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: July 30, 2026

UBS Group AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

(Address of principal executive office)

Commission File Number: 1-36764

UBS AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

Aeschenvorstadt 1, 4051 Basel, Switzerland

(Address of principal executive offices)

Commission File Number: 1-15060

Indicate by check mark whether the registrants file or will file annual reports under cover of Form

20-F or Form 40-

Form 20-F

☒

Form 40-F

☐

This Form 6-K consists of the transcripts of the of UBS Group 2Q26 Earnings call remarks and

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

Second quarter 2026 results

29 July 2026

Speeches by

Sergio P.

Ermotti

, Group Chief Executive Officer,

and

Todd

Tuckner

Group Chief Financial Officer

Including analyst Q&A session

Transcript.

Numbers for

slides refer

to the

second quarter

2026 results

presentation. Materials

and a

webcast

replay are available at

www.ubs.com/investors

Sergio P.

Ermotti

Slide 3 – Key messages

Thank you, Sarah and good morning, everyone.

Almost three years ago, we presented our first set of consolidated results.

From the beginning, I made it clear

that the acquisition of Credit Suisse was

not a gift that we received, but

rather,

a prize that we would all have to fight to win.

As expected,

the journey

was not

a straight

line. It

required

a lot

of hard

work from

my colleagues

at UBS

and

painful decisions. Now these

efforts are paying off, and the

extraordinary patience and support

of our shareholders

is starting to be rewarded.

In the first

half of the

year,

we achieved a

return on CET1

capital of around

17%. While the

year is not

over,

are close to achieving the same level of profitability UBS had prior to the acquisition, underscoring our efforts over

the last three years.

Just as

importantly, we laid the

foundation to

drive sustainable

value creation

and long-term

growth while

providing

enhanced capabilities to our clients and even better opportunities for our people.

The second quarter provided further evidence of the power of our globally diversified franchise and our potential.

Markets remained remarkably resilient and client sentiment was constructive, supported by growing confidence in

the long-term outlook for global growth and continued investment in AI and emerging technologies.

Against this backdrop,

our integrated One

Bank model remains

a key driver

of growth as

we deliver the

full breadth

of our capabilities across the firm to clients, deepening relationships and reinforcing our competitive position.

This was reflected in another quarter of robust inflows onto our Global Wealth and Asset Management platforms,

which drove Group invested assets to a record of 7.3 trillion.

The value of

collaboration is

most evident in

the performance of

our APAC and Americas

regions this quarter

where

we achieved several revenue records across our franchises. Profit before tax doubled in APAC

and grew by 85% in

the Americas.

In Switzerland, we granted or renewed

around 40 billion Swiss francs

of loans to businesses and households,

and

we saw broad-based growth across all our businesses booked in Switzerland.

And for the first full quarter in

which

we were operating on UBS platforms.

The Investment Bank delivered

another quarter of exceptional returns

while maintaining risk and capital

discipline

– a reflection of our strengthened competitive position and the enhanced scale of our platform.

We are

also close

to substantially

completing the

integration by

the end

of the

year,

as planned.

With all

clients

migrated

and

the

wind-down

Non-core

and

Legacy

nearing

completion,

than

90%

legacy

business

applications are

no longer

in use.

This enables

us to

accelerate decommissioning

and further

simplify our

operations.

realize

cost

synergies,

continue

strategically

invest

drive

long-term

growth

expanding

our

technological capabilities,

including AI, digital

assets and

infrastructure. We

are empowering

our colleagues

with

the tools and

skills needed to

accelerate adoption and

deliver greater value

for clients and

help improve productivity

in the coming years.

Our performance to date has resulted in healthy capital generation. This has further fortified our balance sheet for

all seasons

and allows

us to

continue deploying

resources towards profitable

growth opportunities

to support

clients

and deliver on our capital return ambitions.

With our latest share repurchase

program just finished, we are

continuing with another program under which

intend to buy back 3 billion dollars of shares at the latest by the end of the second quarter 2027.

We plan to buy back at least 1 billion over the next three months. The amount and pace will remain subject to our

short-term financial performance

and outlook, maintaining

a CET1 capital

ratio of around

14% and further

visibility

on the deliberations by the Swiss Parliament on the capitalization of foreign subsidiaries.

enter

the

third

quarter,

market

conditions

remain

broadly

constructive,

supported

healthy

client

engagement, the continued broadening of market leadership and historically elevated equity dispersion.

At the same

time, ongoing geopolitical

developments and volatile energy

prices lead to high

levels of uncertainty

around

the

inflation

and

interest

rate

outlook.

This

could

contribute

changes

macroeconomic

conditions,

periods of elevated volatility and more measured investor sentiment.

In closing,

we entered

the second

half of

the year

with considerable

momentum and

we are

well positioned

outperform our 2026 exit-rate

return target and achieve

our exit-rate cost-income ratio

target. But we know

that

conditions can change quickly, and important work remains.

