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: November 4, 2025
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-
F.
Form 20-F
☒
☐
This Form 6-K consists of the 30 September 2025 Pillar 3 Report of UBS Group and significant regulated subsidiaries
and sub-groups, which appears immediately following this page.
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”, “the Group”, “we”, “us” and “our”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”
UBS AG and its consolidated subsidiaries
“Credit Suisse Group” and “Credit Suisse”
Pre-acquisition Credit Suisse Group
“UBS Group AG” and “UBS Group AG standalone”
UBS Group AG on a standalone basis
“UBS AG standalone”
UBS AG on a standalone basis
“UBS Switzerland AG” and “UBS Switzerland AG standalone”
UBS Switzerland AG on a standalone basis
“UBS Europe SE consolidated”
UBS Europe SE and its consolidated subsidiaries
“UBS Americas Holding LLC” and “UBS Americas Holding LLC consolidated”
UBS Americas Holding LLC and its consolidated subsidiaries
“Credit Suisse International standalone”
Credit Suisse International on a standalone basis
“1m”
One million, i.e. 1,000,000
“1bn”
One billion, i.e. 1,000,000,000
“1trn”
One trillion, i.e. 1,000,000,000,000
In this report, unless the context requires otherwise, references to any gender shall apply to all genders.
Table of contents
UBS Group
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Significant regulated subsidiaries and sub-groups
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Appendix
Contacts
Switchboards
For all general inquiries
ubs.com/contact
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London +44-207-567-8000
New York +1-212-821-3000
Hong Kong SAR +852-2971-8888
Singapore +65-6495-8000
Investor Relations
UBS’s Investor Relations team
manages relationships with
institutional investors, research
analysts and credit rating agencies.
ubs.com/investors
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New York +1-212-882-5734
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UBS’s Media Relations team
manages relationships with global
media and journalists.
ubs.com/media
Zurich +41-44-234-8500
London +44-20-7567-4714
New York +1-212-882-5858
Hong Kong SAR +852-2971-8200
Office of the Group Company
Secretary
The Group Company Secretary
handles inquiries directed to the
Chairman or to other members
of the Board of Directors.
UBS Group AG, Office of the
Group Company Secretary
PO Box, CH-8098 Zurich, Switzerland
Zurich +41-44-235-6652
Shareholder Services
UBS’s Shareholder Services team,
a unit of the Group Company
Secretary’s office, manages
relationships with shareholders and
the registration of UBS Group AG
registered shares.
UBS Group AG, Shareholder Services
PO Box, CH-8098 Zurich, Switzerland
Zurich +41-44-235-6652
US Transfer Agent
For global registered share-related
inquiries in the US.
Computershare Trust Company NA
PO Box 43006
Providence, RI, 02940-3006, USA
Shareholder online inquiries:
www.computershare.com/us/
investor-inquiries
Shareholder website:
computershare.com/investor
Calls from the US
+1-866-305-9566
Calls from outside the US
+1-781-575-2623
TDD for hearing impaired
+1-800-231-5469
TDD for foreign shareholders
+1-201-680-6610
Imprint
Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2025. The key symbol and UBS are among the registered and
unregistered trademarks of UBS. All rights reserved.
30 September 2025 Pillar 3 Report |
UBS Group | Introduction and basis for preparation 2
UBS Group
Introduction and basis for preparation
Scope of Basel III Pillar 3 disclosures
The Basel Committee on Banking Supervision (the BCBS) final Basel III capital adequacy framework consists of three
complementary pillars. Pillar 1 provides a framework for measuring minimum capital requirements for the credit, market
and operational risks faced by banks. Pillar 2 addresses the principles of the supervisory review process, emphasizing the
need for a qualitative approach to supervising banks. Pillar 3 requires banks to publish a range of disclosures, mainly
covering risk, capital, leverage, liquidity and remuneration.
This report provides Pillar 3 disclosures for the UBS Group and prudential key figures and regulatory information for
UBS AG consolidated and standalone, UBS Switzerland AG standalone, UBS Europe SE consolidated, and UBS Americas
Holding LLC consolidated, as well as Credit Suisse International standalone, in the respective sections under “Significant
regulated subsidiaries and sub-groups”.
This Pillar
3 report has been prepared in accordance with the Swiss Financial Market Supervisory Authority (FINMA)
Ordinance on the Disclosure Obligations of Banks and Securities Firms (the DisO-FINMA), the corresponding explanatory
notes, and the underlying BCBS Basel framework disclosure requirements. The revised Capital Adequacy Ordinance (the
CAO) that incorporates the final Basel III standards into Swiss law, and the five new FINMA ordinances (including the
DisO-FINMA) that contain the implementing provisions for the revised CAO, entered into force on 1 January 2025. The
DisO-FINMA replaces FINMA Circular 2016/1 “Disclosure – banks” and incorporates in particular new and revised
disclosure tables on risks and capital requirements.
›
Refer to “Changes to Pillar 3 disclosure requirements” in the “Introduction and basis for preparation” section of the 31 March
2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about new and revised
quarterly tables as a result of the implementation of the final Basel III standards in Switzerland
As UBS is a systemically relevant bank (an SRB) under Swiss banking law, UBS Group AG and UBS AG are required to
comply with regulations based on the final Basel III framework as applicable to Swiss SRBs on a consolidated basis.
Local regulators may also require the publication of Pillar 3 information at a subsidiary or sub-group level. Where
applicable, these local disclosures are provided under “Holding company and significant regulated subsidiaries and sub-
groups” at
ubs.com/investors
.
Significant regulatory developments, disclosure requirements and other changes
Developments in Switzerland aimed at strengthening financial stability
In September 2025, the Swiss Federal Council launched a public consultation on proposed legislative amendments to
capital requirements related to foreign subsidiaries. The proposed changes would require the deduction of investments
in foreign subsidiaries of systemically important banks (SIBs) from common equity tier 1 (CET1) capital. After the end of
the public consultation in January 2026, the Swiss Federal Council is expected to submit its proposal to the Swiss
Parliament in the first half of 2026. Subject to the Parliament’s final decision, the proposal states that the amendments
would enter into force in 2028, at the earliest, starting with a 65% deduction requirement in the first year and increasing
to 100% by 5-percentage-point increments each year over seven years. The phase-in is subject to adjustment should the
legislation be delayed.
A public consultation on other proposed measures at the ordinance level ended in September 2025. The proposals include
provisions to deduct capitalized software and deferred tax assets (DTAs) on temporary differences from CET1 capital, add
stricter requirements for prudent valuation adjustments (PVAs) of assets and liabilities, and mandate the suspension of
interest payments for additional tier 1 capital instruments in the event of a cumulative loss over four quarters. The
proposals also introduce measures that aim to enable FINMA and other authorities to better assess the situation of banks
in a liquidity crisis. The entry into force of the above is expected in January 2027, at the earliest.
A public consultation by the Swiss Federal Council is expected to be launched in the first half of 2026 on additional
legislative measures, including incremental requirements for the recovery and resolution plans of SIBs, measures aimed
at increasing the potential for obtaining liquidity via the Swiss National Bank, the introduction of an enhanced
accountability framework in the form of a Senior Managers Regime for banks, and the provision of additional powers for
FINMA. We expect the Swiss Federal Council’s submission of these legislative measures to the Parliament in the first half
of 2027, with the entry into force expected in 2028 or 2029.
In addition, a public consultation on amendments to the Liquidity Ordinance is expected to be launched in the first half
of 2026. The proposals are expected to set minimum requirements for maintaining borrowing capacity for emergency
liquidity assistance.
30 September 2025 Pillar 3 Report |
UBS Group | Introduction and basis for preparation 3
Based on financial information published for the first quarter of 2025 and given UBS AG’s target CET1 capital ratio of
between 12.5% and 13%, UBS AG would be required to hold additional estimated CET1 capital of around USD 24bn
on a pro-forma basis if all capital measures were to be implemented as proposed. This would include around USD 23bn
related to the full deduction of UBS AG’s investments in foreign subsidiaries, of which approximately USD 7bn would be
required at the start of the proposed phase-in period. These pro -forma figures reflect previously announced expected
capital repatriations of around USD 5bn to UBS AG from its subsidiaries.
The incremental CET1 capital of around USD 24bn required for UBS AG, given our aim to maintain an equity double
leverage ratio of around 100% at UBS Group AG, would result in a CET1 capital ratio at the UBS Group AG (consolidated)
level of around 19%. At Group level, the proposed measures related to DTAs on temporary differences, capitalized
software and PVAs would eliminate capital recognition for these items, thereby reducing the CET1 capital ratio for the
Group from around 19% to around 17%, underrepresenting UBS’s capital strength compared with peers.
The additional capital of USD 24bn would be in addition to the incremental capital that UBS will have to hold as a result
of the acquisition of the Credit Suisse Group in order to meet existing regulations. This includes around USD 9bn to
remove the regulatory concessions granted to Credit Suisse and around USD 6bn to meet the current progressive
requirements due to the increased leverage ratio denominator (LRD) and higher market share of the combined business.
The estimated effect for the progressive requirements for LRD and market share decreased to USD 6bn, from USD 9bn,
following FINMA’s confirmation about the requirements that will apply to UBS. The phase-in of the increased capital
requirements relating to the increased LRD and higher market share will commence on 1 January 2026 and will be
completed by the beginning of 2030, at the latest.
On this basis, UBS would be required to hold around USD 39bn in additional CET1 capital in total.
FINMA resolution report on UBS
In September 2025, FINMA published its 2025 resolution report on UBS related to the 2024 fiscal year. FINMA concluded
that UBS remains resolvable under UBS’s existing preferred resolution strategy, which includes a recapitalization via a
bail-in at the Gro up holding company level. The Swiss emergency plan of UBS is designed to ensure the continuity of
systemically important functions and critical operations in Switzerland in the case of a failed attempt to restructure the
UBS Group. According to FINMA, this plan was largely compliant with the current regulatory requirements. However,
given the lessons learned from the Credit Suisse crisis, FINMA has determined that the Swiss emergency plan requires
further development to meet the objective of maintaining systemically important functions while also safeguarding
financial stability at the international level. Moreover, FINMA assessed that UBS’s Swiss emergency plan requires better
integration into UBS’s global resolution plan. Due to the ongoing integration of Credit Suisse into UBS, FINMA has
refrained from assessing UBS’s recovery plan, which outlines measures that aim to restore financial strength if UBS should
come under severe capital or liquidity stress.
›
Refer to “Recovery and resolution” in the “Regulation and supervision” section of the UBS Group Annual Report 2024, available
under “Annual reporting” at
ubs.com/investors
, for more information
Frequency and comparability of Pillar 3 disclosures
The DisO-FINMA specifies the reporting frequency for each disclosure. In line with these FINMA-specified disclosure
requirements, including with regard to comparative periods, we provide quantitative comparative information as of
30 June 2025 for disclosures required on a quarterly basis. Where specifically required by FINMA and / or the BCBS, we
disclose comparative information for additional reporting dates.
