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: April 29, 2026
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the 31 March 2026 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”
Credit Suisse Group AG and its consolidated subsidiaries, before the
acquisition by UBS
“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” and “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
“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
Appendix
Contacts
Switchboards
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ubs.com/contact
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ubs.com/investors
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mediarelations@ubs.com
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sh-mediarelations-ap@ubs.com
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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
P.O. Box, CH-8098 Zurich,
Switzerland
sh-company-secretary@ubs.com
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
P.O. Box, CH-8098 Zurich,
Switzerland
sh-shareholder-services@ubs.com
Zurich +41-44-235-6652
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For global registered share-related
inquiries in the US.
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P.O. Box 43006
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Shareholder online inquiries:
www.computershare.com/us/
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Imprint
Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2026. The key symbol and UBS are among the registered and
unregistered trademarks of UBS. All rights reserved.
31 March 2026 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 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,
whereas UBS Switzerland AG is exempt from consolidation.
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
Banking regulation in Switzerland
In April 2026, the Swiss Federal Council published its final amendments to the CAO specifying the regulatory capital
treatment of selected assets. Under the amended ordinance, UBS’s capitalized software will be subject to an amortization
of a maximum of three years for regulatory capital purposes, irrespective of the actual economic useful life. In addition,
prudential valuation adjustments will be revised, resulting in higher capital deductions for assets and liabilities that are
subject to valuation uncertainty. The capital treatment of deferred tax assets arising from temporary differences remains
unchanged. The amendments to the CAO will become effective on 1 January 2027, except for the revised capital
treatment of capitalized software, which will apply from 1 January 2029.
Regarding additional tier 1 (AT1) capital instruments, the Swiss Federal Council has decided not to proceed with the
adjustments proposed in June 2025. The Swiss Federal Council also finalized measures that aim to enable FINMA and
other authorities to better assess the liquidity of banks in a stressed situation.
In addition, the Swiss Federal Council submitted to the Swiss Parliament its final proposal for amendments to the Banking
Act that govern the capital treatment of systemically important banks’ investments in foreign subsidiaries. This proposal
will now be deliberated by the Swiss Parliament. Under the proposal, investments in foreign subsidiaries would be fully
deducted from UBS AG’s standalone common equity tier 1 (CET1) capital. The amendments would be phased in over
seven years, with a 65% deduction requirement in the first year and increasing to 100% by 5-percentage-point
increments each year.
For UBS AG standalone, the amendments at the ordinance level related to capitalized software and prudential valuation
adjustments, once fully implemented, are expected to have a net CET1 capital impact of approximately USD 2bn. The
proposed full deduction of investments in foreign subsidiaries would require UBS AG standalone to hold additional CET1
capital of around USD 20bn. The total incremental CET1 capital would amount to around USD 22bn required at the
UBS AG standalone level. At the Group level, the amendments at ordinance level will lead to a derecognition of around
USD 4bn of net CET1 capital. These estimates have been calculated based on UBS Group AG’s consolidated balance
sheet as of 31 December 2025, assuming that all capital measures are adopted as currently proposed and using an
assumed CET1 capital ratio of 12.5% for UBS AG and 14.0% for UBS Group.
31 March 2026 Pillar 3 Report |
UBS Group | Introduction and basis for preparation 3
The incremental capital requirement of USD 22bn mentioned above would come on top of the USD 15bn of capital
required as a result of the Credit Suisse acquisition. This includes around USD 9bn in response to the abolition of
regulatory concessions that had been granted to Credit Suisse and around USD 6bn to meet the progressive requirements
due to the increased size and higher market share of the combined business. On this basis, UBS would be required to
hold around USD 37bn of additional CET1 capital in total.
The Swiss National Bank establishes the basis for the Extended Liquidity Facility
In February 2026, the Swiss National Bank (the SNB) introduced the Extended Liquidity Facility (the ELF). The ELF extends
the existing Emergency Liquidity Assistance (the ELA) to eligible banks domiciled in Switzerland and provides access to
liquidity support from the SNB through a streamlined process. Up to the bank-specific ELF limit, no application or formal
solvency confirmation is required for liquidity drawdowns. For amounts exceeding the ELF limit, banks must submit an
application and provide evidence of solvency and viability, supported by an opinion from FINMA. All drawdowns under
the ELF must be fully collateralized. After a pilot phase in 2026, the ELF is expected to become operational in early 2027.
For drawdowns up to the ELF limit, UBS expects the ELF to reduce the operational burden for accessing liquidity support
from the SNB.
Developments related to the implementation of the final Basel III standards
In March 2026, the Federal Reserve Board, the Federal Deposit Insurance Corporation (the FDIC) and the Office of the
Comptroller of the Currency (the OCC) issued proposals with an impact on capital requirements, including proposals to
implement the remaining elements of the final Basel III guidelines, a modified standardized approach and the recalibration
of the surcharge for global systemically important banks (G-SIBs). Under the first proposal, category I banks (US G-SIBs)
and category II banks would be subject to the expanded risk-based approach (the ERBA) for calculating risk-weighted
assets. The second proposal would introduce a revised standardized approach to risk-based capital for banks not subject
to the ERBA, including UBS Americas Holding LLC. In addition, UBS Americas Holding LLC would not be required to apply
an operational risk charge. The consultation does not propose a start date or phase-in period. The proposals are open
for comment until 18 June 2026. The impact on UBS will depend on the final regulations and future business
development.
Also in the first quarter of 2026, the European Commission launched a consultation on the competitiveness of the EU
banking sector and the complexity and effectiveness of the EU prudential and macroprudential framework, and the UK
Prudential Regulation Authority (the PRA) published its final policy statements on the implementation of the Basel 3.1
standards. The implementation of these remains set for 1 January 2027, with full phase-in by 1 January 2030, except for
the implementation of the internal model approach for market risk in accordance with the Fundamental Review of the
Trading Book (the FRTB) framework, which has been postponed to 1 January 2028.
