UBS Group (UBSG) Q2 2026 earnings summary

Executive summary

• Net profit for Q2 2026 was USD 2.8bn (CHF 2.8bn), with EPS of USD 0.87, and underlying pre-tax profit up 45% YoY to USD 3.9bn; 1H26 net profit was USD 5.8bn.

• Return on CET1 capital reached 16.4% for Q2 and around 17% for H1, nearing pre-acquisition profitability levels.

• Integration of Credit Suisse is nearly complete, with over 90% of legacy business applications decommissioned and cumulative cost savings of USD 12.6bn since 2022.

• Group invested assets hit a record USD 7.3trn, driven by robust inflows in Global Wealth Management and Asset Management.

• Maintained robust capital position: CET1 ratio 14.4%, leverage ratio 4.4%; new USD 3bn share buyback program underway.

Financial highlights

• Q2 2026 revenues were USD 13.7bn, up 13% YoY; underlying revenues rose 16% YoY to USD 13.3bn.

• Operating expenses rose 2% YoY to USD 9.99bn, but declined 7% when excluding variable compensation, litigation, and currency effects.

• Cost/income ratio improved to 72.9%, and 70% on an underlying basis.

• Tangible book value per share was USD 26.89; book value per share USD 29.12.

• CET1 capital ratio at 14.4%, leverage ratio at 4.4%, LCR 177%, NSFR 115%.

Outlook and guidance

• On track to achieve or exceed 2026 exit rate return and cost/income ratio targets; cumulative integration-related expenses at USD 12.6bn.

• Integration-related expenses for H2 2026 projected at CHF 750m.

• GWM net interest income expected to grow ~10% in 2026 vs. 2025, with modest sequential increase in Q3 2026.

• P&C credit loss expense for H2 expected to average CHF 75m per quarter, with full-year CLE below previous CHF 300m estimate.

• Market conditions remain constructive, but geopolitical and inflation risks persist.