6-K 1 edgar3q25ubsgroupil.htm edgarq25ubsgrouppilla
 
 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE
 
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: November 4, 2025
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
 
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual
 
reports under cover of Form 20-F or Form
40-
F.
Form 20-F
 
☒
 
Form 40-F
 
☐
 
This Form
 
6-K consists
 
of the
 
30 September
 
2025 Pillar
 
3 Report
 
of UBS
 
Group and
 
significant regulated
 
subsidiaries
and sub-groups, which appears immediately following this page.
 
edgarq25ubsgrouppillap3i0
 
 
Pillar 3 Report
 
30 September 2025
 
UBS Group and significant regulated subsidiaries
 
 
and sub-groups
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Terms used in this report, unless the context requires
 
otherwise
“UBS”, “UBS Group”, “UBS Group
 
AG consolidated”, “Group”, “the
 
Group”, “we”, “us” and
 
“our”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS
 
AG consolidated”
UBS AG and its consolidated subsidiaries
“Credit Suisse Group” and “Credit Suisse”
Pre-acquisition Credit Suisse Group
“UBS Group AG” and “UBS
 
Group AG standalone”
 
UBS Group AG on a standalone basis
“UBS AG standalone”
 
UBS AG on a standalone basis
“UBS Switzerland AG” and “UBS
 
Switzerland AG standalone”
UBS Switzerland AG on a standalone basis
“UBS Europe SE consolidated”
 
UBS Europe SE and its consolidated subsidiaries
“UBS Americas Holding LLC” and
 
“UBS Americas Holding LLC consolidated”
UBS Americas Holding LLC and its consolidated subsidiaries
“Credit Suisse International standalone”
Credit Suisse International on a standalone basis
“1m”
One million, i.e. 1,000,000
“1bn”
One billion, i.e. 1,000,000,000
“1trn”
One trillion, i.e. 1,000,000,000,000
In this report, unless the context requires otherwise,
 
references to any gender shall apply to all genders.
 
 
 
 
Table of contents
UBS Group
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Significant regulated subsidiaries and sub-groups
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Appendix
Contacts
Switchboards
For all general inquiries
ubs.com/contact
 
Zurich +41-44-234-1111
London +44-207-567-8000
New York +1-212-821-3000
Hong Kong SAR +852-2971-8888
Singapore +65-6495-8000
Investor Relations
UBS’s Investor Relations team
manages relationships with
institutional investors, research
analysts and credit rating agencies.
ubs.com/investors
Zurich +41-44-234-4100
New York +1-212-882-5734
Media Relations
UBS’s Media Relations team
 
manages relationships with global
media and journalists.
ubs.com/media
Zurich +41-44-234-8500
mediarelations@ubs.com
London +44-20-7567-4714
 
ubs-media-relations@ubs.com
New York +1-212-882-5858
 
mediarelations@ubs.com
Hong Kong SAR +852-2971-8200
sh-mediarelations-ap@ubs.com
Office of the Group Company
Secretary
The Group Company Secretary
handles inquiries directed to the
Chairman or to other members
of the Board of Directors.
UBS Group AG, Office of the
 
Group Company Secretary
PO Box, CH-8098 Zurich, Switzerland
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
PO Box, CH-8098 Zurich, Switzerland
sh-shareholder-services@ubs.com
Zurich +41-44-235-6652
US Transfer Agent
For global registered share-related
inquiries in the US.
Computershare Trust Company NA
PO Box 43006
Providence, RI, 02940-3006, USA
Shareholder online inquiries:
www.computershare.com/us/
investor-inquiries
Shareholder website:
computershare.com/investor
Calls from the US
 
+1-866-305-9566
Calls from outside the US
 
+1-781-575-2623
TDD for hearing impaired
+1-800-231-5469
TDD for foreign shareholders
+1-201-680-6610
Imprint
Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2025. The key symbol and UBS are among
 
the registered and
unregistered trademarks of UBS. All rights reserved.
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Introduction and basis for preparation
 
2
UBS Group
Introduction and basis for preparation
Scope of Basel III Pillar 3 disclosures
The
 
Basel
 
Committee
 
on
 
Banking
 
Supervision
 
(the
 
BCBS)
 
final
 
Basel III
 
capital
 
adequacy
 
framework
 
consists
 
of
 
three
complementary pillars. Pillar 1 provides a framework for measuring minimum capital requirements
 
for the credit, market
and operational risks faced by banks. Pillar 2 addresses the principles of the supervisory review
 
process, emphasizing the
need
 
for
 
a
 
qualitative
 
approach
 
to supervising
 
banks. Pillar
 
3 requires
 
banks
 
to publish
 
a
 
range
 
of
 
disclosures,
 
mainly
covering risk, capital, leverage, liquidity and remuneration.
This
 
report
 
provides
 
Pillar 3
 
disclosures
 
for
 
the
 
UBS
 
Group
 
and
 
prudential
 
key
 
figures
 
and
 
regulatory
 
information
 
for
UBS AG consolidated and standalone,
 
UBS Switzerland AG standalone,
 
UBS Europe SE consolidated,
 
and UBS Americas
Holding LLC consolidated, as well as Credit Suisse
 
International standalone,
 
in the respective sections under “Significant
regulated subsidiaries and sub-groups”.
This
 
Pillar
3
 
report
 
has
 
been
 
prepared
 
in
 
accordance
 
with
 
the
 
Swiss
 
Financial
 
Market
 
Supervisory
 
Authority
 
(FINMA)
Ordinance on the Disclosure Obligations
 
of Banks and Securities Firms (the DisO-FINMA), the corresponding
 
explanatory
notes, and the underlying BCBS Basel framework
 
disclosure requirements.
 
The revised Capital Adequacy Ordinance
 
(the
CAO) that
 
incorporates
 
the final
 
Basel III
 
standards
 
into
 
Swiss law,
 
and the
 
five new
 
FINMA ordinances
 
(including
 
the
DisO-FINMA) that contain
 
the implementing
 
provisions for
 
the revised CAO,
 
entered into force
 
on 1 January 2025.
 
The
DisO-FINMA
 
replaces
 
FINMA
 
Circular
 
2016/1
 
“Disclosure
 
–
 
banks”
 
and
 
incorporates
 
in
 
particular
 
new
 
and
 
revised
disclosure tables on risks and capital requirements.
›
Refer to “Changes to Pillar 3 disclosure requirements” in the
 
“Introduction and basis for preparation” section of the 31
 
March
2025 Pillar 3 Report, available under “Pillar 3 disclosures”
 
at
ubs.com/investors
, for more information about new and revised
quarterly tables as a result of the implementation
 
of the final Basel III standards in Switzerland
As UBS
 
is a
 
systemically
 
relevant bank
 
(an SRB)
 
under Swiss
 
banking law,
 
UBS Group AG
 
and UBS AG
 
are required
 
to
comply with regulations based on the final Basel III framework
 
as applicable to Swiss SRBs on a consolidated basis.
 
Local
 
regulators
 
may
 
also
 
require
 
the
 
publication
 
of
 
Pillar 3
 
information
 
at
 
a
 
subsidiary
 
or
 
sub-group
 
level.
 
Where
applicable, these local disclosures
 
are provided under “Holding
 
company and significant
 
regulated subsidiaries and sub-
groups” at
ubs.com/investors
.
Significant regulatory developments, disclosure requirements
 
and other changes
Developments in Switzerland aimed at strengthening financial
 
stability
In September
 
2025, the
 
Swiss Federal
 
Council launched
 
a public
 
consultation
 
on proposed
 
legislative amendments
 
to
capital requirements
 
related to foreign
 
subsidiaries. The proposed
 
changes would require
 
the deduction of
 
investments
in foreign subsidiaries
 
of systemically important banks
 
(SIBs) from common
 
equity tier 1 (CET1) capital.
 
After the end of
the
 
public
 
consultation
 
in
 
January
 
2026,
 
the
 
Swiss
 
Federal
 
Council
 
is
 
expected
 
to
 
submit
 
its
 
proposal
 
to
 
the
 
Swiss
Parliament in the first
 
half of 2026.
 
Subject to the
 
Parliament’s final decision,
 
the proposal states
 
that the amendments
would enter into force in
 
2028,
 
at the earliest, starting with
 
a 65% deduction requirement in the
 
first year and increasing
to 100% by 5-percentage-point increments each year over seven years. The phase-in is subject to adjustment should the
legislation be delayed.
A public
 
consultation on other
 
proposed measures
 
at the
 
ordinance level
 
ended in
 
September 2025. The
 
proposals include
provisions to deduct capitalized software and deferred tax
 
assets (DTAs) on temporary differences from CET1
 
capital, add
stricter requirements
 
for prudent
 
valuation adjustments
 
(PVAs) of
 
assets and
 
liabilities, and
 
mandate the
 
suspension of
interest
 
payments
 
for
 
additional
 
tier 1
 
capital
 
instruments
 
in
 
the
 
event
 
of
 
a
 
cumulative
 
loss
 
over
 
four
 
quarters.
 
The
proposals also introduce measures that aim to enable
 
FINMA and other authorities to better assess the situation
 
of banks
in a liquidity crisis. The entry into force of the above is expected
 
in January 2027, at the earliest.
A public
 
consultation
 
by the
 
Swiss Federal
 
Council
 
is expected
 
to be
 
launched
 
in the
 
first half
 
of 2026
 
on additional
legislative measures,
 
including incremental
 
requirements for
 
the recovery
 
and resolution
 
plans of
 
SIBs, measures
 
aimed
at
 
increasing
 
the
 
potential
 
for
 
obtaining
 
liquidity
 
via
 
the
 
Swiss
 
National
 
Bank,
 
the
 
introduction
 
of
 
an
 
enhanced
accountability framework in the form of a
 
Senior Managers Regime for banks, and the
 
provision of additional powers for
FINMA. We expect the Swiss Federal Council’s submission of these legislative measures
 
to the Parliament in the first half
of 2027, with the entry into force expected in 2028 or 2029.
In addition, a public
 
consultation on amendments
 
to the Liquidity Ordinance
 
is expected to be
 
launched in the first half
of 2026.
 
The proposals
 
are expected
 
to set
 
minimum requirements
 
for maintaining
 
borrowing capacity
 
for emergency
liquidity assistance.
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Introduction and basis for preparation
 
3
Based on
 
financial information
 
published for
 
the first
 
quarter of
 
2025 and
 
given UBS AG’s
 
target CET1
 
capital ratio
 
of
between 12.5%
 
and 13%,
 
UBS AG would
 
be required
 
to hold additional
 
estimated CET1
 
capital of
 
around USD 24bn
on a pro-forma basis if all capital
 
measures were to
 
be implemented as proposed. This would
 
include around USD 23bn
related to the full deduction of UBS AG’s investments in foreign subsidiaries,
 
of which approximately USD 7bn would be
required
 
at the
 
start of
 
the proposed
 
phase-in period.
 
These pro
 
-forma figures
 
reflect
 
previously announced
 
expected
capital repatriations of around USD 5bn
 
to UBS AG from its subsidiaries.
The incremental
 
CET1 capital
 
of around
 
USD 24bn
 
required
 
for
 
UBS AG,
 
given
 
our aim
 
to maintain
 
an equity
 
double
leverage ratio
 
of around 100%
 
at UBS Group AG,
 
would result in
 
a CET1 capital
 
ratio at the
 
UBS Group AG (consolidated)
level
 
of
 
around
 
19%.
 
At
 
Group
 
level,
 
the
 
proposed
 
measures
 
related
 
to
 
DTAs
 
on
 
temporary
 
differences,
 
capitalized
software and
 
PVAs
 
would eliminate
 
capital recognition
 
for these
 
items,
 
thereby reducing
 
the CET1 capital
 
ratio for the
Group from around 19% to
 
around 17%, underrepresenting UBS’s capital
 
strength compared with peers.
The additional capital of USD 24bn would be in addition to the incremental
 
capital that UBS will have to hold as a result
of
 
the
 
acquisition
 
of
 
the
 
Credit
 
Suisse
 
Group
 
in
 
order
 
to
 
meet
 
existing
 
regulations.
 
This
 
includes
 
around
 
USD 9bn
 
to
remove
 
the
 
regulatory
 
concessions
 
granted
 
to
 
Credit Suisse
 
and
 
around
 
USD 6bn
 
to
 
meet
 
the
 
current
 
progressive
requirements due to the increased leverage ratio denominator
 
(LRD) and higher market share of the combined business.
The estimated effect
 
for the progressive
 
requirements for
 
LRD and market share
 
decreased to USD 6bn, from
 
USD 9bn,
following
 
FINMA’s
 
confirmation
 
about
 
the
 
requirements
 
that
 
will apply
 
to
 
UBS.
 
The
 
phase-in of
 
the
 
increased
 
capital
requirements
 
relating
 
to
 
the
 
increased
 
LRD
 
and
 
higher
 
market
 
share
 
will
 
commence
 
on
 
1 January
 
2026
 
and
 
will
 
be
completed by the beginning of 2030, at the latest.
On this basis, UBS would be required to hold around USD 39bn
 
in additional CET1 capital in total.
FINMA resolution report on UBS
In September 2025, FINMA published
 
its 2025 resolution report on UBS
 
related to the 2024 fiscal
 
year. FINMA concluded
that UBS
 
remains
 
resolvable
 
under UBS’s
 
existing
 
preferred
 
resolution
 
strategy,
 
which includes
 
a recapitalization
 
via a
bail-in at
 
the Gro
 
up holding
 
company level.
 
The Swiss
 
emergency
 
plan of
 
UBS is
 
designed to
 
ensure the
 
continuity of
systemically important
 
functions and critical
 
operations in
 
Switzerland in the
 
case of a
 
failed attempt to
 
restructure the
UBS Group.
 
According
 
to FINMA,
 
this plan
 
was largely
 
compliant with
 
the current
 
regulatory
 
requirements.
 
However,
given the
 
lessons learned
 
from the
 
Credit Suisse
 
crisis, FINMA
 
has determined
 
that the
 
Swiss emergency
 
plan requires
further
 
development
 
to
 
meet
 
the
 
objective
 
of
 
maintaining
 
systemically
 
important
 
functions
 
while
 
also
 
safeguarding
financial stability at
 
the international level.
 
Moreover,
 
FINMA assessed that
 
UBS’s Swiss
 
emergency plan
 
requires better
integration
 
into
 
UBS’s
 
global
 
resolution
 
plan.
 
Due
 
to
 
the
 
ongoing
 
integration
 
of
 
Credit
 
Suisse
 
into
 
UBS,
 
FINMA
 
has
refrained from assessing UBS’s
 
recovery plan, which outlines
 
measures that aim to
 
restore financial strength if UBS
 
should
come under severe capital or liquidity stress.
›
Refer to “Recovery and resolution” in the “Regulation
 
and supervision” section of the UBS Group Annual
 
Report 2024, available
under “Annual reporting” at
ubs.com/investors
, for more information
Frequency and comparability of Pillar 3 disclosures
 
The
 
DisO-FINMA
 
specifies
 
the
 
reporting
 
frequency
 
for
 
each
 
disclosure.
 
In
 
line
 
with
 
these
 
FINMA-specified
 
disclosure
requirements,
 
including
 
with
 
regard
 
to
 
comparative
 
periods,
 
we
 
provide
 
quantitative
 
comparative
 
information
 
as
 
of
30 June 2025 for
 
disclosures required on
 
a quarterly basis.
 
Where specifically required
 
by FINMA and / or
 
the BCBS, we
disclose comparative information for additional reporting
 
dates.
 
›
Refer to the 30 June 2025 Pillar 3 Report,
 
available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about
previously published quarterly movement commentary
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Key metrics
 
4
Key metrics
Key metrics for the third quarter of 2025
The KM1
 
and KM2
 
tables below
 
are based
 
on the
 
Swiss Financial
 
Market Supervisory
 
Authority (FINMA)
 
Ordinance on
the Disclosure Obligations
 
of Banks and
 
Securities Firms
 
(DisO-FINMA) rules.
 
The KM2 table
 
includes a reference
 
to the
total loss-absorbing capacity (TLAC) term sheet, published by the
 
Financial Stability Board (the FSB). The FSB provides this
term sheet at
fsb.org/2015/11/total-loss-absorbing-capacity-tlac-principles-and-term-sheet
.
Our capital ratio increased,
 
primarily reflecting an increase in our tier 1 capital.
 
Our leverage ratio increased, driven by an
increase in our tier 1 capital and a decrease in the leverage
 
ratio denominator (the LRD).
Our common equity
 
tier 1 (CET1)
 
capital increased by USD 1.9bn
 
to USD 74.7bn, mainly driven
 
by operating profit
 
before
tax of USD 2.8bn and an
 
increase in eligible deferred
 
tax assets on temporary
 
differences of USD 0.2bn, partly
 
offset by
dividend accruals
 
of USD 0.8bn
 
and current
 
tax expenses
 
of USD 0.3bn.
 
Share repurchases
 
of USD 1.1bn
 
made under
our 2025 share
 
repurchase program
 
in the
 
third quarter
 
of 2025 did
 
not materially
 
affect our
 
CET1 capital
 
position, as
there was an almost identical reduction in the capital reserve
 
for expected future share repurchases.
Our tier
 
1 capital
 
increased
 
by USD
 
3.2bn to
 
USD 95.0bn,
 
reflecting
 
the
 
aforementioned
 
USD 1.9bn
 
increase
 
in
 
CET1
capital and a USD 1.3bn increase in additional tier 1 (AT1) capital.
 
The increase in AT1 capital was driven by the issuance
of new AT1
 
capital instruments
 
equivalent to USD 2.8bn, partly
 
offset by the
 
call of one
 
AT1 capital instrument
 
equivalent
to USD 1.6bn.
The TLAC available as
 
of 30 September 2025
 
included CET1 capital,
 
AT1 capital and non-regulatory
 
capital elements of
TLAC.
 
Our available TLAC increased by USD 8.2bn to USD 199.3bn, reflecting the aforementioned increase in tier 1 capital and
a
 
USD 4.9bn
 
increase
 
in
 
non-regulatory
 
capital
 
elements
 
of
 
TLAC.
 
The
 
increase
 
in
 
non-regulatory
 
capital
 
elements
 
of
TLAC
 
was
 
mainly
 
driven
 
by
 
new
 
issuances
 
totaling
 
USD 7.9bn
 
equivalent
 
of
 
TLAC-eligible
 
senior
 
unsecured
 
debt
instruments
 
and
 
positive
 
impacts
 
from
 
interest
 
rate
 
risk
 
hedge,
 
foreign
 
currency
 
translation
 
and
 
other
 
effects.
 