Other developments
Credit Suisse International standalone
In agreement with FINMA, starting with the 31 March 2026 Pillar 3 Report, we have discontinued the quarterly disclosure
of prudential key figures and regulatory information for Credit Suisse International standalone.
Capital returns
On 15 April 2026, the shareholders approved a dividend of USD 1.10 per share at the Annual General Meeting. The
dividend was paid on 23 April 2026 to shareholders of record on 22 April 2026.
In the first quarter of 2026, we repurchased USD 0.9bn of shares and we are on track to repurchase USD 3bn of shares
by the end of July 2026, with an aim to do more by year-end 2026. The amount of additional repurchases is subject to
our financial performance and outlook, maintaining a CET1 capital ratio of around 14% at year-end, and visibility on
parliamentary deliberations on the treatment of foreign subsidiaries.
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
31 December 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 31 December 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information
about previously published quarterly movement commentary
›
Refer to the 31 March 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about
quarterly tables currently not applicable to UBS
31 March 2026 Pillar 3 Report |
UBS Group | Key metrics 4
Key metrics
Key metrics for the first quarter of 2026
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, reflecting an increase in our tier 1 capital, partly offset by an increase in risk-weighted assets
(RWA). Our leverage ratio increased, driven by an increase in our tier 1 capital, partly offset by an increase in the leverage
ratio denominator (the LRD).
Our common equity tier 1 (CET1) capital increased by USD 2.1bn to USD 73.3bn, mainly driven by operating profit before
tax of USD 3.8bn, partly offset by dividend accruals of USD 0.9bn, current tax expenses of USD 0.5bn and negative
foreign currency translation effects of USD 0.2bn. Share repurchases of USD 0.9bn made under our new, 2026 share
repurchase program in the first quarter of 2026 did not affect our CET1 capital position, as there was an identical
reduction in the capital reserve for expected future share repurchases.
Our tier 1 capital increased by USD 5.8bn to USD 97.0bn, reflecting the aforementioned USD 2.1bn increase in CET1
capital and a USD 3.7bn increase in additional tier 1 (AT1) capital. The increase in AT1 capital predominantly reflected the
issuance of new AT1 capital instruments equivalent to USD 3.7bn.
The TLAC available as of 31 March 2026 included CET1 capital, AT1 capital and non-regulatory capital elements of TLAC.
Our available TLAC increased by USD 10.2bn to USD 197.6bn, reflecting the aforementioned increase in tier 1 capital
and a USD 4.5bn 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 9.0bn equivalent of TLAC-eligible senior unsecured debt
instruments, partly offset by the redemption of TLAC-eligible senior unsecured debt instruments for the equivalent of
USD 3.3bn and negative impacts from interest rate risk hedge, foreign currency translation and other effects.
During the first quarter of 2026, RWA increased by USD 7.0bn to USD 500.4bn, driven by a USD 7.8bn increase resulting
from asset size and other movements and a USD 1.0bn increase driven by model updates and methodology changes,
partly offset by a USD 1.9bn decrease from currency effects.
The LRD increased by USD 31.0bn to USD 1,653.5bn, driven by a USD 40.6bn increase from asset size and other
movements, partly offset by a USD 9.5bn decrease from currency effects.
The quarterly average liquidity coverage ratio of the UBS Group decreased 4.8 percentage points to 177.8%, remaining
above the prudential requirement communicated by FINMA. Average net cash outflows increased by USD 6.2bn to
USD 187.9bn, primarily reflecting higher net outflows from deposits. The effect of the increase in net cash outflows was
partly offset by a USD 2.4bn increase in average high-quality liquid assets (HQLA),
mainly reflecting
higher cash available
due to an increase in customer deposits, higher proceeds from debt issued at amortized cost and higher net brokerage
payables, partly offset by lower cash available from higher lending assets and cash collateral margin requirements, as well
as a decrease in HQLA from securities financing transactions.
As of 31 March 2026, the net stable funding ratio of the UBS Group increased 0.9 percentage points to 116.9%,
remaining above the prudential requirement communicated by FINMA. Available stable funding increased by USD 14.6bn
to USD 896.6bn, mainly driven by increases in debt issued measured at amortized cost and regulatory capital. Required
stable funding increased by USD 7.0bn to USD 766.8bn, mainly reflecting higher derivatives and cash collateral
receivables on derivative instruments, and higher lending assets, partly offset by lower trading assets.
31 March 2026 Pillar 3 Report |
UBS Group | Key metrics 5
KM1: Key metrics
USD m, except where indicated
31.3.26
31.12.25
30.9.25
30.6.25
31.3.25
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
73,313
71,262
74,655
72,709
69,152
2
Tier 1
96,963
91,176
94,950
91,721
87,837
3
Total capital
96,973
91,201
94,950
91,721
87,837
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
500,355
493,397
504,897
504,500
483,276
4a
Total risk-weighted assets (pre-floor)
500,355
493,397
504,897
504,500
483,276
4b
Minimum capital requirement
1
40,028
39,472
40,392
40,360
38,662
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
14.65
14.44
14.79
14.41
14.31
5b
Common equity tier 1 ratio (%) (pre-floor)
14.65
14.44
14.79
14.41
14.31
6
Tier 1 ratio (%)
19.38
18.48
18.81
18.18
18.18
6b
Tier 1 ratio (%) (pre-floor)
19.38
18.48
18.81
18.18
18.18
7
Total capital ratio (%)
19.38
18.48
18.81
18.18
18.18
7b
Total capital ratio (%) (pre-floor)
19.38
18.48
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 (%)
0.11
0.11
0.12
0.13
0.13
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
0.33
0.38
0.32
0.33
0.31
10
Bank G-SIB and / or D-SIB additional requirements (%)
1.50
1.50
1.50
1.50
1.50
11
Total of bank CET1 specific buffer requirements (%)
2
4.11
4.11
4.12
4.13
4.13
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
10.15
9.94
10.29
9.91
9.81
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
1,653,460
1,622,438
1,640,464
1,658,089
1,561,583
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
4
5.86
5.62
5.79
5.53
5.62
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
5.86
5.62
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
5.86
5.58
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
5.86
5.58
5.77
5.54
5.60
14e
Minimum capital requirements
5
49,604
48,673
49,214
49,743
46,848
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
333,963
331,568
346,550
358,759
318,735
16
Total net cash outflow
187,869
181,693
190,359
196,846
176,190
16a
of which: cash outflows
417,159
390,134
388,343
385,105
362,013
16b
of which: cash inflows
229,290
208,441
197,984
188,259
185,823
17
LCR (%)
177.83
182.64
182.12
182.31
180.96
Net stable funding ratio (NSFR)
18
Total available stable funding
896,644
882,039
898,762
904,703
861,717
19
Total required stable funding
766,795
759,829
750,960
738,891
693,777
20
NSFR (%)
116.93
116.08
119.68
122.44
124.21
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
62 data points in the first quarter of 2026 and 64 data points in the fourth 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
31.3.26
31.12.25
30.9.25
30.6.25
31.3.25
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.
