UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

~~SECURITIES~~Form ~~AND EXCHANGE COMMISSION~~6-K

~~_________________~~REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

~~FORM~~Date: 6March 25, 2026 Commission File Number 001-K33434

~~PURSUANT~~UBS TOAG (Translation ~~RULE~~of ~~13a-16~~Registrant’s ORName ~~15d-16~~Into ~~UNDER~~ English)

~~THE~~Bahnhofstrasse ~~SECURITIES~~45, ~~EXCHANGE~~Zurich, ~~ACT~~Switzerland, ~~OF 1934~~ and

~~Date:~~Aeschenvorstadt ~~March~~1, 9Basel, ~~2026~~Switzerland (Address of Principal Executive Offices)

~~UBS~~Indicate AGby check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

~~(Registrant's~~Form ~~Name)~~20-F ☒ Form 40-F ☐

~~Bahnhofstrasse~~Indicate ~~45,~~by ~~8001~~check ~~Zurich,~~mark ~~Switzerland~~if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

~~(Address~~Indicate ofby ~~principal~~check ~~executive~~mark ~~offices~~if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

~~Commission~~This ~~File~~Form ~~Number:~~6-K 1is hereby incorporated by reference into the registration statement of UBS AG on Form F-~~15060~~3 (Registration Number 333-283672).

Indicate by check mark whether the registrant files or will file annual reports under cover of

Form 20-F or Form 40-F.

☒

☐

Annual Report 2025 |

Sustainability Statement

Management report

with our Basis of preparation.

›

Refer to the Basis of preparation document, available at

ubs.com/sustainability-reporting

, for more information on the metrics

›

Refer to the GRI Content index, available at

ubs.com/sustainability-reporting

, for more information on the metrics with references

to GRI standards

Independent assurance report on selected sustainability

metrics and disclosures

General information

Our business model

Our stakeholder engagement

Governance

Our sustainability governance

Business conduct and corporate culture

Strategy

Our sustainability and impact strategy

Our key aspirations and progress

Environmental information

Our climate transition plan

Supporting our clients’ low-carbon transition

Reducing our own climate impact

Managing the climate impact of our supply chain

Supporting our transition plan: key enablers

Social information

People and culture make the difference

Respecting human rights

Managing sustainability and climate risks

Sustainability and climate risk management framework

Risk identification and measurement

Monitoring and risk appetite setting

Risk management and control

Risk reporting and disclosure

Our investment management approach to sustainability

and climate risks

Resilience of UBS’s strategy and business model

Other supplemental information

Additional UBS Europe SE considerations for

sustainability and climate risk management

Climate-related risk methodologies and scenarios

Information on non-financial disclosures

Information on UBS AG standalone and UBS Europe SE

consolidated pursuant to Art. 8 of the EU Taxonomy

Regulation

UBS Europe SE consolidated

Assets for the calculation of the GAR

105

GAR sector information

106

GAR KPI stock

107

GAR KPI flow

Annual Report 2025 |

General information

Our business model

UBS – who we are

and deliver attractive capital returns to shareholders over the long term.

We are focused on driving sustainable long-term growth while maintaining risk and cost discipline

capital, risk and costs. Maintaining a balance sheet for all seasons remains a foundation of our success and a significant

report.

our risk-weighted assets (RWA).

operate a capital-efficient Investment Bank, which is limited to 25% of Group RWA.

are aligned with our financial targets and ambitions.

We have a global, diversified business model

and social trends affecting wealth distribution, product demand and client experience.

Markets capabilities in the region, and is focused on cross-regional and cross-divisional collaboration to drive growth.

capitalizing on market momentum in the Hong Kong SAR and the mainland of China, leveraging strong cross-divisional

invested assets in Asia Pacific surpassed the USD 1trn milestone for the first time.

domiciled global clients, while further driving profitability in select key markets, including the Middle East.

CHF 350bn.

Annual Report 2025 |

The Investment Bank complements these by delivering insights, execution capabilities and risk management expertise to

jurisdictions in a systematic and integrated manner.

We are investing in our technology to improve the client experience and enhance employee productivity

We continue to focus on investing in a resilient and secure technology infrastructure that is designed to help ensure the

the Group, including the migration of businesses and client accounts to the UBS platforms.

›

Refer to the “Integration of Credit Suisse” section of this report for more information

cycle.

data protection to support keeping our platforms secure, stable and available at all times.

›

such as

UBS Tokenize

UBS Digital Cash

solution, and we are evaluating stablecoins. Finally, we are also exploring access to cryptocurrencies.

pillars: Protect, Grow and Attract.

Excluding Non-core and Legacy.

Asian Private Banker (April 2025) and UBS estimate.

Annual Report 2025 |

Our stakeholder engagement

channels.

Clients

meetings, as well as various corporate road shows and dedicated events, with a mix of hybrid and in-person events.

which are the cornerstones of our business.

Personal & Corporate Banking engages with clients via various means of communication, including regular client events

search engines and helplines, as well as our branch network.

In Asset Management, we use various channels to bring our clients the ideas, understanding and clarity to support their

The Red Thread

Sovereign

Investment Circle

digital platforms.

The Investment Bank hosted more than 240 conferences globally in 2025, providing clients with access to corporations,

and global platform to expand coverage across a broad set of clients.

UBS Live Desk

, built within the

UBS Neo

(UBS-ARC)

academics and analysts in the Americas region.

Client feedback and surveys

processing all demands and issues raised through our central channel, available online.

Annual Report 2025 |

Investors

inquiries, which may then feed into our approach on material topics.

Employees

engagement, empowerment and culture.

Governments and regulators

Combined Operations at the beginning of every year.

participations. Both responses are publicly available.

In recognition of the essential role played by Switzerland’s political parties, UBS provided a total of CHF 1.2m in relation

contributions, including in kind.

›

under “Investor presentations” at

ubs.com/presentations

, for more information

Other key societal stakeholders

Communities

to our efforts to engage with thought leaders at universities and other academic institutions.

Annual Report 2025 |

Non-governmental organizations

understanding of, societal issues and concerns. These may then be considered as part of relevant topic discussions.

sustainable finance, human rights and nature.

Rating agencies

Group Sustainability Report regularly serves as a key source of information for these agencies.

Media

and provide them with timely information on a wide range of global, regional and local topics.

Annual Report 2025 |

Governance

Our sustainability governance

The role of the Board of Directors of the UBS Group and its committees

public organizations.

women. The numbers and percentages are unchanged from 2024.

Committee has oversight of the control framework underpinning sustainability metrics.

›

Refer to the “Corporate Governance” section of this report for more information about BoD committees

climate- and sustainability-related risks and opportunities on UBS.

by the GEB and is led by the Group CEO.

The role of our executive management

As of 31 December 2025, the GEB consisted of 15 executive members, of whom 26.7% were women, and the UBS AG

Switzerland AG, all the members of the GEB are members of the Executive Board of UBS AG. For both the GEB and the

UBS AG Executive Board, the number of members and the percentage of women are unchanged from 2024.

applicable laws and regulations and an appropriate management information system.

Annual Report 2025 |

sustainability and climate, its own workforce, consumers and end users, and business conduct.

Our risk governance framework operates along three lines of defense.

internal standards, including identifying control weaknesses and inadequate processes.

reporting, protecting against non-compliance with applicable laws, rules and regulations.

and internal governance standards.

›

our approach to managing non-financial risks

Annual Report 2025 |

sustainability and climate risk policy framework is applied Group-wide to relevant activities, including client and supplier

relationships.

and reported internally on a quarterly basis.

management compensation and specific climate goals.

We consider the continuous education of the members of the BoD and the GEB to be an important priority and support

level of the organization. Our Code covers our commitment to acting with the long term in mind and creating value for

oversees matters related to climate, nature and human rights.

Annual Report 2025 |

Group Sustainability and Impact

Group Sustainability and Impact develops the Group-wide sustainability and impact strategy and oversees the strategy’s

responsibilities and reporting lines in the Group’s legal entities.

Group Chief Operating Officer

Regulatory Affairs. In relation to disclosures, the Group Chief Operating Officer is responsible for the annual UBS Group

Sustainability Report and associated disclosures process, jointly with the Group Chief Financial Officer.

GSI Business Development and Client Forum

under the oversight of the Group Chief Operating Officer.

Chief Sustainability Officer

process jointly with Group Finance.

Head of Social Impact and Philanthropy

volunteering opportunities to UBS employees.

and Impact Chief Operating Officer supports the Group Chief Operating Officer in developing Group-wide sustainability

sustainability and impact strategy and monitor the progress against these objectives.

GSI Execution Forum

outcomes.

Impact Legal.

Annual Report 2025 |

Business conduct and corporate culture

The Code of Conduct and Ethics of UBS

people management processes. Culture-building behavior is promoted through a number of Group-wide, divisional and

rewards cross-divisional business collaboration and recognizes employees for sharing simplification and innovation ideas

culture.

behalf, where those services help others improperly evade taxes.

›

Refer to the Code of Conduct and Ethics of UBS, available at

ubs.com/code

, for more information

include the following.

–

Above all, our culture and our Principles and Behaviors are the strongest mitigants to our exposure to conduct risk.

–

relevant trends and themes.

including dismissal. In addition, employee conduct is considered in year-end performance and reward decisions.

Annual Report 2025 |

Conduct and culture training

Additionally, all employees must annually affirm that they have read and will adhere to the Code and other key policies,

the Code, we foster a culture where responsible behavior is ingrained in a way that protects our clients, our people and

our shareholders, clients and societies.

Group-wide Escalation Framework

Significant matters requiring immediate senior management awareness and action are managed in accordance with our

preliminary severity and appropriate initial reaction), monitoring / reporting or regular risk assessments.

Whistleblowing protection for employees

are available at all times. All concerns raised are taken seriously and reviewed.

required to complete it during onboarding. This training aligns with the Whistleblowing Protection for Employees policy,

reinforce our commitment to non-retaliation and promote safe reporting options.

We also maintain controls and processes to check for potential retaliation against known whistleblowers.

Group Investigations

We maintain an investigations framework and the Group Investigations Policy, defining clear roles and responsibilities at

(ii) those with prescribed roles and responsibilities over specific investigations.

including whistleblowing investigations.

to the BoD and the GEB, as well as to regulators.

Annual Report 2025 |

Combating financial crime

clients and their activities and has the primary responsibility for managing that risk. Dedicated staff in the second line of

further mitigate these risks through appropriate policies, procedures and controls.

All staff are required to complete the Global Financial Crime Prevention refresher module on an annual basis.

Public–private partnerships

The Wolfsberg Group brings together banks from around the world at its annual forum and regional outreach meetings

this group.

Prevention and detection of corruption and bribery

–

or retain business, or gain any other improper advantage.

–

public officials) or commercial (involving private parties).

The ABC policy sets out a zero-tolerance approach for bribery and corruption; the Group is committed to detecting and

with the principles of the policy.

Each employee is responsible for:

–

policy and related procedures;

–

Annual Report 2025 |

testing to ensure that the framework and controls are appropriately designed and operating effectively.

Policy and framework and may result in disciplinary action, including dismissal, in serious cases.

within our suppliers’ policy: the Anti-bribery and Corruption, Sanctions, Fraud and Anti-Facilitation of Tax Evasion Policy.

›

Refer to

ubs.com/suppliers

, for more information

ABC training is mandatory for all UBS Group employees, including the GEB and the BoD, and is rolled out on an annual

Onboarding and ongoing monitoring

varied frequency, driven by the client risk rating.

financial crime risk.

markets in which we operate.

Annual Report 2025 |

Strategy

Our sustainability and impact strategy

Sustainability and impact vision: be the bank for the next generation

Protect

Manage our business in alignment with our

sustainable, long-term Group strategy and

evolving standards.

Grow

Embed an innovative sustainability and impact

offering across all our business divisions.

Attract

Be the bank of choice for clients and employees.

Protect

regulatory requirements. In addition, we have a climate transition plan in place to support our clients in the transition to

a low-carbon world and to reduce their exposure to transition risks while also mitigating related risks to UBS.

›

decarbonization approach and efforts

›

Grow

›

Impact Business Development & Client Forum and our sustainability governance

Attract

was reaffirmed

›

philanthropic activities

Annual Report 2025 |

and data provided in this section relates to the UBS Group, unless explicitly stated.

Ambitions

Topics

Our aspirations, goals or targets

Progress

1. Protect

Climate

Lending sector decarbonization targets have been established to

address our financed emissions by aligning specified sectors to

decarbonization pathways.

Reduce emissions intensity associated with UBS in-scope lending by

2030 from 2021 levels for:

–

Swiss residential real estate by 45%;

–

Swiss commercial real estate by 48%;

–

power generation by 60%;

–

iron and steel by 27%; and

–

cement by 24%.

Reduce absolute financed emissions associated with UBS in-scope

lending by 2030 from 2021 levels for:

–

fossil fuels by 70%.

Calculated progress against pathways for lending sector

decarbonization targets

(current period: end of 2024 vs 2021

baseline, prior period: end of 2023 vs 2021 baseline).

