(74)

(62)

(50)

Total revenues

1,830

1,864

1,983

(2)

(8)

7,583

8,241

Credit loss expense / (release)

155

(48)

277

357

Operating expenses

1,297

1,300

1,305

(1)

5,235

5,070

Business division operating profit / (loss) before tax

452

507

524

(11)

(14)

2,071

2,814

Underlying results

Total revenues as reported

1,830

1,864

1,983

(2)

(8)

7,583

8,241

of which: PPA effects and other integration items

181

222

227

(18)

(20)

841

915

of which: PPA effects recognized in net interest income

159

201

209

(21)

(24)

757

841

of which: PPA effects and other integration items recognized in transaction-based income

of which: loss related to an investment in an associate

(43)

(81)

(54)

(47)

(19)

(133)

(54)

of which: items related to the Swisscard transactions

Total revenues (underlying)

1,692

1,724

1,810

(2)

(7)

6,817

7,379

Credit loss expense / (release)

155

(48)

277

357

Operating expenses as reported

1,297

1,300

1,305

(1)

5,235

5,070

of which: integration-related expenses and PPA effects

1,5

228

302

185

(24)

897

662

of which: items related to the Swisscard transactions

164

Operating expenses (underlying)

1,069

998

1,083

(1)

4,175

4,371

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

and similar matters

(29)

(30)

Business division operating profit / (loss) before tax as reported

452

507

524

(11)

(14)

2,071

2,814

Business division operating profit / (loss) before tax (underlying)

543

668

572

(19)

(5)

2,365

2,651

Performance measures and other information

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

(13.7)

(30.3)

(2.4)

(26.4)

11.3

Cost / income ratio (%)

70.9

69.7

65.8

69.0

61.5

Average attributed equity (CHF bn)

17.6

17.7

18.6

(6)

17.8

19.0

Return on attributed equity (%)

1,8

10.3

11.5

11.2

11.6

14.8

Net interest margin (bps)

172

181

198

178

201

Loans, gross (CHF bn)

246.0

247.4

242.3

(1)

246.0

242.3

Customer deposits (CHF bn)

248.6

246.7

254.1

(2)

248.6

254.1

Credit-impaired loan portfolio as a percentage of total loan

portfolio, gross (%)

1,9

1.2

1.3

1.2

1.3

Underlying performance measures

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

(5.1)

1.5

(18.2)

(10.8)

8.1

Cost / income ratio (%)

63.2

57.9

59.8

61.2

59.2

Return on attributed equity (%)

1,8

12.3

15.1

12.3

13.3

13.9

1 Refer to “Alternative

performance measures” in the appendix

to this report for the definition

and calculation method.

2 From the fourth

quarter of 2025 onward, income

related to certain financial instruments

renamed from “Other

income” to “Other

revenues”.

3 Includes accretion of

PPA adjustments

on financial instruments

and other PPA

effects, as

well as temporary

and incremental items

directly related to

the

integration.

4 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS.

5 Includes temporary, incremental operating expenses directly

related to the integration, as well as amortization

of intangibles resulting from the acquisition of the

Credit Suisse Group.

Represents the termination fee paid to American Express related

to the sale of our 50%

holding in Swisscard.

Represents the expense

related to the

payment to Swisscard

for the sale

of the Credit

Suisse card portfolios

to UBS.

8 Refer to the

“Equity attribution” section

of this report

for more

information about the equity attribution framework.

9 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.

UBS Group fourth quarter 2025 report

UBS Group performance, business divisions

and Group Items | Personal & Corporate Banking

Results

4Q25 vs 4Q24

Profit before

tax decreased by

CHF 72m, or

14%, to

CHF 452m, reflecting

lower total

revenues, partly

offset by

lower net credit loss expenses and operating expenses. Underlying profit before tax was CHF 543m, a decrease of

5%. This underlying

profit excludes from

total revenues CHF 181m

of purchase price

allocation (PPA) effects and

other

integration

items

and

loss

CHF 43m

investment

associate;

also

excludes

from

operating expenses CHF 228m of integration-related

expenses and PPA effects.

Total revenues

Total revenues decreased by CHF 153m, or 8%, to CHF 1,830m, predominantly due to lower net interest income.

Total revenues in the fourth quarter of 2025 included a

loss of CHF 43m related to an investment in

an associate.

Excluding

CHF 181m

PPA

effects

and

other

integration

items

and

the

aforementioned loss,

underlying

total

revenues were CHF 1,692m, a decrease of 7%.

Net interest

income decreased

by CHF 146m,

or 12%,

to CHF 1,058m,

mainly reflecting

the impact

of lower

central

bank

interest rates

deposit

revenues. This

decrease was

partly

offset by

deposit

pricing measures

and

lower

liquidity and funding costs. Net interest

income also included a CHF 50m decrease

in accretion of PPA adjustments

on financial instruments and

other PPA effects. Excluding

PPA effects of CHF 159m,

underlying net interest income

was CHF 899m, a decrease of 10%.

Recurring net fee income decreased by CHF 18m, or 5%, to CHF 339m, mainly due to the fourth quarter

of 2024

including our share of Swisscard profit.

Transaction-based

income

decreased

CHF 20m,

4%,

CHF 451m,

mostly

due

lower

revenues

our

Corporate & Institutional

Clients business, including

the impact related

to exits from

certain former Credit

Suisse

business activities.

Excluding CHF 22m

of PPA

effects and

other integration

items, underlying

transaction-based

income was CHF 429m, a decrease of 5%.

Other revenues were negative CHF 18m, compared with negative CHF 49m.

The fourth quarter of 2025

included

loss

CHF 43m

investment

associate,

compared

with

loss

CHF 54m

investment in an associate recognized

in the fourth quarter of

2024. Excluding this loss, underlying

other revenues

in the fourth quarter of 2025 were positive CHF

25m.

Credit loss expense / release

Net credit

loss expenses

were CHF 80m,

largely reflecting

net expenses

on credit-impaired

positions,

compared with

net credit loss expenses of CHF 155m in the fourth

quarter of 2024.

Operating expenses

were broadly

stable at

CHF 1,297m and

included a

CHF 46m increase

in integration-related

expenses. The

fourth quarter

of 2024 included

a CHF 37m expense

related to the

Swisscard transactions.

Excluding

CHF 228m of integration-related expenses and PPA effects,

underlying operating expenses were broadly stable

CHF 1,069m.

UBS Group fourth quarter 2025 report

UBS Group performance, business divisions

and Group Items | Personal & Corporate Banking

Personal & Corporate Banking – in US dollars

As of or for the quarter ended

% change from

As of or for the year

ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Results

Net interest income

1,322

1,395

1,362

(5)

(3)

5,322

5,650

Recurring net fee income

424

437

404

(3)

1,698

1,614

Transaction-based income

1,2

564

577

532

(2)

2,207

2,061

Other revenues

1,2

(23)

(88)

(53)

(74)

(58)

(73)

Total revenues

2,286

2,321

2,245

(1)

9,154

9,334

Credit loss expense / (release)

101

175

(42)

339

404

Operating expenses

1,621

1,619

1,476

6,318

5,741

Business division operating profit / (loss) before tax

565

631

595

(10)

(5)

2,497

3,189

Underlying results

Total revenues as reported

2,286

2,321

2,245

(1)

9,154

9,334

of which: PPA effects and other integration items

226

276

258

(18)

(12)

1,016

1,038

of which: PPA effects recognized in net interest income

199

251

237

(21)

(16)

915

954

of which: PPA effects and other integration items recognized in transaction-based income

101

of which: loss related to an investment in an associate

(54)

(102)

(59)

(47)

(9)

(168)

(59)

of which: items related to the Swisscard transactions

Total revenues (underlying)

2,114

2,147

2,047

(2)

8,242

8,355

Credit loss expense / (release)

101

175

(42)

339

404

Operating expenses as reported

1,621

1,619

1,476

6,318

5,741

of which: integration-related expenses and PPA effects

1,5

285

376

209

(24)

1,093

749

of which: items related to the Swisscard transactions

180

Operating expenses (underlying)

1,336

1,242

1,226

5,045

4,951

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

and similar matters

(37)

Business division operating profit / (loss) before tax as reported

565

631

595

(10)

(5)

2,497

3,189

Business division operating profit / (loss) before tax (underlying)

678

833

646

(19)

2,857

3,000

Performance measures and other information

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

(5.1)

(25.4)

(1.0)

(21.7)

13.4

Cost / income ratio (%)

70.9

69.7

65.7

69.0

61.5

Average attributed equity (USD bn)

22.0

21.3

21.4

21.6

Return on attributed equity (%)

1,8

10.3

11.5

11.2

11.7

14.8

Net interest margin (bps)

170

179

196

178

200

Loans, gross (USD bn)

310.2

310.6

266.9

310.2

266.9

Customer deposits (USD bn)

313.5

309.8

279.9

313.5

279.9

Credit-impaired loan portfolio as a percentage of total loan

portfolio, gross (%)

1,9

1.2

1.3

1.2

1.3

Underlying performance measures

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

4.8

8.8

(19.2)

(4.8)

9.3

Cost / income ratio (%)

63.2

57.9

59.9

61.2

59.3

Return on attributed equity (%)

1,8

12.3

15.1

12.1

13.4

13.9

1 Refer to “Alternative

performance measures” in the appendix

to this report for the

definition and calculation method.

From the fourth quarter

of 2025 onward, income

related to certain financial instruments

renamed from “Other

income” to “Other

revenues”.

3 Includes accretion of

PPA adjustments

on financial instruments

and other PPA

effects, as

well as temporary

and incremental items

directly related to

the

integration.

Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS.

5 Includes temporary, incremental operating expenses directly

related to the integration, as well as amortization

of intangibles resulting from the acquisition of the

Credit Suisse Group.

Represents the termination fee paid to American Express related

to the sale of our 50%

holding in Swisscard.

Represents the expense

related to the

payment to Swisscard

for the sale

of the Credit

Suisse card portfolios

to UBS.

8 Refer to the

“Equity attribution” section

of this report

for more

information about the equity attribution framework.