As a result, we remain firmly focused on what we can

control: staying close to clients, completing the integration,

executing

our

growth

plans

and

managing

risk

with

discipline

all

while

remaining

trusted

partner

the

communities where we live and work.

With that, let me hand over to Todd.

Todd

Tuckner

Slide 5 – Underlying PBT +45% on strong revenue growth and operating leverage

Thank you Sergio, and good morning everyone.

In the second quarter, we delivered

reported net profit of 2.8 billion and earnings per share of 87 cents.

On an

underlying basis,

our pre-tax

profit was

3.9 billion,

up 45%

year on

year,

and our

return on

CET1 capital

was 16.4%.

Revenues increased by 16% to 13.3 billion and were up 14% across our core franchises.

Operating

expenses

were

higher

stronger

revenue

performance,

and

were

down

when

excluding

variable compensation, litigation and currency effects.

Overall, we drove 8 percentage points of positive operating leverage, resulting in a cost-income ratio of 70%.

Slide 6 – Net profit 2.8bn driven by PBT growth across our businesses

Moving to slide 6.

Our strong

second-quarter results

underscore

our earnings

power,

with broad-based

growth

across

each of

our

core franchises, led

by Global Wealth

Management and the

Investment Bank. This

balanced performance reflects

continued client momentum, the breadth of our capabilities, and the durable benefits of the integration.

On a reported

basis, our pre-tax

profit of 3.6

billion included 352 million

of revenue adjustments

and 645 million

integration

expenses.

Consistent

with

our

full-year

guidance,

expect

integration-related

expenses

the

second half to be around

750 million, split roughly evenly

between the third and fourth quarters,

as we complete

the remaining work and close out the integration program by year end.

The effective tax rate was 22%, slightly below our full-year guidance of 23%.

Slide 7 – On track to deliver ~13.5bn gross cost saves by YE26

Turning to our cost update on slide 7.

During the

second quarter,

we delivered

further gross

cost reductions

of 1.1

billion, bringing

cumulative savings

since the

end of

2022 to

12.6 billion.

With more

than 90%

of the

cost synergies

expected from

the acquisition

now realized, we remain firmly on track to achieve our 13-and-a-half-billion ambition by the end of this year.

The total headcount at quarter-end

was 112 thousand, 4% lower sequentially and approximately

28% below our

2022 baseline.

Over

this

same

period,

we’ve

also

reduced

the

Group’s

operating

expenses

28%

when

excluding

litigation,

variable compensation and currency effects.

Building on

strong

execution in

the first

quarter,

we further

progressed

our cost

actions in

2Q, accelerating

the

realization of synergies

we had

expected later

this year. Together with strong revenue performance,

this has

created

additional capacity,

which we are selectively directing towards investments

in growth, technology and operational

resilience to

strengthen our

positioning for

the future.

At the

same time,

we remain

firmly focused on

delivering

our underlying cost-income ratio target as of the end of the year.

Slide 8 – Our balance sheet for all seasons is a key pillar of our strategy

Turning to slide 8. As of the end of June, our balance sheet for all seasons consisted of 1.7 trillion in total assets.

Within that, we saw 1% sequential growth in our loan book, while deposit balances were broadly stable.

Credit quality within our

loan portfolio remained strong,

with credit-impaired exposures of 1%,

and a 7-basis-point

cost

risk.

Group

credit

loss

expense

totaled

121

million,

largely

driven

Stage

positions

Personal

Corporate Banking and the Investment Bank.

Our tangible

book value per

share decreased sequentially

by 2%

to 26

dollars and

89 cents,

primarily as

shareholder

distributions of

3.4 billion

to the

2025 dividend,

and share

repurchases

in the

quarter,

than offset

total comprehensive income.

funding,

having

completed

our

AT1

plan

the

end

March,

took

advantage

favorable

market

conditions

the

second

quarter

pre-fund

part

our

future

AT1

needs.

Looking

ahead,

we’ll

remain

opportunistic as market conditions allow.

Overall, we continue to operate

with a highly fortified and

resilient balance sheet with total loss

absorbing capacity

of 194 billion, a net stable funding ratio of 115% and an LCR of 177%.

Slide 9 – Capital generation and resource discipline while delivering on returns ambitions

Turning

to capital

on slide

9. Our

CET1 capital

ratio at

the end

of June

was 14.4%,

and our

CET1 leverage

ratio

was 4.4%.

Our common

equity tier

1 capital

in the

quarter decreased

by 0.8

billion, mainly

as earnings

accretion was

than

offset

accruals

for

future

capital

returns,

including

the

entirety

the

new

3-billion

repurchase

program

that

Sergio

highlighted

earlier.

The

buyback

accrual

reduced

our

CET1

capital

ratio

the

quarter

around 60 basis points, with a 20-basis-point impact on our CET1 leverage ratio.

RWA increased

by 4 billion,

while LRD was

lower sequentially by

a similar amount,

reflecting disciplined

resource

deployment alongside elevated client activity.