Changes in emissions intensity associated with UBS in-scope lending:

–

Swiss residential real estate reduced 15% (Prior period: 11%);

–

Swiss commercial real estate reduced 10% (Prior period: 9%);

–

power generation reduced 55% (Prior period: 33%);

–

iron and steel reduced 14% (Prior period: 20%); and

–

cement reduced 4% (Prior period: 3%).

Changes in absolute financed emissions associated with UBS in-

scope lending:

–

fossil fuels reduced 83% (Prior period: 80%).

Asset Management provides choice to enable clients to pursue their

climate goals. We commit that all clients’ net-zero-ambition

portfolios align with the Paris Agreement with interim targets by

latest 2035.

Asset Management had a combined invested assets value of

USD 111.5bn in net-zero-ambition portfolios (2024: USD 64.4bn).

Reduce our scope 1 and 2 emissions to net zero by 2035 (90%

reduction of scope 1 and market-based scope 2 emissions by 2035

vs 2023 baseline, neutralizing the remaining 10% with high-quality

carbon removals).

Scope 1 and market-based scope 2 emissions reduced

by 48% vs 2023 baseline (2024: reduced by 35% vs 2023 baseline).

Reduce our absolute energy consumption by 35% by 2030 vs 2023

baseline.

Absolute energy consumption reduced by 18.8% vs 2023 baseline

(2024: reduced by 9% vs 2023 baseline).

Achieve 100% renewable electricity aligned to RE100 in markets

where feasible by 2026.

Achieved 99.7% renewable electricity aligned with RE100

(2024: 99.8%).

Environment

–

Reduce office printing per FTE by 25% by

2030 vs 2023 baseline.

–

Achieve 90% of recycled paper used for office printing by 2030.

–

Office printing per FTE increased by 2% vs 2023 baseline

(2024: increased by 15% vs 2023 baseline).

–

Achieved 18.1% of recycled paper used for office printing

(2024: 15.5%).

Waste: Achieve a 60% recycling rate for our office waste by 2030.

Achieved 54.0% waste recycling rate (2024: 52.9%).

Water: Reduce water consumption by 7% by 2030 vs 2023

baseline.

Water consumption reduced by 12% vs 2023 baseline

(2024: increased by 2% vs 2023 baseline).

Annual Report 2025 |

Ambitions

Topics

Our aspirations, goals or targets

Progress

2. Grow

Social impact

and

philanthropy

Raise USD 1bn in donations to our client philanthropy foundations

and funds (cumulative for 2021

2025).

Achieved a UBS Optimus network of foundations donation volume of

USD 472m in 2025 (2024: USD 366m), totaling USD 1.6bn since

2021, thus surpassing our goal (all figures include UBS matching

contributions).

Reach 26.5 million beneficiaries by 2025 (cumulative for

2021– 2025).

Reached 9.3 million beneficiaries in 2025 (2024: 7.1 million) and

33.5 million beneficiaries through UBS Optimus network of

foundations activities since 2021.

7,8

3. Attract

Bank of choice

Maintain top quartile position in key environment, social and

governance (ESG) ratings by the end of 2026.

Achieved top quartile position vs direct peers as defined in UBS

compensation report in ESG ratings including but not limited to:

–

MSCI: AA rating, “Leader” in industry group;

–

S&P Global Corporate Sustainability Assessment: score of 71.

Constituent of the Dow Jones Best-in-Class indices.

Cautionary note:

We have developed methodologies that we use to set our climate-related targets and identify climate-related risks and that underly the metrics that are disclosed in

this report. Standard-setting organizations and regulators continue to provide new or revised guidance and standards, as well as new or enhanced regulatory requirements for climate

disclosures to comply with new guidance and regulatory requirements as they become applicable to UBS. Such updates may result in revisions to our disclosed metrics, our

methodologies and related disclosures, which may be substantial, as well as changes to the metrics we disclose.

Secondly, due to the timing of corporate emissions disclosures and third-party data processing, our year-end 2024 lending exposures are mapped to 2023 emissions data – the most recent available – since companies

Comparative figures have been revised to reflect beneficiaries reached solely through UBS Optimus network of foundations activities.

Annual Report 2025 |

Environmental information

Our climate transition plan

Targets and actions

UBS plans to achieve net zero by 2035, well ahead of 2050.

We have defined the following targets:

Scopes 1 and 2:

Scope 3:

decarbonization targets).

›

net-zero target

›

lending sector decarbonization targets

made to voluntary commitments and underlying metrics and methodologies.

Underpinning our targets, we pursue specific objectives and implement actions across our business:

Supporting our clients’ low-carbon transition

Financing:

Investing:

mandates agreed with clients and evolving climate ambitions.

›

Reducing our own climate impact

›

out in the Swiss Climate and Innovation Act.

GHG emissions and certain activity data for 2024 were revised, mainly due to improved data availability. As a result of this revision our previously reported 2024 direct greenhouse gas emissions (scope 1) and indirect

market-based greenhouse gas emissions scope 2) increased from 30,274 t CO

e to 30,287 t CO

e and energy consumption in GWh increased from 679 GWh to 684 GWh.

Annual Report 2025 |

Managing the climate impact of our supply chain

0.84 million

metric

tons

metric

tons of

vendors

›

Managing the risks of climate change to our business

frameworks.

›

Integration into strategy and financial planning

–

Protect

assets.

–

Grow

–

Attract

by example in our own operations.

subsequently integrated into our standard multi-year financial planning process.

climate-related risks and opportunities, we also aim to continuously enhance our resilience to climate change.

underscores the importance and impact of sustainability on GEB compensation.

›

strategy

›

setting process

›

our financial planning

›

Refer to the UBS Compensation Report 2025, available at

ubs.com/annualreporting

, for more information about our

compensation process

Governance and oversight

related activities within our own operations and supply chain.

›

governance

›

house environmental management program and associated governance

Annual Report 2025 |

Dependencies and external enablers

Currently, our climate transition plan does not cover all our business activities. Over time, we may expand our ambitions

and materiality to UBS. It is important to note that progress toward our climate ambitions and targets may not be linear

technologies, and shifts in consumer behavior and market dynamics.

and decision-making frameworks, governance structures, control processes and underlying systems.

Supporting our clients’ low-carbon transition

climate-related targets and actions across our financing and investing activities, which are outlined below.

sectors in executing their transition.

guidance

on financing and investing in the transition, and took the following actions:

–

transition”,

–

others.

Supporting our financing clients’ low-carbon transition

Our lending sector decarbonization targets

choices underlying our target-setting process and the calculation of our climate-related lending metrics.

and Reporting Standard

agreed-upon procedures remain relevant for 2025.

›

ubs.com/sustainability-reporting

, for

more information

Finance Handbook. These sources were used as reference points and not applied prescriptively.

First Edition.

Annual Report 2025 |

Financed emissions calculations (1)

Accounting and Reporting Standard.

except for iron and steel and cement physical intensities, which are reported as CO

emissions data is unavailable, we use estimates in our calculations, following the PCAF hierarchy.

Scope of targets and baseline year (2)

sectors.

that incorporates quantitative and qualitative indicators, including financed emissions and financial exposure materiality,

the availability of relevant data and methodologies, market expectations and alignment with our business strategy.

improve.

was chosen due to being both recent and relevant, with high-quality data available to support robust target-setting.

Scenario selection (3)

a realistic and locally relevant benchmark for decarbonization in this sector.

Annual Report 2025 |

heavy reliance on external factors outside our direct influence.

Target-setting approach (4)

mortgages is based solely on outstanding lending exposure, in accordance with PCAF guidance.

global convergence of sector emissions intensities by 2050.

Physical emissions intensity is preferred for most sectors as it normalizes emissions by output enabling fairer comparison

between corporate clients of different sizes and supporting assessment of their emissions regardless of their growth.

potentially restricting support for their transition. For transparency, we disclose total absolute financed emissions for the

sectors covered by trajectories.

Group functions under the Group Chief Operating Officer.

values will be updated every five years to reflect the latest climate science and best practices. Progress may not be linear

and year-on-year volatility is expected due to portfolio changes.

in compliance with IFRS 3, Business Combinations. A reconciliation table for both entities is provided below.

Parameters and definitions for our 2030 lending sector decarbonization targets (UBS Group)

Sectors

Targets scope

GHG emission

scope

Scenario

Type of target

Residential real estate

Region Switzerland only

1,2

Energy Perspectives 2050+ ZERO basis for residential buildings (below 2°C)

Intensity

Commercial real estate

Region Switzerland only

1,2

Energy Perspectives 2050+ ZERO basis for residential buildings & services (below 2°C)

Intensity

Fossil fuels (coal, oil and gas)

B.05, B.06, C.19

1,2,3

IEA NZE 2050 - WEO 2023 (1.5°C)

Absolute

Power generation

D.35.1.1, D.35.1.3

IEA NZE 2050 - WEO 2023 (1.5°C)

Intensity

Iron and steel

C.24.1

1,2

IEA NZE 2050 - WEO 2023 adjusted for scope 2 (1.5°C)

Intensity

Cement

C.23.5.1

1,2

IEA NZE 2050 - WEO 2023 adjusted for scope 2 (1.5°C)

Intensity

For corporate sectors, NACE codes are referenced. The following parts of the value chain are included in the targets scope: fossil fuels: coal extraction, oil and gas upstream, refining and

reduction).

Annual Report 2025 |

Progress reporting for our 2030 lending sector decarbonization targets (UBS Group)

For the year ended 31.12.24

Gross lending exposure

Progress

Targets

2024

2023

2024

2023

2021

2021–24

2030

2021–30

Sectors

Full value

chain

(USD bn)

Covered

by targets

(USD bn)

Full value

chain

(USD bn)

Covered

by targets

(USD bn)

Unit

Actuals

Baseline

% change

baseline

Value

% change

baseline

Residential real estate

336.7

213.3

384.7

242.4

kg CO

e / m

33.0

34.4

38.7

(15%)

21.1

(45%)

Commercial real estate

84.1

102.1

kg CO

e / m

28.0

28.5

31.3

(10%)

16.2

(48%)

Fossil fuels (coal, oil and gas)

9.4

2.3

10.6

2.8

million metric t CO

10.9

12.9

64.7

(83%)

19.4

(70%)

Power generation

3.3

2.6

5.0

3.9

kg CO

e / MWh

152

227

339

(55%)

136

(60%)

Iron and steel

0.5

0.3

0.7

0.5

metric t CO

1.50

1.41

1.75

(14%)

1.28

(27%)

Cement

0.7

0.6

1.1

1.0

metric t CO

0.61

0.62

0.64

(4%)

0.48

(24%)

Exposures are shown on a gross basis; gross lending exposure includes total on-balance sheet loans and advances to customers and off-balance sheet guarantees and irrevocable loan commitments (within the scope

with IFRS 3, Business Combinations). Refer to the Basis of preparation 2025 document, available at ubs.com/sustainability-reporting, for more information about exclusions and parts of the value chain within sectors

ubs.com/sustainability-reporting, for more information about progress calculations.

Progress reporting for our 2030 lending sector decarbonization targets (UBS Group – UBS AG reconciliation)

For the year ended 31.12.24

UBS Group

UBS AG

Sectors

Unit

2024 actuals

Swiss residential real estate

kg CO

e / m

38.7

33.0

33.1

Swiss commercial real estate

kg CO

e / m

31.3

28.0

28.1

Fossil fuels (coal, oil and gas)

million metric t CO

64.7

10.9

11.1

Power generation

kg CO

e / MWh

339

152

154

Iron and steel

metric t CO

1.75

1.50

1.47

Cement

metric t CO

0.64

0.61

Financed emissions reporting – 2024 (UBS Group)

For the year ended 31.12.24

Gross lending

(USD bn)

Outstanding

(USD bn)

Financed

emissions,

scopes 1 and 2

(million metric

t CO

Financed

emissions,

(million metric

t CO

PCAF score,

scopes 1 and

PCAF score,

scope 3

Economic

(million metric

t CO

e /

USD bn)

Exposure to non-financial corporates and real estate mortgages

covered by targets

Swiss residential real estate

213.3

212.1

1.1

4.1

0.01

Swiss commercial real estate

84.1

83.7

0.6

4.1

0.01

Fossil fuels (coal, oil and gas)

2.3

0.9

0.2

3.9

2.1

2.0

4.80

Power generation

2.6

0.7

2.1

1.04

Iron and steel

0.3

0.1

0.2

1.6

1.65

Cement

0.6

0.0

0.1

2.8

2.10

Exposure to non-financial corporates and real estate mortgages not

covered by targets

127.7

74.4

2.1

1.4

4.7

2.5

0.05

Total non-financial corporates and real estate mortgages

430.9

371.9

5.1

5.3

Financial services firms, private individuals and other

270.9

210.0

Total exposure

701.8

581.9

Gross lending exposure includes total on-balance sheet loans and advances to customers and off-balance sheet guarantees and irrevocable loan commitments. Outstanding exposure includes total on-balance sheet

used to calculate financed emissions of corporate loans and real estate mortgages. It is calculated in accordance with PCAF reporting guidance: PCAF (2022). The Global GHG Accounting and Reporting Standard Part

for “Other non-financial corporates and real estate mortgages” are only reported for the agriculture and automotive sectors.

