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 5, 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 transcripts of the of UBS Group AG 4Q25

Earnings call remarks and

Analyst Q&A, which appear immediately following this page.

Fourth quarter 2025 results

4 February 2026

Speeches by

Todd

Tuckner

, Group

Chief Financial Officer,

and

Sergio P.

Ermotti

Group Chief Executive

Officer

Including analyst

Q&A session

Transcript.

Numbers for

slides

refer to

the fourth

quarter 2025

results and

investor update

presentation.

Materials and a

webcast replay are available

www.ubs.com/investors

Todd

Tuckner

Slide 3: 4Q25 profitability driven by strong revenue growth and positive

operating leverage

Thank you Sarah, and good morning

everyone.

Disciplined execution in the fourth quarter underpinned a strong year

of financial performance as we continue to

progress towards

our post-integration profitability

targets. In

the quarter

we delivered

reported net

profit of

1.2

billion and earnings per share of 37 cents while

Group Invested Assets exceeded 7 trillion.

Underlying pre-tax

profit was

2.9 billion,

up 62%

year-over-year,

as continued

revenue

momentum in

our core

franchises and cost discipline across the Group resulted in 9 percentage

points of positive jaws.

Total

revenues

increased

10%

versus

the

prior

year,

driven

primarily

strong

top-line

growth

both

Global

Wealth

Management

and

the

Investment

Bank,

leveraged

our

competitive

strengths

and

unrivaled

geographic footprint

to capture

opportunities in

broadly

constructive market

conditions. We

delivered a

further

700 million

in gross

cost saves,

reflecting steady

progress

in decommissioning

technology,

integrating functions

and reducing third-party spend.

Total

operating expenses were

1% higher

with realized

synergies largely

offset by

higher variable

compensation

accruals on the back

of stronger revenues.

Excluding litigation, variable compensation and currency

effects, costs

declined 7%.

Taken

together, sustained execution combined with disciplined cost

and balance sheet management

drove further

improvement in our underlying metrics

during the quarter,

including a cost/income ratio of 75%

and a return on

CET1 capital of 11.9%.

We remain

on track

to deliver on

our key

integration milestones, including completing

the Swiss booking

center

client migrations by

the end

of this

quarter –

an important

enabler to achieve

the remainder

of our

cost savings

through the end of 2026.

Slide 4 – 4Q25 net profit 1.2bn reflects broad-based growth and NCL cost

reduction

Moving to slide

4. With

underlying pre-tax

profit growth across

our businesses,

we closed

the year

on a strong

note

and sustained the consistent performance delivered

throughout 2025. This quarter,

we once again leveraged the

strength of

our business

model, powered

by our

international scale,

deep client

connectivity,

and differentiated

capabilities, to help clients navigate an environment

marked by complexity and unpredictability.

On a reported

basis, revenues included

net negative adjustments

of 54 million,

primarily reflecting a

net loss of

457

million

from

the November

buyback

of 8.5

billion

of legacy

Credit

Suisse

debt instruments

that

were

issued

distressed

spreads

prior

the

acquisition,

offset

other

merger-related

PPA

adjustments.

Buying

back

this

expensive legacy

debt early

– and

replacing it

with low-cost

funding –

is not

only NPV-accretive, but

will also

benefit

the net interest income of GWM and P&C in the coming

years and reduce the net funding drag in NCL.

Integration-related expenses

were

1.1 billion,

reflecting the

continued high

intensity of

the Swiss

client account

migration and ongoing work across the group to deliver

key integration milestones.

The effective tax rate in the quarter was 29% and

12% for the full year 2025.

Slide 5 – Our balance sheet for all seasons

is a key pillar of our strategy

Turning to our balance sheet on slide

5. As of year-end, our

balance sheet for all

seasons consisted of 1.6

trillion in

total

assets,

down

billion

versus

the

end

the

third

quarter,

primarily

reflecting

the

liability

management

exercise just mentioned and net redemptions of other

long-term debt.

Credit-impaired exposures remained stable quarter-on-quarter at 90 basis points, while the annualized cost of risk

was 9

basis points,

reflecting the

quality and

nature of

our lending

book. Group

credit loss

expense was

159 million,

mainly relating to credit-impaired positions in our Swiss business.

Our tangible

book value

per share

grew sequentially

by 1%

to 26

dollars and

93 cents,

primarily from

our net

profit,

which was partly offset by share repurchases.

Overall, we continue

to operate with

a highly fortified

and resilient balance sheet

with total loss absorbing

capacity

of 187 billion, a net stable funding ratio of

116% and a liquidity coverage ratio of

183%.

Looking ahead, we expect our

LCR to remain around

this level, reflecting both

the prudent buffers we

have long

maintained and the

more stringent Swiss

liquidity requirements,

which were

fully phased in

by the end

of 2024,

and which

are more onerous

than those

in other

jurisdictions. Maintaining

this resilience

requires holding additional

HQLA, and we will continue to manage the associated

carry and balance-sheet impact with discipline.

Slide 6 – Strong operating profits fund capital returns,

investments and debt buyback

Turning

to capital

on slide 6.

Our CET1

capital ratio at

the end

of December

was 14.4% and

our CET1 leverage

ratio was 4.4%, both lower sequentially and

closer to our targets of around 14% and above 4%,

respectively.

The sequential decreases largely

reflect a reduction

in CET1 capital, as

strong operational performance was more

than offset

by accruals

for shareholder

returns of

4.1 billion.

Of this

amount, 3

billion relates

to intended

repurchases in

2026, which

we’ll cover

later in

more detail.

A further

1.1 billion

relates to

the full-year

2025 ordinary

dividend which,

at one

dollar and

ten cents

per share,

is up

22% on

last year. CET1

capital also

decreased by

around

0.5 billion due to the liability management exercise.

Turning

UBS

AG.

During

the

fourth

quarter,

the

parent

bank’s

standalone

fully-applied

CET1

capital

ratio

increased to 14.2%, up sequentially

from 13.3%. This increase largely

reflects 9 billion of capital

upstreamed from

subsidiaries, following strong

integration progress,

including in

further running down

NCL, which

enabled those

entities to release surplus capital on an accelerated timeline.

Of the total, Credit Suisse International in the UK

paid up around 4 billion, while around

3 billion was repatriated

from the US IHC. The remainder was paid by other foreign subsidiaries

around the Group.

Collectively, these distributions increased the parent bank’s

equity by around 2 billion,

and reduced its investments

in subsidiaries by around 6 and

a half billion, resulting in

a 26 billion reduction in risk-weighted

assets, driving up

its capital ratio.

By year-end, we expect another 3 billion

of capital to be returned

predominantly from UBS AG’s UK

subsidiaries as

we finalize

the unwinding

of positions

in those

former Credit

Suisse entities.

In addition,

the US

IHC can

be expected

to repatriate

around 2

billion of

additional capital by

2028 as

it progresses

back toward

its pre-acquisition

CET1

capital ratio.

UBS AG’s fourth quarter CET1 capital ratio also reflected an incremental accrual of 1 billion of dividends, bringing

the full year 2025 total

to 9 billion. As in 2025,

the parent bank is expected

to upstream half of that

total during

the first half

of 2026 to

fund Group

shareholder returns, and

has the

option to distribute

the second half

in the

latter part of the year depending on Swiss

capital framework developments.

Finally, with dollar/Swiss

at around

current levels,

we expect

to continue

pacing intercompany

dividends to

maintain

prudent capital buffers and manage FX-driven headwinds on leverage ratios across Group entities. As a result, we

now expect

UBS AG

to operate

with a

standalone CET1 capital

ratio of

around 14%

for the

foreseeable future,

while we still aim to maintain the Group equity double

leverage ratio near 100%.

At the end

of 2025, the

Group equity double

leverage ratio was 104%,

down 5 percentage

points compared to

the end of the second quarter.

Slide 7 – Global Wealth Management

Turning to our business divisions and starting with Global Wealth Management on

slide 7.

For

the

quarter,

GWM

delivered

pre-tax

profit

1.6

billion,

from

1.1

billion

the

prior

year

revenues

increased by 11%. Invested Assets reached 4.8 trillion. For the full year, GWM generated pre-tax profits excluding

litigation of 6.1 billion, up 23%, with a cost/income

ratio of 75.6%, improving by more than 3 percentage points.

All four GWM regions grew pre-tax

profits in 2025, with each generating around one and a

half billion excluding

litigation – underscoring the strength and diversification

of the world’s only “truly” global wealth manager.

In the Americas, fourth quarter

pre-tax profit increased

by 32%, with a

pre-tax margin of 13%,

up 2 percentage

points year-over-year, capping a year

in which profits

grew by 34%. EMEA

delivered pre-tax profit growth

of 27%,

supported by

strong transaction-based

revenues and

ongoing cost

discipline, driving

a 19%

increase for

the full

year. Asia Pacific sustained its strong momentum, delivering pre-tax

profit growth of 24% in the quarter

and 30%

for the

full year

– its

first following

completion of

the Credit

Suisse client

migration in

2024 –

reinforcing the

region’s

significant runway

for continued

growth. In Switzerland,

pre-tax profit declined

4% in the

quarter amid

net interest

income headwinds, but increased 2% for the full year

on strong growth in non-NII revenue.

Moving to flows

for the quarter. Net new

assets were 8.5

billion, with 23

billion of inflows

across EMEA, APAC and

Switzerland,

partially offset

outflows

billion

the

Americas,

primarily reflecting

net

recruiting-related

impacts.

For the full year

2025, we generated net new

assets of 101 billion,

representing 2.4% growth. We

delivered this

while absorbing the

expected, temporary flow

headwinds from

strategic actions taken

to support higher

pre-tax

margins and enhance our return on equity.