31 March 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 6
Risk-weighted assets
Overview of risk-weighted assets 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 first quarter of 2026, RWA increased by USD 7.0bn to USD 500.4bn, driven by a USD 7.8bn increase resulting
from asset size and other movements and a USD 1.0bn increase driven by model updates and methodology changes,
partly offset by a USD 1.9bn decrease from currency effects.
Credit and counterparty credit risk
Credit and counterparty credit risk RWA include settlement risk, credit valuation adjustments, equity and investments in
funds exposures in the banking book, and securitization exposures in the banking book but exclude non-counterparty-
related risk. Credit and counterparty credit risk RWA increased by USD 5.7bn to USD 305.7bn as of 31 March 2026,
driven by a USD 6.5bn increase resulting from asset size and other movements and a USD 1.0bn increase due to model
updates and methodology changes, partly offset by a USD 1.8bn decrease from currency effects.
Asset size and other movements by business division and Group Items
–
Investment Bank RWA increased by USD 5.1bn, mainly due to increases in loans and loan commitments, market-driven
movements and higher levels of client activity in derivatives, and increased allocation of high-quality liquid assets.
–
Global Wealth Management RWA increased by USD 1.9bn, primarily driven by increases in loans and loan
commitments, and higher levels of client activity and market-driven movements in derivatives.
–
Personal & Corporate Banking RWA increased by USD 0.5bn, mainly due to higher RWA on derivatives, partly offset
by the sale of our 50% interest in Swisscard AECS GmbH.
–
Group Items RWA increased by USD 0.1bn.
–
Non-core and Legacy RWA decreased by USD 0.7bn, primarily driven by our actions to actively unwind the portfolio,
in addition to the natural roll-off.
–
Asset Management RWA decreased by USD 0.3bn.
Model updates and methodology changes resulted in an RWA increase of USD 1.0bn, mainly reflecting higher RWA from
model harmonization of Swiss corporate exposures in Personal & Corporate Banking and updates to the methodology
for residual risk on legacy synthetic securitizations in the Investment Bank. This was partly offset by decreases in RWA on
recourse-based lending in Global Wealth Management and commodity trade finance facilities in Personal & Corporate
Banking.
Market risk
Market risk RWA increased by USD 0.8bn to USD 24.5bn in the first quarter of 2026, due to asset size and other
movements in the Investment Bank’s Global Markets business.
Operational risk
Operational risk RWA were unchanged at USD 135.4bn.
The flow tables for credit risk, counterparty credit risk (CCR) and credit valuation adjustment (CVA) RWA below provide
further details regarding the movements in RWA in the first quarter of 2026.
›
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 first quarter 2026 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 first quarter of 2026
31 March 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 7
OV1: Overview of RWA
Minimum
capital
requirements
1
USD m, except where indicated
31.3.26
31.12.25
31.3.26
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
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
6
Counterparty credit risk
4
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)
10b
of which: standardized approach (SA-CVA)
11
Equity positions under the simple risk weight approach during the five-year transitional period
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)
5
25a
26
Output floor applied (%)
6
27
Floor adjustment (before application of transitional cap)
7
28
Floor adjustment (after application of transitional cap)
8
29
Total
1 Calculated based on 8% of RWA. 2 Non-counterparty-related risk includes property, equipment, software and other items. 3 The Swiss sectoral real estate floor is not applicable at the level of UBS Group AG
consolidated. 4 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. 5 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.
6 The overall output floor of 72.5% is subject to a phase-in until 1 January 2028. As of 1 January 2026, the applicable overall output floor at the level of UBS Group AG consolidated increased to 65% and will
increase to 70% in 2027. 7 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. 8 The total of our actual
final Basel III RWA is higher than 65% of our final Basel III 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. As of 1 January 2026, the output floor increased to 65% from 60% and will
incrementally increase to a level of 72.5% by 2028. As of 31 March 2026, 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 65% 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 risk-weighted assets 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.
31 March 2026 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 weight differentiation
via individual probability of default (PD) and loss
given default (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 FINMA.
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 CCFs 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.
31 March 2026 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 31 March 2026, the output floor is set at USD 476.7bn, representing 65% of RWA calculated using the full
standardized approach. This floor is USD 23.6bn below the actual RWA of USD 500.4bn.
During the first quarter of 2026, the difference between RWA calculated using the full standardized approach and actual
RWA increased by USD 3.7bn, to USD 233.1bn from USD 229.3bn. This increase was primarily driven by changes in asset
size and other movements, partially offset by RWA mitigation actions undertaken during the quarter and foreign
exchange movements.