Turning to UBS AG. The parent bank’s standalone CET1

capital ratio on a fully applied basis increased sequentially

to 14.4%,

mainly reflecting

dividend payments

from its

subsidiaries and

strong operating

performance. This

was

partially offset by a 1.8 billion dividend accrual in the quarter.

Slide 10 – Global Wealth Management

Turning to our business divisions, and starting on slide 10 with Global Wealth Management.

GWM delivered a

pre-tax profit of

2 billion, up 38%

year over year,

with positive operating jaws

of 7 points, and

double

digit growth across all regions and revenue lines.

Our

performance

this

quarter

once

again

demonstrates

the

strength

and

breadth

our

wealth

franchise.

The

combination of leading

capabilities, differentiated

CIO insight and

a truly

global footprint positions

us to

capture

an increasing share of the secular growth in global wealth.

Net new assets

totaled 36 billion,

equivalent to 3% annualized

growth, and contributing

to a sequential

increase

in invested assets of 6%.

continued to

see

strong

demand for

our CIO-led

solutions, leading

to 13

billion of

net

new fee

generating

assets and

record

mandate penetration

– clear

evidence of

the value

clients place

on our

trusted, expert

advice.

Demand for discretionary mandates

remained particularly strong, including

for our flagship MyWay

solution, with

invested assets now exceeding 40 billion, up 75% year on year.

Client sentiment remained constructive during the quarter, supporting continued re-leveraging across

regions. Net

new loans were 7 billion, mainly driven by

Lombard, especially in the Americas and APAC.

Net new deposits were

2 billion as inflows into current and savings accounts more than offset outflows in fixed-term deposits.

From a regional perspective, Asia Pacific delivered

another quarter of standout performance with pre-tax profit up

48%, a

45% pre-tax

margin and

double-digit growth

across all revenue

lines. Asset

gathering also

remained strong,

with annualized growth of 5% in net new assets, and 8% in net new fee-generating assets. Mandate penetration

increased

percentage

points

year

record

level,

underscoring

how

the

APAC

wealth

team

broadening client relationships and adding

another dimension to its

growth through more recurring and diversified

revenue streams.

the

Americas,

disciplined

execution

our

strategic

priorities

continues

drive

stronger

momentum

and

profitability. Pre

-tax profits grew 47%, with a pre

tax margin of 16%, supported by record quarterly revenues. Net

new loans were 3 billion, reflecting continued traction from our enhanced banking capabilities. Strong same-store

performance drove positive net new assets of 1 billion, despite around 10 billion of seasonal tax-related outflows.

EMEA delivered another strong quarter,

with pre-tax profit increasing 28% and the pre-tax margin reaching 38%,

alongside 12

billion of

net new

assets. Continued

and sustained

demand for

CIO-led solutions

drove 9% annualized

growth in net new

fee-generating assets, helping lift

mandate penetration by 5

percentage points year on

year and

setting a new benchmark for the division.

Our Swiss unit grew

its pre-tax profit

by 25% and attracted

14 billion in net new

assets, reflecting growing

client

momentum and

operating efficiency

following the

successful completion

of the

Swiss booking

center migration

last quarter.

Turning to divisional revenues, which increased by 14%.

Recurring net

fee income grew

by 11%

to 3.7 billion,

supported by

positive market

performance and around

billion of net new fee-generating assets over the past 12 months.

Transaction

-based income rose 23%

to 1.5 billion, marking the

12th consecutive quarter of double-digit

year-on-

year growth.

APAC

and the Americas

each grew

transaction fees by

around 30%, fueled

by strong client

activity

in structured products and cash equities. This

reflects the power of our integrated

client-centric approach, bringing

together GWM and the IB to deliver differentiated solutions at scale.

Net interest income of 1.8

billion rose by 12% year

over year and 1%

sequentially, with the quarter-on-quarter rise

largely driven by higher loan volumes.

For

3Q,

expect

GWM

NII

increase

modestly,

supported

further

lending

expansion

and

higher

deposit

margins.

We now

expect full-year 2026

GWM net interest

income to grow

by around

10% versus 2025,

with strong

loan

growth, higher US dollar rates than

previously assumed, and an improved deposit mix

more than offsetting margin

compression in lower-rate currencies.

Operating expenses in GWM

rose by 6%.

When excluding variable compensation,

litigation and currency

effects,

costs declined by 1%.

Slide 11 – Personal & Corporate Banking (CHF)

Turning to Personal and Corporate Banking on slide 11.

P&C delivered a

pre-tax profit of

676 million

Swiss francs,

up 21%,

with positive

operating leverage

of 7

percentage

points.

With the

final stages

of client

account migration

successfully completed,

our Swiss

business entered

the second

quarter

fully

focused

growth.

Strong

momentum

both

attracting

new

clients

and

deepening

existing

relationships

drove

positive

net

new

clients,

balance

sheet

expansion

across

both

loans

and

deposits,

and

10%

annualized net new investment product growth for the first half.