Net new fee-generating

assets were 9

billion, with APAC delivering 10%

annualized growth. Mandate

penetration

was up

for the

4th consecutive

quarter with

our MyWay

discretionary solution

being a

strong driver, nearly

doubling

invested assets year-over-year to over 30 billion.

Net new

deposits were

broadly flat

in the

quarter,

with an

observable mix

shift towards

non-maturing balances

supporting our deposit margin as we look

forward.

Net

new loans

were

billion as

demand strengthened

–

particularly in

Lombard and

securities-based lending

–

supported by

lower

rates. In

the

Americas, loan

balances grew

for

the

7th

consecutive

quarter,

demonstrating

continued progress in enhancing our banking platform.

Moving to the revenue lines. Recurring net fee income rose 9% to

3.6 billion as fee-generating assets grew to 2.1

trillion.

Transaction-based revenues were 1.2 billion, up 20%, driven by strength in structured products and cash equities.

Close collaboration

between GWM

and the

Investment Bank

remains a

key differentiator,

enabling us

to deliver

tailored structured solutions at scale and deepen the value we

bring to our wealth clients.

Net interest income was

1.7 billion, up 3% year-on-year and

4% sequentially,

reflecting higher average loan and

deposit volumes as well as a more favorable deposit

mix.

For the first quarter, we expect a low single-digit percentage

decline in NII as positive

loan volume and deposit

mix

effects are expected to be more than offset by day count and deposit rates. For the full year, we expect GWM net

interest

income to

increase

low

single digits

year-over-year,

driven by

strong

loan growth,

support from

the

November

liability

management

exercise

and

improved

deposit

mix

than

offsetting

deposit

margin

compression in lower-rate currencies.

Underlying operating expenses increased 4% versus the prior-year

quarter,

driven primarily by higher production-

linked compensation. Excluding litigation,

variable compensation and currency effects, costs declined

2%.

Slide 8 – Personal & Corporate Banking (CHF)

Turning to Personal and Corporate Banking on slide 8.

P&C delivered fourth quarter pre

-tax profit of 543

million Swiss francs, down 5%, primarily

due to lower interest

rates weighing on

net interest income,

which declined 10%.

This was partly

offset by

lower credit

loss expenses

and reduced operating costs.

Sequentially,

net interest income

decreased by 2%

as targeted pricing measures

largely mitigated the headwinds

from Switzerland’s zero-rate environment.

Notwithstanding that Swiss franc rates are

expected to remain

at current levels

throughout 2026, P&C’s full

year

NII is modelled to increase by

a mid-single-digit percentage in US dollars, supported by FX

translation, the liability

management exercise and expected loan growth.

For the first quarter, we expect NII to remain broadly stable in US dollar terms.

Non-NII

revenues

were

down

with

sustained

growth

Personal

Banking more

than

offset

lower client

activity in the Corporate and Institutional segment.

Credit loss expense

was 80 million

Swiss francs in

the quarter

and 277 million

Swiss francs

for the full

year. Looking

ahead, a

mixed credit

backdrop in

Switzerland, reflecting

challenging economic

outlook, is

expected to

result in quarterly credit loss expense of around 75 million Swiss francs

on average.

Operating expenses in the quarter were 1.1 billion

Swiss francs, down 1%.

Slide 9 – Asset Management

Turning to Asset Management

on slide 9.

Pre-tax profit increased by

20% to 268

million, driven

by higher revenues

and

lower

costs.

The

quarter

also

reflected

loss

million

the

sale

the

O’Connor

business.

Excluding the P&L from disposals, pre-tax profit was up 41%.

As investments in

our growth initiatives

and platform scalability

continue to take

hold, we’re

seeing the benefits

translate into sustained profitability improvement.

Net new money in the quarter was positive 8 billion, led by inflows in ETFs, money market strategies and our U.S.

SMAs,

while

invested

assets reached

2.1

trillion.

Full-year

net

new

money

was

billion,

representing

1.7%

growth

rate,

with

flows

reflecting

product

rationalization

Asset

Management

completed

the

Credit

Suisse

integration.

In Unified Global

Alternatives, net new

client commitments were

9 billion, including

8 billion from

GWM clients,

with funded invested assets now at 330 billion.

Overall revenues

rose 4%,

driven by

an 11%

increase in

net management

fees on

higher assets

under management.

Operating expenses declined 2%, resulting in a 66%

cost/income ratio.

Slide 10 – Investment Bank

slide

and

the

Investment

Bank.

Pre-tax

profit

703

million

increased

56%,

driven

13%

higher

revenues. This performance

capped the IB’s

strongest top-line year

on record, delivering 11.8

billion of revenue, up

18%. We

achieved this

result

with

essentially no

incremental RWA,

reflecting disciplined

risk

management and

highly capital-efficient growth. For the full year, the IB’s return on attributed equity was 15%.

Banking revenues rose by 2% in the quarter to 687 million.

Advisory grew by 2%, driven by strong performance in

Switzerland and across our broader EMEA franchise.

Capital markets

increased 1%,

ECM, which

was up

68% and

outperformed fee

pools across

all regions.

held

leading

roles

several

transactions

during

the

quarter,

highlighting

the

benefits

our

targeted

investments in strategic

sectors and

products. Revenues were

lower in LCM,

reflecting softer

sponsor activity

across

our client base.

Moving to Global Markets.

Revenues increased by 17% to

2.2 billion, as we delivered

our strongest fourth-quarter

performance on record – both globally and in every region.

Equities rose

9% versus

an exceptionally

strong

prior-year quarter,

driven by

prime brokerage,

cash equities

record

market

share,

and

equity

derivatives.

FRC

revenues

increased

46%,

with

and

precious

metals

particular standing out.

Our continued

technology investment,

combined with

a highly

regionally diversified

platform and

deep connectivity

with

Global

Wealth

Management,

continues

differentiate

our

Markets

business

–

supporting

strong

client

engagement and sustained momentum.

Against this strong revenue performance, operating expenses

increased by 6%.

Slide 11 – Non-core and Legacy

On slide 11, Non-core and Legacy

generated a pre-tax loss of

224 million in the quarter.

Revenues were negative

10 million, as funding costs of 86 million

were partly offset by net revenues from position marks and disposals.

Operating expenses were down

by nearly 60% year-on-year,

reflecting the significant progress

we are making

exiting costs from the platform.

Risk-weighted assets at

quarter-end

were 29

billion, or

5 billion

excluding operational risk

RWAs, down

2 billion

sequentially. LRD decreased by 6 billion, or 25% quarter-on-quarter, ending the year at 19 billion.

Slide 12 – FY25 net profit of 7.8bn, up 53% YoY with strong momentum in core businesses

Moving to a short recap on our full year Group performance on slide 12. We delivered net profit of 7.8 billion, up

53%

year-over-year,

with

underlying

return

CET1

capital

13.7%.

Excluding

litigation

and

applying

normalized tax rate, our return on CET1 capital

was 11.5%.

Revenues grew 8% in our

core businesses and 4% overall,

while costs were 2% lower, as we continue

to progress

toward completing the Credit Suisse integration.

Slide 13 – Increased profitability across our globally diversified franchise

As we

look at

our full

year performance through

a regional

lens on

slide 13,

the contributions across

the Group

underscore the strength of our globally diversified model

and unrivaled global connectivity.

Outside of Switzerland –

our anchor and

most profitable region,

which delivered over 5

billion in pre-tax

profit –

each region delivered strong profitability and grew at

a double-digit rate year-over-year. APAC and EMEA were up

over 40%

with the

Americas 14%

higher –

clear

evidence that

our

scale, reach

and

disciplined integration

are

building a more balanced earnings profile that positions us well to perform through the cycle and to capitalize on

growth opportunities where they are strongest.

With that, I hand over to Sergio for

the investor update.

Sergio P.

Ermotti

Slide 15 – Strong momentum positions us to achieve

our 2026 targets and 2028 ambitions

Thank you, Todd, and welcome everybody.

2025 was a year marked by exceptional dedication from our colleagues

as we advanced in our journey to position

UBS for sustainable long-term success.

We achieved excellent financial

results and made

great progress

on the first integration

of two G-SIBs

– for sure,

one of

the most complex

integrations in banking

history.

We did

this despite an

unpredictable market backdrop

and amid regulatory uncertainty in Switzerland while

never losing sight of what matters most:

serving our clients.

As a

result, we

captured growth

across

our asset

gathering platform,

supported robust

private and

institutional

client activity and increased market share in our areas of strategic focus

in the Investment Bank.

In Switzerland, clients relied on UBS for their domestic needs and our global capabilities and expertise. During the

year we

also extended

or renewed

around 80 billion

Swiss francs

of loans

to businesses

and households,

reinforcing

our commitment to act as a reliable partner for the Swiss

economy.

At the same time,

we substantially completed

the client migrations

in Personal and

Corporate Banking, and

we are

set to finish

the remaining transfers

for Swiss-booked clients

by the end

of the first

quarter.

With this, alongside

further progress in

simplifying our operations, we

are on track

to substantially finalize the

integration by the end

of the year and reach our 2026 Group exit rate targets.

Our performance throughout

the year further fortifies

our capital strength and

our ability to follow

through on our

capital return plans.

As Todd

mentioned, we are honoring

our capital return commitments

with an increase

in our dividend. This

was

complemented by our share repurchases, which we plan to replicate in 2026.

Our

momentum is

also

enabling our

strategic investments

support our

clients,

reinforce

our

technology and

position UBS for long-term growth. At the same time, we are seeing increasingly strong adoption of AI across the

firm, supported by our roll-out of next generation

tools and platforms to improve efficiency and productivity.

