ar25ubsswitzerlandags

6-K 1 ar25ubsswitzerlandags.htm ar25ubsswitzerlandags

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,

D.C. 20549

_________________

FORM 6-K

REPORT OF FOREIGN PRIVATE

ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Date: March 9, 2026

UBS Group AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

(Address of principal executive office)

Commission File Number: 1-36764

UBS AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

Aeschenvorstadt 1, 4051 Basel, Switzerland

(Address of principal executive offices)

Commission File Number: 1-15060

Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form

40-

Form 20-F

☒

Form 40-F

☐

This

Form

6-K

consists

the

UBS

Switzerland

audited

standalone

financial

statements

for

the

year

ended

31 December 2025, which appear immediately following this page.

UBS Switzerland AG

Standalone financial statements and regulatory

information for the year ended

31 December 2025

Table of contents

Report of the statutory auditor

UBS Switzerland AG standalone financial statements

Statement of changes in equity

Name, legal form and registered office

Accounting Policies, Change in Organization and Risk

Management

Net trading income by business

Net trading income by underlying risk category

Personnel expenses

General and administrative expenses

Extraordinary income and expenses

Taxes

Securities financing transactions

Collateral for loans and off-balance sheet transactions

Impaired financial instruments

10a

Allowances

10b

Provisions

10c

Development of allowances and provisions for credit

losses

10d

Balance sheet and off-balance sheet positions subject to

ECL

10e

Financial assets subject to credit risk, by rating category

Trading portfolio and other financial instruments

measured at fair value

Derivative instruments

13a

Financial investments by instrument type

13b

Financial investments by counterparty rating – debt

instruments

Investments in subsidiaries and other participations

Companies in which the bank holds a permanent direct

or indirect significant participation

Property, equipment and software

Goodwill and other intangible assets

18a

Other assets

18b

Other liabilities

Pledged assets

Maturity structure of financial instruments

Assets and liabilities by domestic and foreign origin in

accordance with the domicile principle

Total assets by geographical location

Country risk of total assets

Assets and liabilities by the most significant currencies for

the bank

Bonds issued and loans from central mortgage

institutions

26a

Share capital

26b

Significant shareholders

Pension plans

Related parties

Fiduciary transactions

30a

Invested assets and net new money

30b

Development of invested assets

Statement of proposed appropriation of total profit

and dividend distribution

UBS Switzerland AG standalone regulatory

information

Key metrics for the fourth quarter of 2025

Swiss systemically relevant bank going and gone concern

requirements and information

Sustainability and climate risk

Cautionary statement

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements (audited)

UBS Switzerland AG standalone financial statements

(audited)

Income statement

For the year ended

CHF m

Note

31.12.25

31.12.24

Interest and discount income

7,754

10,715

Interest and dividend income from financial investments

767

561

Interest expense

(3,531)

(6,185)

Gross interest income

4,990

5,091

Credit loss (expense) / release

(205)

(292)

Net interest income

4,785

4,799

Fee and commission income from securities and investment business

4,942

4,458

Credit-related fees and commissions

307

283

Other fee and commission income

1,151

1,290

Fee and commission expense

(1,377)

(937)

Net fee and commission income

5,023

5,094

Net trading income

1,212

1,268

Net income from disposal of financial investments

Dividend income from investments in subsidiaries and other participations

373

127

Income from real estate holdings

Sundry ordinary income

529

619

Sundry ordinary expenses

(29)

(47)

Other income from ordinary activities

923

745

Total operating income

11,943

11,906

Personnel expenses

3,130

2,988

General and administrative expenses

5,881

5,487

Subtotal operating expenses

9,011

8,476

Impairment of investments in subsidiaries and other participations

Depreciation and impairment of property, equipment and software

326

349

Amortization and impairment of goodwill and other intangible assets

Changes in provisions for litigation, regulatory and similar matters, and other provisions

Total operating expenses

9,397

8,931

Operating profit

2,546

2,975

Extraordinary income

Extraordinary expenses

Tax expense / (benefit)

423

513

Net profit / (loss) for the period

2,128

2,371

1 Contains nine months of profit and loss information

of the former Credit Suisse (Schweiz) AG.

Refer to Note 2 for more information.

2 Interest and discount income includes negative interest

income on financial

assets of CHF 1m and CHF 4m for the years ended 31 December 2025 and 31 December 2024, respectively.