Credit risk RWA under the full standardized approach were 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 consequently a lower average risk weight under the A-IRB approach compared
with the standardized approach. For Lombard lending the average risk weight using internal models is lower than under
the standardized approach, primarily due to differences in collateral treatment. In addition, corporate exposures have
higher risk weights under the standardized approach compared with the average risk density in the modelled approach.
CCR RWA under the full standardized approach were higher than actual RWA, primarily reflecting higher risk weights
under the standardized approach compared with the IRB risk weights mainly in the corporate 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 were higher than actual RWA, as the application of internal
ratings is not permitted under the standardized approach for output floor calculations.
RWA on securitization exposure in the banking book calculated using the full standardized approach were 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.
31 March 2026 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
(RWA calculated
using full
standardized
approach)
1
31.3.26
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
2
8
Total
3
31.12.25
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
2
8
Total
3
1 As of 1 January 2026, the output floor increased to 65% from 60% in 2025. 2 Includes settlement risk, equity investments in funds and items subject to threshold deduction treatment that do not exceed their
respective threshold and are risk weighted at 250%. 3 The output floor is applied to total RWAs and not to individual risk categories.
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 first quarter of 2026 across
movement categories defined by the Basel Committee on Banking Supervision (the BCBS).
Credit risk RWA under the IRB approach increased by USD 1.9bn to USD 197.2bn during the first quarter of 2026. This
balance reflects credit risk under the IRB approach, including the supervisory slotting approach.
Movements in asset size drove an USD 11.0bn increase in RWA, mainly driven by increases in cash and balances at central
banks in Group Treasury, and loans and loan commitments in the Investment Bank and Global Wealth Management.
Movements in asset quality decreased RWA by USD 9.7bn, mainly due to changes in the portfolio mix from an increase
in cash and balances at central banks.
Model updates increased RWA by USD 2.5bn, reflecting higher RWA from model harmonization of Swiss corporate
exposures in Personal & Corporate Banking and the application of the IRB approach for recourse-based lending in Global
Wealth Management.
Methodology and policy changes resulted in an RWA decrease of USD 0.5bn.
Currency effects, driven by the strengthening of the US dollar against other major currencies, resulted in an RWA decrease
of USD 1.4bn.
›
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 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for
definitions of credit risk RWA movement table components
31 March 2026 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 31.3.26
1
RWA as of the beginning of the quarter
2
Asset size
3
Asset quality
4
Model updates
5
Methodology and policy
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.
During the first quarter of 2026, the increase in RWA for derivatives subjected to IMM was primarily driven by market-
driven movements and higher levels of client activity in the Investment Bank. The increase in RWA for SFTs under the VaR
approach was mainly related to higher levels of client activity in 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 2025 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 31.3.26
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
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. SA-CVA RWA increased
by USD 0.7bn to USD 5.3bn during the first quarter of 2026, mainly driven by an increase in exposures across multiple
counterparties and rebalancing of index hedges over the quarter.
CVA4: RWA flow statements of CVA risk exposures under SA-CVA
USD m
Total RWA
1
RWA as of 31.12.25
2
RWA as of 31.3.26
31 March 2026 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 first quarter 2026 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 31.3.26
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
4
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
8
8
of which: base requirement including add-ons for market share and LRD
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
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 1.88% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD), of which 22 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 0.15% 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 3.58% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement,
a 0.28% LRD add-on requirement and a 0.30% market share add-on requirement based on our Swiss credit business. 4 UBS fulfills its minimum going concern capital requirements with CET1 capital and AT1 capital.
The actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.37% as explained in footnote 2) as UBS exceeds its minimum going concern capital
requirements. 5 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. 6 Systemically important banks (SIBs) are subject to base gone concern capital requirements equivalent to 75% of the total going concern requirements (excluding countercyclical buffer
requirements and the Pillar 2 add-on). 7 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. 8 Includes applicable add-ons of 1.24% for RWA and 0.43% for
LRD. 9 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
31 March 2026 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 netting of replacement values and eligible cash variation margin, 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 leverage ratio 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 1,653.5bn and total consolidated assets as per the
published financial statements of USD 1,686.5bn was USD 33.1bn, 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
31.3.26
31.12.25
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
1
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
2
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 As of 31 December 2025, initial margin posted with exchanges on derivatives was included in Derivative exposures. As of 31 March 2026, we have reclassified initial margin on derivatives under On-balance sheet
exposures. 2 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.
31 March 2026 Pillar 3 Report |
UBS Group | Leverage ratio 14
LR2: Leverage ratio common disclosure
USD m, except where indicated
31.3.26
31.12.25
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)
1
1,258,078
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
2
12
(Adjusted effective notional offsets and add-on deductions for written credit derivatives)
3
13
Total derivative exposures
1
151,216
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
148,199
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
64,945
Capital and total exposures (leverage ratio denominator), phase-in
23
Tier 1 capital
24
Total exposures (leverage ratio denominator)
1,622,438
Leverage ratio
25
4
25a
Basel III leverage ratio (%) (excluding the impact of any applicable temporary exemption of central bank reserves)
4
26
Leverage ratio minimum requirement (%)
5
27
Leverage ratio buffers (%)
5
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)
4
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)
4
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)
4
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)
4
1 As of 31 December 2025, initial margin posted with exchanges on derivatives was included in Derivative exposures. As of 31 March 2026, we have reclassified initial margin on derivatives under On-balance sheet
exposures. 2 Includes protection sold, including agency transactions. 3 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. 4 There is currently no temporary exemption of central bank reserves for UBS. 5 The total Swiss SRB leverage ratio requirement of 5.08%
as of 31 March 2026 (5% as of 31 December 2025) is composed of a base requirement and a buffer requirement. The total requirement is above the BCBS leverage ratio requirement, including the G-SIB buffer.
LRD development during the first quarter of 2026
During the first quarter of 2026, the LRD increased by USD 31.0bn to USD 1,653.5bn, driven by a USD 40.6bn increase
from asset size and other movements, partly offset by a USD 9.5bn decrease from currency effects.