We entered 2026 from a position of strength and are committed to executing on our proven strategy to generate

sustainably higher returns and long-term value

for all stakeholders.

Slide 16 – Executing final stages of integration

to capture synergies

I am pleased with

the integration progress we

have made to date

and I’m confident in

our ability to substantially

complete the integration and capture the remaining synergies

by the end of the year.

But the

final wave

of Swiss-booked

client migrations

carries the

highest level

of complexity, and

is a

key dependency

to fully winding down the legacy infrastructure through the

end of the year.

Therefore, we

cannot be complacent and have

to maintain the same

level of focus

and intensity as we

approach

the last mile.

In the

planning process

for 2026,

we identified

an additional

500 million

in cost

synergies. These

allow us

to increase

our gross cost

savings ambition to 13

and a half billion.

I am particularly pleased

that we will

be able to

produce

these synergies at a very efficient cost-to-achieve multiple

of 1.1.

Slide 17 – On track to deliver on 2026 exit

rate targets

Each step we take towards completing

the integration brings us closer

to our 2026 exit rate targets

for the Group.

While we are

on track to reach

a 15% underlying return

on CET1 capital and

a cost/income ratio below

70% by

the end of the year, this slide underscores the efforts that are still required to get there.

we entered

the first

quarter,

the macro

-economic backdrop

continues to

support steady

global growth

and

easing

inflation.

Market

conditions

remain

largely

constructive,

with

broader

equity

dispersion

and

rotation

supporting client engagement, as well as healthy

transactional and capital markets

activity and pipeline.

Demand remains

focused on

geographic and

asset class diversification,

as well

as principal

protection. However,

continued elevated

geopolitical and

economic policy

uncertainties

mean sentiment

and positioning

can shift

quickly,

leading

spikes

volatility

influencing

institutional

and

corporate

client

activity

levels.

across

all

our

businesses, helping our clients navigate these

challenges and sustaining client momentum is still

our number one

priority.

Slide 18 – Committed to our global, diversified

model weighted towards asset gathering

While we are about to finish the integration, our

strategy for delivering long-term value remains unchanged.

are

fully committed

to our

global, diversified

model. Our

weighting towards

our

asset-gathering franchises

provide us with an attractive business mix that sets

us apart from our competitors.

And while our leadership in the largest- and

fastest-growing markets is fundamental to serving our clients, it

also

provides significant

diversification benefits

which underpin

our ability

to deliver

attractive and

stable profits

through

the cycle.

Fortified by a balance sheet for all seasons

and a disciplined approach to risk and cost

management, it is clear that

our strategy reinforces UBS’s role as a stabilizing force for our stakeholders, and

for the Swiss economy.

Slide 19 – Strong client franchises, capabilities and scale

Our global client franchises also provide us with

a competitive advantage that cannot easily

be replicated.

We are the world’s

only truly global

wealth manager

and the number

one Swiss universal

bank, with

leading global

capabilities across our Asset Management franchise and

our competitive, capital-light Investment Bank.

While our business divisions are strong on their own, it is the intense partnership between them that creates truly

differentiated value

for clients

and stakeholders.

This is

why further

reinforcing collaboration

across the

Group must

continue to be one of our key levers for

sustainable growth.

With the integration

nearly done, it is now

important for us to

apply a One Bank

approach to our entire operation.

do this, we are redesigning front-to-back processes and accelerating investments

in technology and AI.

Building on these strong

foundations, we are investing in

a portfolio of large-scale, transformational AI programs

designed to

increase our operational

resilience, enhance

client experience

and unlock

higher levels

of efficiency

and

effectiveness across the organization.

Slide 20 – Secular trends shaping our industry support

our long-term growth

In addition to the levers within our control,

the secular trends shaping the industry support our long term

growth

ambitions and our ability to serve our clients.

than

ever before,

rapidly evolving

geopolitical, societal

and demographic

dynamics

are

influencing where

people choose to

live. These trends

are also

accelerating the pace of

wealth migration and changing

how clients

invest and manage risk across public, private and alternative

markets.

In addition, longer life expectancies and intergenerational wealth transfers are extending investment horizons

and

increasing demand

for holistic

wealth planning.

Meanwhile, the

next generation

of investors

expects a

seamless

technological

experience.

And

the

emergence

digital

assets

and

tokenization

creating

opportunities

fundamentally change how we operate.

In this

context, clients

will increasingly

place an

even higher

premium on

trusted advice

from partners

who can

offer

true

global

connectivity,

access

innovative

products

and

seamless

cross

border

solutions.

UBS

uniquely

positioned to convert these trends into stronger profitability and

long-term value creation.

These trends are also reflected in our 2028 ambitions for all our business

divisions.

Slide 21 – GWM – capitalizing on integration

and growing the expanded platform

Let’s start

with Global Wealth

Management, where we

are on track

to realize the

final integration-related

synergies

to increase efficiency and capacity for investments, and

support the next level of profitability and growth.

We will leverage our

global reach, regional expertise and

strong connectivity with Personal &

Corporate Banking,

Asset Management and the Investment Bank

to deepen client relationships and maintain momentum.

In addition, a key priority is to scale and expand our high net worth franchise. To achieve that, we are investing in

generation

digital

capabilities

that

strengthen

our

products

and

services

while

also

improving

advisor

productivity and pre-tax margins.

2028,

expect

all

our

regions

become

profitable,

supporting

Global

Wealth

Management’s

ambition to achieve a reported cost/income ratio of around 68%.

As we

begin to

fully capitalize on

the benefits of

our greater

scale and

capabilities, we aim

to deliver more

than

200 billion in net new assets per annum by

2028.

In 2026, we expect GWM’s net new assets to exceed 125 billion as we capture the benefits of our leadership and

momentum across APAC, EMEA, Switzerland and Latin America.

In the

US, our

strategic actions

to improve

operating leverage are

resulting in

anticipated temporary headwinds,

but we expect

net new assets

in the Americas

to be positive

in 2026, supported

by a healthy

recruiting pipeline

and

improved retention of our most productive advisors.

Slide 22 – GWM – Unrivaled diversification

and scale with interconnected global franchises

On this

slide, you

can see

our unique

and diversified

positioning coming

through across

all of

our regions,

with

each being a meaningful driver of growth and equally

contributing to GWM’s profitability.

Together,

they form the basis for our unrivaled

global scale which adds to our local capabilities.

In APAC, our strong growth

and profitability reflects

our status as

the largest wealth

manager in the

world’s fastest

growing market. Building

on this, we

are reinforcing our

strongholds in Singapore

and Hong Kong

while increasing

our scale in key

growth markets in Southeast Asia,

Taiwan,

Japan, India and Australia. Across the

region, we aim

to expand

of wallet,

accelerate strategic

partnerships, build

our feeder

channels, and

hire

client

advisors.

Our leadership

in EMEA

is driven

by our

highly profitable

international platform that

offers cross-border

services

through our Swiss booking center.

This expanded offering in the region is

resonating with our clients, particularly

the

Middle

East,

where

our

franchise

has

nearly

doubled

size

compared

its

pre-acquisition

position.

Complemented by

our

growing

onshore

franchises, EMEA

poised to

capture

growth

and

further amplify

our

global diversification.

Switzerland

unique

source

stability

for

our

wealth

management

franchise,

supported

deep

client

relationships and our home country’s role as a destination

for international clients.

Once the

Swiss-booked client

migrations are

complete later

this quarter, our

advisors will

be in

an unrivaled

position

to focus on capturing enhanced growth.

Slide 23 – GWM Americas – Enhance the platform

to drive higher sustainable profitability

A year ago,

we outlined

our multi-year plan

to improve the

sustainable performance

of our US

wealth business and

positioning it to grow.

A 3-percentage-point

improvement in

pre-tax margin

in 2025

demonstrates that

we are

making good

progress

against that plan.

Simplifying access

to the

Investment Bank

has been

a clear

differentiator for

our clients,

contributing to

greater

client activity as

we further

extend our

specialized advisory and

capital market solutions

to our

wealthiest clients

and family offices.

Meanwhile,

investments

enhance

our

coverage

models

across

our

client

segments

are

streamlining

the

distribution of tailored products, enhancing the client

experience and improving financial advisor productivity.

Moving forward,

the most

significant source

of our

margin expansion

is our

core banking

offering. We have

healthy

momentum today,

supported by

seven consecutive

quarters of

loan growth.

And

the conditional

approval

of a

national charter

gives us

a clear

path to

further expand

our banking

platform and

product suite

to support

our

ability to narrow our profitability gap to peers.

Our operational momentum

and strategic progress in 2025 allow

us to bring forward our

ambitions by a year, and

we are

now targeting

a pre-tax

margin of

around 15%

in 2026.

will then

look to

achieve a

PBT margin

around 16% in 2027, before building to around 18% in 2028.

The Americas, including

our U.S. franchise,

is a cornerstone of

our capital-generative business model

and wealth

management franchise, and we will continue

to invest to reinforce our position.

Slide 24 – P&C – A core pillar of our strategy and reliable partner

to the Swiss economy

Let’s now turn to

Personal & Corporate

Banking, which underpins our

status as the

leading Swiss universal

bank

and reliable provider of credit for the Swiss economy.

P&C’s performance in 2025 reflects our commitment to stay close

to clients while executing one of the industry’s

most complex client account migrations ever,

with minimal disruption and limited asset outflows. With this major

milestone soon behind us, P&C is well-positioned

to benefit from a single operating platform, freeing up time

and

resources to serve clients.

Just as importantly,

winding down legacy infrastructure will unlock material cost synergies to improve profitability

while creating additional capacity to invest.