These
effects
 
were
 
partly
 
offset
 
by
 
the
 
call
 
of
 
one
 
TLAC-eligible
 
senior
 
unsecured
 
debt
 
instrument
 
for
 
the
 
equivalent
 
of
USD 1.5bn,
 
as
 
well
 
as
 
USD 1.7bn
 
related
 
to
 
the
 
last
 
tier 2
 
instrument
 
and
 
one
 
TLAC-eligible
 
senior
 
unsecured
 
debt
instrument ceasing to be eligible as non-regulatory capital elements of TLAC, as those instruments entered the final year
before maturity.
 
During the third quarter of 2025, risk-weighted assets (RWA)
 
increased by USD 0.4bn to USD 504.9bn, mainly driven by
increases of USD 3.6bn from counterparty credit risk RWA and
 
USD 1.2bn from credit valuation adjustment RWA, partly
offset by
 
decreases of
 
USD 2.3bn from
 
market risk
 
RWA, USD 0.9bn
 
from RWA
 
on securitization
 
exposures in
 
banking
book and USD 0.7bn from credit risk RWA. The remaining
 
variance was spread across other risk types.
The LRD decreased by USD 17.6bn
 
to USD 1,640.5bn, mainly due to asset
 
size and other movements of
 
USD 12.4bn and
currency effects of USD 5.2bn.
 
The
 
quarterly
 
average
 
liquidity
 
coverage
 
ratio
 
of
 
the
 
UBS
 
Group
 
remained
 
broadly
 
unchanged
 
at
 
182.1%,
 
remaining
above
 
the
 
prudential
 
requirement
 
communicated
 
by
 
FINMA.
 
Average
 
high-quality
 
liquid
 
assets
 
(HQLA)
 
decreased
 
by
USD 12.2bn to
 
USD 346.6bn, mainly
 
reflecting lower
 
cash due to
 
higher lending
 
assets,
 
partly due
 
to currency
 
effects,
and funding for trading assets.
 
The decreases were partly offset by higher
 
cash due to an increase in customer deposits,
largely due to currency effects, and higher
 
proceeds from securities financing transactions.
 
The effect from the decrease
in HQLA was offset
 
by a USD 6.5bn decrease in
 
average net cash outflows
 
to USD 190.4bn, reflecting lower net outflows
from
 
derivatives
 
and
 
higher
 
net
 
inflows
 
from
 
securities
 
financing
 
transactions,
 
partly
 
offset
 
by
 
higher
 
outflows
 
from
customer deposits.
As of 30 September
 
2025, the net
 
stable funding ratio
 
of the UBS
 
Group decreased
 
2.8 percentage points
 
to 119.7%,
remaining above the prudential requirement communicated by FINMA. Available
 
stable funding decreased by USD 5.9bn
to USD 898.8bn,
 
mainly driven
 
by decreases
 
in customer
 
deposits and
 
debt issued
 
measured at
 
amortized cost,
 
partly
offset by higher
 
regulatory capital. Required stable
 
funding increased by
 
USD 12.1bn to USD 751.0bn, primarily
 
reflecting
an increase in trading assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Key metrics
 
5
KM1: Key metrics
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
74,655
72,709
69,152
71,367
74,213
2
Tier 1
94,950
91,721
87,837
87,739
91,024
3
Total capital
94,950
91,721
87,837
87,739
91,025
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
504,897
504,500
483,276
498,538
519,363
4a
Total risk-weighted assets (pre-floor)
504,897
504,500
483,276
4b
Minimum capital requirement
1
40,392
40,360
38,662
39,883
41,549
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
14.79
14.41
14.31
14.32
14.29
5b
Common equity tier 1 ratio (%) (pre-floor)
14.79
14.41
14.31
6
Tier 1 ratio (%)
18.81
18.18
18.18
17.60
17.53
6b
Tier 1 ratio (%) (pre-floor)
18.81
18.18
18.18
7
Total capital ratio (%)
18.81
18.18
18.18
17.60
17.53
7b
Total capital ratio (%) (pre-floor)
18.81
18.18
18.18
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
2.50
2.50
2.50
2.50
2.50
9
Countercyclical buffer requirement (%)
0.12
0.13
0.13
0.16
0.17
9a
Additional countercyclical buffer for Swiss mortgage loans
 
(%)
0.32
0.33
0.31
0.37
0.38
10
Bank G-SIB and / or D-SIB additional requirements (%)
1.50
1.50
1.50
1.00
1.00
11
Total of bank CET1 specific buffer requirements (%)
2
4.12
4.13
4.13
3.66
3.67
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
10.29
9.91
9.81
9.60
9.53
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
1,640,464
1,658,089
1,561,583
1,519,477
1,608,341
14
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves)
4
5.79
5.53
5.62
5.77
5.66
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
5.79
5.53
5.62
14c
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves) incorporating mean values for SFT
 
assets
4
5.77
5.54
5.60
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
 
assets
5.77
5.54
5.60
14e
Minimum capital requirements
5
49,214
49,743
46,848
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
 
346,550
358,759
318,735
331,481
360,628
16
Total net cash outflow
190,359
196,846
176,190
176,008
181,051
16a
of which: cash outflows
388,343
385,105
362,013
347,761
342,952
16b
of which: cash inflows
197,984
188,259
185,823
171,753
161,901
17
LCR (%)
182.12
182.31
180.96
188.37
199.25
Net stable funding ratio (NSFR)
18
Total available stable funding
898,762
904,703
861,717
856,804
904,295
19
Total required stable funding
750,960
738,891
693,777
682,508
712,773
20
NSFR (%)
119.68
122.44
124.21
125.54
126.87
1 Calculated as 8% of total RWA,
 
based on total capital minimum requirements,
 
excluding CET1 buffer requirements.
 
2 Excludes non-BCBS capital buffer
 
requirements for risk-weighted positions that are
 
directly
or indirectly backed by residential
 
properties
 
in Switzerland.
 
3 Represents the CET1 ratio
 
that is available to meet
 
buffer requirements. Calculated as the
 
CET1 ratio minus the BCBS CET1
 
capital requirement and,
where applicable, minus the BCBS tier
 
2 capital requirement met with CET1 capital.
 
4 There is currently no
 
temporary exemption of central bank
 
reserves for UBS.
 
5 The higher of capital
 
requirements based on
8% of RWA or 3% of LRD.
 
6 Calculated after the application of haircuts and inflow
 
and outflow rates, as well as,
 
where applicable, caps on Level 2 assets
 
and cash inflows. Calculated based on an
 
average of 65
data points
 
in the
 
third quarter
 
of 2025
 
and 61
 
data points
 
in the
 
second quarter
 
of 2025.
 
For
 
the prior-quarter
 
data points,
 
refer to
 
the respective
 
Pillar 3
 
Report, available
 
under “Pillar
 
3 disclosures”
 
at
ubs.com/investors, for more information.
KM2: Key metrics – TLAC requirements (at resolution group level)
1
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
1
Total loss-absorbing capacity (TLAC) available
 
199,329
 
191,171
 
187,168
 
185,395
 
194,907
2
Total RWA at the level of the resolution group
 
504,897
 
504,500
 
483,276
 
498,538
 
519,363
3
TLAC as a percentage of RWA (%)
 
39.48
 
37.89
 
38.73
 
37.19
 
37.53
4
Leverage ratio exposure measure at the level of the resolution group
 
1,640,464
 
1,658,089
 
1,561,583
 
1,519,477
 
1,608,341
5
TLAC as a percentage of leverage ratio exposure measure (%)
 
12.15
 
11.53
 
11.99
 
12.20
 
12.12
6a
Does the subordination exemption in the antepenultimate
 
paragraph of Section
11 of the FSB TLAC Term Sheet apply?
No
6b
Does the subordination exemption in the penultimate paragraph of Section
 
11
of the FSB TLAC Term Sheet apply?
No
6c
If the capped subordination exemption applies, the amount of funding issued
that ranks pari passu with excluded liabilities and that is recognized
 
as external
TLAC, divided by funding issued that ranks pari passu with excluded liabilities
and that would be recognized as external TLAC if no cap was applied (%)
N/A – Refer to our response to 6b.
1 Resolution group level is defined as the UBS Group AG consolidated level.
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets
 
6
Risk-weighted assets
Overview of RWA and capital requirements
The
 
OV1
 
table
 
below
 
provides
 
an
 
overview
 
of
 
our
 
risk-weighted
 
assets
 
(RWA)
 
and
 
the
 
related
 
minimum
 
capital
requirements by
 
risk type.
 
The table
 
presented is
 
based on
 
the respective
 
Swiss Financial
 
Market Supervisory
 
Authority
(FINMA) template and empty rows indicate current non-applicability
 
to UBS.
During the third
 
quarter of 2025,
 
RWA increased by USD 0.4bn
 
to USD 504.9bn, mainly driven
 
by increases of
 
USD 3.6bn
from counterparty
 
credit risk
 
(CCR) RWA
 
and USD 1.2bn
 
from credit valuation
 
adjustment (CVA)
 
RWA, partly
 
offset by
decreases of USD 2.3bn
 
from market risk
 
RWA, USD 0.9bn from
 
RWA on securitization
 
exposures in banking
 
book and
USD 0.7bn from credit risk RWA. The remaining variance
 
was spread across other risk types.
 
CCR RWA increased by USD 3.6bn, mainly
 
driven by increases of USD 3.8bn related
 
to asset size and other movements.
The movements
 
in RWA
 
attributable to
 
currency effects,
 
as well as
 
to model
 
updates and
 
methodology changes,
 
were
broadly neutral. The increase in asset size and other movements largely reflects higher trading
 
volumes in derivatives and
securities financing transactions,
 
primarily in the Investment Bank.
 
CVA RWA increased by USD 1.2bn, primarily due to higher trading volumes in
 
derivatives in the Investment Bank, as well
as derivatives market movements in Personal & Corporate
 
Banking.
Market risk RWA decreased by USD 2.3bn, due
 
to asset size and other movements
 
in the Investment Bank and de-risking
within Non-core and Legacy.
RWA
 
on
 
securitization
 
exposures
 
in
 
banking
 
book
 
decreased
 
by
 
USD 0.9bn,
 
primarily
 
driven
 
by
 
asset
 
size
 
and
 
other
movements in Personal & Corporate Banking.
Credit
 
risk
 
RWA
 
decreased
 
by
 
USD 0.7bn,
 
mainly
 
driven
 
by
 
decreases
 
of
 
USD 1.4bn
 
related
 
to
 
model
 
updates
 
and
methodology changes
 
and USD 0.8bn
 
from currency
 
effects,
 
partly offset
 
by an increase
 
of USD 1.5bn
 
related to
 
asset
size and other movements.
 
Model updates and methodology changes
 
resulted in an RWA
 
decrease of USD 1.4bn, mainly
due to an RWA decrease
 
of USD 1.5bn related to
 
improvements in the model
 
for concentrated equity lending
 
in Global
Wealth Management,
 
and an
 
RWA decrease
 
of USD 1.0bn
 
from an update
 
in loss giv
 
en default (LGD
 
)
 
models for
 
cash
and balances
 
at
 
central
 
banks, which
 
was
 
partly
 
offset
 
by an
 
RWA increase
 
of USD
 
1.1bn following
 
the
 
migration
 
of
exposures from Credit Suisse models.
 
Asset size and other movements
 
increased by USD 1.5bn, mainly driven
 
by higher
RWA from loans and loan commitments in the Investment
 
Bank and Personal & Corporate Banking.
The flow tables for credit risk, CCR and CVA RWA below provide further details regarding the movements in RWA in the
third quarter of 2025.
›
Refer to the “Introduction and basis for preparation” section
 
of this report for more information about the regulatory standards
applied
›
Refer to the “Capital management”
 
section of the UBS Group third quarter 2025 report, available
 
under
“Quarterly reporting” at
ubs.com/investors
, for more information about capital management and
 
RWA, including details regarding movements in RWA
during the third quarter of 2025
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets
 
7
OV1: Overview of RWA
Minimum
capital
requirements
1
USD m, except where indicated
30.9.25
30.6.25
30.9.25
1
Credit risk (excluding counterparty credit risk)
 
257,432
 
258,111
 
20,595
2
of which: standardized approach (SA)
 
61,791
 
61,170
 
4,943
2a
of which: non-counterparty-related risk
2
 
16,178
 
16,553
 
1,294
3
of which: foundation internal ratings-based (F-IRB) approach
3
 
41,364
 
38,599
 
3,309
4
of which: supervisory slotting approach
 
1,533
 
1,638
 
123
5
of which: advanced internal ratings-based (A-IRB) approach
 
152,743
 
156,704
 
12,219
5a
of which: adjustments related to the Swiss sectoral real estate floor
 
for exposures secured by real estate in Switzerland
3,4
6
Counterparty credit risk
5
 
35,497
 
31,903
 
2,840
7
of which: SA for counterparty credit risk (SA-CCR)
 
7,586
 
7,708
 
607
8
of which: internal model method (IMM)
 
14,941
 
13,197
 
1,195
8a
of which: value-at-risk (VaR)
 
8,253
 
6,544
 
660
9
of which: other CCR
 
4,717
 
4,454
 
377
10
Credit valuation adjustment (CVA)
 
11,140
 
9,904
 
891
10a
of which: full basic approach (BA-CVA)
3
 
5,798
 
5,566
 
464
10b
of which: standardized approach (SA-CVA)
3
 
5,342
 
4,338
 
427
11
Equity positions under the simple risk weight approach during the five-year
 
transitional period
6
12
Equity investments in funds – look-through approach
 
1,885
 
2,023
 
151
13
Equity investments in funds – mandate-based approach
 
1,011
 
1,070
 
81
14
Equity investments in funds – fallback approach
 
520
 
610
 
42
15
Settlement risk
 
202
 
243
 
16
16
Securitization exposures in banking book
 
5,678
 
6,529
 
454
17
of which: securitization internal ratings-based approach (SEC-IRBA)
 
2,191
 
3,022
 
175
18
of which: securitization external ratings-based approach (SEC-ERBA),
 
including internal assessment approach (IAA)
 
812
 
801
 
65
19
of which: securitization standardized approach (SEC-SA)
 
2,675
 
2,706
 
214
20
Market risk
 
28,208
 
30,469
 
2,257
21
of which: standardized approach (SA)
 
28,208
 
30,469
 
2,257
22
of which: internal models approach (IMA)
23
Capital charge for switch between trading book and banking book
24
Operational risk
 
136,394
 
136,394
 
10,912
25
Amounts below thresholds for deduction (250% risk weight)
7
 
26,930
 
27,243
 
2,154
25a
 
of which: deferred tax assets
 
 
18,932
 
18,436
 
1,515
26
Output floor applied (%)
3,8
 
60
 
60
27
Floor adjustment (before application of transitional cap)
3,9
28
Floor adjustment (after application of transitional cap)
10
29
Total
 
504,897
 
504,500
 
40,392
1 Calculated based on 8%
 
of RWA.
 
2 Non-counterparty-related risk includes
 
property, equipment, software
 
and other items.
 
3 Disclosure is based on
 
the final Basel III standards
 
implemented with effect as of
1 January 2025.
 
4 The Swiss sectoral
 
real estate floor is not applicable
 
at the level of UBS Group
 
AG consolidated.
 
5 Excludes settlement risk, which
 
is separately reported in line
 
15 “Settlement risk”. Includes
RWA with central counterparties. The
 
split between the sub-components of counterparty credit
 
risk refers to the calculation of the exposure measure.
 
6 The simple risk-weight approach is no
 
longer applicable at
UBS, and equity positions in the banking
 
book are included in row 2. The
 
five-year transitional period is effective as
 
of 1 January 2025 but is not applicable
 
to UBS.
 
7 Includes items subject to threshold deduction
treatment that do not exceed their respective threshold and are risk weighted at 250%. Items subject to threshold deduction treatment include significant investments in common shares of non-consolidated financial
institutions (banking, insurance and financial entities)
 
and deferred tax assets arising from temporary
 
differences.
 
8 The overall output floor of
 
72.5% is subject to a phase-in until
 
1 January 2028. As of 1 January
2025, the applicable overall output floor at the level of UBS Group AG consolidated is 60%. In 2026 and 2027, the output floor will increase by 5% per year, to 65% and 70%, respectively.
 
9 FINMA has not opted
to implement a transitional cap that would limit the increase in RWA to 25% of a bank’s RWA before the
 
application of the output floor.
 
10 The total of our actual Basel III finalized RWA is higher than 60% of our
Basel III finalized RWA calculated using the full standardized approach. Therefore,
 
the overall output floor is not binding, and our RWA before and after the effects of the overall output
 
floor are equal.
 
Comparison of modelled and standardized RWA at risk level
The
 
CMS1
 
table
 
compares
 
RWA
 
determined
 
using
 
models
 
approved
 
by
 
FINMA
 
with
 
RWA
 
determined
 
under
 
the
 
full
standardized approach. The table also provides the full standardized approach for
 
RWA that are the base of the phased-
in overall
 
output floor.
 
The purpose
 
of the
 
overall output
 
floor is
 
to ensure
 
that banks’
 
capital requirements
 
based on
modelled approaches where
 
permitted do not
 
fall below a
 
certain percentage of
 
capital requirements
 
based on the
 
full
standardized
 
approach,
 
thereby
 
reducing
 
excessive
 
variability
 
of
 
RWA
 
and
 
enhancing
 
the
 
comparability
 
of
 
risk-based
capital ratios across banks.
 
The impact of the output
 
floor, if applicable, will be
 
disclosed in the “OV1:
 
Overview of RWA”
table in rows 27 and 28. The applicable threshold pursuant to the reporting date is disclosed
 
in row 26 of the OV1 table,
and in column e in the CMS1 table below. The output
 
floor, which is set at 60% during 2025, will incrementally increase
to a level of 72.5% by
 
2028. As of 30 September
 
2025, the floor is not binding
 
at the level of UBS Group,
 
i.e. the total
of our actual
 
RWA shown
 
in column
 
c in the
 
CMS1 table below
 
is greater than
 
60% of the
 
RWA calculated
 
under the
full standardized approach
 
shown in column
 
e, and therefore
 
no adjustment is
 
required. UBS
 
is undertaking
 
mitigating
actions with respect to RWA under
 
the standardized approach to minimize a future
 
floor adjustment required as the level
of the output floor increases.
›
Refer to “Overview of RWA and capital requirements” in this section for information
 
about the OV1 table
 
The table
 
below provides
 
a summary
 
of the
 
key conceptual
 
differences between
 
the internal
 
model approach
 
and the
standardized approach.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets
 
8
Key differences between the internal model approach and the standardized approach
Internal model approach
Standardized approach
Key impact
Risk weighting
Reliance on internal ratings where each
counterparty / transaction receives a rating.
Reliance on external credit assessment institutions
where permitted in the regulatory framework.
 
