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: March 9, 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

the

UBS

Switzerland

audited

standalone

financial

statements

for

the

year

ended

31 December 2025, which appear immediately following this page.

UBS Switzerland AG

Standalone financial statements and regulatory

information for the year ended

31 December 2025

Table of contents

Report of the statutory auditor

UBS Switzerland AG standalone financial statements

Statement of changes in equity

Name, legal form and registered office

Accounting Policies, Change in Organization and Risk

Management

Net trading income by business

Net trading income by underlying risk category

Personnel expenses

General and administrative expenses

Extraordinary income and expenses

Taxes

Securities financing transactions

Collateral for loans and off-balance sheet transactions

Impaired financial instruments

10a

Allowances

10b

Provisions

10c

Development of allowances and provisions for credit

losses

10d

Balance sheet and off-balance sheet positions subject to

ECL

10e

Financial assets subject to credit risk, by rating category

Trading portfolio and other financial instruments

measured at fair value

Derivative instruments

13a

Financial investments by instrument type

13b

Financial investments by counterparty rating – debt

instruments

Investments in subsidiaries and other participations

Companies in which the bank holds a permanent direct

or indirect significant participation

Property, equipment and software

Goodwill and other intangible assets

18a

Other assets

18b

Other liabilities

Pledged assets

Maturity structure of financial instruments

Assets and liabilities by domestic and foreign origin in

accordance with the domicile principle

Total assets by geographical location

Country risk of total assets

Assets and liabilities by the most significant currencies for

the bank

Bonds issued and loans from central mortgage

institutions

26a

Share capital

26b

Significant shareholders

Pension plans

Related parties

Fiduciary transactions

30a

Invested assets and net new money

30b

Development of invested assets

Statement of proposed appropriation of total profit

and dividend distribution

UBS Switzerland AG standalone regulatory

information

Key metrics for the fourth quarter of 2025

Swiss systemically relevant bank going and gone concern

requirements and information

Sustainability and climate risk

Cautionary statement

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements

(audited)

Income statement

For the year ended

CHF m

Note

31.12.25

31.12.24

Interest and discount income

7,754

10,715

Interest and dividend income from financial investments

767

561

Interest expense

(3,531)

(6,185)

Gross interest income

4,990

5,091

Credit loss (expense) / release

(205)

(292)

Net interest income

4,785

4,799

Fee and commission income from securities and investment business

4,942

4,458

Credit-related fees and commissions

307

283

Other fee and commission income

1,151

1,290

Fee and commission expense

(1,377)

(937)

Net fee and commission income

5,023

5,094

Net trading income

1,212

1,268

Net income from disposal of financial investments

Dividend income from investments in subsidiaries and other participations

373

127

Income from real estate holdings

Sundry ordinary income

529

619

Sundry ordinary expenses

(29)

(47)

Other income from ordinary activities

923

745

Total operating income

11,943

11,906

Personnel expenses

3,130

2,988

General and administrative expenses

5,881

5,487

Subtotal operating expenses

9,011

8,476

Impairment of investments in subsidiaries and other participations

Depreciation and impairment of property, equipment and software

326

349

Amortization and impairment of goodwill and other intangible assets

Changes in provisions for litigation, regulatory and similar matters, and other provisions

Total operating expenses

9,397

8,931

Operating profit

2,546

2,975

Extraordinary income

Extraordinary expenses

Tax expense / (benefit)

423

513

Net profit / (loss) for the period

2,128

2,371

1 Contains nine months of profit and loss information

of the former Credit Suisse (Schweiz) AG.

Refer to Note 2 for more information.

2 Interest and discount income includes negative interest

income on financial

assets of CHF 1m and CHF 4m for the years ended 31 December 2025 and 31 December 2024, respectively.

3 Interest expense includes negative interest expense on financial liabilities of CHF 68m and CHF 5m for

the years ended 31 December 2025 and 31 December 2024, respectively.

UBS Switzerland AG standalone financial statements (audited)

Balance sheet

CHF m

Note

31.12.25

31.12.24

Assets

Cash and balances at central banks

88,185

103,477

Due from banks

10,109

9,217

Receivables from securities financing transactions

1,899

11,229

Due from customers

9, 10

78,653

77,552

Mortgage loans

9, 10

282,607

282,382

Trading portfolio assets

2,344

2,011

Derivative financial instruments

3,911

4,275

Financial investments

29,741

22,478

Accrued income and prepaid expenses

885

732

Investments in subsidiaries and other participations

14, 15

675

1,101

Property, equipment and software

1,005

1,078

Goodwill and other intangible assets

160

Other assets

571

694

Total assets

500,746

516,228

of which: subordinated assets

105

of which: subject to mandatory conversion and / or debt waiver

105

Liabilities

Due to banks

82,622

84,123

of which: total loss-absorbing capacity eligible

27,247

27,374

Payables from securities financing transactions

7,518

9,202

Due to customers

348,604

359,045

Trading portfolio liabilities

183

258

Derivative financial instruments

1,894

1,478

Bonds issued and loans from central mortgage institutions

31,728

31,574

Accrued expenses and deferred income

1,603

1,962

Other liabilities

2,843

2,541

Provisions

327

447

Total liabilities

477,321

490,631

Equity

Share capital

Statutory capital reserve

21,286

21,837

of which: capital contribution reserve

20,575

20,675

of which: other statutory capital reserve

711

1,161

Voluntary earnings reserve

1,378

Net profit / (loss) for the period

2,128

2,371

Total equity

23,425

25,596

Total liabilities and equity

500,746

516,228

of which: subordinated liabilities

27,274

27,409

of which: subject to mandatory conversion and / or debt waiver

27,274

27,409

UBS Switzerland AG standalone financial statements (audited)

Balance sheet (continued)

CHF m

31.12.25

31.12.24

Off-balance sheet items

Contingent liabilities, gross

12,850

16,009

Sub-participations

(1,053)

(1,013)

Contingent liabilities, net

11,797

14,996

of which: guarantees to third parties related to subsidiaries

of which: credit guarantees and similar instruments

5,354

7,090

of which: performance guarantees and similar instruments

4,699

5,025

of which: documentary credits

1,720

2,858

Irrevocable commitments, gross

26,801

28,241

Sub-participations

(37)

(30)

Irrevocable commitments, net

26,763

28,211

of which: loan commitments

25,270

26,663

of which: payment commitment related to deposit insurance

1,494

1,549

Forward starting transactions

125

2,800

of which: reverse repurchase agreements

2,800

of which: repurchase agreements

Liabilities for calls on shares and other equity instruments

168

1 Cash to be paid in the future by either UBS or the counterparty.

Off-balance sheet items

UBS Switzerland AG

is jointly

and severally

liable for

the combined

value-added tax

(VAT)

liability of

UBS entities

that

belong to the VAT

group of UBS in Switzerland. This contingent liability is not included in the table above.

Swiss deposit insurance

Swiss

banking

law

and

the

deposit

insurance

system

require

Swiss

banks

and

securities

dealers

jointly

guarantee

privileged client deposits in the event that a Swiss bank or securities dealer becomes insolvent. The payment obligations

for all banks

corresponds to the

value specified in

applicable law of

1.6% of all

protected deposits in

Switzerland. The

of UBS

Switzerland AG

in the

table above

decreased to

CHF 1,494m as

of 31

December 2025,

compared with

CHF 1,549m as of 31 December 2024.

Joint and several liability

June

2015,

the

Personal

Corporate

Banking

and

Wealth

Management

businesses

booked

Switzerland

were

transferred from UBS AG to UBS Switzerland AG through an asset transfer in accordance with the Swiss Merger Act.

As of

31 December

2025, the

joint and

several liability

of UBS

Switzerland AG

for contractual

obligations of

UBS AG

amounted to CHF 1.5bn, compared with CHF 2.4bn as of 31 December 2024.

Furthermore, as of 31 December

2025, UBS Switzerland AG was

also jointly and severally liable

for UBS AG’s liabilities of

CHF 529m (compared

with CHF

538m as

31 December

2024) under

the international

covered bond

program, for

which UBS Switzerland AG

has pledged assets with

a carrying value of

CHF 875m. UBS AG has

provided cash deposits

to UBS Switzerland AG to fully collateralize this contingent liability.

As of 31 December 2025, the probability of cash outflows for these matters was assessed to be remote and, as a result,

no exposures were included in the table above.

Statement of changes in equity

CHF m

Share capital

Statutory

capital reserve

Voluntary

earnings reserve

Net profit /

(loss) for the

period

Total equity

Balance as of 1 January 2025

21,837

1,378

2,371

25,596

Dividends and other distributions

(550)

(1,378)

(2,371)

(4,300)

Net profit / (loss) for the period

2,128

Balance as of 31 December 2025

21,286

2,128

23,425

1 Includes CHF 100m of dividend in kind. Refer to Note 2 for more information.

UBS Switzerland AG standalone financial statements (audited)

Note 1

Name, legal form and registered office

UBS Switzerland AG is incorporated and

domiciled in Switzerland and operates

under Art. 620 et seq. of

the Swiss Code

of Obligations and Swiss banking law as an

Aktiengesellschaft

, a corporation limited by shares. Its registered

office is at

Bahnhofstrasse 45, CH-8001 Zurich, Switzerland. UBS Switzerland

AG is 100%

owned by UBS

AG.

Note 2

Accounting Policies, Change in Organization and Risk Management

a) Significant accounting policies

The

UBS

Switzerland AG

standalone

financial

statements

are

prepared

accordance

with

Swiss

GAAP

(the

FINMA

Accounting

Ordinance,

FINMA

Circular

2020/1

“Accounting

–

banks”

and

the

Banking

Ordinance)

and

represent

“reliable assessment statutory

standalone financial statements”. The

accounting policies are

principally the same as

for

the consolidated

financial statements of

UBS Group AG

outlined in

Note 1 to

the consolidated

financial statements

UBS

Group AG

included

the

UBS

Group AG

Annual

Report

2025.

Major

differences

between

the

Swiss

GAAP

requirements and

IFRS Accounting Standards

are described in

Note 32 to the

consolidated financial statements of

UBS

Group AG. The functional currency of UBS Switzerland AG is the Swiss franc. The significant accounting policies

applied

for the standalone financial statements of UBS Switzerland AG are discussed below.

›

Refer to the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

, for more information

Compensation policy

The

compensation

structure

and

processes

UBS

Switzerland AG

conform

the

compensation

principles

and

framework of UBS Group AG.

›

Refer to the UBS Group AG Compensation Report 2025, available under “Annual reporting”

ubs.com/investors

, for more

information

Deferred compensation

UBS Group AG is the grantor of the majority of UBS’s deferred compensation plans. Expenses for awards granted under

such plans to UBS Switzerland AG employees are charged by UBS Group AG to UBS Switzerland AG.

›

Refer to “Note 26 Employee benefits: variable compensation”

in the “Consolidated financial statements” section of the UBS Group

Annual Report 2025, available under “Annual reporting” at

ubs.com/investors

, for more information

Foreign currency translation

Transactions

denominated in foreign currency

are translated into Swiss

francs at the spot exchange

rate on the date of

the transaction. At

the balance sheet

date, all monetary

assets and liabilities,

as well as

equity instruments recorded

Trading portfolio assets

and

Financial investments

, denominated

in foreign currency are

translated into Swiss

francs using

the closing exchange rate.

Non-monetary items measured at historic

cost are translated at the spot

exchange rate on the

date of the transaction. All currency translation effects are recognized in the income statement.

The main

currency translation

rates used

by UBS

Switzerland AG are

provided in

Note 31 to

the consolidated financial

statements of UBS Group AG.