›
Refer to the 30 June 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about
previously published quarterly movement commentary
30 September 2025 Pillar 3 Report |
UBS Group | Key metrics 4
Key metrics
Key metrics for the third quarter of 2025
The KM1 and KM2 tables below are based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on
the Disclosure Obligations of Banks and Securities Firms (DisO-FINMA) rules. The KM2 table includes a reference to the
total loss-absorbing capacity (TLAC) term sheet, published by the Financial Stability Board (the FSB). The FSB provides this
term sheet at
fsb.org/2015/11/total-loss-absorbing-capacity-tlac-principles-and-term-sheet
.
Our capital ratio increased, primarily reflecting an increase in our tier 1 capital. Our leverage ratio increased, driven by an
increase in our tier 1 capital and a decrease in the leverage ratio denominator (the LRD).
Our common equity tier 1 (CET1) capital increased by USD 1.9bn to USD 74.7bn, mainly driven by operating profit before
tax of USD 2.8bn and an increase in eligible deferred tax assets on temporary differences of USD 0.2bn, partly offset by
dividend accruals of USD 0.8bn and current tax expenses of USD 0.3bn. Share repurchases of USD 1.1bn made under
our 2025 share repurchase program in the third quarter of 2025 did not materially affect our CET1 capital position, as
there was an almost identical reduction in the capital reserve for expected future share repurchases.
Our tier 1 capital increased by USD 3.2bn to USD 95.0bn, reflecting the aforementioned USD 1.9bn increase in CET1
capital and a USD 1.3bn increase in additional tier 1 (AT1) capital. The increase in AT1 capital was driven by the issuance
of new AT1 capital instruments equivalent to USD 2.8bn, partly offset by the call of one AT1 capital instrument equivalent
to USD 1.6bn.
The TLAC available as of 30 September 2025 included CET1 capital, AT1 capital and non-regulatory capital elements of
TLAC.
Our available TLAC increased by USD 8.2bn to USD 199.3bn, reflecting the aforementioned increase in tier 1 capital and
a USD 4.9bn increase in non-regulatory capital elements of TLAC. The increase in non-regulatory capital elements of
TLAC was mainly driven by new issuances totaling USD 7.9bn equivalent of TLAC-eligible senior unsecured debt
instruments and positive impacts from interest rate risk hedge, foreign currency translation and other effects. These
effects were partly offset by the call of one TLAC-eligible senior unsecured debt instrument for the equivalent of
USD 1.5bn, as well as USD 1.7bn related to the last tier 2 instrument and one TLAC-eligible senior unsecured debt
instrument ceasing to be eligible as non-regulatory capital elements of TLAC, as those instruments entered the final year
before maturity.
During the third quarter of 2025, risk-weighted assets (RWA) increased by USD 0.4bn to USD 504.9bn, mainly driven by
increases of USD 3.6bn from counterparty credit risk RWA and USD 1.2bn from credit valuation adjustment RWA, partly
offset by decreases of USD 2.3bn from market risk RWA, USD 0.9bn from RWA on securitization exposures in banking
book and USD 0.7bn from credit risk RWA. The remaining variance was spread across other risk types.
The LRD decreased by USD 17.6bn to USD 1,640.5bn, mainly due to asset size and other movements of USD 12.4bn and
currency effects of USD 5.2bn.
The quarterly average liquidity coverage ratio of the UBS Group remained broadly unchanged at 182.1%, remaining
above the prudential requirement communicated by FINMA. Average high-quality liquid assets (HQLA) decreased by
USD 12.2bn to USD 346.6bn, mainly reflecting lower cash due to higher lending assets, partly due to currency effects,
and funding for trading assets. The decreases were partly offset by higher cash due to an increase in customer deposits,
largely due to currency effects, and higher proceeds from securities financing transactions. The effect from the decrease
in HQLA was offset by a USD 6.5bn decrease in average net cash outflows to USD 190.4bn, reflecting lower net outflows
from derivatives and higher net inflows from securities financing transactions, partly offset by higher outflows from
customer deposits.
As of 30 September 2025, the net stable funding ratio of the UBS Group decreased 2.8 percentage points to 119.7%,
remaining above the prudential requirement communicated by FINMA. Available stable funding decreased by USD 5.9bn
to USD 898.8bn, mainly driven by decreases in customer deposits and debt issued measured at amortized cost, partly
offset by higher regulatory capital. Required stable funding increased by USD 12.1bn to USD 751.0bn, primarily reflecting
an increase in trading assets.
30 September 2025 Pillar 3 Report |
UBS Group | Key metrics 5
KM1: Key metrics
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
74,655
72,709
69,152
71,367
74,213
2
Tier 1
94,950
91,721
87,837
87,739
91,024
3
Total capital
94,950
91,721
87,837
87,739
91,025
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
504,897
504,500
483,276
498,538
519,363
4a
Total risk-weighted assets (pre-floor)
504,897
504,500
483,276
4b
Minimum capital requirement
1
40,392
40,360
38,662
39,883
41,549
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
14.79
14.41
14.31
14.32
14.29
5b
Common equity tier 1 ratio (%) (pre-floor)
14.79
14.41
14.31
6
Tier 1 ratio (%)
18.81
18.18
18.18
17.60
17.53
6b
Tier 1 ratio (%) (pre-floor)
18.81
18.18
18.18
7
Total capital ratio (%)
18.81
18.18
18.18
17.60
17.53
7b
Total capital ratio (%) (pre-floor)
18.81
18.18
18.18
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
2.50
2.50
2.50
2.50
2.50
9
Countercyclical buffer requirement (%)
0.12
0.13
0.13
0.16
0.17
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
0.32
0.33
0.31
0.37
0.38
10
Bank G-SIB and / or D-SIB additional requirements (%)
1.50
1.50
1.50
1.00
1.00
11
Total of bank CET1 specific buffer requirements (%)
2
4.12
4.13
4.13
3.66
3.67
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
10.29
9.91
9.81
9.60
9.53
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
1,640,464
1,658,089
1,561,583
1,519,477
1,608,341
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
4
5.79
5.53
5.62
5.77
5.66
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
5.79
5.53
5.62
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
4
5.77
5.54
5.60
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
5.77
5.54
5.60
14e
Minimum capital requirements
5
49,214
49,743
46,848
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
346,550
358,759
318,735
331,481
360,628
16
Total net cash outflow
190,359
196,846
176,190
176,008
181,051
16a
of which: cash outflows
388,343
385,105
362,013
347,761
342,952
16b
of which: cash inflows
197,984
188,259
185,823
171,753
161,901
17
LCR (%)
182.12
182.31
180.96
188.37
199.25
Net stable funding ratio (NSFR)
18
Total available stable funding
898,762
904,703
861,717
856,804
904,295
19
Total required stable funding
750,960
738,891
693,777
682,508
712,773
20
NSFR (%)
119.68
122.44
124.21
125.54
126.87
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 65
data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors, for more information.
KM2: Key metrics – TLAC requirements (at resolution group level)
1
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
1
Total loss-absorbing capacity (TLAC) available
2
Total RWA at the level of the resolution group
3
TLAC as a percentage of RWA (%)
4
Leverage ratio exposure measure at the level of the resolution group
5
TLAC as a percentage of leverage ratio exposure measure (%)
6a
Does the subordination exemption in the antepenultimate paragraph of Section
11 of the FSB TLAC Term Sheet apply?
No
6b
Does the subordination exemption in the penultimate paragraph of Section 11
of the FSB TLAC Term Sheet apply?
No
6c
If the capped subordination exemption applies, the amount of funding issued
that ranks pari passu with excluded liabilities and that is recognized as external
TLAC, divided by funding issued that ranks pari passu with excluded liabilities
and that would be recognized as external TLAC if no cap was applied (%)
N/A – Refer to our response to 6b.
1 Resolution group level is defined as the UBS Group AG consolidated level.
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets 6
Risk-weighted assets
Overview of RWA and capital requirements
The OV1 table below provides an overview of our risk-weighted assets (RWA) and the related minimum capital
requirements by risk type. The table presented is based on the respective Swiss Financial Market Supervisory Authority
(FINMA) template and empty rows indicate current non-applicability to UBS.
During the third quarter of 2025, RWA increased by USD 0.4bn to USD 504.9bn, mainly driven by increases of USD 3.6bn
from counterparty credit risk (CCR) RWA and USD 1.2bn from credit valuation adjustment (CVA) RWA, partly offset by
decreases of USD 2.3bn from market risk RWA, USD 0.9bn from RWA on securitization exposures in banking book and
USD 0.7bn from credit risk RWA. The remaining variance was spread across other risk types.
CCR RWA increased by USD 3.6bn, mainly driven by increases of USD 3.8bn related to asset size and other movements.
The movements in RWA attributable to currency effects, as well as to model updates and methodology changes, were
broadly neutral. The increase in asset size and other movements largely reflects higher trading volumes in derivatives and
securities financing transactions, primarily in the Investment Bank.
CVA RWA increased by USD 1.2bn, primarily due to higher trading volumes in derivatives in the Investment Bank, as well
as derivatives market movements in Personal & Corporate Banking.
Market risk RWA decreased by USD 2.3bn, due to asset size and other movements in the Investment Bank and de-risking
within Non-core and Legacy.
RWA on securitization exposures in banking book decreased by USD 0.9bn, primarily driven by asset size and other
movements in Personal & Corporate Banking.
Credit risk RWA decreased by USD 0.7bn, mainly driven by decreases of USD 1.4bn related to model updates and
methodology changes and USD 0.8bn from currency effects, partly offset by an increase of USD 1.5bn related to asset
size and other movements. Model updates and methodology changes resulted in an RWA decrease of USD 1.4bn, mainly
due to an RWA decrease of USD 1.5bn related to improvements in the model for concentrated equity lending in Global
Wealth Management, and an RWA decrease of USD 1.0bn from an update in loss giv en default (LGD ) models for cash
and balances at central banks, which was partly offset by an RWA increase of USD 1.1bn following the migration of
exposures from Credit Suisse models. Asset size and other movements increased by USD 1.5bn, mainly driven by higher
RWA from loans and loan commitments in the Investment Bank and Personal & Corporate Banking.
The flow tables for credit risk, CCR and CVA RWA below provide further details regarding the movements in RWA in the
third quarter of 2025.