These higher volumes and client activity levels contributed to a 3% increase in total revenues.

Net interest income increased by 1% year on year and 2% sequentially,

driven by higher loan volumes.

We expect continuing lending momentum to support flat to slightly higher P&C NII in the third quarter.

Non-interest revenue

increased by 4%

led by Personal

Banking, where custody

and mandate fees benefited

from

positive markets and strong net new investment product flows.

Corporate

and

Institutional

Clients,

lower

activity

structured

and

syndicated

finance

largely

reflected

deal

timing slipping into later periods, while

trade and export finance remained strong, particularly among clients

in the

energy sector.

Other revenues this quarter included valuation gains on investments.

Credit

loss

expense

was

million

Swiss

francs,

driven

Stage

positions.

Given

ongoing

macroeconomic

uncertainty,

we continue to

expect credit

losses in the

second half to

average around

75 million Swiss

francs per

quarter.

Reflecting

the

first-half

outcome,

now

expect

P&C’s

full-year

CLE

come

below

our

estimate of around 300 million Swiss francs.

Operating expenses declined by 4%, driven by continued synergy realization and disciplined cost management.

Slide 12 – Asset Management

Turning to Asset Management on slide 12.

Pre-tax profit grew by 9% to 237 million with assets under management surpassing 2.2 trillion.

Revenues declined

by 2%

mainly reflecting

the absence

of fee

contributions from

O’Connor following

its sale

the end of last year.

Excluding business-exit effects, revenues

increased by 5% as

fees from higher average

invested assets were partly

offset by margin pressure and an adverse year-on-year

swing in net valuation effects.

Net new

money was 6

billion, driven by

SMAs, ETFs and

Unified Global Alternatives.

UGA reached

366 billion of

invested assets and attracted 10 billion of new commitments across GWM and AM in the quarter.

Building on

this momentum,

we recently

announced a

strategic partnership

with MSCI

to enhance

transparency

and

support

growth

combining

our

investment

expertise

and

client

insights

with

MSCI’s

data

and

analytics

capabilities.

Operating expenses

declined 6%,

reflecting ongoing

cost discipline

and the

lower direct

expense base

following

the O’Connor disposal.

We expect the sale to have broadly similar impacts on third-and fourth-quarter revenue and expense comparisons.

Slide 13 – Investment Bank

Onto slide 13. The

Investment Bank delivered

excellent results, generating

record 2Q revenues,

a pre-tax profit

1.2 billion – more than double the prior-year quarter – and a pre-tax return on equity of over 23%.

Notably,

we achieved this performance without materially expanding our balance sheet. While revenues increased

31% to

3.7 billion,

RWA

and LRD

rose only

modestly,

underscoring the

strength of

our client

franchise and

our

ability to capture significantly higher activity with disciplined use of financial resources.

Global Banking revenues increased by 33% to 693 million. Capital Markets was

a standout, up 55%, with notable

strength in

LCM, where

revenues more

than doubled

year on

year,

alongside strong

performances in

both ECM

and DCM.

Advisory revenues were 5% lower primarily reflecting an M&A market increasingly skewed toward a small

number

of very large transactions, where participation is often influenced by broader client financing relationships.

Looking ahead, our

pipeline remains

healthy,

with strong

client engagement

and activity

building across

regions,

supported by

close collaboration

with GWM

in originating

advisory opportunities.

Beyond the

very largest

deals,

continue

see

good

momentum

across

the

broader

advisory

market,

particularly

the

mid-to-large-cap

segment, where our competitive position continues to strengthen.

Global Markets delivered

a record second

quarter with revenues

increasing by 31%

to just over

3 billion. Equities

led the performance, with

revenues up 53% on

strong client activity, elevated cash equity volumes and

exceptional

momentum in Asia Pacific, where Markets achieved a record quarter.

FRC revenues were

21% lower,

reflecting a less favorable

environment for our

business mix than a

year ago, and

disciplined

resource

allocation

selectively

shifted

balance

sheet

capacity

capitalize

stronger

client

momentum in Equities.

Operating expenses increased by 11%, driven by higher personnel expenses.

Slide 14 – Nearing completion of NCL wind-down

On slide 14,

Non-core and

Legacy generated a

pre-tax loss of

52 million while

we continued to

drive down costs

on an accelerated basis.

Excluding litigation,

expenses in

the quarter

declined 72%

year on

year and

30% sequentially,

resulting

in cost

reductions versus the 2022 baseline of 88%.

Reflecting the pace and

scale of cost savings

already achieved, we now

expect the 2026 exit

rate for NCL operating

expenses, excluding litigation, to be around 400 million.

Risk-weighted assets in NCL were

broadly stable sequentially,

reflecting a concentration of smaller,

more bespoke

positions in the residual portfolio.