31 March 2026 Pillar 3 Report |
UBS Group | Leverage ratio 15
On-balance sheet exposures (excluding derivatives and securities financing transactions) increased by USD 32.0bn, mainly
due to asset size and other movements of USD 39.9bn, partly offset by currency effects of USD 7.9bn. The asset size
movement was mainly due to increases in cash and balances at central banks and high-quality liquid asset portfolio
securities in Group Treasury. In addition, there was an increase in lending assets, mainly reflecting positive net new loans
in Global Wealth Management and Personal & Corporate Banking, and an increase in the Investment Bank. These
increases were partly offset by decreases in trading assets reflecting lower inventory held to hedge client positions, as
well as market-driven decreases in the Investment Bank. In addition, the initial margin on derivatives of USD 14.0bn was
reclassified from Derivative exposures to On-balance sheet exposures.
Derivative exposures decreased by USD 5.4bn, mainly due to asset size and other movements of USD 4.8bn and currency
effects of USD 0.6bn. The asset size movement was mainly due to the aforementioned reclassification of initial margin
to On-balance sheet exposures and higher netting, partly offset by increases in derivatives and cash collateral receivables
on derivative instruments, mainly in the Investment Bank, driven by equity and foreign currency contracts, mainly due to
new trades, as well as market-driven increases.
Securities financing transaction exposures increased by USD 10.9bn, mainly due to asset size and other movements of
USD 11.6bn, partly offset by currency effects of USD 0.7bn. The asset size movement was primarily due to higher levels
of client activity in the Investment Bank and cash reinvestment trades in Group Treasury.
Off-balance sheet items decreased by USD 6.5bn, mainly due to asset size and other movements of USD 6.1bn and
currency effects of USD 0.4bn. The asset size movement was primarily due to credit lines in Global Wealth Management
becoming uncommitted following changes to certain contractual terms in the course of client account migrations in the
first quarter of 2026.
›
Refer to “Leverage ratio denominator” in the “Capital management” section of the UBS Group first quarter 2026 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.
Further key information
First quarter 2026 report section
Disclosure
First quarter 2026 report page number
Concentration of funding sources
Balance sheet and off-balance sheet
Customer deposits, by currency
48
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 first quarter of 2026,
our HQLA increased by USD 2.4bn to USD 334.0bn, mainly reflecting higher cash available due to an increase in customer
deposits, higher proceeds from debt issued at amortized cost and higher net brokerage payables, partly offset by lower
cash available from higher lending assets and cash collateral margin requirements, as well as a decrease in HQLA from
securities financing transactions.
High-quality liquid assets (HQLA)
Average 1Q26
1
Average 4Q25
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
211,801
211,801
219,658
219,658
Securities (on- and off-balance sheet)
92,949
29,213
122,162
82,454
29,456
111,910
Total HQLA
4
304,750
29,213
333,963
302,112
29,456
331,568
1 Calculated based on an average of 62 data points in the first quarter of 2026 and 64 data points in the fourth 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.
31 March 2026 Pillar 3 Report |
UBS Group | Liquidity and funding 16
Liquidity coverage ratio development during the first quarter of 2026
The quarterly average LCR of the UBS Group decreased 4.8 percentage points to 177.8%, remaining above the prudential
requirement communicated by the Swiss Financial Market Supervisory Authority (FINMA).
Average net cash outflows increased by USD 6.2bn to USD 187.9bn, primarily reflecting higher net outflows from
deposits. The effect of the increase in net cash outflows was partly offset by a USD 2.4bn increase in average
HQLA,
mainly reflecting
higher cash available due to an increase in customer deposits, higher proceeds from debt issued
at amortized cost and higher net brokerage payables, partly offset by lower cash available from higher lending assets and
cash collateral margin requirements, as well as a decrease in HQLA from securities financing transactions.
LIQ1: Liquidity coverage ratio (LCR)
Average 1Q26
1
Average 4Q25
1
USD m
Unweighted
value
Weighted
value
2
Unweighted
value
Weighted
value
2
High-quality liquid assets (HQLA)
1
Total HQLA
340,065
333,963
337,688
331,568
Cash outflows
2
Retail deposits and deposits from small business customers
391,282
45,216
389,513
44,968
3
of which: stable deposits
31,893
1,149
31,732
1,149
4
of which: less stable deposits
359,389
44,067
357,781
43,819
5
Unsecured wholesale funding
311,308
162,211
302,854
154,390
6
of which: operational deposits (all counterparties)
61,781
15,445
62,134
15,533
7
of which: non-operational deposits (all counterparties)
233,679
130,918
225,757
123,894
8
of which: unsecured debt
15,847
15,847
14,963
14,963
9
Secured wholesale funding
113,952
103,944
10
Additional requirements:
125,158
49,891
165,260
45,780
11
of which: outflows related to derivatives and other transactions
3
38,094
30,860
78,927
26,841
12
of which: outflows related to loss of funding on debt products
4
379
379
552
552
13
of which: committed credit and liquidity facilities
86,685
18,651
85,780
18,386
14
Other contractual funding obligations
31,820
29,404
28,190
25,936
15
Other contingent funding obligations
351,216
16,485
344,743
15,116
16
Total cash outflows
417,159
390,134
Cash inflows
17
Secured lending
411,535
147,849
372,511
136,266
18
Inflows from fully performing exposures
82,659
37,395
81,016
37,809
19
Other cash inflows
44,046
44,046
34,366
34,366
20
Total cash inflows
538,240
229,290
487,892
208,441
Average 1Q26
1
Average 4Q25
1
USD m, except where indicated
Total adjusted
value
5
Total adjusted
value
5
Liquidity coverage ratio (LCR)
21
Total HQLA
333,963
331,568
22
Net cash outflows
187,869
181,693
23
LCR (%)
1 Calculated based on an average of 62 data points in the first quarter of 2026 and 64 data points in the fourth quarter of 2025. 2 Calculated after the application of haircuts and inflow and outflow rates.