›
Refer to the “Introduction and basis for preparation” section of this report for more information about the regulatory standards
applied
›
Refer to the “Capital management” section of the UBS Group third quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information about capital management and RWA, including details regarding movements in RWA
during the third quarter of 2025
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets 7
OV1: Overview of RWA
Minimum
capital
requirements
1
USD m, except where indicated
30.9.25
30.6.25
30.9.25
1
Credit risk (excluding counterparty credit risk)
2
of which: standardized approach (SA)
2a
of which: non-counterparty-related risk
2
3
of which: foundation internal ratings-based (F-IRB) approach
3
4
of which: supervisory slotting approach
5
of which: advanced internal ratings-based (A-IRB) approach
5a
of which: adjustments related to the Swiss sectoral real estate floor for exposures secured by real estate in Switzerland
3,4
6
Counterparty credit risk
5
7
of which: SA for counterparty credit risk (SA-CCR)
8
of which: internal model method (IMM)
8a
of which: value-at-risk (VaR)
9
of which: other CCR
10
Credit valuation adjustment (CVA)
10a
of which: full basic approach (BA-CVA)
3
10b
of which: standardized approach (SA-CVA)
3
11
Equity positions under the simple risk weight approach during the five-year transitional period
6
12
Equity investments in funds – look-through approach
13
Equity investments in funds – mandate-based approach
14
Equity investments in funds – fallback approach
15
Settlement risk
16
Securitization exposures in banking book
17
of which: securitization internal ratings-based approach (SEC-IRBA)
18
of which: securitization external ratings-based approach (SEC-ERBA), including internal assessment approach (IAA)
19
of which: securitization standardized approach (SEC-SA)
20
Market risk
21
of which: standardized approach (SA)
22
of which: internal models approach (IMA)
23
Capital charge for switch between trading book and banking book
24
Operational risk
25
Amounts below thresholds for deduction (250% risk weight)
7
25a
26
Output floor applied (%)
3,8
27
Floor adjustment (before application of transitional cap)
3,9
28
Floor adjustment (after application of transitional cap)
10
29
Total
1 Calculated based on 8% of RWA. 2 Non-counterparty-related risk includes property, equipment, software and other items. 3 Disclosure is based on the final Basel III standards implemented with effect as of
1 January 2025. 4 The Swiss sectoral real estate floor is not applicable at the level of UBS Group AG consolidated. 5 Excludes settlement risk, which is separately reported in line 15 “Settlement risk”. Includes
RWA with central counterparties. The split between the sub-components of counterparty credit risk refers to the calculation of the exposure measure. 6 The simple risk-weight approach is no longer applicable at
UBS, and equity positions in the banking book are included in row 2. The five-year transitional period is effective as of 1 January 2025 but is not applicable to UBS. 7 Includes items subject to threshold deduction
treatment that do not exceed their respective threshold and are risk weighted at 250%. Items subject to threshold deduction treatment include significant investments in common shares of non-consolidated financial
institutions (banking, insurance and financial entities) and deferred tax assets arising from temporary differences. 8 The overall output floor of 72.5% is subject to a phase-in until 1 January 2028. As of 1 January
2025, the applicable overall output floor at the level of UBS Group AG consolidated is 60%. In 2026 and 2027, the output floor will increase by 5% per year, to 65% and 70%, respectively. 9 FINMA has not opted
to implement a transitional cap that would limit the increase in RWA to 25% of a bank’s RWA before the application of the output floor. 10 The total of our actual Basel III finalized RWA is higher than 60% of our
Basel III finalized RWA calculated using the full standardized approach. Therefore, the overall output floor is not binding, and our RWA before and after the effects of the overall output floor are equal.
Comparison of modelled and standardized RWA at risk level
The CMS1 table compares RWA determined using models approved by FINMA with RWA determined under the full
standardized approach. The table also provides the full standardized approach for RWA that are the base of the phased-
in overall output floor. The purpose of the overall output floor is to ensure that banks’ capital requirements based on
modelled approaches where permitted do not fall below a certain percentage of capital requirements based on the full
standardized approach, thereby reducing excessive variability of RWA and enhancing the comparability of risk-based
capital ratios across banks. The impact of the output floor, if applicable, will be disclosed in the “OV1: Overview of RWA”
table in rows 27 and 28. The applicable threshold pursuant to the reporting date is disclosed in row 26 of the OV1 table,
and in column e in the CMS1 table below. The output floor, which is set at 60% during 2025, will incrementally increase
to a level of 72.5% by 2028. As of 30 September 2025, the floor is not binding at the level of UBS Group, i.e. the total
of our actual RWA shown in column c in the CMS1 table below is greater than 60% of the RWA calculated under the
full standardized approach shown in column e, and therefore no adjustment is required. UBS is undertaking mitigating
actions with respect to RWA under the standardized approach to minimize a future floor adjustment required as the level
of the output floor increases.
›
Refer to “Overview of RWA and capital requirements” in this section for information about the OV1 table
The table below provides a summary of the key conceptual differences between the internal model approach and the
standardized approach.
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets 8
Key differences between the internal model approach and the standardized approach
Internal model approach
Standardized approach
Key impact
Risk weighting
Reliance on internal ratings where each
counterparty / transaction receives a rating.
Reliance on external credit assessment institutions
where permitted in the regulatory framework.
Modelled approach produces RWA that is more risk
sensitive.
Granular risk-sensitive risk weights differentiation
via individual probability of default (PD) and LGD
for mortgages.
Less granular risk weights based on loan-to-value
(LTV) bands for mortgages.
The Group’s residential mortgage portfolio is
focused on the Swiss market, and the Group has
robust review processes in place concerning
borrowers’ ability to repay. This results in the
Group’s residential mortgage portfolio having a low
average LTV and results in an average risk weight
of around 20% under the advanced internal
ratings-based (A-IRB) approach.
Modelled LGD captures transaction quality
features including collateralization. Under the
foundation internal ratings-based (F-IRB)
approach, the LGD values are calculated based
on the rules set by regulatory authorities. This is
applicable for banks and large corporates.
No differentiation for transaction features (except
where a claim is subordinated).
Impact relevant across all asset classes.
Credit risk mitigation
Credit risk mitigation recognized via risk-sensitive
LGD or exposure at default (EAD).
Limited recognition of credit risk mitigation.
Standardized approach RWA is higher than
modelled RWA for most transaction types.
Wider variety of eligible collateral.
Restricted list of eligible collateral.
Limited recognition of collateral results in higher
RWA for Lombard lending and securities financing
transactions (SFTs).
Repo value-at-risk (VaR) permits the use of VaR
models to estimate exposure and collateral for
SFTs. Approach permits full diversification and
netting across all collateral types.
Conservative and crude regulatory haircuts with
limited risk-sensitivity.
The effects of guarantees and credit derivatives
are considered through either adjusting PD
and / or LGD estimates. UBS applies the F-IRB
approach for guarantee recognition.
In case of eligible guarantees and credit derivatives,
substitution is applied and the risk weight
applicable to the protection provider can be
assigned to the protected portion of the underlying
exposure.
CCF
A credit conversion factor (CCF) is applied to
model expected future drawdowns over the 12-
month period, irrespective of the actual maturity
of a particular transaction. The CCF includes
downturn adjustments and is the result of
analysis of internal data and expert opinion.
Credit exposure equivalents are determined by
applying CCF to off-balance sheet items. The CCFs
vary based on product type, maturity and the
underlying contractual agreements.
Modelled CCFs can be more tailored and
differentiated.
EAD for derivatives
Internal model method (IMM) facilitates the use
of a Monte Carlo simulation to estimate
exposure.
The standardized approach for CCR (SA-CCR) is
calculated as the replacement costs plus regulatory
add-ons that take into account potential future
market moves at predetermined fixed rates.
For large, diversified derivatives portfolios,
standardized EAD is higher than modelled EAD.
Application of multiplier on IMM exposure
estimate.
Differentiates add-ons by five exposure types and
three maturity buckets only.
Variability in holding period applied to
collateralized transactions, reflecting liquidity
risks.
Limited netting can be recognized.
EAD for SFTs
The repo VaR approach is a model based on a
Monte Carlo simulation and historical calibration
to estimate exposure, computed as quantile
exposure.
The comprehensive approach considers the adjusted
exposure after applicable supervisory haircuts on
both the exposure and the collateral received to
take account of possible future fluctuations in the
value of either the exposure or the collateral.
For large, diversified SFT portfolios, standardized
EAD is higher than modelled EAD.
Maturity in risk weight
Regulatory RWA function considers maturity: the
longer the maturity, the higher the risk weight.
No differentiation for maturity of transactions,
except for interbank exposures.
Model approach produces lower RWA for high-
quality, short-term transactions.
Credit valuation
adjustment
Not applicable under the final Basel III standards.
UBS calculates the CVA risk capital requirement
using both the standardized approach (SA-CVA)
and the full basic approach (BA-CVA) in line with
the final Basel III standards. The SA-CVA uses
sensitivities to market risk factors (e.g. interest rates
and credit spreads) and uses those sensitivities with
regulatory-prescribed risk weights and correlations
to arrive at a capital charge. The BA-CVA approach
is simpler and less risk sensitive.
Where the BA-CVA and the SA-CVA are applied
under the output floor calculation, the application
of internal ratings is not permitted.
Securitization exposures
in the banking book
The regulatory capital requirements are
calculated using a hierarchy of approaches. First,
the securitization internal ratings-based approach
(SEC-IRBA) is applied, if possible. If this approach
cannot be applied, one of the standardized
approaches is applied.
If the SEC-IRBA cannot be applied, the regulatory
capital requirements are calculated using the
following hierarchy of approaches: the securitization
external ratings-based approach or the
securitization standardized approach (SEC-SA).
Otherwise, a 1,250% risk weight is applied as a
fallback.
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets 9
Key differences between the internal model approach and the standardized approach (continued)
Internal model approach
Standardized approach
Key impact
Market risk
UBS does not apply the internal model approach
for market risk.
UBS currently applies the standardized approach of
the Fundamental Review of the Trading Book (the
FRTB) framework, in which minimum market risk
capital requirements are computed on the basis of
three components: the sensitivities-based method
(the SBM), the default risk charge (the DRC) and
the residual risk add-on (the RRAO). The SBM
captures delta, vega and curvature risk of the
underlying trading positions, the DRC uses the
jump-to-default risk in positions subject to equity
and credit risk, and positions that may not be
adequately capitalized by the SBM and the DRC
additionally attract an RRAO charge.
Where the standardized approach is applied under
the output floor calculation, the application of
internal ratings is not permitted.
The new FRTB framework replaced the VaR- and
stressed VaR-based Basel 2.5 market risk
framework.
Operational risk
Not applicable under the final Basel III standards.
The standardized approach is based on the business
indicator component, derived from financial
statement metrics, as well as the internal loss
multiplier, derived from average historical
operational losses. The new framework replaced the
advanced measurement approach.
As of 30 September 2025, the output floor is set at USD 446.7bn, representing 60% of RWA calculated using the full
standardized approach. This floor remains USD 58.2bn below the actual RWA of USD 504.9bn.
During the third quarter of 2025, the difference between RWA calculated using the full standardized approach and actual
RWA decreased by USD 6.6bn, to USD 239.6bn from USD 246.2bn. This decrease was primarily driven by RWA mitigation
actions undertaken during the quarter, as well as asset size and other movements. UBS is making progress with further
measures to minimize the impact as the output floor increases to 72.5% of standardized RWA by 2028.