›

Refer to the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

for more information

Group-internal funding

UBS Switzerland AG

obtains funding from

UBS AG in

the form of

loans that qualify

as going concern

additional tier 1

(AT1)

capital

and

gone concern

loss-absorbing capacity

the

UBS

Switzerland AG

standalone

level.

portion

Group-internal funding obtained is further on lent to a subsidiary in the form of loans.

Where such Group-internal

funding is eligible

to meet the

requirements for total

loss-absorbing capacity (TLAC)

at the

level of UBS Switzerland AG,

the aggregate amount of

the respective obligations is separately

disclosed on the balance

sheet. For those TLAC

instruments that are eligible

to meet the going concern

capital requirements (i.e. are

subordinated

and subject to mandatory

conversion and / or

debt waiver, as explained

below), the aggregate corresponding

amounts

are disclosed on the balance sheet.

Obligations of

UBS Switzerland

AG arising

from Group-internal

funding it

has received

are presented

Due to

banks

and measured

at amortized

cost. UBS

Switzerland AG

claims arising

from Group-internal

funding it

has provided

are

presented as

Due from banks

and are measured at amortized cost less any allowance for expected credit losses.

UBS Switzerland AG standalone financial statements (audited)

Note 2

Accounting Policies, Change in Organization and Risk Management (continued)

Subordinated assets and liabilities

Subordinated assets are composed

of claims that,

based on an

irrevocable written declaration,

in the event

of liquidation,

bankruptcy or

composition concerning

the debtor,

rank

after

the

claims

of all

other

creditors

and

may

not be

offset

against

amounts

payable

the

debtor

nor

secured

its

assets.

Subordinated

liabilities

are

composed

corresponding obligations.

Subordinated liabilities

that contain

a point-of-non-viability

clause in

accordance with

Swiss capital

requirements pursuant

to Art. 29

and 30 of

the Capital Adequacy

Ordinance are disclosed

as being

Subject to mandatory

conversion and /

debt waiver

and provide for the

claim or the

obligation to be written

off or converted

into equity in the

event that the

issuing bank reaches a point of non-viability.

Services received from and provided to Group entities

UBS Switzerland AG receives services from UBS Business Solutions AG,

the main Group service company, mainly relating

Group

Technology,

Group

Operations

and

Group

Corporate

Services,

well

certain

other

services

from

other

Group entities. UBS Switzerland AG provides

services to Group entities,

mainly relating to the distribution

of security and

investment products. Services received from and provided to Group entities are settled in cash as entity cost transfers or

entity revenue transfers paid or received.

When the

nature of

the underlying

transaction between

UBS Switzerland

AG and

the Group

entity contains

a single,

clearly identifiable service

element, related income

and expenses are

presented in the

respective income statement

line

item, e.g.

Fee and commission income from securities and

investment business

Other fee and commission income

Fee

and commission

expense

Net trading

income

General and

administrative expenses

To the

extent the

nature of

the

underlying transaction contains various service elements and

is not clearly attributable to a

particular income statement

line item, related income and expenses are presented in

Sundry ordinary income

and

Sundry ordinary expenses

›

Refer to Note 5 for more information

Post-employment benefit plans

UBS Switzerland

AG has

elected to

apply Swiss

accounting standards

for the

pension plans

in its

standalone financial

statements. The requirements

of the Swiss

accounting standards are

better aligned with

the specific nature

of pension

plans, which are hybrid in that they combine elements of defined

contribution and defined benefit plans but are treated

defined

benefit

plans

under

IFRS

Accounting

Standards.

Swiss

accounting

standards

require

that

the

employer

contributions

the

pension

fund

are

recognized

Personnel

expenses

the

income

statement.

The

employer

contributions to

the pension

fund are

determined as

a percentage

of contributory

compensation. Furthermore,

Swiss

accounting

standards

require

assessment

whether,

based

the

financial

statements

the

pension

funds

prepared in accordance with Swiss accounting standards (Swiss GAAP FER 26), an economic benefit to,

or obligation of,

UBS Switzerland

AG arises

from

the pension

funds that

is recognized

in the

balance sheet

when conditions

are

met.

Conditions for recording a pension asset or liability would be met if, for example, an employer contribution reserve

was

available or UBS Switzerland AG was required

to contribute to the reduction of a

pension deficit (on the pension plan’s

Swiss GAAP FER 26 basis).

›

Refer to Note 27 for more information

Deferred taxes

Deferred tax assets are not

recognized in UBS Switzerland AG’s standalone financial statements.

However,

deferred tax

liabilities

may

recognized

for

taxable

temporary

differences.

Changes

the

deferred

tax

liability

balance

are

recognized in the income statement.

Allowances and provisions for expected credit losses

UBS Switzerland AG is

required to

apply an expected

credit loss (ECL)

approach for

non-impaired financial instruments

in its standalone financial statements in addition to the approach for impaired financial instruments.

For non-impaired

exposures within

the scope

of the

Swiss GAAP

ECL requirements,

UBS Switzerland AG

has generally

chosen to apply the IFRS

Accounting Standards ECL approach

that is applied in the

UBS Group AG consolidated financial

statements for

its standalone

financial statements.

These exposures

include all

financial assets

measured at

amortized

cost

under

both

Swiss

GAAP

and

IFRS

Accounting

Standards,

fee

and

lease

receivables,

guarantees,

irrevocable

loan

commitments,

revolving

revocable

credit

lines,

and

forward

starting

reverse

repurchase

and

securities

borrowing

agreements. Further information about the ECL approach under IFRS Accounting Standards is provided in Note 1 to the

consolidated financial statements of UBS Group AG.

UBS Switzerland AG standalone financial statements (audited)

Note 2

Accounting Policies, Change in Organization and Risk Management (continued)

UBS

applies a

single

definition of

default for

credit

risk

management purposes,

regulatory

reporting and

ECL, with

counterparty classified as defaulted based on quantitative and qualitative criteria.

›

Refer to the ‘’Risk management and control”

section of the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

, for more information

An allowance

for credit

losses is

reported as

a decrease

in the

carrying amount of

a financial

asset. For

an off-balance

sheet

item, such

as a

commitment, a

provision for

credit losses

is reported

Provisions

. Changes

to allowances

and

provisions for credit losses are recognized in

Credit loss (expense) / release

›

Refer to Note 10 for more information

Dispensations in the standalone financial statements

As UBS

Switzerland AG

has no

listed shares

outstanding and

is within

the scope

of the

UBS Group

AG consolidated

financial statements

prepared in accordance

with IFRS Accounting

Standards, UBS Switzerland

AG is

exempt from various

disclosures in the standalone financial statements. The dispensations include the management report and the

statement

of cash flows. As the UBS Group AG consolidated financial statements are presented

in US dollars, UBS Switzerland AG

provides certain Notes disclosures that would otherwise be covered by

the disclosure dispensation, i.e. Notes 14, 15, 16,

17, 20, 21, 22, 24 and 25.

Covered bonds issued

UBS Switzerland

AG issues

bonds collateralized

with pledged

mortgage loans.

These covered

bonds are

presented as

Bonds issued and loans from central mortgage institutions

and are measured at amortized cost.

Issued and repurchased

covered bonds are

deemed extinguished for

accounting purposes and

are derecognized from

the

balance sheet. Such

covered bonds may

serve as collateral

in securities financing

transactions. In these

cases, the pledged

mortgage loans covering the repurchased bonds are disclosed as collateral for the securities financing transaction.

›

Refer to Note 25 and Note 19 for more information

b) Change in accounting policies

There were no significant changes in accounting policies during 2025.

c) Change in organization

Transfer of Wealth Management International and Global Financial Intermediaries businesses

In 2025, UBS decided to consolidate the

Wealth Management International business, the

Global Financial Intermediaries

business, and other related businesses

booked in Switzerland in UBS

AG to further optimize Group

legal and operational

structures and to address regulatory considerations.

In the

second quarter

of 2025,

UBS Switzerland

AG transferred

the beneficial

ownership of

the Wealth

Management

International business and the Global Financial

Intermediaries business booked in UBS Switzerland AG

to UBS AG, with

effect from 1 January 2025.

The transfer was made in

the form of a dividend

in kind amounting to CHF

100m, reflecting

the

net

asset

value

the

in-scope

businesses.

the

fourth

quarter

2025,

UBS

Switzerland

transferred

the

beneficial ownership of the

related businesses to UBS

AG, with effect from

1 May 2025. The

transfer was made in

the

form of a dividend in kind amounting to CHF 1,000, reflecting the net asset value of the in-scope businesses.

UBS

Switzerland

will

continue to

manage

the

businesses

under

contractual

relationship

with

UBS

until

the

completion of legal

transfer, which is

expected to take

place in 2028,

and will continue

to recognize the

underlying assets

and liabilities

of the

relevant businesses

until then.

UBS AG’s

share of

the net

profits of

CHF 555m for

the full

year of

2025 is reflected in

Fee and commission expense

Swisscard AECS GmbH

In October 2024, UBS

entered into an agreement

to sell to American Express

Swiss Holdings GmbH (American Express)

its 50%

participation in Swisscard

AECS GmbH (Swisscard),

a joint

venture in Switzerland

between UBS and

American

Express, subject to

certain closing conditions.

Also in October

2024, UBS entered

into an agreement

with Swisscard to

transition the

Credit Suisse-branded

card portfolios

to UBS.

In January

2025, UBS

completed the

purchase of

the card

portfolios and recorded goodwill in the amount of CHF

200m. As of 31 December 2025, the 50% interest in

Swisscard

was presented

Financial investment

and measured

at lower

of cost

or market.

In January

2026, UBS

completed the

sale of its interest in Swisscard.

UBS Switzerland AG standalone financial statements (audited)

Note 2

Accounting Policies, Change in Organization and Risk Management (continued)

Merger with Credit Suisse (Schweiz) AG

In 2024,

the Board

of Directors

of UBS

Group AG

approved the

merger of

UBS Switzerland

AG and

Credit Suisse

(Schweiz)

AG.

Following

approvals

from

their

respective

boards

and

FINMA,

both

entities

signed

final

merger

agreement

25 June

2024.

1 July

2024,

UBS

Switzerland

formally

completed

the

merger

absorption

Credit

Suisse

(Schweiz) AG.

In the standalone financial statements

of UBS Switzerland AG, the

acquisition has been applied retroactively

as of 1 April

2024 at

the previous

book values

of Credit

Suisse (Schweiz)

AG. Accordingly,

the merger

balance sheet

with assets

CHF 220,174m and

liabilities of

CHF 208,991m

was initially

recognized, with

a corresponding

increase of

Statutory capital

reserves

in equity of CHF 10,483m, of

which CHF 9,322m was attributed to

Statutory capital contribution reserves

and

CHF 1,161m to

Other statutory

capital reserves

. An

amount of

CHF 700m was

retained in

Profit carried

forward

and

subsequently

distributed

dividend,

approved

the

Annual

General

Meeting

Credit

Suisse

(Schweiz)

23 April 2024, before the merger was legally effective. Similarly, UBS Switzerland AG’s accounting policies were applied

retroactively as of 1 April 2024, which

resulted in a measurement loss of CHF 91m, which

was recorded as

Extraordinary

expense

d) Events after the reporting period

Sale of interest in Swisscard AECS GmbH

January

2026,

UBS

Switzerland

completed

the

sale

its

50%

interest

Swisscard

American

Express.

The

transaction is expected to generate a gain of approximately CHF 0.3bn, subject to potential post-closing adjustments.

Transfer of Wealth Management International and Global Financial Intermediaries businesses

In connection with the migration of

legacy Credit Suisse clients to UBS’s

client platform, UBS has decided to

transfer to

UBS Switzerland AG,

the Wealth Management

International business, the

Global Financial Intermediaries

business and

other

businesses

booked

UBS

Switzerland

that

are

associated

with

legacy

Credit

Suisse

clients.

