UBS Group (UBSG) Q4 2025 (Media) earnings summary

Executive summary

• Management addressed capital upstreaming, integration progress, regulatory matters, and business outlook, expressing confidence in strategic targets despite market and regulatory headwinds.

• Net profit for 4Q25 was USD 1.2bn, up 56% YoY; FY25 net profit reached USD 7.8bn, up 53% YoY.

• Diluted EPS for 4Q25 was USD 0.37 (up 61% YoY); FY25 diluted EPS was USD 2.36 (up 55% YoY).

• Group invested assets surpassed USD 7trn for the first time, up 15% YoY.

• Integration of Credit Suisse is progressing, with ~85% of Swiss-booked accounts migrated, lower-than-expected client attrition, and cost synergies raised to USD 13.5bn.

Financial highlights

• 4Q25 profit before tax (PBT) was USD 1.7bn; underlying PBT was USD 2.87bn, both up 62% YoY.

• FY25 reported PBT was USD 8.85bn; underlying PBT was USD 11.73bn, up 30% and 33% YoY, respectively.

• CHF 9bn dividend accrued at UBS AG, with CHF 4.5bn to be paid in the first half and the remainder under review.

• CHF 13bn was upstreamed in 2024, and CHF 9bn is expected for the current year.

• A loss was booked on the O'Connor sale and a USD 457m net loss on the USD 8.5bn repurchase of Credit Suisse legacy debt.

Outlook and guidance

• On track to complete Credit Suisse integration by end-2026, with further cost synergies of USD 2.8bn expected in 2026.

• 2026 exit rate targets: underlying RoCET1 ~15%, underlying cost/income ratio <70%.

• 2028 ambitions: reported RoCET1 ~18%, cost/income ratio ~67%, and net new assets targeted at CHF 200bn as headwinds subside.

• Dividend per share planned to increase by mid-teens percent in 2026; USD 3bn share repurchase planned for 2026.

• Underlying cost income ratio below 50% by end of 2026 is likely delayed due to Swiss franc interest rate headwinds.