3 Effective from 1 January 2026, unweighted outflows from increased liquidity needs related to potential valuation changes on posted cash and level 1 collateral securing derivatives and other transactions have been
excluded from Line 11, following prospective alignment with Pillar 3 reporting requirements. This change had no impact on the disclosure of weighted amounts. 4 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.
5 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.
31 March 2026 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 31 March 2026 for UBS AG consolidated,
UBS AG standalone, UBS Switzerland AG standalone, UBS Europe SE consolidated and UBS Americas Holding LLC
consolidated. 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.
›
Refer to the “Introduction and basis for preparation” section of this report for information about the discontinuance of the
quarterly disclosure of prudential key figures and regulatory information for Credit Suisse International standalone
UBS AG consolidated
Key metrics for the first quarter of 2026
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 first quarter of 2026, tier 1 capital increased by USD 4.1bn to USD 94.1bn. Common equity tier 1 (CET1)
capital increased by USD 0.5bn to USD 70.9bn, mainly driven by operating profit before tax of USD 3.2bn, partly offset
by additional dividend accruals of USD 1.8bn, current tax expenses of USD 0.5bn and negative foreign currency
translation effects of USD 0.2bn. Additional tier 1 (AT1) capital issued by the Group and on lent to UBS AG increased by
USD 3.7bn to USD 23.3bn, reflecting the issuance of new AT1 capital instruments equivalent to USD 3.7bn.
Risk-weighted assets (RWA) increased by USD 7.7bn to USD 497.4bn, driven by an USD 8.5bn increase resulting from
asset size and other movements and a USD 1.0bn increase driven by model updates and methodology changes, partly
offset by a USD 1.8bn decrease from currency effects.
The leverage ratio denominator (the LRD) increased by USD 32.5bn to USD 1,655.4bn, mainly due to a USD 42.0bn
increase from asset size and other movements, partly offset by a USD 9.5bn decrease from currency effects. The asset
size movement was mainly due to increases in cash and balances at central banks, high-quality liquid asset (HQLA)
portfolio securities, lending assets, securities financing transactions and derivative exposures. These increases were partly
offset by decreases in trading assets and off-balance sheet exposures.
Correspondingly, the CET1 capital ratio of UBS AG consolidated decreased to 14.2% from 14.4%, reflecting the
aforementioned increase in RWA, partly offset by the aforementioned increase in CET1 capital. The Basel III leverage ratio
increased to 5.7% from 5.5%, reflecting the aforementioned increase in tier 1 capital, partly offset by the aforementioned
increase in the LRD.
31 March 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG consolidated 18
The quarterly average liquidity coverage ratio (the LCR) of
UBS AG
consolidated
decreased 3.9 percentage points to
172.4%,
remaining
above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by a USD 5.5bn increase in average net cash outflows to USD 193.9bn, reflecting higher net
outflows from deposits. The effect of the increase in net cash outflows was partly offset by a USD 2.4bn increase in
average HQLA to USD 334.1bn,
mainly reflecting
higher cash available due to an increase in customer deposits, higher
proceeds from debt issued at amortized cost and higher net brokerage payables, partly offset by lower cash available
from higher lending assets and cash collateral margin requirements, as well as a decrease in HQLA from securities
financing transactions.
As of 31 March 2026, the net stable funding ratio of UBS AG consolidated increased 0.4 percentage points to 116.1%,
remaining above the prudential requirement communicated by FINMA. Available stable funding increased by USD 13.8bn
to USD 887.3bn, mainly driven by increases in debt issued measured at amortized cost and regulatory capital. Required
stable funding increased by USD 9.0bn to USD 764.3bn, mainly reflecting higher derivatives and cash collateral
receivables on derivative instruments, and higher lending assets, partly offset by lower trading assets.
KM1: Key metrics
USD m, except where indicated
31.3.26
31.12.25
30.9.25
30.6.25
31.3.25
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 (%)
172.39
176.24
178.96
179.45
180.28
Net stable funding ratio (NSFR)
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
116.10
115.65
118.59
120.91
122.81
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 62 data points in the first quarter of 2026 and 64 data points in the fourth 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.
31 March 2026 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.
Outstanding 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 2025, available under “Annual reporting” at
ubs.com/investors.
Swiss SRB going and gone concern requirements and information
As of 31.3.26
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
4
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
of which: base requirement including add-ons for market share and LRD
8
8
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
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 1.90% for risk-weighted assets (RWA) and 0.58% 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 22 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 3.58% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.28% LRD add-on requirement, a 0.30%
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 UBS fulfills its minimum going concern
capital requirements with CET1 capital and AT1 capital. The actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.37% as explained in
footnote 2) as UBS exceeds its minimum going concern requirements. 5 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. 6 Systemically important banks (SIBs) are subject to base gone concern capital requirements equivalent to 75% of the total going
concern requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons). 7 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. 8 Includes applicable add-ons of 1.24% for RWA
and 0.43% for LRD. 9 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of
these gains can be recognized as gone concern capital.
31 March 2026 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
31.3.26
31.12.25
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
1
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
1 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
UBS AG standalone
Key metrics for the first quarter of 2026
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 first quarter of 2026, tier 1 capital increased by USD 3.0bn to USD 96.7bn. Common equity tier 1 (CET1)
capital decreased by USD 0.6bn to USD 73.5bn, mainly as operating profit before tax of USD 1.0bn was more than offset
by additional dividend accruals of USD 1.8bn. Additional tier 1 (AT1) capital issued by the Group and on lent to UBS AG
increased by USD 3.7bn to USD 23.3bn, reflecting the issuance of new AT1 capital instruments equivalent to USD 3.7bn.