The

beneficial ownership of

these businesses is

retained by

UBS AG.

The execution

of the

transfer is

effected through two

statutory bulk transfers pursuant to the Swiss Merger

Act, both with effect as of 1 January 2026. The

combined transfer

balance sheets consist of assets of CHF 13.1bn (mainly loans) and liabilities of CHF 12.6bn (mainly customer deposits).

e) Risk management

UBS Switzerland AG

is fully

integrated into

the Group-wide

risk management

process described

in the

audited part

the “Risk management and control” section of the UBS Group AG Annual Report 2025.

More information

about the

use of

derivative instruments

and hedge

accounting is

provided in

Notes 1 and

10 to

the

consolidated financial statements of UBS Group AG.

›

Refer to the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

, for more information

UBS Switzerland AG standalone financial statements (audited)

Note 3a

Net trading income by business

For the year ended

CHF m

31.12.25

31.12.24

Global Wealth Management

529

555

Personal & Corporate Banking

665

625

Other business divisions and Group Items

Total net trading income

1,212

1,268

1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer

to Note 2 for more information.

Note 3b

Net trading income by underlying risk category

For the year ended

CHF m

31.12.25

31.12.24

Foreign exchange instruments

1,112

1,166

Interest rate instruments (including funds)

Precious metals / commodities

Equity instruments (including funds)

Credit instruments

(38)

(18)

Total net trading income

1,212

1,268

1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer

to Note 2 for more information.

Note 4

Personnel expenses

For the year ended

CHF m

31.12.25

31.12.24

Salaries

1,925

1,835

Variable compensation – performance awards

549

540

Variable compensation – other

Contractors

Social security

166

167

Post-employment benefit plans

323

307

Other personnel expenses

Total personnel expenses

3,130

2,988

1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer

to Note 2 for more information.

As of 31 December 2025, UBS Switzerland AG employed 14,194 personnel (31 December 2024: 15,181)

on a full-time

equivalent basis.

Note 5

General and administrative expenses

For the year ended

CHF m

31.12.25

31.12.24

Real estate

145

Technology costs

Market data services

Marketing and communication

118

132

Travel and entertainment

Fees to audit firms

of which: financial and regulatory audits

of which: audit-related services

Other professional fees

247

304

Outsourcing costs

149

Other general and administrative expenses

5,211

4,665

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

4,958

4,449

Total general and administrative expenses

5,881

5,487

1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer

to Note 2 for more information.

UBS Switzerland AG standalone financial statements (audited)

Note 6

Extraordinary income and expenses

Extraordinary income of CHF 5m for

2025 relates to the gain from

sale of an associate,

as well as gains from sales

of real

estate.

Extraordinary expenses of CHF 91m for 2024 relate to the

accounting for the merger with Credit Suisse (Schweiz) AG

of 1 April 2024,

as UBS Switzerland AG’s accounting

policies and practices were initially

applied to the merger

balance

sheet. This effect mainly consists of CHF 109m related

to immediate expensing of certain loan origination costs

and fees

previously deferred

and recognized

over time,

as well

as CHF

10m for

employee benefit

and retirement

benefit plans,

and was partly reduced by CHF 26m related to lower allowances and provisions for expected credit losses.

Note 7

Taxes

For the year ended

CHF m

31.12.25

31.12.24

Income tax expense / (benefit)

394

483

of which: current

394

483

Capital tax

Total tax expense / (benefit)

423

513

1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer

to Note 2 for more information.

For 2025, the average tax rate, defined as income tax expense divided by the

sum of operating profit and extraordinary

income minus extraordinary expenses and capital tax, was 15.6% (2024: 16.9%).

Note 8

Securities financing transactions

CHF bn

31.12.25

31.12.24

On-balance sheet

Receivables from securities financing transactions, gross

5.1

12.1

Netting of securities financing transactions

(3.2)

(0.8)

Receivables from securities financing transactions, net

1.9

11.2

Payables from securities financing transactions, gross

10.7

10.0

Netting of securities financing transactions

(3.2)

(0.8)

Payables from securities financing transactions, net

7.5

9.2

Assets pledged as collateral in connection with securities financing transactions

16.8

13.0

of which: financial investments

16.8

13.0

of which: assets that may be sold or repledged by counterparties

3.6

1.6

Off-balance sheet

Fair value of assets received as collateral in connection with securities financing transactions

98.2

96.2

of which: repledged

93.4

83.3

of which: sold in connection with short sale transactions

0.2

0.3

UBS Switzerland AG standalone financial statements (audited)

Note 9a

Collateral for loans and off-balance sheet transactions

31.12.25

31.12.24

Secured

Unsecured

Total

Secured

Unsecured

Total

Secured by collateral

Secured by

other credit

enhancements

Secured by collateral

Secured by

other credit

enhancements

CHF m

Real estate

Other

collateral

Real estate

Other

collateral

On-balance sheet

Due from customers, gross

2,329

50,597

4,402

22,814

80,142

2,149

47,721

4,530

24,471

78,870

Mortgage loans, gross

282,762

282,600

of which: residential mortgages

245,455

241,166

of which: office and business

premises mortgages

15,120

18,637

of which: industrial premises

mortgages

7,287

10,454

of which: other mortgages

14,900

12,342

Total on-balance sheet, gross

285,091

50,597

4,402

22,814

362,904

284,748

47,721

4,530

24,471

361,470

Allowances

(154)

(58)

(50)

(1,381)

(1,644)

(198)

(54)

(29)

(1,257)

(1,538)

Total on-balance sheet, net

284,937

50,539

4,352

21,433

361,260

284,550

47,666

4,501

23,214

359,932

Off-balance sheet

Contingent liabilities, gross

242

2,622

2,069

7,918

12,850

319

3,742

2,662

9,287

16,009

Irrevocable commitments, gross

830

710

1,102

24,157

26,801

723

921

1,499

25,099

28,241

Forward starting reverse

repurchase and securities

borrowing transactions

2,800

Liabilities for calls on shares and

other equities

168

Total off-balance sheet

1,072

3,394

3,171

32,244

39,881

1,041

7,462

4,161

34,554

47,218

1 Includes but is not limited to deposits, securities, life insurance

contracts, inventory, accounts receivable,

patents and copyrights.

2 Includes credit default swaps and guarantees.

Note 9b

Impaired financial instruments

31.12.25

31.12.24

CHF m

Gross impaired

financial

instruments

Allowances and

provisions

Estimated

liquidation

proceeds of

collateral

Net impaired

financial

instruments

Gross impaired

financial

instruments

Allowances

and

provisions

Estimated

liquidation

proceeds of

collateral

Net impaired

financial

instruments

Amounts due from customers

2,946

1,262

1,309

374

2,345

1,140

848

357

Accrued income and prepaid

expenses

Mortgage loans

1,535

1,453

1,569

1,485

Guarantees and loan commitments

373

150

209

446

215

202

Total impaired financial instruments

4,885

1,358

2,912

615

4,367

1,253

2,547

566

Note 10a

Allowances

CHF m

Balance as of

31.12.24

Increase

recognized in

the income

statement

Release

recognized in

the income

statement

Write-offs

Recoveries and

past due

interest

Reclassifications

Foreign currency

translation

Balance as of

31.12.25

Default risk relating to on-balance sheet

exposures

1,545

378

(160)

(117)

(40)

1,658

of which: incurred credit losses

1,224

378

(154)

(117)

(38)

1,345

of which: expected credit losses

321

(6)

(2)

313

Other

(11)

Total value adjustments for default and

country risks

1,554

378

(171)

(117)

(38)

1,658

UBS Switzerland AG standalone financial statements (audited)

Note 10b

Provisions

CHF m

Balance as

of 31.12.24

Increase

recognized in

the income

statement

Release

recognized in

the income

statement

Provisions

used in

conformity

with

designated

purpose

Recoveries

Reclassifications

/ Other

Foreign

currency

translation

Balance as of

31.12.25

Default risk related to off-balance sheet items and credit

lines

174

(17)

(11)

149

of which: incurred credit losses

(8)

(11)

of which: expected credit losses

145

(9)

136

Operational risks

(1)

(3)

Litigation, regulatory and similar matters

(4)

(12)

(2)

Real Estate

(1)

(2)

(73)

Restructuring

116

(15)

(109)

(25)

Employee benefits

(5)

(4)

Other

(3)

(2)

Total provisions

447

156

(46)

(132)

(97)

(2)

327

1 Includes provisions transferred from / to UBS AG and from UBS Business Solutions AG.

Litigation, regulatory and similar matters

UBS Switzerland AG is involved in various

disputes and legal proceedings, including litigation,

arbitration, and regulatory

and criminal investigations arising in connection

with the conduct of its business.

The matters described below are those

that management considers

to be

material or

of significance due

to potential

financial, reputational and

other effects.

Significant matters may also result in non-monetary consequences,

such as (i) a guilty plea to,

or conviction of, a crime,

or (ii) resolution of regulatory proceedings which may require UBS Switzerland AG to obtain

waivers to maintain certain

operations, lead to limitations, suspension or termination of licenses and regulatory authorizations.

UBS Switzerland AG makes no

statement about whether it has

established a provision for any

matter because, either: (a)

it has

not established

a provision;

or (b)

it has

established a

provision but

expects disclosure

of that

fact to

prejudice

seriously its position with other

parties in the matter because

it would reveal the fact

that UBS Switzerland AG believes

an outflow of resources to be probable and reliably estimable.

1. Suspended criminal investigation

By the end of 2017, a criminal complaint was

filed

inter alia

against UBS Switzerland AG in connection with

an allegedly

fraudulent stock selling scheme conducted by call agent companies as well as employees of a corporate client. UBS was

accused of having conspired in the

alleged fraud by distributing physical shares of

the company and by allegedly failing

to block its clients’ accounts and file AML notifications with the Swiss Money Laundering Reporting Office. The criminal

investigation of UBS Switzerland AG has been suspended since 2018.

2. Anti-competition investigation

The Secretariat

of the

Swiss Competition

Commission (WEKO)

has lodged

an investigation

in November

2018 of

UBS

Switzerland AG and

other financial institutions

into whether the

investigated parties

engaged in anticompetitive

behavior

resulting

in a

boycott of

other mobile

payment solutions

providers. UBS

is fully

cooperating with

the investigation

WEKO.

3. Swiss retrocessions

The Federal Supreme Court of Switzerland ruled in 2012, in a test case against UBS, that distribution fees paid to a firm

for distributing third-party and

intra-group investment funds and

structured products must be disclosed

and surrendered

to clients who have entered into a discretionary

mandate agreement with the firm, absent a valid waiver.

FINMA issued

a supervisory note to all

Swiss banks in response to

the Supreme Court decision. UBS

has met the FINMA requirements

and has notified all potentially affected clients.

The Supreme Court decision has resulted, and continues to result,

in a number of client requests for UBS to disclose and

potentially

surrender

retrocessions.

Client

requests

are

assessed

case-by-case

basis.

Considerations

taken

into

account when assessing these cases include, among other things, the

existence of a discretionary mandate and whether

or not the client documentation contained a valid waiver with respect to distribution fees.