Annual Report 2025 |

Financed emissions reporting – 2023 (UBS Group)

Gross lending

exposure

(USD bn)

Outstanding

exposure

(USD bn)

Financed

emissions,

scopes 1 and 2

(million metric

t CO

Financed

emissions,

scope 3

(million metric

t CO

PCAF score,

scopes 1 and

PCAF score,

scope 3

Economic

intensity

(million metric

t CO

e /

USD bn)

Exposure to non-financial corporates and real estate mortgages

covered by targets

Swiss residential real estate

242.4

240.6

1.2

4.1

0.01

Swiss commercial real estate

102.1

101.4

0.8

4.1

0.01

Fossil fuels (coal, oil and gas)

2.8

0.8

0.2

3.3

2.0

2.2

4.60

Power generation

3.9

0.9

1.1

2.3

1.15

Iron and steel

0.5

0.2

2.3

0.90

Cement

1.0

0.1

0.4

4.3

3.74

Exposure to non-financial corporates and real estate mortgages not

covered by targets

141.4

81.0

2.5

2.0

4.7

2.5

0.06

Total non-financial corporates and real estate mortgages

494.1

425.0

6.4

5.3

Financial services firms, private individuals and other

285.3

216.5

Total exposure

779.4

641.5

Refer to the Basis of preparation 2025, available at ubs.com/sustainability-

PCAF scores represent weighted average based on outstanding exposures. The PCAF quality score measures the reliability and quality of data

From 2024 reporting,

e / USD bn.

Decarbonization levers and key actions underpinning our lending sector decarbonization targets

support our clients in their decarbonization efforts and to ensure continuous progress toward our targets.

Lever 1: supporting our clients’ low-carbon transition

engagement and by offering tailored solutions.

Understanding our clients

on commitments affects our own decarbonization trajectory.

commitments are fully realized by 2030, the resulting reductions would be sufficient to meet our own sector targets.

Engaging with clients

dialogue that aligns the decarbonization objectives of both clients and UBS.

We also facilitate engagement through client conferences and workshops featuring sustainability experts.

strategies more structured and proactive, further aligning them with both clients’ and our own decarbonization goals.

Offering sustainable finance products and services

Annual Report 2025 |

encompassing both on-balance sheet lending (such as sustainability-linked loans and mortgages) and off-balance sheet,

capital market and private market financing solutions. We provide transaction structuring to help clients across business

divisions integrate sustainability objectives into their financing strategies.

sustainable projects and initiatives.

client needs and best practice.

Lever 2: lending portfolio management

targeted actions.

Applying enhanced due diligence for transactions in carbon-intensive sectors

and assess potential exposures early and integrate risk considerations into our decision-making.

when reviewing transactions.

Allowing maturity of loans or existing positions through our non-core and legacy division

our long-term strategy and risk appetite,

which also resulted in adjusted associated carbon intensity.

›

of these commitments impacts our own trajectories.

Performance against targets and outlook

pathway.

Swiss residential real estate

Relevance:

across Personal & Corporate Banking and Global Wealth Management.

Progress:

end of 2024, our estimated portfolio emissions intensity decreased by 15% against the 2021 baseline, reaching 33.0 kg

e per m

ERA).

Annual Report 2025 |

Outlook:

ubs.com

or acquisitions of energy-efficient properties.

Dependencies:

peers to align on required actions.

Swiss commercial real estate

Relevance:

across Personal & Corporate Banking and Global Wealth Management.

Progress:

portfolio emissions intensity decreased by 10% against the 2021 baseline, reaching 28.0 kg CO

e per m

indicative trend line to 2030 (26.3kg CO

e per m

Outlook:

efficient renovations or the acquisition of sustainable properties, offering customized financing and guidance.

Dependencies:

peers to align on required actions.

Fossil fuels (coal, oil and gas)

Relevance:

and Personal & Corporate Banking, with limited exposure from Global Wealth Management.

Progress:

2022, emissions fell by 29%, primarily driven by an overall reduction in the financed portfolio and a significant decrease

level of our indicative trend line to 2030 (49.6 million metric tons of CO

e).

Outlook:

continue to finance clients in line with our sustainability and climate risk policy framework.

Dependencies:

on fossil fuels for energy security and affordability in many regions.

Power generation

Relevance:

Banking and Global Wealth Management.

Progress:

is 43.8% below the 2024 level of our indicative trend line to 2030 (271.3 kg CO

e per MWh).

Outlook:

contribute to a further decrease in portfolio intensity.

Dependencies:

technology, industrial and energy security considerations.

›

Refer to “World Energy Investment 2025” available at

iea.org/reports/world-energy-investment-2025,

Annual Report 2025 |

Iron and steel

Relevance:

Bank and Personal & Corporate Banking, with limited exposure from Global Wealth Management.

Progress:

Outlook:

technologies.

Dependencies:

steelmaking technologies, supported by research, development and robust policy incentives.

Cement

Relevance:

Progress:

trend line to 2030 (0.59 metric tons of CO

Outlook:

and share buybacks.

Dependencies:

intensity has remained largely flat in recent years, underscoring the need for disruptive solutions.

Our approach to measuring facilitated emissions from our capital markets business

Facilitated emissions differ from financed emissions in two respects: they are off-balance sheet, reflecting services rather

industry guidance, we distinguish between on-balance sheet “financed” and off-balance sheet “facilitated” emissions.

presented due to the inherent time lag in emissions data availability.

counterparties in other sectors, scope 3 emissions are excluded due to data quality limitations.

which can vary year to year. In 2024, for the selected carbon intensive sectors where we report scope 1 and 2 facilitated

the underlying facilitated amount increased, leading to a rise in scope 3 facilitated emissions.

Annual Report 2025 |

clients.

Facilitated emissions reporting (UBS Group)

For the year ended

31.12.24

31.12.23

Facilitated

amount

(USD bn)

Facilitated

emissions,

scopes 1

and 2

(million

metric t

Facilitated

emissions,

scope 3

(million

metric t

PCAF

score,

scopes 1

and 2

PCAF

score,

scope 3

3,4

Facilitated

intensity

(million

metric t

e / USD

bn)

Facilitated

amount

(USD bn)

Facilitated

emissions,

scopes 1

and 2

(million

metric t

Facilitated

emissions,

scope 3

(million

metric t

PCAF

score,

scopes 1

and 2

PCAF

score,

scope 3

3,4

Facilitated

intensity

(million

metric t

e / USD

bn)

Selected carbon-intensive

sectors

4.8

0.6

2.1

2.4

2.5

0.55

6.5

1.3

1.8

2.2

2.5

0.46

Other non-financial

corporates

36.7

0.5

0.4

2.7

2.5

0.02

33.8

0.5

0.3

3.0

2.4

0.02

Total non-financial

corporates

41.5

1.1

2.5

2.7

4.2

0.09

40.4

1.8

2.1

2.9

4.2

0.10

Public administration,

financial and insurance

activities

87.0

83.8

Total facilitated amount

128.5

124.2

›

Refer to the Sustainability and climate risk policy framework, available at

ubs.com/sustainability-reporting

, for more information

›

Refer to the Basis of preparation 2025, available at

ubs.com/sustainability-reporting

, for more information about our

methodology to calculate facilitated emissions

Supporting our investing clients’ low-carbon transition

Management, or to all regions within these divisions, and progress on these actions may not be linear or simultaneous.

1. Expanding climate-related strategies, products and solutions

support the transition to a low-carbon economy.

2a. Engaging investee companies (Asset Management only)

climate-related risks and opportunities.

2b. Collaborating with third-party fund managers

We work with third-party fund managers to understand their climate transition plans and approaches to climate-related

allows.

3. Supporting clients through education and portfolio transparency

objectives.

4. Providing employees with training, tools and information

ensuring support for clients navigating the transition in accordance with their climate objectives.

Annual Report 2025 |

5. Engaging with policymakers

support effective investment approaches to climate issues and the broader transition economy.

Details by business division on each strategic action are provided below.

›

USD 111.5bn in net-zero ambition portfolios as at year end 2025 (compared with USD 64.4bn in 2024).

Our climate-related policies, guidelines and frameworks

guidelines and framework.

The

Asset Management Approach to Sustainable Investing

builds on the

the processes of manufacturing, distributing, labelling, marketing or promoting investment products or services that are

corporate governance.

The

in public equities and corporate bonds, sovereign bonds, direct real estate, carbon markets and private debt.

›

Group-wide policies, guidelines and frameworks

›

Refer to

ubs.com/ch/en/assetmanagement/capabilities/sustainable-investing

approach to sustainable investing

Climate-related investing metrics

with 48% in 2024).

scope of portfolios for which carbon metrics can be calculated. Overall carbon intensity measures declined during 2025,

and portfolio-level changes made on behalf of Asset Management clients.

and were therefore excluded from this metric’s reporting.

Annual Report 2025 |

Climate-related investing metrics – portfolio emissions (Asset Management)

1,2

For the year ended

31.12.25

31.12.24

Asset Management investment-associated carbon emissions

Carbon emissions (absolute in million metric tons of CO

70.0

54.8

Carbon intensity (in metric tons of CO

e per USD m invested)

48.3

56.5

Carbon intensity (in metric tons of CO

e per USD m of revenue or GDP)

94.8

101.2

Equities Asset Class

Carbon intensity (in metric tons of CO

e per USD m invested)

33.1

38.5

Carbon intensity (in metric tons of CO

e per USD m revenue)

86.8

90.4

Fixed income Asset Class

Carbon intensity (in metric tons of CO

e per USD m invested)

93.9

108.3

Carbon intensity (in metric tons of CO

e per USD m revenue or GDP)

112.5

130.9

revenue of corporate issuers and the share of GDP of sovereign issuers.

›

Refer to the Basis of preparation 2025, available at

ubs.com/sustainability-reporting

, for more information about our climate-

related investing metrics

Our key climate-related actions

Asset Management and for the selected asset classes.

(small caps) and emerging markets.

environmental, social and governance (ESG) ratings.

better positioned to provide clients with choices across a diversified net-zero shelf of investment options.

Climate-related investing metrics: Opportunities – net-zero ambition investing (Asset Management)

For the year ended

31.12.25

31.12.24

Assets with documented net-zero ambition (USD bn)

111.5

64.4

Net-zero ambition assets share of total invested assets (%)

5.3

3.6

framework and were therefore excluded from this metrics reporting.

Action 2: Engaging investee companies

Annual Report 2025 |

from development or acquisition to ongoing asset management, renovation, maintenance and sale.

Action 3: Supporting clients through education and portfolio transparency

solution.

multiple investor goals

Action 4: Providing employees with training, tools and information

educating investment professionals about sustainable investing regulatory and greenwashing risks.

Action 5: Engaging with policymakers

regulation ultimately seeking to support the development of well-functioning markets.

Asset Management is a member of the Asia Securities Industry and Financial Markets Association’s ESG Committee and

product regulations and regimes.

Global Wealth Management

However, the available solutions, approaches and climate-related data and information will differ by region.

wide policies, guidelines and frameworks, supported by targeted actions.

›

policies, guidelines and frameworks

Our key climate-related actions

such reductions over time.

Action 1: Expanding climate-related strategies, products and solutions

number of investment solutions across asset classes and strategies. Highlights included:

–

funds;

–

Chief Investment Office.

Annual Report 2025 |

We believe that the transition to a low-carbon world requires a diversified approach, where investments in clean energy

onboarded an engagement fund that targets decarbonization of high climate impact sectors.

Action 2: Collaborating with third-party fund managers

Global Wealth Management works closely with third-party fund managers on developing new sustainability and climate

market trends, development ideas and new strategies. These sessions include a focus on sustainability and transition.

Action 3: Supporting clients through education and portfolio transparency

Global Wealth Management aims to support clients advance their climate objectives and deepen their understanding of

building exposure to carbon markets.

for private clients. Our Chief Investment Office published:

–

in the transition and related opportunities across sectors;

–

continued coverage of opportunities in renewable energy infrastructure.

–

transition as a key theme for 2025;

–

Green Week);

–

associated with “Power and Resources”.

content, social media campaigns, podcasts in collaboration with industry partners and through UBS’s website.

advanced sustainability and climate-related insights for clients, advisors, portfolio managers and investment specialists.

Since the Swiss Climate Scores were introduced in 2023, Global Wealth Management has continued to provide advisors

Action 4: Providing employees with training, tools and information

and portfolios.

Annual Report 2025 |

Reducing our own climate impact

and actions.

Governance

impacts from hardware, data centers and cloud environments.

our sustainability objectives.

›

frameworks

Our operational climate-related targets

Our scope 1 and 2 net-zero target

GHG removals, carbon credits or avoided emissions. Emissions covered by our target are fully aligned with the inventory

boundaries used for our greenhouse gas emissions reporting.

e, compared

with 30,287

year. Separately:

–

2024, a reduction of 63% from the baseline and 19% year-on-year.

verified according to ISO 14064 standard.

which could impact real estate and service-related needs. The continued advancement of low-emission technologies for

impact of heating system types and building envelope quality is accounted for in our emissions calculations through the

with RE100 requirements as production may not necessarily keep pace with an increase in global demand.

trajectory.

from 18,168 t CO

e to 18,636 t CO

e and indirect market-based greenhouse gas emissions (scope 2) decreased from 12,107 t CO

e to 11,651 t CO

Annual Report 2025 |

Our energy reduction target

actions described below.