The power

of our

fully integrated

offering in

Switzerland, combined

with our

global reach,

allowed us

to retain

more corporate

and institutional

clients from

Credit Suisse

than we

had expected

as we

optimized our

financial

resources.

Now, we

will continuing to

improve our offerings

to reinforce

our standing as

the bank of

choice for clients and

drive growth. We are strengthening our digital leadership by increasing personalization as we roll out selective AI-

enabled

capabilities to

streamline

service and

bolster productivity.

Meanwhile, as

digital

assets

become a

relevant part

of the

financial system, we

are taking

a focused, client-led

approach. We

are building

out the core

infrastructure

and

exploring

targeted

offerings,

from

crypto

access

for

individual

clients,

tokenized

deposit

solutions for corporates.

In terms of our financial ambitions,

it is likely that the Swiss franc

interest rate headwinds that have persisted

since

2024 will delay the achievement of an underlying

cost/income ratio below 50% by the

end of 2026.

Despite this, we still expect the enhanced

scale of the franchise and improving operating

leverage to translate into

double-digit pre-tax profit growth this year. For these reasons, we

also aim to achieve a

reported cost/income ratio

around 48% for 2028, even if rates remain at zero.

Slide 25 – AM – Driving focused growth and operating

leverage

Asset Management,

we have

seen

significant improvement

operating leverage

alongside the

substantial

completion

our

integration

priorities.

This

allowed

meet

our

2026

exit

rate

ambition

year

ahead

schedule.

With

better strategic

positioning

and a

sharpened product

offering, Asset

Management

is well

positioned to

capture

efficient

growth

through

its

differentiated

capabilities.

That

includes

alternatives, where

330

billion

invested

assets in our

Unified Global Alternatives unit

makes us a

top-5 limited partner

with the critical

scale necessary to

provide our clients

with access to

innovative investment

opportunities across private

markets, hedge funds

and real

estate.

We also have

deep traction across

our ETF and

Index offering, our

Credit Investments Group,

and our Separately

Managed Accounts

capabilities developed

in partnership

with GWM.

We intend to

build on these

areas of strength

with an ambition to realize around 3% net new money growth through the

cycle.

Through

combination

growth,

continued

cost

discipline

and

the

rationalization

our

platform,

are

targeting a reported cost/income ratio of around 65%

by 2028.

Slide 26 – IB – Capitalizing on strategic investments

to drive sustainable returns

Turning to the Investment

Bank, we are

capitalizing on

investments in our

areas of strategic

importance to

enhance

our client offering and deliver sustainable returns.

2025,

Global

Markets

had

record

revenues

while

Global

Banking

continued

benefit

from

their

steadily

improving market share since the acquisition.

Our performance throughout the

year also highlights the benefits

our

diversified

platform

with

leading

franchises

across

APAC,

EMEA

and

Switzerland,

complemented

strengthened presence in the Americas.

Looking ahead,

we expect

Global Markets

to continue

to perform

well in

the current

market environment

supported

by enhanced market share

in equities, FX and

precious metals, and by

taking advantage of our reinforced

Global

Research capabilities.

Global

Banking,

our

strengthened

coverage

and

product

teams

are

adding

already

healthy

pipeline,

providing us with momentum as 2026 gets underway.

Assuming

supportive

markets,

still

aim

double

Global

Banking

revenues

the

end

this

year

annualized basis, compared to our 2022 baseline.

At the same time, we will continue to build on our connectivity to GWM, P&C and Asset Management

to support

growth across

the group and

generate a 15% reported

return on attributed equity

through the cycle. And

it will

continue to consume no more than 25% of the Group’s

risk weighted assets.

Slide 27 – Capital generative business model

supports our capital return policy

The consistent execution of our

capital-generative strategy and our

financial resource optimization efforts over the

last two years have brought revenues over risk weighted assets

much closer to pre-acquisition levels.

This gives us confidence

that we have

embedded the necessary

capital discipline

across our combined

business and

is more of

a proof of

our integration progress.

Importantly,

we can now

fully focus on deploying

capital towards

accretive growth opportunities while following through on our capital

return objectives.

After repurchasing 3 billion

dollars of shares in 2025,

we intend to buy back

another 3 billion in

2026, with an aim

to do more. The

amount will be subject to

our financial performance, maintaining a CET1 capital

ratio of around

14%, and further

clarity on the

future regulatory

regime in

Switzerland. We expect

to hear more

on this later

the first half.

Beyond

2026,

not

expect

any

change

our

capital

return

policy.

intend

continue

pursue

progressive dividend. This will be complemented by a share buyback program that will be calibrated based on our

financial results and the final outcome and

timing of implementation of the

new regulatory regime in Switzerland.

Slide 28 – Ambition to restore and surpass pre-acquisition levels of profitability

Once our restructuring

work is

behind us, we

will be able

to harvest the

full benefits of

the acquisition and

produce

sustainably higher returns.

Our

progress

over

the

last

two

years

and

our

expected

profitability

2026

will

allow

build

towards

our

ambition to restore and surpass pre-acquisition levels of profitability.

For 2028, we

aim to deliver

a reported return

on CET1

capital of around

18% under

the current capital

framework,

and a reported cost/income ratio of around 67%.

A lot of hard work still lies ahead of us. But I am more confident than ever in our ability to create significant value

for all our clients, our people, our shareholders, and

in the communities where we live and work.

With that, I hand back to Todd for more details on the plan.

Todd

Tuckner

Slide 30 – Clear path to deliver on our 2026 exit

rate targets

Thank you, Sergio.

Bringing together the

achievements and ambitions

highlighted so far, slide 30 sets

out the path

as we

work towards

our 2026

exit-rate targets

of an

underlying return

on CET1

capital of

around 15%

and an

underlying cost/income ratio below 70%.

Underpinning

this

plan

our

expectation

that,

overall

basis,

our

core

franchises

will

the

primary

contributor to year-on-year pre-tax growth

and return accretion. Building on

the enhanced scale, capabilities and

competitive

positioning

we’ve

already

achieved,

expect

broad-based

revenue

momentum

Global

Wealth

Management, the Investment Bank and Asset Management

to more than offset net interest income headwinds in

Personal & Corporate Banking.

Critical to our return accretion,

the imminent completion of client account migration

in our Swiss booking center

set

unlock

meaningful

cost

reductions

retire

legacy

infrastructure

and

create

additional

staff

capacity, particularly benefitting our Global Wealth and Swiss franchises.

In Non-core

and Legacy,

we expect the

continued run-down of

costs during 2026

to further reduce

the drag on

returns. By year-end, the cost run-rate is expected to be better-sized to the limited

residual portfolio, underscoring

the further progress we intend in taking down this legacy

cost base.

On capital, having already

lifted revenues over RWAs to our

10% ambition – and

with capital efficiency embedded

in how we allocate resources across the Group – we’re well positioned to selectively deploy incremental resources

capture

attractive

growth

opportunities

while

maintaining

our

RWA

productivity.

Accordingly,

expect

disciplined capital deployment to underpin overall

return accretion.

Our 2025 effective tax rate was well below our structural level, reflecting material net litigation reserve releases in

Non-core and

Legacy, and tax

planning linked

to the

optimization

of our

legal entity

structure. Assuming

no material

reserve movements going forward, and with a less meaningful drag from NCL, we expect our effective tax rate to

normalize in 2026 to around 23% for the full year.

Taken

together,

these factors are

expected to translate to

an underlying return on

CET1 capital of

approximately

13% and a cost/income ratio of around 73% for

the full year 2026.

As we’ve highlighted in the

past, all of

2026 is required

to deliver the remaining

integration milestones, with net

saves expected to build progressively,

and a greater proportion weighted to the second half. This is why we focus

exit-rate

targets.

the

end

this

year,

with

integration

execution

substantially

complete,

the

remaining

synergies largely captured, and

the run-rate benefit

of the net

savings embedded in

our cost base,

we expect an

annualized view of our normalized

run rate of underlying opex

to provide an appropriate basis for

the cost/income

ratio that we aim to deliver from that point forward.

Slide 31 – Identified additional ~0.5bn cost

saves, total ~13.5bn by year-end 2026

Turning

to costs on Slide

31. As of year-end,

we‘ve delivered 10.7 billion

of cumulative gross run-rate

cost saves,

including 3.2 billion in 2025.

Compared

our

2022

baseline,

this

has

reduced

our

cost

base

around

25%,

excluding

currency

effects,

litigation, and variable compensation linked

to production – and by around 12% on an overall basis.

Building on this

progress and through the

execution of our

integration roadmap, we

identified during our

planning

process around 500 million of incremental gross cost

saves to be delivered by the

end of 2026, taking the

planned

total to approximately 13 and a half billion. These incremental savings are enabled by our simplification agenda in

addition to the decommissioning work underway,

and help shape our post-integration operating model, creating

capacity to invest in

technology and talent for

future growth, while supporting the

delivery of our exit-rate

targets.

Of the

residual 2.8

billion of

gross cost

reduction targeted

for this

year,

around 40%

is expected

to come

from

technology infrastructure and run-costs, 40% from workforce capacity, and the remainder from third-party spend

and real

estate. The biggest

driver is retiring

the Credit Suisse

platform in Switzerland, which

in turn enables

the

phase-out of

associated middle-

and back-office

systems. With

client migrations

in the

Swiss booking

center running

through the

end of

the first

quarter,

the most

complex decommissioning work

ramps up

from mid-year,

driving

more meaningful net savings realization from that point onward.

Turning to cost-to-achieve. The 13

billion of integration-related

expenses incurred to

date reflects both the

scale of

execution

delivered

far,

and

the

additional

efficiency

opportunities

unlocked

progressed,

supporting

incremental

savings

and

faster benefit

capture.