Modelled approach produces RWA that is more risk
sensitive.
Granular risk-sensitive risk weights differentiation
via individual probability of default (PD) and LGD
for mortgages.
Less granular risk weights based on loan-to-value
(LTV)
 
bands for mortgages.
The Group’s residential mortgage portfolio is
focused on the Swiss market, and the Group has
robust review processes in place concerning
borrowers’ ability to repay. This results in the
Group’s residential mortgage portfolio having a low
average LTV and results in an average risk weight
of around 20% under the advanced internal
ratings-based (A-IRB) approach.
Modelled LGD captures transaction quality
features including collateralization. Under the
foundation internal ratings-based (F-IRB)
approach, the LGD values are calculated based
on the rules set by regulatory authorities. This is
applicable for banks and large corporates.
No differentiation for transaction features (except
where a claim is subordinated).
Impact relevant across all asset classes.
Credit risk mitigation
 
Credit risk mitigation recognized via risk-sensitive
LGD or exposure at default (EAD).
 
Limited recognition of credit risk mitigation.
Standardized approach RWA is higher than
modelled RWA for most transaction types.
 
Wider variety of eligible collateral.
Restricted list of eligible collateral.
Limited recognition of collateral results in higher
RWA for Lombard lending and securities financing
transactions (SFTs).
Repo value-at-risk (VaR)
 
permits the use of VaR
models to estimate exposure and collateral for
SFTs. Approach permits full diversification and
netting across all collateral types.
Conservative and crude regulatory haircuts with
limited risk-sensitivity.
The effects
 
of guarantees and credit derivatives
are considered through either adjusting PD
and / or LGD estimates. UBS applies the F-IRB
approach for guarantee recognition.
In case of eligible guarantees and credit derivatives,
substitution is applied and the risk weight
applicable to the protection provider can be
 
assigned to the protected portion of the underlying
exposure.
CCF
A credit conversion factor (CCF) is applied to
model expected future drawdowns over the 12-
month period, irrespective of the actual maturity
of a particular transaction. The CCF includes
downturn adjustments and is the result of
analysis of internal data and expert opinion.
Credit exposure equivalents are determined by
applying CCF to off-balance sheet items. The CCFs
vary based on product type, maturity and the
underlying contractual agreements.
Modelled CCFs can be more tailored and
differentiated.
EAD for derivatives
Internal model method (IMM) facilitates the use
of a Monte Carlo simulation to estimate
exposure.
The standardized approach for CCR (SA-CCR) is
calculated as the replacement costs plus regulatory
add-ons that take into account potential future
market moves at predetermined fixed rates.
For large,
 
diversified derivatives portfolios,
standardized EAD is higher than modelled EAD.
Application of multiplier on IMM exposure
estimate.
Differentiates add-ons by five exposure types and
three maturity buckets only.
Variability in holding period applied to
collateralized transactions, reflecting liquidity
risks.
Limited netting can be recognized.
EAD for SFTs
 
The repo VaR approach is a model based on a
Monte Carlo simulation and historical calibration
to estimate exposure, computed as quantile
exposure.
The comprehensive approach considers the adjusted
exposure after applicable supervisory haircuts on
both the exposure and the collateral received to
take account of possible future fluctuations in the
value of either the exposure or the collateral.
For large, diversified SFT portfolios, standardized
EAD is higher than modelled EAD.
Maturity in risk weight
Regulatory RWA function considers maturity: the
longer the maturity, the higher the risk weight.
No differentiation for maturity of transactions,
except for interbank exposures.
Model approach produces lower RWA for high-
quality, short-term transactions.
Credit valuation
adjustment
Not applicable under the final Basel III standards.
UBS calculates the CVA risk capital requirement
using both the standardized approach (SA-CVA)
and the full basic approach (BA-CVA) in line with
the final Basel III standards.
 
The SA-CVA uses
sensitivities to market risk factors (e.g. interest rates
and credit spreads) and uses those sensitivities with
regulatory-prescribed risk weights and correlations
to arrive at a capital charge. The BA-CVA approach
is simpler and less risk sensitive.
Where the BA-CVA and the SA-CVA are applied
under the output floor calculation, the application
of internal ratings is not permitted.
Securitization exposures
in the banking book
The regulatory capital requirements are
calculated using a hierarchy of approaches. First,
the securitization internal ratings-based approach
(SEC-IRBA) is applied, if possible. If this approach
cannot be applied, one of the standardized
approaches is applied.
 
If the SEC-IRBA cannot be applied, the regulatory
capital requirements are calculated using the
following hierarchy of approaches:
 
the securitization
external ratings-based approach or the
securitization standardized approach (SEC-SA).
Otherwise, a 1,250% risk weight is applied as a
fallback.
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets
 
9
Key differences between the internal model approach and the standardized approach (continued)
Internal model approach
Standardized approach
Key impact
Market risk
UBS does not apply the internal model approach
for market risk.
UBS currently applies the standardized approach of
the Fundamental Review of the Trading Book (the
FRTB)
 
framework, in which minimum market risk
capital requirements are computed on the basis of
three components: the sensitivities-based method
(the SBM), the default risk charge (the DRC) and
the residual risk add-on (the RRAO). The SBM
captures delta, vega and curvature risk of the
underlying trading positions, the DRC uses the
jump-to-default risk in positions subject to equity
and credit risk, and positions that may not be
adequately capitalized by the SBM and the DRC
additionally attract an RRAO charge.
Where the standardized approach is applied under
the output floor calculation, the application of
internal ratings is not permitted.
The new FRTB framework replaced the VaR-
 
and
stressed VaR-based Basel 2.5 market risk
framework.
Operational risk
Not applicable under the final Basel III standards.
The standardized approach is based on the business
indicator component, derived from financial
statement metrics, as well as the internal loss
multiplier, derived from average historical
operational losses. The new framework replaced the
advanced measurement approach.
As of
 
30 September 2025,
 
the output
 
floor is
 
set at
 
USD 446.7bn, representing
 
60% of
 
RWA calculated
 
using the
 
full
standardized approach. This floor remains USD 58.2bn below
 
the actual RWA of USD 504.9bn.
 
During the third
 
quarter of 2025,
 
the difference between RWA
 
calculated using the
 
full standardized approach
 
and actual
RWA decreased by
 
USD 6.6bn, to USD 239.6bn
 
from USD 246.2bn. This
 
decrease was primarily
 
driven by
 
RWA mitigation
actions undertaken during
 
the quarter,
 
as well as asset
 
size and other
 
movements. UBS is
 
making progress with
 
further
measures to minimize the impact as the output floor
 
increases to 72.5% of standardized RWA by 2028.
Credit risk
 
RWA under
 
the full
 
standardized approach
 
are higher
 
than actual
 
RWA. Under
 
the standardized
 
approach,
fixed
 
risk
 
weights
 
are
 
applied
 
to
 
residential
 
mortgage
 
exposures,
 
depending
 
on
 
the
 
LTV.
 
The
 
internal
 
model-based
approach considers
 
borrowers’ ability
 
to service
 
debt more
 
accurately, including
 
mortgage affordability
 
and calibration
based on
 
historic data.
 
The Group’s
 
residential mortgage
 
portfolio is
 
focused on
 
the Swiss
 
market, and
 
the Group
 
has
robust review processes
 
in place concerning
 
borrowers’ ability to
 
repay. This results
 
in the Group’s
 
residential mortgage
portfolio
 
having
 
a
 
low
 
average
 
LTV
 
and
 
results
 
in
 
an
 
average
 
risk
 
weight
 
of
 
around
 
20%
 
under
 
the
 
A-IRB
 
approach
compared
 
with
 
an
 
average
 
risk
 
weight
 
of
 
around
 
35%
 
under
 
the
 
standardized
 
approach.
 
For
 
Lombard
 
lending
 
the
average
 
risk weight
 
using internal
 
models
 
is around
 
9%.
 
The
 
risk weight
 
under
 
the
 
standardized
 
approach
 
is around
100%
 
for
 
these
 
exposures,
 
primarily
 
due
 
to
 
the
 
differences
 
in
 
the
 
treatment
 
of
 
collateral.
 
Furthermore,
 
corporate
exposures have higher
 
risk weights
 
under the standardized
 
approach, with
 
an average
 
of 82%,
 
compared with
 
an average
of 51% under the internal model approach.
CCR RWA
 
under the full
 
standardized approach are
 
higher than actual
 
RWA, primarily reflecting
 
higher risk weights
 
under
the standardized
 
approach compared
 
with the
 
internal ratings-based
 
(IRB) risk
 
weights mainly
 
in the
 
Corporates asset
class, especially
 
on managed
 
funds. In
 
addition to
 
risk weights,
 
exposures calculated
 
under the
 
standardized approach
are higher, because
 
the standardized approach
 
does not fully
 
recognize the benefits
 
of netting, portfolio
 
diversification
and collateral.
 
CVA RWA
 
calculated
 
using
 
the
 
full standardized
 
approach
 
are
 
higher than
 
actual
 
RWA, as
 
the
 
application
 
of internal
ratings is not permitted under the standardized approach
 
for output floor calculations.
Securitization RWA calculated
 
using the full
 
standardized approach are
 
higher than actual
 
RWA, due to
 
more conservative
assumptions
 
and
 
less
 
granular
 
risk
 
assessments
 
permitted
 
under
 
the
 
SEC-SA
 
when
 
compared
 
with
 
the
 
SEC-IRBA
framework.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets
 
10
CMS1: Comparison of modelled and standardized RWA at risk level
a
b
c
d
e
USD m
RWA for modelled
approaches that UBS has
FINMA approval to use
RWA for portfolios
where standardized
approaches are used
Total Actual RWA
(i.e. RWA which banks
report as current
requirements)
RWA calculated using
full standardized
approach
(i.e. used in the base
of the output floor)
Output floor base
(60% of RWA
calculated using full
standardized
approach)
30.9.25
1
Credit risk (excluding counterparty credit risk)
 
195,641
 
61,791
 
257,432
 
379,571
 
227,743
2
Counterparty credit risk
 
28,705
 
6,792
 
35,497
 
143,077
 
85,846
3
Credit valuation adjustment (CVA)
 
11,140
 
11,140
 
17,252
 
10,351
4
Securitization exposures in banking book
 
2,191
 
3,487
 
5,678
 
8,944
 
5,366
5
Market risk
 
28,208
 
28,208
 
28,060
 
16,836
6
Operational risk
 
136,394
 
136,394
 
136,394
 
81,836
7
Residual RWA
1
 
1,971
 
28,577
 
30,548
 
31,169
 
18,701
8
Total
 
228,508
 
276,389
 
504,897
 
744,466
 
446,680
2
30.6.25
1
Credit risk (excluding counterparty credit risk)
 
196,941
 
61,170
 
258,111
 
383,454
 
230,072
2
Counterparty credit risk
 
25,025
 
6,878
 
31,903
 
138,977
 
83,386
3
Credit valuation adjustment (CVA)
 
9,904
 
9,904
 
16,284
 
9,770
4
Securitization exposures in banking book
 
3,022
 
3,507
 
6,529
 
13,325
 
7,995
5
Market risk
 
30,469
 
30,469
 
30,353
 
18,212
6
Operational risk
 
136,394
 
136,394
 
136,394
 
81,836
7
Residual RWA
1
 
2,096
 
29,093
 
31,189
 
31,931
 
19,159
8
Total
 
227,085
 
277,415
 
504,500
 
750,719
 
450,431
2
1 Includes settlement risk, equity investments in funds and deferred tax assets arising from temporary differences.
 
2 Conceptually, the output floor is applied at the total RWA level, rather than at individual risk-type
levels.
RWA flow statements of credit risk exposures under
 
the internal ratings-based approach
The
 
CR8
 
table
 
below
 
provides
 
a
 
breakdown
 
of
 
the
 
credit
 
risk
 
RWA
 
movements
 
in
 
the
 
third
 
quarter
 
of
 
2025
 
across
movement categories defined by the Basel Committee on Banking
 
Supervision (the BCBS).
Credit risk RWA under the IRB approach decreased by USD 1.3bn to USD 195.6bn during the third quarter of 2025. This
balance reflects credit risk
 
under the IRB approach,
 
including the F-IRB approach
 
under the final
 
Basel III standards from
1 January 2025 onward, as well as credit risk under the
 
supervisory slotting approach.
Movements
 
in
 
asset
 
size
 
drove
 
a
 
USD 0.9bn
 
decrease
 
in
 
RWA,
 
mainly
 
driven
 
by
 
decreases
 
in
 
liquid
 
assets
 
and
 
loan
commitments in Global Wealth Management.
Movements in asset quality
 
increased RWA by USD
 
3.2bn, mainly due to
 
changes in the portfolio
 
mix in the Investment
Bank and Personal & Corporate Banking.
Model updates decreased RWA by USD 2.6bn,
 
related to improvements in the model
 
for concentrated equity lending in
Global Wealth Management and an update in LGD models for
 
cash and balances at central banks.
Methodology
 
and
 
policy
 
changes
 
resulted
 
in
 
an
 
RWA
 
decrease
 
of
 
USD 0.7bn
 
under
 
the
 
IRB
 
approach,
 
following
 
the
migration of exposures from Credit Suisse models
 
to the standardized approach. This methodology
 
change resulted in a
net increase of USD 1.1bn in Group RWA.
Currency effects, driven
 
by the
 
strengthening of the
 
US dollar
 
against other major
 
currencies, resulted in
 
an RWA decrease
of USD 0.6bn.
›
Refer to “Definitions of credit risk and counterparty credit risk
 
RWA movement table components for CR8 and CCR7” in
 
the
“Credit risk” section of the 31 December 2024 Pillar
 
3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for
definitions of credit risk RWA movement table components
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Risk-weighted assets
 
11
CR8: RWA flow statements of credit risk exposures under IRB
USD m
For the quarter
ended 30.9.25
1
RWA as of the beginning of the quarter
 
196,941
2
Asset size
 
(881)
3
Asset quality
 
3,225
4
Model updates
 
(2,553)
5
Methodology and policy
 
(721)
5a
of which: impact from the implementation of final Basel
 
III standards
5b
of which: others
 
(721)
6
Acquisitions and disposals
7
Foreign exchange movements
 
(606)
8
Other
 
236
9
RWA as of the end of the quarter
 
195,641
RWA flow statements of counterparty credit risk exposures
 
under the internal model method and VaR
The CCR7
 
table below
 
presents
 
a flow
 
statement explaining
 
movements in
 
CCR RWA
 
determined under
 
the IMM
 
for
derivatives and the VaR approach
 
for SFTs
 
across movement categories defined by the
 
BCBS.
CCR RWA on derivatives under the IMM increased by USD 1.7bn to
 
USD 14.9bn during the third quarter of 2025. Asset
size movements contributed to an RWA increase of USD 0.6bn, primarily
 
reflecting higher trading volumes in derivatives
in the Investment Bank.
 
Credit quality movements
 
contributed to a USD
 
1.0bn increase in RWA,
 
mainly due to changes
in the portfolio mix in the Investment Bank. Methodology changes led to a USD 0.3bn increase in
 
RWA, mainly driven by
the increased use
 
of the IMM
 
replacing the standardized
 
approach for derivative
 
exposures. This shift
 
in approach resulted
in a USD 0.1bn decrease in the Group’s RWA.
CCR RWA on SFTs
 
under the VaR approach increased by
 
USD 1.7bn to USD 8.3bn during the
 
third quarter of 2025. Asset
size movements contributed to an RWA increase of USD 0.7bn, primarily driven by higher trading volumes, mainly in the
Investment
 
Bank,
 
as
 
well
 
as
 
in
 
Group
 
Items.
 
Credit
 
quality
 
movements
 
contributed
 
to
 
a
 
USD 1.0bn
 
increase
 
in
 
RWA,
mainly due to changes in the portfolio mix in Group Items and
 
the Investment Bank.
›
Refer to “Definitions of credit risk and counterparty credit risk
 
RWA movement table components for CR8 and CCR7” in
 
the
“Credit risk” section of the 31 December 2024 Pillar
 
3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for
definitions of CCR RWA movement table components
 
CCR7: RWA flow statements of CCR exposures under the internal model method (IMM) and value-at-risk (VaR)
 
For the quarter ended 30.9.25
USD m
Derivatives
SFTs
Total
Subject to IMM
Subject to VaR
1
RWA as of the beginning of the quarter
 
13,197
 
6,544
 
19,741
2
Asset size
 
560
 
742
 
1,302
3
Credit quality of counterparties
 
987
 
1,002
 
1,989
4
Model updates
 
5
 
(10)
 
(5)
5
Methodology and policy
 
 
250
 
250
5a
of which: impact from the implementation of final Basel
 
III standards
5b
of which: others
 
250
 
250
6
Acquisitions and disposals
7
Foreign exchange movements
 
(59)
 
(25)
 
(84)
8
Other
9
RWA as of the end of the quarter
 
14,941
 
8,253
 
23,194
RWA flow statements of CVA risk exposures under
 
SA-CVA
The CVA4 table below shows the variations in RWA for CVA risk determined under the SA-CVA. The CVA capital charge
covers the
 
risk of
 
mark-to-market
 
losses associated
 
with the
 
deterioration of
 
counterparty
 
credit quality.
 
We apply
 
the
SA-CVA on positions where we generally use the IMM to derive the EAD for derivatives and the full BA-CVA for all other
positions.
›
Refer to “Overview of RWA and capital requirements” in this section for the
 
materiality of BA-CVA and SA-CVA RWA and capital
requirements
SA-CVA RWA increased by
 
USD 1.0bn to USD 5.3bn during
 
the third quarter of
 
2025, mainly driven by non
 
-modellable
trades, new exposures in the Swiss portfolio and hedge bucketing
 
.
 