UBS Switzerland AG standalone financial statements (audited)

Note 10c

Development of allowances and provisions for credit losses

CHF m

Total

Stage 1

Stage 2

Stage 3

Balance as of 31 December 2024

(1,719)

(241)

(225)

(1,253)

Net movement from new and derecognized transactions

(3)

of which: Private clients with mortgages

(1)

of which: Real estate financing

of which: Large corporate clients

(5)

of which: SME clients

of which: Financial intermediaries and hedge funds

(2)

(3)

of which: Other

Remeasurements with stage transfers

(96)

(135)

of which: Private clients with mortgages

of which: Real estate financing

of which: Large corporate clients

(5)

(9)

of which: SME clients

(119)

(5)

(114)

of which: Financial intermediaries and hedge funds

(1)

of which: Other

(11)

(1)

(12)

Remeasurements without stage transfers

(131)

(41)

(5)

(85)

of which: Private clients with mortgages

of which: Real estate financing

(8)

of which: Large corporate clients

(6)

(7)

(1)

of which: SME clients

(112)

(19)

(9)

(84)

of which: Financial intermediaries and hedge funds

(4)

of which: Other

(8)

(5)

Model changes

Movements recognized in credit loss (expense) / release

(205)

(29)

(220)

Movements not recognized in credit loss (expense) / release (write-off, FX and other)

117

115

Write-offs / recoveries

106

Reclassifications

Foreign exchange movements

Other

(29)

Balance as of 31 December 2025

(1,807)

(269)

(180)

(1,358)

Represents the increase and

decrease in allowances

and provisions resulting from

financial instruments (including guarantees

and facilities) that were

newly originated, purchased or

renewed and from the

final

derecognition of loans

or facilities on

their maturity

date or earlier.

2 Represents the

remeasurement between

12-month and

lifetime ECL due

to stage transfers.

3 Represents the

change in allowances

and

provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure

profile, PD and LGD changes, and unwinding of the time value.

4 Represents the change in the allowances and provisions related to changes in

models and methodologies.

5 Includes ECL movements from new and derecognized transactions, remeasurement changes, and model

and methodology changes.

6 Represents the decrease in allowances and

provisions resulting from write-offs of the ECL allowance

against the gross carrying amount when all or part

of a financial asset is deemed

uncollectible or forgiven and movements in foreign exchange rates.

UBS Switzerland AG standalone financial statements (audited)

Note 10c

Development of allowances and provisions for credit losses (continued)

Development of allowances and provisions for credit losses

CHF m

Total

Stage 1

Stage 2

Stage 3

Balance as of 31 December 2023

(744)

(159)

(165)

(420)

Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24

(767)

(162)

(76)

(529)

Net movement from new and derecognized transactions

of which: Private clients with mortgages

(6)

of which: Real estate financing

of which: Large corporate clients

of which: SME clients

of which: Financial intermediaries and hedge funds

(2)

(1)

of which: Other

Remeasurements with stage transfers

(254)

(11)

(245)

of which: Private clients with mortgages

(1)

of which: Real estate financing

of which: Large corporate clients

(36)

(4)

(32)

of which: SME clients

(218)

(7)

(213)

of which: Financial intermediaries and hedge funds

of which: Other

Remeasurements without stage transfers

(55)

(119)

of which: Private clients with mortgages

of which: Real estate financing

of which: Large corporate clients

(17)

(22)

of which: SME clients

(103)

(18)

(93)

of which: Financial intermediaries and hedge funds

of which: Other

(5)

Model changes

Movements recognized in credit loss (expense) / release

(292)

(365)

Movements not recognized in credit loss (expense) / release (write-off, FX and other)

(1)

Balance as of 31 December 2024

(1,719)

(241)

(225)

(1,253)

1 Represents the increase

and decrease in allowances

and provisions resulting from

financial instruments (including

guarantees and facilities)

that were newly originated,

purchased or renewed and

from the final

derecognition of loans

or facilities on

their maturity date

or earlier.

2 Represents the

remeasurement between 12-month

and lifetime ECL

due to stage

transfers.

3 Represents the change

in allowances

and

provisions related to

changes in model

inputs or assumptions,

including changes in

forward-looking macroeconomic

conditions, changes

in the exposure

profile, PD

and LGD changes,

and unwinding of

the time

value.

4 Represents the change in the allowances and provisions related to changes in models and

methodologies.

5 Includes ECL movements from new and derecognized transactions,

remeasurement changes,

and model and methodology changes.

6 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance

against the gross carrying amount when all or part of a financial asset

is deemed uncollectible or

forgiven and movements in

foreign exchange rates

as, well as

a net gain of

CHF 26m related to

expected credit loss measurement

differences due to UBS

accounting policy adoption

Credit Suisse (Schweiz) AG upon the merger with UBS Switzerland AG, recognized

under extraordinary expense.

UBS Switzerland AG standalone financial statements (audited)

Note 10d

Balance sheet and off-balance sheet positions subject to ECL

CHF m

31.12.25

Carrying amount

ECL allowances

Financial instruments measured at amortized cost

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Cash and balances at central banks

88,185

Due from banks

10,109

10,010

(12)

(8)

(4)

Receivables from securities financing transactions

1,899

Due from customers

78,653

70,769

6,201

1,683

(1,489)

(139)

(87)

(1,262)

Mortgage loans

282,607

271,034

10,120

1,453

(155)

(30)

(43)

(82)

Accrued income and prepaid expenses

858

808

Other assets

490

(2)

Total on-balance sheet financial assets within the scope of ECL

462,801

443,196

16,437

3,168

(1,658)

(179)

(134)

(1,345)

Total exposure

ECL provisions

Off-balance sheet (within the scope of ECL)

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Contingent liabilities, gross

12,850

11,723

1,031

(34)

(11)

(17)

(6)

Irrevocable commitments, gross

26,800

26,373

363

(65)

(41)

(17)

(8)

Forward starting transactions (SFT)

Other Credit Lines

58,260

55,413

2,640

208

(47)

(35)

(12)

Irrevocable committed prolongation of existing loans

6,479

6,449

(2)

Total off-balance sheet financial instruments and other credit lines within the scope

of ECL

104,452

100,020

4,059

373

(149)

(90)

(46)

(14)

Total allowances and provisions

(1,807)

(269)

(180)

(1,358)

1 The carrying

amount of financial

assets measured at

amortized cost represents

the total gross

exposure net of

the respective ECL

allowances.

2 Includes Settlement

and clearing accounts

and Other.

Refer to

Note 18a for more information.

Balance sheet and off-balance sheet positions subject to ECL

CHF m

31.12.24

Carrying amount

ECL allowances

Financial instruments measured at amortized cost

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Cash and balances at central banks

103,477

Due from banks

9,217

9,109

108

(4)

Receivables from securities financing transactions

11,229

Due from customers

77,552

71,915

4,432

1,205

(1,319)

(94)

(85)

(1,140)

Mortgage loans

282,382

269,792

11,106

1,485

(219)

(54)

(81)

(84)

Accrued income and prepaid expenses

702

685

(1)

Other assets

625

(3)

Total on-balance sheet financial assets within the scope of ECL

485,185

466,832

15,656

2,697

(1,545)

(151)

(170)

(1,224)

Total exposure

ECL provisions

Off-balance sheet (within the scope of ECL)

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Contingent liabilities, gross

16,009

14,869

1,006

133

(53)

(11)

(22)

(20)

Irrevocable commitments, gross

28,241

27,531

613

(60)

(32)

(18)

(9)

Forward starting transactions (securities financing transactions)

2,800

Other credit lines

88,531

86,254

2,063

214

(59)

(44)

(15)

Irrevocable committed prolongation of existing loans

4,185

4,179

(3)

Total off-balance sheet financial instruments and other credit lines within the scope

of ECL

139,766

135,634

3,686

446

(174)

(90)

(55)

(29)

Total allowances and provisions

(1,719)

(241)

(225)

(1,253)

1 The carrying

amount of financial

assets measured at

amortized cost represents

the total gross

exposure net of

the respective ECL

allowances.

2 Includes Settlement

and clearing accounts

and Other.

Refer to

Note 18a for more information.

UBS Switzerland AG standalone financial statements (audited)

Note 10e

Financial assets subject to credit risk, by rating category

CHF m

31.12.25

Rating category

0–1

2–3

4–5

6–8

9–13

Credit-

impaired

(defaulted)

Total

gross

carrying

amount

ECL

allowances

Net carrying

amount

(maximum

exposure to

credit risk)

Financial instruments measured at amortized cost

Cash and balances at central banks

88,185

of which: stage 1

88,185

Due from banks

8,339

898

420

463

10,120

(12)

10,109

of which: stage 1

8,338

873

413

394

10,018

(8)

10,010

of which: stage 2

102

(4)

Receivables from securities financing transactions

241

1,355

219

1,899

of which: stage 1

241

1,355

219

1,899

Due from customers

438

44,867

19,952

3,833

8,107

2,946

80,142

(1,489)

78,653

of which: stage 1

438

44,586

19,189

1,120

5,576

70,908

(139)

70,769

of which: stage 2

281

763

2,713

2,531

6,288

(87)

6,201

of which: stage 3

2,946

(1,262)

1,683

Mortgage loans

767

102,052

105,655

50,783

21,970

1,535

282,762

(155)

282,607

of which: stage 1

767

100,811

103,467

46,951

19,068

271,064

(30)

271,034

of which: stage 2

1,241

2,188

3,832

2,901

10,163

(43)

10,120

of which: stage 3

1,535

(82)

1,453

Accrued income and prepaid expenses

145

554

858

of which: stage 1

145

544

808

of which: stage 2

of which: stage 3

Other assets

337

154

492

(2)

490

of which: stage 1

337

154

492

(2)

490

Total in scope of ECL assets / ECL amounts by stages

89,696

157,095

126,617

55,963

30,574

4,513

464,459

(1,658)

462,801

UBS Switzerland AG standalone financial statements (audited)

Note 10e

Financial assets subject to credit risk, by rating category (continued)

Off-balance sheet positions and other credit lines subject to expected credit loss, by rating category

CHF m

31.12.25

Rating category

0–1

2–3

4–5

6–8

9–13

Credit-

impaired

(defaulted)

Total carrying

amount

(maximum

exposure to

credit risk)

ECL provision

Off-balance sheet (in scope of ECL)

Contingent liabilities, gross

3,024

4,529

4,088

1,093

12,850

(34)

of which: stage 1

2,979

4,441

3,446

836

11,723

(11)

of which: stage 2

641

257

1,031

(17)

of which: stage 3

(6)

Irrevocable commitments, gross

841

10,382

7,069

7,292

1,152

26,800

(65)

of which: stage 1

841

10,381

6,932

7,231

988

26,373

(41)

of which: stage 2

137

164

363

(17)

of which: stage 3

(8)

Forward starting transactions (securities financing transactions)

of which: stage 1

Credit lines

2,247

27,788

15,902

9,649

2,468

208

58,260

(47)

of which: stage 1

2,247

26,948

15,199

8,939

2,080

55,413

(35)

of which: stage 2

840

703

710

388

2,640

(12)

of which: stage 3

208

Irrevocable committed prolongation of existing loans

2,283

1,881

1,457

849

6,479

(2)

of which: stage 1

2,274

1,879

1,449

843

6,449

(2)

of which: stage 2

of which: stage 3

Total off-balance sheet financial instruments and credit lines

3,112

43,477

29,381

22,547

5,563

373

104,452

(149)

›

Refer to “Note 9 Financial assets at amortized cost and other positions in scope of expected credit loss measurement”

in the

“Consolidated financial statements” section of the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

, for more information about ECL in accordance with IFRS Accounting Standards

UBS Switzerland AG standalone financial statements (audited)

Note 10e

Financial assets subject to credit risk, by rating category (continued)

Financial assets subject to credit risk, by rating category

CHF m

31.12.24

Rating category

0–1

2–3

4–5

6–8

9–13

Credit-

impaired

(defaulted)

Total gross

carrying

amount

ECL

allowances

Net carrying

amount

(maximum

exposure to

credit risk)