3 Interest expense includes negative interest expense on financial liabilities of CHF 68m and CHF 5m for

the years ended 31 December 2025 and 31 December 2024, respectively.

UBS Switzerland AG standalone financial statements (audited)

Balance sheet

CHF m

Note

31.12.25

31.12.24

Assets

Cash and balances at central banks

88,185

103,477

Due from banks

10,109

9,217

Receivables from securities financing transactions

1,899

11,229

Due from customers

9, 10

78,653

77,552

Mortgage loans

9, 10

282,607

282,382

Trading portfolio assets

2,344

2,011

Derivative financial instruments

3,911

4,275

Financial investments

29,741

22,478

Accrued income and prepaid expenses

885

732

Investments in subsidiaries and other participations

14, 15

675

1,101

Property, equipment and software

1,005

1,078

Goodwill and other intangible assets

160

Other assets

571

694

Total assets

500,746

516,228

of which: subordinated assets

105

of which: subject to mandatory conversion and / or debt waiver

105

Liabilities

Due to banks

82,622

84,123

of which: total loss-absorbing capacity eligible

27,247

27,374

Payables from securities financing transactions

7,518

9,202

Due to customers

348,604

359,045

Trading portfolio liabilities

183

258

Derivative financial instruments

1,894

1,478

Bonds issued and loans from central mortgage institutions

31,728

31,574

Accrued expenses and deferred income

1,603

1,962

Other liabilities

2,843

2,541

Provisions

327

447

Total liabilities

477,321

490,631

Equity

Share capital

Statutory capital reserve

21,286

21,837

of which: capital contribution reserve

20,575

20,675

of which: other statutory capital reserve

711

1,161

Voluntary earnings reserve

1,378

Net profit / (loss) for the period

2,128

2,371

Total equity

23,425

25,596

Total liabilities and equity

500,746

516,228

of which: subordinated liabilities

27,274

27,409

of which: subject to mandatory conversion and / or debt waiver

27,274

27,409

UBS Switzerland AG standalone financial statements (audited)

Balance sheet (continued)

CHF m

31.12.25

31.12.24

Off-balance sheet items

Contingent liabilities, gross

12,850

16,009

Sub-participations

(1,053)

(1,013)

Contingent liabilities, net

11,797

14,996

of which: guarantees to third parties related to subsidiaries

of which: credit guarantees and similar instruments

5,354

7,090

of which: performance guarantees and similar instruments

4,699

5,025

of which: documentary credits

1,720

2,858

Irrevocable commitments, gross

26,801

28,241

Sub-participations

(37)

(30)

Irrevocable commitments, net

26,763

28,211

of which: loan commitments

25,270

26,663

of which: payment commitment related to deposit insurance

1,494

1,549

Forward starting transactions

125

2,800

of which: reverse repurchase agreements

2,800

of which: repurchase agreements

Liabilities for calls on shares and other equity instruments

168

1 Cash to be paid in the future by either UBS or the counterparty.

Off-balance sheet items

UBS Switzerland AG

is jointly

and severally

liable for

the combined

value-added tax

(VAT)

liability of

UBS entities

that

belong to the VAT

group of UBS in Switzerland. This contingent liability is not included in the table above.

Swiss deposit insurance

Swiss

banking

law

and

the

deposit

insurance

system

require

Swiss

banks

and

securities

dealers

jointly

guarantee

privileged client deposits in the event that a Swiss bank or securities dealer becomes insolvent. The payment obligations

for all banks

corresponds to the

value specified in

applicable law of

1.6% of all

protected deposits in

Switzerland. The

of UBS

Switzerland AG

in the

table above

decreased to

CHF 1,494m as

of 31

December 2025,

compared with

CHF 1,549m as of 31 December 2024.

Joint and several liability

June

2015,

the

Personal

Corporate

Banking

and

Wealth

Management

businesses

booked

Switzerland

were

transferred from UBS AG to UBS Switzerland AG through an asset transfer in accordance with the Swiss Merger Act.

As of

31 December

2025, the

joint and

several liability

of UBS

Switzerland AG

for contractual

obligations of

UBS AG

amounted to CHF 1.5bn, compared with CHF 2.4bn as of 31 December 2024.