Risk-weighted assets (RWA) increased by USD 16.5bn to USD 508.1bn, driven by a USD 9.2bn increase in RWA on
investments in Swiss and foreign-domiciled subsidiaries, predominantly due to the phased increase of risk weights in
accordance with the relevant FINMA decree. In addition, there were increases of USD 6.5bn in credit and counterparty
credit risk RWA and USD 1.8bn in market risk RWA, partly offset by a decrease of USD 1.3bn in operational risk RWA.
The leverage ratio denominator (the LRD) decreased by USD 2.5bn to USD 927.5bn, driven by a USD 4.2bn decrease
from currency effects, partly offset by a USD 1.8bn increase from asset size and other movements. The asset size
movement was mainly driven by increases in securities financing transactions, cash and balances at central banks, and
derivatives exposures, partly offset by decreases in trading portfolio assets and off-balance sheet exposures.
Correspondingly, the CET1 capital ratio of UBS AG standalone decreased to 14.5% from 15.1%, reflecting the
aforementioned increase in RWA and the aforementioned decrease in CET1 capital. The Basel III leverage ratio increased
to 10.4% from 10.1%, reflecting the aforementioned increase in tier 1 capital and the aforementioned decrease in the
LRD.
31 March 2026 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 decreased 3.7 percentage points to
231.2%,
remaining
above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by a USD 3.7bn increase in average net cash outflows to USD 67.4bn, mainly reflecting
lower
inflows from
intercompany loans. The effect of the increase in net cash outflows was partly offset by a USD 6.5bn increase
in average high-quality liquid assets to USD 155.8bn,
mainly reflecting
higher cash available from funding from UBS
Group AG and capital repatriations, and higher net brokerage payables, partly offset by lower cash available from lower
customer deposits.
As of 31 March 2026, the net stable funding ratio of UBS AG standalone increased 0.8 percentage points to 91.5%,
remaining above the prudential requirement communicated by FINMA. Available stable funding decreased by USD 7.3bn
to USD 397.5bn, mainly driven by lower customer deposits, partly offset by higher debt issued measured at amortized
cost and funding from UBS Group AG. Required stable funding decreased by USD 12.0bn to USD 434.5bn, primarily
reflecting lower lending assets and trading assets, partly offset by higher derivatives and cash collaterals receivables on
derivative instruments.
KM1: Key metrics
USD m, except where indicated
31.3.26
31.12.25
30.9.25
30.6.25
31.3.25
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 (%)
231.18
Net stable funding ratio (NSFR)
9
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
91.49
90.68
96.20
96.73
98.05
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 62 data points in the first quarter of 2026 and 64 data points in the fourth 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.
31 March 2026 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 going concern 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. Outstanding 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 “UBS AG standalone” section of
the 31 December 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors.
Swiss SRB going and gone concern requirements and information
As of 31.3.26
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
4
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
5
Higher of RWA- or LRD-based
Total gone concern loss-absorbing capacity
Eligible gone concern capital
Total gone concern loss-absorbing capacity
6
TLAC-eligible unsecured debt
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 240% and 360%, 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 1.88% for risk-weighted assets (RWA, phase-in), 1.87% for risk-weighted assets (RWA, fully applied) and 0.59% 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 20 basis points for RWA
phase-in and 20 basis points for RWA fully applied 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.
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 UBS fulfills its minimum going concern capital requirements with CET1 capital and
AT1 capital. The actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.36% as explained in footnote 3) as UBS exceeds its minimum going
concern requirements . 5 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. 6 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1
capital, but 45% of these gains can be recognized as gone concern capital.
31 March 2026 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
31.3.26
31.12.25
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
1
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
2
of which: investments in foreign-domiciled subsidiaries
2
Risk-weighted assets, fully applied as of 1.1.28
of which: investments in Switzerland-domiciled subsidiaries
2
of which: investments in foreign-domiciled subsidiaries
2
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 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital. 2 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 240% and 360%, 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 first quarter of 2026
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 first quarter of 2026, common equity tier 1 capital increased by CHF 0.2bn to CHF 21.4bn, mainly driven by
operating profit, largely offset by additional dividend accruals.
Total risk-weighted assets (RWA) increased by CHF 7.7bn to CHF 171.8bn, mainly driven by an increase in credit risk and
operational risk RWA.
The leverage ratio denominator (the LRD) increased by CHF 26.1bn to CHF 564.4bn, primarily reflecting higher lending
exposures and higher cash and balances at central banks, as well as an increase in derivative exposures. This was partly
offset by lower off-balance-sheet exposures and securities financing transactions.
31 March 2026 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 decreased 1.0 percentage point to
131.0%,
remaining
above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by a CHF 4.7bn decrease in average high-quality liquid assets to CHF 110.5bn,
mainly
reflecting
lower cash available from higher lending assets and lower funding from UBS AG, partly offset by higher cash
available from an increase in customer deposits. Average net cash outflows decreased by CHF 2.9bn to
CHF 84.4bn,
mainly due to
lower
net outflows from intercompany
funding from UBS AG, partly offset by an increase in
customer deposits.
As of 31 March 2026, the net stable funding ratio decreased 0.9 percentage points to 124.3%, remaining above the
prudential requirement communicated by FINMA. Available stable funding increased by CHF 10.8bn to CHF 367.8bn,
mainly driven by increases in customer deposits, covered bonds issued and regulatory capital. Required stable funding
increased by CHF 10.9bn to CHF 295.9bn, primarily reflecting higher lending assets and higher derivatives and cash
collateral receivables on derivative instruments.
KM1: Key metrics
CHF m, except where indicated
31.3.26
31.12.25
30.9.25
30.6.25
31.3.25
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
19
Total required stable funding
20
NSFR (%)
124.29
125.24
126.02
128.55
128.51
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
62 data points in the first quarter of 2026 and 64 data points in the fourth 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.
31 March 2026 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 31 March 2026, the going concern capital and leverage ratio requirements for UBS Switzerland AG
standalone were 15.36% (including a countercyclical buffer of 0.85%) and 5.08%, 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 9.00% for the RWA-based requirement and 3.15% for the LRD-based requirement.