Slide 15 – Well positioned

to outperform our 2026

exit rate underlying RoCET1

target of ~15% and

achieve <70%

underlying cost / income ratio

close, the return on CET1 capital and the cost-income ratio

we delivered in the first half of 2026 are

important

proof points

of the earnings

power and scalability

of our franchise,

as well as

our continued cost

discipline. They

also demonstrate

how strong

client engagement,

disciplined execution

and capital

efficiency are

translating into

durable operating leverage as we enter the final phases of the integration and position the firm for future growth.

With both

metrics

already

ahead,

within

striking

distance,

our

2026

exit-rate

targets,

are

increasingly

confident in our ability to meet, and potentially exceed, our financial ambitions.

With that, let’s open for questions.

Analyst Q&A (CEO and CFO)

Jeremy Sigee, BNP Paribas

Morning and thanks very much. I wanted to ask a couple of questions about the businesses, please, actually.

Firstly,

on the Investment Bank, I was going to ask how you balance the growth opportunity versus the balance

sheet constraint that you impose on that business, but you're sort of showing us here that actually you can get

the revenue growth without expanding the balance sheet. And I just wonder if you could talk about how you

achieve that, how do you put through significantly more volume, with a constrained or an unchanged balance

sheet in the IB? That's my first question.

And then the second one was just on US Wealth Management. I know it's a familiar theme, but you saw

significant further advisor exits in the quarter. I just wondered if you could comment on those exits and, more

broadly,

where you are in the stabilization of the US wealth management franchise. Thank you.

Todd

Tuckner

Hey Jeremy,

thanks for those questions. So in terms of the IB, I mean, that is an excellent point you bring up and

something, of course, we're very focused on. We operate within our limits. We think that's important to the

value proposition that we offer,

which is to run an Investment Bank that supports Global Wealth Management

and also our corporate and institutional clients. And so for us, resource allocation to the IB and within the IB is

really,

for us, stock in trade and how we're very focused. You asked about how.

I mean, the focus for the

business was really on intermediation within Equities, is where we drove a lot of the outperformance that we had

in Equities. And so that was certainly a focus. The balance sheet, of course, within Equities was used more

sparingly to support prime brokerage financing balances. And, as I also highlighted in my prepared remarks, we

also allocate within the IB as we see fit and saw more opportunities in the quarter to drive some of the Markets

outperformance, including in intermediation, and move some of the capital allocation away from FRC into

Equities.

On your second question, look, we're comfortable with the steps we're taking to drive full-year net new assets in

Wealth in the Americas. We also recognize there's a lag effect from previously

announced FA movement that will

continue to show up in flows for a few quarters. This said, we're actively recruiting and investing in teams aligned

with our profitability ambitions. And it's important to note the rotation among financial advisors remains elevated

across the industry,

given record valuations. But we continue to expect these dynamics to normalize in our book

over the course of 2026.

Giulia Aurora Miotto, Morgan Stanley

Hi, good morning. Thank you for taking my questions. My first one is on the buyback, the 3 billion. And how

should we read the fact that this goes until June ’27 rather than until year-end? So I would guess if we get some

sort of compromise in Parliament, maybe it can be completed by year end, if not by June? So any comment on

how we should think about the buyback would be great.

And then secondly, on the parent

capital, the plus 50bps quarter on quarter, any comment on that capital build,

please?

Todd

Tuckner

Hey Giulia, thanks for the questions. So look, the way the share buyback language was constructed was to do a

couple of things. One, we wanted to talk about a commitment of at least 1 billion that we're going to do over

the next three months. On the other hand, you know, the program that we just announced today runs for two

years. We gave an outlook that we would expect to be done latest by 2Q27. That's going to depend and be

determined by,

in terms of the timing / pace but also the amount, the things that we've always said.

Outperformance supported by markets, our capital ratio of around 14%, but also the deliberations that are

ongoing in the Parliament around the Swiss capital issue. So we size that timing. And ultimately, as these

developments offer more visibility,

then we can update on any changes in our expectations. But that's the way

we signposted the timeline on this new program.

In terms of the parent bank and the sequential build in capital, I think it's owing to a couple of things. The first,

of course, is the strong operating performance of the Group, which manifests as well in the parent bank among

others; also the strong operating performance in its subsidiaries allowing for stronger levels of upstreaming to the

parent bank – just even ordinary dividends that we saw, for example, by the Americas in the second quarter and

also by the Swiss subsidiary. So Holding [company] revenues

were also strong on top of the Operating [company]

revenues. The other point, though, that counterbalances that, is that we are pacing the level of dividend accrual

that we're upstreaming to the Group. So if you look at our first-half performance in the parent bank, we've

generated around 5 billion of profit and we've accrued about 3.5 billion of dividends. So at this point, that's

reflective of our managing the parent bank’s – on a consolidated basis – tier 1 leverage ratio prudently.

So the

combination of stronger performance in some, and the way we're thinking about upstreaming to manage the tier

1 leverage ratio at the parent bank on a consolidated basis, contributes to the sequential growth in the parent

bank's standalone capital.