Furthermore, as of 31 December

2025, UBS Switzerland AG was

also jointly and severally liable

for UBS AG’s liabilities of

CHF 529m (compared

with CHF

538m as

31 December

2024) under

the international

covered bond

program, for

which UBS Switzerland AG

has pledged assets with

a carrying value of

CHF 875m. UBS AG has

provided cash deposits

to UBS Switzerland AG to fully collateralize this contingent liability.

As of 31 December 2025, the probability of cash outflows for these matters was assessed to be remote and, as a result,

no exposures were included in the table above.

Statement of changes in equity

CHF m

Share capital

Statutory

capital reserve

Voluntary

earnings reserve

Net profit /

(loss) for the

period

Total equity

Balance as of 1 January 2025

21,837

1,378

2,371

25,596

Dividends and other distributions

(550)

(1,378)

(2,371)

(4,300)

Net profit / (loss) for the period

2,128

Balance as of 31 December 2025

21,286

2,128

23,425

1 Includes CHF 100m of dividend in kind. Refer to Note 2 for more information.

UBS Switzerland AG standalone financial statements (audited)

Note 1

Name, legal form and registered office

UBS Switzerland AG is incorporated and

domiciled in Switzerland and operates

under Art. 620 et seq. of

the Swiss Code

of Obligations and Swiss banking law as an

Aktiengesellschaft

, a corporation limited by shares. Its registered

office is at

Bahnhofstrasse 45, CH-8001 Zurich, Switzerland. UBS Switzerland

AG is 100%

owned by UBS

AG.

Note 2

Accounting Policies, Change in Organization and Risk Management

a) Significant accounting policies

The

UBS

Switzerland AG

standalone

financial

statements

are

prepared

accordance

with

Swiss

GAAP

(the

FINMA

Accounting

Ordinance,

FINMA

Circular

2020/1

“Accounting

–

banks”

and

the

Banking

Ordinance)

and

represent

“reliable assessment statutory

standalone financial statements”. The

accounting policies are

principally the same as

for

the consolidated

financial statements of

UBS Group AG

outlined in

Note 1 to

the consolidated

financial statements

UBS

Group AG

included

the

UBS

Group AG

Annual

Report

2025.

Major

differences

between

the

Swiss

GAAP

requirements and

IFRS Accounting Standards

are described in

Note 32 to the

consolidated financial statements of

UBS

Group AG. The functional currency of UBS Switzerland AG is the Swiss franc. The significant accounting policies

applied

for the standalone financial statements of UBS Switzerland AG are discussed below.

›

Refer to the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

, for more information

Compensation policy

The

compensation

structure

and

processes

UBS

Switzerland AG

conform

the

compensation

principles

and

framework of UBS Group AG.

›

Refer to the UBS Group AG Compensation Report 2025, available under “Annual reporting”

ubs.com/investors

, for more

information

Deferred compensation

UBS Group AG is the grantor of the majority of UBS’s deferred compensation plans. Expenses for awards granted under

such plans to UBS Switzerland AG employees are charged by UBS Group AG to UBS Switzerland AG.

›

Refer to “Note 26 Employee benefits: variable compensation”

in the “Consolidated financial statements” section of the UBS Group

Annual Report 2025, available under “Annual reporting” at

ubs.com/investors

, for more information

Foreign currency translation

Transactions

denominated in foreign currency

are translated into Swiss

francs at the spot exchange

rate on the date of

the transaction. At

the balance sheet

date, all monetary

assets and liabilities,

as well as

equity instruments recorded

Trading portfolio assets

and

Financial investments

, denominated

in foreign currency are

translated into Swiss

francs using

the closing exchange rate.

Non-monetary items measured at historic

cost are translated at the spot

exchange rate on the

date of the transaction. All currency translation effects are recognized in the income statement.

The main

currency translation

rates used

by UBS

Switzerland AG are

provided in

Note 31 to

the consolidated financial

statements of UBS Group AG.

›

Refer to the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

for more information

Group-internal funding

UBS Switzerland AG

obtains funding from

UBS AG in

the form of

loans that qualify

as going concern

additional tier 1

(AT1)

capital

and

gone concern

loss-absorbing capacity

the

UBS

Switzerland AG

standalone

level.

portion

Group-internal funding obtained is further on lent to a subsidiary in the form of loans.