Financial instruments measured at amortized cost

Cash and balances at central banks

103,477

of which: stage 1

103,477

Due from banks

7,606

968

511

116

9,222

(4)

9,217

of which: stage 1

7,577

913

497

101

9,110

9,109

of which: stage 2

112

(4)

108

Receivables from securities financing transactions

5,897

129

5,203

11,229

of which: stage 1

5,897

129

5,203

11,229

Due from customers

447

38,752

15,367

14,013

7,946

2,345

78,871

(1,319)

77,552

of which: stage 1

447

38,089

14,662

12,637

6,176

72,009

(94)

71,915

of which: stage 2

663

706

1,377

1,771

4,517

(85)

4,432

of which: stage 3

2,345

(1,140)

1,205

Mortgage loans

1,261

107,317

104,418

50,788

17,249

1,569

282,601

(219)

282,382

of which: stage 1

1,261

106,664

102,802

46,272

12,847

269,846

(54)

269,792

of which: stage 2

654

1,616

4,515

4,402

11,187

(81)

11,106

of which: stage 3

1,569

(84)

1,485

Accrued income and prepaid expenses

153

365

702

(1)

702

of which: stage 1

153

363

686

685

of which: stage 2

of which: stage 3

Other assets

431

149

628

(3)

625

of which: stage 1

431

149

628

(3)

625

Total in scope of ECL assets / ECL amounts by stages

111,219

154,388

120,802

71,030

25,373

3,920

486,731

(1,545)

485,185

Off-balance sheet positions and other credit lines subject to expected credit loss, by rating category

CHF m

31.12.24

Rating category

0–1

2–3

4–5

6–8

9–13

Credit-

impaired

(defaulted)

Total carrying

amount

(maximum

exposure to

credit risk)

ECL provision

Off-balance sheet (in scope of ECL)

Contingent liabilities, gross

124

4,266

5,843

4,389

1,253

133

16,009

(53)

of which: stage 1

124

4,255

5,833

3,719

939

14,869

(11)

of which: stage 2

670

315

1,006

(22)

of which: stage 3

133

(20)

Irrevocable commitments, gross

301

9,262

8,983

7,045

2,553

28,241

(59)

of which: stage 1

301

9,259

8,782

6,828

2,361

27,531

(32)

of which: stage 2

201

217

191

613

(18)

of which: stage 3

(9)

Forward starting transactions (securities financing transactions)

2,800

of which: stage 1

2,800

Credit lines

1,916

53,133

18,539

10,461

4,268

214

88,531

(59)

of which: stage 1

1,916

52,648

18,042

9,833

3,815

86,254

(44)

of which: stage 2

486

497

629

452

2,063

(15)

of which: stage 3

214

Irrevocable committed prolongation of existing loans

1,814

859

671

833

4,185

(3)

of which: stage 1

1,814

859

671

830

4,179

(3)

of which: stage 2

of which: stage 3

Total off-balance sheet financial instruments and credit lines

704

56,160

23,821

20,881

37,746

454

139,766

(174)

UBS Switzerland AG standalone financial statements (audited)

Note 11

Trading portfolio and other financial instruments measured at fair value

CHF m

31.12.25

31.12.24

Assets

Trading portfolio assets

2,344

2,011

of which: debt instruments

of which: listed

of which: equity instruments

of which: precious metals and other physical commodities

2,284

1,951

Total assets measured at fair value

2,344

2,011

of which: fair value derived using a valuation model

of which: securities eligible for repurchase transactions in accordance with liquidity regulations

Liabilities

Trading portfolio liabilities

183

258

of which: debt instruments

122

of which: listed

111

of which: equity instruments

136

Total liabilities measured at fair value

183

258

of which: fair value derived using a valuation model

120

177

1 Includes money market paper.

2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank

or other central banks.

UBS Switzerland AG standalone financial statements (audited)

Note 12

Derivative instruments

31.12.25

31.12.24

CHF m, except where indicated

Derivative

financial

assets

Derivative

financial

liabilities

Total notional

values

(CHF bn)

Derivative

financial

assets

Derivative

financial

liabilities

Total notional

values

(CHF bn)

Interest rate contracts

Forwards

Swaps

3,047

2,991

281

3,096

3,725

379

of which: designated in hedge accounting relationships

1,163

1,482

1,098

1,228

Over-the-counter (OTC) options

Total

3,113

3,053

296

3,195

3,813

392

Foreign exchange contracts

Forwards

397

383

1,836

1,816

159

Interest and currency swaps

1,121

1,260

143

2,265

1,436

136

of which: designated in hedge accounting relationships

287

394

121

197

Over-the-counter (OTC) options

175

243

168

178

Total

1,694

1,886

244

4,270

3,430

313

Equity / index contracts

Forwards

Swaps

Over-the-counter (OTC) options

1,032

Exchange-traded options

1,204

984

Total

2,296

2,298

1,078

1,077

Credit derivative contracts

Credit default swaps

Total

Commodity, precious metals and other contracts

Forwards

673

671

293

292

Swaps

166

165

190

189

Over-the-counter (OTC) options

1,091

247

Exchange-traded options

Total

1,932

1,928

732

730

Total before netting

9,053

9,188

576

9,314

9,066

739

of which: trading derivatives

7,603

7,312

8,094

7,640

of which: fair value derived using a valuation model

7,574

7,284

8,049

7,601

of which: derivatives designated in hedge accounting relationships

1,450

1,876

1,219

1,426

of which: fair value derived using a valuation model

1,450

1,876

1,219

1,426

Netting with cash collateral payables / receivables

(2,152)

(166)

(2,714)

Replacement value netting

(5,142)

(4,874)

Total after netting

3,911

1,894

4,275

1,478

of which: with bank and broker-dealer counterparties

442

370

239

329

of which: other client counterparties

3,469

1,524

4,035

1,149

1 Includes forward rate agreements.

UBS Switzerland AG standalone financial statements (audited)

Note 13a

Financial investments by instrument type

31.12.25

31.12.24

CHF m

Carrying amount

Fair value

Carrying amount

Fair value

Debt instruments

29,633

29,777

22,453

22,512

of which: held to maturity

9,524

9,561

5,404

5,383

of which: available for sale

20,109

20,215

17,049

17,129

Equity instruments

406

of which: qualified participations

403

Property

Total financial investments

29,741

30,219

22,478

22,545

of which: securities eligible for repurchase transactions in accordance with liquidity regulations

29,212

29,509

21,118

21,352

1 Investment reclassified from Investments

in subsidiaries and other participations.

2 Consists of high-quality liquid

debt securities that are eligible for

repurchase transactions at the Swiss

National Bank or other

central banks.

Note 13b

Financial investments by counterparty rating – debt instruments

CHF m

31.12.25

31.12.24

Internal UBS rating

0–1

16,367

13,862

2–3

13,267

8,590

4–5

6–8

9–13

Non-rated

Total financial investments

29,633

22,453

1 Refer to Note 23 for more information.

UBS Switzerland AG standalone financial statements (audited)

Note 14

Investments in subsidiaries and other participations

CHF m

31.12.25

31.12.24

Historical cost

Balance at the beginning of the year

1,187

116

Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24

1,071

Additions

Disposals

(350)

Reclassifications to Financial investments

(70)

Balance at the end of the year

770

1,187

Accumulated value adjustments and changes in book value

Balance at the beginning of the year

(87)

(9)

Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24

(77)

Value adjustments

(8)

Balance at the end of the year

(95)

(87)

Net book value

Book value at the beginning of the year

1,101

107

Book value at the end of the year

675

1,101

of which: without market value

675

1,101

of which: subsidiaries

214

of which: Bank-now AG

191

of which: TopCard Service AG

of which: UBS Card Center AG

of which: other participations

461

887

of which: SIX Group AG

229

of which: Pfandbriefbank schweizerischer Hypothekarinstitute AG

214

of which: TWINT AG

of which: CLS Group Holdings AG

of which: Credit Suisse Asset Management & Investor Services (Schweiz) Holding AG

332

of which: Swisscard AECS GmbH

of which: Taurus SA

of which: Houzy AG

1 Investments sold in 2025. The stake in Credit Suisse Asset Management & Investor Services (Schweiz) Holding AG was sold to Credit Suisse Asset Management International

Holding AG.

2 Investment reclassified

to Financial investments due to prospect of sale. Refer to Note 2 for more information.

Note 15

Companies in which the bank holds a permanent direct or indirect significant participation

31.12.25

Company name

Domicile

Primary business division

Share capital,

in thousands

Share of

capital,

in %

Share of

votes,

in %

Held directly,

in thousands

Held indirectly,

in thousands

Bank-now AG

Switzerland

Personal & Corporate

CHF

30,000

100

30,000

Credit Suisse Entrepreneur Capital AG

Switzerland

Personal & Corporate

CHF

15,000

100

15,000

FIDES Treasury Services AG

Switzerland

Personal & Corporate

CHF

2,000

100

2,000

TopCard Service AG

Switzerland

Personal & Corporate

CHF

150

100

150

UBS Card Center AG

Switzerland

Personal & Corporate

CHF

100

UBS Hypotheken Schweiz AG

Switzerland

Personal & Corporate

CHF

100

Credit Suisse (Schweiz) Hypotheken AG

Switzerland

Personal & Corporate

CHF

100

UBS Hypotheken AG in Liquidation

Switzerland

Personal & Corporate

CHF

100

Auto lease-now 2023-1 AG

Switzerland

Personal & Corporate

CHF

100

Auto lease-now 2023-2 AG

Switzerland

Personal & Corporate

CHF

100

Swisscard AECS GmbH

Switzerland

Personal & Corporate

CHF

100

Pfandbriefbank schweizerischer Hypothekarinstitute AG

Switzerland

Personal & Corporate

CHF

1,200,000

299,998

SIX Group AG

Switzerland

Personal & Corporate

CHF

19,522

3,354

TWINT AG

Switzerland

Personal & Corporate

CHF

12,750

1,972

1 Includes all subsidiaries and participations with voting rights above 5% and book value above CHF 5m.

UBS Switzerland AG standalone financial statements (audited)

Note 16

Property, equipment and software

At historical cost less accumulated depreciation

CHF m

Own-used

properties

Leasehold

improvements

IT hardware

and

communication

Internally

generated

software

Other

machines and

equipment

Projects in

progress

31.12.25

31.12.24

Historical cost

Balance at the beginning of the year

197

2,056

101

2,461

1,591

Balance recognized upon the merger with Credit Suisse (Schweiz)

AG as of 1.4.24

701

Additions

261

272

271

Disposals / write-offs

(13)

(197)

(1)

(24)

(18)

(2)

(255)

(102)

Reclassifications

258

(258)

Balance at the end of the year

2,290

2,478

2,461

Accumulated depreciation

Balance at the beginning of the year

186

1,085

1,383

598

Balance recognized upon the merger with Credit Suisse (Schweiz)

AG as of 1.4.24

537

Depreciation

313

324

348

Impairment

Disposals / write-offs

(7)

(186)

(1)

(24)

(17)

(235)

(101)

Reclassifications

Balance at the end of the year

1,376

1,473

1,383

Net book value

Net book value at the beginning of the year

971

1,078

992

Net book value at the end of the year

914

1,005

1,078

1 Mainly related to Internally generated software.

2 Includes write-offs of fully depreciated assets.

Operating lease commitments

CHF m

31.12.25

Expenses for operating leases to be recognized in:

2026

131

2027

122

2028

116

2029

2030

2031 and thereafter

Total commitments for minimum payments under operating

leases

506

Property, equipment and software are depreciated on

a straight-line basis over their useful

life, which is between 3 and

10 years.