CVA4: RWA
 
flow statements of CVA risk exposures under SA-CVA
USD m
Total RWA
1
RWA as of 30.6.25
 
4,338
2
RWA as of 30.9.25
 
5,342
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Going and gone concern requirements
 
and eligible capital
 
12
Going and gone concern requirements and eligible
capital
The
 
table
 
below
 
provides
 
details
 
of
 
the
 
Swiss
 
systemically
 
relevant
 
bank
 
(SRB)
 
going
 
and
 
gone
 
concern
 
capital
requirements as required
 
by the Swiss Financial Market Supervisory Authority (FINMA
 
).
›
Refer to the “Capital management” section of the
 
UBS Group third quarter 2025 report, available under “Quarterly
 
reporting” at
ubs.com/investors
, for more information about capital management
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
 
14.97
1
 
75,601
 
5.00
1
 
82,023
Common equity tier 1 capital
 
10.60
2
 
53,537
 
3.50
3
 
57,416
of which: minimum capital
 
4.50
 
22,720
 
1.50
 
24,607
of which: buffer capital
 
5.50
 
27,769
 
2.00
 
32,809
of which: countercyclical buffer
 
0.44
 
2,226
Maximum additional tier 1 capital
 
4.37
2
 
22,064
 
1.50
 
24,607
of which: additional tier 1 capital
 
3.50
 
17,671
 
1.50
 
24,607
of which: additional tier 1 buffer capital
 
0.80
 
4,039
Eligible going concern capital
Total going concern capital
 
18.81
 
94,950
 
5.79
 
94,950
Common equity tier 1 capital
 
14.79
 
74,655
 
4.55
 
74,655
Total loss-absorbing additional tier 1 capital
 
4.02
 
20,296
 
1.24
 
20,296
of which: high-trigger loss-absorbing additional tier 1 capital
 
4.02
 
20,296
 
1.24
 
20,296
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
 
10.73
7
 
54,150
 
3.75
7
 
61,517
of which: base requirement including add-ons for market share and LRD
 
10.73
 
54,150
 
3.75
 
61,517
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
20.67
 
104,379
 
6.36
 
104,379
Total tier 2 capital
 
0.00
 
0
 
0.00
 
0
of which: non-Basel III-compliant tier 2 capital
 
0.00
 
0
 
0.00
 
0
TLAC-eligible senior unsecured debt
 
20.67
 
104,379
 
6.36
 
104,379
Total loss-absorbing capacity
Required total loss-absorbing capacity
 
25.70
 
129,751
 
8.75
 
143,541
Eligible total loss-absorbing capacity
 
39.48
 
199,329
 
12.15
 
199,329
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
504,897
Leverage ratio denominator
 
1,640,464
1 Includes applicable add-ons
 
of 1.67% for risk-weighted assets
 
(RWA) and 0.50% for
 
leverage ratio denominator (LRD),
 
of which 23 basis points
 
for RWA reflect a
 
Pillar 2 capital add-on
 
for the residual exposure
(after collateral mitigation)
 
to hedge funds,
 
private equity and
 
family offices, effective
 
1 January 2025.
 
2 Includes the
 
Pillar 2 add-on
 
for the residual
 
exposure (after collateral
 
mitigation) to hedge
 
funds, private
equity and family offices of 0.16%
 
for CET1 capital and 0.07%
 
for AT1 capital, effective
 
1 January 2025. For
 
AT1 capital, under
 
Pillar 1 requirements a maximum
 
of 4.3% of AT1
 
capital can be used to
 
meet going
concern requirements; 4.37% includes the
 
aforementioned Pillar 2 capital
 
add-on.
 
3 Our CET1 leverage ratio
 
requirement of 3.50% consists
 
of a 1.5% base
 
requirement, a 1.5% base
 
buffer capital requirement,
a 0.25% LRD add-on requirement and a 0.25% market share add-on requirement based on our Swiss credit business.
 
4 A maximum of 25% of the gone concern requirements can be met with instruments that have
a remaining maturity
 
of between one
 
and two years.
 
Once at least
 
75% of
 
the minimum
 
gone concern
 
requirement has been
 
met with
 
instruments that
 
have a remaining
 
maturity of greater
 
than two
 
years, all
instruments that have a remaining
 
maturity of between one
 
and two years remain
 
eligible to be included
 
in the total gone concern
 
capital.
 
5 From 1 January
 
2023, the resolvability discount
 
on the gone concern
capital requirements for systemically important
 
banks (SIBs) has been replaced with
 
reduced base gone concern capital requirements
 
equivalent to 75% of the total
 
going concern requirements (excluding countercyclical
buffer requirements and the Pillar
 
2 add-on).
 
6 As of July 2024,
 
the Swiss Financial Market
 
Supervisory Authority (FINMA) has the
 
authority to impose a surcharge
 
of up to 25% of
 
the total going concern capital
requirements (excluding countercyclical buffer requirements and the Pillar 2 add-on) should obstacles to an SIB’s resolvability be identified in future resolvability assessments.
 
7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Leverage ratio
 
13
Leverage ratio
Basel III leverage ratio
The Basel Committee on Banking Supervision (the BCBS)
 
leverage ratio, as summarized in the “KM1: Key metrics”
 
table
in
 
section 2
 
of
 
this
 
report,
 
is
 
calculated
 
by
 
dividing
 
the
 
period-end
 
tier 1
 
capital
 
by
 
the
 
period-end
 
leverage
 
ratio
denominator (the LRD).
The LRD consists of on-balance sheet assets and off-balance sheet items based on IFRS Accounting Standards. Derivative
exposures are
 
adjusted for
 
a number of
 
items, including
 
replacement values
 
and eligible
 
cash variation
 
margin netting,
potential future
 
exposure and
 
net notional
 
amounts for
 
written credit
 
derivatives. The
 
LRD also
 
includes an
 
additional
charge for counterparty credit risk related to securities financing transactions
 
(SFTs).
On-balance
 
sheet
 
items
 
(excluding
 
derivatives
 
and
 
securities
 
financing
 
transactions
 
(SFTs),
 
but
 
including
 
collateral),
 
as
disclosed in the
 
LR2 table,
 
differ from IFRS
 
Accounting Standards
 
total assets
 
due to
 
adjustments to the
 
former for
 
the
application of the regulatory scope of consolidation and due to the carrying amounts for derivative financial instruments
and SFTs, which
 
are removed
 
and replaced
 
with exposures,
 
as per
 
the leverage
 
ratio rules, in
 
separate line
 
items in
 
the
LR2 table.
Difference between the Swiss systemically relevant bank
 
and BCBS leverage ratio
The LRD is
 
the same under
 
Swiss systemically relevant
 
bank (SRB) and
 
BCBS rules. However,
 
there is a
 
difference in
 
the
capital numerator between the two frameworks. Under BCBS
 
rules only common equity tier 1 and additional
 
tier 1 (AT1)
capital are included
 
in the numerator.
 
Under Swiss SRB rules
 
UBS is required
 
to meet going and
 
gone concern leverage
ratio requirements.
 
Therefore,
 
depending on
 
the requirement,
 
the numerator
 
includes tier 1
 
capital instruments,
 
tier 2
capital instruments and / or total loss-absorbing capacity-eligible
 
senior unsecured debt.
The
 
difference
 
between
 
the total
 
leverage
 
ratio
 
exposures
 
of USD 1,640.5
 
bn and
 
total
 
consolidated
 
assets
 
as per
 
the
published financial
 
statements of
 
USD 1,632.3bn
 
was USD 8.2bn,
 
reflecting
 
the sum
 
of lines
 
2 to
 
12 in
 
the following
table.
 
LR1: Summary comparison of accounting assets vs leverage ratio exposure measure
USD m
30.9.25
30.6.25
1
Total consolidated assets as per published financial statements
 
1,632,251
 
1,669,991
2
Adjustment for investments in banking, financial, insurance or
 
commercial entities that are consolidated for accounting
 
purposes but outside the
scope of regulatory consolidation
 
 
(21,078)
 
(20,348)
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
 
(35,526)
 
(58,682)
9
Adjustment for securities financing transactions (i.e. repos and similar secured
 
lending)
 
12,876
 
11,963
10
Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts
 
of off-balance sheet exposures)
 
63,381
 
66,646
11
Adjustments for prudent valuation adjustments and specific and
 
general provisions which have reduced Tier 1 capital
1
 
(721)
 
(592)
12
Other adjustments
 
(10,719)
 
(10,888)
12a
of which: asset amounts deducted in determining Tier 1 capital
 
(11,771)
 
(11,981)
12b
of which: consolidated entities under the regulatory scope
 
of consolidation
 
1,052
 
1,093
13
Leverage ratio exposure
 
1,640,464
 
1,658,089
1 Reflects the shortfall to expected losses on advanced internal ratings-based (IRB) portfolio less general
 
provisions. Deduction items other than the IRB shortfall are disclosed in row 12a.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Leverage ratio
 
14
LR2: Leverage ratio common disclosure
USD m, except where indicated
30.9.25
30.6.25
On-balance sheet exposures
1
On-balance sheet items (excluding derivatives and securities financing
 
transactions (SFTs), but including collateral)
 
 
1,313,919
 
1,321,802
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)
 
(43,538)
 
(45,478)
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)
 
(748)
 
(651)
6
(Asset amounts deducted in determining Tier 1 capital)
 
 
(11,771)
 
(11,981)
7
Total on-balance sheet exposures (excluding derivatives and SFTs)
 
1,257,863
 
1,263,692
Derivative Exposures
8
Replacement cost associated with all derivatives transactions (where
 
applicable net of eligible cash variation margin and/or with bilateral
 
netting)
 
61,594
 
59,792
9
Add-on amounts for potential future exposure associated
 
with all derivatives transactions
 
 
123,997
 
114,223
10
(Exempted qualifying central counterparty (QCCP) leg of client-cleared
 
trade exposures)
 
 
(24,834)
 
(18,849)
11
Adjusted effective notional amount of all written credit
 
derivatives
1
 
89,204
 
65,631
12
(Adjusted effective notional offsets and add-on deductions for
 
written credit derivatives)
2
 
(87,827)
 
(64,009)
13
Total derivative exposures
 
162,134
 
156,788
Securities financing transaction exposures
14
Gross SFT assets (with no recognition of netting), after adjusting
 
for sale accounting transactions
 
 
262,189
 
271,059
15
(Netted amounts of cash payables and cash receivables of gross SFT assets)
 
 
(118,005)
 
(112,117)
16
Counterparty credit risk exposure for SFT assets
 
12,876
 
11,963
17
Agent transaction exposures
18
Total securities financing transaction exposures
 
157,060
 
170,905
Other off-balance sheet exposures
19
Off-balance sheet exposure at gross notional amount
 
 
268,605
 
291,757
20
(Adjustments for conversion to credit equivalent amounts)
 
(205,224)
 
(225,112)
21
(Specific and general provisions associated with off-balance sheet
 
exposures deducted in determining Tier 1 capital)
 
27
 
59
22
Total off-balance sheet items
 
63,407
 
66,705
Capital and total exposures (leverage ratio denominator),
 
phase-in
23
Tier 1 capital
 
94,950
 
91,721
24
Total exposures (leverage ratio denominator)
 
1,640,464
 
1,658,089
Leverage ratio
25
 
Basel III leverage ratio (including the impact of any applicable temporary
 
exemption of central bank reserves)
3
 
5.79
 
5.53
25a
Basel III leverage ratio (excluding the impact of any applicable temporary exemption
 
of central bank reserves)
3
 
5.79
 
5.53
26
Leverage ratio minimum requirement
4
 
3.00
 
3.00
27
Leverage ratio buffers
4
 
2.00
 
2.00
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
 
150,094
 
155,918
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
 
144,184
 
158,942
30
Total exposures (including the impact of any applicable temporary exemption
 
of central bank reserves) incorporating mean values from row 28 of
gross SFT assets (after adjustment for sale accounting
 
transactions and netted of amounts of associated cash payables and cash
 
receivables)
3
 
1,646,375
 
1,655,065
30a
Total exposures (excluding the impact of any applicable temporary exemption
 
of central bank reserves) incorporating mean values from row 28
of gross SFT assets (after adjustment for sale accounting
 
transactions and netted of amounts of associated cash payables and cash
 
receivables)
3
 
1,646,375
 
1,655,065
31
Basel III leverage ratio (including the impact of any applicable temporary
 
exemption of central bank reserves) incorporating mean values from row
28 of gross SFT assets (after adjustment for sale accounting
 
transactions and netted of amounts of associated cash payables and cash
 
receivables)
3
 
5.77
 
5.54
31a
Basel III leverage ratio (excluding the impact of any applicable temporary exemption
 
of central bank reserves) incorporating mean values from
row 28 of gross SFT assets (after adjustment for sale accounting
 
transactions and netted of amounts of associated cash payables
 
and cash
receivables)
3
 
5.77
 
5.54
1 Includes protection
 
sold, including agency
 
transactions.
 
2 Protection sold can
 
be offset with
 
protection bought on
 
the same underlying
 
reference entity,
 
provided that the
 
conditions according
 
to the Basel
 
III
leverage ratio framework and disclosure
 
requirements are met.
 
3 There is currently no temporary
 
exemption of central bank reserves for
 
UBS.
 
4 The buffer is based on
 
Swiss SRB requirements as per the
 
Capital
Adequacy Ordinance. These requirements are above BCBS requirements for G-SIBs.
LRD development during the third quarter of 2025
During the
 
third
 
quarter
 
of 2025,
 
the LRD
 
decreased
 
by USD 17.6bn
 
to USD 1,640.5bn
 
,
 
mainly
 
due to
 
asset size
 
and
other movements of USD 12.4bn and currency effects
 
of USD 5.2bn.
On-balance sheet exposures (excluding derivatives and securities financing transactions) decreased by USD 5.8bn, mainly
due to currency
 
effects of USD 4.1bn
 
and asset size
 
and other movements
 
of USD 1.8bn. The
 
asset size movement mainly
reflected a decrease in cash and balances
 
at central banks in Group Treasury,
 
partly offset by growth in trading
 
portfolio
assets
 
reflecting
 
market-driven
 
increases,
 
as
 
well
 
as
 
higher
 
inventory
 
held
 
to
 
hedge
 
client
 
positions
 
in
 
the
 
Investment
Bank.
Derivative exposures increased by USD 5.3bn, mainly due to asset
 
size and other movements of USD 5.9bn, partly offset
by currency
 
effects of
 
USD 0.5bn. The
 
asset size
 
movement primarily
 
reflected higher
 
trading volumes,
 
partly offset
 
by
the effects of market-driven movements on foreign currency contracts
 
in the Investment Bank.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Leverage ratio
 
15
Securities financing
 
transaction exposures
 
decreased by
 
USD 13.8bn, mainly
 
due to asset
 
size and other
 
movements of
USD 13.4bn and currency
 
effects of USD 0.5bn.
 
The asset size
 
movement was mainly
 
due to roll-offs
 
of cash reinvestment
trades in Group Treasury.
Off-balance
 
sheet
 
items
 
decreased
 
by
 
USD 3.3bn,
 
mainly
 
due
 
to
 
asset
 
size
 
and
 
other
 
movements
 
of
 
USD 3.1bn
 
and
currency
 
effects
 
of
 
USD 0.1bn.
 
The
 
asset
 
size
 
movement
 
was
 
mainly
 
due to
 
decreases
 
in
 
commitments
 
in
 
Personal
 
&
Corporate Banking and Global Wealth Management.
›
Refer to “Leverage ratio denominator” in the
 
“Risk, capital, liquidity and funding, and balance
 
sheet” section of the UBS Group
third quarter 2025 report,
 
available under “Quarterly reporting” at
ubs.com/investors
, for more information
Liquidity and funding
Liquidity coverage ratio
We monitor the liquidity coverage
 
ratio (the LCR) in all significant currencies
 
in order to manage any currency
 
mismatch
between high-quality liquid assets (HQLA) and the net expected
 
cash outflows in times of stress.
Pillar 3 disclosure requirement
Third quarter 2025 report section
Disclosure
Third quarter 2025 report page number
Concentration of funding sources
Balance sheet and off-balance sheet
Liabilities, by product and currency
55
High-quality liquid assets
HQLA must be
 
easily and immediately convertible
 
into cash at little
 
or no loss
 
of value, especially during
 
a period of stress.
HQLA are
 
assets that
 
are
 
of low
 
risk and
 
are
 
unencumbered.
 
Other characteristics
 
of HQLA
 
are
 
ease and
 
certainty
 
of
valuation, low
 
correlation with
 
risky assets,
 
listing of
 
the assets
 
on a developed
 
and recognized
 
exchange, existence
 
of
an active and sizable
 
market for the
 
assets, and low volatility.
 
Our HQLA predominantly
 
consist of assets that
 
qualify as
Level 1 in the LCR framework, including
 
cash, central bank reserves and government bonds. In
 
the third quarter of 2025,
our HQLA decreased
 
by USD 12.2bn
 
to USD 346.6bn,
 
mainly reflecting
 
lower cash due
 
to higher
 
lending assets,
 
partly
due to currency
 
effects, and funding
 
for trading assets.
 
The decreases were partly offset
 
by higher cash
 
due to an
 
increase
in customer deposits, largely due to currency effects,
 
and higher proceeds from securities
 
financing transactions.
High-quality liquid assets (HQLA)
Average 3Q25
1
Average 2Q25
1
USD m
Level 1
weighted
liquidity
value
2
Level 2
weighted
liquidity
value
2
Total
weighted
liquidity
value
2
Level 1
weighted
liquidity
value
2
Level 2
weighted
liquidity
value
2
Total
weighted
liquidity
value
2
Cash balances
3
232,503
232,503
256,189
256,189
Securities (on- and off-balance sheet)
86,366
27,681
114,047
76,108
26,462
102,570
Total HQLA
4
318,869
27,681
346,550
332,297
26,462
358,759
1 Calculated based on an average of
 
65 data points in the third quarter
 
of 2025 and 61 data points
 
in the second quarter of 2025.
 
2 Calculated after the application of haircuts and,
 
where applicable, caps on Level 2
assets.
 
3 Includes cash and balances with central banks and other eligible balances as prescribed by FINMA.
 
4 Calculated in accordance with FINMA requirements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
UBS Group | Liquidity and funding
 
16
Liquidity coverage ratio development during the third quarter
 
of 2025
 
The quarterly average
 
LCR of the
 
UBS Group remained
 
broadly unchanged at
 
182.1%, remaining above
 
the prudential
requirement communicated by the Swiss Financial Market
 
Supervisory Authority (FINMA).
Average
 
HQLA decreased
 
by USD
 
12.2bn to
 
USD 346.6bn,
 
mainly
 
reflecting
 
lower
 
cash due
 
to higher
 
lending
 
assets,
partly due to currency effects, and funding
 
for trading assets. The decreases
 
were partly offset by higher cash
 
due to an
increase in customer deposits, largely due
 
to currency effects, and higher proceeds from
 
securities financing transactions.
The effect from the decrease in
 
HQLA was offset by a USD
 
6.5bn decrease in average net cash
 
outflows to USD 190.4bn,
reflecting lower net outflows from derivatives and
 
higher net inflows from securities financing transactions,
 
partly offset
by higher outflows from customer deposits.
LIQ1: Liquidity coverage ratio (LCR)
Average 3Q25
1
Average 2Q25
1
USD m
Unweighted
value
Weighted
value
2
Unweighted
value
Weighted
value
2
High-quality liquid assets (HQLA)
1
Total HQLA
351,663
346,550
363,824
358,759
Cash outflows
2
Retail deposits and deposits from small business customers
388,660
45,003
378,633
43,920
3
of which: stable deposits
31,133
1,130
31,060
1,123
4
of which: less stable deposits
357,527
43,873
347,573
42,797
5
Unsecured wholesale funding
304,482
154,199
298,735
151,438
6
of which: operational deposits (all counterparties)
68,313
17,078
67,788
16,947
7
of which: non-operational deposits (all counterparties)
219,859
120,811
215,995
119,540
8
of which: unsecured debt
16,309
16,309
14,952
14,952
9
Secured wholesale funding
102,570
95,185
10
Additional requirements:
162,537
45,424
173,923
51,456
11
of which: outflows related to derivatives and other transactions
78,826
26,754
89,777
30,989
12
of which: outflows related to loss of funding on debt products
3
391
391
535
535
13
of which: committed credit and liquidity facilities
83,320
18,280
83,610
19,932
14
Other contractual funding obligations
30,828
27,086
32,429
30,004
15
Other contingent funding obligations
342,554
14,062
341,262
13,102
16
Total cash outflows
388,343
385,105
Cash inflows
17
Secured lending
346,121
127,808
313,077
116,535
18
Inflows from fully performing exposures
79,194
36,796
79,422
35,964
19
Other cash inflows
33,380
33,380
35,760
35,760
20
Total cash inflows
458,695
197,984
428,260
188,259
Average 3Q25
1
Average 2Q25
1
USD m, except where indicated
Total adjusted
value
4
Total adjusted
value
4
Liquidity coverage ratio (LCR)
21
Total HQLA
346,550
358,759
22
Net cash outflows
190,359
196,846
23
LCR (%)
 
182.12
 
182.31
1 Calculated based
 
on an average
 
of 65 data
 
points in the
 
third quarter of
 
2025 and 61
 
data points in
 
the second quarter
 
of 2025.
 