9 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Asset Management

Asset Management

As of or for the quarter ended

% change from

As of or for the year

ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Results

Net management fees

790

755

709

2,991

2,921

Performance fees

(55)

(12)

195

149

Net gain / (loss) from disposal

(29)

(30)

113

Total revenues

800

843

766

(5)

3,156

3,182

Credit loss expense / (release)

(1)

Operating expenses

588

624

639

(6)

(8)

2,436

2,663

Business division operating profit / (loss) before tax

212

218

128

(3)

719

520

Underlying results

Total revenues as reported

800

843

766

(5)

3,156

3,182

Total revenues (underlying)

800

843

766

(5)

3,156

3,182

Credit loss expense / (release)

(1)

Operating expenses as reported

588

624

639

(6)

(8)

2,436

2,663

of which: integration-related expenses

(12)

(41)

256

351

Operating expenses (underlying)

531

560

543

(5)

(2)

2,179

2,312

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

and similar matters

Business division operating profit / (loss) before tax as reported

212

218

128

(3)

719

520

Business division operating profit / (loss) before tax (underlying)

268

282

224

(5)

975

871

Performance measures and other information

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

65.6

44.6

5.2

38.3

56.3

Cost / income ratio (%)

73.4

74.1

83.3

77.2

83.7

Average attributed equity (USD bn)

2.5

2.4

2.8

(14)

2.5

2.7

Return on attributed equity (%)

4,5

34.6

35.7

18.0

29.2

19.2

Gross margin on invested assets (bps)

Underlying performance measures

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

19.9

19.1

20.3

12.0

62.2

Cost / income ratio (%)

66.4

66.5

70.8

69.1

72.7

Return on attributed equity (%)

4,5

43.8

46.2

31.5

39.6

32.1

Information by business line / asset

class

Net new money (USD bn)

Equities

0.3

4.0

30.5

3.0

20.7

Fixed Income

5.2

9.2

4.1

22.7

18.0

of which: money market

2.5

3.2

4.3

12.7

18.5

Multi-asset & Solutions

0.0

2.5

(0.5)

1.7

(1.5)

Hedge Fund Businesses

0.0

0.9

(2.8)

1.8

(3.5)

Real Estate & Private Markets

0.7

0.1

(0.9)

0.9

0.1

Total net new money excluding associates

6.2

16.8

30.4

30.1

33.8

of which: net new money excluding money market

3.6

13.6

26.2

17.5

15.4

Associates

1.4

1.1

3.0

0.3

10.8

Total net new money

7.6

17.9

33.4

30.4

44.6

Invested assets (USD bn)

Equities

904

873

755

904

755

Fixed Income

506

499

464

506

464

of which: money market

176

172

157

176

157

Multi-asset & Solutions

372

360

268

372

268

Hedge Fund Businesses

(3)

Real Estate & Private Markets

160

158

143

160

143

Total invested assets excluding associates

2,005

1,954

1,689

2,005

1,689

of which: passive strategies

1,040

992

807

1,040

807

Associates

Total invested assets

2,098

2,043

1,773

2,098

1,773

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Asset Management

Asset Management (continued)

As of or for the quarter ended

% change from

As of or for the year

ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Information by region

Invested assets (USD bn)

Americas

489

486

443

489

443

Asia Pacific

256

249

224

256

224

EMEA (excluding Switzerland)

540

519

435

540

435

Switzerland

813

789

670

813

670

Total invested assets

2,098

2,043

1,773

2,098

1,773

Information by channel

Invested assets (USD bn)

Third-party institutional

1,193

1,169

1,008

1,193

1,008

Third-party wholesale

212

200

169

212

169

UBS’s wealth management businesses

601

585

512

601

512

Associates

Total invested assets

2,098

2,043

1,773

2,098

1,773

1 Net management fees include transaction

fees, fund administration revenues

(including net interest and trading

income from lending activities and

foreign-exchange hedging as part of the

fund services offering),

distribution fees, incremental fund-related

expenses, gains or losses

from seed money and co-investments,

funding costs, the negative

pass-through impact of third-party performance

fees, and other items

that are

not Asset Management’s

performance fees.

2 Consists of USD 767m reported

within net fee and

commission income for the Group

and USD 23m reported in

net interest income, other

net income from financial

instruments measured at fair value through

profit or loss, and other

income.

Reported within net fee and commission

income for the Group.

Refer to “Alternative

performance measures” in the appendix

this report for the definition and calculation method.

5 Refer to the “Equity attribution” section of this

report for more information about the equity attribution

framework.

6 In the third quarter of 2025, certain

portfolios were reclassified from

Equities and Fixed Income

to Multi-asset &

Solutions, as a

result of aligning Credit

Suisse presentation to that

of UBS. These

changes were applied prospectivel

7 The invested

assets and net new money amounts reported for associates are prepared in accordance with their local regulatory requirements and practices.

8 Includes invested assets from associates.

Results: 4Q25 vs 4Q24

Profit before

tax increased

by USD 84m,

or 66%,

to USD 212m,

reflecting lower

operating expenses

and higher

total

revenues,

which

included

net

loss

USD 29m

the

sale

our

O’Connor

business

Cantor

Fitzgerald. The fourth quarter

of 2024 included

a net gain

of USD 13m on

the sale of

our shareholding in Credit

Suisse

Investment

Partners.

Underlying

profit

before

tax

was

USD 268m,

increase

20%,

after

excluding

integration-related expenses of USD 57m.

Total revenues

increased by

USD 34m, or

4%, to

USD 800m, mainly due

to higher

net management fees,

partly

offset by lower performance fees, and

included the effects from the aforementioned sales. The

gross margin was

15 basis points.

Net management

fees increased

by USD 81m,

or 11%,

to USD 790m,

mainly driven

by higher

average levels

invested

assets,

primarily

from

positive

market

performance

and

foreign

currency

effects,

partly

offset

the

ongoing margin compression. The increase

in net management fees

was also due to

higher transaction fees. Net

management

fees

USD 790m

included

USD 1,001m

fund

fee

and

commission

income

from

investment

management activities, partly offset by related

fee and commission expenses of USD 234m.

Performance fees

decreased by

USD 5m, or 12%,

to USD 39m,

mainly due

to a decrease

in Hedge

Fund Businesses,

partly offset by an increase in the Fixed Income

business.

Operating expenses

decreased by

USD 51m, or

8%, to

USD 588m and

included a

USD 39m decrease

in integration-

expenses.

Excluding

integration-related

expenses

USD 57m,

underlying

operating

expenses

were

USD 531m, a decrease of 2%, mainly due to

lower non-personnel costs.

Invested assets: 4Q25 vs 3Q25

Invested

assets

increased

USD 55bn,

3%,

USD 2,098bn,

reflecting

positive

market

performance

USD 46bn, net

new money

of USD 8bn

and positive

foreign currency

effects of

USD 5bn, partly

offset by

a reduction

of USD 4bn related to the first stage of the transfer

of our O’Connor business. Excluding money market flows

and

associates, net new money was USD 4bn.

Invested assets: 4Q25 vs 4Q24

Invested

assets

increased

USD 325bn,

18%,

USD 2,098bn,

reflecting

positive

market

performance

USD 171bn, positive foreign

currency effects of

USD 131bn and

net new

money of USD 30bn,

partly offset

by a

reduction

USD 7bn,

which

included

the

effect

from

the

aforementioned

first

stage

the

transfer

our

O’Connor business. Excluding money market flows

and associates, net new money was USD 17bn.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Investment Bank

Investment Bank

As of or for the quarter ended

% change from

As of or for the year

ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Results

Advisory

266

324

260

(18)

1,003

907

Capital Markets

485

732

612

(34)

(21)

2,195

2,547

Global Banking

751

1,056

872

(29)

(14)

3,198

3,454

Execution Services

608

560

471

2,186

1,719

Derivatives & Solutions

892

957

683

(7)

4,256

3,478

Financing

696

671

723

(4)

2,700

2,297

Global Markets

2,196

2,187

1,877

9,141

7,494

of which: Equities

1,571

1,651

1,448

(5)

6,647

5,588

of which: Foreign Exchange, Rates and Credit

625

536

429

2,494

1,906

Total revenues

2,946

3,244

2,749

(9)

12,340

10,948

Credit loss expense / (release)

100

(46)

133

Operating expenses

2,272

2,327

2,207

(2)

9,387

8,934

Business division operating profit / (loss) before tax

640

900

479

(29)

2,819

1,917

Underlying results

Total revenues as reported

2,946

3,244

2,749

(9)

12,340

10,948

of which: PPA effects and other integration items

219

202

(72)

(70)

570

989

of which: PPA effects

202

(32)

(69)

443

989

of which: PPA effects recognized in the Global Banking revenue line

197

(33)

(67)

468

972

of which: other integration items

(1)

128

Total revenues (underlying)

2,885

3,025

2,547

(5)

11,769

9,958

Credit loss expense / (release)

100

(46)

133

Operating expenses as reported

2,272

2,327

2,207

(2)

9,387

8,934

of which: integration-related expenses

124

106

174

(29)

463

717

Operating expenses (underlying)

2,148

2,221

2,032

(3)

8,924

8,217

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

and similar matters

(15)

Business division operating profit / (loss) before tax as reported

640

900

479

(29)

2,819

1,917

Business division operating profit / (loss) before tax (underlying)

703

787

452

(11)

2,712

1,644

Performance measures and other information

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

33.6

122.0

n.m.

47.1

n.m.

Cost / income ratio (%)

77.1

71.7

80.3

76.1

81.6

Average attributed equity (USD bn)

18.9

18.5

17.3

18.4

17.1

Return on attributed equity (%)

3,4

13.5

19.4

11.1

15.3

11.2

Underlying performance measures

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

55.7

108.9

n.m.

64.9

n.m.

Cost / income ratio (%)

74.5

73.4

79.8

75.8

82.5

Return on attributed equity (%)

3,4

14.9

17.0

10.5

14.8

9.6

1 Includes accretion of PPA adjustments on financial instruments and other PPA effects,

as well as temporary and incremental items directly related to the integration.

2 Represents the gain from the sale of a stake

in a subsidiary, Credit Suisse Securities (China) Limited.

3 Refer to “Alternative performance measures”

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

4 Refer to the “Equity attribution”

section of this report for more information about the equity attribution framework.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Investment Bank

Results: 4Q25 vs 4Q24

Profit before tax increased

by USD 161m, or 34%, to

USD 640m, mainly due to

higher total revenues, partly

offset

by higher

operating expenses. Underlying

profit before

tax was

USD 703m, an

increase of

56%, after

excluding

from total revenues USD 61m of purchase price allocation (PPA) effects and other integration items and excluding

from operating expenses USD 124m of integration-related

expenses.