Where such Group-internal

funding is eligible

to meet the

requirements for total

loss-absorbing capacity (TLAC)

at the

level of UBS Switzerland AG,

the aggregate amount of

the respective obligations is separately

disclosed on the balance

sheet. For those TLAC

instruments that are eligible

to meet the going concern

capital requirements (i.e. are

subordinated

and subject to mandatory

conversion and / or

debt waiver, as explained

below), the aggregate corresponding

amounts

are disclosed on the balance sheet.

Obligations of

UBS Switzerland

AG arising

from Group-internal

funding it

has received

are presented

Due to

banks

and measured

at amortized

cost. UBS

Switzerland AG

claims arising

from Group-internal

funding it

has provided

are

presented as

Due from banks

and are measured at amortized cost less any allowance for expected credit losses.

UBS Switzerland AG standalone financial statements (audited)

Note 2

Accounting Policies, Change in Organization and Risk Management (continued)

Subordinated assets and liabilities

Subordinated assets are composed

of claims that,

based on an

irrevocable written declaration,

in the event

of liquidation,

bankruptcy or

composition concerning

the debtor,

rank

after

the

claims

of all

other

creditors

and

may

not be

offset

against

amounts

payable

the

debtor

nor

secured

its

assets.

Subordinated

liabilities

are

composed

corresponding obligations.

Subordinated liabilities

that contain

a point-of-non-viability

clause in

accordance with

Swiss capital

requirements pursuant

to Art. 29

and 30 of

the Capital Adequacy

Ordinance are disclosed

as being

Subject to mandatory

conversion and /

debt waiver

and provide for the

claim or the

obligation to be written

off or converted

into equity in the

event that the

issuing bank reaches a point of non-viability.

Services received from and provided to Group entities

UBS Switzerland AG receives services from UBS Business Solutions AG,

the main Group service company, mainly relating

Group

Technology,

Group

Operations

and

Group

Corporate

Services,

well

certain

other

services

from

other

Group entities. UBS Switzerland AG provides

services to Group entities,

mainly relating to the distribution

of security and

investment products. Services received from and provided to Group entities are settled in cash as entity cost transfers or

entity revenue transfers paid or received.

When the

nature of

the underlying

transaction between

UBS Switzerland

AG and

the Group

entity contains

a single,

clearly identifiable service

element, related income

and expenses are

presented in the

respective income statement

line

item, e.g.

Fee and commission income from securities and

investment business

Other fee and commission income

Fee

and commission

expense

Net trading

income

General and

administrative expenses

To the

extent the

nature of

the

underlying transaction contains various service elements and

is not clearly attributable to a

particular income statement

line item, related income and expenses are presented in

Sundry ordinary income

and

Sundry ordinary expenses

›

Refer to Note 5 for more information

Post-employment benefit plans

UBS Switzerland

AG has

elected to

apply Swiss

accounting standards

for the

pension plans

in its

standalone financial

statements. The requirements

of the Swiss

accounting standards are

better aligned with

the specific nature

of pension

plans, which are hybrid in that they combine elements of defined

contribution and defined benefit plans but are treated

defined

benefit

plans

under

IFRS

Accounting

Standards.

Swiss

accounting

standards

require

that

the

employer

contributions

the

pension

fund

are

recognized

Personnel

expenses

the

income

statement.

The

employer

contributions to

the pension

fund are

determined as

a percentage

of contributory

compensation. Furthermore,

Swiss

accounting

standards

require

assessment

whether,

based

the

financial

statements

the

pension

funds

prepared in accordance with Swiss accounting standards (Swiss GAAP FER 26), an economic benefit to,

or obligation of,

UBS Switzerland

AG arises

from

the pension

funds that

is recognized

in the

balance sheet

when conditions

are

met.

Conditions for recording a pension asset or liability would be met if, for example, an employer contribution reserve

was

available or UBS Switzerland AG was required

to contribute to the reduction of a

pension deficit (on the pension plan’s

Swiss GAAP FER 26 basis).

›

Refer to Note 27 for more information

Deferred taxes

Deferred tax assets are not

recognized in UBS Switzerland AG’s standalone financial statements.

However,

deferred tax

liabilities

may

recognized

for

taxable

temporary

differences.

Changes

the

deferred

tax

liability

balance

are

recognized in the income statement.

Allowances and provisions for expected credit losses

UBS Switzerland AG is

required to

apply an expected

credit loss (ECL)

approach for

non-impaired financial instruments

in its standalone financial statements in addition to the approach for impaired financial instruments.