2 Calculated after
 
the application of
 
haircuts and inflow
 
and outflow rates.
 
3 Includes outflows related to loss of
 
funding on asset-backed securities,
 
covered bonds, other structured
 
financing instruments, asset-backed
 
commercial papers, structured entities
 
(conduits), securities investment
vehicles and other such financing facilities.
 
4 Calculated after the application of haircuts and inflow and outflow rates, as well
 
as, where applicable, caps on Level 2 assets and cash inflows.
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| Introduction
 
17
Significant regulated subsidiaries
and sub-groups
Introduction
Scope of disclosures in these sections
The sections below include capital and other regulatory information as
 
of 30 September 2025 for UBS AG consolidated,
UBS AG
 
standalone,
 
UBS Switzerland AG
 
standalone,
 
UBS Europe SE
 
consolidated,
 
UBS Americas Holding LLC
consolidated and Credit Suisse International standalone. Capital information in the following sections is based on Pillar 1
capital requirements.
 
Entities may
 
be subject
 
to significant
 
additional Pillar
 
2 requirements,
 
which represent
 
additional
amounts of capital considered necessary and are agreed with regulators based on the risk profile of the respective entity.
UBS Americas Holding LLC consolidated
Updated Federal Reserve Board stress capital buffer requirements
In August 2025, the Federal Reserve Board reduced the
 
stress capital buffer (the SCB) of UBS Americas Holding LLC, our
US-based
 
intermediate
 
holding
 
company,
 
to
 
5.2%,
 
from
 
9.3%,
 
applicable
 
from
 
1 October
 
2025
 
under
 
the
 
Federal
Reserve
 
Board’s
 
SCB
 
rule,
 
resulting
 
in
 
a
 
total
 
common
 
equity
 
tier 1
 
capital
 
requirement
 
of
 
9.7%.
 
The
 
SCB
 
for
 
UBS
Americas Holding LLC is
 
derived from the results of
 
the Federal Reserve Board’s 2025
 
Dodd
–
Frank Act Stress Test (DFAST)
released in June 2025.
 
Earlier
 
in
 
2025,
 
the
 
Federal
 
Reserve
 
Board
 
proposed
 
measures
 
to
 
reduce
 
the
 
volatility
 
of
 
the
 
SCB
 
requirements
 
by
averaging the capital stress
 
test results from
 
the past two years,
 
with the aim
 
of making capital
 
planning more predictable
for banks. In
 
addition, the Federal
 
Reserve Board proposed
 
moving the effective
 
date for the
 
annual SCB updates
 
from
1 October to 1 January
 
to allow more
 
time to meet
 
the new requirements.
 
We expect the
 
final rules to
 
be published in
the first half of 2026.
UBS AG consolidated
Key metrics for the third quarter of 2025
The
 
table
 
below
 
is
 
based
 
on
 
the
 
Swiss
 
Financial
 
Market
 
Supervisory
 
Authority
 
(FINMA)
 
Ordinance
 
on
 
the
 
Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules
 
and IFRS Accounting Standards.
During the
 
third quarter
 
of 2025,
 
tier 1 capital
 
increased
 
by USD 2.9bn
 
to USD 91.4bn.
 
Common equity
 
tier 1 (CET1)
capital increased by
 
USD 1.6bn to USD 71.5bn,
 
mainly driven by
 
operating profit before
 
tax of USD 1.5bn,
 
partly offset
by current tax expenses
 
of USD 0.3bn and
 
foreign currency translation losses of
 
USD 0.1bn. Additional tier 1 (AT1) capital
issued by the Group and on
 
lent to UBS AG increased by
 
USD 1.3bn to USD 20.0bn, reflecting the
 
issuance of new AT1
capital
 
instruments
 
equivalent
 
to
 
USD 2.8bn,
 
partly
 
offset
 
by
 
the
 
call
 
of
 
one
 
AT1
 
capital
 
instrument
 
equivalent
 
to
USD 1.6bn.
During
 
the
 
third
 
quarter
 
of
 
2025,
 
risk-weighted
 
assets
 
(RWA)
 
increased
 
by
 
USD 4.1bn
 
to
 
USD 502.4bn,
 
driven
 
by
 
a
USD 6.6bn
 
increase
 
resulting
 
from
 
asset
 
size
 
and
 
other
 
movements,
 
partly
 
offset
 
by
 
a
 
USD 1.5bn
 
decrease
 
driven
 
by
model updates and methodology changes and a USD 1.0bn
 
decrease from currency effects.
 
During the third quarter of 2025, the leverage
 
ratio denominator (the LRD) decreased by USD 17.3bn to USD 1,642.8bn,
mainly
 
due
 
to
 
asset
 
size
 
and
 
other
 
movements
 
of
 
USD 12.1bn
 
and
 
currency
 
effects
 
of
 
USD 5.2bn.
 
The
 
asset
 
size
movement was mainly
 
driven by a
 
decrease in cash
 
and balances at
 
central banks and
 
roll-offs of cash
 
reinvestment trades
in Group Treasury,
 
partly offset by
 
growth in trading
 
portfolio assets and
 
higher derivatives
 
exposures in the
 
Investment
Bank.
Correspondingly,
 
the
 
CET1
 
capital
 
ratio
 
of
 
UBS AG
 
consolidated
 
increased
 
to
 
14.2%
 
from
 
14.0%,
 
reflecting
 
the
aforementioned increase in CET1 capital, partly
 
offset by the aforementioned increase in
 
RWA.
 
The Basel III leverage ratio
increased to 5.6% from 5.3%, reflecting the aforementioned increase
 
in tier 1 capital and the aforementioned decrease
in the LRD.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS AG consolidated
 
18
The
 
quarterly
 
average
 
liquidity
 
coverage
 
ratio
 
of
 
UBS AG
 
consolidated
 
remained
 
broadly
 
unchanged
 
at
 
179.0%,
remaining
 
above
 
the
 
prudential
 
requirement
 
communicated
 
by
 
FINMA.
 
Average
 
high-quality
 
liquid
 
assets
 
(HQLA)
decreased
 
by
 
USD 12.2bn
 
to
 
USD 346.7bn,
 
mainly
 
reflecting
 
lower
 
cash
 
due
 
to
 
higher
 
lending
 
assets,
 
partly
 
due
 
to
currency effects,
 
and funding
 
for trading
 
assets. The
 
decreases were
 
partly offset
 
by higher
 
cash due
 
to an
 
increase in
customer deposits, largely due to currency effects, and higher proceeds from securities financing transactions. The effect
from the decrease in HQLA was offset by a USD 6.3bn decrease in average net cash outflows
 
to USD 193.8bn, reflecting
lower net outflows from derivatives and higher net inflows
 
from securities financing transactions, partly offset by
 
higher
outflows from customer deposits.
As
 
of
 
30 September
 
2025,
 
the
 
net
 
stable
 
funding
 
ratio
 
of
 
UBS AG
 
consolidated
 
decreased
 
2.3 percentage
 
points
 
to
118.6%, remaining
 
above the
 
prudential requirement
 
communicated by
 
FINMA. Available
 
stable funding
 
decreased by
USD 4.9bn to
 
USD 887.4bn,
 
mainly driven
 
by decreases
 
in customer
 
deposits and
 
debt
 
issued measured
 
at amortized
cost,
 
partly
 
offset
 
by
 
higher
 
regulatory
 
capital.
 
Required
 
stable
 
funding
 
increased
 
by
 
USD 10.2bn
 
to
 
USD 748.3bn,
primarily reflecting an increase in trading assets.
KM1: Key metrics
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
 
71,460
 
69,829
 
70,756
 
73,792
 
84,423
2
Tier 1
 
91,425
 
88,485
 
89,081
 
89,623
 
100,673
3
Total capital
 
91,425
 
88,485
 
89,081
 
89,623
 
100,675
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
 
502,425
 
498,327
 
481,539
 
495,110
 
515,520
4a
Total risk-weighted assets (pre-floor)
 
502,425
 
498,327
 
481,539
4b
Minimum capital requirement
1
 
40,194
 
39,866
 
38,523
 
39,609
 
41,242
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
 
14.22
 
14.01
 
14.69
 
14.90
 
16.38
5b
Common equity tier 1 ratio (%) (pre-floor)
 
14.22
 
14.01
 
14.69
6
Tier 1 ratio (%)
 
18.20
 
17.76
 
18.50
 
18.10
 
19.53
6b
Tier 1 ratio (%) (pre-floor)
 
18.20
 
17.76
 
18.50
7
Total capital ratio (%)
 
18.20
 
17.76
 
18.50
 
18.10
 
19.53
7b
Total capital ratio (%) (pre-floor)
 
18.20
 
17.76
 
18.50
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
 
0.13
 
0.13
 
0.15
 
0.17
9a
Additional countercyclical buffer for Swiss mortgage loans
 
(%)
 
0.33
 
0.34
 
0.31
 
0.37
 
0.39
10
Bank G-SIB and / or D-SIB additional requirements (%)
2
11
Total of bank CET1 specific buffer requirements (%)
3
 
2.61
 
2.63
 
2.63
 
2.65
 
2.67
12
CET1 available after meeting the bank’s minimum capital requirements (%)
4
 
9.72
 
9.51
 
10.19
 
10.10
 
11.53
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
 
1,642,843
 
1,660,097
 
1,565,845
 
1,523,277
 
1,611,151
14
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves)
5
 
5.57
 
5.33
 
5.69
 
5.88
 
6.25
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
 
5.57
 
5.33
 
5.69
14c
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves) incorporating mean values for SFT
 
assets
5
 
5.55
 
5.34
 
5.67
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
 
assets
 
5.55
 
5.34
 
5.67
14e
Minimum capital requirements
6
 
49,285
 
49,803
 
46,975
Liquidity coverage ratio (LCR)
7
15
Total high-quality liquid assets (HQLA)
 
 
346,734
 
358,940
 
318,893
 
331,627
 
360,628
16
Total net cash outflow
 
193,817
 
200,107
 
176,928
 
178,228
 
183,725
16a
of which: cash outflows
 
393,826
 
390,719
 
366,165
 
352,482
 
347,583
16b
of which: cash inflows
 
200,009
 
190,613
 
189,237
 
174,254
 
163,858
17
LCR (%)
178.96
179.45
180.28
186.08
196.34
Net stable funding ratio (NSFR)
18
Total available stable funding
887,444
892,381
853,742
847,008
903,402
19
Total required stable funding
748,303
738,056
695,201
682,504
712,729
20
NSFR (%)
118.59
120.91
122.81
124.10
126.75
1 Calculated as 8% of total RWA, based
 
on total capital minimum requirements,
 
excluding CET1 buffer requirements.
 
2 Swiss SRB going and gone concern
 
requirements and information for UBS AG
 
consolidated
are provided below in this section.
 
3 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland.
 
4 Represents the CET1
ratio that is available
 
to meet buffer requirements.
 
Calculated as the CET1 ratio
 
minus the BCBS CET1
 
capital requirement and, where
 
applicable, minus the
 
BCBS tier 2 capital requirement
 
met with CET1 capital.
 
5 There is currently no temporary
 
exemption of central bank reserves
 
for UBS.
 
6 The higher of capital
 
requirements based on 8% of RWA
 
or 3% of LRD.
 
7 Calculated after the application of haircuts
 
and inflow
and outflow rates, as
 
well as, where applicable,
 
caps on Level 2 assets and
 
cash inflows. Calculated based
 
on an average of 65
 
data points in the third quarter
 
of 2025 and 61 data points
 
in the second quarter of
2025. For the prior-quarter data points, refer to
 
the respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors,
 
for more information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS AG consolidated
 
19
Swiss systemically relevant bank going and gone concern
 
requirements and information
 
The tables below
 
provide details of
 
the Swiss systemically
 
relevant bank RWA-
 
and LRD-based going
 
and gone concern
requirements and
 
information as required
 
by FINMA;
 
details regarding
 
eligible gone concern
 
instruments are also
 
provided
below.
Effective 1 January 2025, a
 
Pillar 2 capital add-on for
 
uncollateralized exposures to hedge
 
funds, private equity
 
and family
offices
 
has
 
been
 
introduced.
 
This
 
resulted
 
in
 
an
 
increase
 
of
 
23 basis
 
points
 
in
 
the
 
RWA-based
 
going
 
concern
 
capital
requirement as of 30 September 2025.
UBS AG’s
 
outstanding
 
non-Basel III-compliant
 
tier 2
 
capital
 
instruments
 
and
 
total
 
loss-absorbing
 
capacity-eligible
unsecured debt instruments are eligible to meet gone concern
 
requirements until one year before maturity.
More information
 
about the
 
going and
 
gone concern
 
requirements
 
is provided
 
in the
 
“Total
 
loss-absorbing
 
capacity”
section of the UBS AG Annual Report 2024, available under
 
“Annual reporting” at
ubs.com/investors.
 
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
 
15.00
1
 
75,347
 
5.01
1
 
82,249
Common equity tier 1 capital
 
10.63
2
 
53,389
 
3.51
3
 
57,607
of which: minimum capital
 
4.50
 
22,609
 
1.50
 
24,643
of which: buffer capital
 
5.50
 
27,633
 
2.00
 
32,857
of which: countercyclical buffer
 
0.44
 
2,218
Maximum additional tier 1 capital
 
4.37
2
 
21,957
 
1.50
 
24,643
of which: additional tier 1 capital
 
3.50
 
17,585
 
1.50
 
24,643
of which: additional tier 1 buffer capital
 
0.80
 
4,019
Eligible going concern capital
Total going concern capital
 
18.20
 
91,425
 
5.57
 
91,425
Common equity tier 1 capital
 
14.22
 
71,460
 
4.35
 
71,460
Total loss-absorbing additional tier 1 capital
 
3.97
 
19,964
 
1.22
 
19,964
of which: high-trigger loss-absorbing additional tier 1 capital
 
3.97
 
19,964
 
1.22
 
19,964
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
 
10.73
 
53,885
 
3.75
 
61,607
of which: base requirement including add-ons for market share and LRD
 
10.73
7
 
53,885
 
3.75
7
 
61,607
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
19.60
 
98,452
 
5.99
 
98,452
Total tier 2 capital
 
0.00
 
0
 
0.00
 
0
of which: non-Basel III-compliant tier 2 capital
 
0.00
 
0
 
0.00
 
0
TLAC-eligible unsecured debt
 
19.60
 
98,452
 
5.99
 
98,452
Total loss-absorbing capacity
Required total loss-absorbing capacity
 
25.72
 
129,232
 
8.76
 
143,856
Eligible total loss-absorbing capacity
 
37.79
 
189,876
 
11.56
 
189,876
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
502,425
Leverage ratio denominator
 
1,642,843
1 Includes applicable add-ons of 1.70% for risk-weighted assets (RWA) and 0.51% for leverage
 
ratio denominator (LRD), of which 2 basis points for RWA and 1 basis point
 
for LRD reflect a Pillar 2 capital add-on of
USD 107m related to the supply chain finance funds matter at Credit Suisse. An additional 23 basis points for RWA reflect a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge funds,
private equity and family
 
offices, effective 1
 
January 2025.
 
2 Includes the Pillar 2 add-on
 
for the residual exposure (after
 
collateral mitigation) to hedge
 
funds, private equity
 
and family offices of 0.16%
 
for CET1
capital and 0.07% for
 
AT1 capital, effective
 
1 January 2025. For
 
AT1 capital, under
 
Pillar 1 requirements a
 
maximum of 4.3% of
 
AT1 capital can
 
be used to meet
 
going concern requirements; 4.37%
 
includes the
aforementioned Pillar 2 capital add-on.
 
3 Our CET1 leverage ratio requirement of 3.51% consists of
 
a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.25% LRD
 
add-on requirement, a 0.25%
market share add-on requirement based on our Swiss credit business and a 0.01% Pillar 2 capital add-on related to
 
the supply chain finance funds matter at Credit Suisse.
 
4 A maximum of 25% of the gone concern
requirements can be met with
 
instruments that have a remaining
 
maturity of between one and
 
two years. Once at
 
least 75% of the minimum
 
gone concern requirement has been
 
met with instruments that have
 
a
remaining maturity of greater than two years, all instruments that have a remaining
 
maturity of between one and two years remain eligible to be included in the total
 
gone concern capital.
 
5 From 1 January 2023,
the resolvability discount on the gone concern capital requirements for systemically
 
important banks (SIBs) has been replaced with reduced base gone concern capital requirements
 
equivalent to 75% of the total going
concern requirements (excluding countercyclical
 
buffer requirements and the
 
Pillar 2 add-ons).
 
6 As of July
 
2024, FINMA has the
 
authority to impose a
 
surcharge of up to 25%
 
of the total going
 
concern capital
requirements (excluding countercyclical buffer requirements and the Pillar
 
2 add-ons) should obstacles to an SIB’s resolvability be identified in
 
future resolvability assessments.
 