UBS Switzerland AG standalone financial statements (audited)

Note 17

Goodwill and other intangible assets

At historical cost less accumulated amortization

CHF m

31.12.25

31.12.24

Historical cost

Balance at the beginning of the year

Additions

200

Balance at the end of the year

200

Accumulated amortization

Balance at the beginning of the year

Amortization

Balance at the end of the year

Net book value

Net book value at the beginning of the year

Net book value at the end of the year

160

In January

2025, as

part of

the transaction

with Swisscard

AECS GmbH,

UBS Switzerland

AG recognized

goodwill of

CHF 200m. This goodwill is amortized on a straight-line basis over five years and assessed for impairment annually.

›

Refer to Note 2 for more information

Note 18a

Other assets

CHF m

31.12.25

31.12.24

Settlement and clearing accounts

219

146

VAT and other indirect tax receivables

Other

281

489

of which: other receivables due from UBS Group AG or its subsidiaries

123

302

Total other assets

571

694

1 Includes components of Settlement and clearing accounts and Other of CHF 490m within the scope of ECL as of 31 December 2025 (CHF 625m as of

31 December 2024). Refer to Note 10d for more information.

Note 18b

Other liabilities

CHF m

31.12.25

31.12.24

Deferral position for hedging instruments

337

Settlement and clearing accounts

811

664

VAT and other indirect tax payables

337

562

Other

1,359

1,270

of which: other payables due to UBS Group AG or its subsidiaries

870

740

Total other liabilities

2,843

2,541

UBS Switzerland AG standalone financial statements (audited)

Note 19

Pledged assets

31.12.25

31.12.24

CHF m

Carrying amount of

pledged assets

Effective

commitment

Carrying amount of

pledged assets

Effective

commitment

Cash and balances at central banks

747

1,494

774

1,549

Due from customers

541

495

954

895

Mortgage loans

51,308

32,255

58,152

31,972

Total pledged assets

52,595

34,244

59,880

34,416

1 Excluding securities financing transactions. Refer to Note 8 for more information on securities financing transactions.

2 Related to the collateral account with the Swiss National Bank pledged in favor of Esisuisse

to cover the required 50% of the payment commitment related to

deposit insurance. Refer to the “Off-balance sheet items” section for more information about Swiss deposit insurance.

3 Related to COVID-19 loans

granted under the program

established by the Swiss Federal

Council pledged to the Swiss

National Bank.

4 These pledged mortgage loans

serve as collateral for existing

liabilities against Swiss central

mortgage

institutions and for

existing covered bond

issuances (including repurchased

covered bonds).

5 Excludes CHF

4.3bn of assets

pledged in excess

of collateral requirements

against existing liabilities

and therefore

available to secure additional lending in the future.

6 Of these pledged mortgage loans, approximately CHF 7.2bn could be withdrawn or used for future liabilities without breaching existing collateral requirements.

Note 20

Maturity structure of financial instruments

Maturity analysis of financial instruments

CHF m

At sight

Cancellable

Due within

1 month

Due between

1 and 3

months

Due between

3 and 12

months

Due between

1 and 5

years

Due after

5 years

Perpetual /

Not

applicable

Total

Assets

Cash and balances at central banks

87,438

747

88,185

Due from banks

3,743

520

497

1,815

3,335

197

10,109

Receivables from securities financing transactions

194

1,629

1,899

Due from customers

488

12,949

22,497

10,743

10,192

18,163

3,620

78,653

Mortgage loans

74,412

6,454

9,140

31,782

104,165

56,655

282,607

Trading portfolio assets

2,344

Derivative financial instruments

3,911

Financial investments

615

1,747

3,244

22,348

1,679

29,741

Total assets / financial instruments

as of 31.12.25

98,005

88,302

31,715

22,131

47,098

148,011

62,152

497,449

Total assets / financial instruments

as of 31.12.24

114,154

80,730

43,416

23,052

52,449

134,535

64,262

512,623

Liabilities

Due to banks

8,870

571

897

24,101

32,942

7,100

8,100

82,622

Payables from securities financing transactions

100

115

530

6,731

7,518

Due to customers

236,389

83,466

7,874

8,078

8,410

4,382

348,604

Trading portfolio liabilities

183

Derivative financial instruments

1,894

Bonds issued and loans from central mortgage

institutions

310

390

1,918

13,666

15,444

31,728

Total liabilities / financial instruments

as of 31.12.25

247,378

84,137

9,196

8,510

34,959

57,720

22,549

8,100

472,548

Total liabilities / financial instruments

as of 31.12.24

223,980

93,906

25,528

21,745

39,228

49,085

24,106

8,100

485,680

1 Cash and balances at central banks cancellable relates to the collateral account with the Swiss National Bank pledged in favor of Esisuisse to cover the required 50% of the payment commitment related to deposit

insurance.

2 Due to banks with maturity above one year and Perpetual mainly relates to loss-absorbing capacity-eligible

positions.

UBS Switzerland AG standalone financial statements (audited)

Note 21

Assets and liabilities by domestic and foreign origin in accordance with the domicile principle

31.12.25

31.12.24

CHF m

Domestic

Foreign

Domestic

Foreign

Assets

Cash and balances at central banks

88,185

103,477

Due from banks

6,023

4,086

5,212

4,005

Receivables from securities financing transactions

300

1,599

5,928

5,301

Due from customers

39,678

38,976

41,878

35,675

Mortgage loans

281,968

639

281,918

464

Trading portfolio assets

2,292

1,956

Derivative financial instruments

1,777

2,135

2,913

1,361

Financial investments

4,343

25,398

3,458

19,021

Accrued income and prepaid expenses

351

534

357

375

Investments in subsidiaries and other participations

675

1,101

Property, equipment and software

1,005

1,078

Goodwill and other intangible assets

160

Other assets

543

639

Total assets

427,298

73,447

449,915

66,312

Liabilities

Due to banks

77,844

4,777

78,755

5,368

Payables from securities financing transactions

7,484

260

8,942

Due to customers

304,116

44,489

304,416

54,629

Trading portfolio liabilities

168

176

Derivative financial instruments

764

1,130

669

809

Bonds issued and loans from central mortgage institutions

31,728

31,574

Accrued expenses and deferred income

1,493

109

1,655

307

Other liabilities

2,354

490

2,378

163

Provisions

314

432

Total liabilities

418,661

58,660

420,222

70,410

Equity

Share capital

Statutory capital reserve

21,286

21,837

Voluntary earnings reserve

1,378

Net profit / (loss) for the period

2,128

2,371

Total equity

23,425

25,596

Total liabilities and equity

442,086

58,660

445,818

70,410

UBS Switzerland AG standalone financial statements (audited)

Note 22

Total assets by geographical location

31.12.25

31.12.24

CHF m

Assets

Switzerland

427,298

449,915

Europe, Middle East and Africa

46,237

40,261

of which: Qatar

6,085

4,047

of which: Luxembourg

5,841

5,288

of which: Germany

5,669

4,371

of which: United Kingdom

4,397

2,768

of which: France

4,084

4,159

of which: United Arab Emirates

2,139

1,840

Americas

23,432

22,397

of which: United States

12,622

12,829

of which: British Virgin Islands

4,437

3,339

Asia Pacific

3,778

3,654

Total assets

500,746

100

516,228

100

Note 23

Country risk of total assets

The table below

provides a breakdown

of total non-Swiss

assets by credit

rating. These credit

ratings reflect the

sovereign

credit rating of the country

to which the ultimate risk of

the underlying asset is related. The

ultimate country of risk for

unsecured loan positions is the

domicile of the immediate borrower or,

in the case of a legal

entity,

the domicile of the

ultimate

parent

entity.

For

collateralized

guaranteed

positions,

the

ultimate

country

risk

the

domicile

the

provider of the collateral

or guarantor or,

if applicable, the domicile of

the ultimate parent entity

of the provider of

the

collateral or guarantor.

For mortgage

loans, the

ultimate country

of risk

is the

country where

the real

estate is

located. Similarly,

the ultimate

country of

risk for

property and

equipment is

the

country where

the property

and equipment

are located.

Assets for

which Switzerland is

the ultimate country

of risk are provided

separately,

in order to

reconcile them to

total balance sheet

assets.

›

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

available under “Annual reporting” at

ubs.com/investors

, for more information

Country risk of total assets

31.12.25

31.12.24

Classification

Internal UBS rating

Description

Moody’s Investors

Service

S&P

Fitch

CHF m

Low risk

0 and 1

Investment grade

Aaa

AAA

21,313

36,949

Aa1 to Aa3

AA+ to AA–

30,095

12,100

Medium risk

A1 to A3

A+ to A–

11,475

11,151

Baa1 to Baa2

BBB+ to BBB

5,965

1,993

Baa3

BBB–

804

1,205

High risk

Sub-investment grade

Ba1

BB+

338

236

Ba2

252

309

Ba3

BB–

132

B+

681

623

Very high risk

222

211

B–

230

165

Caa1 to Caa2

CCC+ to CCC

118

120

Caa3 to C

CCC– to C

502

385

Distressed

Default

Defaulted

Subtotal

72,152

65,528

Switzerland

428,593

450,700

Total assets

500,746

100

516,228

100

UBS Switzerland AG standalone financial statements (audited)

Note 24

Assets and liabilities by the most significant currencies for the bank

31.12.25

CHF m

CHF

USD

EUR

GBP

Other

Total

Assets

Cash and balances at central banks

87,992

174

88,185

Due from banks

5,247

2,815

693

127

1,227

10,109

Receivables from securities financing transactions

300

1,243

152

204

1,899

Due from customers

36,943

18,930

20,829

836

1,115

78,653

Mortgage loans

281,159

674

151

623

282,607

Trading portfolio assets

2,287

2,344

Derivative financial instruments

3,539

338

3,911

Financial investments

5,304

13,334

10,751

346

29,741

Accrued income and prepaid expenses

282

353

234

885

Investments in subsidiaries and other participations

670

675

Property, equipment and software

1,005

Goodwill and other intangible assets

160

Other assets

373

157

571

Total assets shown on the balance sheet

422,976

37,902

33,033

2,166

4,669

500,746

Delivery entitlements from spot exchange, forward forex and forex options transactions

26,228

35,371

22,884

3,482

12,649

100,613

Total assets

449,203

73,273

55,917

5,648

17,318

601,359

Liabilities

Due to banks

76,082

3,641

1,225

196

1,477

82,622

Payables from securities financing transactions

4,588

2,312

502

115

7,518

Due to customers

266,806

42,119

30,055

3,404

6,221

348,604

Trading portfolio liabilities

108

183

Derivative financial instruments

1,602

259

1,894

Bonds issued and loans from central mortgage institutions

26,140

5,588

31,728

Accrued expenses and deferred income

1,167

322

108

1,603

Other liabilities

1,874

784

155

2,843

Provisions

257

327

Total liabilities shown on the balance sheet

378,530

49,584

37,727

3,761

7,720

477,321

Equity

Share capital

Statutory capital reserve

21,286

Net profit / (loss) for the period

2,128

Total equity shown on the balance sheet

23,425

Total liabilities and equity shown on the balance sheet

401,954

49,584

37,727

3,761

7,720

500,746

Delivery obligations from spot exchange, forward forex and forex options transactions

26,212

35,394

22,810

3,491

12,707

100,613

Total equity and liabilities

428,166

84,978

60,537

7,251

20,426

601,359

Net position per currency as of 31.12.25

21,037

(11,705)

(4,620)

(1,604)

(3,108)

Net position per currency as of 31.12.24

47,734

(29,279)

(12,617)

(1,278)

(4,559)

UBS Switzerland AG standalone financial statements (audited)