Total revenues

Total revenues increased by USD 197m, or 7%, to USD 2,946m, mainly due to higher revenues

in Global Markets,

partly

offset

USD 140m

decrease

PPA

effects,

and

included

positive

foreign

currency

effects.

Excluding

USD 61m of PPA effects and

other integration items,

underlying total revenues were USD 2,885m, an

increase of

13%.

Global Banking

revenues decreased

by USD 121m,

or 14%,

to USD 751m,

primarily driven

by a

USD 132m decrease

in accretion

of PPA

adjustments on

financial instruments and

other PPA

effects. Excluding

PPA effects

and other

integration items, underlying Global Banking revenues

were USD 687m, an increase of 2%.

Advisory

revenues

increased

USD 6m,

2%,

USD 266m,

largely

driven

increase

private

funds

closings.

Capital

Markets

revenues

decreased

USD 127m,

21%,

USD 485m

and

included

the

aforementioned

USD 132m decrease in PPA effects. Excluding PPA effects and

other integration items, underlying Capital Markets

revenues increased by USD 6m, or 1%.

Global Markets

Global Markets revenues increased by USD 319m, or 17%, to USD 2,196m, mainly driven by

higher Derivatives &

Solutions and

Execution Services

revenues,

and

included a

gain

of USD 102m

strategic equity

investment,

which was split equally across product verticals.

Execution Services revenues

increased by USD 137m,

or 29%, to USD 608m,

mainly driven by higher

Cash Equities

revenues, led by the Asia Pacific region, reflecting

higher volumes.

Derivatives &

Solutions revenues

increased by

USD 209m,

or 31%,

to USD 892m,

mainly driven

by Foreign

Exchange

and Equity Derivatives revenues from higher levels

of client activity.

Financing revenues decreased by USD 27m, or

4%, to USD 696m.

Equities

Global Markets

Equities revenues

increased by

USD 123m, or

8%, to

USD 1,571m,

mainly driven

by higher

revenues

in Prime Brokerage, Cash Equities and Equity

Derivatives.

Foreign Exchange, Rates and Credit

Global

Markets

Foreign

Exchange, Rates

and

Credit

revenues

increased

USD 196m,

46%,

USD 625m,

mainly

driven

increase

Foreign

Exchange

revenues

and

the

aforementioned

gain

strategic

investment.

Credit loss expense / release

Net credit

loss expenses

were USD 34m,

mainly reflecting

net expenses

on credit-impaired

positions,

compared with

net credit loss expenses of USD 63m in the

fourth quarter of 2024.

Operating expenses

Operating

expenses

increased

USD 65m,

3%,

USD 2,272m

and

included

USD 50m

decrease

integration-related expenses. Excluding integration-related

expenses of USD 124m, underlying operating

expenses

were USD 2,148m, an

increase of 6%, mainly

due to adverse foreign

currency effects and

higher technology costs.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Non-core and Legacy

Non-core and Legacy

As of or for the quarter ended

% change from

As of or for the year

ended

USD m, except where indicated

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Results

Total revenues

(8)

(40)

(58)

(81)

(87)

154

1,605

Credit loss expense / (release)

(12)

(1)

Operating expenses

459

858

721

(46)

1,353

3,512

Operating profit / (loss) before tax

(455)

(102)

(923)

346

(51)

(1,199)

(1,976)

Underlying results

Total revenues as reported

(8)

(40)

(58)

(81)

(87)

154

1,605

of which: other integration items

Total revenues (underlying)

(10)

(42)

(58)

(77)

(84)

150

1,605

Credit loss expense / (release)

(12)

(1)

Operating expenses as reported

459

858

721

(46)

1,353

3,512

of which: integration-related expenses

233

205

317

(26)

882

1,154

Operating expenses (underlying)

226

(149)

541

(58)

472

2,359

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

and similar matters

(440)

(20)

(833)

(300)

Operating profit / (loss) before tax as reported

(455)

(102)

(923)

346

(51)

(1,199)

(1,976)

Operating profit / (loss) before tax (underlying)

(224)

102

(606)

(63)

(321)

(822)

Performance measures and other information

Average attributed equity (USD bn)

4.0

4.5

8.7

(12)

(55)

5.4

9.5

Risk-weighted assets (USD bn)

28.8

30.7

41.4

(6)

(30)

28.8

41.4

Leverage ratio denominator (USD bn)

19.1

25.6

53.5

(25)

(64)

19.1

53.5

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

Refer to the “Equity attribution” section of this report for more information about the equity

attribution framework.

Composition of Non-core and Legacy

Total assets

RWA

LRD

USD bn

31.12.25

30.9.25

31.12.25

30.9.25

31.12.25

30.9.25

Exposure category

Equities

0.8

0.9

0.3

0.6

0.3

0.4

Macro

9.2

10.2

1.9

2.7

3.7

Loans

0.7

0.8

0.9

0.7

0.9

Securitized products

2.8

3.1

1.5

1.8

2.9

3.4

Credit

0.2

0.3

0.1

0.2

0.1

0.2

High-quality liquid assets

10.6

16.1

10.6

16.1

Operational risk

24.0

Other

1.1

1.3

0.4

0.6

0.9

Total

25.4

32.6

28.8

30.7

19.1

25.6

Results: 4Q25 vs 4Q24

Loss before

tax was

USD 455m, compared

with a

loss before

tax of

USD 923m. Underlying

loss before

tax was

USD 224m, after

excluding from

operating expenses

USD 233m of

integration-related expenses

and excluding

from

total revenues USD 2m of other integration items,

compared with an underlying loss before

tax of USD 606m.

Total revenues

Total revenues were

negative USD 8m,

compared with

negative total revenues

of USD 58m, mainly

reflecting lower

liquidity and funding costs, partly

offset by lower net interest income,

as a result of a smaller portfolio,

and further

offset by higher markdowns.

Credit loss expense / release

Net credit loss releases were

USD 12m, compared with net credit

loss expenses of USD 6m in the

fourth quarter of

2024.

UBS Group fourth quarter 2025 report |

UBS Group performance, business divisions

and Group Items | Non-core and Legacy

Operating expenses

Operating

expenses

were

USD 459m,

decrease

USD 399m,

46%,

mainly

reflecting

lower

legal

fees,

technology costs, premises and

facilities costs, risk management

costs, and compliance and

regulatory costs,

and

included

USD 84m

decrease

integration-related

expenses.

Excluding

integration-related

expenses

USD 233m, underlying operating expenses were

USD 226m.

Risk-weighted assets and leverage ratio denominator:

4Q25 vs 3Q25

Risk-weighted

assets

(RWA)

decreased

USD 1.9bn

USD 28.8bn,

mostly

due

decreases

the

macro,

securitized product and equity

portfolios. The leverage

ratio denominator decreased

by USD 6.5bn to USD 19.1bn,

mainly driven by reductions in

high-quality liquid assets, which decreased by

USD 5.5bn, primarily as a result

of a

reduction in

the overall

Non-core and

Legacy balance sheet,

as well

as reductions in

the securitized product

and

loan portfolios.

Group Items

As of or for the quarter ended

% change from

As of or for the year

ended

USD m

31.12.25

30.9.25

31.12.24

3Q25

4Q24

31.12.25

31.12.24

Results

Total revenues

(575)

(149)

(188)

285

205

(1,190)

(975)

Credit loss expense / (release)

(2)

Operating expenses

(27)

(88)

(69)

(2)

(220)

Operating profit / (loss) before tax

(552)

(173)

(100)

219

453

(1,190)

(752)

Underlying results

Total revenues as reported

(575)

(149)

(188)

285

205

(1,190)

(975)

of which: PPA effects and other integration items

(404)

(4)

(323)

(41)

Total revenues (underlying)

(171)

(183)

(184)

(7)

(867)

(933)

Credit loss expense / (release)

(2)

Operating expenses as reported

(27)

(88)

(69)

(2)

(220)

of which: integration-related expenses

(1)

(12)

Operating expenses (underlying)

(62)

(88)

(30)

(56)

(208)

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

and similar matters

(23)

(85)

Operating profit / (loss) before tax as reported

(552)

(173)

(100)

219

453

(1,190)

(752)

Operating profit / (loss) before tax (underlying)

(113)

(187)

(96)

(40)

(813)

(723)

Includes accretion of

PPA adjustments

on financial instruments

and other PPA

effects, as well

as temporary and

incremental items

directly related to

the integration.

Includes a USD

457m net loss

from the

repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD

885m before PPA adjustments, partly offset by a USD

427m

gain from the release of PPA adjustments).

Refer to “Alternative performance measures” in the appendix

to this report for the definition and calculation method.

Results: 4Q25 vs 4Q24

Loss before

tax was

USD 552m, mainly

driven by

a net

loss of

USD 457m from

the repurchase

of legacy

Credit

Suisse debt instruments,

which included the release of purchase

price allocation (PPA) adjustments of USD 427m.

The change in the result, compared with

a loss of USD 100m in the fourth quarter

of 2024, was largely due to the

aforementioned loss from the debt repurchase.

›

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

repurchase

of legacy Credit Suisse debt

Underlying loss before tax was USD 113m, after excluding from total revenues negative USD 404m of PPA effects

and other integration

items,

which included

the aforementioned net

loss of USD 457m,

and also excluding

from

operating expenses USD 34m

of integration-related expenses. This

compared with an underlying loss

before tax of

USD 96m in the fourth quarter

of 2024. The change in the

underlying result between the quarters

was mainly due

to a

USD 25m increase in

donation expenses

due to

higher contributions

to the

UBS Optimus

Foundation in

the

fourth quarter of 2025.

Income

from

Group

hedging

and

own

debt,

including

hedge

accounting

ineffectiveness,

was

net

USD 4m,

compared with

net income

of USD 10m

in the

fourth quarter

of 2024.

The gains

in the

fourth quarter

of 2025

were driven by mark-to-market effects on own

credit and portfolio-level economic hedges.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet

Risk, capital, liquidity and

funding, and balance sheet

Management report

Table of contents

Risk management and control

loss-absorbing capacity

Risk-weighted assets

Leverage ratio denominator

Equity attribution

Liquidity and funding management

Strategy, objectives and governance

Liquidity coverage ratio

Net stable funding ratio

Balance sheet and off-balance sheet

Balance sheet assets

Balance sheet liabilities

Equity

Off-balance sheet

Share information and earnings per share

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Risk management and control

Risk management and control

This

section

provides

information

about

key

developments

during

the

reporting

period

and

should

read

conjunction with

the “Risk

management and

control” section

of the

UBS Group

Annual Report

2024, available

under “Annual

reporting” at

ubs.com/investors

, and

the “Recent

developments” section of

this report

for more

information about the integration of Credit

Suisse.