7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS AG consolidated
 
20
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.25
30.6.25
Eligible going concern capital
Total going concern capital
 
91,425
 
88,485
Total tier 1 capital
 
91,425
 
88,485
Common equity tier 1 capital
 
71,460
 
69,829
Total loss-absorbing additional tier 1 capital
 
19,964
 
18,656
of which: high-trigger loss-absorbing additional tier 1 capital
 
19,964
 
18,656
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
98,452
 
93,502
Total tier 2 capital
 
0
 
196
of which: non-Basel III-compliant tier 2 capital
 
0
 
196
TLAC-eligible unsecured debt
 
98,452
 
93,306
Total loss-absorbing capacity
Total loss-absorbing capacity
 
189,876
 
181,987
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
502,425
 
498,327
Leverage ratio denominator
 
1,642,843
 
1,660,097
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
 
18.2
 
17.8
of which: common equity tier 1 capital ratio
 
14.2
 
14.0
Gone concern loss-absorbing capacity ratio
 
19.6
 
18.8
Total loss-absorbing capacity ratio
 
37.8
 
36.5
Leverage ratios (%)
Going concern leverage ratio
 
5.6
 
5.3
of which: common equity tier 1 leverage ratio
 
4.3
 
4.2
Gone concern leverage ratio
 
6.0
 
5.6
Total loss-absorbing capacity leverage ratio
 
11.6
 
11.0
UBS AG standalone
Key metrics for the third quarter of 2025
The
 
table
 
below
 
is
 
based
 
on
 
the
 
Swiss
 
Financial
 
Market
 
Supervisory
 
Authority
 
(FINMA)
 
Ordinance
 
on
 
the
 
Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules
 
and IFRS Accounting Standards.
During the
 
third quarter
 
of 2025,
 
tier 1 capital
 
increased
 
by USD 1.5bn
 
to USD 93.3bn.
 
Common equity
 
tier 1 (CET1)
capital increased by USD
 
0.2bn to USD 73.4bn,
 
mainly reflecting operating
 
profit before tax
 
of USD 0.9bn, partly offset
by
 
defined
 
benefit
 
plans
 
effects
 
of
 
USD 0.3bn
 
and
 
current
 
tax
 
expenses
 
of
 
USD 0.1bn.
 
Additional
 
tier 1
 
(AT1)
 
capital
issued by the Group and on
 
lent to UBS AG increased by
 
USD 1.3bn to USD 20.0bn, reflecting the
 
issuance of new AT1
capital
 
instruments
 
equivalent
 
to
 
USD 2.8bn,
 
partly
 
offset
 
by
 
the
 
call
 
of
 
one
 
AT1
 
capital
 
instrument
 
equivalent
 
to
USD 1.6bn.
Phase-in risk-weighted assets (RWA) increased by USD 1.5bn to USD 517.9bn during the third quarter of 2025, primarily
driven by increases
 
in credit and counterparty
 
credit risk RWA and
 
market risk RWA,
 
partly offset by a
 
decrease in RWA
on investments in subsidiaries.
During the third
 
quarter of 2025,
 
the leverage ratio
 
denominator (the LRD)
 
decreased by USD 11.9bn
 
to USD 952.1bn,
mainly due to
 
asset size and
 
other movements of
 
USD 8.7bn and currency effects
 
of USD 3.2bn.
 
The asset size
 
movement
was mainly driven by roll-offs of cash reinvestment trades and a decrease in cash and balances at central banks in Group
Treasury, partly offset by growth in trading portfolio assets
 
and higher derivatives
 
exposures in the Investment Bank.
Correspondingly,
 
the
 
phase-in
 
CET1
 
capital
 
ratio
 
of
 
UBS AG
 
standalone
 
was
 
stable
 
at
 
14.2%,
 
reflecting
 
the
aforementioned increase
 
in CET1
 
capital offset
 
by the
 
aforementioned increase
 
in phase-in
 
RWA. The
 
Basel III leverage
ratio
 
increased
 
to
 
9.8%
 
from
 
9.5%,
 
reflecting
 
the
 
aforementioned
 
increase
 
in
 
tier 1
 
capital
 
and
 
the
 
aforementioned
decrease in the LRD.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS AG standalone
 
21
The
 
quarterly
 
average
 
liquidity
 
coverage
 
ratio
 
(the
 
LCR)
 
of
 
UBS AG
 
standalone
 
increased
 
5.4 percentage
 
points
 
to
240.9%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was
 
primarily driven
 
by an
 
USD 8.1bn decrease
 
in the
 
average net
 
cash outflows
 
to USD 67.6bn,
 
reflecting lower
outflows from mainly intercompany deposits, lower
 
net outflows from derivatives and higher net inflows from
 
securities
financing transactions. The
 
average high-quality liquid
 
assets decreased by
 
USD 14.9bn to USD 162.5bn,
 
mainly reflecting
lower cash due to higher funding for trading assets.
As of
 
30 September 2025, the net
 
stable funding ratio
 
of UBS AG standalone
 
decreased 0.5 percentage points to
 
96.2%,
remaining above the prudential requirement communicated by FINMA.
 
Available stable funding decreased by USD 2.3bn
to USD 419.0
 
bn, mainly
 
driven
 
by decreases
 
in customer
 
deposits and
 
debt issues
 
measured at
 
amortized cost,
 
partly
offset by higher regulatory capital. Required stable funding was
 
broadly unchanged at USD 435.6bn.
KM1: Key metrics
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
 
73,384
 
73,178
 
70,980
 
75,051
 
83,113
2
Tier 1
 
93,349
 
91,834
 
89,305
 
90,881
 
99,363
3
Total capital
 
93,349
 
91,834
 
89,305
 
90,882
 
99,365
Risk-weighted assets (amounts)
1
4
Total risk-weighted assets (RWA)
 
517,929
 
516,479
 
514,897
 
507,964
 
565,180
4a
Total risk-weighted assets (pre-floor)
 
517,929
 
516,479
 
514,897
4b
Minimum capital requirement
2
 
41,434
 
41,318
 
41,192
 
40,637
 
45,214
Risk-based capital ratios as a percentage of RWA
1
5
Common equity tier 1 ratio (%)
 
14.17
 
14.17
 
13.79
 
14.77
 
14.71
5b
Common equity tier 1 ratio (%) (pre-floor)
 
14.17
 
14.17
 
13.79
6
Tier 1 ratio (%)
 
18.02
 
17.78
 
17.34
 
17.89
 
17.58
6b
Tier 1 ratio (%) (pre-floor)
 
18.02
 
17.78
 
17.34
7
Total capital ratio (%)
 
18.02
 
17.78
 
17.34
 
17.89
 
17.58
7b
Total capital ratio (%) (pre-floor)
 
18.02
 
17.78
 
17.34
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 (%)
 
0.14
 
0.15
 
0.15
 
0.19
 
0.19
9a
Additional countercyclical buffer for Swiss mortgage loans
 
(%)
 
0.00
 
0.00
 
0.00
 
0.00
 
0.00
10
Bank G-SIB and / or D-SIB additional requirements (%)
3
11
Total of bank CET1 specific buffer requirements (%)
4
 
2.64
 
2.65
 
2.65
 
2.69
 
2.69
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
 
9.67
 
9.67
 
9.29
 
9.89
 
9.58
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
 
952,112
 
964,000
 
935,496
 
899,348
 
944,404
14
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves)
6
 
9.80
 
9.53
 
9.55
 
10.11
 
10.52
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
 
9.80
 
9.53
 
9.55
14c
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves) incorporating mean values for SFT
assets
6
 
9.72
 
9.56
 
9.52
14d
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves) incorporating mean values for
SFT assets
 
9.72
 
9.56
 
9.52
14e
Minimum capital requirements
7
 
41,434
 
41,318
 
41,192
Liquidity coverage ratio (LCR)
8
15
Total high-quality liquid assets (HQLA)
 
 
162,513
 
177,434
 
150,544
 
142,661
 
170,179
16
Total net cash outflow
 
67,644
 
75,720
 
65,962
 
58,620
 
60,445
16a
of which: cash outflows
 
244,306
 
248,255
 
238,931
 
231,213
 
228,228
16b
of which: cash inflows
 
176,662
 
172,535
 
172,969
 
172,593
 
167,783
17
LCR (%)
240.93
 
235.52
 
229.18
 
243.95
 
282.26
Net stable funding ratio (NSFR)
9
18
Total available stable funding
419,024
421,323
410,507
410,197
446,435
19
Total required stable funding
435,582
435,547
418,661
421,792
444,875
20
NSFR (%)
96.20
96.73
98.05
97.25
100.35
1 Based on phase-in rules for RWA. Refer to “Swiss systemically relevant bank going and gone concern requirements and information” below for more information.
 
2 Calculated as 8% of total RWA, based on total
capital minimum requirements, excluding CET1 buffer requirements.
 
3 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section.
 
4 Excludes non-
BCBS capital buffer requirements for risk-weighted
 
positions that are directly or indirectly backed
 
by residential properties in Switzerland.
 
5 Represents the CET1 ratio that is
 
available to meet buffer requirements.
Calculated as the
 
CET1 ratio minus
 
the BCBS CET1
 
capital requirement and,
 
where applicable, minus
 
the BCBS tier
 
2 capital requirement
 
met with CET1
 
capital.
 
6 There is currently
 
no temporary exemption
 
of
central bank reserves for UBS.
 
7 The higher of capital requirements based on
 
8% of RWA or 3% of LRD.
 
8 Calculated after the application of haircuts and inflow
 
and outflow rates, as well
 
as, where applicable,
caps on Level 2 assets and cash inflows. Calculated based on an average of 65 data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. For the prior-quarter data points, refer to the
respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information.
 
9 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to
maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into
 
account such excess funding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS AG standalone
 
22
Swiss systemically relevant bank going and gone concern
 
requirements and information
 
The tables below
 
provide details of
 
the Swiss systemically
 
relevant bank RWA-
 
and LRD-based going
 
and gone concern
requirements and
 
information as required
 
by FINMA;
 
details regarding
 
eligible gone concern
 
instruments are also
 
provided
below.
UBS AG standalone
 
is subject
 
to a
 
gone concern capital
 
requirement based
 
on the sum
 
of: (i) the
 
nominal value
 
of the
gone concern
 
instruments issued
 
by UBS
 
entities and
 
held by
 
the parent
 
firm; (ii) 75%
 
of the
 
capital requirements
 
resulting
from third-party exposure
 
on a standalone
 
basis; and (iii) a
 
buffer requirement equal
 
to 30% of
 
the Group’s gone
 
concern
capital requirement on UBS AG’s
 
consolidated exposure. The gone concern
 
capital requirement is the higher
 
of the RWA-
and LRD-based
 
requirements,
 
calculated
 
separately.
 
The
 
gone concern
 
capital
 
coverage
 
ratio reflects
 
how much
 
gone
concern capital is
 
available to meet
 
the gone concern
 
requirement. UBS AG’s outstanding
 
non-Basel III-compliant tier
 
2
capital
 
instruments
 
and
 
total
 
loss-absorbing
 
capacity-eligible
 
unsecured
 
debt
 
instruments
 
are
 
eligible
 
to
 
meet
 
gone
concern requirements until one year before maturity.
Effective 1 January 2025, a
 
Pillar 2 capital add-on for
 
uncollateralized exposures to hedge
 
funds, private equity
 
and family
offices has been introduced. This resulted
 
in an increase as of 30 September
 
2025 of 21 basis points in the
 
RWA phase-
in-based going
 
concern capital
 
requirement and
 
19 basis points
 
in the
 
RWA fully
 
applied-based
 
going concern
 
capital
requirement.
More information about
 
the going and
 
gone concern requirements
 
is provided
 
in the “UBS
 
AG standalone”
 
section of
the 31 December 2024 Pillar 3 Report, available under “Pillar
 
3 disclosures” at
ubs.com/investors.
 
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA, phase-in
RWA, fully applied as of 1.1.28
1
LRD
USD m, except where indicated
in %
in %
in %
Required going concern capital
Total going concern capital
 
14.67
2
 
75,973
 
14.65
2
 
81,078
 
5.01
2
 
47,713
Common equity tier 1 capital
 
 
10.31
3
 
53,380
 
10.30
3
 
56,966
 
3.51
 
33,431
of which: minimum capital
 
4.50
 
23,307
 
4.50
 
24,898
 
1.50
 
14,282
of which: buffer capital
 
5.50
 
28,486
 
5.50
 
30,430
 
2.00
 
19,042
of which: countercyclical buffer
 
0.14
 
732
 
0.14
 
782
Maximum additional tier 1 capital
 
4.36
3
 
22,593
 
4.36
3
 
24,113
 
1.50
 
14,282
of which: additional tier 1 capital
 
3.50
 
18,128
 
3.50
 
19,365
 
1.50
 
14,282
of which: additional tier 1 buffer capital
 
0.80
 
4,143
 
0.80
 
4,426
Eligible going concern capital
Total going concern capital
 
18.02
 
93,349
 
16.87
 
93,349
 
9.80
 
93,349
Common equity tier 1 capital
 
 
14.17
 
73,384
 
13.26
 
73,384
 
7.71
 
73,384
Total loss-absorbing additional tier 1 capital
 
3.85
 
19,964
 
3.61
 
19,964
 
2.10
 
19,964
of which: high-trigger loss-absorbing additional tier 1 capital
 
 
3.85
 
19,964
 
3.61
 
19,964
 
2.10
 
19,964
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
517,929
 
553,280
Leverage ratio denominator
 
952,112
Required gone concern capital
4
Higher of RWA-
 
or LRD-based
Total gone concern loss-absorbing capacity
 
78,527
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
98,452
Gone concern capital coverage ratio
 
125.37
1 Fully applied relates to participation RWA.
 
Direct and indirect investments including
 
holding of regulatory capital instruments in
 
Switzerland-domiciled subsidiaries and for direct and
 
indirect investments including
holding of regulatory
 
capital instruments in foreign-domiciled
 
subsidiaries are risk weighted
 
at 235% and 340%,
 
respectively, for the current
 
year. As per current rules, risk
 
weights will gradually increase
 
by 5 percentage
points per year for Switzerland-domiciled investments and 20 percentage points per year
 
for foreign-domiciled investments until the fully applied risk weights of
 
250% and 400%, respectively, are applied.
 
2 Includes
applicable add-ons of 1.67% for risk-weighted assets (RWA, phase-in), 1.65%
 
for risk-weighted assets (RWA, fully applied) and 0.51% for leverage
 
ratio denominator (LRD), of which 2 basis points for RWA
 
phase-
in, 2 basis points for RWA fully applied and 1 basis point for LRD reflect a Pillar 2 capital add-on of USD 107m related to the supply chain finance funds matter at Credit Suisse.
 
An additional 21 basis points for RWA
phase-in and 19
 
basis points for
 
RWA fully applied
 
reflect a Pillar
 
2 capital add-on
 
for the residual
 
exposure (after collateral
 
mitigation) to hedge
 
fund, private equity
 
and family offices,
 
effective 1 January
 
2025.
 
3 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.14% for CET1 capital and 0.06% for AT1 capital for RWA phase-in and 0.14%
for CET1 capital
 
and 0.06%
 
for AT1
 
capital for RWA
 
fully applied, effective
 
1 January
 
2025. For
 
AT1 capital,
 
under Pillar 1
 
requirements a maximum
 
of 4.3% of
 
AT1 capital
 
can be used
 
to meet going
 
concern
requirements; 4.36% for RWA phase-in and 4.36%
 
for RWA fully applied include the aforementioned Pillar
 
2 capital add-on.
 
4 A maximum of 25% of the gone concern requirements can
 
be met with instruments
that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years,
all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS AG standalone
 
23
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.25
30.6.25
Eligible going concern capital
Total going concern capital
 
93,349
 
91,834
Total tier 1 capital
 
93,349
 
91,834
Common equity tier 1 capital
 
73,384
 
73,178
Total loss-absorbing additional tier 1 capital
 
19,964
 
18,656
of which: high-trigger loss-absorbing additional tier 1 capital
 
19,964
 
18,656
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
98,452
 
93,499
Total tier 2 capital
 
0
 
193
of which: non-Basel III-compliant tier 2 capital
 
0
 
193
TLAC-eligible unsecured debt
 
98,452
 
93,306
Total loss-absorbing capacity
Total loss-absorbing capacity
 
191,800
 
185,333
Denominators for going and gone concern ratios
Risk-weighted assets, phase-in
 
517,929
 
516,479
of which: investments in Switzerland-domiciled subsidiaries
1
 
91,436
 
91,537
of which: investments in foreign-domiciled subsidiaries
1
 
167,254
 
170,979
Risk-weighted assets, fully applied as of 1.1.28
 
553,280
 
552,495
of which: investments in Switzerland-domiciled subsidiaries
1
 
97,272
 
97,379
of which: investments in foreign-domiciled subsidiaries
1
 
196,770
 
201,151
Leverage ratio denominator
 
952,112
 
964,000
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio, phase-in
 
18.0
 
17.8
of which: common equity tier 1 capital ratio, phase-in
 
14.2
 
14.2
Going concern capital ratio, fully applied as of 1.1.28
 
16.9
 
16.6
of which: common equity tier 1 capital ratio, fully applied as of 1.1.28
 
13.3
 
13.2
Leverage ratios (%)
Going concern leverage ratio
 
9.8
 
9.5
of which: common equity tier 1 leverage ratio
 
7.7
 
7.6
Capital coverage ratio (%)
Gone concern capital coverage ratio
 
125.4
 
118.2
1 Fully applied relates to participation RWA.
 
Direct and indirect investments including
 
holding of regulatory capital instruments in
 
Switzerland-domiciled subsidiaries and for direct and
 
indirect investments including
holding of regulatory
 
capital instruments in foreign-domiciled
 
subsidiaries are risk weighted
 
at 235% and 340%,
 
respectively, for the current
 
year. As per current rules, risk
 
weights will gradually increase
 
by 5 percentage
points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights
 
of 250% and 400%, respectively, are applied.
 
UBS Switzerland AG standalone
Key metrics for the third quarter of 2025
The
 
table
 
below
 
is
 
based
 
on
 
the
 
Swiss
 
Financial
 
Market
 
Supervisory
 
Authority
 
(FINMA)
 
Ordinance
 
on
 
the
 
Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules
 
and IFRS Accounting Standards.
During the third quarter of 2025, common equity tier 1 capital increased by CHF
 
0.1bn to CHF 21.5bn, mainly driven by
operating profit almost entirely offset by additional dividend
 
accruals.
 