Kian Abouhossein, JP Morgan

Yes,

good morning. Thanks for taking my questions. Both are related to Asia Wealth. First question is related to

ODI rules in China, which kicked in July 1

, just trying to understand if it had an impact on your business and how

you think about ODI impact generally on your wealth business in Hong Kong in particular.

And then second question is related to Hong Kong again, where we see material growth in the affluent and also

in the high net worth segment where you are maybe not present, especially clearly not in the affluent. Just trying

to understand if you have any ambitions to expand in that area, considering the structural growth we're seeing in

affluent / high net worth Hong Kong. Thank you.

Todd

Tuckner

Thanks a lot, Kian, for those questions. So first on ODI, it's still early, but based on what we're seeing today and

the conversations we had, we don't view the evolving framework as a material constraint on the opportunity that

we have, nor is it having any, certainly immediate, impact on flows. We

see those developments primarily as more

of an evolution in transparency and reporting requirements, in particular a consolidation of existing requirements

with more focus on enforcement, and specifically on offshore online brokers targeting mainland investors. So we

don't see that as a real catalyst for change in affecting client demand for international diversification, and it's

certainly not hitting through in our numbers. And I would just add that, given our cross-border framework and

our strong compliance mindset and disciplined source of wealth standards, we also believe that we're very well-

positioned to navigate that evolving environment.

You asked about Asia flows and affluent

ambition. Let me make a couple of points. So first, we're very pleased

with the position of our Asia franchise, in addition to first half NNA and NNFGA annualized growth of 7% and

10% respectively,

we're continuing to deliver very strong profitability and profitability growth. And we're

also

growing clients and client assets, as well as broadening the regional contributions to client asset and profitability

growth. And also, as I mentioned in my prepared comments, we're broadening client relationships and we're

adding another dimension to our growth through more recurring diversified revenue streams. This quarter I

mentioned setting a record for mandate penetration in that part of the division. And second, Kian, we're not

standing still we're investing selectively in areas such as high net worth advisor capacity,

particularly through

digital and platform scalability to broaden our growth opportunities. So we believe that the team is doing the

right things to continue to grow fast. And we don't see it as a tradeoff between growth and profitability,

believe we can capture both. In terms of the wealth spectrum, that is also quite a focus for the team to continue

to invest, as I mentioned, in high net worth and to drive that. At the moment, the mass affluent is less a focus,

but we believe as we build out our digital capabilities, that this is something that we can see moving into the

various aspects of the wealth spectrum, including potentially the upper part of affluent.

Kian Abouhossein, JP Morgan

That's interesting. May I just ask you one more as we talk about mandate penetration – where are we on

mandate penetration in GWM? We haven't had an update for a while.

Todd

Tuckner

Overall, we're now at an all-time high across all of the sectors. APAC

has come a very long way, if you look at the

time series in terms of mandate penetration, and has doubled it over the last two or three years. So it really is

broadening out, not only the types of solutions it's bringing to clients’ transaction base, but also mandates, as

well as across the regions. So there's more geographic diversity within APAC

as well. So we're broadening that

out. We're broadening out the revenue drivers. And so all of that speaks to quite a bullish view on its growth

prospects.

Stefan Stalmann, Autonomous Research

Good morning. Thank you very much for taking my questions. I wanted to start with your very strong

performance in Equities trading. It's not quite as good as the US banks, but it's better than your European peers

that have reported so far.

And you've probably done quite a bit of benchmarking work around this. Maybe you

can add a bit of color of where you've seen you've done better or worse than others, maybe where business mix

or geographic differences play a role in explaining the relative performance versus peers.

And the second question was about GWM, where you mentioned an 8 billion negative impact on invested assets

from exiting certain markets or exiting certain services. Could you maybe explain what that relates to?

Todd

Tuckner

So the latter one was just an exit in one part of our business, a relatively small part. And so it impacted AuM, but,

because of the exit, it didn't impact on flows in the quarter.

In terms of equity trading and more color there. I'd say our geographical diversification really across the IB is a

differentiator for us. And so we're strong really across the globe, and with strong

focus this past quarter, of

course, at being able to leverage the APAC opportunity that was quite evident in our results. But I think it's the

geographic diversity that is a differentiator.

And our ability, as I also mentioned, to stay close to clients, the

relationships that we have developed, and our ability to generate revenue growth without extending the balance

sheet materially really has been a differentiator for equities trading.

Stefan Stalmann, Autonomous Research

I just wanted to follow up on the first point, please. The 8 billion, was that an exit from a particular geography or

was it more of a client group? And in which geography would I find that in?

Todd

Tuckner

We'll come back on the details on that one, Stefan.

Stefan Stalmann, Autonomous Research

Thank you very much.