For

2026,

expect around

billion

additional integration-

expenses to

deliver on

our cost

saving ambition.

This amount

reflects continued

execution intensity

and

targeted investment

to deliver

incremental savings

alongside the

remaining integration

synergies. Notably, the

cost-

to-achieve multiple remains

unchanged at 1.1

times, underscoring continued discipline

and cost control

through

this

highly

complex integration.

result,

we now

expect final

cumulative integration-related

expenses to

around 15 billion at historical FX by the end of 2026.

Slide 32 – NCL wind-down expected to be

substantially complete by year-end 2026

A further

important driver

of the

cost synergies

underpinning our

plan to

deliver our

exit-rate cost/income

ratio

target is the continued cost reduction in Non-core and Legacy, as shown on slide 32.

Since its formation following the

acquisition, NCL has reduced

its RWAs by

two-thirds, freeing up

nearly 8 billion

of capital, and has cut operating costs by roughly 80%. We’ve

also exited the costliest debt inherited from Credit

Suisse and resolved several

of the most complex legacy litigation matters.

With the

vast majority

of the

balance sheet

run-down now

behind us,

the team

squarely

focused on

driving

further cost efficiencies.

As a result,

we expect to exit 2026

with annualized operating expenses excluding litigation of approximately 500

million – around 40%

of 2025 levels –

and annualized net funding

costs of less than

200 million, reflecting

savings

from November’s liability

management exercise. We then

see the resulting pre-tax

loss run-rate to

halving again by

2028 and tapering to immaterial levels thereafter.

We also expect NCL to exit 2026 with around 28 billion of RWAs,

consisting of 4 billion of market and credit risk,

and 24

billion of

operational risk.

On op

risk, we

recently updated

our run-off

projections as

part of

our annual

review.

Legacy

provisions

and

settlements

reflecting

last

year’s

significant

progress

resolving

inherited

legal

matters broadly

offset other

roll-offs,

so our

year-end

2025 balance

– and

our expected

2026 balance

– remain

broadly unchanged at around 24 billion.

Looking forward,

and reflecting

our regulator’s

instructions, we

continue to

include certain

discontinued businesses

in the 10-year loss history and do not assume any accelerated releases. Under these assumptions, roughly 10% of

the current balance rolls off through 2030, with the remainder substantially running

off between 2031 and 2035.

Slide 33 – Balance sheet optimization complete,

deploying capital to drive growth

Staying with risk-weighted

assets and capital efficiency

on slide 33. As the

slide illustrates, we’ve made

meaningful

progress in lifting our revenues over RWAs

back to our ambition level of around 10% from less than 8% just two

years ago. This principally reflects three drivers.

First, strong progress

in running down NCL,

reducing RWAs

and freeing-up capacity.

Second, disciplined balance

sheet optimization across

our core businesses

since the acquisition,

ensuring we earn appropriate

returns for the

risk deployed. And third, stronger underlying performance, particularly in 2025, where we

monetized the value of

our

enhanced

scale,

capabilities

and

competitive

positioning

translate

constructive

markets

into

meaningful

revenue growth and share

gains, with a greater

proportion of the uplift coming

from the more

capital-light parts

of the franchise.

On that

stronger footing,

and with

capital efficiency

embedded in

how we

allocate resources

across the

Group,

we’re well positioned to selectively deploy incremental balance sheet to support profitable revenue growth across

our core businesses. Specifically,

as our focus shifts from restoring

capital discipline to enabling the next phase of

growth, we are no longer guiding to an RWA target.

Rather,

we expect

our risk-weighted

assets trajectory

to be

function of

our

growth ambitions

and disciplined

execution, as

we drive

higher returns

while maintaining

a strong

capital position

and retaining

the RWA

productivity

we’ve restored since the acquisition.

I should note that we are driving this capital efficiency and productivity

while absorbing RWA headwinds from the

final Basel III implementation

in Switzerland, which

has had a cumulative

net impact of adding

around 60 billion of

RWAs since we started preparing for its adoption over the last several

years.

In addition, we are preparing for the phase-in of the

Basel III output floor, and we continue to work to mitigate its

impact through

actions such

as improving

data quality

and pursuing

external ratings

for relevant

counterparties

and

business

areas.

Based

our

current

estimates,

the

effect

should

remain

modest

–

impact

2026,

potentially up

to 1%

in 2027,

and around

2% in

2028, when

the output

floor reaches

its fully-phased

level of

72.5% of standardized RWAs.

Adding to

this, the

current Swiss

application of

an internal loss

multiplier is

driving materially higher

operational

risk RWAs than

we would expect under the

corresponding implementations in the UK,

the EU and the

US where

authorities are

expected to

set the

ILM at

1. In

that case,

risk RWAs

would be

driven by

the revenue-based

business indicator alone, which for us would mean

40-billion lower risk-weighted assets.

Slide 34 – Maintaining our strong capital position while

reducing funding costs

Turning to capital on slide 34. As of year-end,

our Group total loss-absorbing capacity stood at 187 billion, with a

going concern capital ratio of 18.5%.

As already highlighted, our

Group CET1 capital ratio

was 14.4% and reflected

a 3-billion reserve for

planned share

repurchases in 2026. Looking ahead,

we continue to target

a CET1 capital ratio

of around 14%, giving us

a robust

buffer above regulatory minimums and

the capacity to both self-fund

growth and deliver attractive capital

returns.

This said, as

Sergio mentioned,

it’s our intention

to continue to

buy back shares

beyond 2026. While

it’s premature

to comment on the absolute level of

future repurchases, we may begin accruing later

this year for a portion of the

2027 share buyback. The timing and pace of any accrual will depend on our

financial performance, developments

in the Swiss

capital framework and our

ability to operate

at our CET1

capital ratio target of

around 14%. As

await the final capital

ordinance expected later this

half, our CET1 capital

ratio may therefore temporarily

sit above

our target level.

Onto AT1s. With approximately 13

billion of issuance since the acquisition, our AT1s reached 4% of RWAs at year

end, against a

current regulatory allowance of

4.4%. For 2026,

having already placed

3 billion of

our targeted 3

and

half

billion of

AT1

issuance in

January,

we are

well

advanced

our

AT1

funding

plan for

the year.

We’ll

continue to stay close to the market and,

where it makes sense, bring our issuances forward.

In terms of gone concern

capital, we closed the year

with 96 billion of TLAC-eligible

debt. Looking ahead to 2026,

as we continue

to optimize our

gone concern capital

stack, we target

approximately 11 billion

of HoldCo issuances

against around 20 billion of expected maturities, redemptions,

and first calls.

Since the start of the integration, disciplined execution

of our funding strategy has generated around 1.2

billion in

net funding cost savings, exceeding

our original 2026 target of 1

billion. Just as importantly,

we’ve strengthened

the quality and composition of our liability profile, reinforcing our balance sheet for all seasons and positioning us

well to fund growth through the cycle.

Slide 35 – Our Group financial targets and ambitions

conclude on page 35. The strategic, financial and operational improvements we delivered during the past year

reinforce our confidence in achieving our 2026 exit-rate targets and give us a clear line of sight into the drivers of

performance that support our financial ambitions

beyond the conclusion of the integration.

With that, let’s open up for

questions.

Analyst Q&A (CEO

and CFO)

Chris Hallam, Goldman Sachs

Yes. Good morning everybody. So,

Todd, you talked at the start of the call about the USD 9 billion of capital

you've been able to upstream from the subsidiaries and

that USD 26 billion drop in RWAs at the parent bank.

And then I guess there's more that you plan to do. So if we

were to re-run the math that got us to the 24 billion

foreign sub capital shortfall earlier in the year, is it fair to say that number today would be

lower? And can you

give us a sense, sort of, by how much lower

and how much repatriation and rebalancing you can still do

to work

that number lower from here?

And then second question, which is more broadly, I guess, on the Group, you've got the 13% RoCET1 guide

for

this year. Jan 1st there was a strong narrative across the street on the potential for better capital markets activity

levels this year, effectively a bit of a Goldilocks operating environment. Now the backdrop appears more volatile.

So if we spend much of 2026 with this current market

backdrop – elevated volatility, dollar weakness, more

questions around public and private market valuation

levels – how would that impact your Group across your

various businesses? How resilient would the 13%

target be in that context?

And I guess, anything you'd want to think about

in terms of the Banking target ’26 versus ’22?

And just on that

target, is that now run-rate? Because I think

it used to be double ’22 in ’26, and now

it's on an annualized basis.

So just checking if that's shifted to an exit

run rate guide as well. Thank you.

Todd

Tuckner

Hey Chris. Thanks for the questions. So

on the first one, yes, it's fair to say that if

you re-run the numbers, that

the uptick from 1Q25 or indeed 2Q25 would be lower

for this. But naturally, as we've said, we always had every

intention to upstream this capital. It's important to

reiterate that this capital that we've been repatriating from

the Credit Suisse subs was always part of our planning.

Our strong progress in de-risking the entities, as I

mentioned, has, in these cases, just simply

accelerated the return of the capital. We've always

assumed we would

get it, it's always formed part of our planning.

It's also been assumed to be up-streamed and informed,

what we

told you a year ago, in bringing our equity double

leverage ratio to pre-Credit Suisse acquisition levels to

around

100%. So that hasn't changed. What has changed,

obviously, is the pace at which the cash has come up to the

parent bank, one. And two, the fact that, as we've

mentioned, FX-driven headwinds on the Tier1

leverage ratios

of several Group entities, including UBS AG consolidated,

forces us to pace intercompany dividends, including at

the UBS AG level, and as a result, limits how much

capital in the very near term we can upstream to

Group. But

certainly mathematically, your inference is correct.