Total risk-weighted
 
assets
 
(RWA)
 
decreased
 
by
 
CHF 0.5bn
 
to
 
CHF 168.2bn,
 
due
 
to
 
lower
 
credit risk
 
RWA
 
driven
 
by
 
a
decrease in exposures,
 
partly offset by an increase in counterparty
 
credit risk RWA.
The leverage ratio
 
denominator (the LRD)
 
decreased by CHF 1.9bn
 
to CHF 547.8bn, mainly
 
due to decreases
 
in lending
exposures and cash and balances at central banks, partly
 
offset by an increase in derivatives
 
transactions.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS Switzerland AG standalone
 
24
The
 
quarterly
 
average
 
liquidity
 
coverage
 
ratio
 
(the
 
LCR)
 
of
 
UBS
 
Switzerland AG
 
increased
 
2.3 percentage
 
points
 
to
140.4%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was driven by a
 
CHF 4.5bn increase in high-quality
 
liquid assets to CHF 116.4bn,
 
primarily due to higher cash
 
from
funding received from UBS AG and higher customer deposits. The average
 
net cash outflows increased by CHF 1.9bn to
CHF 83.0bn, mainly due to higher outflows from customer
 
deposits and intercompany deposits from UBS AG.
As of
 
30 September 2025,
 
the net
 
stable funding
 
ratio decreased
 
2.5 percentage points
 
to 126.0%,
 
remaining above
the prudential requirement communicated by FINMA. Available stable funding decreased by CHF 3.3bn
 
to CHF 351.3bn,
mainly
 
driven
 
by
 
a
 
decrease
 
in
 
customer
 
deposits.
 
Required
 
stable
 
funding
 
increased
 
by
 
CHF 2.9bn
 
to
 
CHF 278.8bn,
primarily reflecting higher lending assets and derivatives
 
instruments.
KM1: Key metrics
CHF m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
 
21,527
 
21,470
 
21,596
 
21,659
 
22,016
2
Tier 1
 
29,520
 
29,463
 
29,590
 
29,652
 
30,009
3
Total capital
 
29,520
 
29,463
 
29,590
 
29,652
 
30,009
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
 
168,223
 
168,701
 
174,610
 
186,265
 
185,237
4a
Total risk-weighted assets (pre-floor)
 
154,370
 
151,470
 
153,743
 
168,033
 
167,384
4b
Minimum capital requirement
1
 
13,458
 
13,496
 
13,969
 
14,901
 
14,819
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
 
12.80
 
12.73
 
12.37
 
11.63
 
11.89
5b
Common equity tier 1 ratio (%) (pre-floor)
 
13.95
 
14.17
 
14.05
 
12.89
 
13.15
6
Tier 1 ratio (%)
 
17.55
 
17.46
 
16.95
 
15.92
 
16.20
6b
Tier 1 ratio (%) (pre-floor)
 
19.12
 
19.45
 
19.25
 
17.65
 
17.93
7
Total capital ratio (%)
 
17.55
 
17.46
 
16.95
 
15.92
 
16.20
7b
Total capital ratio (%) (pre-floor)
 
19.12
 
19.45
 
19.25
 
17.65
 
17.93
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 (%)
 
0.06
 
0.07
 
0.06
 
0.08
 
0.08
9a
Additional countercyclical buffer for Swiss mortgage loans
 
(%)
 
0.82
 
0.83
 
0.80
 
0.88
 
0.90
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
Total of bank CET1 specific buffer requirements (%)
2
 
2.56
 
2.57
 
2.56
 
2.58
 
2.58
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
 
8.30
 
8.23
 
7.87
 
7.13
 
7.39
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
 
547,805
 
549,690
 
551,716
 
556,053
 
567,484
14
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves)
4
 
5.39
 
5.36
 
5.36
 
5.33
 
5.29
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
 
5.39
 
5.36
 
5.36
14c
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves) incorporating mean values for SFT
 
assets
4
 
5.39
 
5.34
 
5.34
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
 
assets
 
5.39
 
5.34
 
5.34
14e
Minimum capital requirements
5
 
16,434
 
16,491
 
16,551
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
 
 
116,430
 
111,945
 
111,231
 
125,007
 
126,037
16
Total net cash outflow
 
83,009
 
81,142
 
81,164
 
87,160
 
85,964
16a
of which: cash outflows
 
113,942
 
110,217
 
110,357
 
116,768
 
114,992
16b
of which: cash inflows
 
30,933
 
29,074
 
29,193
 
29,608
 
29,027
17
LCR (%)
 
140.37
 
138.05
 
137.08
 
143.47
 
146.68
Net stable funding ratio (NSFR)
7
18
Total available stable funding
351,349
354,633
355,035
359,170
369,168
19
Total required stable funding
278,806
275,862
276,279
271,688
274,029
 
NSFR (%)
126.02
128.55
128.51
132.20
134.72
1 Calculated as 8% of total RWA, based
 
on total capital minimum requirements,
 
excluding CET1 buffer requirements.
 
2 Excludes non-BCBS capital buffer requirements
 
for risk-weighted positions that are directly
or indirectly backed by residential propertie
 
s
 
in Switzerland.
 
3 Represents the CET1 ratio that is
 
available to meet buffer requirements.
 
Calculated as the CET1 ratio minus
 
the BCBS CET1 capital requirement
 
and,
where applicable, minus the BCBS tier
 
2 capital requirement met with CET1 capital.
 
4 There is currently no temporary
 
exemption of central bank reserves
 
for UBS.
 
5 The higher of capital requirements
 
based on
8% of RWA or 3% of LRD.
 
6 Calculated after the application of haircuts and inflow and outflow rates,
 
as well as, where applicable, caps
 
on Level 2 assets and cash inflows. Calculated based
 
on an average of 65
data points
 
in the
 
third quarter
 
of 2025
 
and 61
 
data points
 
in the
 
second quarter
 
of 2025.
 
For
 
the prior-quarter
 
data points,
 
refer to
 
the respective
 
Pillar 3 Report,
 
available
 
under “Pillar 3
 
disclosures” at
ubs.com/investors, for more information.
 
7 UBS Switzerland AG is required to maintain
 
a minimum NSFR of at least 100%
 
on an ongoing basis, as set out
 
in Art. 17h para. 1 of the
 
Liquidity Ordinance. A portion
of the excess funding is used to fulfill the NSFR requirement of UBS AG standalone.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS Switzerland AG standalone
 
25
Swiss systemically relevant bank going and gone concern
 
requirements and information
The
 
tables
 
below
 
provide
 
details
 
of the
 
Swiss
 
systemically
 
relevant
 
bank
 
(SRB)
 
RWA-
 
and
 
LRD-based
 
going
 
and
 
gone
concern requirements
 
and information
 
as required
 
by FINMA
 
;
 
details regarding
 
eligible
 
gone concern
 
instruments
 
are
also provided below.
UBS Switzerland AG is considered an
 
SRB under Swiss banking law
 
and is subject to capital regulations
 
on a standalone
basis.
 
As
 
of
 
30 September
 
2025,
 
the
 
going
 
concern
 
capital
 
and
 
leverage
 
ratio
 
requirements
 
for
 
UBS
 
Switzerland AG
standalone were 15.18% (including a countercyclical buffer
 
of 0.88%) and 5.00%, respectively.
The Swiss SRB
 
framework and
 
going concern requirements
 
applicable to
 
UBS Switzerland AG
 
standalone are
 
the same
as those applicable to
 
UBS Group AG consolidated.
 
The gone concern requirement
 
corresponds to 62% of
 
the Group’s
going concern
 
requirements, excluding
 
the countercyclical
 
buffer requirements
 
and Pillar 2
 
add-ons. Outstanding
 
total
loss-absorbing
 
capacity-eligible
 
unsecured
 
debt
 
instruments
 
are
 
eligible to
 
meet
 
gone concern
 
requirements
 
until one
year before maturity.
The gone concern
 
requirements were 8.87%
 
for the RWA-based
 
requirement and 3.10%
 
for the LRD-based
 
requirement.
›
Refer to “Capital and capital ratios of our
 
significant regulated subsidiaries” in the “Capital,
 
liquidity and funding, and balance
sheet” section of the UBS Group Annual Report 2024,
 
available under “Annual reporting” at
ubs.com/investors
, for more
information about the joint liability of UBS AG and
 
UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 30.9.25
RWA
LRD
CHF m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
 
15.18
1
 
25,542
 
5.00
1
 
27,390
Common equity tier 1 capital
 
 
10.88
 
18,309
 
3.50
 
19,173
of which: minimum capital
 
4.50
 
7,570
 
1.50
 
8,217
of which: buffer capital
 
5.50
 
9,252
 
2.00
 
10,956
of which: countercyclical buffer
 
0.88
 
1,487
Maximum additional tier 1 capital
 
4.30
 
7,234
 
1.50
 
8,217
of which: additional tier 1 capital
 
3.50
 
5,888
 
1.50
 
8,217
of which: additional tier 1 buffer capital
 
0.80
 
1,346
Eligible going concern capital
Total going concern capital
 
17.55
 
29,520
 
5.39
 
29,520
Common equity tier 1 capital
 
 
12.80
 
21,527
 
3.93
 
21,527
Total loss-absorbing additional tier 1 capital
 
4.75
 
7,993
 
1.46
 
7,993
of which: high-trigger loss-absorbing additional tier 1 capital
 
 
4.75
 
7,993
 
1.46
 
7,993
Required gone concern capital
2
Total gone concern loss-absorbing capacity
 
8.87
 
14,915
 
3.10
 
16,982
of which: base requirement including add-ons for market share and LRD
 
8.87
3
 
14,915
 
3.10
3
 
16,982
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
11.38
 
19,151
 
3.50
 
19,151
TLAC-eligible unsecured debt
 
11.38
 
19,151
 
3.50
 
19,151
Total loss-absorbing capacity
Required total loss-absorbing capacity
 
24.05
 
40,457
 
8.10
 
44,372
Eligible total loss-absorbing capacity
 
28.93
 
48,671
 
8.88
 
48,671
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
168,223
Leverage ratio denominator
 
547,805
1 Includes applicable add-ons of 1.44% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD).
 
2 A maximum of 25% of the gone concern requirements can be met with instruments that
have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than
 
two years, all
instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital.
 
3 Includes applicable add-ons of 0.89% for RWA and 0.31% for LRD.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS Switzerland AG standalone
 
26
Swiss SRB going and gone concern information
CHF m, except where indicated
30.9.25
30.6.25
Eligible going concern capital
Total going concern capital
 
29,520
 
29,463
Total tier 1 capital
 
29,520
 
29,463
Common equity tier 1 capital
 
21,527
 
21,470
Total loss-absorbing additional tier 1 capital
 
7,993
 
7,994
of which: high-trigger loss-absorbing additional tier 1 capital
 
7,993
 
7,994
Eligible gone concern capital
Total gone concern loss-absorbing capacity
 
19,151
 
19,148
TLAC-eligible unsecured debt
 
19,151
 
19,148
Total loss-absorbing capacity
Total loss-absorbing capacity
 
48,671
 
48,611
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
 
168,223
 
168,701
Leverage ratio denominator
 
547,805
 
549,690
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
 
17.5
 
17.5
of which: common equity tier 1 capital ratio
 
12.8
 
12.7
Gone concern loss-absorbing capacity ratio
 
11.4
 
11.4
Total loss-absorbing capacity ratio
 
28.9
 
28.8
Leverage ratios (%)
Going concern leverage ratio
 
5.4
 
5.4
of which: common equity tier 1 leverage ratio
 
3.9
 
3.9
Gone concern leverage ratio
 
3.5
 
3.5
Total loss-absorbing capacity leverage ratio
 
8.9
 
8.8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS Europe SE consolidated
 
27
UBS Europe SE consolidated
Key metrics for the third quarter of 2025
The table below provides information about the regulatory capital components,
 
capital ratios, leverage ratio and liquidity
of UBS Europe SE
 
consolidated based
 
on Basel
 
Committee
 
on Banking
 
Supervision (BCBS)
 
Pillar 1
 
requirements and
 
in
accordance with EU regulatory rules and IFRS Accounting
 
Standards.
 
During
 
the
 
third
 
quarter
 
of
 
2025,
 
available
 
capital
 
remained
 
stable.
 
Risk-weighted
 
assets
 
increased
 
by
 
EUR 1.3bn
 
to
EUR 15.9bn, mainly driven by higher over-the-counter derivative exposures and related credit valuation adjustment,
 
new
Lombard loans,
 
and new
 
loan facilities.
 
The leverage
 
ratio exposure
 
decreased by
 
EUR 5.9bn to
 
EUR 55.8bn,
 
primarily
driven by decreases
 
in cash at central banks and securities financing transaction
 
exposures.
The average liquidity coverage ratio (the LCR)
 
remained well above the regulatory requirement of
 
100%, at 141.5%. The
increase in
 
the LCR
 
was driven by
 
an increase of
 
EUR 1.3bn in
 
high-quality liquid assets
 
(HQLA), partly
 
offset by
 
an increase
of EUR 0.7bn
 
in total
 
net cash
 
outflows. Higher
 
HQLA and
 
net outflows
 
are materially
 
attributed to
 
higher UBS
 
Group
euro-clearing
 
activities.
 
The
 
net
 
stable
 
funding
 
ratio
 
remained
 
well
 
above
 
the
 
regulatory
 
requirements
 
of
 
100%,
 
at
135.8%. Available
 
stable funding
 
increased by
 
EUR 1.4bn, mainly
 
due to
 
higher funding
 
with a
 
residual maturity
 
of in
excess of one
 
year. Required stable
 
funding increased by
 
EUR 0.5bn, mainly driven
 
by higher client-driven
 
activity levels
in the Investment Bank in Asian markets.
KM1: Key metrics
1,2
EUR m, except where indicated
30.9.25
30.6.25
3
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
 
2,973
 
2,995
 
3,424
 
3,239
 
2,701
2
Tier 1
 
3,573
 
3,595
 
4,024
 
3,839
 
3,301
3
Total capital
 
3,573
 
3,595
 
4,024
 
3,839
 
3,301
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
 
15,938
 
14,625
 
14,387
 
14,079
 
12,657
4a
Total risk-weighted assets (RWA) (pre-floor)
 
15,938
 
14,625
 
14,387
4b
Minimum capital requirement
4
 
1,275
 
1,170
 
1,151
 
1,126
 
1,013
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
 
18.7
 
20.5
 
23.8
 
23.0
 
21.3
5b
CET1 ratio (%) (pre-floor)
 
18.7
 
20.5
 
23.8
6
Tier 1 ratio (%)
 
22.4
 
24.6
 
28.0
 
27.3
 
26.1
6b
Tier 1 ratio (%) (pre-floor)
 
22.4
 
24.6
 
28.0
7
Total capital ratio (%)
 
22.4
 
24.6
 
28.0
 
27.3
 
26.1
7b
Total capital ratio (%) (pre-floor)
 
22.4
 
24.6
 
28.0
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
9
Countercyclical buffer requirement (%)
 
0.7
 
0.7
 
0.7
 
0.7
 
0.7
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
Total of bank CET1 specific buffer requirements (%)
 
3.2
 
3.2
 
3.2
 
3.2
 
3.2
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
 
14.2
 
16.0
 
19.3
 
18.5
 
16.8
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
 
55,776
 
61,706
 
55,615
 
55,567
 
50,053
14
Basel III leverage ratio (%) (including the impact of any applicable
 
temporary
exemption of central bank reserves)
6,7
 
6.4
 
5.8
 
7.2
 
6.9
 
6.6
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
 
6.4
 
5.8
 
7.2
14e
Minimum capital requirements
8
 
1,673
 
1,851
 
1,668
Liquidity coverage ratio (LCR)
9
15
Total high-quality liquid assets (HQLA)
 
 
21,360
 
20,038
 
18,664
 
17,285
 
16,741
16
Total net cash outflow
 
15,155
 
14,469
 
13,355
 
12,542
 
11,523
17
LCR (%)
 
141.5
 
138.9
 
140.4
 
138.9
 
145.2
Net stable funding ratio (NSFR)
18
Total available stable funding
 
19,252
 
17,830
 
18,580
 
17,134
 
14,409
19
Total required stable funding
 
14,182
 
13,716
 
13,222
 
13,656
 
11,266
20
NSFR (%)
 
135.8
 
130.0
 
140.5
 
125.5
 
127.9
1 Based on applicable EU regulatory rules.
 
2 Row 9a of the FINMA template
 
is applicable to the FINMA-regulated scope only
 
and rows 14c and 14d have
 
been removed because the EU does
 
not require the disclosure
of mean values for SFTs.
 
3 Comparative figures have been restated to align with the
 
regulatory reports as submitted to the European
 
Central Bank.
 
4 Calculated as 8% of total RWA, based
 
on total capital minimum
requirements, excluding CET1 buffer requirements.
 
5 Represents the CET1 ratio that is available
 
for meeting buffer requirements. Calculated as the CET1
 
ratio minus 4.5% and after considering, where applicable,
CET1 capital that has been used to meet tier 1
 
and / or total capital ratio requirements under Pillar 1.
 
6 Calculated on the basis of tier 1 capital.
 
7 There is currently no temporary exemption of central bank reserves
for UBS Europe SE.
 
8 The higher of capital requirements based on 8% of RWA or 3% of LRD.
 
9 Figures are calculated based on a 12
‑
month average.
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS Americas Holding LLC consolidated
 
28
UBS Americas Holding LLC consolidated
Key metrics for the third quarter of 2025
The table
 
below is
 
based on
 
Basel Committee
 
on Banking
 
Supervision
 
(BCBS) Pillar
 
1 requirements
 
and in
 
accordance
with US Basel III rules and generally accepted accounting
 
principles in the US (US GAAP).
Effective
 
1 October 2024
 
and through
 
30 September
 
2025, UBS
 
Americas Holding
 
LLC was
 
subject to
 
a stress
 
capital
buffer
 
(an
 
SCB)
 
of
 
9.3%,
 
in
 
addition
 
to
 
the
 
minimum
 
capital
 
requirements.
 
The
 
SCB
 
was
 
determined
 
by
 
the
 
Federal
Reserve Board following
 
the completion of
 
the 2024 Comprehensive
 
Capital Analysis and
 
Review (the CCAR)
 
based on
Dodd–Frank
 
Act
 
Stress
 
Test
 
(DFAST)
 
results
 
and
 
planned
 
future
 
dividends.
 