Note 25

Bonds issued and loans from central mortgage institutions

Contractual maturity of carrying amount

CHF m

Due within 1

year

Due between

1 and 2 years

Due between

2 and 3 years

Due between

3 and 4 years

Due between

4 and 5 years

Due after 5

years

Total

31.12.25

Total

31.12.24

Loans from central mortgage institutions

Fixed-rate

2,057

2,176

2,046

1,544

1,618

13,347

22,789

24,127

Interest rates (range in %)

0.05–4.6

0.05–2.55

0.05–2.18

0.05–1.8

0.05–2.68

0.18–2.68

Bonds issued

Fixed-rate

561

1,212

400

1,331

2,641

2,096

8,241

6,742

o.w. in EUR

931

2,095

931

4,889

3,527

Interest rates (in %)

2.58

3.30

2.75–2.78

3.15

o.w. in CHF

561

281

400

545

1,165

3,352

3,215

Interest rates (range in %)

1.82–1.88

0.00–1.54

0.25

0.00–1.51

0.00–0.56

0.00–2.04

Floating-rate

698

705

o.w. in EUR

698

705

Interest rates (in %)

2.24

Total

2,618

4,086

2,447

2,875

4,258

15,444

31,728

31,574

1 Non-subordinated debt.

Note 26a

Share capital

31.12.25

31.12.24

Nominal value

in CHF

Number of

of which: dividend

bearing

Nominal value

in CHF

Number of shares

of which: dividend

bearing

Share capital

10,000,000

100,000,000

10,000,000

100,000,000

of which: shares outstanding

10,000,000

100,000,000

10,000,000

100,000,000

1 Registered shares issued.

UBS Switzerland AG’s share capital

is fully paid up. Each

share has a nominal

value of CHF 0.10 and entitles

the holder

to one vote

at the meeting

of the shareholders

of UBS Switzerland AG,

if entered into

the share register

as having the

right to

vote, as

well as

a proportionate

share of

distributed dividends.

UBS Switzerland

AG does

not apply

any restrictions

or limitations on the transferability of shares.

Non-distributable reserves

Non-distributable reserves were

CHF 5m as of

31 December 2025 (CHF 5m

as of 31 December

2024), equivalent to

50%

of the share capital of UBS Switzerland AG.

Note 26b

Significant shareholders

The sole direct shareholder of

UBS Switzerland AG is UBS AG, which holds

100% of UBS Switzerland AG shares. These

shares are entitled to voting rights. Indirect shareholders of UBS Switzerland AG, who do not have voting rights, include

UBS Group

AG, which holds

100% of UBS

AG shares.

Included in the

table below are

also direct

shareholders of

UBS

Group AG (acting in their own name or in their capacity as nominees for other investors or beneficial owners) that were

registered in the UBS

Group AG share

or more of

the share capital

of UBS Group

AG as of

31 December

2025 or as of 31 December 2024.

The shares

and share

capital of

UBS Switzerland

AG held

by indirect

shareholders shown

in the

table below

represent

their relative holding of UBS Group AG shares. They do not have voting rights in UBS Switzerland AG.

Significant shareholders

31.12.25

31.12.24

CHF m, except where indicated

Share capital held

Shares held (%)

Share capital held

Shares held (%)

Significant direct shareholder of UBS Switzerland AG

UBS AG

100

Significant indirect shareholders of UBS Switzerland AG

UBS Group AG

100

DTC (Cede & Co.), New York

The Bank of New York Mellon, Everett

Nortrust Nominees Ltd., London

1 DTC (Cede & Co.), New York, “The

Depository Trust Company”, is a US securities clearing organization.

UBS Switzerland AG standalone financial statements (audited)

Note 27

Pension plans

a) Liabilities related to the pension plans

CHF m

31.12.25

31.12.24

Provision for pension plans

Bank accounts at UBS and UBS debt instruments held by pension funds

270

516

UBS derivative financial instruments held by pension funds

Total liabilities related to pension plans

289

571

b) Pension plans

As of or for the year ended

CHF m

31.12.25

31.12.24

Pension plans surplus

3,355

3,616

Economic benefit / (obligation) of UBS Switzerland AG

Change in economic benefit / (obligation) recognized in the income statement

Employer contributions in the period recognized in the income statement

286

274

Performance awards-related employer contributions accrued

Total pension expense recognized in the income statement within Personnel expenses

323

307

1 The pension plans surplus

is determined in accordance with

Swiss GAAP (FER 26) and

consists of the reserves for the

fluctuation in asset values and

prepaid contributions. The

reserves for the fluctuation did

not

represent an economic benefit for UBS Switzerland AG in accordance with Swiss accounting standards as of both 31 December

2025 and 31 December 2024. Refer to Note 2 for more information.

The pension plans recognized an economic benefit of CHF 7m as of 31 December 2025 and as of 31 December 2024.

Note 28

Related parties

Transactions

with related

parties are

conducted at internally

agreed transfer

prices, at arm’s

length or,

with respect

loans, fixed

advances and

mortgages to

non-independent members

of the

governing bodies in

the ordinary

course of

business, on substantially the

same terms and

conditions that are

available to other employees,

including interest rates

and collateral, and neither involve more than the normal risk of collectability nor contain any other unfavorable features

for the firm. Independent members of the

governing bodies are granted loans and mortgages in

the ordinary course of

business at general market conditions.

Related parties

31.12.25

31.12.24

CHF m

Amounts due from

Amounts due to

Amounts due from

Amounts due to

Qualified shareholders

3,146

77,696

9,542

78,280

of which: due from / to banks

1,443

76,119

3,654

76,692

of which: receivables / payables from securities financing transactions

968

5,298

230

of which: due from / to customers

237

712

219

571

of which: derivative financial instruments

423

349

208

290

of which: accrued income / expenses

185

249

of which: other assets / liabilities

332

149

248

Subsidiaries

5,337

891

4,867

601

of which: due from / to banks

4,957

685

4,532

457

of which: due from / to customers

231

238

of which: derivative financial instruments

129

Affiliated entities

416

1,735

535

2,011

of which: due from / to banks

358

240

352

436

of which: due from / to customers

975

1,037

of which: other assets / liabilities

517

171

502

Members of governing bodies

126

125

External auditors

Other related parties

503

545

264

1 Qualified shareholders of UBS Switzerland AG are UBS Group AG and UBS AG.

2 Subsidiaries of UBS Switzerland AG are UBS Card Center AG, TopCard Service AG, UBS Hypotheken Schweiz AG,

UBS Hypotheken

AG, Bank-now AG, FIDES Treasury

Services AG, Credit Suisse Entrepreneur Capital AG and

Credit Suisse (Schweiz) Hypotheken AG.

3 Affiliated entities of UBS Switzerland AG are all direct and indirect subsidiaries

of UBS Group AG, excluding subsidiaries of UBS Switzerland AG. Refer to Note 15 for more information.

4 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board

of UBS Group AG and the members of the Board of Directors and Executive Board of UBS Switzerland AG and the members of the Board of Directors and Executive Board of UBS AG.

5 Includes amounts due from /

to other participations. As of 31 December 2025, CHF 115m of guarantees (31 December 2024: CHF 172m) and CHF 483m of irrevocable loan commitments (31 December 2024: CHF 765m) are reported off-balance

sheet as

contingent liabilities

under Credit

guarantees

and similar

instruments and

Irrevocable commitments,

respectively.

Additionally,

CHF 91m other

credit lines

were provided

to other

participations as

31 December 2025 (31 December 2024: CHF 73m).

UBS Switzerland AG standalone financial statements (audited)

Note 29

Fiduciary transactions

CHF m

31.12.25

31.12.24

Fiduciary deposits

64,128

69,938

of which: placed with third-party banks

24,590

26,195

of which: placed with subsidiaries and affiliated entities

39,538

43,743

Fiduciary loans

2,656

1,774

Total fiduciary transactions

66,784

71,712

Fiduciary transactions encompass customer deposits and loans

transactions entered into or granted

by UBS Switzerland

AG that result in holding or placing assets and

liabilities on behalf of individuals, trusts, defined benefit plans and other

institutions. Unless

the recognition

criteria for

the assets

and liabilities

are satisfied,

these assets

and liabilities

and the

income

and

expense

are

excluded

from

UBS

Switzerland

AG’s

balance

sheet

and

income

statement

but

are

disclosed

this

Note

off-balance

sheet

fiduciary

transactions.

Client

deposits

that

are

initially

placed

fiduciary

transactions with UBS Switzerland AG may be recognized on UBS Switzerland AG’s balance sheet in situations in which

the deposit is subsequently

placed within UBS Switzerland

AG. In such cases,

these deposits are not reported

in the table

above.

Note 30a

Invested assets and net new money

As of or for the year ended

CHF bn

31.12.25

31.12.24

Discretionary assets

171

179

Other invested assets

915

870

Total invested assets

1,086

1,049

of which: double counts

Net new money

1 Includes double counts.

Note 30b

Development of invested assets

For the year ended

CHF bn

31.12.25

31.12.24

Total invested assets (including double counts) at the beginning of the year

1,049

701

Invested assets recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.7.24

262

Net new money inflows / (outflows)

Market movements (including dividends and interests)

Currency effects

(54)

Other effects

(19)

of which: transfers from / to UBS Group AG subsidiaries

(13)

of which: acquisitions / (divestments)

Total invested assets at the end of the year

1,086

1,049

1 Invested assets

recognized upon

the legal

effectiveness date

of the merger

of UBS Switzerland

AG and

Credit Suisse

(Schweiz) AG

were measured

as of 1

July 2024

and were

reported in

alignment with

UBS

accounting policies outlined in “Note 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group

Annual Report 2024.

2 Includes double counts.

›

Refer to “Note 30 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group

Annual Report 2025,

available under “Annual reporting” at

ubs.com/investors

, for more information

UBS Switzerland AG standalone financial statements (audited)

Statement of proposed appropriation of total profit

and dividend distribution

The

Board

Directors

proposes

that

the

Annual

General

Meeting

Shareholders

April

2026

approve

the

appropriation of total profit and an ordinary dividend distribution of CHF 2,000m out of the total profit as follows:

Statement of proposed appropriation of total profit and dividend distribution

For the year ended

CHF m

31.12.25

Net profit for the period

2,128

Profit / (loss) carried forward

Total profit available for appropriation

2,128

Appropriation of total profit

Appropriation to voluntary earnings reserve

(128)

Dividend distribution

(2,000)

Profit / (loss) carried forward

UBS Switzerland AG standalone regulatory information

UBS Switzerland AG standalone regulatory

information

Key metrics for the fourth quarter of 2025

The

table

below

based

the

Swiss

Financial

Market

Supervisory

Authority

(FINMA)

Ordinance

the

Disclosure

Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.

During the fourth quarter of 2025, common equity tier 1

capital decreased by CHF 0.3bn to CHF 21.2bn, mainly as the

operating profit was more than offset by additional dividend accruals.

Total risk-weighted

assets (RWA)

decreased by

CHF 4.2bn to

CHF 164.1bn, mainly

driven by

lower credit

and counterparty

credit risk RWA.

The leverage

ratio denominator

(the LRD)

decreased by

CHF 9.5bn

to CHF

538.3bn, mainly

due to

a reduction

in the

exposure to the Swiss National Bank, driven by treasury activities.

The

quarterly

average

liquidity

coverage

ratio

(the

LCR)

UBS

Switzerland

decreased

8.4 percentage

points

132.0%, remaining above the prudential

requirement communicated by FINMA.

The movement in the quarterly

average

LCR was primarily driven by a CHF 4.3bn increase in

the average net cash outflows to CHF 87.3bn, mainly

due to higher

outflows from intercompany funding from UBS AG and customer deposits. Average high-quality liquid assets decreased

by CHF 1.2bn to

CHF 115.2bn, mainly reflecting lower

cash available due

to an increase

in lending assets,

partly offset

by higher cash available from funding received from UBS AG.