Credit risk

Overall banking products exposure

Overall banking products exposure increased by USD 3bn compared with 30 September 2025, to USD

1,086bn as

of 31 December

2025, primarily

reflecting increases

in loans

and advances

to customers

and in

guarantees and

irrevocable loan commitments,

partly offset by a decrease in balances at central

banks.

›

Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in

balance sheet and off-balance sheet positions

›

Refer to the “Group performance” section of this report for more information about credit loss expense / release

Banking and traded products exposure in the business divisions and Group Items

31.12.25

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core

and Legacy

Group

Items

Total

Banking products exposure, gross

1,2

480,229

462,237

2,060

108,659

8,908

24,207

1,086,300

of which: loans and advances to customers (on-balance sheet)

322,441

310,207

21,158

601

1,921

656,336

of which: guarantees and irrevocable loan commitments (off-balance sheet)

20,400

48,469

35,901

674

23,777

129,223

Committed unconditionally revocable credit lines

69,537

49,495

528

115

119,679

Traded products exposure, gross

2,4

15,634

1,623

35,764

53,021

of which: over-the-counter derivatives

12,268

1,543

8,752

22,563

of which: securities financing transactions

18,486

18,540

of which: exchange-traded derivatives

3,313

8,526

11,919

Total credit-impaired exposure, gross

1,748

4,112

641

863

7,363

of which: stage 3

1,715

3,786

604

6,176

of which: PCI

326

791

1,187

Total allowances and provisions for expected credit losses

301

1,969

479

299

3,058

of which: stage 1

105

346

115

576

of which: stage 2

245

129

428

of which: stage 3

135

1,326

232

1,756

of which: PCI

236

298

30.9.25

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core

and Legacy

Group

Items

Total

Banking products exposure, gross

1,2

479,241

460,735

2,028

106,538

12,780

22,454

1,083,777

of which: loans and advances to customers (on-balance sheet)

317,323

310,641

18,523

751

1,809

649,053

of which: guarantees and irrevocable loan commitments (off-balance sheet)

20,191

47,247

34,080

1,081

21,979

124,582

Committed unconditionally revocable credit lines

76,297

59,538

351

114

136,304

Traded products exposure, gross

2,4

16,548

2,388

37,534

56,470

of which: over-the-counter derivatives

12,728

2,223

8,790

23,741

of which: securities financing transactions

21,167

21,265

of which: exchange-traded derivatives

3,722

165

7,577

11,465

Total credit-impaired exposure, gross

1,766

3,965

648

955

7,334

of which: stage 3

1,732

3,583

598

5,970

of which: PCI

382

898

1,364

Total allowances and provisions for expected credit losses

284

1,883

462

370

3,005

of which: stage 1

104

350

113

574

of which: stage 2

256

141

456

of which: stage 3

112

1,228

207

1,602

of which: PCI

313

373

1 IFRS 9 gross exposure for

banking products includes the following financial instruments within

the scope of expected credit loss measurement:

balances at central banks, amounts due from banks, loans and advances

to customers, other financial

assets at amortized cost,

guarantees and irrevocable loan

commitments.

2 Internal management view of

credit risk, which differs in

certain respects from IFRS

Accounting Standards.

3 Commitments that can be canceled by UBS at any time but expose UBS to credit risk if the client has the ability to draw the facility before UBS can take action. These commitments are subject to expected credit loss

requirements.

4 As counterparty risk for traded products is managed at the counterparty level, no further split between exposures

in the Investment Bank, Non-core and Legacy, and Group Items is provided.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Risk management and control

Loan underwriting

In the

Investment Bank,

mandated loan

underwriting commitments

on a

notional basis

increased by

USD 1.2bn

compared with 30 September

2025, to USD 5.9bn

as of 31 December

2025, driven by

new mandates,

partly offset

by deal

syndications and

cancellations. As of

31 December 2025, USD 0.4bn

of loan

underwriting commitments

had not been distributed as originally planned.

Loan underwriting exposures

in the Investment

Bank are classified

as held for

trading, with

fair values reflecting

the

market conditions

at the

end of

the quarter.

Credit hedges

are in place

to help

protect against

fair value

movements

in the portfolio.

Market risk

Average management value-at-risk (VaR) (1-day, 95% confidence

level) of the UBS Group excluding certain legacy

Credit Suisse components in the

fourth quarter of 2025

was stable at USD 11m, compared

with USD 11m in the

third quarter of 2025.

Average management VaR (1-day, 98% confidence level) of the aforementioned legacy Credit Suisse components

in the fourth

quarter of 2025

decreased to USD 1m

from USD 2m in

the third quarter

of 2025, driven

by continued

strategic migration of positions to UBS and

de-risking within Non-core and Legacy.

Management value-at-risk (1-day, 95% confidence level, 5 years of historical data) of the business divisions and

Group Items excluding certain legacy Credit Suisse components, by general market risk type

1,2

Average by risk type

USD m

Min.

Max.

Period end

Average

Equity

Interest

rates

Credit

spreads

Foreign

exchange

Commodities

Global Wealth Management

Personal & Corporate Banking

Asset Management

Investment Bank

Non-core and Legacy

Group Items

Diversification effect

3,4

(7)

(6)

(1)

(5)

(3)

(1)

Total as of 31.12.25

Total as of 30.9.25

Management value-at-risk (1-day, 98% confidence level, 2 years of historical data) of certain legacy Credit

Suisse

components of the business divisions and Group Items, by general market risk type

1,2

Average by risk type

USD m

Min.

Max.

Period end

Average

Equity

Interest

rates

Credit

spreads

Foreign

exchange

Commodities

Global Wealth Management

Personal & Corporate Banking

Asset Management

Investment Bank

Non-core and Legacy

Group Items

Diversification effect

3,4

(1)

Total as of 31.12.25

Total as of 30.9.25

1 The legacy Credit Suisse

components not included in the

UBS Group management VaR reflect the

portfolio managed on legacy

Credit Suisse infrastructure based on

legacy Credit Suisse management VaR methodology

until full migration

of these positions

to UBS

infrastructure or

the liquidation

of the

positions. This

process is

ongoing, and

the management

VaR of

the legacy

Credit Suisse

components is

expected to

continue

decreasing over time.

2 Statistics at individual levels may not be summed to deduce the corresponding aggregate figures.

The minima and maxima for each level may occur on different days,

and, likewise, the VaR

for each business division or risk type,

being driven by the extreme loss tail of the corresponding

distribution of simulated profits and losses for that

business division or risk type, may well

be driven by different days

in the historical time series, rendering

invalid the simple summation of

figures to arrive at the aggregate

total.

3 The difference between

the sum of the standalone VaR

for the business divisions and Group

Items

and the total VaR.

4 As the minima and maxima for different business divisions and Group Items occur on different days, it is not

meaningful to calculate a portfolio diversification effect.

Economic value of equity and net interest income

sensitivity

The economic value of equity

(EVE) sensitivity in the UBS

Group banking book to a

+1-basis-point parallel shift in

yield

curves

was

negative

USD 43.9m

31 December

2025,

compared

with

negative

USD 41.3m

30 September 2025. This excluded

the sensitivity of USD 8.0m from additional tier 1

(AT1) capital instruments (as

per

specific

Swiss

Financial

Market

Supervisory

Authority

(FINMA)

requirements)

contrast

general

Basel

Committee on

Banking Supervision (BCBS)

guidance. Exposure in

the banking book

of the

UBS Group

increased

during the fourth quarter of 2025, predominantly

driven by net interest income stabilization

initiatives.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Risk management and control

The majority of our interest rate risk in

the banking book (IRRBB) as of 31 December 2025

was a reflection of the

net asset

duration that

we ran

to offset

our modeled

sensitivity of

net USD 33.2m

(30 September

2025: USD 32.4m)

assigned

our

equity,

goodwill

and

real

estate,

with

the

aim

generating

stable

net

interest

income

contribution. Of this, USD

19.7m and USD 11.6m

were attributable to the

US dollar and the Swiss

franc portfolios,

respectively,

(30 September 2025: USD 18.8m and USD

11.6m, respectively).

In addition to

the aforementioned

sensitivity, we

calculate the

six interest

rate shock

scenarios prescribed

by FINMA.

The

“Parallel

up”

scenario,

assuming

all

positions

were

measured

fair

value,

was

the

most

severe

31 December 2025

and

would have

resulted in

change in

EVE of

negative USD 8.1bn,

8.9% of

our

tier 1

capital (30 September

2025: negative

USD 7.7bn, or

8.1%), which

well below

the 15%

threshold as

per the

BCBS supervisory outlier test for high levels of

IRRBB.

The immediate effect on our tier 1 capital in the “Parallel up” scenario as of 31 December 2025 would have been

a decrease of approximately

USD 0.8bn, or 0.9%, in our tier 1 capital (30 September 2025: USD 0.9bn, or 0.9%),

reflecting the fact that the vast

majority of our banking book is accrual

accounted or subject to hedge accounting.

The “Parallel up” scenario would subsequently have a positive effect on net interest income, assuming a constant

balance sheet.

As the overall interest rate risk sensitivity shows a greater

impact from slower asset repricing compared with faster

liabilities repricing, the “Parallel

down“ scenario was the

most beneficial as of 31 December

2025 and would have

resulted in a

change in EVE

of positive USD 8.3bn

(30 September 2025: positive USD 7.8bn)

and a small

positive

immediate effect on our tier 1 capital.