Anke Reingen, RBC

Yeah, thank you very

much for taking my questions. The first is on your return on core tier 1 capital. So you said

you're looking to exceed your targets for 2026. And while I understand you might not want to update 2028 at

this stage, I'm just wondering, based on structural progress you made in 2026, are you seeing potential upside to

your 2028 target? Just trying to distinguish between cyclical versus structural progress on the RoE?

And then secondly on Asia, I understand you don't want to comment on intra-quarter momentum, but given

some of the weakness in equity markets in the region, are you seeing this as a more material headwind to your

Equities performance in the Investment Bank as well as in Wealth Management?

Todd

Tuckner

So, on the returns, we're obviously quite pleased with our performance and the momentum we're seeing across

the business. We continue to have confidence in our ability to deliver against our ambitions, with the first-half

performance that we've delivered. As we mentioned, we're well positioned to achieve our targets, with scope to

outperform. Beyond that, specifically in terms of anything regarding 2028, we'll update you as part of our fourth

quarter strategic update early next year.

On your question around Asia. The performance – not sure I fully took the question, but I commented in response

to Kian’s question about the positioning of the Asia wealth business. As well, the IB in Asia performed quite

strong and, as Sergio mentioned in his comments, Asia was a standout regional performance. So we see very

strong continuing momentum in APAC and we're

quite encouraged about the momentum we're seeing in the

outlook. I would just add one other point to the prior question from Stefan. Just one other differentiator across

Equities is prime brokerage for us, and the financing revenues that we've generated. Even though we've been

very disciplined from a resource allocation perspective, I think prime brokerage has been one area that is also

differentiating us from certain of our peers.

Andrew Coombs, Citi

Morning. Perhaps one follow-up and then a fresh question on net new money. On the Equities result, you talk

about having a diversified geographical mix, but you do over index in Asia versus a number of your peers. And

clearly that's had a very strong second quarter because of the index rebalance, given what's happened in Korea

and to a lesser extent Taiwan,

too. We're now seeing that reverse. So I assume that would point to beneficial for

Q3 as well. But beyond that, how sustainable do you think the Equities revenue strength is in Asia?

And then more broadly on net new money – very healthy print in Europe and Asia and the US too. Can you just

elaborate on how much of that you think is cyclical, related to the current IPO environment we're seeing, versus

how much of that is actually structural? Because you've now integrated Credit Suisse, a lot of the attrition of RMs

is easing, and in case you're actually starting to grow again in some regions.

Todd

Tuckner

On the Equities strength in Asia and the outlook. Look, I think the benefit of the diversification that we have is

that we're well positioned to take advantage, for example, of strong equity markets and client activity levels in

Asia, as we saw in the second quarter. But of course, the depth of our business across Europe as

well as in the

Americas allows us to really take advantage of wherever there are strong markets. So, sure,

the very strong

performance in volumes that we saw in Asia in the second quarter – and the first quarter, for that matter – is

unlikely to continue at that level. But we're well positioned to take advantage, just given our global

diversification.

In terms of the Wealth Management question around whether it's cyclical or structural. I would say that while

supportive markets have contributed, an increasing share of the performance that we have reflects non-market

factors. And this is giving me confidence around the durability and structural strength of our profitable growth

trajectory through the cycle in GWM. And the proof points that I've mentioned a couple of times are our record

mandate penetration, but also sustained transaction-based revenue outperformance, lending momentum and

also deeper client engagement, through the integrated delivery of more and more One UBS capabilities. On that

structural versus cyclical question, I do think we're seeing – and that is our strategy – to push more and more into

structural, so that the performance that we see is more durable.

Benjamin Goy, Deutsche Bank

Two

questions, please, from my side. First, on a different topic: Personal & Corporate Banking. The cost base was

stable but clearly down year-on-year.

Just wondering now [with] the progress you have done on the integration,

whether we should expect a more meaningful step down in cost base in Q3 going forward.

And then another question on Asia – just wondering about your One Bank strategy and what we can comment

on the visibility, or the pipeline of inflows. Also thinking about lockups coming after the IPOs in recent months,

and how this could support your wealth management franchise too?

Todd

Tuckner

On the second one – first, in terms of the lockup issue around IPOs, I think what's important to underscore here is

that our GWM performance, in terms of growth and asset acquisition, is not geared toward any one thing. It's

quite diversified across the board. And so where there's been, say,

a spate of IPOs, of course that's helpful. We

think IPOs are foundational to the outlook in Wealth Management. But that said, for us, it's not something we're

highly dependent on to drive growth. And as a result, if there are lockups post IPO, we're not pricing in any

downturn in net new asset growth as a result of that.

On the cost side. We continue to see meaningful integration-related benefits coming through Wealth and P&C in

the second half, including from technology decommissioning, organization simplification and other integration

actions. We mentioned the strong execution we had in the first half, including in the second quarter.