In 2025, our absolute energy consumption totaled 613 GWh, compared with 684 GWh

full renewable electricity sourcing as market challenges may arise.

Our renewable electricity target

99.7% of our electricity from renewable sources, compared with 99.8% in 2024.

Target considerations and monitoring progress

estimates are included based on comparable measured information.

enabler of our progress, and we continue to ensure procurement in line with RE100 requirements.

We continue to implement energy efficiency measures across our real estate and data centers, ensure renewable-source

Decarbonization levers and key actions underpinning our operational targets

implementing our actions.

Lever 1: phasing out fossil fuels and switching to greener alternatives (scope 1)

operations.

while minimizing our carbon footprint.

Transitioning to sustainable fuels and battery technologies

deployment planning.

GHG emissions and certain activity data for 2024 were revised, mainly due to improved data availability. As a result of this revision, our previously reported 2024 energy consumption in GWh increased from 679 GWh

to 684 GWh.

Annual Report 2025 |

Eliminating heating oils and natural gas

lifecycle.

(GWP). This initiative is being rolled out across all regions, with completion targeted for 2035.

Lever 2: reducing our operational emissions (scopes 1 and 2)

and 2 net-zero target, reflecting the importance of operational efficiency in achieving our climate goals.

Consolidating and optimizing our corporate real estate portfolio

Our data center strategy is focused on streamlining operations by consolidating primary sites and rightsizing capacity to

environments has optimized strategic locations, reduced costs and eliminated parallel run emissions.

Upgrading and retrofitting our corporate real estate portfolio

recognized building standards, such as Leadership in Energy and Environmental Design (LEED) by the US Green Building

with greater implementation of ISO 50001, driving energy efficiency across our operations.

Supporting the decarbonization of district heating and cooling systems

companies) to promote the transition to low-carbon district heating solutions.

Improving energy efficiency and demand-side management

leveraging real-time data analytics and supporting behavioral initiatives to further reduce our scope 2 emissions.

Lever 3: transitioning to renewable-source electricity generation (scope 2)

electricity sourcing in our strategy.

RE100 guidance, we prioritize in-country procurement and direct contracting, maximizing impact and transparency.

Improving the transparency of the chain of custody for renewable energy certificates

compliance and foster a more competitive, transparent and RE100-aligned renewable-source electricity market.

Building competitive renewable energy certificate supply solutions

helping to unlock new supply pathways and promote market inclusivity.

Annual Report 2025 |

regions, supporting market transformation and alignment with RE100 standards.

Investing in on-site renewable generation of electricity

our energy resilience and supports our decarbonization strategy.

Beyond our scope 1 and 2 emissions

to reducing the environmental impact of business travel while maintaining transparency and alignment with recognized

reporting standards.

›

GHG removal and GHG avoidance projects financed through carbon credits

declining emissions trajectory.

throughout 2025, reinforcing our commitment to credible and science-based carbon removal pathways.

avoidance and removal credits. In 2025, in line with this commitment, we retired 49,000 credits verified under the Verra

compared with 75,211 credits in 2024.

Standard, Verra.

future.

Carbon credits canceled outside our value chain (UBS Group)

For the year ended

31.12.25

31.12.24

Total (t CO

49,000

75,211

Share from removal projects (%)

60%

Share from avoidance projects (%)

40%

Share of carbon credits verified against recognized quality standards (Verra VCS) (%)

100%

Annual Report 2025 |

Internal carbon pricing

We continue to apply a forward-looking shadow carbon price of USD 400 per metric ton of CO

e to all our scope 1 and

of real estate assets and fuel transition in critical engineering power systems.

reflected in our financial statements.

›

scope 2 emissions covered by our internal carbon price, and how this relates to our total emissions

Greenhouse gas emissions reporting

Description of methodology for our greenhouse gas reporting

›

financed emissions and further methodological information

GHGs in scope and units used

(CO

), methane (CH

, CH

, N

O, HFCs, PCFs, SF

not reported separately.

Quantification of emissions

control approach, in accordance with the GHG Protocol Corporate Standard (version 2004). There are no entities, assets

across the entire Group, including at subsidiaries.

gases.

Removals and carbon credits have not been included in the calculations.

calculation of GHG emissions.

Scope 1

the latest DEFRA emission factors.

factors or by gap filling with historical data adjusted for current operating conditions.

Scope

Underlying data type

Emission factor source

Scope 1 direct GHG emissions

Measured and estimated activity data

DEFRA

Annual Report 2025 |

Scope 2

(e.g. steam).

region, building use, number of full-time equivalent (FTE) staff, occupancy, net internal area, etc.

coming from such sources (compared with 43% and 57% in 2024).

91% were covered by contractual instruments (compared with 91% in 2024).

comparability.

Scope

Underlying data type

Emission factor source

Scope 2 indirect GHG emissions from purchased energy

Measured and estimated activity data

DEFRA, EPA, IEA

Scope 3

of which categories other banks deem important.

The category 1 disclosures capture total paper procurement based on vendor spend, including packaging and sanitation

paper, resulting in higher volumes than our operational paper consumption metrics.

framework for home-working emissions.

is not present in the same building, for the relevant country.

Scope 3, categories 10 to 12, are not relevant to the UBS business model, as we do not supply physical products. Scope

3, category 14, are not applicable to UBS, as we do not have franchises.

electricity increased from 30% to 43%, while the share of unbundled electricity decreased from 70% to 57%.

Annual Report 2025 |

Scope 3 other indirect GHG

emission categories 1–14

Underlying data type

Emission factor source

1. Purchased goods and services

Combination: (i) spend-based, (ii) supplier-specific actual emissions,

(iii) average-data method

(i) supplier-specific disclosures where available, or

industry-standard environmental data sets sourced from

an external environmental performance disclosures

platform, (ii) provider’s emissions, (iii) secondary

emission factors for water

2. Capital goods

Not separated from category 1

3. Fuel- and energy-related activities (not

included in scopes 1 and 2)

Measured and estimated activity data

Same as scope 1 and 2 energy / fuel indicators

4. Upstream transportation and distribution

Not separated from category 1

5. Waste generated in operations

Measured and estimated activity data

DEFRA

6. Business travel

Measured activity data

DEFRA and supplier-specific factors if applicable

7. Employee commuting

Estimated activity data (commuting), United Nations Framework

Convention on Climate Change (UNFCCC model (working from home)

DEFRA

Measured and estimated activity data

Same emission factors as scopes 1 and 2

9. Downstream transportation

Not separated from category 1

10. Processing of solid products

n/a

Estimated activity data

Same emission factors as scopes 1 and 2

14. Franchises

n/a

15. Investments

Refer to “Supporting our clients’ low-carbon transition” in this section of this Sustainability statement, for more information about

our financed emissions

GHG emissions from scope 3, category 1, include GHG emissions from scope 3, categories 2, 4 and 9.

Annual Report 2025 |

Overview of our environmental indicators (UBS Group)

Environmental indicators

For the year ended

31.12.25

31.12.24

31.12.23

GRI

Absolute

Trend

Absolute

Energy

Total direct and intermediate energy consumption

302-1-e

613 GWh

684 GWh

755 GWh

Total direct energy consumption

302-1-e

73 GWh

80 GWh

92 GWh

Natural gas

302-1-a

79.2%

83.2%

67.8%

Heating oil

302-1-a

9.9%

8.0%

18.7%

Fuels (petrol, diesel, gas, biomass)

302-1-a

9.7%

8.0%

12.9%

Renewable energy (solar power, etc.)

302-1-b

1.2%

0.9%

0.6%

Total intermediate energy purchased

302-1-e

540 GWh

604 GWh

663 GWh

Electricity

302-1-c-i

472 GWh

532 GWh

587 GWh

Heat (e.g. district heating)

302-1-c-ii, iii, iv

69 GWh

72 GWh

76 GWh

Share of electricity from renewable sources

302-1

99.7%

99.8%

95.6%

Travel

Total business travel

392 m Pkm

358 m Pkm

310 m Pkm

Rail travel

6.1%

2.9%

3.6%

Road travel

6.2%

4.9%

10.1%

Air travel

87.7%

92.2%

86.4%

Number of flights (segments)

159,785

153,805

130,836

Paper

Total paper consumption

301-1-a

2,766 t

2,647 t

3,371 t

Post-consumer recycled

301-1-a-ii

8.4%

8.1%

5.3%

New fibers FSC

301-1-a-ii

61.8%

42.2%

66.2%

New fibers ECF + TCF

301-1-a-i

29.8%

49.6%

28.5%

New fibers chlorine-bleached

301-1-a-i

0.0%

Waste &

Water

Total waste

306-3

6,658 t

6,996 t

8,485 t

Valuable materials separated and recycled

306-4

54.0%

52.9%

57.4%

Incinerated

306-5-c-ii

22.7%

22.3%

20.5%

Landfilled

306-5-c-iii

23.3%

24.8%

22.2%

Total water consumption

303-5

1.06 m m³

1.23 m m³

1.21 m m³

Greenhouse gas

(GHG)

Direct GHG emissions (scope 1)

12,14

305-1

14,690 t

18,636 t

20,796 t

Location-based energy indirect GHG emissions (scope 2)

305-2

108,328 t

131,620 t

150,735 t

GHG reductions from renewable electricity

305-5

98,866 t

119,970 t

125,252 t

Market-based energy indirect GHG emissions (scope 2)

305-2

9,462 t

11,651 t

25,482 t

Other indirect GHG emissions (scope 3)

305-3

1,038,687 t

1,061,210 t

1,354,681 t

Total location-based GHG emissions

305-1, 305-2, 305-3

1,161,705 t

1,211,466 t

1,526,212 t

Total market-based GHG emissions (GHG footprint)

1,062,839 t

1,091,496 t

1,400,960 t

Legend: GWh = gigawatt hour; Pkm = passenger kilometer; t = metric ton; m

e = CO

e to 1,091,496 t CO

e. Individually,

e to 18,636 t CO

e to 11,651 t

Trend indicators: stable (

→

) for variances below 5%; low decreasing / increasing (

↘

↗

) for variances greater than

↓

↑

Annual Report 2025 |

The table below shows a more detailed view of the scope 3 greenhouse gas categories for UBS Group.

Overview of GHG emissions across our scope 3 sub-categories (UBS Group)

For the year ended

Category number

Scope 3 sub-category

Status

31.12.25

GHG emissions

(t CO

31.12.24

GHG emissions

(t CO

31.12.23

GHG emissions

(t CO

Purchased goods and services

Reported

835,454

810,469

1,125,611

Capital goods

Not separated from category 1

Fuel- and energy-related activities

Reported

29,105

42,008

47,718

Upstream transportation and distribution

Not separated from category 1

Waste generated in operations

Reported

929

1,068

1,405

Business travel

Reported

60,772

81,964

61,150

Employee commuting

Reported

102,031

110,262

118,798

Upstream leased assets

Reported

9,188

13,804

Downstream transportation and distribution

Not separated from category 1

Category 10

Processing of sold products

Not reported

Category 11

Use of sold products

Not reported

Category 12

End-of-life treatment of sold products

Not reported

Category 13

Downstream leased assets

Reported

1,209

1,635

Category 14

Franchises

No franchises

Category 15

Investments

Refer to “Supporting our clients’ low-carbon transition” in this section of this Sustainability statement, for more

information about our financed emissions

e to 42,008 t CO

such as vehicles owned by UBS but operated by third parties, are not included.

Annual Report 2025 |

frameworks, supported by targeted actions.

›

policies, guidelines and frameworks

Our key actions to manage the climate impact of our supply chain

Increasing transparency and reporting of climate information by vendors

“GHG key vendors”. On this basis, we identified 95 such vendors in 2025.

Overview of climate-related disclosures of our GHG key vendors (UBS Group)

2023

2024

2025

% of GHG key vendors who have disclosed their emissions and

declared a stated net-zero target

65% (62 / 95)

78% (74 / 95)

88% (84 / 95)

or 341 of 487).

Tracking supply chain vendor-related scope 3 emissions

million

metric

tons

0.81 million

metric

tons of

e in 2024. The 3% increase observed in 2025 was driven mainly by higher relevant spend,

›

greenhouse gas emissions reporting

Assessing and improving high-ESG-impact vendors’ practices

across key ESG areas, including climate and the environment.

impact vendors where we have significant ongoing relationships.

the following:

–

modern slavery, forced labor, child labor, unfair employment practices and anti-corruption.

lack of improvement may lead to the termination of the vendor relationship. Vendors are reassessed after 24 months to

continuously supervised.

remediation actions and are closely monitoring implementation progress to ensure timely and effective resolution.

In addition to RSCM assessments for new contracts and renewals, we also regularly screen active vendors as part of our

Annual Report 2025 |

modern slavery.