Credit risk RWA under the full standardized approach are higher than actual RWA. Under the standardized approach,
fixed risk weights are applied to residential mortgage exposures, depending on the LTV. The internal model-based
approach considers borrowers’ ability to service debt more accurately, including mortgage affordability and calibration
based on historic data. The Group’s residential mortgage portfolio is focused on the Swiss market, and the Group has
robust review processes in place concerning borrowers’ ability to repay. This results in the Group’s residential mortgage
portfolio having a low average LTV and results in an average risk weight of around 20% under the A-IRB approach
compared with an average risk weight of around 35% under the standardized approach. For Lombard lending the
average risk weight using internal models is around 9%. The risk weight under the standardized approach is around
100% for these exposures, primarily due to the differences in the treatment of collateral. Furthermore, corporate
exposures have higher risk weights under the standardized approach, with an average of 82%, compared with an average
of 51% under the internal model approach.
CCR RWA under the full standardized approach are higher than actual RWA, primarily reflecting higher risk weights under
the standardized approach compared with the internal ratings-based (IRB) risk weights mainly in the Corporates asset
class, especially on managed funds. In addition to risk weights, exposures calculated under the standardized approach
are higher, because the standardized approach does not fully recognize the benefits of netting, portfolio diversification
and collateral.
CVA RWA calculated using the full standardized approach are higher than actual RWA, as the application of internal
ratings is not permitted under the standardized approach for output floor calculations.
Securitization RWA calculated using the full standardized approach are higher than actual RWA, due to more conservative
assumptions and less granular risk assessments permitted under the SEC-SA when compared with the SEC-IRBA
framework.
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets 10
CMS1: Comparison of modelled and standardized RWA at risk level
a
b
c
d
e
USD m
RWA for modelled
approaches that UBS has
FINMA approval to use
RWA for portfolios
where standardized
approaches are used
Total Actual RWA
(i.e. RWA which banks
report as current
requirements)
RWA calculated using
full standardized
approach
(i.e. used in the base
of the output floor)
Output floor base
(60% of RWA
calculated using full
standardized
approach)
30.9.25
1
Credit risk (excluding counterparty credit risk)
2
Counterparty credit risk
3
Credit valuation adjustment (CVA)
4
Securitization exposures in banking book
5
Market risk
6
Operational risk
7
Residual RWA
1
8
Total
2
30.6.25
1
Credit risk (excluding counterparty credit risk)
2
Counterparty credit risk
3
Credit valuation adjustment (CVA)
4
Securitization exposures in banking book
5
Market risk
6
Operational risk
7
Residual RWA
1
8
Total
2
1 Includes settlement risk, equity investments in funds and deferred tax assets arising from temporary differences. 2 Conceptually, the output floor is applied at the total RWA level, rather than at individual risk-type
levels.
RWA flow statements of credit risk exposures under the internal ratings-based approach
The CR8 table below provides a breakdown of the credit risk RWA movements in the third quarter of 2025 across
movement categories defined by the Basel Committee on Banking Supervision (the BCBS).
Credit risk RWA under the IRB approach decreased by USD 1.3bn to USD 195.6bn during the third quarter of 2025. This
balance reflects credit risk under the IRB approach, including the F-IRB approach under the final Basel III standards from
1 January 2025 onward, as well as credit risk under the supervisory slotting approach.
Movements in asset size drove a USD 0.9bn decrease in RWA, mainly driven by decreases in liquid assets and loan
commitments in Global Wealth Management.
Movements in asset quality increased RWA by USD 3.2bn, mainly due to changes in the portfolio mix in the Investment
Bank and Personal & Corporate Banking.
Model updates decreased RWA by USD 2.6bn, related to improvements in the model for concentrated equity lending in
Global Wealth Management and an update in LGD models for cash and balances at central banks.
Methodology and policy changes resulted in an RWA decrease of USD 0.7bn under the IRB approach, following the
migration of exposures from Credit Suisse models to the standardized approach. This methodology change resulted in a
net increase of USD 1.1bn in Group RWA.
Currency effects, driven by the strengthening of the US dollar against other major currencies, resulted in an RWA decrease
of USD 0.6bn.
›
Refer to “Definitions of credit risk and counterparty credit risk RWA movement table components for CR8 and CCR7” in the
“Credit risk” section of the 31 December 2024 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for
definitions of credit risk RWA movement table components
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets 11
CR8: RWA flow statements of credit risk exposures under IRB
USD m
For the quarter
ended 30.9.25
1
RWA as of the beginning of the quarter
2
Asset size
3
Asset quality
4
Model updates
5
Methodology and policy
5a
of which: impact from the implementation of final Basel III standards
5b
of which: others
6
Acquisitions and disposals
7
Foreign exchange movements
8
Other
9
RWA as of the end of the quarter
RWA flow statements of counterparty credit risk exposures under the internal model method and VaR
The CCR7 table below presents a flow statement explaining movements in CCR RWA determined under the IMM for
derivatives and the VaR approach for SFTs across movement categories defined by the BCBS.
CCR RWA on derivatives under the IMM increased by USD 1.7bn to USD 14.9bn during the third quarter of 2025. Asset
size movements contributed to an RWA increase of USD 0.6bn, primarily reflecting higher trading volumes in derivatives
in the Investment Bank. Credit quality movements contributed to a USD 1.0bn increase in RWA, mainly due to changes
in the portfolio mix in the Investment Bank. Methodology changes led to a USD 0.3bn increase in RWA, mainly driven by
the increased use of the IMM replacing the standardized approach for derivative exposures. This shift in approach resulted
in a USD 0.1bn decrease in the Group’s RWA.
CCR RWA on SFTs under the VaR approach increased by USD 1.7bn to USD 8.3bn during the third quarter of 2025. Asset
size movements contributed to an RWA increase of USD 0.7bn, primarily driven by higher trading volumes, mainly in the
Investment Bank, as well as in Group Items. Credit quality movements contributed to a USD 1.0bn increase in RWA,
mainly due to changes in the portfolio mix in Group Items and the Investment Bank.
›
Refer to “Definitions of credit risk and counterparty credit risk RWA movement table components for CR8 and CCR7” in the
“Credit risk” section of the 31 December 2024 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for
definitions of CCR RWA movement table components
CCR7: RWA flow statements of CCR exposures under the internal model method (IMM) and value-at-risk (VaR)
For the quarter ended 30.9.25
USD m
Derivatives
SFTs
Total
Subject to IMM
Subject to VaR
1
RWA as of the beginning of the quarter
2
Asset size
3
Credit quality of counterparties
4
Model updates
5
Methodology and policy
5a
of which: impact from the implementation of final Basel III standards
5b
of which: others
6
Acquisitions and disposals
7
Foreign exchange movements
8
Other
9
RWA as of the end of the quarter
RWA flow statements of CVA risk exposures under SA-CVA
The CVA4 table below shows the variations in RWA for CVA risk determined under the SA-CVA. The CVA capital charge
covers the risk of mark-to-market losses associated with the deterioration of counterparty credit quality. We apply the
SA-CVA on positions where we generally use the IMM to derive the EAD for derivatives and the full BA-CVA for all other
positions.
›
Refer to “Overview of RWA and capital requirements” in this section for the materiality of BA-CVA and SA-CVA RWA and capital
requirements
SA-CVA RWA increased by USD 1.0bn to USD 5.3bn during the third quarter of 2025, mainly driven by non -modellable
trades, new exposures in the Swiss portfolio and hedge bucketing .
CVA4: RWA flow statements of CVA risk exposures under SA-CVA
USD m
Total RWA
1
RWA as of 30.6.25
2
RWA as of 30.9.25
30 September 2025 Pillar 3 Report |
UBS Group | Going and gone concern requirements and eligible capital 12
Going and gone concern requirements and eligible
capital
The table below provides details of the Swiss systemically relevant bank (SRB) going and gone concern capital
requirements as required by the Swiss Financial Market Supervisory Authority (FINMA ).
›
Refer to the “Capital management” section of the UBS Group third quarter 2025 report, available under “Quarterly reporting” at
ubs.com/investors
, for more information about capital management
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
7
7
of which: base requirement including add-ons for market share and LRD
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.67% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD), of which 23 basis points for RWA reflect a Pillar 2 capital add-on for the residual exposure
(after collateral mitigation) to hedge funds, private equity and family offices, effective 1 January 2025. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private
equity and family offices of 0.16% for CET1 capital and 0.07% for AT1 capital, effective 1 January 2025. For AT1 capital, under Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going
concern requirements; 4.37% includes the aforementioned Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of 3.50% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement,
a 0.25% LRD add-on requirement and a 0.25% market share add-on requirement based on our Swiss credit business. 4 A maximum of 25% of the gone concern requirements can be met with instruments that have
a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all
instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. 5 From 1 January 2023, the resolvability discount on the gone concern
capital requirements for systemically important banks (SIBs) has been replaced with reduced base gone concern capital requirements equivalent to 75% of the total going concern requirements (excluding countercyclical
buffer requirements and the Pillar 2 add-on). 6 As of July 2024, the Swiss Financial Market Supervisory Authority (FINMA) has the authority to impose a surcharge of up to 25% of the total going concern capital
requirements (excluding countercyclical buffer requirements and the Pillar 2 add-on) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD.
30 September 2025 Pillar 3 Report |
UBS Group | Leverage ratio 13
Leverage ratio
Basel III leverage ratio
The Basel Committee on Banking Supervision (the BCBS) leverage ratio, as summarized in the “KM1: Key metrics” table
in section 2 of this report, is calculated by dividing the period-end tier 1 capital by the period-end leverage ratio
denominator (the LRD).
The LRD consists of on-balance sheet assets and off-balance sheet items based on IFRS Accounting Standards. Derivative
exposures are adjusted for a number of items, including replacement values and eligible cash variation margin netting,
potential future exposure and net notional amounts for written credit derivatives. The LRD also includes an additional
charge for counterparty credit risk related to securities financing transactions (SFTs).
On-balance sheet items (excluding derivatives and securities financing transactions (SFTs), but including collateral), as
disclosed in the LR2 table, differ from IFRS Accounting Standards total assets due to adjustments to the former for the
application of the regulatory scope of consolidation and due to the carrying amounts for derivative financial instruments
and SFTs, which are removed and replaced with exposures, as per the leverage ratio rules, in separate line items in the
LR2 table.
Difference between the Swiss systemically relevant bank and BCBS leverage ratio
The LRD is the same under Swiss systemically relevant bank (SRB) and BCBS rules. However, there is a difference in the
capital numerator between the two frameworks. Under BCBS rules only common equity tier 1 and additional tier 1 (AT1)
capital are included in the numerator. Under Swiss SRB rules UBS is required to meet going and gone concern leverage
ratio requirements. Therefore, depending on the requirement, the numerator includes tier 1 capital instruments, tier 2
capital instruments and / or total loss-absorbing capacity-eligible senior unsecured debt.
The difference between the total leverage ratio exposures of USD 1,640.5 bn and total consolidated assets as per the
published financial statements of USD 1,632.3bn was USD 8.2bn, reflecting the sum of lines 2 to 12 in the following
table.
