UBS Group (UBSG) Q4 2025 earnings summary

Executive summary

• Q4 2025 net profit was $1.2bn (CHF 1.2bn), up 56% year-over-year, with EPS of $0.37 and group invested assets exceeding $7trn, driven by strong revenue growth and cost reductions.

• Full-year 2025 net profit reached $7.8bn, a 53% increase year-over-year, reflecting robust performance across core businesses and successful Credit Suisse integration.

• Underlying pre-tax profit rose 62% year-over-year to $1.7bn in Q4, with cumulative gross cost savings of $10.7bn and 85% of Swiss-booked accounts migrated.

• Group invested assets at year-end were $7.0trn, up 15% year-over-year, with GWM net new assets of $101bn and AM net new money of $30bn.

Financial highlights

• Q4 2025 total revenues were $12.1bn, up 4% year-over-year; underlying revenues grew 10%.

• Underlying profit before tax was $2.9bn in Q4, up 62% year-over-year; cost/income ratio improved to 75.2%.

• Full-year ordinary dividend increased 22% to $1.10 per share; diluted EPS for FY25 was $2.36.

• CET1 capital ratio at year-end was 14.4%, with a leverage ratio of 4.4%.

• Tangible book value per share grew to $26.93.

Outlook and guidance

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

• Ambition to reach ~18% reported RoCET1 and ~67% cost/income ratio by 2028.

• Expecting GWM net new assets to exceed $125bn in 2026 and over $200bn per annum by 2028.

• Dividend per share planned to increase mid-teens percent in 2026; $3bn share buybacks planned for 2026.

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