As of 31 December 2025, the

net stable funding ratio

decreased 0.8 percentage points to

125.2%, remaining above the

prudential

requirement

communicated

FINMA.

Available

stable

funding

increased

CHF 5.6bn

CHF 357.0bn,

mainly driven by higher intercompany

funding and customer deposits. Required

stable funding increased by CHF 6.2bn

to CHF 285.0bn, predominantly reflecting higher lending assets.

UBS Switzerland AG standalone regulatory information

KM1: Key metrics

CHF m, except where indicated

31.12.25

30.9.25

30.6.25

31.3.25

31.12.24

Available capital (amounts)

Common Equity Tier 1 (CET1)

21,188

21,527

21,470

21,596

21,659

Tier 1

29,182

29,520

29,463

29,590

29,652

Total capital

29,182

29,520

29,463

29,590

29,652

Risk-weighted assets (amounts)

Total risk-weighted assets (RWA)

164,062

168,223

168,701

174,610

186,265

Total risk-weighted assets (pre-floor)

152,624

154,370

151,470

153,743

168,033

Minimum capital requirement

13,125

13,458

13,496

13,969

14,901

Risk-based capital ratios as a percentage of RWA

Common equity tier 1 ratio (%)

12.91

12.80

12.73

12.37

11.63

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

13.88

13.95

14.17

14.05

12.89

Tier 1 ratio (%)

17.79

17.55

17.46

16.95

15.92

Tier 1 ratio (%) (pre-floor)

19.12

19.45

19.25

17.65

Total capital ratio (%)

17.79

17.55

17.46

16.95

15.92

Total capital ratio (%) (pre-floor)

19.12

19.45

19.25

17.65

Additional CET1 buffer requirements as a percentage of RWA

Capital conservation buffer requirement (%)

2.50

Countercyclical buffer requirement (%)

0.05

0.06

0.07

0.06

0.08

Additional countercyclical buffer for Swiss mortgage loans (%)

0.91

0.82

0.83

0.80

0.88

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

Total of bank CET1 specific buffer requirements (%)

2.55

2.56

2.57

2.56

2.58

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

8.41

8.30

8.23

7.87

7.13

Basel III leverage ratio

Total Basel III leverage ratio exposure measure

538,262

547,805

549,690

551,716

556,053

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

exemption of central bank reserves)

5.42

5.39

5.36

5.33

14b

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

temporary exemption of central bank reserves)

5.42

5.39

5.36

14c

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

exemption of central bank reserves) incorporating mean values for SFT

assets

5.41

5.39

5.34

14d

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

temporary exemption of central bank reserves) incorporating mean values for

SFT assets

5.41

5.39

5.34

14e

Minimum capital requirements

16,148

16,434

16,491

16,551

Liquidity coverage ratio (LCR)

Total high-quality liquid assets (HQLA)

115,181

116,430

111,945

111,231

125,007

Total net cash outflow

87,315

83,009

81,142

81,164

87,160

16a

of which: cash outflows

119,321

113,942

110,217

110,357

116,768

16b

of which: cash inflows

32,006

30,933

29,074

29,193

29,608

LCR (%)

132.00

140.37

138.05

137.08

143.47

Net stable funding ratio (NSFR)

Total available stable funding

356,977

351,349

354,633

355,035

359,170

Total required stable funding

285,045

278,806

275,862

276,279

271,688

NSFR (%)

125.24

126.02

128.55

128.51

132.20

1 Calculated as 8% of total RWA,

based on total capital minimum requirements,

excluding CET1 buffer requirements.

2 Excludes non-BCBS capital buffer requirements

for risk-weighted positions that are directly

or indirectly backed by residential

properties in Switzerland.

3 Represents the CET1 ratio that

is available to meet buffer

requirements. Calculated as the

CET1 ratio minus the BCBS

CET1 capital requirement and,

where applicable, minus the BCBS

tier 2 capital requirement met with

CET1 capital.

4 There is currently no temporary

exemption of central bank reserves

for UBS.

5 The higher of capital requirements

based on

8% of RWA

or 3% of LRD.

6 Calculated after the application

of haircuts and

inflow and outflow rates,

as well as,

where applicable, caps

on Level 2 assets

and cash inflows.

Calculated based on an

average of

64 data points

in the

fourth quarter

of 2025

and 65

data points

in the

third quarter

of 2025.

For the

prior-quarter

data points,

refer to

the respective

Pillar 3 Report,

available under

“Pillar 3 disclosures”

ubs.com/investors, for more information.

7 UBS Switzerland AG is required to maintain a minimum NSFR of at least 100% on an ongoing basis, as set out in Art. 17h para. 1 of the Liquidity Ordinance. A portion of

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

UBS Switzerland AG standalone regulatory information

Swiss systemically relevant bank going and gone concern requirements and information

The

tables

below provide

details

the Swiss

systemically relevant

bank

(SRB) RWA-

and

LRD-based going

and

gone

concern requirements

and information

as required

by FINMA;

details regarding

eligible gone

concern instruments

are

provided below.

UBS Switzerland AG is considered an SRB under Swiss banking law and is subject to capital regulations on a

standalone

basis.

31 December

2025,

the

going

concern

capital

and

leverage

ratio

requirements

for

UBS Switzerland AG

standalone were 15.26% (including a countercyclical buffer of 0.96%) and 5.00%, respectively.

The Swiss SRB

framework and going

concern requirements applicable to

UBS Switzerland AG standalone are

the same

as those applicable to UBS Group AG consolidated. The

gone concern requirement corresponds to 62% of the Group’s

going concern

requirements, excluding

the countercyclical

buffer requirements

and Pillar 2

add-ons. Outstanding

total

loss-absorbing capacity-eligible

unsecured debt

instruments are

eligible to

meet gone

concern requirements

until one

year before maturity.

The gone

concern requirements

were 8.87%

for the

RWA-based requirement

and 3.10%

for the

LRD-based requirement.

›

Refer to “Capital and capital ratios of our significant regulated subsidiaries” in the “Capital

management” section of the UBS

Group Annual Report 2025, available under “Annual reporting” at

ubs.com/investors

, for information about the joint liability of

UBS AG and UBS Switzerland AG

Swiss SRB going and gone concern requirements and information

As of 31.12.25

RWA

LRD

CHF m, except where indicated

in %

Required going concern capital

Total going concern capital

15.26

25,042

5.00

26,913

Common equity tier 1 capital

10.96

17,988

3.50

18,839

of which: minimum capital

4.50

7,383

1.50

8,074

of which: buffer capital

5.50

9,023

2.00

10,765

of which: countercyclical buffer

0.96

1,581

Maximum additional tier 1 capital

4.30

7,055

1.50

8,074

of which: additional tier 1 capital

3.50

5,742

1.50

8,074

of which: additional tier 1 buffer capital

0.80

1,312

Eligible going concern capital

Total going concern capital

17.79

29,182

5.42

29,182

Common equity tier 1 capital

12.91

21,188

3.94

21,188

Total loss-absorbing additional tier 1 capital

4.87

7,994

1.49

7,994

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

4.87

7,994

1.49

7,994

Required gone concern capital

Total gone concern loss-absorbing capacity

8.87

14,546

3.10

16,686

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

8.87

14,546

3.10

16,686

Eligible gone concern capital

Total gone concern loss-absorbing capacity

11.67

19,147

3.56

19,147

TLAC-eligible unsecured debt

11.67

19,147

3.56

19,147

Total loss-absorbing capacity

Required total loss-absorbing capacity

24.13

39,588

8.10

43,599

Eligible total loss-absorbing capacity

29.46

48,329

8.98

48,329

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

164,062

Leverage ratio denominator

538,262

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

2 A maximum of 25% of the gone concern requirements can be met with instruments that

have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two

years, all

instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital.

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

UBS Switzerland AG standalone regulatory information

Swiss SRB going and gone concern information

CHF m, except where indicated

31.12.25

30.9.25

31.12.24

Eligible going concern capital

Total going concern capital

29,182

29,520

29,652

Total tier 1 capital

29,182

29,520

29,652

Common equity tier 1 capital

21,188

21,527

21,659

Total loss-absorbing additional tier 1 capital

7,994

7,993

7,994

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

7,994

7,993

7,994

Eligible gone concern capital

Total gone concern loss-absorbing capacity

19,147

19,151

19,274

TLAC-eligible unsecured debt

19,147

19,151

19,274

Total loss-absorbing capacity

48,329

48,671

48,926

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

164,062

168,223

186,265

Leverage ratio denominator

538,262

547,805

556,053

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

17.8

17.5

15.9

of which: common equity tier 1 capital ratio

12.9

12.8

11.6

Gone concern loss-absorbing capacity ratio

11.7

11.4

10.3

Total loss-absorbing capacity ratio

29.5

28.9

26.3

Leverage ratios (%)

Going concern leverage ratio

5.4

5.3

of which: common equity tier 1 leverage ratio

3.9

Gone concern leverage ratio

3.6

3.5

Total loss-absorbing capacity leverage ratio

9.0

8.9

8.8

UBS Switzerland AG standalone regulatory information

Sustainability and climate risk

Our climate strategy

and governance are

determined and overseen

at the UBS

Group level. Climate-related

metrics for

the UBS Switzerland AG legal entity are presented in the UBS Group Annual Report 2025.

›

Refer to “Our focus on sustainability” in the “Our stakeholders” section and to “Sustainability and climate risk” in the “Risk

management and control” section of the UBS Group Annual Report 2025, available

under “Annual reporting” at

ubs.com/investors

, for more information

›

Refer to “Our sustainability and impact strategy” in the “Strategy” section of the UBS Group Sustainability

Report 2025, available

under “Annual reporting” at

ubs.com/investors

, for more information

Cautionary statement |

This report and

the information contained

herein are provided solely

for information purposes,

and are not

to be construed

as solicitation

of an offer to buy or sell any

securities or other financial instruments in Switzerland, the United

States or any other jurisdiction. No investment decision relating

to securities of or relating to UBS Group

AG, UBS AG or their affiliates should be made on

the basis of this report. Refer to UBS’s most

recent annual report on

Form 20-

quarterly reports and

other information furnished

to or filed

with the US

Securities and Exchange

Commission (the SEC)

on Form 6-K,

available at

ubs.com/investors

, for additional information.

Rounding |

Numbers presented throughout this report may not add up precisely to the totals provided in the tables and

text. Percentages and percent changes

disclosed in text and

tables are calculated

on the basis of

unrounded figures. Absolute

changes between reporting

periods disclosed in the

text, which can be

derived from numbers presented in related tables, are calculated on a rounded basis.

Tables

Within tables, blank fields generally indicate non-applicability

or that presentation of any content

would not be meaningful, or that

information is not

available as of the relevant date or for the relevant period.

Zero values generally indicate that the respective figure is zero

on an actual or rounded basis. Values

that are zero on a rounded basis can be either negative or positive on an actual basis.

Websites |

In this report, any

website addresses are provided

solely for information

and are not intended

to be active

links. UBS does

not incorporate the

contents

of any such websites into this report.

UBS Switzerland AG

P.O. Box

CH-8098 Zurich

ubs.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this

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

UBS Group AG

By: _/s/ Steffen Henrich__________

Name: Steffen Henrich

Title: Group Controller

By: _/s/ David Kelly _____________

Name:

David Kelly

Title:

Managing Director

UBS AG

By: _/s/ Steffen Henrich__________

Name: Steffen Henrich

Title: Controller

By: _/s/ David Kelly _____________

Name:

David Kelly

Title:

Managing Director

Date:

March 9, 2026

UBS Group AG 6-K