UBS Group (UBSG) Q4 2025 earnings summary

Executive summary

• Reported net profit of CHF 1.2 billion (USD 1,199m) in Q4 and CHF 7.8 billion for 2025, with EPS of CHF 0.37 (USD 0.37) and group invested assets exceeding CHF 7 trillion, up 15% year-over-year.

• Underlying pre-tax profit rose 62% year-over-year in Q4 to CHF 2.9 billion (USD 1,700m), driven by revenue growth and cost reductions.

• Achieved CHF 700 million in gross cost savings in Q4, with cumulative gross run rate cost saves of CHF 10.7 billion (USD 10.7bn) by year-end.

• Integration of Credit Suisse is progressing, with 85% of Swiss-booked accounts migrated and major client migrations nearly complete.

• Integration-related expenses of CHF 1.1 billion in Q4; cumulative integration costs expected to reach CHF 15 billion by end-2026.

Financial highlights

• Total revenues increased 4–10% year-over-year in Q4 to USD 12,145m (CHF 12.1bn), with core business revenues up 8% for the full year.

• Cost-income ratio improved to 75% in Q4 (75.2% underlying); underlying return on CET1 capital was 11.9% in Q4 and 13.7% for the year.

• CET1 capital ratio at year-end was 14.4%, with a liquidity coverage ratio of 183%.

• Tangible book value per share: USD 26.93, up 9% year-over-year.

• Diluted EPS for FY25 was USD 2.36.

Outlook and guidance

• Targeting underlying return on CET1 capital of around 15% and cost-income ratio below 70% by end of 2026.

• Expecting net new assets in GWM to exceed $125 billion in 2026 and more than $200 billion per annum by 2028.

• Dividend of USD 1.10 per share proposed for 2025, with a mid-teens percent increase planned for 2026.

• Share repurchases of USD 3 billion planned for 2026, with potential for more depending on regulatory clarity and performance.

• Asset management aims for 3% net new money growth and a cost-income ratio of 65% by 2028.