UBS Group AG (UBS) is a Swiss-headquartered global financial services company with roots dating back to 1862. Today, UBS operates as a diversified wealth management and investment banking group, serving clients across major regions through global platforms spanning advisory, investing, financing, and capital markets. Business model and segments: UBS is ...UBS Group AG (UBS) is a Swiss-headquartered global financial services company with roots dating back to 1862. Today, UBS operates as a diversified wealth management and investment banking group, serving clients across major regions through global platforms spanning advisory, investing, financing, and capital markets.
Business model and segments: UBS is commonly structured around major lines of business. Global Wealth Management focuses on helping private clients—including affluent and ultra-high-net-worth individuals—with investment advice, portfolio solutions, lending (such as mortgages and securities-based lending), and comprehensive wealth and estate planning. Personal & Corporate Banking provides everyday banking and financing for individuals and businesses, including deposits, cards, digital banking services, and a range of credit and investment-related offerings. Asset Management manages client assets through a broad set of investment strategies, such as equities, fixed income, hedge-fund style products, real estate and private-market investments, and multi-asset solutions, along with advisory and fiduciary services.
UBS’s Investment Bank supports corporations and institutional clients with strategic advice and capital raising, including activity across global capital markets. It also supports trading and financing of securities, risk management, and liquidity optimization, backed by market research and client coverage.
Products and services: Across these segments, UBS provides financial advice and solutions rather than a single product category—ranging from investment management and portfolio construction to lending, custody/transactional banking, structured credit and private placements, and advisory around major business and funding needs.
Scale and cost considerations: As a large diversified bank and wealth manager, UBS’s economics are influenced by regulated capital, liquidity and risk management requirements, funding and transaction volumes, and technology and compliance costs associated with serving institutions and high-net-worth clients. Operating a global platform also entails significant fixed and semi-fixed infrastructure costs (technology, operations, and compliance), while revenue can be sensitive to market conditions such as interest rates, credit spreads, and equity/volatility environments.
Leadership and governance: UBS is led by Sergio P. Ermotti as Group CEO and President of the Executive Board of UBS AG (with a history of serving in senior leadership roles across previous periods). The firm’s chairman and executive leadership oversee strategy spanning client growth, balance-sheet discipline, and risk governance.
In summary, UBS combines wealth management capabilities with banking and capital markets expertise, delivering integrated financial solutions that connect advice, asset management, financing, and market access for clients worldwide.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$73.8B
-0.5%
+0.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$7.8B
+68.2%
-7.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+63.3%
+14.4%
-1.4%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+12.0%
+43.7%
-6.9%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+10.5%
+69.1%
-8.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$15.5B
+1116.2%
-100.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+20.9%
+1122.4%
-100.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
394.7%
-4.9%
-0.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.42x
+45.2%
-96.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Ladies and gentlemen, good morning. Welcome to the UBS Second Quarter 2026 Results. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, madam.
Sarah Mackey : Good morning, and welcome, everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our annual report together with additional disclosures in our SEC filings. Throughout our remarks, we will refer to underlying results in U.S. dollars and make year-over-year comparisons unless stated otherwise. On Slide 2, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, Group CEO.
Sergio Ermotti : Thank you, Sarah, and good morning, everyone. Almost 3 years ago, we presented our first set of consolidated results. From the beginning, I made it clear that the acquisition of Credit Suisse was not a gift that we received, but rather a price that we would have all had to fight to win. As expected, the journey was not a straight line, it required a lot of hard work from my colleagues at UBS and painful decisions. Now these efforts are paying off and the extraordinary patience and support of our shareholders is starting to be rewarded. In the first half of the year, we achieved a return on CET1 capital of around 17%. While the year is not over, we are close to achieving the same level of profitability UBS had prior to the acquisition, underscoring our efforts over the last 3 years. Just as importantly, we laid the foundation to drive sustainable value creation and long-term growth while providing enhanced capabilities to our clients and even better opportunities for our people. The second quarter provided further evidence of the power of our globally diversified franchise and our potential. Markets remained remarkably resilient and client sentiment was constructive, supported by growing confidence in the long-term outlook for global growth and continued investment in AI and emerging technologies. Against this backdrop, our integrated One Bank model remains a key driver of growth as we deliver the full breadth of our capabilities across the firm to clients, deepening relationships and reinforcing our competitive position. This was reflected in another quarter of robust inflows into our Global Wealth and Asset Management platforms, which drove group invested assets to a record of $7.3 trillion. The value of collaboration is most evident in the performance of our APAC and Americas regions this quarter, where we achieved several revenue records across our franchises. Profit before tax doubled in APAC and grew by 85% in the Americas. In Switzerland, we granted or renewed around CHF 40 billion of loans to businesses and households, and we saw broad-based growth across all our businesses booked in Switzerland and for …