LR1: Summary comparison of accounting assets vs leverage ratio exposure measure
USD m
30.9.25
30.6.25
1
Total consolidated assets as per published financial statements
2
Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated for accounting purposes but outside the
scope of regulatory consolidation
3
Adjustment for securitized exposures that meet the operational requirements for the recognition of risk transference
4
Adjustments for temporary exemption of central bank reserves (if applicable)
5
Adjustment for fiduciary assets recognized on the balance sheet pursuant to the operative accounting framework but excluded from the leverage
ratio exposure measure
6
Adjustments for regular-way purchases and sales of financial assets subject to trade date accounting
7
Adjustments for eligible cash pooling transactions
8
Adjustments for derivative financial instruments
9
Adjustment for securities financing transactions (i.e. repos and similar secured lending)
10
Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balance sheet exposures)
11
Adjustments for prudent valuation adjustments and specific and general provisions which have reduced Tier 1 capital
1
12
Other adjustments
12a
of which: asset amounts deducted in determining Tier 1 capital
12b
of which: consolidated entities under the regulatory scope of consolidation
13
Leverage ratio exposure
1 Reflects the shortfall to expected losses on advanced internal ratings-based (IRB) portfolio less general provisions. Deduction items other than the IRB shortfall are disclosed in row 12a.
30 September 2025 Pillar 3 Report |
UBS Group | Leverage ratio 14
LR2: Leverage ratio common disclosure
USD m, except where indicated
30.9.25
30.6.25
On-balance sheet exposures
1
On-balance sheet items (excluding derivatives and securities financing transactions (SFTs), but including collateral)
2
Gross-up for derivatives collateral provided where deducted from balance sheet assets pursuant to the operative accounting framework
3
(Deductions of receivable assets for cash variation margin provided in derivatives transactions)
4
(Adjustment for securities received under securities financing transactions that are recognised as an asset)
5
(Specific and general provisions associated with on-balance sheet exposures that are deducted from Tier 1 capital)
6
(Asset amounts deducted in determining Tier 1 capital)
7
Total on-balance sheet exposures (excluding derivatives and SFTs)
Derivative Exposures
8
Replacement cost associated with all derivatives transactions (where applicable net of eligible cash variation margin and/or with bilateral netting)
9
Add-on amounts for potential future exposure associated with all derivatives transactions
10
(Exempted qualifying central counterparty (QCCP) leg of client-cleared trade exposures)
11
Adjusted effective notional amount of all written credit derivatives
1
12
(Adjusted effective notional offsets and add-on deductions for written credit derivatives)
2
13
Total derivative exposures
Securities financing transaction exposures
14
Gross SFT assets (with no recognition of netting), after adjusting for sale accounting transactions
15
(Netted amounts of cash payables and cash receivables of gross SFT assets)
16
Counterparty credit risk exposure for SFT assets
17
Agent transaction exposures
18
Total securities financing transaction exposures
Other off-balance sheet exposures
19
Off-balance sheet exposure at gross notional amount
20
(Adjustments for conversion to credit equivalent amounts)
21
(Specific and general provisions associated with off-balance sheet exposures deducted in determining Tier 1 capital)
22
Total off-balance sheet items
Capital and total exposures (leverage ratio denominator), phase-in
23
Tier 1 capital
24
Total exposures (leverage ratio denominator)
Leverage ratio
25
3
25a
Basel III leverage ratio (excluding the impact of any applicable temporary exemption of central bank reserves)
3
26
Leverage ratio minimum requirement
4
27
Leverage ratio buffers
4
Disclosure of mean values
28
Mean value of gross SFT assets, after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash
receivables
29
Quarter-end value of gross SFT assets, after adjustment for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables
30
Total exposures (including the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28 of
gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables)
3
30a
Total exposures (excluding the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28
of gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables)
3
31
Basel III leverage ratio (including the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row
28 of gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables)
3
31a
Basel III leverage ratio (excluding the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from
row 28 of gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash
receivables)
3
1 Includes protection sold, including agency transactions. 2 Protection sold can be offset with protection bought on the same underlying reference entity, provided that the conditions according to the Basel III
leverage ratio framework and disclosure requirements are met. 3 There is currently no temporary exemption of central bank reserves for UBS. 4 The buffer is based on Swiss SRB requirements as per the Capital
Adequacy Ordinance. These requirements are above BCBS requirements for G-SIBs.
LRD development during the third quarter of 2025
During the third quarter of 2025, the LRD decreased by USD 17.6bn to USD 1,640.5bn , mainly due to asset size and
other movements of USD 12.4bn and currency effects of USD 5.2bn.
On-balance sheet exposures (excluding derivatives and securities financing transactions) decreased by USD 5.8bn, mainly
due to currency effects of USD 4.1bn and asset size and other movements of USD 1.8bn. The asset size movement mainly
reflected a decrease in cash and balances at central banks in Group Treasury, partly offset by growth in trading portfolio
assets reflecting market-driven increases, as well as higher inventory held to hedge client positions in the Investment
Bank.
Derivative exposures increased by USD 5.3bn, mainly due to asset size and other movements of USD 5.9bn, partly offset
by currency effects of USD 0.5bn. The asset size movement primarily reflected higher trading volumes, partly offset by
the effects of market-driven movements on foreign currency contracts in the Investment Bank.
30 September 2025 Pillar 3 Report |
UBS Group | Leverage ratio 15
Securities financing transaction exposures decreased by USD 13.8bn, mainly due to asset size and other movements of
USD 13.4bn and currency effects of USD 0.5bn. The asset size movement was mainly due to roll-offs of cash reinvestment
trades in Group Treasury.
Off-balance sheet items decreased by USD 3.3bn, mainly due to asset size and other movements of USD 3.1bn and
currency effects of USD 0.1bn. The asset size movement was mainly due to decreases in commitments in Personal &
Corporate Banking and Global Wealth Management.
›
Refer to “Leverage ratio denominator” in the “Risk, capital, liquidity and funding, and balance sheet” section of the UBS Group
third quarter 2025 report, available under “Quarterly reporting” at
ubs.com/investors
, for more information
Liquidity and funding
Liquidity coverage ratio
We monitor the liquidity coverage ratio (the LCR) in all significant currencies in order to manage any currency mismatch
between high-quality liquid assets (HQLA) and the net expected cash outflows in times of stress.
Pillar 3 disclosure requirement
Third quarter 2025 report section
Disclosure
Third quarter 2025 report page number
Concentration of funding sources
Balance sheet and off-balance sheet
Liabilities, by product and currency
55
High-quality liquid assets
HQLA must be easily and immediately convertible into cash at little or no loss of value, especially during a period of stress.
HQLA are assets that are of low risk and are unencumbered. Other characteristics of HQLA are ease and certainty of
valuation, low correlation with risky assets, listing of the assets on a developed and recognized exchange, existence of
an active and sizable market for the assets, and low volatility. Our HQLA predominantly consist of assets that qualify as
Level 1 in the LCR framework, including cash, central bank reserves and government bonds. In the third quarter of 2025,
our HQLA decreased by USD 12.2bn to USD 346.6bn, mainly reflecting lower cash due to higher lending assets, partly
due to currency effects, and funding for trading assets. The decreases were partly offset by higher cash due to an increase
in customer deposits, largely due to currency effects, and higher proceeds from securities financing transactions.
High-quality liquid assets (HQLA)
Average 3Q25
1
Average 2Q25
1
USD m
Level 1
weighted
liquidity
value
2
Level 2
weighted
liquidity
value
2
Total
weighted
liquidity
value
2
Level 1
weighted
liquidity
value
2
Level 2
weighted
liquidity
value
2
Total
weighted
liquidity
value
2
Cash balances
3
232,503
232,503
256,189
256,189
Securities (on- and off-balance sheet)
86,366
27,681
114,047
76,108
26,462
102,570
Total HQLA
4
318,869
27,681
346,550
332,297
26,462
358,759
1 Calculated based on an average of 65 data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. 2 Calculated after the application of haircuts and, where applicable, caps on Level 2
assets. 3 Includes cash and balances with central banks and other eligible balances as prescribed by FINMA. 4 Calculated in accordance with FINMA requirements.
30 September 2025 Pillar 3 Report |
UBS Group | Liquidity and funding 16
Liquidity coverage ratio development during the third quarter of 2025
The quarterly average LCR of the UBS Group remained broadly unchanged at 182.1%, remaining above the prudential
requirement communicated by the Swiss Financial Market Supervisory Authority (FINMA).
Average HQLA decreased by USD 12.2bn to USD 346.6bn, mainly reflecting lower cash due to higher lending assets,
partly due to currency effects, and funding for trading assets. The decreases were partly offset by higher cash due to an
increase in customer deposits, largely due to currency effects, and higher proceeds from securities financing transactions.
The effect from the decrease in HQLA was offset by a USD 6.5bn decrease in average net cash outflows to USD 190.4bn,
reflecting lower net outflows from derivatives and higher net inflows from securities financing transactions, partly offset
by higher outflows from customer deposits.
LIQ1: Liquidity coverage ratio (LCR)
Average 3Q25
1
Average 2Q25
1
USD m
Unweighted
value
Weighted
value
2
Unweighted
value
Weighted
value
2
High-quality liquid assets (HQLA)
1
Total HQLA
351,663
346,550
363,824
358,759
Cash outflows
2
Retail deposits and deposits from small business customers
388,660
45,003
378,633
43,920
3
of which: stable deposits
31,133
1,130
31,060
1,123
4
of which: less stable deposits
357,527
43,873
347,573
42,797
5
Unsecured wholesale funding
304,482
154,199
298,735
151,438
6
of which: operational deposits (all counterparties)
68,313
17,078
67,788
16,947
7
of which: non-operational deposits (all counterparties)
219,859
120,811
215,995
119,540
8
of which: unsecured debt
16,309
16,309
14,952
14,952
9
Secured wholesale funding
102,570
95,185
10
Additional requirements:
162,537
45,424
173,923
51,456
11
of which: outflows related to derivatives and other transactions
78,826
26,754
89,777
30,989
12
of which: outflows related to loss of funding on debt products
3
391
391
535
535
13
of which: committed credit and liquidity facilities
83,320
18,280
83,610
19,932
14
Other contractual funding obligations
30,828
27,086
32,429
30,004
15
Other contingent funding obligations
342,554
14,062
341,262
13,102
16
Total cash outflows
388,343
385,105
Cash inflows
17
Secured lending
346,121
127,808
313,077
116,535
18
Inflows from fully performing exposures
79,194
36,796
79,422
35,964
19
Other cash inflows
33,380
33,380
35,760
35,760
20
Total cash inflows
458,695
197,984
428,260
188,259
Average 3Q25
1
Average 2Q25
1
USD m, except where indicated
Total adjusted
value
4
Total adjusted
value
4
Liquidity coverage ratio (LCR)
21
Total HQLA
346,550
358,759
22
Net cash outflows
190,359
196,846
23
LCR (%)
1 Calculated based on an average of 65 data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. 2 Calculated after the application of haircuts and inflow and outflow rates.