Raising awareness of environmental matters through the sustainable procurement guide

In 2024, we launched a sustainable procurement guide, which we continued sharing with vendors throughout 2025 via

promoting ethical and inclusive practices in their supply chain and contributing to the well-being of ecosystems.

›

ubs.com/global/en/our-firm/suppliers/supply-chain

, for more information

Supporting our transition plan: key enablers

below, to support the implementation of our climate transition plan.

Governance and accountabilities (1)

Sustainability and climate-related matters are governed at the highest levels of our organization, supported by a robust,

across all sustainability and transition-related initiatives.

working groups, enhancing its depth and operational effectiveness.

reinforcing its three strategic pillars of protect, grow and attract.

›

Industry, government and public sector engagement (2)

of Finance, the Association for Financial Markets in Europe and the Swiss Bankers Association.

EU’s initiative to simplify its sustainability reporting framework to avoid fragmentation.

Regionally, we engage with policymakers across the EU, the Americas, the UK and key Asia-Pacific jurisdictions. Notably,

Directive, the Taxonomy Regulation and the Corporate Sustainability Due Diligence Directive.

Training and culture (3)

In 2025, relevant training on a Group-wide basis included:

–

understanding of our own progress in relation to our environmental objectives;

–

climate and nature fundamentals, greenwashing and impact investing sessions; and

–

employees have the skills and knowledge needed to meet emerging expectations.

›

Annual Report 2025 |

Data management (4)

into a single authoritative source, enabling all internal systems and users to draw from it.

Forum, which has senior representatives from our business divisions and Group functions.

To enhance due diligence on ESG data, tools such as the updated 2025 data quality questionnaire have been rolled out,

measure financed and facilitated emissions, ensuring regulatory compliance and transparent reporting.

Our policies, guidelines and frameworks (5)

Overarching policies, guidelines and frameworks

Group sustainability and impact constitutional document

Group’s environmental policy under the ISO 14001 standard.

›

Refer to “Business conduct and corporate culture” in the “Governance” section of this Sustainability statement for more

information about the Code of Conduct and Ethics of UBS

›

ubs.com/sustainability-reporting

UBS’s sustainability and climate risk policy framework

(physical risks) or from efforts to mitigate climate change (transition risks).

environment and human rights, as well as the associated risks that may affect us and our clients.

instruments, as well as when UBS purchases carbon and environmental markets instruments for its own operations. The

guidelines are owned by the Sustainability and Climate Risk unit, which also monitors their implementation.

›

Refer to the Sustainability and climate risk policy framework, available at

ubs.com/sustainability-reporting

, for more information

Policies, guidelines and frameworks related to our financing and investing activities

Company Transition Assessment Scorecard

Annual Report 2025 |

The UBS Green Funding Framework

funding issuance.

related reporting, and thereby supports the management of risks associated with our green funding program.

or equivalent real estate certifications as determined by us. These assets are tracked and reviewed quarterly for ongoing

eligibility and availability.

We publish an annual Green Funding Investor Report that provides details on our green funding activities, eligible assets

representatives from key business divisions and second line of defense functions.

Group Sustainable Investing Policy

Asset Management policies, guidelines and frameworks

Management division has established its own specific policies, guidelines and frameworks.

›

Policies, guidelines and frameworks related to our own operations

Manual for our environmental and energy management systems

implementing this manual rests with the Global Head Group Real Estate and Supply Chain.

operations, energy and resource efficiency and regulatory compliance.

The energy management system, certified to ISO 50001:2018, applies to selected locations in Europe, where it supports

energy audits are performed and efficiency measures implemented in line with ISO 50001:2018 requirements.

employees and other relevant stakeholders, ensuring they understand our management systems requirements and their

intranet, ensuring easy access, transparency and continuous learning opportunities.

Annual Report 2025 |

UBS Business Travel & Expense Policy

the associated carbon footprint by encouraging employees to consider the environmental impact of their travel choices.

The Global Head Group Real Estate and Supply Chain and the Global Operating Manager Group Real Estate and Supply

ensuring transparency and ease of access.

Policies, guidelines and frameworks related to our supply chain

communicated during onboarding and engagement processes.

›

Refer to

ubs.com/global/en/our-firm/suppliers/supply-chain

, for an overview of our supply chain-related policies, guidelines and

frameworks

Responsible Supply Chain Management Framework, Policy and Guideline

Our Group-wide

divisions, Group functions, locations and legal entities and is supported by procedural controls.

for assessing sustainable practices of our suppliers and outlines our expectations across key areas.

potential substantial environmental or social impact) are identified during onboarding and contract renewals.

the management of vendor relationships. It applies globally to all vendor-related purchases made by UBS.

manager, to ensure effective supplier management and compliance with risk controls.

promotes transparency and sustainability in vendor engagements.

Climate disclosure guideline for vendors

expectations for GHG key vendors

, who contribute to over 50% of our calculated scope 3 emissions.

Annual Report 2025 |

Social information

People and culture make the difference

Strategy as it relates to people management

control over UBS AG, which is held at the Group level by UBS Group AG. Such “group steering” is intended to ensure a

Regarding workforce data in this chapter, all references are to consolidated UBS Group data, unless otherwise specified.

requirements;

subject to the same employment conditions and employment requirements.

Engagement with our employees

Employee engagement

Employee concerns and whistleblowing

›

information about the UBS whistleblowing process available to employees

Benchmarks provided by Ipsos Karian and Box as of the third quarter of 2025.

Annual Report 2025 |

Workforce metrics

Characteristics of our workforce

(2024: 69,891 employees).

Employees by region

UBS Group

31.12.25

31.12.24

Americas

23.0%

23.2%

APAC

24.5%

24.0%

EMEA

19.8%

20.4%

Switzerland

32.7%

32.4%

Total

100%

Employees by region

UBS AG consolidated

31.12.25

31.12.24

Americas

38.5%

36.7%

APAC

16.4%

16.1%

EMEA

12.1%

11.9%

Switzerland

33.0%

35.3%

Total

100%

Center

Center subsidiaries.

Annual Report 2025 |

Employee representation

considers topics related to our performance and operations. Local employee representative bodies discuss topics such as

We are committed to being an inclusive workplace based on meritocracy and aim to build a culture of belonging where

of our clients to serve them at our best. It is also critically important to us that we respect an environment where all our

employees are treated fairly and are able to reach their potential. In every location in which we operate, we continue to

act in accordance with the current law and regulations and will monitor any changes to ensure we remain consistent.

disability inclusion that we have partnered with since 2021. In 2025, we strengthened disability inclusion by embedding

Disability Index

Fair and equitable pay

at the root causes and address them.

We also aim to ensure that all employees are paid at least a living wage. We regularly assess employees’ salaries against

salaries were at or above the respective benchmarks.

›

Refer to the UBS Compensation Report 2025, available at

ubs.com/annualreporting,

for more information

Talent management and development

Our Group-wide talent offering is supplemented by programs in the business divisions, functions and regions. Their aim

continuity and proactively manage employee development. Our leadership development framework ensures we address

AI for Leaders series, foster innovation and prepare leaders to thrive in an AI-enabled world.

including risk-management-related training, in line with our mandatory learning policy.

Annual Report 2025 |

Performance management

Our performance management approach reflects our strategy and supports our high-performance culture. Performance

Employee support, including benefits and work-life balance

promote employee health and well-being. Social, physical, mental and financial well-being elements are woven into our

HR policies and practices. For example, our support for employee well-being includes a range of programs, benefits and

and promotes regional networks, initiatives and resources.

to plan health checkups and screenings.

issues that may affect their well-being.

Annual Report 2025 |

Respecting human rights

›

information about our interactions with stakeholders, including civil society groups

philanthropy goals, including those related to human rights.

›

Refer to the “Sustainability and climate risk policy framework”, available at

ubs.com/sustainability-reporting

, for more

›

policies and principles

rights risks, have to agree to and comply with a remediation plan before signing a contract with us.

›

responsible supply chain management and assessments, available at

ubs.com/sustainability-reporting

, for more information

shows the structures (governance and policies) and mechanisms (procedures and processes) UBS has in place to support

›

Refer to the Human Rights Statement 2026, available at

ubs.com/sustainability-reporting,

for more information

›

ubs.com/sustainability-reporting

, for more information

Annual Report 2025 |

Managing sustainability and climate risks

risks that UBS negatively impacts, or is impacted by, climate change, nature, human rights and other environmental and

Sustainability and climate risk management framework

related risks that may affect UBS and our clients, and supporting the transition to a low-carbon economy.

Overseen by senior management, the framework is applied across client onboarding, transaction due diligence, product

›

Refer to the Sustainability and climate risk policy framework, available at

ubs.com/sustainability-reporting

›

for a description of our sustainability and climate risk investment approach

Governance and strategic oversight

Directors. These bodies monitor the progress of our efforts to address sustainability and climate risks.

›

Refer to the “Governance” section of this Sustainability statement for further details on sustainability governance at UBS

Annual Report 2025 |

Risk identification and measurement

–

through our external disclosures.

Our approach to climate-related risk identification

financial impacts that could arise from policy changes, technological shifts, market evolution in the context of transition

creditworthiness, collateral values and broader portfolio exposure.

2).

exposure to climate-related risks.

Transition risk

risk-sensitive exposure continued to be real estate, industrials and transportation, unchanged from 2024.

Physical risk

into regions according to the UBS Country and Region Data Standard.

›

Refer to the Basis of preparation 2025, available at

ubs.com/sustainability-reporting

, for details about methodologies

develop our risk identification and measurement approaches.

Annual Report 2025 |

High 50.97 (6.49%)

Real estate

45.72

Utilities

1.44

Fossil fuels

0.28

Private clients with mortgages

39.72

Power production: regulated & high-carbon

fuels

1.44

Wholesale & trading: refined petroleum products

0.17

Real estate financing

6.00

Sovereigns

0.32

Refining and marketing

0.10

Industrials

2.74

Government agencies

0.30

Agriculture

0.11

Chemicals

2.13

Sovereigns

0.02

Food and beverage production

0.10

Machinery and related parts manufacturing

0.32

Services and Technology

0.31

Livestock – beef extensive grazing

0.02

Cement or concrete manufacture

0.29

Business services

0.31

Transportation

0.04

Electronics manufacture

0.01

Land-based shipping high-carbon (trucks)

0.04

Moderately high 69.58 (8.86%)

Real estate

32.20

Transportation (cont.)

Services and technology

1.29

Private clients with mortgages

19.96

Land-based shipping high-carbon (trucks)

1.03

Business services

1.26

Development and management of real estate

6.66

Airlines – commercial

0.87

Media, information technology

0.02

Real estate financing

5.57

Automobile manufacture (high-carbon fuels)

0.10

Fossil fuels

1.27

Industrials

13.64

Transit systems

0.05

Wholesale & trading: crude oil and natural gas

1.02

Machinery and related parts manufacturing

6.34

Metals and mining

3.87

Conventional oil (on- / off-shore)

0.14

Pharmaceuticals

3.00

Mining conglomerates (incl. trading)

3.04

Integrated oil and gas

0.07

Plastics and petrochemicals manufacture

2.02

Production of other mined metals and raw

materials

0.57

Gas processing (including LNG)

0.05

Consumer durables manufacturing

1.60

Production of steel and iron

0.27

Utilities

0.53

Chemicals

0.60

Agriculture

2.22

Power production: regulated & high-carbon fuels

0.36

Other consumer goods manufacturing

0.07

Food and beverage production

2.22

Waste water treatment

0.17

Clothing manufacture

0.02

Financial services

1.63

Sovereigns

0.16

Transportation

12.76

Banks

1.17

Sovereigns

0.16

Sea-based shipping (high-carbon fuels)

7.35

Other financial services

0.20

Airlines – cargo

2.00

Asset managers and asset owners

0.19

Transportation parts and equipment supply

1.36

Brokers and other intermediaries

0.07

Moderate 72.34 (9.21%)

Real estate

39.69

Fossil fuels

5.69

Utilities

1.49

Private clients with mortgages

29.82

Wholesale & trading: refined petroleum

products

5.32

Waste disposal and recycling

0.59

Real estate financing

7.08

Transportation and storage (gas)

0.19

Power production: regulated & high-carbon fuels

0.49

Construction – non-infrastructure

2.68

Downstream oil and gas distribution

0.17

Grid operation and transmission

0.27

Development and management of real estate

0.07

Wholesale & trading: crude oil and natural gas

0.01

Wholesale & trading: electricity and power

0.13

Construction of buildings and related activities

0.04

Agriculture

4.30

Metals and mining

0.56

Services and technology

9.00

Food and beverage wholesale / retail

2.92

Metal or mining not elsewhere classified

0.45

Media, information technology

8.59

Food and beverage production

1.14

Production of steel and iron

0.07

Business services

0.25

Crops – high emissions intensity

0.14

Production of other mined metals and raw

materials

0.04

Entertainment, leisure, retail not elsewhere

classified

0.11

Other agricultural services

0.07

Financial services

0.27

Education

0.05

Livestock – other

0.02

Asset managers and asset owners

0.15

Industrials

8.76

Transportation

2.43

Banks

0.11

Electronics manufacture

4.07

Passenger ships

1.71

Sovereigns

0.16

Other consumer goods manufacturing

1.51

Airlines – cargo

0.38

Government agencies

0.11

Clothing manufacture

1.46

Sea-based shipping (high-carbon fuels)

0.16

Sovereigns

0.05

Aerospace and defence activities

1.19

Automobile manufacture (high-carbon fuels)

0.10

Pharmaceuticals

0.26

Airlines – commercial

0.08

Machinery and related parts manufacturing

0.14

Plastics and petrochemicals manufacture

0.13

The exposures that are not assessed due to lack of methodology and / or data are categorized as “not classified”.