›

Refer to “Interest rate risk in the banking book” in the “Risk management and control”

section of the UBS Group

Annual Report 2024, available under “Annual reporting” at

ubs.com/investors

, for more information about the

management of interest rate risk in the banking book

›

Refer to “Sensitivity to interest rate movements” in the “Group performance” section of this report for more

information about the effects of increases in interest rates on the net interest income of our banking book

Interest rate risk – banking book

31.12.25

USD m

Effect on EVE

– FINMA

Effect on EVE

– BCBS

Scenarios

CHF

EUR

GBP

USD

Other

Total

Additional tier 1

capital instruments

Total

+1 bp

(12.5)

(1.7)

(0.2)

(28.5)

(1.0)

(43.9)

8.0

(35.9)

Parallel up

(1,770.1)

(315.7)

(50.4)

(5,698.0)

(239.3)

(8,073.4)

1,492.1

(6,581.3)

Parallel down

1,971.6

355.5

46.5

5,622.8

264.8

8,261.3

(1,751.2)

6,510.1

Steepener

(889.8)

(20.6)

(10.4)

(1,371.3)

6.8

(2,285.2)

336.0

(1,949.2)

Flattener

552.3

(31.4)

1.7

61.1

(58.9)

524.8

2.7

527.5

Short-term up

(169.8)

(126.5)

(14.6)

(2,226.1)

(145.6)

(2,682.7)

644.8

(2,037.8)

Short-term down

167.9

127.7

9.2

2,308.9

144.6

2,758.2

(671.8)

2,086.5

30.9.25

USD m

Effect on EVE

– FINMA

Effect on EVE

– BCBS

Scenarios

CHF

EUR

GBP

USD

Other

Total

Additional tier 1

capital instruments

Total

+1 bp

(10.5)

(1.8)

(0.2)

(27.7)

(1.1)

(41.3)

8.4

(32.9)

Parallel up

(1,523.0)

(336.8)

(53.7)

(5,524.9)

(250.0)

(7,688.4)

1,574.0

(6,114.5)

Parallel down

1,616.3

381.4

56.6

5,508.1

274.0

7,836.5

(1,855.3)

5,981.2

Steepener

(827.0)

(5.5)

(8.4)

(1,435.2)

(3.9)

(2,279.9)

376.6

(1,903.4)

Flattener

542.3

(50.2)

(1.3)

158.6

(50.5)

598.9

(20.3)

578.7

Short-term up

(88.5)

(151.1)

(18.2)

(2,075.9)

(142.9)

(2,476.7)

660.9

(1,815.8)

Short-term down

61.5

151.3

18.5

2,183.6

139.5

2,554.4

(688.4)

1,865.9

1 Economic value

of equity.

2 Rates across all

tenors move by ±150

bps for Swiss

franc, ±200 bps for

euro and US

dollar, and

±250 bps for pound

sterling.

3 Short-term rates

decrease and long-term rates

increase.

4 Short-term rates increase and long-term rates decrease.

5 Short-term rates increase more than long-term rates.

6 Short-term rates decrease more than long-term rates.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Risk management and control

Country risk

We remain

watchful of

a range

of geopolitical

developments and

political changes

in a

number of

countries, as

well as global trade relations,

particularly tariffs-related policies, and evolving armed conflicts. As of 31 December

2025, our exposure to

Venezuela was immaterial. Our direct

exposure to Israel as

of 31 December 2025 was

less

than USD 0.5bn,

and our direct exposure to Gulf Cooperation

Council countries was less than USD 5bn, while

our

direct exposure to

Egypt and Jordan

was limited, and

we had no

direct exposure to

Iran, Iraq, Lebanon

or Syria. Our

direct exposure to

Russia as

of 31 December

2025 was

less than USD 0.5bn,

and our direct

exposure to

Belarus and

Ukraine remained immaterial.

As of 31 December 2025, our exposure

to emerging-market countries was less

than

10% of our total country exposure and mainly

to countries in Asia.

Uncertainty about economic policy remained elevated. In

the fourth quarter of 2025,

inflation was broadly stable

major

Western

economies,

although

concerns

about

the

potential

impact

trade

tensions

prices

and

economic growth persisted.

Chinese exports finished the year positively,

but domestic economic activity remained

at subdued levels,

forcing the Chinese

government to promise

to implement a

more proactive fiscal

policy in the

first quarter of 2026.

›

Refer to the “Risk management and control” section of the UBS Group Annual Report 2025, which will be available

as of 9 March 2026 under “Annual reporting” at

ubs.com/investors

, for more information

Non-financial risk

Compliance risk

We are committed

to achieving fair

outcomes for

our clients,

upholding market

integrity and

cultivating the

highest

standards of employee

conduct.

To support these

objectives,

we maintain a

Group-wide conduct risk

framework

designed to promote consistent standards

and foster a strong culture of accountability.

We continue to

prioritize areas such

as suitability risk, market

conduct, product governance,

cross-divisional service

offerings, quality of

advice and price

transparency.

These remain key

focus areas for

UBS and

the wider financial

sector. Cross-border risk (including the risk of unintended

permanent establishment) remains an area of regulatory

attention for global financial institutions, including a focus

on market access, such as third-country market access

to the European Economic Area. We maintain

a series of controls designed to address

these risks.

Regulatory

fragmentation

environmental,

social

and

governance

topics,

and

the

elevated

risk

greenwashing arising from our service offering,

disclosures and commitments remain key risks

for 2026.

Financial crime risk

Financial crime, including

money laundering, terrorist

financing, sanctions violations,

fraud, bribery and corruption,

presents a major risk, as technological innovation and geopolitical developments increase the complexity of doing

business and heightened regulatory attention

continues.

effective

financial

crime

prevention

program

therefore

remains

essential,

and

continue

focus

enhancements to our global anti-money-laundering, know-your-client and sanctions

programs. Money laundering

and financial

fraud techniques

are becoming

increasingly sophisticated,

and heightened

geopolitical volatility

makes

the sanctions landscape more complex. We continue to take into consideration the risks of

illicit finance proceeds

and sanctions circumvention typologies

stemming from geopolitical developments,

political changes in

a number

of countries and evolving armed conflicts.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Risk management and control

Operational risk

There is an increased risk of cyber-related operational

disruption to business activities at our

locations and those of

third-party suppliers due to the increasingly dynamic threat environment. This is intensified by

current geopolitical

factors and

evidenced by

the continuing

high volumes

and increasing

sophistication

of cyberattacks

against financial

institutions globally and on third-party service providers.

We remain

on heightened

alert to

respond to

and mitigate

elevated cyber-

and information-security threats

and

continue to invest

in improving our

technology infrastructure and information-security

governance to strengthen

our prevention,

detection and

response capabilities

against attacks.

In addition,

we operate

a global

framework

designed to drive enhancements in operational resilience

across all business divisions, and we work with the third-

party service providers that are of critical importance to our operations to assess their operational resilience in line

with our standards and to mitigate any identified

risks.

The increasing

interest in

data-driven advisory

processes and

the use

of generative

artificial intelligence

(AI) and

machine

learning

are

introducing

new

questions

the

fairness

algorithms,

data

life-cycle

management,

data

ethics,

data

privacy

and

security,

and

records

management.

have

established

framework and policy to support the mitigation

of these risks.

Further

progress

has

been

made

with

client

and

data

migration,

and

the

wind-down

legacy

Credit

Suisse

businesses and

infrastructure.

The risks

relating to

the operational

complexity and

the effective

management of

businesses in wind-down and application decommissioning continue to be

carefully monitored,

in addition to the

delivery of consolidated financial and regulatory

reporting submissions.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Capital management

The

disclosures

this

section

are

provided

for

UBS

Group

consolidated

basis

and

focus

key

developments during

the reporting

period and

information in

accordance with

the Basel III

framework, as

applicable

to Swiss systemically relevant banks (SRBs).

They should be read in conjunction

with “Capital management” in the

“Capital, liquidity and funding,

and balance sheet” section

of the UBS Group

Annual Report 2024, available

under

“Annual

reporting”

ubs.com/investors

which

provides

information

about

our

capital

management

objectives, planning and activities, as

well as the Swiss SRB total loss-absorbing capacity

(TLAC) framework.

In Switzerland, the

amendments to the Capital

Adequacy Ordinance (the CAO) that

incorporate the final Basel III

standards into

Swiss law,

including the

new ordinances

containing the

implementing provisions

for the

revised CAO,

entered into force on 1 January 2025.

UBS Group

holding

company

and

conducts

substantially

all

its

operations

through

UBS AG

and

subsidiaries thereof.

UBS Group

and UBS AG

contribute a

significant portion

their respective

capital

and

provide substantial

liquidity to

such subsidiaries.

Many of

these subsidiaries

are subject

to local

regulations requiring

compliance with minimum capital, liquidity

and similar requirements.

›

Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3

disclosures” at

ubs.com/investors

, for more information about additional regulatory disclosures for UBS Group AG

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

›

Refer to the

UBS AG Annual

Report 2025,

which will

be available

as of 9 March

2026

under “Quarterly

reporting” at

ubs.com/investors

, for more information

about capital

and other

regulatory

information

for UBS AG

consolidated,

accordance

with the Basel

III framework,

as applicable

to Swiss SRBs

are

subject

the

going

and

gone

concern

requirements

the

Swiss

CAO,

which

include

additional

requirements applicable to Swiss

SRBs. The table below provides

the risk-weighted asset (RWA)-

and leverage ratio

denominator (LRD)-based requirements and

information as of 31 December 2025.

Effective 1 January

2025, a Pillar

2 capital add-on

for residual

exposures (after

collateral mitigation)

to hedge funds,

private equity and

family offices has

been introduced. This resulted

in an increase

of 20 basis points

in the RWA-

based going concern capital requirement

as of 31 December 2025.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Swiss SRB going and gone concern requirements and information

As of 31.12.25

RWA

LRD

USD m, except where indicated

in %

Required going concern capital

Total going concern capital

14.99

73,955

5.00

81,122

Common equity tier 1 capital

10.63

52,448

3.50

56,785

of which: minimum capital

4.50

22,203

1.50

24,337

of which: buffer capital

5.50

27,137

2.00

32,449

of which: countercyclical buffer

0.49

2,433

Maximum additional tier 1 capital

4.36

21,507

1.50

24,337

of which: additional tier 1 capital

3.50

17,269

1.50

24,337

of which: additional tier 1 buffer capital

0.80

3,947

Eligible going concern capital

Total going concern capital

18.48

91,176

5.62

91,176

Common equity tier 1 capital

14.44

71,262

4.39

71,262

Total loss-absorbing additional tier 1 capital

4.04

19,914

1.23

19,914

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

4.04

19,914

1.23

19,914

Required gone concern capital

Total gone concern loss-absorbing capacity

4,5,6

10.73

52,917

3.75

60,841

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

10.73

52,917

3.75

60,841

Eligible gone concern capital

Total gone concern loss-absorbing capacity

19.48

96,130

5.93

96,130

Total tier 2 capital

0.01

0.00

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

0.00

TLAC-eligible senior unsecured debt

19.48

96,105

5.92

96,105

Total loss-absorbing capacity

Required total loss-absorbing capacity

25.71

126,872

8.75

141,963

Eligible total loss-absorbing capacity

37.96

187,307

11.54

187,307

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

493,397

Leverage ratio denominator

1,622,438

1 Includes applicable add-ons

of 1.64% for risk-weighted assets

(RWA) and 0.50% for

leverage ratio denominator (LRD),

of which 20 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 0.14%

for CET1 capital and 0.06%

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; 4.36% 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.