In terms of the current environment, I mean, we certainly

recognize in our outlook statement, talking about

2026, that we entered the quarter with constructive

markets continuing. Still seeing higher dispersion

and lower

correlation in markets that informed constructive two-way

trading in our IB, and still our Wealth clients remaining

risk-on despite the need to continue to diversify

across asset classes and geography.

Of course, as we've said, event-driven volatility from various

things – whether it be geopolitics or

some of what

we've been seeing recently – naturally suggest that

things can turn quickly. So, we're focused just on what we

can control, and the ambitions and targets we've laid

out reflect that. On the Banking target, I think it's

fair to

say that we remain confident in our ability to continue

to scale up, what you and I have discussed

many times, in

terms of doubling the 2022 revenues in ’26. Sergio

made the comment in his prepared remarks, it's fair to say

that the front half of 2025 for Banking in particular, where we're indexed in some of the markets

and with ECM

only picking up later in 2025, effectively delayed us

a bit, and as a result, Sergio and I are talking about getting

there in 2026 on an annualized basis.

Chris Hallam, Goldman Sachs

Okay. Thanks very much.

Kian Abouhossein, JP Morgan

Yes. Thanks for taking my questions. The first one is just coming back to the US

wealth management and maybe

just bottom up a little bit around the restructuring on

the advisor side. When should we expect the

attrition to

end? And how should we think about net flows

as we progress through 2026? And in that context, clearly your

pre-tax margin, you give some indication of what will

drive that. I recall Peter Wuffli talking about ultra-high net

worth and family office growth in the US. And I'm just

trying to understand what is the difficulty in the US to

enter that market, because it seems to

be extremely difficult to gain market share, especially multifamily – family

office, sorry.

And lastly, Sergio, you discussed a little bit tokenized assets, and you guys are quite advanced

in this field based

on what we researched. And I'm just trying to understand

what the long-term strategy is, because on

the one

hand, you could argue [in] wealth management,

one advantage is you get access to all these

products being a

wealth management client and two, tokenization,

you kind of commoditize that. So I'm just

trying to understand

how you think about the impact of tokenization,

in particular of assets, on your wealth business

long-term.

Todd

Tuckner

Hey, Kian, let me address the first question on US wealth. So first, I would say, we're very pleased with our

positioning as we continue to work through the levers

that we've discussed. We're particularly happy with our

positioning at the high end of the market, I think

that's where we have a stronghold. What we're trying to do

leverage that, and also work on greater penetration

in all aspects of high net worth. But

we're happy with our

position, especially at the top end. We're certainly not

satisfied with the net movement we've seen around

our

advisors. But as Sergio said, it's a transition-related issue.

And it's part of the changes that we introduced a year

ago that we considered necessary to improve pre-tax margin and

inform sustainable, profitable growth.

Now, in terms of how we see this playing out, asset inflows

or outflows from advisor hires or exits, as I've said in

the past, do occur several months after announcements.

So we can model the impacts on NNA based on

announced net recruiting data. And on that basis,

we do expect further NNA headwinds through

the first half of

2026, after which we expect net recruiting outflow

impacts to materially taper, and, as Sergio said, for the US

business to be a positive contributor to

GWM net flows in 2026 overall. And what

gives us confidence around

this is our building recruiting pipeline, as well as

the feedback we're getting across the field where advisors are

telling us that the changes that we've

introduced reinforce the strength of our platform and make UBS the best

place for FAs to serve their clients and grow their businesses.

Sergio P.

Ermotti

So, Kian, on tokenized assets, I think it’s

fair to say that, yes, we are really pursuing a strategy

of being a fast

follower in that area, so in respect of really looking for solutions for

personal clients or wealthy clients or

corporates. But when you look down at how

we're going to do it, first of all I think, like AI,

this of course may

have some cannibalization effect on the services

you do. But I would not underestimate the impact

on the cost-

to-serve on this technology. So while we see maybe pressure on the top line, the advantages coming

from the

rationalization of the processes, the back office, the operations

will be substantial. So I'm not so concerned

about

that kind of threat.

By the way, also recognizing that as a highly regulated bank, we cannot be a frontrunner in terms of

implementing and deploying this kind of

technology, but we need to take a very prudent approach. So I see

tokenization as a journey, like for Al, that will play out over the next 3 to 5

years, and which will be

complementary to our more traditional, existing businesses.

And by the way, where knowledge is going to be

important, technology is important. And

last but not least, when we talk about

wealth management and wealthy

clients and wealth planning in general, the

emotional part of the equation – having

the client proximity, the

human touch – will continue to be a critical factor

to differentiate yourselves.

Kian Abouhossein, JP Morgan

Thank you.

Antonio Reale, Bank of America

Hi. Morning. It's Antonio from Bank of America.

I have two questions, please. The first

one on net new assets. I

mean, can you help us better understand

the path to your ambition of reaching more than 200 billion

net new

assets by 2028? And maybe give us some more color

around sort of the key regions. It would be great if you

could talk specifically about the trends or remind us of the

initiatives you are taking to capture some of the

tailwinds, I'm thinking in Asia Pacific, on both

wealth creation and capital market activity. I mean, we've seen the

pipeline of IPO in China and Hong Kong looking

very, very strong. So that would be my first question.

My second one is on costs. You've talked about the delivery of cost synergies, and

the efforts are clearly visible

with almost the entire organization working on that

delivery. Can you talk us through a little bit more on sort of

your expectations for net cost savings from here on? I mean,

I've heard your remarks and seen your targets, but if

you give us a sense of how much of these savings

are reinvested in the business, IT, Al capabilities, or FA

retention, and how much can be the sort of net

cost savings coming through. Thank you.

Todd

Tuckner

Hey, Antonio. So let's step back on the first question and maybe provide some context

to help unpack it. So on

the path to 200 billion, it's important to

remember that we guided to 100 billion in 2024 and

2025 because we

flagged that there are a number of headwinds that we have to

work through around this unprecedented

integration. And that's going to create some offset to

NNA or some of the strategic actions we're taking

to drive

pre-tax margins, and return on equity was going to

come at the expense of flows. And indeed

that's played out

over the course of ’24 and ’25.

So what gives us confidence in terms of

the build is the fact that we've worked through many

of these

headwinds we just talked about, in response to Kian's

question on flows in the US that remain a headwind

into

2026. But outside the US, a lot of the things

that I spend time over the last several quarters

discussing in terms of

headwinds that we have to navigate through, we have

done. So that gives us, effectively, confidence to believe

that just working through those headwinds themselves

is a boon to NNA growth. In terms of specific things

that

we want to do, we want to continue to capture

wallet across the board with our best-in-breed CIO solution shelf,

and leverage our unrivaled global connectivity

at a time when wealth is increasingly mobile,

as Sergio described in

his comments earlier.

We continue to see signs of the IPO recovery, which is supportive of net new assets. We're also regaining the

front foot on strategic recruiting, and we could see that

coming through, and that's part of, for sure, what we're

doing in APAC and driving growth there. And in addition, we are very focused on net new client

acquisition in

the context of wealth transfer as well. So

these are things that we're doing outside the US; also,

of course,

building out our more digitized offering into high net worth

will help. So I think it gives you a sense of where

expect to grow. It's going to be across our franchise. Naturally, as we said, the US is expected to be a net positive

contributor in ’26, but we know in ’27 and

’28 the US has to contribute more in order to grow to the

greater

than 200 billion. And so that's part of

the plan as well.

On costs, I think it's fair to say that – you asked

just to get a little bit more insight on the saves.

So first, in terms

of the path to the 13.5 billion, we have 2.8 billion

of gross cost savings to deliver through 2026. As I mentioned

in my comments, it's about 40% on the tech

side, about 40% personnel-related and 20%

third party spend and

real estate. Once the gross cost savings are achieved, we expect

that gross-to-net ratio to fall in line with where

we have been guiding in prior quarters. If

I look at my gross-to-net, in terms of what I plan for

the end of 2026

on the 13.5 billion, I intend to deliver net saves

of around 75% of that amount, excluding variable

and FA comp.

Any headwind from that effectively is excluded, but it's

a 75% gross-to-net cost capture in how we think about

getting to our end of 2026 targets.

Antonio Reale, Bank of America

Thank you.

Giulia Aurora Miotto, Morgan Stanley

Hi. Good morning. Thank you for

taking my questions. The first one, Todd, I want to check if I understood you

correctly. I think you said that half of the 9 billion accrued between parent and Group could be distributed

in the

second half of the year, subject to the Too

Big To

Fail proposal. I just want to understand what outcome

could

drive essentially a forbidden additional buyback

in the year, if I understood this correctly.

And then secondly, on the parent bank, I think you said you intend now to run around 14% CET1 there, because

of FX headwinds. And do you disclose anywhere any

sensitivity in terms of what we can expect

the FX impact to

be on this ratio going forward, in case the CHF appreciates further?

And I know you disclosed the sensitivities

Group level, the 14 basis points impact for 10%

depreciation of the dollar. But I was just interested in looking at

the parent more closely. Thank you.

Todd

Tuckner

Yeah. So on the 9 billion accrual at the parent bank with respect to its dividend to pay up to

Group, we said that,

like last year, we were going to split it in two. So we're imminently paying up a half of that, or 4.5

billion, to the

holding company. The other 4.5 billion, we were just taking a prudent wait-and-see, to see what

happens in

terms of the Swiss regulatory capital framework developments,

like we had last year, just retaining that

optionality to either retain or to pay up. And so that's

the way we've done the split again, in respect of the

2025

dividend accrual of the parent bank up to the holding

company.