Annual Report 2025 |

Switzerland

Americas

EMEA

Asia Pacific

Sensitive

53.05

Sensitive

43.07

Sensitive

3.03

Sensitive

1.95

Private clients with mortgages

19.20

Financial services

20.77

Services and technology

0.81

Financial services

0.85

Real estate financing

12.61

Services and technology

11.83

Industrials

0.66

Metals and mining

0.33

Services and technology

8.12

Industrials

4.79

Private clients with mortgages

0.48

Services and technology

0.22

Others

13.11

Others

5.68

Others

1.08

Others

0.55

Non-sensitive

376.55

Non-sensitive

161.12

Non-sensitive

89.53

Non-sensitive

37.36

Not classified

7.51

Not classified

1.00

Not classified

1.03

Not classified

0.31

Annual Report 2025 |

Climate scenario analysis and stress testing

We apply scenario-based approaches to assess our exposure to transition and physical risks arising from climate change.

systematic and idiosyncratic effects to perform stress-testing exercises across short-, medium- and long-term horizons.

These exercises facilitated the identification of financial risks from climate change. They also made it possible for UBS to

Materiality of climate-related risks across risk categories

risk drivers may affect UBS’s risk categories: credit, market, liquidity, business and non-financial risks.

inherent and residual perspective. Inherent risk refers to the level of risk that exists in the absence of any climate-related

controls or mitigation actions, whereas residual risk refers to the level of risk after taking them into account.

capture the dynamic nature of climate risk exposure.

basis, for each risk category and time horizon under a stress case scenario.

Overview of inherent material risks under stress case scenarios

Risk type

Time horizon

Credit

Market

Liquidity

Business

Non-financial risk

Physical risk

Short-term

Not material

Medium-term

Not material

Long-term

Material

Not material

Transition risk

Short-term

Material

Not material

Material

Not material

Medium-term

Material

Long-term

Material

regulatory uncertainty, which may require significant investments and impact credit quality for the real estate sector and

Annual Report 2025 |

access to capital markets (transition risk).

Inherent business risk is assessed as material under stress-case scenarios, considering the potential financial impacts of a

change, as opposed to direct climate impacts on counterparties or assets.

(transition risk).

relevant.

Annual Report 2025 |

Monitoring and risk appetite setting

supports proactive management of exposures to climate-sensitive sectors.

develop these metrics, ensuring alignment with regulatory expectations and industry-leading practices.

›

Refer to the Sustainability and climate risk policy framework, available at

ubs.com/sustainability-reporting

, for more details on

sustainability and climate risk standards, decarbonization control framework and assessments

Climate-related risk metrics

portfolio, impacting both transition- and physical-risk-sensitive exposures.

risk-sensitive exposure accounted for 13.8% of the UBS Group’s total gross lending exposure, up from 12.8% based on

the revised

largely flat year on year.

Risk management – Climate-related metrics

For the year ended

31.12.25

31.12.24

Climate-related metrics (USD bn)

1,2

192.9

147.5

Climate-sensitive sectors, transition risk, proportion of total gross lending exposure, UBS Group AG consolidated (%)

1,2

24.6

21.0

Total exposure to climate-sensitive sectors, transition risk UBS AG (standalone)

1,2

31.6

36.2

Total exposure to climate-sensitive sectors, transition risk UBS Switzerland AG (standalone)

1,2

154.5

103.5

Total exposure to climate-sensitive sectors, transition risk UBS Europe SE (standalone)

1,2

0.0

1.4

2.1

Exposure to climate-sensitive sectors, transition risk: Issuer risk, UBS Group AG consolidated

8.8

6.8

1,2,5

108.5

89.6

Climate-sensitive sectors, physical risk, proportion of total gross lending exposure, UBS Group AG consolidated gross (%)

1,2

13.8

12.8

Total exposure to climate-sensitive sectors, physical risk UBS AG (standalone)

1,2,5

64.4

65.0

Total exposure to climate-sensitive sectors, physical risk UBS Switzerland AG (standalone)

1,2

56.9

43.5

Total exposure to climate-sensitive sectors, physical risk UBS Europe SE (standalone)

1,2

0.0

2.9

3.3

Exposure to climate-sensitive sectors, physical risk: Issuer risk, UBS Group AG consolidated

14.4

12.6

Carbon-related assets: UBS Group AG consolidated

1,6

76.1

76.5

Carbon-related assets proportion of total gross lending exposure, UBS Group AG consolidated gross (%)

1,6

9.7

10.9

Carbon-related assets: UBS AG (standalone)

1,6

26.2

30.3

Carbon-related assets: UBS Switzerland AG (standalone)

1,6

51.6

46.6

Carbon-related assets: UBS Europe SE (standalone)

1,6

0.0

from USD

Carbon-related assets

›

Refer to the Basis of preparation 2025, available at

ubs.com/sustainability-reporting

, for more information on the metrics’

definitions, approaches and scope

Annual Report 2025 |

for both transition and physical risks. It shows our total exposure to each sector and the trend compared with 2024. For

average rating of moderate for transition risk and moderately low for physical risk.

Risk exposures by sector for UBS Group

1,2

Transition risk

Physical risk

Sector / Sub-sector

2025

exposure

(USD bn)

YoY

exposure

trend

Weighted average

risk rating 2025

YoY

weighted

average risk

trend

2025

climate-

sensitive

exposure

(USD bn)

2024

climate-

sensitive

exposure

(USD bn)

Weighted average

risk rating 2025

YoY

weighted

average risk

trend

2025

climate-

sensitive

exposure

(USD bn)

2024

climate-

sensitive

exposure

(USD bn)

Agriculture

Agriculture, fishing and forestry

0.45

↓

Moderate

↑

0.25

0.42

Moderately Low

↓

0.13

0.54

Food and beverage

7.00

↑

Moderately High

↓

6.38

6.51

Moderately Low

→

3.63

3.93

Financial services

93.59

↑

Moderately Low

→

1.89

0.03

Moderately Low

→

22.09

18.85

Fossil fuels

Downstream refining, distribution

0.32

↓

Moderately High

↑

0.32

0.54

Moderately Low

↓

0.08

0.26

Integrated oil and gas

0.07

↓

Moderately High

↑

0.07

0.32

Moderately Low

↑

0.00

Midstream transport, storage

0.19

↑

Moderate

→

0.19

0.10

Moderate

→

0.19

0.10

Trading fossil fuels

6.53

→

Moderately High

→

6.53

6.72

Moderately Low

→

0.58

0.73

Upstream extraction

0.14

↓

Moderately High

→

0.14

0.24

Moderately Low

↑

0.01

0.02

Industrials

Cement or concrete manufacture

0.29

↑

High

→

0.29

0.24

Moderately Low

→

0.04

0.03

Chemicals manufacture

2.73

↓

High

→

2.73

3.80

Moderately Low

↓

0.56

1.27

Electronics manufacture

4.56

↓

Moderate

→

4.08

4.48

Moderately Low

↑

1.14

1.47

Goods and apparel manufacture

4.74

↓

Moderately High

→

4.65

5.11

Moderately Low

→

2.86

2.94

Machinery manufacturing

8.06

→

Moderately High

→

7.99

8.02

Moderately Low

→

1.08

1.21

Pharmaceuticals manufacture

3.59

→

Moderately High

↓

3.26

3.64

Moderately Low

→

0.99

1.06

Plastics and petrochemicals manufacture

2.19

↑

Moderately High

→

2.14

1.81

Moderately Low

↑

0.92

0.69

Metals and mining

Mining conglomerates (incl. trading)

3.04

↑

Moderately High

→

3.04

2.83

Moderately Low

→

0.12

0.07

Mining and quarrying

0.98

↓

Moderate

↓

0.45

0.66

Moderately Low

↓

0.40

0.59

Production of metals

1.01

↑

Moderately High

↓

0.94

0.87

Moderately Low

↓

0.25

0.39

Private clients

Lombard

173.59

↑

Moderately Low

→

0.00

Moderately low

→

0.00

Real estate

Development and management

12.34

↑

Moderately High

↓

9.45

11.04

Moderately low

→

0.43

0.68

Real estate financing

93.00

↑

Moderate

↑

18.65

10.40

Moderately low

↑

12.91

9.89

Private clients with mortgages

292.27

↑

Moderate

↑

89.50

53.17

Moderately Low

→

20.85

13.24

Services and technology

↓

Services and technology

38.00

↑

Moderate

↑

10.60

9.31

Moderately Low

→

20.94

18.85

Sovereigns

2.53

↓

Moderately Low

↓

0.65

0.34

Moderately low

→

0.07

0.04

Transportation

Air transport

3.41

↑

Moderately High

→

3.33

2.84

Moderate

→

2.89

2.50

Automotive

1.31

↑

Moderate

→

0.20

0.23

Moderate

→

1.21

1.08

Rail freight

1.13

↑

Low

→

0.00

Moderate

→

1.04

0.77

Road freight

1.19

↓

Moderately High

→

1.07

1.32

Moderately Low

→

0.56

0.64

Transit

0.60

↑

Moderate

↑

0.05

0.00

Moderately Low

→

0.39

0.33

Transportation parts and equipment supply

1.44

↑

Moderately High

→

1.36

1.10

Moderate

→

0.63

0.64

Water transport

9.23

↑

Moderately High

↑

9.23

8.55

Moderate

↑

9.17

5.21

Utilities

Power generation

2.78

→

High

→

2.70

2.24

Moderate

↑

2.17

1.42

Waste treatment

0.76

↑

Moderately High

→

0.76

0.68

Moderately Low

→

0.19

Not classified

12.54

↓

Not Classified

→

0.00

0.01

Not classified

→

0.02

Grand Total

785.56

↑

Moderate

→

192.89

147.55

Moderately low

→

108.54

89.61

Comparative figures have been revised following the development of the global real estate model. The revision applies to the exposure booked on the UBS platform only and not

Annual Report 2025 |

Risk management and control

Controls in financial and non-financial risk processes

support consistent implementation of sustainability and climate risk practices across the organization, UBS has delivered

sustainability and climate-risk training to employees across the business divisions and Group functions.

›

Refer to the Sustainability and climate risk policy framework, available at

ubs.com/sustainability-reporting

, for details about our

standards, guidelines and assessments

Integration of climate-related risks into traditional risk management framework

Credit risk

meet its financial obligations the likelihood of credit losses increases.

within the credit approval workflow.

enhance and automate quarterly risk reporting to strengthen oversight and transparency.

Liquidity risk

increased net cash outflows or depletion of our liquidity buffer.

maintenance of robust high-quality liquid asset buffers, comprehensive stress-testing under diverse scenarios and access

to diversified funding sources.

Business risk

Annual Report 2025 |

process.

Market risk

where climate policies, technological shifts and evolving market perceptions alter asset valuations or disrupt correlations

between risk factors, potentially impacting liquidity and model assumptions.

this framework is complemented with quantitative risk appetite measures, such as climate risk concentration triggers. In

risk analysis to assess potential climate-related stress events. These initiatives are supported by continued enhancements

management approach.

Non-financial risk

reputational risks, such as greenwashing risk) is considered across all business activities, transactions and decisions.

Risk reporting and disclosure

reporting across the firm, key legal entities and the business divisions. This process includes:

–

transactions referred to the Sustainability and Climate Risk unit;

–

regulatory monitoring on sustainability and climate risks.

including the recommendations of the TCFD.

›

Refer to the Sustainability and climate risk policy framework, available at

ubs.com/sustainability-reporting

Our investment management approach to sustainability and climate risks

approaches of Asset Management and Global Wealth Management.

Assessing climate-related financial risks in client portfolios

reporting and disclosures.

Annual Report 2025 |

recommendations.

climate risks.

Quantifying climate risk: data and metrics

drought.

suitable for reflecting the reach and complexity of our investments.

sovereigns or structured products, for example, are not covered at this point.

scope and quality of data available to us.

Application in Asset Management

can be applied in managing existing investment strategies and new portfolio construction. Portfolio construction criteria

›

sustainability performance, which informs investment decisions.

Annual Report 2025 |

Our Global Real Assets business considers key transition risks using our proprietary, in-house SI dashboard. This assesses

both real estate and infrastructure. We also use third-party data to inform our assessment of physical risk in our indirect

scenarios and timelines.

