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

Executive summary

• Management addressed cost reduction, capital allocation, regulatory developments, and integration progress following the Credit Suisse acquisition, with net profit for 4Q25 at USD 1.2bn (up 56% YoY) and FY25 net profit at 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.

• Dividend increased by 22% YoY to USD 1.10 per share; USD 3bn share repurchase completed for FY25.

• Integration of Credit Suisse progressed, with ~85% of Swiss-booked accounts migrated and cost synergies raised to USD 13.5bn.

Financial highlights

• CHF 9 billion dividend accrued at UBS AG, with CHF 4.5 billion to be paid in the first half of the year; CHF 13 billion was upstreamed in 2024.

• 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.

• Cost/income ratio for FY25 was 81.1%; underlying cost/income ratio was 74.4%.

• Loss booked on the O'Connor sale due to proceeds being less than the carrying value.

Outlook and guidance

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

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

• Net new assets expected to reach CHF 125 billion in 2026, growing from CHF 100 billion, with a target of CHF 200 billion by 2028.

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

• Markets seen as broadly constructive, but event-driven volatility and geopolitical risks could impact performance.