8 Reflects an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital but 45%

of these gains can be recognized as tier 2 capital.

Additional capital requirements for

UBS Group AG consolidated under current

requirements

As a result of the acquisition of

the Credit Suisse Group in 2023,

the capital add-ons applicable to SRBs based on

market

and

LRD

for

UBS

Group AG consolidated

will

increase commensurate

with

the

Group’s increased

market share

and higher

LRD after

the acquisition.

Based on

the existing

regulations, we currently

estimate that

this will add around USD 6bn to the Group’s tier 1 capital requirement, when fully phased in. The

phase-in of the

increased capital

requirements commenced

on 1 January

2026, with phase-in

add-ons to

RWA-based requirements

of 0.86% for

increased market

share and 0.79%

for higher LRD

and add-ons to

LRD-based requirements

of 0.30%

for increased market share and 0.28% for higher

LRD.

The phase-in will be completed by the beginning

of 2030.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Total loss-absorbing capacity

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

framework and

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

balance

sheet” section of

the UBS Group

Annual Report 2024,

available under “Annual

reporting” at

ubs.com/investors

Changes

the

Swiss

SRB

framework

and

requirements

after

the

publication

our

Annual

Report

2024

are

described above.

Swiss SRB going and gone concern information

USD m, except where indicated

31.12.25

30.9.25

31.12.24

Eligible going concern capital

Total going concern capital

91,176

94,950

87,739

Total tier 1 capital

91,176

94,950

87,739

Common equity tier 1 capital

71,262

74,655

71,367

Total loss-absorbing additional tier 1 capital

19,914

20,296

16,372

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

19,914

20,296

15,126

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

1,245

Eligible gone concern capital

Total gone concern loss-absorbing capacity

96,130

104,379

97,655

Total tier 2 capital

207

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

207

TLAC-eligible senior unsecured debt

96,105

104,379

97,449

Total loss-absorbing capacity

187,307

199,329

185,394

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

493,397

504,897

498,538

Leverage ratio denominator

1,622,438

1,640,464

1,519,477

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

18.5

18.8

17.6

of which: common equity tier 1 capital ratio

14.4

14.8

14.3

Gone concern loss-absorbing capacity ratio

19.5

20.7

19.6

Total loss-absorbing capacity ratio

38.0

39.5

37.2

Leverage ratios (%)

Going concern leverage ratio

5.6

5.8

of which: common equity tier 1 leverage ratio

4.4

4.6

4.7

Gone concern leverage ratio

5.9

6.4

Total loss-absorbing capacity leverage ratio

11.5

12.2

1 Reflects an add-back of

45% of unrealized gains from financial

assets measured at fair value through

other comprehensive income. Such gains do not

qualify as CET1 capital but

45% of these gains can

be recognized

as tier 2 capital.

Total loss-absorbing capacity and movement

Our TLAC decreased by USD 12.0bn to USD

187.3bn in the fourth quarter of 2025.

Going concern capital and movement

Our

going

concern

capital

decreased

USD 3.8bn

USD 91.2bn.

Our

common

equity

tier 1

(CET1)

capital

decreased by

USD 3.4bn to

USD 71.3bn, mainly

reflecting operating

profit before

tax of

USD 1.7bn, which

was

more than offset

by the recognition of

a new USD 3.0bn capital

reserve for expected future

share repurchases in

2026, dividend accruals

of USD 1.1bn, a

negative USD 0.3bn impact

from compensation-

and own-share-related

capital components,

a USD 0.3bn decrease in

eligible deferred tax assets

on temporary differences,

and current tax

expenses of USD 0.3bn.

Share repurchases

of USD 0.9bn made

under our 2025

share repurchase

program in the

fourth quarter of

2025 did

not affect our

CET1 capital

position, as there

was an

equal reduction

in the capital

reserve for

expected future

repurchases in 2025. The remaining

capital reserve for expected

future share repurchases in

2025 was fully utilized

in the fourth quarter of 2025 with the completion

of our 2025 share repurchase program

on 20 November 2025.

›

Refer to the “Share information and earnings per share” section of this report for more information about our

share repurchase programs

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Our loss-absorbing additional

tier 1 (AT1) capital decreased

by USD 0.4bn to

USD 19.9bn,

mainly reflecting the call

of one AT1 capital instrument equivalent to

USD 0.4bn.

Following the approval of a maximum amount of conversion capital by UBS Group AG’s shareholders at the 2024

Annual General

Meeting, AT1

capital instruments

issued from

the beginning

of the

fourth quarter

of 2023

are,

upon the

occurrence of

a trigger event

or a

viability event,

subject to

conversion into

UBS Group AG

ordinary shares

rather than a

write-down. AT1 capital instruments

issued prior to

the fourth quarter of

2023 remain subject to

write-down.

Gone concern loss-absorbing capacity and movement

Our

total

gone

concern

loss-absorbing

capacity

decreased

USD 8.2bn

USD 96.1bn

and

largely

reflected

USD 96.1bn

TLAC-eligible

senior

unsecured

debt

instruments.

The

decrease

USD 8.2bn

mainly

reflected

USD 5.8bn

TLAC-eligible

senior

unsecured

debt

instruments

that

repurchased

November

2025

under

tender

offers

and

the

redemption

TLAC-eligible

senior

unsecured

debt

instruments

for

the

equivalent

USD 5.5bn. These

decreases were

partly offset

by new

issuances of

TLAC-eligible senior

unsecured debt

instruments

totaling the equivalent of USD 3.3bn.

›

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

repurchase of legacy Credit Suisse debt

›

Refer to “Bondholder information” at

ubs.com/investors

for more information about the eligibility of capital and

senior unsecured debt instruments and about key features and terms and conditions of capital instruments

Loss-absorbing capacity and leverage ratios

Our

CET1 capital

ratio

decreased to

14.4% from

14.8%,

reflecting

the aforementioned

USD 3.4bn decrease

CET1 capital,

partly offset by an USD 11.5bn decrease

in the RWA.

›

Refer to “Risk-weighted assets” in this section for more information about RWA movements

Our CET1

leverage ratio

decreased to

4.4% from

4.6%,

reflecting the

aforementioned

USD 3.4bn decrease

in CET1

capital,

partly offset by an USD 18.0bn decrease in

the LRD.

›

Refer to “Leverage ratio denominator” in this section for more information about LRD movements

Our going

concern capital

ratio decreased

to 18.5%

from 18.8%,

reflecting a

USD 3.8bn decrease

in going

concern

capital,

partly offset by the aforementioned decrease

in the RWA.

Our going concern

leverage

ratio decreased

to 5.6% from

5.8%, reflecting

a USD 3.8bn decrease in going concern

capital,

partly offset by the

aforementioned

decrease in the

LRD.

Our gone

concern loss-absorbing

capacity ratio

decreased to

19.5% from

20.7%, reflecting

an USD 8.2bn

decrease

in gone concern loss-absorbing capacity,

partly offset by the aforementioned decrease in

the RWA.

Our gone concern

leverage ratio

decreased to 5.9%

from 6.4%, reflecting

an USD 8.2bn

decrease in

gone concern

loss-absorbing capacity,

partly offset by the aforementioned decrease

in the LRD.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Swiss SRB total loss-absorbing capacity movement

USD m

Going concern capital

Swiss SRB

Common equity tier 1 capital as of 30.9.25

74,655

Operating profit / (loss) before tax

1,700

Current tax (expense) / benefit

(276)

Foreign currency translation effects, before tax

134

Share repurchase program

(904)

Capital reserve for expected future share repurchases in

2025

904

Capital reserve for expected future share repurchases in

2026

(3,000)

Accruals for expected dividends to shareholders for 2025

(1,109)

Compensation-

and own-share-related capital components

(344)

Eligible deferred tax assets on temporary differences (including

excess over threshold)

(323)

Other

(175)

Common equity tier 1 capital as of 31.12.25

71,262

Loss-absorbing additional tier 1 capital as of 30.9.25

20,296

Call of high-trigger loss-absorbing additional tier 1 capital

(354)

Interest rate risk hedge, foreign currency translation and other effects

(28)

Loss-absorbing additional tier 1 capital as of 31.12.25

19,914

Total going concern capital as of 30.9.25

94,950

Total going concern capital as of 31.12.25

91,176

Gone concern loss-absorbing capacity

Tier 2 capital as of 30.9.25

Interest rate risk hedge, foreign currency translation and other effects

Tier 2 capital as of 31.12.25

TLAC-eligible unsecured debt as of 30.9.25

104,379

Issuance of TLAC-eligible senior unsecured debt

3,302

Call of TLAC-eligible senior unsecured debt

(5,506)

Instruments repurchased under the tender offers

(5,824)

Interest rate risk hedge, foreign currency translation and other effects

(246)

TLAC-eligible unsecured debt as of 31.12.25

96,105

Total gone concern loss-absorbing capacity as of 30.9.25

104,379

Total gone concern loss-absorbing capacity as of 31.12.25

96,130

Total loss-absorbing capacity

Total loss-absorbing capacity as of 30.9.25

199,329

Total loss-absorbing capacity as of 31.12.25

187,307

1 Includes one debt instrument (ISIN US902613AU26) that ceased to be eligible as gone concern capital

when we issued a notice of redemption of the instrument in the fourth quarter of 2025.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital

USD m

31.12.25

30.9.25

31.12.24

Total equity under IFRS Accounting Standards

90,484

90,204

85,574

Equity attributable to non-controlling interests

(271)

(305)

(494)

Defined benefit plans, net of tax

(957)

(833)

Deferred tax assets recognized for tax loss carry-forwards

(2,434)

(2,306)

(2,288)

Deferred tax assets for unused tax credits

(827)

(883)

(688)

Deferred tax assets on temporary differences, excess over threshold

(1,242)

(1,081)

(803)

Goodwill, net of tax

(5,787)

(5,785)

(5,702)

Intangible assets, net of tax

(683)

(714)

(702)

Compensation-related components (not recognized in net profit)

(2,441)

(2,298)

(2,800)

Expected losses on advanced internal ratings-based portfolio less provisions

(876)

(721)

(568)

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

1,339

1,349

2,585

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

measured at fair value that existed at the balance sheet

date, net of tax

1,660

1,588

1,178

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

that existed at the balance sheet date

(65)

(73)

(62)

Prudential valuation adjustments

(148)

(177)

(167)

Accruals for dividends to shareholders for 2024

(2,835)

Accruals for expected dividends to shareholders for 2025

(3,449)

(2,340)

Capital reserve for expected future share repurchases in

2025

(904)

Capital reserve for expected future share repurchases in

2026

(3,000)

Other

(40)

(25)

Total common equity tier 1 capital

71,262

74,655

71,367

1 Includes goodwill related to significant investments in financial institutions of USD 34m as of 31 December 2025 (USD 34m as of 30 September 2025,

USD 19m as of 31 December 2024) presented on the balance

sheet line Investments in associates.