The
 
SCB,
 
which
 
replaced
 
the
 
static
 
capital
conservation buffer of 2.5%, is subject to change on an annual
 
basis or as otherwise determined by the Federal Reserve
Board. Based on
 
the results of
 
the 2025 CCAR,
 
the SCB
 
for UBS Americas
 
Holding LLC was
 
adjusted to 5.2%
 
effective
1 October 2025 and
 
through 30 September
 
2026, resulting
 
in a total
 
common equity
 
tier 1 (CET1) capital
 
requirement
of 9.7%.
During the third quarter of 2025, the CET1 capital ratio increased 0.2 percentage points to 21.1%, and the tier 1 capital
ratio decreased 0.1 percentage points to 24.5%. Both CET1 capital and tier 1 capital increased by USD 1.0bn due to net
profit and
 
the positive
 
impact from
 
a decrease
 
in deferred
 
tax assets
 
deductions,
 
slightly offset
 
by preferred
 
dividends
paid. Risk-weighted
 
assets (RWA)
 
increased by
 
USD 4.2bn to
 
USD 81.5bn, driven
 
by a USD 4.4bn
 
increase in credit
 
risk
RWA, mainly in derivatives,
 
securities financing transactions and loans, slightly offset by a USD 0.2bn decrease in market
risk RWA.
Leverage ratio exposure,
 
calculated on an
 
average basis,
 
decreased by USD
 
4.2bn to
 
USD 195.0bn and, as
 
a result, the
tier 1 leverage ratio increased 0.7 percentage points
 
to 10.2%. Similarly, the
 
tier 1 supplementary leverage ratio (the SLR)
increased 0.5 percentage
 
points to
 
8.7%, primarily
 
driven by
 
a USD 1.8bn
 
decrease in
 
SLR exposure
 
in addition
 
to the
increase in tier 1 capital.
The
 
average
 
liquidity
 
coverage
 
ratio
 
increased
 
0.8 percentage
 
points
 
to
 
128.7%,
 
as
 
net
 
cash
 
outflows
 
decreased
 
by
USD 1.3bn
 
and
 
high-quality
 
liquid
 
assets
 
decreased
 
by
 
USD 1.5bn.
 
The
 
average
 
net
 
stable
 
funding
 
ratio
 
decreased
4.2 percentage points
 
to 128.6%.
 
This was
 
due to
 
a USD 2.7bn
 
decrease in
 
available stable
 
funding and
 
a USD 0.4bn
increase in required stable funding.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| UBS Americas Holding LLC consolidated
 
29
KM1: Key metrics
1
USD m, except where indicated
30.9.25
30.6.25
31.3.25
2
31.12.24
2
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
 
17,161
 
16,152
 
16,236
 
16,123
 
23,303
2
Tier 1
 
19,984
 
18,974
 
19,053
 
18,941
 
26,121
3
Total capital
 
20,185
 
19,164
 
19,258
 
19,181
 
26,378
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
 
81,477
 
77,244
 
78,830
 
78,166
 
84,944
4b
Minimum capital requirement
3
 
6,518
 
6,180
 
6,306
 
6,253
 
6,795
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
 
21.1
 
20.9
 
20.6
 
20.6
 
27.4
6
Tier 1 ratio (%)
 
24.5
 
24.6
 
24.2
 
24.2
 
30.8
7
Total capital ratio (%)
 
24.8
 
24.8
 
24.4
 
24.5
 
31.1
Additional CET1 buffer requirements as a percentage of RWA
8
BCBS capital conservation buffer requirement (%)
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
8a
US stress capital buffer requirement (%)
 
9.3
 
9.3
 
9.3
 
9.3
 
9.1
9
Countercyclical buffer requirement (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
BCBS total of bank CET1 specific buffer requirements (%)
 
2.5
 
2.5
 
2.5
 
2.5
 
2.5
11a
US total bank specific capital buffer requirements (%)
 
9.3
 
9.3
 
9.3
 
9.3
 
9.1
12
CET1 available after meeting the bank’s minimum capital requirements (%)
4
 
16.6
 
16.4
 
16.1
 
16.1
 
22.9
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
5
 
195,030
 
199,196
 
204,960
 
197,487
 
197,597
14
Basel III leverage ratio (%)
6
 
10.2
 
9.5
 
9.3
 
9.6
 
13.2
14a
Total Basel III supplementary leverage ratio exposure measure
5
 
229,768
 
231,603
 
234,346
 
227,973
 
227,490
14b
Basel III supplementary leverage ratio (%)
6
 
8.7
 
8.2
 
8.1
 
8.3
 
11.5
Liquidity coverage ratio (LCR)
15
Total high-quality liquid assets (HQLA)
5
 
27,496
 
28,951
 
28,182
 
26,801
 
32,069
16
Total net cash outflow
5,7
 
21,365
 
22,639
 
21,213
 
20,064
 
24,649
17
LCR (%)
 
128.7
 
127.9
 
132.9
 
133.6
 
130.1
Net stable funding ratio (NSFR)
18
Total available stable funding
5
 
102,169
 
104,867
 
107,920
 
109,283
 
112,554
19
Total required stable funding
5,7
 
79,425
 
78,978
 
80,532
 
80,456
 
81,952
20
NSFR (%)
 
128.6
 
132.8
 
134.0
 
135.8
 
137.3
1 As the final Basel III standards have not been implemented in the US,
 
rows that are not applicable have been removed from the FINMA template.
 
2 Comparative information has been aligned with UBS Americas
Holding LLC’s regulatory
 
resubmissions of the FR
 
Y-9C
 
reports for 1Q25 and
 
4Q24, reflecting a reduction
 
in RWA and improved
 
capital ratios.
 
3 Calculated as 8%
 
of total RWA, based
 
on total minimum
 
capital
requirements, excluding CET1
 
buffer requirements.
 
4 Represents the CET1
 
ratio that is
 
available to meet
 
buffer requirements. Calculated
 
as the CET1
 
ratio minus the
 
BCBS CET1 capital
 
requirement and, where
applicable, minus the BCBS additional tier 1 and tier 2 capital requirements met with CET1 capital.
 
5 Figures are calculated on a quarterly average.
 
6 Calculated on the basis of tier 1 capital.
 
7 Reflected at 85%
of the full amount in accordance with the Federal Reserve tailoring rule.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30 September 2025 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups
 
| Credit Suisse International standalone
 
30
Credit Suisse International standalone
Key metrics for the third quarter of 2025
The table
 
below is
 
based on
 
Basel Committee
 
on Banking
 
Supervision
 
(BCBS) Pillar
 
1 requirements
 
and in
 
accordance
with UK Prudential Regulatory Authority regulations and IFRS
 
Accounting Standards.
 
During the
 
third quarter
 
of 2025,
 
the common
 
equity tier
 
1 capital
 
of Credit
 
Suisse International
 
standalone remained
stable at USD 6.8bn. Risk-weighted assets
 
(RWA) decreased by USD 1.2bn to
 
USD 5.8bn, mainly driven by a decrease
 
in
credit risk
 
RWA. Leverage ratio
 
exposure decreased by
 
USD 4.4bn to USD 15.4bn,
 
as a
 
result of decreases
 
in reverse repos,
money market loans and derivatives.
The average liquidity coverage ratio
 
was 353.1%, compared with 361.4%
 
in the second quarter of
 
2025. The quarterly
variance was driven
 
by a decrease
 
of USD 2.1bn in
 
high-quality liquid assets
 
reflecting a decrease
 
in treasury-controlled
assets and a USD 0.5bn reduction in net cash outflows.
The
 
net
 
stable
 
funding
 
ratio
 
(the
 
NSFR)
 
of
 
Credit
 
Suisse
 
International
 
standalone
 
remained
 
above
 
the
 
regulatory
requirement of 100%, at
 
310.8%, compared with 266.1%
 
in the second quarter
 
of 2025. The movement
 
in the NSFR,
aligned with the
 
reduction in balance sheet
 
exposures, was driven by
 
a decrease of USD 2.9bn
 
in available stable
 
funding,
mainly
 
reflecting
 
a
 
decrease
 
in
 
capital
 
and
 
long-term
 
funding.
 
This
 
was
 
partly
 
offset
 
by
 
a
 
decrease
 
of
 
USD 1.5bn
 
in
required
 
stable
 
funding,
 
mainly
 
driven
 
by decrease
 
s
 
in
 
derivative
 
exposures,
 
trading
 
inventory,
 
unsecured
 
lending
 
and
other assets.
 
KM1: Key metrics
1
USD m, except where indicated
30.9.25
30.6.25
31.3.25
31.12.24
30.9.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
 
6,768
 
6,734
 
6,816
 
6,883
 
12,945
2
Tier 1
 
6,768
 
6,734
 
6,816
 
6,883
 
14,145
3
Total capital
 
6,768
 
6,734
 
6,816
 
6,883
 
14,145
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
 
5,853
 
7,046
 
9,332
 
10,951
 
16,983
4b
Minimum capital requirement
2
 
468
 
564
 
747
 
876
 
1,359
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
 
115.63
 
95.57
 
73.04
 
62.86
 
76.22
6
Tier 1 ratio (%)
 
115.63
 
95.57
 
73.04
 
62.86
 
83.29
7
Total capital ratio (%)
 
115.63
 
95.57
 
73.04
 
62.86
 
83.29
Additional CET1 buffer requirements as a percentage of RWA
8
BCBS capital conservation buffer requirement (%)
 
2.50
 
2.50
 
2.50
 
2.50
 
2.50
9
Countercyclical buffer requirement (%)
 
0.80
 
0.57
 
0.93
 
0.76
 
0.73
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
BCBS total of bank CET1 specific buffer requirements (%)
 
3.30
 
3.07
 
3.43
 
3.26
 
3.23
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
 
107.63
 
87.57
 
65.04
 
54.86
 
71.72
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
 
15,386
 
19,754
 
23,341
 
32,521
 
55,245
14
Basel III leverage ratio (%)
4
 
43.99
 
34.09
 
29.20
 
21.16
 
25.60
Liquidity coverage ratio (LCR)
5
15
Total high-quality liquid assets (HQLA)
 
 
10,319
 
12,427
 
14,008
 
15,031
 
14,984
16
Total net cash outflow
 
3,011
 
3,544
 
4,070
 
4,253
 
4,206
17
LCR (%)
 
353.10
 
361.40
 
361.77
 
363.29
 
367.15
Net stable funding ratio (NSFR)
18
Total available stable funding
 
8,043
 
10,951
 
13,990
 
17,503
 
21,600
19
Total required stable funding
 
2,744
 
4,214
 
6,145
 
8,693
 
12,935
20
NSFR (%)
 
310.83
 
266.14
 
241.78
 
214.78
 
182.88
1 As the final
 
Basel III standards
 
have not been implemented
 
in the UK, rows
 
that are not applicable
 
have been removed from
 
the FINMA template.
 
2 Calculated as 8%
 
of total RWA,
 
based on total minimum
capital requirements, excluding CET1
 
buffer requirements.
 
3 Represents the CET1 ratio
 
that is available to
 
meet buffer requirements. Calculated
 
as the CET1 ratio
 
minus the BCBS CET1
 
capital requirement and,
where applicable, minus the BCBS additional tier 1 and tier 2 capital requirements met with CET1 capital.
 
4 On the basis of tier 1 capital.
 
5 Based on Pillar 1 requirements; calculated using a 12-month average.
 
 
 
30 September 2025 Pillar 3 Report |
Appendix
 
31
Appendix
Abbreviations frequently used in our financial reports
A
ABS
 
asset-backed securities
AG
 
Aktiengesellschaft
AGM
 
Annual General Meeting of
shareholders
AI
 
artificial intelligence
A-IRB
 
advanced internal ratings-
based
ALCO
 
Asset and Liability
Committee
AMA
 
advanced measurement
approach
AML
 
anti-money laundering
AoA
 
Articles of Association
APM
 
alternative performance
measure
ARR
 
alternative reference rate
ARS
 
auction rate securities
ASF
 
available stable funding
AT1
 
additional tier 1
AuM
 
assets under management
B
BCBS
 
Basel Committee on
Banking Supervision
BIS
 
Bank for International
Settlements
BoD
 
Board of Directors
C
CAO
 
Capital Adequacy
Ordinance
CCAR
 
Comprehensive Capital
Analysis and Review
CCF
 
credit conversion factor
CCP
 
central counterparty
CCR
 
counterparty credit risk
CCRC
 
Corporate Culture and
Responsibility Committee
CDS
 
credit default swap
CEO
 
Chief Executive Officer
CET1
 
common equity tier 1
CFO
 
Chief Financial Officer
CGU
 
cash-generating unit
CHF
 
Swiss franc
CIO
 
Chief Investment Office
C&ORC
 
Compliance & Operational
Risk Control
CRM
 
credit risk mitigation
CRO
 
Chief Risk Officer
CST
 
combined stress test
CUSIP
 
Committee on Uniform
Security Identification
Procedures
CVA
 
credit valuation adjustment
D
DBO
 
defined benefit obligation
DCCP
 
Deferred Contingent
Capital Plan
 
DFAST
 
Dodd–Frank Act Stress Test
DisO-FINMA
 
FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM
 
discount margin
DOJ
 
US Department of Justice
DTA
 
deferred tax asset
DVA
 
debit valuation adjustment
E
EAD
 
exposure at default
EB
 
Executive Board
EC
 
European Commission
ECB
 
European Central Bank
ECL
 
expected credit loss
EGM
 
Extraordinary General
Meeting of shareholders
EIR
 
effective interest rate
EL
 
expected loss
EMEA
 
Europe, Middle East and
Africa
EOP
 
Equity Ownership Plan
EPS
 
earnings per share
ESG
 
environmental, social and
governance
ETD
 
exchange-traded derivatives
ETF
 
exchange-traded fund
EU
 
European Union
EUR
 
euro
EURIBOR
 
Euro Interbank Offered Rate
EVE
 
economic value of equity
EY
 
Ernst & Young Ltd
F
FCA
 
UK Financial Conduct
Authority
FDIC
 
Federal Deposit Insurance
Corporation
FINMA
 
Swiss Financial Market
Supervisory Authority
FMIA
 
Swiss Financial Market
Infrastructure Act
FRTB
 
Fundamental Review of the
Trading Book
FSB
 
Financial Stability Board
FTA
 
Swiss Federal Tax
Administration
FVA
 
funding valuation
adjustment
FVOCI
 
fair value through other
comprehensive income
FVTPL
 
fair value through profit or
loss
FX
 
foreign exchange
G
GAAP
 
generally accepted
accounting principles
GBP
 
pound sterling
GCRG
 
Group Compliance,
Regulatory and Governance
GDP
 
gross domestic product
GEB
 
Group Executive Board
GHG
 
greenhouse gas
GIA
 
Group Internal Audit
GRI
 
Global Reporting Initiative
G-SIB
 
global systemically
important bank
H
HQLA
high-quality liquid assets
I
IA
 
Internal Audit
IAS
 
International Accounting
Standards
IASB
 
International Accounting
Standards Board
IBOR
 
interbank offered rate
IFRIC
 
International Financial
Reporting Interpretations
Committee
IFRS
 
accounting standards
Accounting
 
issued by the IASB
Standards
IRB
 
internal ratings-based
IRRBB
 
interest rate risk in the
banking book
ISDA
 
International Swaps and
Derivatives Association
ISIN
 
International Securities
Identification Number
 
 
 
30 September 2025 Pillar 3 Report |
Appendix
 
32
Abbreviations frequently used in our financial reports (continued)
K
KRT
 
Key Risk Taker
L
LAS
 
liquidity-adjusted stress
LCR
 
liquidity coverage ratio
LGD
 
loss given default
LIBOR
 
London Interbank Offered
Rate
LLC
 
limited liability company
LoD
 
lines of defense
LRD
 
leverage ratio denominator
LTIP
 
Long-Term
 
Incentive Plan
LTV
 
loan-to-value
M
M&A
 
mergers and acquisitions
MRT
 
Material Risk Taker
N
NII
 
net interest income
NSFR
 
net stable funding ratio
NYSE
 
New York Stock Exchange
O
OCA
 
own credit adjustment
OCI
 
other comprehensive
income
OECD
 
Organisation for Economic
Co-operation and
Development
OTC
 
over-the-counter
P
PCI
 
purchased credit impaired
PD
 
probability of default
PIT
 
point in time
PPA
 
purchase price allocation
Q
QCCP
 
qualifying central
counterparty
R
RBC
 
risk-based capital
RbM
 
risk-based monitoring
REIT
 
real estate investment trust
RMBS
 
residential mortgage-
backed securities
RniV
 
risks not in VaR
RoCET1
 
return on CET1 capital
RoU
 
right-of-use
rTSR
 
relative total shareholder
return
RWA
 
risk-weighted assets
S
SA
 
standardized approach or
société anonyme
SA-CCR
 
standardized approach for
counterparty credit risk
SAR
 
Special Administrative
Region of the People’s
Republic of China
SDG
 
Sustainable Development
Goal
SEC
 
US Securities and Exchange
Commission
SFT
 
securities financing
transaction
SIBOR
 
Singapore Interbank
Offered Rate
SICR
 
significant increase in credit
risk
SIX
 
SIX Swiss Exchange
SME
 
small and medium-sized
entities
SMF
 
Senior Management
Function
SNB
 
Swiss National Bank
SOR
 
Singapore Swap Offer Rate
SPPI
 
solely payments of principal
and interest
SRB
 
systemically relevant bank
SVaR
 
stressed value-at-risk
T
TBTF
 
too big to fail
TCFD
 
Task
 
Force on Climate-
related Financial Disclosures
TIBOR
 
Tokyo
 
Interbank Offered
Rate
TLAC
 
total loss-absorbing capacity
TTC
 
through the cycle
U
USD
 
US dollar
V
VaR
 
value-at-risk
VAT
value added tax
This is a general list of the abbreviations frequently used in our financial reporting. Not all of
 
the listed abbreviations may
appear in this particular report.
 
 
 
30 September 2025 Pillar 3 Report |
Appendix
 
33
Cautionary statement
 
|
 
This report
 
and the
 
information contained
 
herein are
 
provided solely
 
for information
 
purposes, and
 
are not to
 
be construed
 
as solicitation
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
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 |
 
Numbers presented throughout this report may not add up
 
precisely to the totals provided in the tables and text.
 
Percentages and percent changes
disclosed in text and tables are
 
calculated on the basis of unrounded
 
figures. Absolute changes between reporting periods disclosed in
 
the text, which can be
derived from numbers presented in related tables, are calculated on
 
a rounded basis.
 
Tables |
 
Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis.
 
Values
that are zero on a rounded basis can be either negative
 
or positive on an actual basis.
Websites |
 
In this report,
 
any website
 
addresses are provided
 
solely for information
 
and are not
 
intended to
 
be active links.
 
UBS does not
 
incorporate
 
the contents
of any such websites into this report.
edgarq25ubsgrouppillap38i0
 
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
 
 
 
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
 
registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly
 
authorized.
UBS Group AG
By:
 
/s/ David Kelly
 
Name:
 
David Kelly
Title:
 
Managing Director
 
By:
 
/s/ Ella Copetti-Campi
 
Name:
 
Ella Copetti-Campi
Title:
 
Executive Director
UBS AG
By:
 
/s/ David Kelly
 
Name:
 
David Kelly
Title:
 
Managing Director
 
By:
 
/s/ Ella Copetti-Campi
 
Name:
 
Ella Copetti-Campi
Title:
 
Executive Director
Date:
 
November 4, 2025