"In the first quarter we continued helping clients navigate a volatile and unpredictable geopolitical and market environment, leveraging the strength and breadth of our global, diversified franchise. We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026.

Having now successfully transferred all client accounts in Switzerland, we achieved another crucial milestone in one of the most complex integrations in banking history. We are confident in substantially completing the integration by year-end, positioning us for further sustainable growth.

On the topic of Swiss capital requirements, we will continue to engage constructively and contribute to fact-based deliberations. These developments do not, and will not, change who we are as a firm. We remain committed to our diversified business model and our global and regional footprint.

We are fully committed to protecting our shareholders while mitigating the impact of these increased requirements, if possible, on our clients, employees and the communities where we live and work," said Sergio P. Ermotti, Group CEO.

Highlights

Excellent 1Q26 performance with net profit up 80% YoY to $3.0bn, return on CET1 capital (RoCET1) of 16.8% and underlying RoCET1 of 17.0% Strong momentum with clients driving asset inflows and trading activity. Global Wealth Management (GWM) net new assets of $37bn, Asset Management net new money $14bn. GWM transaction-based income up 17% YoY; Investment Bank revenues up 27% YoY driven by record Global Markets and higher Global Banking Successful completion of client account migrations following the transfer of all Swiss-booked clients onto UBS platforms, paving the way to substantially complete the integration by year-end and unlocking potential for further growth and efficiency gains. Delivered additional $0.8bn in cost reductions, bringing total cumulative savings to $11.5bn A reliable partner for the Swiss economy; supporting clients with our leading credit offering and unique global capabilities and footprint. In 1Q26, granted or renewed CHF ~40bn (~$50.8bn) of loans to Swiss businesses and households Maintaining strong balance sheet and attractive capital returns supported by our capital-generative business model; CET1 capital ratio of 14.7% and 4.4% CET1 leverage ratio; accrued for mid-teens percentage growth in dividend and repurchased $0.9bn of shares; on-track to buy back $3bn in shares by 2Q results with aim to do more by year-end Committed to our global diversified business model; contributing to fact-based deliberations on the Swiss capital framework; remaining focused on protecting the interests of our shareholders while mitigating the impact, if possible, on our clients and employees First quarter 2026 performance overview

Strong financial performance driven by franchise strength and client momentum

In 1Q26, we reported a profit before tax (PBT) of $3,841m and underlying PBT of $3,990m, up 80% YoY and 54% YoY, respectively. Continued revenue growth in our core franchises and disciplined execution of our gross cost-reduction plans led to the fourth consecutive quarter of positive operating leverage with reported revenues outpacing reported costs by 13 percentage points in the quarter.

Global Wealth Management (GWM) net new assets for the quarter reached $37.4bn, representing a 3.1% annualized growth rate, with positive flows across all regions, supported by strong demand for our discretionary mandates. Net new money in Asset Management reached $14.0bn, an annualized growth rate of 2.7%, led by strong ETF momentum and robust inflows into the separately managed account (SMA) offering. Group invested assets were $6.9trn at the end of the quarter, with impacts of lower markets and FX only partly offset by net asset inflows.

Reported revenues were $14,243m, up 13% YoY. On an underlying basis, revenues increased by 15% to $13,644m, driven by an 18% YoY increase in core franchises revenues. We saw particular strength in GWM with a 10% growth in underlying recurring net fee income and an 17% YoY rise in underlying transaction-based income, as well as in the Investment Bank, where Global Markets underlying revenues increased 31% YoY to an all-time-high of $3,252m driven by records in our Equities and Foreign Exchange, Rates, and Credit businesses. Global Banking underlying revenues were up 30%, with a standout quarter in Equity Capital Markets.

We also continued to support businesses and households in Switzerland with our global reach, advice and expertise. Our balance sheet for all seasons also gives our clients the stability they need while allowing us to remain a leading provider of credit to the economy. We have granted or renewed CHF ~40bn (~$50.8bn) of loans in 1Q26 to Swiss businesses and households.

Successfully completed client account migrations

With the transfers of the last Swiss-booked client accounts onto the UBS infrastructure in March, we have successfully completed the migration of around 1.2 million clients globally.

This critical milestone in the integration of Credit Suisse creates new opportunities for growth and innovation, strengthens our position for the long-term, and unlocks further efficiencies to be realized as we progress towards substantially completing the integration by the year-end.