In terms of the – you mentioned the CET1, you're

looking for the FX sensi. So first, I would

just tell you that in

general, maybe to step back a bit, that the dollar

softness that we've seen also in the

first part of this year, given

the currency mix of our businesses and balance sheet,

is moderately supportive of pre-tax profit accretion. So

that's across the Group, while offering a moderate headwind on

our capital ratios. So just the sensi across

Group

is: a further 10% drop in the dollar versus other

currencies would drive a 3% PBT accretion, while placing

low

double-digit basis points headwind on our capital

and leverage ratios. At the AG consolidated

level, the sensitivity

is by and large very similar to the to the

Group. So while we don't disclose it, you can

take away that the FX sensi

at the AG consolidated level behaves in a

very similar way.

Giulia Aurora Miotto, Morgan Stanley

Thank you.

Jeremy Sigee, BNP Paribas

Morning. Thank you. Just one question

on the capital, you mentioned [on] the

ordinance measures you expect

publication later in the first half, which

I think is what had been planned. Do you

have any clarification on when

the go-live date [is] for that aspect, and particularly

the phase in, which I know we've talked

about before. I just

wondered if there's any clarification on your expectations

for that on the ordinance measures, specifically what

the phasing would be?

And then my other question really was just to see if

you could talk a bit more about Asia wealth management

flows, which were a bit soft in the quarter. I just wondered if there was any giveback from the strong flows

you

had last quarter, and sort of how you see the outlook for wealth management flows

in Asia going forward.

Todd

Tuckner

Hey, Jeremy.

So let me take your two questions. So the

first, when the ordinance is published, the Federal

Council

will have to confirm then what the effective date is

and the phase in. So I think it's

reasonable, as we've said

before, to expect a phase in, and it's reasonable to expect a

prospective application date or effective date, just

given historical practice. But that will have

to be confirmed by the Swiss Federal Council

when they publish the

ordinance later in the first half.

In terms of Asia flows, look, we're very happy and

very comfortable with the position Asia

is in from a flow

standpoint in particular, of course, moreover,

around their ability to generate profitable growth. As I mentioned

in my comments, I believe the power of the integrated

franchise – which, this is their first full year since

the client

account migration at the end of 2024 – is clearly

contributing to growth and profitability overall. And

as I

mentioned in response to an earlier question from Antonio,

our focus is on growing assets across the region by

doing things like deepening share of wallet, accelerating

strategic partnerships, [and] as Sergio mentioned,

strengthening high net worth feeder channels, particularly

through digital and ramping up the impact hiring

client advisors. And I believe the evidence of

this is in the 2025 results for the region, as I mentioned,

the region's

first year post the platform consolidation,

if you look at net new asset and net new

fee generating asset growth –

both at 8% for the year in Asia with strong mandate

penetration gains. And of course, while they

continue to

drive their bellwether, which is transactional revenues, in an environment where clearly our advice and

structuring

expertise are differentiated capabilities.

Jeremy Sigee, BNP Paribas

Thank you.

Joseph Dickerson, Jefferies

Yes, hello. I just have a couple of quick questions. Is the right way to think about

the 26 billion reduction to fully

applied RWAs related to the upstreaming of capital to UBS AG. is to put,

call it a 12.5% CET1, so it brings down

the capital associated with those by about

3.25 billion? Is that the right way to think

about it? Just to be precise.

And could you discuss, in the US in terms

of the FAs, you're clearly investing in wealth advice centers. So if we

think about the net change in FAs, I guess, is there a way to think about the

marginal pre-tax associated once the

accounts are funded and transacting, etc.? Is there a

way to think about the marginal pre-tax margin on

wealth

advice centers versus, say, the back-book, if you will, of existing business? Many thanks.

Todd

Tuckner

Hey, Joe. So the 26 billion reduction in RWA is a function of the portion of the up-streamed capital that gives rise

to either offsets, because it's a repatriation – so it's an offset at

the parent level investment in subsidiary

accounting – or from impairments on dividends. So some

portion of the 9 billion were characterized locally

for

legal purposes as dividends and may have been

associated with offsetting impairments. So the

26 billion is the

impact. The way you calculate it is actually the

net reduction in the investment in subsidiary account,

which is, as I

said, the portion that's repatriated plus any dividends,

any investment valuation change on dividends

times

400%, because [for] foreign subs, the RWA impact is 400%. So that's

how you would get to the 26 billion. So

it's effectively 6.5 billion times four is another way

to calculate it.

In terms of – you mentioned the build-up in the

Wealth Advice Center. I think it is fair to say that our strategy is

sort of multifaceted in that respect. One, it's to provide

leverage to the more senior advisors in the field. So

helps them to also grow their books of business. Secondly, the advisors that we’re hiring in the Wealth Advice

Center are also there to build up their own books of business.

And I think it is fair to say that the

cost-to-carry in

the Wealth Advice Center, because it's a different compensation model, is lower than your traditional brokerage

model that the senior FAs would be subject to. So, sure, if we build up successfully

the Wealth Advice Center,

which is a lever in our strategy as one of the feeder

channels, I think it's fair to say that the pre-tax margin

from

that business contribution is higher.

Joseph Dickerson, Jefferies

Thanks.

Stefan Stalmann, Autonomous Research

Good morning. I would like to

first ask a question about your targets and

ambitions. How do you want us to

measure the exit targets for 2026? Is it a fourth

quarter number or are there pro forma calculations involved, or

how do you think about this? And also, is there any particular

reason why 2028 remains an ambition rather than

a target?

And the second question I wanted to ask is

on your FRC business and the Investment

Bank. Can you give us

maybe a rough split of how much of that is FX versus

how much was precious metals, please? Thank you.

Todd

Tuckner

Hey, Stefan. So the ’26 exit rate calculation. Well, the expectation will be that, certainly

on the numerator, we

would take the normalized run rate of where we

are at the end of the year, and annualize that. I think that's

reasonably straightforward in terms of how we would

think about the numerator. The denominator would do the

same. Naturally, of course, revenues are always a little bit more interesting in the fourth quarter if you have

seasonality. So I think we will look back rather than look forward and develop a denominator that

seems

reasonable. But we believe that fundamentally, this comes out in the wash as we go through 2027,

as I think you

would agree, in terms of when we convert this underlying

exit rate cost/income ratio, is that manifesting

through

a cost/income ratio when we report in 2027 below 70%.

And so that's really the key. But in terms of how we will

sort of settle the business at the end of

the year, that's my expectation at this point in time.

I think in terms of the ambition versus target,

I think the Group reported [return on] CET1 of 18% and

the

cost/income ratio of 67% are targets, are they not? Those

are targets, so, but there's no given my response, you

could see that I –

Sergio P.

Ermotti

At the end of the day, it's a target, and ambitions are almost the same. I would say

that the targets are more

short term, what we can see. The look-through is for

2026, we have a visibility to talk about targets

versus ’28,

and going forward is more of an ambition. But I wouldn't

be too bothered about overanalyzing that kind of

aspect. We want to get there. So, I mean, that's what

it is.

Stefan Stalmann, Autonomous Research

Thank you.

Todd

Tuckner

And Stefan, in terms of the split in FRC on

FX and precious metals, will come back and give

you the specific

breakout.

Stefan Stalmann, Autonomous Research

Thank you very much.

Anke Reingen, RBC

Yeah. Good morning and thank you for taking my questions. The first is

just to clarify on the ’26 share buyback.

So you said 3 billion and potentially more, and then

you also talked about accrual for the

2027 share buyback. I

just wanted to confirm it's not the same thing.

So we could have an additional share buyback

in ’26 on top of the

3 billion, plus an accrual for 2027.

And then secondly, on the slide where you talk about the through-the-cycle revenues over RWA, is the 10%, is

that what informs your 18% return in 2028

as well? And then just, I'm a bit surprised

that it's, I mean, looking at

the 9.6% in 2025, 10% doesn't seem that much

of a step up. So, there should be more focus on the shaded

area, so it'd be like higher than 10%, or were you sort

of like over earning in ’25 in some areas? Thank

you very

much.

Todd

Tuckner

Yeah, hi Anke. So on the first question, the idea is, if we do come out with guidance

on what we intend to do in

terms of our aim to do more later in the year, we would at that point accrue for that.

And to the extent that we,

as I said in my comments, accrue for the 2027

share buyback or a portion thereof, that would be on

top.

In terms of our revenue over RWA, actually we're quite comfortable with that

as a hurdle, in terms of the

productivity of the RWA that we put to work. You also have to consider there are a lot of headwinds that I

described in my comments that we also have

to navigate around that. So I talked about a lot of

the Basel III

headwinds that we have. But certainly driving

higher revenues over RWA and creating RWA productivity for sure

contributes to the 18% return on CET1.

Sergio P.

Ermotti

Yeah, and overly focusing on above that level would basically come at a cost of

growth, I mean, in terms of net

new assets, loans, ability to be competitive

in pricing. So I think that having a revenue and risk weighted

assets at

10% is a quite competitive number. And if we overstretch that number, it's going to come at cost of growth.

And so I think that we have a material upside

and marginal benefits in balancing

out the efficiency with growth.

Anke Reingen, RBC

Okay. Thank you.

Andrew Coombs, Citi

Good morning. Can I ask one broad-based question

on net interest income. And then I'll follow up on

the

ordinance and legislation.

On net interest income, firstly on the Q1 guide for

GWM. You called out the small decline due to day count, but

also you said deposit rates? Perhaps you can

just elaborate on what you mean by

change in deposit rates there.

And then my broader question on full year ’26 net interest

income is, when you gave your guidance, you

talked

about the contribution from the LME exercise in November. But can you just talk about the NII

benefit across the

divisions from that LME exercise, and also the AT1 issuance you recently did in January? I know you

put that

through your net interest income, so what's the impact

to your GWM and P&C NII numbers from that as

well?