3 Includes outflows related to loss of funding on asset-backed securities, covered bonds, other structured financing instruments, asset-backed commercial papers, structured entities (conduits), securities investment
vehicles and other such financing facilities. 4 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | Introduction 17
Significant regulated subsidiaries
and sub-groups
Introduction
Scope of disclosures in these sections
The sections below include capital and other regulatory information as of 30 September 2025 for UBS AG consolidated,
UBS AG standalone, UBS Switzerland AG standalone, UBS Europe SE consolidated, UBS Americas Holding LLC
consolidated and Credit Suisse International standalone. Capital information in the following sections is based on Pillar 1
capital requirements. Entities may be subject to significant additional Pillar 2 requirements, which represent additional
amounts of capital considered necessary and are agreed with regulators based on the risk profile of the respective entity.
UBS Americas Holding LLC consolidated
Updated Federal Reserve Board stress capital buffer requirements
In August 2025, the Federal Reserve Board reduced the stress capital buffer (the SCB) of UBS Americas Holding LLC, our
US-based intermediate holding company, to 5.2%, from 9.3%, applicable from 1 October 2025 under the Federal
Reserve Board’s SCB rule, resulting in a total common equity tier 1 capital requirement of 9.7%. The SCB for UBS
Americas Holding LLC is derived from the results of the Federal Reserve Board’s 2025 Dodd
–
Frank Act Stress Test (DFAST)
released in June 2025.
Earlier in 2025, the Federal Reserve Board proposed measures to reduce the volatility of the SCB requirements by
averaging the capital stress test results from the past two years, with the aim of making capital planning more predictable
for banks. In addition, the Federal Reserve Board proposed moving the effective date for the annual SCB updates from
1 October to 1 January to allow more time to meet the new requirements. We expect the final rules to be published in
the first half of 2026.
UBS AG consolidated
Key metrics for the third quarter of 2025
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the third quarter of 2025, tier 1 capital increased by USD 2.9bn to USD 91.4bn. Common equity tier 1 (CET1)
capital increased by USD 1.6bn to USD 71.5bn, mainly driven by operating profit before tax of USD 1.5bn, partly offset
by current tax expenses of USD 0.3bn and foreign currency translation losses of USD 0.1bn. Additional tier 1 (AT1) capital
issued by the Group and on lent to UBS AG increased by USD 1.3bn to USD 20.0bn, reflecting the issuance of new AT1
capital instruments equivalent to USD 2.8bn, partly offset by the call of one AT1 capital instrument equivalent to
USD 1.6bn.
During the third quarter of 2025, risk-weighted assets (RWA) increased by USD 4.1bn to USD 502.4bn, driven by a
USD 6.6bn increase resulting from asset size and other movements, partly offset by a USD 1.5bn decrease driven by
model updates and methodology changes and a USD 1.0bn decrease from currency effects.
During the third quarter of 2025, the leverage ratio denominator (the LRD) decreased by USD 17.3bn to USD 1,642.8bn,
mainly due to asset size and other movements of USD 12.1bn and currency effects of USD 5.2bn. The asset size
movement was mainly driven by a decrease in cash and balances at central banks and roll-offs of cash reinvestment trades
in Group Treasury, partly offset by growth in trading portfolio assets and higher derivatives exposures in the Investment
Bank.
Correspondingly, the CET1 capital ratio of UBS AG consolidated increased to 14.2% from 14.0%, reflecting the
aforementioned increase in CET1 capital, partly offset by the aforementioned increase in RWA. The Basel III leverage ratio
increased to 5.6% from 5.3%, reflecting the aforementioned increase in tier 1 capital and the aforementioned decrease
in the LRD.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG consolidated 18
The quarterly average liquidity coverage ratio of UBS AG consolidated remained broadly unchanged at 179.0%,
remaining above the prudential requirement communicated by FINMA. Average high-quality liquid assets (HQLA)
decreased by USD 12.2bn to USD 346.7bn, mainly reflecting lower cash due to higher lending assets, partly due to
currency effects, and funding for trading assets. The decreases were partly offset by higher cash due to an increase in
customer deposits, largely due to currency effects, and higher proceeds from securities financing transactions. The effect
from the decrease in HQLA was offset by a USD 6.3bn decrease in average net cash outflows to USD 193.8bn, reflecting
lower net outflows from derivatives and higher net inflows from securities financing transactions, partly offset by higher
outflows from customer deposits.
As of 30 September 2025, the net stable funding ratio of UBS AG consolidated decreased 2.3 percentage points to
118.6%, remaining above the prudential requirement communicated by FINMA. Available stable funding decreased by
USD 4.9bn to USD 887.4bn, mainly driven by decreases in customer deposits and debt issued measured at amortized
cost, partly offset by higher regulatory capital. Required stable funding increased by USD 10.2bn to USD 748.3bn,
primarily reflecting an increase in trading assets.
KM1: Key metrics
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
1
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
2
11
Total of bank CET1 specific buffer requirements (%)
3
12
CET1 available after meeting the bank’s minimum capital requirements (%)
4
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
5
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
5
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
14e
Minimum capital requirements
6
Liquidity coverage ratio (LCR)
7
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
178.96
179.45
180.28
186.08
196.34
Net stable funding ratio (NSFR)
18
Total available stable funding
887,444
892,381
853,742
847,008
903,402
19
Total required stable funding
748,303
738,056
695,201
682,504
712,729
20
NSFR (%)
118.59
120.91
122.81
124.10
126.75
1 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 2 Swiss SRB going and gone concern requirements and information for UBS AG consolidated
are provided below in this section. 3 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 4 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.
5 There is currently no temporary exemption of central bank reserves for UBS. 6 The higher of capital requirements based on 8% of RWA or 3% of LRD. 7 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 65 data points in the third quarter of 2025 and 61 data points in the second quarter of
2025. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG consolidated 19
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of the Swiss systemically relevant bank RWA- and LRD-based going and gone concern
requirements and information as required by FINMA; details regarding eligible gone concern instruments are also provided
below.
Effective 1 January 2025, a Pillar 2 capital add-on for uncollateralized exposures to hedge funds, private equity and family
offices has been introduced. This resulted in an increase of 23 basis points in the RWA-based going concern capital
requirement as of 30 September 2025.
UBS AG’s outstanding non-Basel III-compliant tier 2 capital instruments and total loss-absorbing capacity-eligible
unsecured debt instruments are eligible to meet gone concern requirements until one year before maturity.
More information about the going and gone concern requirements is provided in the “Total loss-absorbing capacity”
section of the UBS AG Annual Report 2024, available under “Annual reporting” at
ubs.com/investors.
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
of which: base requirement including add-ons for market share and LRD
7
7
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.70% for risk-weighted assets (RWA) and 0.51% for leverage ratio denominator (LRD), of which 2 basis points for RWA and 1 basis point for LRD reflect a Pillar 2 capital add-on of
USD 107m related to the supply chain finance funds matter at Credit Suisse. An additional 23 basis points for RWA reflect a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge funds,
private equity and family offices, effective 1 January 2025. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.16% for CET1
capital and 0.07% for AT1 capital, effective 1 January 2025. For AT1 capital, under Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going concern requirements; 4.37% includes the
aforementioned Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of 3.51% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.25% LRD add-on requirement, a 0.25%
market share add-on requirement based on our Swiss credit business and a 0.01% Pillar 2 capital add-on related to the supply chain finance funds matter at Credit Suisse. 4 A maximum of 25% of the gone concern
requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a
remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. 5 From 1 January 2023,
the resolvability discount on the gone concern capital requirements for systemically important banks (SIBs) has been replaced with reduced base gone concern capital requirements equivalent to 75% of the total going
concern requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons). 6 As of July 2024, FINMA has the authority to impose a surcharge of up to 25% of the total going concern capital
requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG consolidated 20
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.25
30.6.25
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
UBS AG standalone
Key metrics for the third quarter of 2025
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the third quarter of 2025, tier 1 capital increased by USD 1.5bn to USD 93.3bn. Common equity tier 1 (CET1)
capital increased by USD 0.2bn to USD 73.4bn, mainly reflecting operating profit before tax of USD 0.9bn, partly offset
by defined benefit plans effects of USD 0.3bn and current tax expenses of USD 0.1bn. Additional tier 1 (AT1) capital
issued by the Group and on lent to UBS AG increased by USD 1.3bn to USD 20.0bn, reflecting the issuance of new AT1
capital instruments equivalent to USD 2.8bn, partly offset by the call of one AT1 capital instrument equivalent to
USD 1.6bn.
Phase-in risk-weighted assets (RWA) increased by USD 1.5bn to USD 517.9bn during the third quarter of 2025, primarily
driven by increases in credit and counterparty credit risk RWA and market risk RWA, partly offset by a decrease in RWA
on investments in subsidiaries.
During the third quarter of 2025, the leverage ratio denominator (the LRD) decreased by USD 11.9bn to USD 952.1bn,
mainly due to asset size and other movements of USD 8.7bn and currency effects of USD 3.2bn. The asset size movement
was mainly driven by roll-offs of cash reinvestment trades and a decrease in cash and balances at central banks in Group
Treasury, partly offset by growth in trading portfolio assets and higher derivatives exposures in the Investment Bank.
Correspondingly, the phase-in CET1 capital ratio of UBS AG standalone was stable at 14.2%, reflecting the
aforementioned increase in CET1 capital offset by the aforementioned increase in phase-in RWA. The Basel III leverage
ratio increased to 9.8% from 9.5%, reflecting the aforementioned increase in tier 1 capital and the aforementioned
decrease in the LRD.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG standalone 21
The quarterly average liquidity coverage ratio (the LCR) of UBS AG standalone increased 5.4 percentage points to
240.9%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by an USD 8.1bn decrease in the average net cash outflows to USD 67.6bn, reflecting lower
outflows from mainly intercompany deposits, lower net outflows from derivatives and higher net inflows from securities
financing transactions. The average high-quality liquid assets decreased by USD 14.9bn to USD 162.5bn, mainly reflecting
lower cash due to higher funding for trading assets.
As of 30 September 2025, the net stable funding ratio of UBS AG standalone decreased 0.5 percentage points to 96.2%,
remaining above the prudential requirement communicated by FINMA. Available stable funding decreased by USD 2.3bn
to USD 419.0 bn, mainly driven by decreases in customer deposits and debt issues measured at amortized cost, partly
offset by higher regulatory capital. Required stable funding was broadly unchanged at USD 435.6bn.
KM1: Key metrics
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
1
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
2
Risk-based capital ratios as a percentage of RWA
1
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
3
11
Total of bank CET1 specific buffer requirements (%)
4
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
6
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
assets
6
14d
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves) incorporating mean values for
SFT assets
14e
Minimum capital requirements
7
Liquidity coverage ratio (LCR)
8
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
240.93
Net stable funding ratio (NSFR)
9
18
Total available stable funding
419,024
421,323
410,507
410,197
446,435
19
Total required stable funding
435,582
435,547
418,661
421,792
444,875
20
NSFR (%)
96.20
96.73
98.05
97.25
100.35
1 Based on phase-in rules for RWA. Refer to “Swiss systemically relevant bank going and gone concern requirements and information” below for more information. 2 Calculated as 8% of total RWA, based on total
capital minimum requirements, excluding CET1 buffer requirements. 3 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 4 Excludes non-
BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 5 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. 6 There is currently no temporary exemption of
central bank reserves for UBS. 7 The higher of capital requirements based on 8% of RWA or 3% of LRD. 8 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 65 data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. For the prior-quarter data points, refer to the
respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information. 9 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to
maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG standalone 22
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of the Swiss systemically relevant bank RWA- and LRD-based going and gone concern
requirements and information as required by FINMA; details regarding eligible gone concern instruments are also provided
below.