Through our disciplined execution and further reduction of the Non-core and Legacy unit we delivered an additional $0.8bn in Group-wide gross cost saves in the quarter. Cumulative gross cost savings reached $11.5bn at the end of 1Q26. We also continue to decommission legacy technology infrastructure and applications. To date we have retired ~1,700 (or 60%) of business applications in scope and switched off 76,000 servers (71% of total in scope).

As we continue to achieve our integration milestones and drive business momentum, we remain confident that we can deliver against our 2026-exit rate targets of an underlying ~15% return on CET1 capital and underlying cost/income (C/I) ratio of <70%.

Balance sheet for all seasons and attractive capital returns

Robust capital generation allowed us to end the quarter with a CET1 capital ratio of 14.7% and CET1 leverage ratio of 4.4%, both comfortably above our guidance of ~14% and >4%, respectively.

In the quarter, we also continued to execute our capital distributions, having repurchased $0.9bn of shares and accrued for a mid-teens growth in dividend. We are on track to buy back $3bn in shares by the time we report 2Q26 earnings with an aim to do more by year-end, subject to our financial performance and outlook, maintaining a CET1 capital ratio of around 14% at year-end, and visibility on parliamentary deliberations on the treatment of foreign participations.

Investing for sustainable long-term growth

We remain focused on investing into our talent, offering, and technology, including award-winning AI solutions to enhance our client experience, further strengthen our infrastructure and drive efficiency to position us for the future.

We have received a final approval for a National Bank Charter in the US, supporting our long-term growth ambitions in the region.

We also continue to develop innovative AI solutions that complement our offering and enable us to deliver impactful outcomes faster and incrementally, with continued progress in reshaping our business capabilities and enhancing employee productivity. We already have over 500 live use cases of AI across the bank with around 750 use cases in development and are progressing on our 9 large-scale, end-to-end transformational initiatives.

Our strategic approach to applying AI at scale to support Financial Advisors through our Smart Technologies and Advanced Analytics Team (STAAT) was recognized by the Financial Times at the Professional Wealth Management Wealth Tech Awards, which named UBS as the Best Wealth Management Firm for Use of AI in the US.

Changes to the regulatory regime in Switzerland

In April 2026, the Swiss Federal Council published its final amendments to the Capital Adequacy Ordinance (the CAO) specifying the regulatory capital treatment of selected assets. Under the amended ordinance, UBS's capitalized software will be subject to an amortization of a maximum of three years for regulatory capital purposes, irrespective of the actual economic useful life. In addition, prudential valuation adjustments will be revised, resulting in higher capital deductions for assets and liabilities that are subject to valuation uncertainty. The capital treatment of deferred tax assets arising from temporary differences remains unchanged. The amendments to the CAO will become effective on 1 January 2027, except for the revised capital treatment of capitalized software, which will apply from 1 January 2029.

Regarding additional tier 1 (AT1) capital instruments, the Swiss Federal Council has decided not to proceed with the adjustments proposed in June 2025. The Swiss Federal Council also finalized measures that aim to enable the Swiss Financial Market Supervisory Authority (FINMA) and other authorities to better assess the liquidity of banks in a stressed situation.

In addition, the Swiss Federal Council submitted to the Swiss Parliament its final proposal for amendments to the Banking Act that govern the capital treatment of systemically important banks' investments in foreign subsidiaries. This proposal will now be deliberated by the Swiss Parliament. Under the proposal, investments in foreign subsidiaries would be fully deducted from UBS AG's standalone common equity tier 1 (CET1) capital. The amendments would be phased in over seven years, with a 65% deduction requirement in the first year and increasing to 100% by 5-percentage-point increments each year.

For UBS AG standalone, the amendments at the ordinance level related to capitalized software and prudential valuation adjustments, once fully implemented, are expected to have a net CET1 capital impact of approximately $2bn. The proposed full deduction of investments in foreign subsidiaries would require UBS AG standalone to hold additional CET1 capital of around $20bn. The total incremental CET1 capital would amount to around $22bn required at the UBS AG standalone level. At the Group level, the amendments at ordinance level will lead to a derecognition of around $4bn of net CET1 capital. These estimates have been calculated based on UBS Group AG's consolidated balance sheet as of 31 December 2025, assuming that all capital measures are adopted as currently proposed and using an assumed CET1 capital ratio of 12.5% for UBS AG and 14.0% for UBS Group.