›
Refer to “Capital and capital ratios of our significant regulated subsidiaries” in the “Capital management” section of the UBS
Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about the joint
liability of UBS AG and UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 31.3.26
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
2
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
3
Total gone concern loss-absorbing capacity
of which: base requirement including add-ons for market share and LRD
4
4
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 1.66% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD). 2 UBS fulfills its minimum going concern capital requirements with CET1 capital and AT1
capital. The actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.3%) as UBS exceeds its minimum going concern requirements. 3 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. 4 Includes applicable add-ons of 1.03% for RWA and 0.36% for LRD.
31 March 2026 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
31.3.26
31.12.25
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
31 March 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Europe SE consolidated 27
UBS Europe SE consolidated
Key metrics for the first quarter of 2026
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 first quarter of 2026, available capital remained stable and risk-weighted assets increased slightly, to
EUR 16.4bn, mainly driven by higher exposures in cash and securities financing transactions (SFTs), and new over-the-
counter derivative exposures, partly offset by a decrease in loan facilities. The leverage ratio exposure increased by
EUR 8.0bn to EUR 63.9bn, mainly driven by increases in cyclical trading volume, derivatives, SFTs and other assets,
including multiple drivers, such as cash at central banks.
The average liquidity coverage ratio (the LCR) remained well above the regulatory requirement of 100%, at 137.5%. The
decrease in the LCR was driven by an increase of EUR 0.7bn in total net cash outflows, partly offset by an increase of
EUR 0.3bn in high-quality liquid assets (HQLA). Higher HQLA and net outflows were mainly due to an increase in UBS
Group euro-clearing activities. The net stable funding ratio (the NSFR) remained well above the regulatory requirements
of 100%, at 135.2%. The decrease in the NSFR was due to a EUR 0.7bn increase in required stable funding, reflecting
higher client-driven activity levels in the Investment Bank, including positive replacement values related to the growth in
the Asian market. This was partly offset by a EUR 0.6bn increase in available stable funding, driven by higher
intercompany funding.
KM1: Key metrics
1,2
EUR m, except where indicated
31.3.26
31.12.25
30.9.25
30.6.25
31.3.25
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
3
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 (%)
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)
5,6
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
14e
Minimum capital requirements
7
Liquidity coverage ratio (LCR)
8
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 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Represents the CET1 ratio that is available for meeting buffer
requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and after considering, where applicable, CET1 capital that has been used to meet tier 1 and / or total capital ratio requirements
under Pillar 1. 5 Calculated on the basis of tier 1 capital. 6 There is currently no temporary exemption of central bank reserves for UBS Europe SE. 7 The higher of capital requirements based on 8% of RWA or
3% of LRD. 8 Figures are calculated based on a 12
‑
month average.
31 March 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Americas Holding LLC consolidated 28
UBS Americas Holding LLC consolidated
Key metrics for the first quarter of 2026
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 2025 until 2027, UBS Americas Holding LLC is subject to a stress capital buffer (an SCB) of 5.2%, in
addition to the minimum risk-based capital requirements. The SCB, subject to a floor of 2.5%, was determined by the
Federal Reserve Board following the completion of the 2025 Comprehensive Capital Analysis and Review (the CCAR)
based on Dodd–Frank Act Stress Test (DFAST) results and planned future dividends.
During the first quarter of 2026, the common equity tier 1 (CET1) capital ratio increased 0.1 percentage points to 18.2%
and the tier 1 capital ratio increased 0.1 percentage points to 21.9%. Both CET1 capital and tier 1 capital increased by
USD 0.3bn, driven primarily by net profit. Risk-weighted assets (RWA) increased by USD 1.4bn to USD 77.1bn, driven by
a USD 1.8bn increase in credit risk RWA, mainly in derivatives, loans and securities financing transactions, partly offset by
a USD 0.4bn decrease in market risk specific risk exposure.
The tier 1 leverage ratio increased 0.1 percentage points to 8.4%, primarily driven by the aforementioned capital
movements, partly offset by a USD 1.8bn increase in leverage exposure. Similarly, the tier 1 supplementary leverage ratio
(the SLR) increased 0.3 percentage points to 7.4%, primarily driven by the aforementioned capital movements and a
USD 4.9bn decrease in the SLR exposure, mainly in margin receivables.
The average liquidity coverage ratio decreased 6.5 percentage points to 120.9%, as high-quality liquid assets increased
by USD 0.8bn and net cash outflow increased by USD 1.8bn. The average net stable funding ratio decreased
0.9 percentage points to 126.4% in the first quarter of 2026, driven by a USD 0.6bn increase in required stable funding,
primarily as there was an increase in required operational balances and the exchange-traded derivatives initial margin.
31 March 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Americas Holding LLC consolidated 29
KM1: Key metrics
1
USD m, except where indicated
31.3.26
31.12.25
30.9.25
30.6.25
31.3.25
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 (%)
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 (%)
3
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
4
14
Basel III leverage ratio (%)
5
14a
Total Basel III supplementary leverage ratio exposure measure
4
14b
Basel III supplementary leverage ratio (%)
5
Liquidity coverage ratio (LCR)
15
Total high-quality liquid assets (HQLA)
4
16
Total net cash outflow
4,6
17
LCR (%)
Net stable funding ratio (NSFR)
18
Total available stable funding
4
19
Total required stable funding
4,6
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 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 Figures are calculated on a quarterly average. 5 Calculated on the basis of tier 1 capital. 6 Reflected at 85%
of the full amount in accordance with the Federal Reserve tailoring rule.
31 March 2026 Pillar 3 Report |
Appendix 30
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
31 March 2026 Pillar 3 Report |
Appendix 31
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.
31 March 2026 Pillar 3 Report |
Appendix 32
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
P.O. Box
CH-8098 Zurich
ubs.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: /s/ 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: April 29, 2026