Active ownership

ownership strategy as a powerful tool in influencing corporate and other stakeholder behavior to achieve real-economy

believe have the potential to enhance investment returns.

accordingly. This engagement includes physical risk exposure and mitigation, transition plans, disclosures and alignment

Application in Global Wealth Management

manager of these portfolios, but it does not control portfolio construction and management within the underlying fund

regular communication with our fund partners about the development of climate risk management processes related to

their strategies.

Annual Report 2025 |

Identification of material risks

climate risk materiality assessment, which forms an integral part of the broader risk identification process.

assumption that global warming will be 2°C or less.

assessments.

which assesses UBS’s exposure to climate risks across short-, medium- and long-term horizons.

remains resilient against any risks identified as material in its risk identification processes.

Integrating sustainability-related impacts in our financial planning

prospective economic environment. Sustainability is a component of that strategy and planning process.

being reflected in our capital requirement planning calculations.

regulatory, reputational and market impact of unplanned disruptive events, including those that are climate related. We

plans are in place for loss of premises and loss of staff incidents due to disruptive events, such as severe weather events.

Annual Report 2025 |

designed to identify more specific threats.

Annual Report 2025 |

Other supplemental information

Additional UBS Europe SE considerations for sustainability and climate risk

management

social and governance risks).

clear established controls and having environmental-, social- and governance-related metrics in place.

The detailed analyses underpinning these materiality assessment results are documented further internally.

Risk type

Short-term

Medium-term

Long-term

Credit risk

Gross

Not material

Residual

Not material

Market risk

Gross

Not material

Residual

Not material

Liquidity and funding risk

Gross

Not material

Residual

Not material

Non-financial risk

Gross

Material

Residual

Not material

Material

Reputational risk

Gross

Material

Residual

Not material

Material

Business risk

Gross

Material

Residual

Not material

Annual Report 2025 |

Business model

and, where applicable, business activities related to sustainability and measures are established, monitored and annually

business divisions from a sustainability perspective to ensure such aspects are fully embedded in its business strategy.

As one of Europe’s largest managers of private and institutional wealth, UBS Europe SE has a role to play in tackling the

Among other priorities, UBS Europe SE has identified the following key sustainability focus areas:

–

supporting the transition of financing and investing clients to low-carbon and climate-resilient business models;

–

minimizing the operational footprint and utilizing resources in an efficient and sustainable way; and

–

identifying, measuring, monitoring, managing and reporting sustainability and climate risks.

›

(

markets and decision-making.

Governance

monitoring processes in their respective area of responsibility.

supervisory board about risk-relevant topics, including risk strategy and risk appetite, on a regular basis. The supervisory

measurement methodologies, including sustainability and climate risks.

UBS Group.

To ensure sustainability has dedicated senior management oversight, the UBS Europe SE’s Chief Risk Officer (the CRO) is

Officer (the CFO) is responsible for sustainability.

model.

Annual Report 2025 |

assessments of transactions and client and supplier onboarding.

including ESG-related risks, to ensure that these are appropriately evaluated.

reporting to the management board.

control committee) and UBS Europe SE’s audit committee of the supervisory board.

ensuring overall priorization and alignment regarding sustainability topics. In addition, a semi-annual report is presented

sustainability to be addressed and monitored at the highest level in the entity.

to an enhanced overview and monitoring.

›

sustainability governance at UBS

is aligned with regulatory expectations and international best practices.

›

integration of sustainability and climate-related risks into traditional risk management frameworks

›

Refer to the Sustainability and climate risk policy framework, available at

ubs.com/sustainability-reporting

, for more information

risks.

Annual Report 2025 |

risks and reputational risk, these risks are considered in both the normative and economic ICAAP perspective.

›

statement for more information about climate scenario analysis

›

statement for more information about climate scenario analysis

Metrics and targets

on UBS Europe SE pursuant to Art. 8 of the EU Taxonomy Regulation, is disclosed in the sections referred to below.

›

statement for information about the Risk management – climate-related metrics table

›

Refer to the Sustainability and climate risk policy framework, available at

, for more information

about the sustainability and climate risk assessments table

›

Regulation” section of this Sustainability statement

is committed to providing transparent aspirations, goals and targets and reporting on the progress made against them.

›

and targets

›

methodologies (with UBS Europe SE fully embedded in these)

the residential real estate sector, the mortgages portfolio is also very limited.

risk and environmental / nature-related risk have on the risk profile and business model of the legal entity.

›

physical risks sections and ”Risk identification and measurement“ for more information

›

Sustainability statement for more information

metric is defined as the maximum (worst-case) rating of either that sector’s dependency on the environment or impacts

to the environment. Lending exposure data is categorized by risk ratings based on the current state of the world.

of sensitive exposure in the services and technology portfolio.

Annual Report 2025 |

Risk management – Climate- and nature-related metrics

For the year ended

31.12.25

31.12.24

Climate- and nature-related metrics for UBS Europe SE (standalone) (USD m)

Exposure to climate-sensitive sectors, transition risk: gross lending exposure

1,2

35.8

25.2

46.8

92.9

Exposure to climate-sensitive sectors, transition risk: Issuer risk

43.1

96.5

Exposure to climate-sensitive sectors, physical risk: gross lending exposure

1,2

10.4

28.3

258.6

237.3

Exposure to climate-sensitive sectors, physical risk: Issuer risk

12.4

54.4

Exposure to nature-related risks: gross lending exposure

33.9

24.8

Exposure to nature-related risks: Traded products

7.9

11.0

Exposure to nature-related risks: Issuer risk

8.3

2.7

Carbon-related assets

1,5

34.1

24.9

booked on the UBS platform only and not to the legacy exposure on the Credit Suisse platform. Consequently, the previously reported physical risk exposure was revised to USD 28.3m from USD 24m, while transition

›

to each sector, followed by the share of sensitive risk exposure for each risk type.

Climate- and nature-related risk exposures by sector for UBS Europe SE standalone

Transition risk

Physical risk

Nature-related risk

Sector / Sub-sector

2025

(USD m)

2024

(USD m)

2025

sensitive

exposure

(USD m)

2024

sensitive

exposure

(USD m)

2025

sensitive

exposure

(USD m)

2024

sensitive

exposure

(USD m)

2025

sensitive

exposure

(USD m)

2024

sensitive

exposure

(USD m)

Agriculture

Agriculture, fishing and forestry

0.00

1.32

0.00

1.31

0.00

1.26

Food and beverage

1.40

1.54

1.40

1.54

0.11

0.79

0.00

0.01

Financial services

265.31

247.59

0.00

0.08

0.01

0.00

Industrials

Electronics manufacture

0.06

0.05

0.06

0.05

0.00

Goods and apparel manufacture

0.35

1.15

0.35

1.15

0.35

0.00

1.15

Machinery manufacturing

0.29

0.83

0.29

0.83

0.00

0.29

0.83

Metals and mining

Production of metals

6.51

0.00

6.51

0.00

6.51

0.00

Private lending

Lombard

10,011.22

8,041.92

0.00

Real estate

Development and management

27.14

20.41

27.14

20.41

0.00

27.14

20.41

Private clients with mortgages

322.70

315.24

0.00

4.88

3.96

0.00

Services and technology

182.36

85.63

0.01

0.13

4.93

22.17

0.00

Utilities

Power Generation

0.00

1.13

0.00

1.13

0.00

1.13

Not classified

112.56

185.82

0.00

Grand Total

10,929.90

8,902.62

35.77

25.25

10.36

28.26

33.95

24.78

Lombard lending rating is assigned based on the average riskiness of the collateral that is posted securing the loans.

Annual Report 2025 |

Transition risk

standalone exposure is rated as moderately low (93.76%), whereas the share of climate-sensitive exposure is immaterial

(0.33%). The majority of the climate-sensitive exposure is concentrated in the real estate sector.

Climate-driven transition risk profile chart for UBS Europe SE standalone

1,2

In USD million

Moderately high 35.23 (0.32%)

Real estate

27.14

Development and management of real estate

27.14

Metals and Mining

6.51

Production of other mined metals and raw materials

6.51

Agriculture

1.29

Food and beverage production

1.29

Industrials

0.29

Machinery and related parts manufacturing

0.29

Moderate 0.54 (0.01%)

Industrials

0.41

Other consumer goods manufacturing

0.35

Electronics manufacture

0.06

Agriculture

0.11

Food and beverage wholesale / retail

0.11

Services and technology

0.01

Media, information technology

0.01

rated as “non-sensitive”. The exposures that are not assessed due to lack of methodology and / or data are categorized as

Physical risk

standalone exposure is rated at moderately low (93.25%), whereas the share of climate-sensitive exposure is immaterial

(0.09%).

Annual Report 2025 |

Country breakdown

Regional breakdown

France

Italy

Rest of the World

EMEA

Americas

Switzerland

Asia Pacific

Sensitive

0.03

4.58

5.75

Sensitive

4.94

5.42

0.00

Non-sensitive

3,338.05

1,544.93

5,924.00

Non-sensitive

9,125.42

1,351.15

207.68

16.55

Not classified

71.35

0.68

40.53

Not classified

94.87

0.36

5.15

2.97

very small exposure (<1%) booked in Liechtenstein.

Annual Report 2025 |

Nature-related risk

The majority of the nature-sensitive exposure is concentrated in the real estate sector.

Nature-related risk profile chart for UBS Europe SE standalone

1,2

In USD million

High 6.51 (0.06%)

Metals and mining

6.51

Production of other mined metals and raw materials

6.51

Moderate 27.44 (0.25%)

Real estate

27.14

Development and management of real estate

27.14

Industrials

0.29

Machinery and related parts manufacturing

0.29

due to lack of methodology and / or data are categorized as “not classified”.

Annual Report 2025 |

Basis of preparation – UBS Europe SE standalone climate- and nature-related metrics

Carbon-related assets

Metric

Units

Legal entity

Carbon-related assets

USD bn

Definition

TCFD encourages banks to use a consistent definition to support comparability.

Calculation process

food and beverage production, and also includes trading companies that may trade any of the above (e.g. oil trading or

agricultural commodity trading companies). This metric is agnostic of risk rating and therefore may include exposures of

Sources

by the Group Data Management Office.

Key assumptions, approximations and judgments

considered out of scope.

Total exposure to climate-sensitive sectors – transition risk

Metric

Units

Legal entity

Total exposure to climate-sensitive sectors, transition risk

USD bn

Definition

approach to meeting the well-below-2˚C Paris Agreement goal.

Calculation process

repurchase agreements.

condition of a specific issuer that cannot be attributed to general market and liquidity risk. For issuer risk exposures, the

Annual Report 2025 |

When counterparty-level information is available and is of sufficient quality, a bottom-up transition risk rating model (TR

evaluates a firm’s alignment with net-zero objectives, ensuring a more granular and company-specific view of transition

is posted securing the loans.

assigned a Lombard portfolio rating.

Sources

as either industrialized countries or emerging markets countries, as per UBS country risk policy.

as wider sets of companies are covered by CTAS.

estimated CO

are posted securing the loans.

assessed due to lack of methodology and / or data are classified as “not classified”.

Data Management Office.

Key assumptions, approximations and judgments

subcomponents to remain consistent with the firm’s transition risk assessment of the company.

is a crucial dimension of the transition risk assessment.

mapping of publicly disclosed industry exposures to UBS defined sectors and associated risk scores.

Annual Report 2025 |

rather than UBS’s counterparties. This reflects the reliance on collateral liquidation as the primary source of repayment.

Total exposure to climate-sensitive sectors – physical risk

Metric

Units

Legal entity

Total exposure to climate-sensitive sectors, physical risk

USD bn

UBS Europe SE standalone

Definition

rating sectoral and geographical vulnerabilities of counterparties to these hazards.

Calculation process

allowances based on standalone IFRS numbers, herea

condition of a specific issuer that cannot be attributed to general market and liquidity risk. For issuer risk exposures, the

counterparty’s country of risk domicile and internal UBS industry classification (GIC 2.0).

the collateral portfolio that is posted securing the loans.

assigned a Lombard portfolio rating.

Sources

considering the extent to which each sector is vulnerable or resilient to a particular hazard.

to physical risk exposure scores.

Annual Report 2025 |

are posted securing the loan.

and/or lack of methodology are classified as “not classified”.

Data Management Office.

Key assumptions, approximations and judgments

All physical risk methodologies assume the same underlying scenario i.e. the current state of world.

related hazards.

Consequently, other types of assets (e.g. financial assets) are not considered.

risk hazards is

treated as the primary driver of physical risk.

The PR HM rating assignment relies on internal GIC 2.0 codes that are assigned by business-division-specific onboarding

processes based on the company’s legal incorporation or its economic activity.

rather than UBS’s counterparties. This reflects the reliance on collateral liquidation as the primary source of repayment.

Nature-related risks

Metric

Units

Legal entity

Total exposure to nature-related risks

USD m

UBS Europe SE standalone

Definition

and the stability of the wider financial sector through financial and non-financial impacts.

Calculation process

The metric is calculated for banking products, traded products and issuer risk exposures for in-scope UBS legal entities.

allowances based on standalone IFRS numbers, hereafter referred as “total gross customer lending exposure”.

repurchase agreements.

condition of a specific issuer that cannot be attributed to general market and liquidity risk. For issuer risk exposures, the

metric includes high-quality liquid assets, debt securities, bonds and liquidity buffer securities.

ratings on a five-point scale (high, moderately high or moderate), whereas moderately low or low ratings are defined as

classified”.