For non-impaired

exposures within

the scope

of the

Swiss GAAP

ECL requirements,

UBS Switzerland AG

has generally

chosen to apply the IFRS

Accounting Standards ECL approach

that is applied in the

UBS Group AG consolidated financial

statements for

its standalone

financial statements.

These exposures

include all

financial assets

measured at

amortized

cost

under

both

Swiss

GAAP

and

IFRS

Accounting

Standards,

fee

and

lease

receivables,

guarantees,

irrevocable

loan

commitments,

revolving

revocable

credit

lines,

and

forward

starting

reverse

repurchase

and

securities

borrowing

agreements. Further information about the ECL approach under IFRS Accounting Standards is provided in Note 1 to the

consolidated financial statements of UBS Group AG.

UBS Switzerland AG standalone financial statements (audited)

Note 2

Accounting Policies, Change in Organization and Risk Management (continued)

UBS

applies a

single

definition of

default for

credit

risk

management purposes,

regulatory

reporting and

ECL, with

counterparty classified as defaulted based on quantitative and qualitative criteria.

›

Refer to the ‘’Risk management and control”

section of the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

, for more information

An allowance

for credit

losses is

reported as

a decrease

in the

carrying amount of

a financial

asset. For

an off-balance

sheet

item, such

as a

commitment, a

provision for

credit losses

is reported

Provisions

. Changes

to allowances

and

provisions for credit losses are recognized in

Credit loss (expense) / release

›

Refer to Note 10 for more information

Dispensations in the standalone financial statements

As UBS

Switzerland AG

has no

listed shares

outstanding and

is within

the scope

of the

UBS Group

AG consolidated

financial statements

prepared in accordance

with IFRS Accounting

Standards, UBS Switzerland

AG is

exempt from various

disclosures in the standalone financial statements. The dispensations include the management report and the

statement

of cash flows. As the UBS Group AG consolidated financial statements are presented

in US dollars, UBS Switzerland AG

provides certain Notes disclosures that would otherwise be covered by

the disclosure dispensation, i.e. Notes 14, 15, 16,

17, 20, 21, 22, 24 and 25.

Covered bonds issued

UBS Switzerland

AG issues

bonds collateralized

with pledged

mortgage loans.

These covered

bonds are

presented as

Bonds issued and loans from central mortgage institutions

and are measured at amortized cost.

Issued and repurchased

covered bonds are

deemed extinguished for

accounting purposes and

are derecognized from

the

balance sheet. Such

covered bonds may

serve as collateral

in securities financing

transactions. In these

cases, the pledged

mortgage loans covering the repurchased bonds are disclosed as collateral for the securities financing transaction.

›

Refer to Note 25 and Note 19 for more information

b) Change in accounting policies

There were no significant changes in accounting policies during 2025.

c) Change in organization

Transfer of Wealth Management International and Global Financial Intermediaries businesses

In 2025, UBS decided to consolidate the

Wealth Management International business, the

Global Financial Intermediaries

business, and other related businesses

booked in Switzerland in UBS

AG to further optimize Group

legal and operational

structures and to address regulatory considerations.

In the

second quarter

of 2025,

UBS Switzerland

AG transferred

the beneficial

ownership of

the Wealth

Management

International business and the Global Financial

Intermediaries business booked in UBS Switzerland AG

to UBS AG, with

effect from 1 January 2025.

The transfer was made in

the form of a dividend

in kind amounting to CHF

100m, reflecting

the

net

asset

value

the

in-scope

businesses.

the

fourth

quarter

2025,

UBS

Switzerland

transferred

the

beneficial ownership of the

related businesses to UBS

AG, with effect from

1 May 2025. The

transfer was made in

the

form of a dividend in kind amounting to CHF 1,000, reflecting the net asset value of the in-scope businesses.

UBS

Switzerland

will

continue to

manage

the

businesses

under

contractual

relationship

with

UBS

until

the

completion of legal

transfer, which is

expected to take

place in 2028,

and will continue

to recognize the

underlying assets

and liabilities

of the

relevant businesses

until then.

UBS AG’s

share of

the net

profits of

CHF 555m for

the full

year of

2025 is reflected in

Fee and commission expense

Swisscard AECS GmbH

In October 2024, UBS

entered into an agreement

to sell to American Express

Swiss Holdings GmbH (American Express)

its 50%

participation in Swisscard

AECS GmbH (Swisscard),

a joint

venture in Switzerland

between UBS and

American

Express, subject to

certain closing conditions.