CET1 capital ratio for UBS AG standalone

On a standalone basis as

of 31 December 2025, UBS

AG’s fully applied CET1

capital ratio is expected

to be around

14.2%. Additional capital information and

final capital figures for

UBS AG standalone will

be published with

our

31 December

2025

Pillar 3

report,

which

will

available

9 March

2026

under

“Pillar 3

disclosures”

ubs.com/investors

Additional information

Sensitivity to currency movements

Risk-weighted assets

We estimate that a 10% depreciation of the US dollar against other currencies would have increased our RWA by

USD 23bn

and

our

CET1

capital

USD 2.7bn

December

2025

(30

September

2025:

USD 24bn

and

USD 2.7bn, respectively)

and decreased

our CET1

capital ratio

13 basis points

(30 September

2025: 16 basis

points). Conversely, a 10% appreciation of the US dollar against other currencies would

have decreased our RWA

by USD 21bn

and our

CET1 capital

by USD 2.4bn

(30 September

2025: USD 21bn

and USD 2.4bn,

respectively)

and increased our CET1 capital ratio by 13

basis points (30 September 2025: 16 basis points).

Leverage ratio denominator

We estimate that a

10% depreciation of the

US dollar against other

currencies would have increased our

LRD by

USD 109bn as of 31 December 2025 (30 September 2025: USD

108bn) and decreased our CET1 leverage ratio by

12 basis points

(30 September

2025: 13 basis

points). Conversely,

a 10%

appreciation of

the US

dollar against

other

currencies would have decreased our LRD by USD 98bn (30 September

2025: USD 98bn) and increased our CET1

leverage ratio by 12 basis points (30 September

2025: 13 basis points).

The aforementioned

sensitivities do

not consider

foreign currency

translation effects

related to

defined benefit

plans

other than those related to the currency

translation of the net equity of foreign operations.

›

Refer to “Active management of sensitivity to foreign exchange movements” under “Capital management” 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

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Risk-weighted assets

During

the

fourth

quarter

2025,

RWA

decreased

USD 11.5bn

USD 493.4bn,

driven

USD 10.8bn

decrease resulting from asset size and

other movements and a USD 1.3bn decrease driven

by model updates and

methodology changes,

partly offset by a USD 0.6bn increase from currency

effects.

Movement in risk-weighted assets, by key driver

USD bn

RWA as of

30.9.25

Currency

effects

Model updates

and methodology

changes

Asset size and

other

RWA as of

31.12.25

Credit and counterparty credit risk

305.2

0.6

(1.3)

(4.5)

299.9

Non-counterparty-related risk

35.1

0.0

(0.9)

34.3

Market risk

28.2

(4.5)

23.8

Operational risk

136.4

(1.0)

135.4

Total

504.9

0.6

(1.3)

(10.8)

493.4

1 Includes the

Pillar 3 categories

“Asset

size”, “Credit

quality of counterparties”,

“Acquisitions

and disposals”

and “Other”.

For more

information, refer

to the 31

December 2025

Pillar 3 Report,

which will

available as

of 9

March 2026

under “Pillar 3

disclosures” at

ubs.com/investors.

2 Includes settlement

risk, credit

valuation adjustments,

equity and

investments in

funds exposures

in the

banking book,

and

securitization exposures in the banking book.

3 Non-counterparty-related risk includes deferred tax assets arising from temporary differences,

property, equipment, software and other items.

Credit and counterparty credit risk

Credit and counterparty

credit risk RWA

decreased by USD 5.2bn

to USD 299.9bn as

of 31 December 2025,

driven

by a USD 4.5bn decrease resulting from asset size and other movements and a USD 1.3bn decrease due to model

updates and methodology changes, partly offset

by a USD 0.6bn increase from currency effects.

Asset size and other movements by business

division and Group Items

–

Investment Bank

RWA decreased

by USD 2.7bn,

mainly due

to lower

RWA on

derivatives and

securities financing

transactions,

reflecting risk mitigation, roll-offs and market-driven

movements.

–

Non-core

and

Legacy

RWA

decreased

USD 1.0bn,

primarily

driven

our

actions

actively

unwind

the

portfolio, in addition to the natural roll-off.

–

Global Wealth Management RWA decreased by

USD 0.9bn, mainly due to lower RWA on derivatives.

–

Asset Management RWA decreased by USD 0.1bn.

–

Personal & Corporate Banking RWA decreased

by USD 0.1bn.

–

Group Items RWA increased by USD 0.3bn.

Model updates

and methodology

changes resulted

in an RWA

decrease of

USD 1.3bn, mainly

reflecting lower

RWA

on Lombard lending in

Global Wealth Management, partly offset

by an RWA increase

following the migration of

exposures from Credit Suisse models.

›

Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3

disclosures” at

ubs.com/investors

, for more information

›

Refer to “Credit risk” in the “Risk management and control” section of this report for more information

Market risk

Market risk RWA

decreased by

USD 4.5bn to USD

23.8bn in the

fourth quarter

of 2025, due

to asset size

and other

movements in the Investment Bank’s Global Markets business and, to a lesser extent, from de-risking within Non-

core and Legacy.

›

Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3

disclosures” at

ubs.com/investors

, for more information

›

Refer to “Market risk” in the “Risk management and control” section of this report for more information

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Operational risk

Operational risk RWA decreased by USD 1.0bn to USD 135.4bn.

Operational risk RWA as of 31 December 2025 is

based on

the business

indicator component, which

is derived

from average

financial statement metrics

between

2023 and

2025, and the

internal loss multiplier,

which is

derived from average

operational losses between

2016

and 2025.

›

Refer to “Non-financial risk” in the “Risk management and control” section of the UBS Group Annual Report 2025,

which will be available as of 9 March 2026 under “Annual reporting” at

ubs.com/investors

, for more information

about the standardized approach used to measure Group operational risk exposure and calculate operational risk

regulatory capital

›

Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3

disclosures” at

ubs.com/investors

, for more information

›

Refer to “Provisions and contingent liabilities” in the “Consolidated financial information” section of this report for

more information

Outlook

expect

model

updates

and

methodology

changes

will

increase

credit

and

counterparty

credit

risk

RWA

around

USD 3bn

during

the

first

quarter

2026.

The

extent

and

timing

RWA

changes

may

vary

model

updates are

completed and

receive regulatory

approval, along

with changes

in the

composition of

the relevant

portfolios.

Risk-weighted assets, by business division and Group Items

USD bn

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Manage-

ment

Investment

Bank

Non-core and

Legacy

Group

Items

Total

RWA

31.12.25

Credit and counterparty credit risk

99.3

130.3

6.9

55.1

3.8

4.6

299.9

Non-counterparty-related risk

7.2

2.9

0.8

4.6

0.2

18.6

34.3

Market risk

0.5

0.0

22.4

0.9

0.0

23.8

Operational risk

59.4

17.2

6.1

25.4

24.0

3.3

135.4

Total

166.4

150.4

13.8

107.4

28.8

26.5

493.4

30.9.25

Credit and counterparty credit risk

102.1

129.3

7.0

58.1

4.8

3.8

305.2

Non-counterparty-related risk

7.2

2.9

0.8

4.6

0.2

19.4

35.1

Market risk

0.6

0.0

25.9

1.7

(0.1)

28.2

Operational risk

60.4

18.5

6.5

23.8

24.0

3.2

136.4

Total

170.3

150.8

14.2

112.5

30.7

26.3

504.9

31.12.25 vs 30.9.25

Credit and counterparty credit risk

(2.8)

1.0

(0.1)

(3.1)

(1.0)

0.8

(5.2)

Non-counterparty-related risk

0.0

(0.8)

Market risk

(0.1)

0.0

(3.6)

(0.8)

0.0

(4.5)

Operational risk

(1.0)

(1.3)

(0.4)

1.6

(0.1)

0.1

(1.0)

Total

(3.9)

(0.4)

(5.0)

(1.9)

0.2

(11.5)

1 Includes settlement risk, credit valuation adjustments,

equity and investments in funds exposures in the

banking book, and securitization exposures in the

banking book.

2 Non-counterparty-related risk includes

deferred tax assets arising from temporary

differences (31 December 2025: USD 18.1bn; 30 September 2025: USD 18.9bn), as

well as property, equipment, software and other items (31 December 2025: USD 16.1bn;

30 September 2025: USD 16.2bn).

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Leverage ratio denominator

During the fourth

quarter of 2025,

the LRD decreased

by USD 18.0bn to

USD 1,622.4bn,

driven by an

USD 18.9bn

decrease from asset size and other movements,

partly offset by a USD 0.8bn increase from currency

effects.

Movement in leverage ratio denominator, by key driver

USD bn

LRD as of

30.9.25

Currency

effects

Asset size and

other

LRD as of

31.12.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

1,257.9

1.3

(1.1)

1,258.1

Derivative exposures

162.1

(0.2)

(10.7)

151.2

Securities financing transaction exposures

157.1

(0.4)

(8.4)

148.2

Off-balance sheet items

63.4

0.1

1.4

64.9

Total exposures

1,640.5

0.8

(18.9)

1,622.4

The LRD movements described below exclude

currency effects.