UBS AG standalone is subject to a gone concern capital requirement based on the sum of: (i) the nominal value of the
gone concern instruments issued by UBS entities and held by the parent firm; (ii) 75% of the capital requirements resulting
from third-party exposure on a standalone basis; and (iii) a buffer requirement equal to 30% of the Group’s gone concern
capital requirement on UBS AG’s consolidated exposure. The gone concern capital requirement is the higher of the RWA-
and LRD-based requirements, calculated separately. The gone concern capital coverage ratio reflects how much gone
concern capital is available to meet the gone concern requirement. UBS AG’s outstanding non-Basel III-compliant tier 2
capital instruments and total loss-absorbing capacity-eligible unsecured debt instruments are eligible to meet gone
concern requirements until one year before maturity.
Effective 1 January 2025, a Pillar 2 capital add-on for uncollateralized exposures to hedge funds, private equity and family
offices has been introduced. This resulted in an increase as of 30 September 2025 of 21 basis points in the RWA phase-
in-based going concern capital requirement and 19 basis points in the RWA fully applied-based going concern capital
requirement.
More information about the going and gone concern requirements is provided in the “UBS AG standalone” section of
the 31 December 2024 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors.
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA, phase-in
RWA, fully applied as of 1.1.28
1
LRD
USD m, except where indicated
in %
in %
in %
Required going concern capital
Total going concern capital
2
2
2
Common equity tier 1 capital
3
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
3
3
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Required gone concern capital
4
Higher of RWA- or LRD-based
Total gone concern loss-absorbing capacity
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Gone concern capital coverage ratio
1 Fully applied relates to participation RWA. Direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including
holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk weighted at 235% and 340%, respectively, for the current year. As per current rules, risk weights will gradually increase by 5 percentage
points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied. 2 Includes
applicable add-ons of 1.67% for risk-weighted assets (RWA, phase-in), 1.65% for risk-weighted assets (RWA, fully applied) and 0.51% for leverage ratio denominator (LRD), of which 2 basis points for RWA phase-
in, 2 basis points for RWA fully applied and 1 basis point for LRD reflect a Pillar 2 capital add-on of USD 107m related to the supply chain finance funds matter at Credit Suisse. An additional 21 basis points for RWA
phase-in and 19 basis points for RWA fully applied reflect a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge fund, private equity and family offices, effective 1 January 2025.
3 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.14% for CET1 capital and 0.06% for AT1 capital for RWA phase-in and 0.14%
for CET1 capital and 0.06% for AT1 capital for RWA fully applied, effective 1 January 2025. For AT1 capital, under Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going concern
requirements; 4.36% for RWA phase-in and 4.36% for RWA fully applied include the aforementioned Pillar 2 capital add-on. 4 A maximum of 25% of the gone concern requirements can be met with instruments
that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years,
all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG standalone 23
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.25
30.6.25
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Denominators for going and gone concern ratios
Risk-weighted assets, phase-in
of which: investments in Switzerland-domiciled subsidiaries
1
of which: investments in foreign-domiciled subsidiaries
1
Risk-weighted assets, fully applied as of 1.1.28
of which: investments in Switzerland-domiciled subsidiaries
1
of which: investments in foreign-domiciled subsidiaries
1
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio, phase-in
of which: common equity tier 1 capital ratio, phase-in
Going concern capital ratio, fully applied as of 1.1.28
of which: common equity tier 1 capital ratio, fully applied as of 1.1.28
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Capital coverage ratio (%)
Gone concern capital coverage ratio
1 Fully applied relates to participation RWA. Direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including
holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk weighted at 235% and 340%, respectively, for the current year. As per current rules, risk weights will gradually increase by 5 percentage
points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied.
UBS Switzerland AG standalone
Key metrics for the third quarter of 2025
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the third quarter of 2025, common equity tier 1 capital increased by CHF 0.1bn to CHF 21.5bn, mainly driven by
operating profit almost entirely offset by additional dividend accruals.
Total risk-weighted assets (RWA) decreased by CHF 0.5bn to CHF 168.2bn, due to lower credit risk RWA driven by a
decrease in exposures, partly offset by an increase in counterparty credit risk RWA.
The leverage ratio denominator (the LRD) decreased by CHF 1.9bn to CHF 547.8bn, mainly due to decreases in lending
exposures and cash and balances at central banks, partly offset by an increase in derivatives transactions.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Switzerland AG standalone 24
The quarterly average liquidity coverage ratio (the LCR) of UBS Switzerland AG increased 2.3 percentage points to
140.4%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was driven by a CHF 4.5bn increase in high-quality liquid assets to CHF 116.4bn, primarily due to higher cash from
funding received from UBS AG and higher customer deposits. The average net cash outflows increased by CHF 1.9bn to
CHF 83.0bn, mainly due to higher outflows from customer deposits and intercompany deposits from UBS AG.
As of 30 September 2025, the net stable funding ratio decreased 2.5 percentage points to 126.0%, remaining above
the prudential requirement communicated by FINMA. Available stable funding decreased by CHF 3.3bn to CHF 351.3bn,
mainly driven by a decrease in customer deposits. Required stable funding increased by CHF 2.9bn to CHF 278.8bn,
primarily reflecting higher lending assets and derivatives instruments.
KM1: Key metrics
CHF m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
1
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
Total of bank CET1 specific buffer requirements (%)
2
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
4
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
4
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
14e
Minimum capital requirements
5
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
Net stable funding ratio (NSFR)
7
18
Total available stable funding
351,349
354,633
355,035
359,170
369,168
19
Total required stable funding
278,806
275,862
276,279
271,688
274,029
NSFR (%)
126.02
128.55
128.51
132.20
134.72
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 propertie s 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 65
data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at
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.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Switzerland AG standalone 25
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of 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
also provided below.
UBS Switzerland AG is considered an SRB under Swiss banking law and is subject to capital regulations on a standalone
basis. As of 30 September 2025, the going concern capital and leverage ratio requirements for UBS Switzerland AG
standalone were 15.18% (including a countercyclical buffer of 0.88%) 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, liquidity and funding, and balance
sheet” section of the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more
information about the joint liability of UBS AG and UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA
LRD
CHF m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
2
Total gone concern loss-absorbing capacity
of which: base requirement including add-ons for market share and LRD
3
3
Eligible gone concern capital
Total gone concern loss-absorbing capacity
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
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.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Switzerland AG standalone 26
Swiss SRB going and gone concern information
CHF m, except where indicated
30.9.25
30.6.25
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Europe SE consolidated 27
UBS Europe SE consolidated
Key metrics for the third quarter of 2025
The table below provides information about the regulatory capital components, capital ratios, leverage ratio and liquidity
of UBS Europe SE consolidated based on Basel Committee on Banking Supervision (BCBS) Pillar 1 requirements and in
accordance with EU regulatory rules and IFRS Accounting Standards.
During the third quarter of 2025, available capital remained stable. Risk-weighted assets increased by EUR 1.3bn to
EUR 15.9bn, mainly driven by higher over-the-counter derivative exposures and related credit valuation adjustment, new
Lombard loans, and new loan facilities. The leverage ratio exposure decreased by EUR 5.9bn to EUR 55.8bn, primarily
driven by decreases in cash at central banks and securities financing transaction exposures.
The average liquidity coverage ratio (the LCR) remained well above the regulatory requirement of 100%, at 141.5%. The
increase in the LCR was driven by an increase of EUR 1.3bn in high-quality liquid assets (HQLA), partly offset by an increase
of EUR 0.7bn in total net cash outflows. Higher HQLA and net outflows are materially attributed to higher UBS Group
euro-clearing activities. The net stable funding ratio remained well above the regulatory requirements of 100%, at
135.8%. Available stable funding increased by EUR 1.4bn, mainly due to higher funding with a residual maturity of in
excess of one year. Required stable funding increased by EUR 0.5bn, mainly driven by higher client-driven activity levels
in the Investment Bank in Asian markets.
KM1: Key metrics
1,2
EUR m, except where indicated
30.9.25
30.6.25
3
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (RWA) (pre-floor)
4b
Minimum capital requirement
4
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
5b
CET1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
Total of bank CET1 specific buffer requirements (%)
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
6,7
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
14e
Minimum capital requirements
8
Liquidity coverage ratio (LCR)
9
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
17
LCR (%)
Net stable funding ratio (NSFR)
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
1 Based on applicable EU regulatory rules. 2 Row 9a of the FINMA template is applicable to the FINMA-regulated scope only and rows 14c and 14d have been removed because the EU does not require the disclosure
of mean values for SFTs. 3 Comparative figures have been restated to align with the regulatory reports as submitted to the European Central Bank. 4 Calculated as 8% of total RWA, based on total capital minimum
requirements, excluding CET1 buffer requirements. 5 Represents the CET1 ratio that is available for meeting buffer requirements. Calculated as the CET1 ratio minus 4.5% and after considering, where applicable,
CET1 capital that has been used to meet tier 1 and / or total capital ratio requirements under Pillar 1. 6 Calculated on the basis of tier 1 capital. 7 There is currently no temporary exemption of central bank reserves
for UBS Europe SE. 8 The higher of capital requirements based on 8% of RWA or 3% of LRD. 9 Figures are calculated based on a 12
‑
month average.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Americas Holding LLC consolidated 28
UBS Americas Holding LLC consolidated
Key metrics for the third quarter of 2025
The table below is based on Basel Committee on Banking Supervision (BCBS) Pillar 1 requirements and in accordance
with US Basel III rules and generally accepted accounting principles in the US (US GAAP).
Effective 1 October 2024 and through 30 September 2025, UBS Americas Holding LLC was subject to a stress capital
buffer (an SCB) of 9.3%, in addition to the minimum capital requirements. The SCB was determined by the Federal
Reserve Board following the completion of the 2024 Comprehensive Capital Analysis and Review (the CCAR) based on
Dodd–Frank Act Stress Test (DFAST) results and planned future dividends. The SCB, which replaced the static capital
conservation buffer of 2.5%, is subject to change on an annual basis or as otherwise determined by the Federal Reserve
Board. Based on the results of the 2025 CCAR, the SCB for UBS Americas Holding LLC was adjusted to 5.2% effective
1 October 2025 and through 30 September 2026, resulting in a total common equity tier 1 (CET1) capital requirement
of 9.7%.
During the third quarter of 2025, the CET1 capital ratio increased 0.2 percentage points to 21.1%, and the tier 1 capital
ratio decreased 0.1 percentage points to 24.5%. Both CET1 capital and tier 1 capital increased by USD 1.0bn due to net
profit and the positive impact from a decrease in deferred tax assets deductions, slightly offset by preferred dividends
paid. Risk-weighted assets (RWA) increased by USD 4.2bn to USD 81.5bn, driven by a USD 4.4bn increase in credit risk
RWA, mainly in derivatives, securities financing transactions and loans, slightly offset by a USD 0.2bn decrease in market
risk RWA.