And that

has meant that some of these benefits were realized earlier than we had previously expected. And, as I

mentioned in my prepared remarks, at the same time, we're selectively investing a portion of the capacity that we

created into technology and other initiatives, including select advisor hiring, that support growth, productivity and

attractive long-term returns. So for us, the clear guardrail remains our exit 2026 underlying cost-income ratio

target and we remain firmly focused on delivering it. But, as we finish out the integration, we should still expect

to see further benefits on our OpEx line.

Amit Goel, Mediobanca

Hi. Thank you. I've got some follow-up questions, just on the US wealth business. So one was on your

commentary about the flows and what we can expect going forward. Previously you've said you expect the net

recruiting outflow impacts to materially taper in the second half of this year.

Is that still the case? I mean, just

based on some of the data, it seems like in Q2 there were still a lot of advisor outflows, so there could still be an

impact into Q3?

And then, just when looking at the mix in terms of the quarter. So the net new assets were positive, but then the

net new fee-generating assets were negative. When I look at Q2 in prior years, net new fee-generating assets

have held up better. And I’m just wondering, what's driving that dynamic? Was

there anything in particular this

quarter to influence that?

Todd

Tuckner

Yeah. So first on the Wealth

headcount in the US. So, if you look at the table where we have 2% down year on

year and 1% down quarter on quarter, just to sort of orient the point. The other point that's important to

mention is that, as I've said several times in the past, the reported headcount numbers reflect the lag in timing,

because that's actually when the advisors either come on when recruited, or come off when they move [off] our

payroll. So there is a lag in that. But I think what’s important, the broader point I would make is that we expect,

as we work through the issue – which we continue to do – that this will have a tapering impact, which is why

we've been forecasting and guiding on positive net new assets for the year contributing from Wealth in the

Americas. And so we expect the trend to continue and we would expect an improving second half as well. We

are continuing to maintain that Wealth in the Americas will be a positive contributor to net new assets for the full

year 2026.

In terms of net new assets versus NNFGA, nothing I would call out. We've had very strong net new fee-

generating asset growth when you look back over the last 12 months. I’d say I wouldn't overread into one

quarter versus the other in terms of whether we're indexed more into net new fee-generating assets versus net

new assets. So nothing I would take away or no one particular driver that I would call out in explaining the delta

between the two metrics. But just, over time, they're both meeting our expectations. And that's really the more

important point.

Joseph Dickerson, Jefferies

Hi. Thank you for taking my question and congratulations on a very robust set of results. The question I had is,

you've guided the GWM NII to grow by around 10% versus ’25. It’s interesting because this number is quite

some ways ahead of where the market expectations are. Could you kind of break that down a little bit in terms

of what is rates versus volumes? Or is this just frankly because you've seen a better result in lending volumes, and

deposit margins are remaining robust? I guess what I'm getting at is what element, if any,

is differential in

interest rates or is it really on volumes?

And then secondly, I guess strategically on Asset Management. If you look at the business, it's not a large part of

the Group. How fungible is it with the Group? It's been, I think, slightly underwhelming the past few quarters. Is

this a business that you intend to keep strategically? I know there's some, there was speculation over the years

about it, but any comment on that business and the strategic rationale with the rest of the Group would be

great. Thank you.

Todd

Tuckner

Hey, Joe. Let me

address the first question. So on GWM, I did mention that the guidance I offered – around 10%

up year on year – was, in part, supported by higher rates, but also lending growth and a favorable deposit mix.

So, really breaking that down, I would say,

now that our outlook would suggest moderately higher US dollar

rates, that creates structural tailwind for the business and that comes from loans and also our replicating portfolio

as those yields grind higher, and are

only partially offset by higher deposit costs that are tempered by our deposit

mix remaining healthy.

So that's the way I think about it. And it drives the revised year-on-year look.

Sergio P.

Ermotti

And so on Asset Management, I would say that, first of all, from a strategic standpoint of view, it fits very well

the thematic of us being an asset-gathering centered organization. But also if I look at what we do within Asset

Management, I would like to highlight the good momentum in reshaping and restructuring the business; basically

disposing of activities that were quite dilutive to our cost-income ratio and really getting it focused with a good

progress towards achieving strong relative performance also vis-a-vis our peers. Within that, I see a lot of

potential for us to continue to grow.

When you look at our alternative space, we are a top LP in alternatives. You saw the good inflows during the

quarter and the good momentum we are having. We are also developing a strong focus on capabilities in passive

ETFs. And so from a geographic standpoint of view, we are expanding our capabilities, also our joint ventures

with external partners. So I'm very happy to see the good momentum which I believe justifies us continuing to

invest into this business and position as a strategic element of our asset gathering center story. So I think it is an

integral part of our equity story.

Sarah Mackey

We have no further questions, so I would like to close the call and thank everyone for dialing in and asking their

questions today. We

look forward to updating you with our third-quarter results, and wishing everyone a good

summer holiday. Thank you.

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UBS Group AG

By:

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Name:

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/s/ Ella Copetti-Campi

Name:

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UBS AG

By:

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UBS Group AG 6-K