On-balance sheet exposures (excluding derivatives and securities

financing transactions) decreased by USD 1.1bn,

mainly

reflecting

decreases

cash

and

balances

central

banks

Group

Treasury

and

trading

assets

the

Investment

Bank,

driven

decrease

inventory held

hedge

client

positions

due

lower

levels

client

activity. These decreases were partly offset by increases in lending

assets, mainly driven by net new loans in Global

Wealth Management,

and high-quality liquid asset portfolio securities

in Group Treasury.

Derivative exposures

decreased by

USD 10.7bn, primarily

reflecting

roll-offs and

higher

netting,

partly

offset by

market-driven movements.

Securities financing

transaction exposures

decreased by

USD 8.4bn, mainly

due to

roll-offs of

cash reinvestment

trades in Group

Treasury, partly offset by

increases in brokerage receivables

mostly resulting from higher

levels of

client activity in the Investment Bank.

Off-balance sheet exposures increased by

USD 1.4bn, mainly due to increases in commitments.

›

Refer to the “Balance sheet and off-balance sheet” section of this report for more information about balance sheet

movements

Leverage ratio denominator, by business division and Group Items

USD bn

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

31.12.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

514.0

441.8

5.0

272.1

12.3

12.9

1,258.1

Derivative exposures

26.7

6.1

0.0

115.2

3.0

0.1

151.2

Securities financing transaction exposures

49.8

36.3

0.1

58.7

3.5

0.0

148.2

Off-balance sheet items

17.6

29.9

0.1

16.8

0.3

64.9

Total exposures

608.0

514.0

5.2

462.9

19.1

13.3

1,622.4

30.9.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

511.1

438.8

4.9

273.3

16.8

12.9

1,257.9

Derivative exposures

31.8

7.0

0.0

120.1

3.3

0.0

162.1

Securities financing transaction exposures

53.4

37.4

0.1

61.1

5.0

0.0

157.1

Off-balance sheet items

17.8

29.3

0.1

15.4

0.5

0.3

63.4

Total exposures

614.2

512.5

5.1

470.0

25.6

13.2

1,640.5

31.12.25 vs 30.9.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

2.9

0.1

(1.2)

(4.5)

0.0

0.2

Derivative exposures

(5.0)

(0.9)

0.0

(4.9)

(0.3)

0.2

(10.9)

Securities financing transaction exposures

(3.7)

(1.1)

0.0

(2.5)

(1.5)

(0.1)

(8.9)

Off-balance sheet items

(0.3)

0.5

0.0

1.5

(0.2)

0.0

1.5

Total exposures

(6.1)

1.5

0.1

(7.1)

(6.5)

0.1

(18.0)

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Capital management

Equity attribution

Under our equity attribution

framework, tangible equity

is attributed based on

equally weighted average

RWA and

average LRD, which both include resource allocations from our Group functions to the business divisions. Average

RWA and LRD are converted

to CET1 capital equivalents

using target capital ratios.

If the attributed tangible equity

calculated under the weighted-driver approach is less than

the CET1 capital equivalent of risk-based capital (RBC)

for any business division,

the CET1 capital equivalent of RBC is used as a floor for that

business division.

The floor

was

applicable

for

Non-core

and

Legacy

all

the

periods

shown

below

and

was

applicable

for

Asset

Management in all such periods except for

the fourth quarter and third quarter of

2025.

In addition to

tangible equity,

we allocate equity

to the business

divisions to

support goodwill

and intangible

assets.

also

allocate

the

business

divisions

attributed

equity

CET1

capital

deduction

items

that

are

attributable to divisional activities, such as compensation-related components or expected losses on the advanced

internal ratings-based portfolio less provisions. We attribute all remaining capital deduction items to Group Items.

These

primarily

include

equity

deferred

tax

assets,

accruals

for

shareholder

returns,

and

unrealized

gains / losses from cash flow hedges.

›

Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in

equity attributable to shareholders

Average attributed equity

For the quarter ended

As of or for the year ended

USD bn

31.12.25

30.9.25

31.12.24

31.12.25

31.12.24

Global Wealth Management

34.5

33.6

34.2

33.3

Personal & Corporate Banking

22.0

21.3

21.4

21.6

Asset Management

2.5

2.4

2.8

2.5

2.7

Investment Bank

18.9

18.5

17.3

18.4

17.1

Non-core and Legacy

4.0

4.5

8.7

5.4

9.5

Group Items

8.2

7.6

2.3

6.7

1.1

Average equity attributed to business divisions and Group Items

90.1

89.6

86.1

88.5

85.2

1 Includes average attributed equity related to capital deduction items for deferred tax assets, accruals for

shareholder returns and unrealized gains / losses from cash flow hedges.

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Liquidity and funding management

Liquidity and funding management

Strategy, objectives and governance

This

section

provides

liquidity

and

funding

management

information

and

should

read

conjunction

with

“Liquidity and funding

management” in

the “Capital,

liquidity and funding,

and balance sheet”

section of the

UBS

Group

Annual

Report

2024,

available

under

“Annual

reporting”

ubs.com/investors

which

provides

information

about

the

Group’s

strategy,

objectives

and

governance

connection

with

liquidity

and

funding

management.

Liquidity coverage ratio

The quarterly average

liquidity coverage

ratio (the LCR)

of the UBS

Group remained

broadly unchanged

at 182.6%,

remaining above

the prudential

requirement communicated

by the

Swiss Financial

Market Supervisory

Authority

(FINMA).

Average net cash outflows decreased by USD 8.7bn to USD 181.7bn, reflecting higher net

inflows from securities

financing transactions

and lower net

outflows from

derivatives. The effect

of the decrease

in net cash

outflows was

offset by a

USD 15.0bn decrease in

average high-quality liquid assets,

mainly reflecting lower

cash available,

due

to higher lending assets and brokerage receivables,

and lower amounts due to banks.

›

Refer to the

31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3

disclosures” at

ubs.com/investors

, for more information about the LCR

Liquidity coverage ratio

USD bn, except where indicated

Average 4Q25

Average 3Q25

High-quality liquid assets

331.6

346.6

Net cash outflows

181.7

190.4

Liquidity coverage ratio (%)

182.6

182.1

1 Calculated based on an average of 64

data points in the fourth quarter of 2025 and 65

data points in the third quarter of 2025.

2 Represents the net cash outflows expected over a stress period

of 30 calendar

days.

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

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

Net stable funding ratio

As of

31 December 2025,

the net

stable funding

ratio (the

NSFR) of

the UBS

Group decreased

3.6 percentage

points

to 116.1%, remaining above the prudential

requirement communicated by FINMA.

Available

stable

funding

decreased

USD 16.7bn

USD 882.0bn,

mainly

driven

decreases

debt

issued

measured

amortized

cost

and

regulatory

capital.

Required

stable

funding

increased

USD 8.9bn

USD 759.8bn,

mainly

reflecting

higher

lending

assets,

partly

offset

lower

derivatives

and

cash

collateral

receivables on derivative instruments.

›

Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3

disclosures” at

ubs.com/investors

, for more information about the NSFR

Net stable funding ratio

USD bn, except where indicated

31.12.25

30.9.25

Available stable funding

882.0

898.8

Required stable funding

759.8

751.0

Net stable funding ratio (%)

116.1

119.7

UBS Group fourth quarter 2025 report |

Risk, capital, liquidity and funding, and balance

sheet | Balance sheet and off-balance sheet

Balance sheet and off-balance sheet

This

section

provides

balance

sheet

and

off-balance sheet

information

and

should

read

conjunction

with

“Balance sheet

and off-balance

sheet” in

the “Capital,

liquidity and

funding, and

balance sheet”

section of

the

UBS Group

Annual Report

2024, available

under “Annual reporting”

ubs.com/investors

, which

provides more

information about the balance sheet and off-balance

sheet positions.

Balances disclosed in this

report represent quarter-end

positions, unless indicated

otherwise. Intra-quarter balances

fluctuate in the ordinary course of business

and may differ from quarter-end positions.

Balance sheet assets (31 December 2025

vs 30 September 2025)

Total assets

were USD 1,617.4bn

as of

31 December 2025,

a decrease

of USD 14.9bn

compared with

30 September

2025.

Securities

financing transactions

amortized cost

decreased

USD 11.6bn,

mainly

reflecting roll-offs

cash

reinvestment trades in Group

Treasury. Cash and balances at

central banks decreased by USD 8.8bn,

mainly due to

outflows from the

repurchase and net redemptions

of long-term debt issued

measured at amortized cost,

higher

lending activities and

purchases of high-quality

liquid asset (HQLA)

portfolio securities,

partly offset by

inflows from

net roll-offs of

securities financing transactions

measured at amortized

cost and issuances

of commercial paper

and

certificates of

deposit.

Derivatives and

cash collateral

receivables on

derivative instruments

decreased by

USD 8.4bn,

mainly

the

Investment

Bank,

primarily

reflecting

roll-offs,

partly

offset

market-driven

movements.

Trading

assets decreased

by USD 3.8bn,

mainly in

the Investment

Bank, driven

by a

decrease in

inventory held

to hedge

client positions due to lower levels of client activity.

These

decreases

were

partly

offset

USD 7.6bn

increase

Lending

assets,

primarily

Global

Wealth

Management,

mainly driven

by net

new loans.

Other financial

assets measured

at fair

value increased

by USD 5.8bn,

mainly

reflecting

purchases

HQLA

portfolio

securities.

Brokerage

receivables

increased

USD 5.0bn,

predominantly in Financing in the Investment

Bank, mostly resulting from higher levels of client

activity.

Assets

As of

% change from

USD bn

31.12.25

30.9.25

Cash and balances at central banks

209.9

218.7

(4)

Lending

673.5

665.9

Securities financing transactions at amortized cost

83.7

95.3

(12)

Trading assets

174.7

178.5

(2)

Derivatives and cash collateral receivables on derivative instruments

189.3

197.7

(4)

Brokerage receivables

35.6

30.6

Other financial assets measured at amortized cost

71.9

72.7

(1)

Other financial assets measured at fair value

121.4

115.6

Non-financial assets

57.5

57.2

Total assets

1,617.4

1,632.3

(1)

1 Consists of Loans and advances to customers and Amounts due from banks.

2 Consists of Financial assets at fair value not held for trading and Financial assets measured at fair

value through other comprehensive

income.

Balance sheet liabilities (31 December

2025 vs 30 September 2025)

Total

liabilities

were

USD 1,526.9bn

31 December

2025,

decrease

USD 15.1bn

compared

with

30 September 2025.

UBS Group AG 6-K