Also in October

2024, UBS entered

into an agreement

with Swisscard to

transition the

Credit Suisse-branded

card portfolios

to UBS.

In January

2025, UBS

completed the

purchase of

the card

portfolios and recorded goodwill in the amount of CHF

200m. As of 31 December 2025, the 50% interest in

Swisscard

was presented

Financial investment

and measured

at lower

of cost

or market.

In January

2026, UBS

completed the

sale of its interest in Swisscard.

UBS Switzerland AG standalone financial statements (audited)

Note 2

Accounting Policies, Change in Organization and Risk Management (continued)

Merger with Credit Suisse (Schweiz) AG

In 2024,

the Board

of Directors

of UBS

Group AG

approved the

merger of

UBS Switzerland

AG and

Credit Suisse

(Schweiz)

AG.

Following

approvals

from

their

respective

boards

and

FINMA,

both

entities

signed

final

merger

agreement

25 June

2024.

1 July

2024,

UBS

Switzerland

formally

completed

the

merger

absorption

Credit

Suisse

(Schweiz) AG.

In the standalone financial statements

of UBS Switzerland AG, the

acquisition has been applied retroactively

as of 1 April

2024 at

the previous

book values

of Credit

Suisse (Schweiz)

AG. Accordingly,

the merger

balance sheet

with assets

CHF 220,174m and

liabilities of

CHF 208,991m

was initially

recognized, with

a corresponding

increase of

Statutory capital

reserves

in equity of CHF 10,483m, of

which CHF 9,322m was attributed to

Statutory capital contribution reserves

and

CHF 1,161m to

Other statutory

capital reserves

. An

amount of

CHF 700m was

retained in

Profit carried

forward

and

subsequently

distributed

dividend,

approved

the

Annual

General

Meeting

Credit

Suisse

(Schweiz)

23 April 2024, before the merger was legally effective. Similarly, UBS Switzerland AG’s accounting policies were applied

retroactively as of 1 April 2024, which

resulted in a measurement loss of CHF 91m, which

was recorded as

Extraordinary

expense

d) Events after the reporting period

Sale of interest in Swisscard AECS GmbH

January

2026,

UBS

Switzerland

completed

the

sale

its

50%

interest

Swisscard

American

Express.

The

transaction is expected to generate a gain of approximately CHF 0.3bn, subject to potential post-closing adjustments.

Transfer of Wealth Management International and Global Financial Intermediaries businesses

In connection with the migration of

legacy Credit Suisse clients to UBS’s

client platform, UBS has decided to

transfer to

UBS Switzerland AG,

the Wealth Management

International business, the

Global Financial Intermediaries

business and

other

businesses

booked

UBS

Switzerland

that

are

associated

with

legacy

Credit

Suisse

clients.

The

beneficial ownership of

these businesses is

retained by

UBS AG.

The execution

of the

transfer is

effected through two

statutory bulk transfers pursuant to the Swiss Merger

Act, both with effect as of 1 January 2026. The

combined transfer

balance sheets consist of assets of CHF 13.1bn (mainly loans) and liabilities of CHF 12.6bn (mainly customer deposits).

e) Risk management

UBS Switzerland AG

is fully

integrated into

the Group-wide

risk management

process described

in the

audited part

the “Risk management and control” section of the UBS Group AG Annual Report 2025.

More information

about the

use of

derivative instruments

and hedge

accounting is

provided in

Notes 1 and

10 to

the

consolidated financial statements of UBS Group AG.

›

Refer to the UBS Group Annual Report 2025, available under “Annual reporting”

ubs.com/investors

, for more information

UBS Switzerland AG standalone financial statements (audited)

Note 3a

Net trading income by business

For the year ended

CHF m

31.12.25

31.12.24

Global Wealth Management

529

555

Personal & Corporate Banking

665

625

Other business divisions and Group Items

Total net trading income

1,212

1,268

1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer

to Note 2 for more information.

Note 3b

Net trading income by underlying risk category

For the year ended

CHF m

31.12.25

31.12.24

Foreign exchange instruments

1,112

1,166

SEC Form 6-K filed by UBS Group AG Registered