The incremental capital requirement of $22bn mentioned above would come on top of the $15bn of capital required as a result of the Credit Suisse acquisition. This includes around $9bn in response to the abolition of regulatory concessions that had been granted to Credit Suisse and around $6bn to meet the progressive requirements due to the increased size and higher market share of the combined business. On this basis, UBS would be required to hold around $37bn of additional CET1 capital in total.

Outlook

As we move through the second quarter, markets have remained broadly resilient, reflecting expectations that a durable diplomatic solution to the Middle East conflict is achievable. That said, while client activity remains healthy, risks are still elevated, and conditions could shift rapidly, which may impact client sentiment and activity levels.

In this environment, our focus remains on supporting clients through disciplined execution, a prudent and selective investment approach focused on diversification and principal protection.

We expect second quarter net interest income in both Global Wealth Management and Personal & Corporate Banking to be broadly flat sequentially.

The current backdrop reinforces the benefits of our balance sheet for all seasons, and we are confident in delivering on our 2026 financial targets while continuing to invest in sustainable growth and long-term value creation.

First quarter 2026 performance overview — Business divisions

Global Wealth Management (GWM) PBT $1,792m, underlying PBT $1,974m

Total revenues increased by $684m, or 11%, to $7,106m, driven by higher recurring net fee income, transaction-based income and net interest income, partly offset by lower other revenues, and included a $40m decrease in PPA effects and other integration items. Excluding $125m of PPA effects and other integration items, underlying total revenues were $6,981m, an increase of 12%. Net credit loss expenses were $9m, compared with net credit loss expenses of $6m in the first quarter of 2025. Operating expenses increased by $248m, or 5%, to $5,305m and included a $48m decrease in integration-related expenses. Excluding $307m of integration-related expenses and PPA effects, underlying operating expenses were $4,998m, an increase of 6%, mainly driven by adverse foreign currency effects and higher variable compensation, largely related to an increase in financial advisor compensation, resulting from higher compensable revenues. The cost/income ratio was 74.7%, and 71.6% on an underlying basis. Invested assets decreased sequentially by $85bn to $4,668bn. Net new assets were $37.4bn.

Personal & Corporate Banking (P&C) PBT CHF 809m ($1,028m), underlying PBT CHF 710m ($901m)

Total revenues increased by CHF 40m ($50.8m), or 2%, to CHF 2,029m ($2,577m), mainly reflecting higher other revenues and transaction-based income, partly offset by lower net interest income. Total revenues in the first quarter of 2026 included a gain of CHF 126m ($160m) related to the Swisscard transactions, of which CHF 99m ($126m) has been excluded from underlying results, compared with a gain of CHF 58m ($74m) in the first quarter of 2025. Excluding CHF 174m ($221m) of PPA effects and other integration items and the aforementioned gain of CHF 99m ($126m), underlying total revenues were CHF 1,756m ($2,230m), an increase of 3%. Net credit loss expenses were CHF 55m ($70m), reflecting net expenses on credit-impaired positions, which primarily related to a small number of corporate counterparties, and net expenses related to performing positions. Net credit loss expenses were CHF 48m ($61m) in the first quarter of 2025. Operating expenses decreased by CHF 232m ($295m), or 17%, to CHF 1,164m ($1,478m) and included a CHF 4m ($5.1m) increase in integration-related expenses. The first quarter of 2025 included a CHF 164m ($208m) expense related to the Swisscard transactions. Excluding CHF 174m ($221m) of integration-related expenses and PPA effects, underlying operating expenses were CHF 990m ($1,257m), a decrease of 7%, mainly reflecting cost synergies. The cost/income ratio was 57.4%, and 56.4% on an underlying basis.

Asset Management (AM) PBT $217m, underlying PBT $252m

Total revenues increased by $31m, or 4%, to $772m, mainly due to higher net management fees, partly offset by lower performance fees. Operating expenses decreased by $51m, or 8%, to $555m and included a $38m decrease in integration-related expenses. Excluding integration-related expenses of $35m, underlying operating expenses were $520m, a decrease of 2%, mainly due to lower non-personnel and personnel expenses, despite unfavorable foreign currency effects, and included the effects from the O'Connor business exit. The cost/income ratio was 71.9%, and 67.4% on an underlying basis. Invested assets decreased sequentially by $34bn to $2,064bn. Net new money was $14.0bn, and $13.8bn excluding money market flows and associates.