Leverage ratio exposure, calculated on an average basis, decreased by USD 4.2bn to USD 195.0bn and, as a result, the
tier 1 leverage ratio increased 0.7 percentage points to 10.2%. Similarly, the tier 1 supplementary leverage ratio (the SLR)
increased 0.5 percentage points to 8.7%, primarily driven by a USD 1.8bn decrease in SLR exposure in addition to the
increase in tier 1 capital.
The average liquidity coverage ratio increased 0.8 percentage points to 128.7%, as net cash outflows decreased by
USD 1.3bn and high-quality liquid assets decreased by USD 1.5bn. The average net stable funding ratio decreased
4.2 percentage points to 128.6%. This was due to a USD 2.7bn decrease in available stable funding and a USD 0.4bn
increase in required stable funding.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Americas Holding LLC consolidated 29
KM1: Key metrics
1
USD m, except where indicated
30.9.25
30.6.25
31.3.25
2
31.12.24
2
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4b
Minimum capital requirement
3
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
6
Tier 1 ratio (%)
7
Total capital ratio (%)
Additional CET1 buffer requirements as a percentage of RWA
8
BCBS capital conservation buffer requirement (%)
8a
US stress capital buffer requirement (%)
9
Countercyclical buffer requirement (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
BCBS total of bank CET1 specific buffer requirements (%)
11a
US total bank specific capital buffer requirements (%)
12
CET1 available after meeting the bank’s minimum capital requirements (%)
4
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
5
14
Basel III leverage ratio (%)
6
14a
Total Basel III supplementary leverage ratio exposure measure
5
14b
Basel III supplementary leverage ratio (%)
6
Liquidity coverage ratio (LCR)
15
Total high-quality liquid assets (HQLA)
5
16
Total net cash outflow
5,7
17
LCR (%)
Net stable funding ratio (NSFR)
18
Total available stable funding
5
19
Total required stable funding
5,7
20
NSFR (%)
1 As the final Basel III standards have not been implemented in the US, rows that are not applicable have been removed from the FINMA template. 2 Comparative information has been aligned with UBS Americas
Holding LLC’s regulatory resubmissions of the FR Y-9C reports for 1Q25 and 4Q24, reflecting a reduction in RWA and improved capital ratios. 3 Calculated as 8% of total RWA, based on total minimum capital
requirements, excluding CET1 buffer requirements. 4 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 additional tier 1 and tier 2 capital requirements met with CET1 capital. 5 Figures are calculated on a quarterly average. 6 Calculated on the basis of tier 1 capital. 7 Reflected at 85%
of the full amount in accordance with the Federal Reserve tailoring rule.
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | Credit Suisse International standalone 30
Credit Suisse International standalone
Key metrics for the third quarter of 2025
The table below is based on Basel Committee on Banking Supervision (BCBS) Pillar 1 requirements and in accordance
with UK Prudential Regulatory Authority regulations and IFRS Accounting Standards.
During the third quarter of 2025, the common equity tier 1 capital of Credit Suisse International standalone remained
stable at USD 6.8bn. Risk-weighted assets (RWA) decreased by USD 1.2bn to USD 5.8bn, mainly driven by a decrease in
credit risk RWA. Leverage ratio exposure decreased by USD 4.4bn to USD 15.4bn, as a result of decreases in reverse repos,
money market loans and derivatives.
The average liquidity coverage ratio was 353.1%, compared with 361.4% in the second quarter of 2025. The quarterly
variance was driven by a decrease of USD 2.1bn in high-quality liquid assets reflecting a decrease in treasury-controlled
assets and a USD 0.5bn reduction in net cash outflows.
The net stable funding ratio (the NSFR) of Credit Suisse International standalone remained above the regulatory
requirement of 100%, at 310.8%, compared with 266.1% in the second quarter of 2025. The movement in the NSFR,
aligned with the reduction in balance sheet exposures, was driven by a decrease of USD 2.9bn in available stable funding,
mainly reflecting a decrease in capital and long-term funding. This was partly offset by a decrease of USD 1.5bn in
required stable funding, mainly driven by decrease s in derivative exposures, trading inventory, unsecured lending and
other assets.
KM1: Key metrics
1
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4b
Minimum capital requirement
2
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
6
Tier 1 ratio (%)
7
Total capital ratio (%)
Additional CET1 buffer requirements as a percentage of RWA
8
BCBS capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
BCBS total of bank CET1 specific buffer requirements (%)
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%)
4
Liquidity coverage ratio (LCR)
5
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
17
LCR (%)
Net stable funding ratio (NSFR)
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
1 As the final Basel III standards have not been implemented in the UK, rows that are not applicable have been removed from the FINMA template. 2 Calculated as 8% of total RWA, based on total minimum
capital requirements, excluding CET1 buffer requirements. 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 additional tier 1 and tier 2 capital requirements met with CET1 capital. 4 On the basis of tier 1 capital. 5 Based on Pillar 1 requirements; calculated using a 12-month average.
30 September 2025 Pillar 3 Report |
Appendix 31
Appendix
Abbreviations frequently used in our financial reports
A
ABS asset-backed securities
AG Aktiengesellschaft
AGM Annual General Meeting of
shareholders
AI artificial intelligence
A-IRB advanced internal ratings-
based
ALCO Asset and Liability
Committee
AMA advanced measurement
approach
AML anti-money laundering
AoA Articles of Association
APM alternative performance
measure
ARR alternative reference rate
ARS auction rate securities
ASF available stable funding
AT1 additional tier 1
AuM assets under management
B
BCBS Basel Committee on
Banking Supervision
BIS Bank for International
Settlements
BoD Board of Directors
C
CAO Capital Adequacy
Ordinance
CCAR Comprehensive Capital
Analysis and Review
CCF credit conversion factor
CCP central counterparty
CCR counterparty credit risk
CCRC Corporate Culture and
Responsibility Committee
CDS credit default swap
CEO Chief Executive Officer
CET1 common equity tier 1
CFO Chief Financial Officer
CGU cash-generating unit
CHF Swiss franc
CIO Chief Investment Office
C&ORC Compliance & Operational
Risk Control
CRM credit risk mitigation
CRO Chief Risk Officer
CST combined stress test
CUSIP Committee on Uniform
Security Identification
Procedures
CVA credit valuation adjustment
D
DBO defined benefit obligation
DCCP Deferred Contingent
Capital Plan
DFAST Dodd–Frank Act Stress Test
DisO-FINMA FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM discount margin
DOJ US Department of Justice
DTA deferred tax asset
DVA debit valuation adjustment
E
EAD exposure at default
EB Executive Board
EC European Commission
ECB European Central Bank
ECL expected credit loss
EGM Extraordinary General
Meeting of shareholders
EIR effective interest rate
EL expected loss
EMEA Europe, Middle East and
Africa
EOP Equity Ownership Plan
EPS earnings per share
ESG environmental, social and
governance
ETD exchange-traded derivatives
ETF exchange-traded fund
EU European Union
EUR euro
EURIBOR Euro Interbank Offered Rate
EVE economic value of equity
EY Ernst & Young Ltd
F
FCA UK Financial Conduct
Authority
FDIC Federal Deposit Insurance
Corporation
FINMA Swiss Financial Market
Supervisory Authority
FMIA Swiss Financial Market
Infrastructure Act
FRTB Fundamental Review of the
Trading Book
FSB Financial Stability Board
FTA Swiss Federal Tax
Administration
FVA funding valuation
adjustment
FVOCI fair value through other
comprehensive income
FVTPL fair value through profit or
loss
FX foreign exchange
G
GAAP generally accepted
accounting principles
GBP pound sterling
GCRG Group Compliance,
Regulatory and Governance
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GIA Group Internal Audit
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IA Internal Audit
IAS International Accounting
Standards
IASB International Accounting
Standards Board
IBOR interbank offered rate
IFRIC International Financial
Reporting Interpretations
Committee
IFRS accounting standards
Accounting issued by the IASB
Standards
IRB internal ratings-based
IRRBB interest rate risk in the
banking book
ISDA International Swaps and
Derivatives Association
ISIN International Securities
Identification Number
30 September 2025 Pillar 3 Report |
Appendix 32
Abbreviations frequently used in our financial reports (continued)
K
KRT Key Risk Taker
L
LAS liquidity-adjusted stress
LCR liquidity coverage ratio
LGD loss given default
LIBOR London Interbank Offered
Rate
LLC limited liability company
LoD lines of defense
LRD leverage ratio denominator
LTIP Long-Term Incentive Plan
LTV loan-to-value
M
M&A mergers and acquisitions
MRT Material Risk Taker
N
NII net interest income
NSFR net stable funding ratio
NYSE New York Stock Exchange
O
OCA own credit adjustment
OCI other comprehensive
income
OECD Organisation for Economic
Co-operation and
Development
OTC over-the-counter
P
PCI purchased credit impaired
PD probability of default
PIT point in time
PPA purchase price allocation
Q
QCCP qualifying central
counterparty
R
RBC risk-based capital
RbM risk-based monitoring
REIT real estate investment trust
RMBS residential mortgage-
backed securities
RniV risks not in VaR
RoCET1 return on CET1 capital
RoU right-of-use
rTSR relative total shareholder
return
RWA risk-weighted assets
S
SA standardized approach or
société anonyme
SA-CCR standardized approach for
counterparty credit risk
SAR Special Administrative
Region of the People’s
Republic of China
SDG Sustainable Development
Goal
SEC US Securities and Exchange
Commission
SFT securities financing
transaction
SIBOR Singapore Interbank
Offered Rate
SICR significant increase in credit
risk
SIX SIX Swiss Exchange
SME small and medium-sized
entities
SMF Senior Management
Function
SNB Swiss National Bank
SOR Singapore Swap Offer Rate
SPPI solely payments of principal
and interest
SRB systemically relevant bank
SVaR stressed value-at-risk
T
TBTF too big to fail
TCFD Task Force on Climate-
related Financial Disclosures
TIBOR Tokyo Interbank Offered
Rate
TLAC total loss-absorbing capacity
TTC through the cycle
U
USD US dollar
V
VaR value-at-risk
VAT
value added tax
This is a general list of the abbreviations frequently used in our financial reporting. Not all of the listed abbreviations may
appear in this particular report.
30 September 2025 Pillar 3 Report |
Appendix 33
Cautionary statement |
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-
F,
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 |
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 |
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 |
of any such websites into this report.
UBS Group AG
PO 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/ David Kelly
Name: David Kelly
Title: Managing Director
By: /s/ Ella Copetti-Campi
Name: Ella Copetti-Campi
Title: Executive Director
UBS AG
By: /s/ David Kelly
Name: David Kelly
Title: Managing Director
By: /s/ Ella Copetti-Campi
Name: Ella Copetti-Campi
Title: Executive Director
Date: November 4, 2025