UBS Group (UBSG) Q3 2026 earnings summary

Executive summary

• 3Q26 PBT was $3.587bn, up 27% YoY; underlying PBT was $4.077bn, up 14%, marking the sixth consecutive quarter of positive operating leverage.

• Net profit attributable to shareholders was $2.690bn; GWM net new assets reached $55.1bn and invested assets across the firm were $7.3tn.

• Integration advanced toward substantial completion by year-end; cumulative gross cost savings reached $13.2bn, with ~90% of legacy applications decommissioned.

Financial highlights

• Reported revenue rose 5% YoY to $13.350bn; underlying revenue increased 10% to $13.387bn, with core-business revenue up 3%.

• Reported operating expenses fell 2% YoY to $9.65bn; diluted EPS was $0.85, and reported cost/income ratio was 72.3%.

• Q3 net interest income was $2.41bn, up 22% YoY; net fee and commission income was $7.49bn, up 4%.

• Credit loss expense was $114m; tax expense was $887m and the effective tax rate was 24.7%.

• Reported results included $452m of integration-related expenses and PPA effects, plus a $346m net loss on repurchasing legacy Credit Suisse debt.

Outlook and guidance

• 2026 exit targets remain ~15% underlying RoCET1 and below 70% underlying cost/income ratio; management expects to exceed the RoCET1 target.

• 2028 ambitions are ~18% reported RoCET1 and ~67% reported cost/income ratio; capital guidance is ~14% CET1 and above 4.0% CET1 leverage ratios.

• Gross cost savings are expected to reach ~$13.7bn by year-end 2026; Q4 integration expenses are expected near $0.5bn.

• Year-end CET1 ratio is expected at or very close to ~14%, potentially including an accrual for initial 2027 buybacks; the full-year tax rate is expected to be ~23%, excluding DTA remeasurement effects.

• Q4 GWM NII is expected to rise low-single-digit sequentially; P&C NII is expected to increase slightly in CHF, and Global Banking revenue to rise sequentially assuming constructive markets.