Investment Bank (IB) PBT $1,205m, underlying PBT $1,216m

Total revenues increased by $871m, or 27%, to $4,054m, mainly due to higher revenues in Global Markets and Global Banking, partly offset by a $70m decrease in PPA effects, and included positive foreign currency effects. Excluding $68m of PPA effects and other integration items, underlying total revenues were $3,986m, an increase of 31%. Net credit loss expenses were $65m, compared with net credit loss expenses of $35m in the first quarter of 2025. Net expenses on performing positions were largely due to post-model adjustments in the corporate lending portfolio, reflecting current macroeconomic and geopolitical uncertainty. Net expenses on credit-impaired positions primarily related to a small number of corporate counterparties across industry sectors and included a $72m release following the repayment of a corporate lending exposure. Operating expenses increased by $357m, or 15%, to $2,784m and included a $33m decrease in integration-related expenses. Excluding integration-related expenses of $79m, underlying operating expenses were $2,705m, an increase of 17%, mainly due to higher personnel expenses and adverse foreign currency effects. The cost/income ratio was 68.7%, and 67.9% on an underlying basis. Return on attributed equity was 24.7%, and 24.9% on an underlying basis.

Non-core and Legacy (NCL) PBT $(155m), underlying PBT $(97m)

Total revenues were negative $10m, compared with total revenues of $284m, mainly reflecting lower net interest income from securitized products and credit products, as a result of a smaller portfolio, and lower net gains from position exits, partly offset by lower liquidity and funding costs. Total revenues in the first quarter of 2025 included a gain of $97m from the sale of Select Portfolio Servicing, the US mortgage servicing business of Credit Suisse. Net credit loss releases were $74m, predominantly driven by an $85m release following the repayment of a corporate lending exposure. Net credit loss expenses were $7m in the first quarter of 2025. Operating expenses were $219m, a decrease of $450m, or 67%, mainly reflecting lower technology costs, premises and facilities costs, personnel expenses, and professional fees, and included a $133m decrease in integration-related expenses. Excluding integration-related expenses of $58m, underlying operating expenses were $160m.

UBS's sustainability and impact highlights

Our 2025 Sustainability Report was published in March and ratified by shareholders at the UBS Annual General Meeting through an advisory vote, receiving 89.2% support. The report reaffirmed our ambition to position UBS as a leader in sustainability, guided by our three strategic pillars – Protect, Grow and Attract – and our commitment to supporting clients as they transition to a low-carbon economy.

In 2025, we made significant progress towards our Scope 1 and 2 net-zero target, reducing emissions by 48% cumulatively against the 2023 baseline and by 20% year-on-year. These reductions were achieved through energy-efficiency initiatives and increased use of renewable electricity. For Scope 3 emissions, we remain committed to our lending sector decarbonization targets in priority sectors and to further developing our approach to transition finance.

External recognition

Our progress was reflected in key environmental, social and governance (ESG) ratings. MSCI reaffirmed UBS's AA rating in March, and we maintained our strong performance in the S&P Global Corporate Sustainability Assessment.

UBS was also included in the S&P Global Sustainability Yearbook 2026, published in February. This year, more than 9,200 companies were assessed, with only 848 companies across 59 industries selected for inclusion based on top-tier sustainability performance.

Donor-advised fund launched in Australia

In February, UBS launched its donor-advised fund (DAF) in Australia, providing clients with a cost-effective and highly flexible way to support their chosen charities while avoiding the administrative and financial burden typically associated with giving. The fund operates as a dedicated giving account, offering many of the benefits of a charitable family foundation, with all governance and administrative responsibilities managed and funded by UBS. The donor-advised fund is just one example of the impactful solutions UBS provides to support philanthropic planning, execution and delivery to our clients across the globe.

Trends in Philanthropy 2026

In January, we published our annual Trends in Philanthropy review. The 2026 edition places a particular focus on family offices, with UBS philanthropy experts identifying three key trends shaping how family offices approach philanthropy and impact. These trends include closer alignment between wealth, impact and long-term value creation; deploying capital beyond traditional financial instruments; and more active engagement in public-private partnerships. The report explores how family offices are helping to shape the future of philanthropy and impact.

Re-disseminated by The Asian Banker