And then the other question, just on the

ordinance and legislation, obviously, I think we've all read the Finance

Minister's interview in FMW at the end of January. I mean, she was talking about

AT1 being unsuitable for the

purpose of the new capital reform because it would cost

the bank as much as equity capital, it would

unsettle

markets. And then if you could just share your thoughts

on AT1 versus core Tier1 capital. Thank you.

Todd

Tuckner

So, Andy, hi. So on NII, I mean, normally, easing rates are supportive for net interest income in general. But to

unpack that a bit – outside the US, the benefit

from lower deposit rates is more limited because a meaningful

portion of our deposits, particularly in Swiss

francs, are at or near their effective floor, and we have a significant

part of our deposit base in Swiss francs. And as

a result, the asset yields or the replicating portfolios

reprice down

faster and that compresses margins. So that's what I

mean by the impact from deposit rates that weigh a

bit on

the sequential Q-on-Q as rates come lower, particularly in the lower rate currencies

like Swiss francs, but also

Euro to an extent as well. On the LME, the benefit

that we see is about 100 million per year net of

the PPA,

across each of the next three years, roughly. So we see that and it's split across Wealth, P&C and, with respect to

the Opco issuance we bought back as well,

Non-core and Legacy in terms of its funding cost

drag.

Sergio P.

Ermotti

Yeah. On the AT1

topic, I think that, first of all, it's clear

that the lessons learned on what happened

in 2023 tells

us that maybe some clarification around some aspect

on how the AT1 should be called into a restructuring are

necessary. Having said that, I would point out that without AT1, Credit Suisse would have gone through a

resolution on Monday morning. So, I mean,

if one wants to question the effectiveness of the AT1, we had a

concrete and not theoretical example on how it was critical

to restoring, very rapidly, financial stability in

Switzerland, also globally.

So from my point of view, that's a first observation. The second one, I would say

that the Basel Committee has

confirmed its total backing of the AT1 as a vital part of the capital stack.

So, frankly, I think that it's very

important to really understand the international

landscape and how these things are working, and

regulate

accordingly.

Flora Bocahut, Barclays

Yes. Thank you. Good morning. The first question, I'd like to come back on

the buyback, just to make sure I fully

understand the message there, because in the past

you used to do two tranches on the buybacks,

one in H1 and

one in H2. So can you clarify, and apologies if you already have, on the buyback for 2026, when

you say 3 billion

and potentially more, when are you going to launch that

buyback? And is the plan as of now, that the whole of

the 3 billion would be achieved over H1? So

just to understand here the timing of the buyback.

The second question is about the P&C banking

cost/income ratio. You said in your presentation that you continue

to target that exit rate ‘26 of below 50%, and

then a reported 48% for ‘28. You said you think you can achieve

that even if rates are zero at the SNB. But obviously in ‘25 you're still

much higher than that. So can you maybe

elaborate again on what gives you the confidence

that you can decline the cost/income ratio

by so much, over

ten points basically in ‘26. And how much of

that would be driven specifically by the

decommissioning of the IT

system at Credit Suisse? Thank you.

Todd

Tuckner

Flora, so on the first question, in terms of

our approach, when we hear further on the ordinance

later in the first

half of the year, we would come out in a subsequent quarter and potentially offer

a view on our willingness to do

more, and if so, how much. So that is contingent,

of course, on what those final rules say, and just, if there's

even further visibility on the broader regulatory framework

in Switzerland. So we would come out and

talk about

that. In terms of the 3 billion that we're committing

to do, we think it's fair that around 2 billion will be

undertaken in the first half of 2026, to think

about just timing in respect of that.

On the P&C cost/income ratio, as Sergio

mentioned, it's unlikely we would meet the

less than 50% cost/income

ratio on an underlying basis in 2026, given

the NII headwinds. And as you rightly

say, we said that the 48% can

be achieved by ‘28, even in the current interest rate environment.

So what gives us confidence on that? So

would say it's two things, broadly. One, it's P&C building out their non-NII revenues, continuing

to grow non-NII

revenues, whether it be across Personal Banking, but also

in their Corporate and Institutional segment.

So very

focused, especially after the platform migration

is complete at the end of Q1 that, without

distraction, the

business is out and improving, and driving growth in those areas on the

top line. And then, of course, on the

expense side, of course, we have – it's important

to recognize that we're taking a lot of cost out of the businesses

that are in their operating margins at the moment.

We take those costs out. P&C will be a big beneficiary

of the

of the gross cost saves that we take out in 2026,

so that's going to help. And then just further

efficiency, as we

do some of the things that Sergio highlighted

in his prepared remarks in terms of creating more operating

efficiency through continuing investments in our operating model

and in technology. So those are the things that

give us confidence to get to around 48% by ‘28, irrespective

of the rates environment.

Flora Bocahut, Barclays

Okay. Thank you.

Amit Goel, Mediobanca

Hi. Thank you. One question just coming back

on the US wealth business. Just in terms

of squaring the circle – so

I think obviously you're talking about a positive kind

of full year flow performance with the

first half potentially

still being a bit negative so, ramping up in the

second half. When I think about that, then

it probably does require

a bit of more commitment, expense. And so, to

get the better operating margins that I think

you're guiding to

now for next year and the year after – especially

with lower rates – I'm just wondering, what

are you baking in

for the impact from getting the National Charter, and how quickly and how significantly

can that impact or

should we expect, or is that baked into your expectations?

And then secondly, just coming back on the capital upstreaming – the 9 billion. I suppose I was

a bit surprised

that you've been able to accelerate it, or to

do it a bit quicker. I was just curious because then, for example, in

terms of the 26 billion number that has been

presented as incremental capital demands, that drops to about

21.5

or just above. So I'm just curious why you

do this now, versus waiting till we have got a bit further down

the

parliamentary discussion process, because it could

give the impression that some of these demands

are a bit more

manageable. So [I] just wanted to touch on

that if possible. Thank you.

Todd

Tuckner

Hi Amit. So, on your first question, look, in

terms of our ‘28 ambitions that Sergio described

in his prepared

remarks on the US pre-tax margin, naturally, the costs are baked in. If you're talking about – I guess I think in

your first point, you were trying to say more commitment to

sort of reverse the net recruiting impacts, as well as,

you talked about the National Charter. So the cost of doing that are, of course, in our

plans, in terms of ramping

up recruiting, but also seeing that some of the movements

also start to taper as we move through 2026, that

our expectation. In terms of the timing on

the National Charter, I think we already are leveraging the build out of

the banking capabilities, and we're doing quite

well with it. We're growing NII, we're growing loan balances and

[on] the National Charter, we're going to be able to just leverage the progress that we're making – that will take

time. Once we get the National Charter and

we're able to roll out the additional capabilities to clients,

it will take

time before there's meaningful growth and that contributes to

meaningful pre-tax margin accretion.

You asked about the upstreaming and the timing. I think for us, we're focused on de-risking Non-core and

Legacy as fast as possible. That's been our

stated objective all along, to reduce the balance

sheet and take out

costs and to do it in a capital effective way. We've said that from the very beginning. We've made very strong

progress in doing that. And as a result, we've been able to satisfy supervisory

reviews around the capital that sits

in a number of these entities across the globe, including

in the UK and the US. We've secured approvals to

upstream the capital, and we've done that.

Benjamin Goy, Deutsche Bank

Hi. One last question on [the] Investment Bank.

You have shown strong revenue growth without any RWA

increase. Just wondering whether there's more opportunities

left, or do you expect revenue growth and RWA

growth to pick up. And are you willing to even allow for

disproportionate RWA growth if the opportunities are

there? Thank you.

Todd

Tuckner

Benjamin. Just on the RWA – look, I think it's important

to point out 2025 just was a particularly strong year

for

the Investment Bank in terms of their ability to

generate revenues in a capital-light fashion.

They will always do

that because that's the nature of their business, but it

was potentially accentuated in 2025 by two

things.

One, I just think the market conditions were such that,

given our positioning, vis-à-vis the market, that

we were

able to generate significant trading flows

without significantly taking up market RWA. So that's one

thing. And

the second thing, it's also important, I mentioned

that we as a bank are wearing the burden of significant RWA

inflation from having implemented Basel III, but

also over a number of years in preparing for it.

It is fair to say that

on trade date – which is the implementation

date of Basel III final for us, at the beginning

of 2025 – there were

reductions. So even though, as I said, we're wearing about 60 billion

of additional RWA, on settlement date, I

should say, of Basel III, we ultimately saw reductions. And so the IB benefited from that as well in 2025,

in terms

of its RWA consumption. So a number of factors, I think, that played

in making ‘25 quite unusual. But look,

always believe that the IB will be able to

be successful in a capital-light fashion.

Benjamin Goy, Deutsche Bank

Thank you.

Sarah Mackey

I think there are no further questions. We just thank everyone for

dialing in and we look forward to speaking

you again with our first quarter results. Thank you.

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(xi) changes in

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the liability to which UBS

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Annual Reports on Form 20-F for the year

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SIGNATURES

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

registrants have duly

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

duly authorized.

UBS Group AG

By:

/s/ David Kelly

Name:

David Kelly

Title:

Managing Director

By:

/s/ Ella Copetti-Campi

Name:

Ella Copetti-Campi

Title:

Executive Director

UBS AG

By:

/s/ David Kelly

Name:

David Kelly

Title:

Managing Director

By:

/s/ Ella Copetti-Campi

Name:

Ella Copetti-Campi

Title:

Executive Director

Date:

February 5, 2026

UBS Group AG 6-K