Annual Report 2025 |

ENCORE is based on a four-tier system:

Natural capital assets: defined as the most basic unit of the environment (e.g. geology, soil, air, water).

oxygen).

Economic production processes: these are grouped into more traditional economic subsectors.

ecosystem services.

The ratings for a sector’s nature-related risk dependencies consider the potential: (i) loss of functionality of a production

risk heatmap (NR HM) based on the counterparty’s GIC 2.0.

Sources

internal analyses of UBS real estate portfolios, yielding an overall low-risk rating.

are posted securing the loans, yielding an overall moderately low-risk rating.

Group Data Management Office.

Key assumptions, approximations and judgments

services.

The Lombard portfolio rating is based solely on the characteristics of the collateral portfolio, i.e. the issuers of risk rather

than the UBS’s counterparties. This reflects the reliance on collateral liquidation as the primary source of repayment.

Annual Report 2025 |

Climate-related risk methodologies and scenarios

climate risk analytics.

heatmaps, counterparty-level climate risk rating models and GRE model support our risk management strategy through:

–

for detailed bottom-up risk analysis;

–

setting for material risks;

–

transmission channels may increase or augment the risk profile supporting a risk-mitigating strategy; and

–

leadership and external disclosure to stakeholders.

Transition risk

Physical risk

Methodology (heatmap)

Originally developed in collaboration with the United Nations Environment

Programme Finance Initiative and Oliver Wyman, our expert-based

transition risk ratings have been further refined in-house. These ratings

and risk segmentation processes now reflect changes in risk profiles,

evolving views on climate-related risk materiality and UBS’s business

footprint. Climate transition risk scores (0–1) and ratings (low to high) are

assigned to sectors. Geographic information is captured by distinguishing

between emerging and industrialized countries. As a result, exposure data

is categorized by risk ratings, through their sectoral and country

designation.

A score is calculated at sector / country level based on a geographically

and industry representative physical asset population collected from

vendor data. A hazard-specific exposure score is determined as an

average, with a penalty applied for the variance of the population, which

is augmented by channels that amplify / mitigate the risk at sector level. A

final score is then obtained by aggregating across hazards. This score is

mapped to a rating (low / moderately low / moderate / moderately high /

high). As a result, exposure data is categorized by risk ratings, through

their sectoral and country designation.

Methodology (rating

models)

The transition risk rating model produces a counterparty-level assessment

by adjusting the heatmap rating using data on a company’s alignment to

net-zero targets, captured via the Company Transition Assessment

Scorecard (the CTAS), where available.

The physical risk rating model generates counterparty-level physical risk

scores by aggregating physical hazards and transmission channels and

applying suitable mitigants, when data on a representative number of

assets is available for a company. This approach aligns with the physical

risk heatmap methodology and provides a counterparty-level rating based

on asset-level data.

Methodology (global real

estate model)

Developed in 2025, the GRE model produces a counterparty-level

assessment of transition risk in UBS’s commercial and residential real

estate portfolio based on the estimated CO

emissions.

Developed in 2025, the GRE model produces a counterparty-level

assessment of physical risk in UBS’s commercial and residential real estate

portfolio based on expected damage caused by flood risk.

Ambitious and disorderly approach to meeting the <2˚C goal of the Paris

Agreement.

Reflect level of risk and likelihood of financial impact and exposure based

on the defined scenario above.

Reflect level of risk and likelihood of financial impact and exposure based

on a current state of world scenario.

At sector / country level: high for most fossil fuel sectors, moderate for

most transportation and industrial sectors.

At sector / country level: moderately high for some manufacturers in

Southeast Asia (due to typhoons), moderately low for the same

manufacturers in Switzerland (due to fluvial dynamics).

›

Refer to the Basis of preparation 2025, available at

ubs.com/sustainability-reporting

, for more information

Annual Report 2025 |

Climate-related metrics

and UBS Europe SE (standalone).

Risk management – Climate-related metrics

For the year ended

31.12.25

31.12.24

Climate-related metrics (USD bn)

Exposure to climate-sensitive sectors, transition risk: Traded products, UBS AG (standalone)

0.55

0.70

Exposure to climate-sensitive sectors, transition risk: Traded products, UBS Switzerland AG (standalone)

0.80

1.27

Exposure to climate-sensitive sectors, transition risk: Traded products, UBS Europe SE (standalone)

0.05

0.09

Exposure to climate-sensitive sectors, transition risk: Issuer risk, UBS AG (standalone)

6.98

6.05

Exposure to climate-sensitive sectors, transition risk: Issuer risk, UBS Switzerland AG (standalone)

0.51

0.25

Exposure to climate-sensitive sectors, transition risk: Issuer risk, UBS Europe SE (standalone)

0.04

0.10

Exposure to climate-sensitive sectors, physical risk: Traded products, UBS AG (standalone)

1.24

1.23

Exposure to climate-sensitive sectors, physical risk: Traded products, UBS Switzerland AG (standalone)

0.09

0.21

Exposure to climate-sensitive sectors, physical risk: Traded products, UBS Europe SE (standalone)

0.26

0.24

Exposure to climate-sensitive sectors, physical risk: Issuer risk, UBS AG (standalone)

7.10

7.76

Exposure to climate-sensitive sectors, physical risk: Issuer risk, UBS Switzerland AG (standalone)

0.50

0.40

Exposure to climate-sensitive sectors, physical risk: Issuer risk, UBS Europe SE (standalone)

0.01

0.05

›

Refer to the Basis of preparation 2025, available at

ubs.com/sustainability-reporting

, for more information on the metrics’

definitions, approaches and scope

Scenario analysis

risks. The table below summarizes scenarios used by UBS.

Developed

Used by

End of century

Early Action

UBS

UBS Europe SE

+1.5°C by

2100. In

alignment with

the Paris

Agreement

Orderly

An ambitious transition begins immediately, with stringent climate policies limiting

global warming to 1.5°C. Carbon prices and regulations rise predictably, allowing

most firms to adjust smoothly, although carbon-intensive sectors face higher

costs. This creates short-term inflation and growth headwinds. Over the long term,

the effective transition substantially reduces physical risks and supports

sustainable economic growth. Benchmark: NGFS Net Zero 2050 scenario.

Current

Commitments

UBS

UBS Group

Above +2.0 °C

by 2100. NDCs

are insufficient

to limit global

warming to

below 2°C

Hot house

world

Under current climate pledges, emissions decline only modestly, driving global

policy tightening limits transition impacts and does little to reduce fossil-fuel

dependence. Near

term macroeconomic effects remain mild, with minor growth

headwinds. As physical risks intensify, economies face increasing volatility,

persistent inflation pressures, and modest long

run productivity growth.

Benchmark: NGFS Nationally Determined Contributions scenario.

Failed Transition

UBS

+3.0°C by

2100. Due to a

lack of

coordinated

mitigation.

Hot house

world

A series of severe weather events triggers strong public and political pressure for

rapid action, leading to an abrupt tightening of climate policies. Carbon prices and

regulations rise sharply, causing a sudden repricing of exposed assets, particularly

in emission

intensive sectors. This combination of acute physical risks and abrupt

transition measures creates an inflationary shock, major market disruption, and a

global downturn as central banks raise rates. Public support then reverses, policies

are rolled back, and - over the long term - the lack of sustained climate action

leads to rising physical risks, persistent inflation pressures, and subdued economic

performance. Benchmark: NGFS Fragmented World, NGFS Current Policies.

30-year Baseline

UBS

UBS Europe SE

Above +2.0 °C

by 2100. NDCs

are insufficient

to limit global

warming to

below 2 °C.

Hot house

world

An outlook that outlines the most likely economic and financial developments over

the next ten years, complemented by long-term projections that reflect the macro

financial impacts of climate pledges over a 30-year horizon. Benchmark: NGFS

Nationally Determined Contributions.

Late Action

UBS

UBS Europe SE

Below + 2.0 °C

by 2100. Thanks

to delayed but

effective

policies.

Disorderly

A delayed and disorderly transition keeps climate policies unchanged for a decade,

despite rising physical risks. Strong growth, low inflation, and solid market

performance continue through these early years, while physical damages remain

manageable. In the second decade, abrupt and radical policies are introduced to

limit warming to below 2°C. Carbon prices surge, halting GDP growth, raising

After this turbulent adjustment, economic and financial conditions stabilize and

begin to recover. Benchmark: NGFS Delayed Transition.

Annual Report 2025 |

Developed

Used by

End of century

Net Zero 2050

Network

for

Greening

the

Financial

System

UBS Europe SE

+1.4°C

Net Zero 2050 limits global warming to 1.5°C through stringent climate policies

and innovation, reaching global net-zero CO₂ emissions around 2050. This

scenario assumes that ambitious climate policies are introduced immediately.

Carbon dioxide removal (CDR) is used to accelerate decarbonization but is kept to

the minimum level possible and broadly in line with sustainable levels of bioenergy

production. Net CO₂ emissions reach zero around 2050, giving at least a 50%

chance of limiting global warming to below 1.5°C by the end of the century, with

limited overshoot (<

0.2°C) of 1.5°C in earlier years. Physical risks are relatively

low, but transition risks are high.

Delayed

Transition

NGFS

UBS Europe SE

+1.7°C

Disorderly

Delayed Transition assumes that global annual emissions do not decrease until

2030. Strong policies are then needed to limit warming to below 2°C. Negative

emissions are limited. This scenario assumes that new climate policies are not

introduced until 2030 and the level of action differs across countries and regions

based on currently implemented policies, leading to a “fossil recovery” out of the

economic crisis brought about by COVID-19. The availability of CDR technologies

is assumed to be low, pushing carbon prices higher than in Net Zero 2050. As a

result, emissions exceed the carbon budget temporarily and decline more rapidly

than in a well-below 2°C scenario after 2030, to ensure a 67% chance of limiting

global warming to below 2°C. This leads to both higher transition and physical

risks than the Net Zero 2050 and Below 2°C scenarios.

Fragmented

World

UBS Europe SE

Too little

Fragmented World assumes a delayed and divergent climate policy response

among countries globally, leading to high physical and transition risks. Countries

with net-zero targets achieve them only partially (80% of the target), while the

other countries follow current policies.

Nationally

Determined

Contributions

NGFS

UBS Europe SE

~2.3°C

Hot house

world

Nationally Determined Contributions (NDCs) includes all pledged policies, even if

not yet implemented. This scenario assumes that the moderate and

heterogeneous climate ambition reflected in the NDCs continues over the course

of the 21st century. Emissions decline but lead nonetheless to 2.3°C of warming

low.

NGFS

UBS Europe SE

+3.0°C

Hot house

world

leading to high physical risks. Emissions increase until 2080, leading to about 3°C

higher sea levels. This scenario can help central banks and supervisors consider

the long-term physical risks to the economy and financial system if we continue on

our current path to a “hot house world”.

Network for Greening the Financial System (2024). NGFS Climate Scenarios Technical Documentation.

Annual Report 2025 |

Risk evaluation

potential negative impacts upon the “aspects” covered by said law.

jurisdictions in which UBS operates. For example, in certain jurisdictions, we are required to set diversity targets or other

respect to decarbonization mandates, there is substantial uncertainty as to the scope of actions that may be required of

us, governments and others to achieve the goals we have set, and many of our goals and objectives are only achievable

action.

considerations, or if further anti-ESG rules are developed or broadened.

A major focus of US and other countries’ governmental policies relating to financial institutions in recent years has been

corrupt and illegal payments to government officials by others, such as the US Foreign Corrupt Practices Act and the UK

relation to the war in Ukraine, increase our cost of monitoring and complying with sanctions requirements and increase

the risk that we will not identify in a timely manner client activity that is subject to a sanction.

Barriers to entry in individual markets and pricing levels are being eroded by new technology. We expect these trends to

competitive factors and regulatory considerations.

material error.

›

Annual Report 2025 |

Information on UBS AG standalone and UBS

Europe SE consolidated pursuant to Art. 8 of the EU

Taxonomy Regulation

Regulation (the Regulation).

information pursuant to Art. 19a or Art. 29a of Accounting Directive, to disclose how and to what extent their activities

These disclosures are assessed against the following environmental objectives:

–

climate change mitigation;

–

climate change adaptation;

–

the sustainable use and protection of water and marine resources;

–

the transition to a circular economy;

–

pollution prevention and control; and

–

the protection and restoration of biodiversity and ecosystems.

specifically taxonomy-eligible and taxonomy-aligned activities to demonstrate the extent to which their exposures relate

conglomerate as set out in Directive 2002/87/EC.

substantially to one or more environmental objectives, do not significantly harm any other environmental objectives and

comply with minimum safeguards, to the extent these apply to credit institutions.

whereby:

–

commodities.

KPIs reported by counterparties and investees, for on-balance-sheet and off-balance sheet exposures, including financial

year KPIs for comparison.

Delegated Act

periods as data availability improves.

Limitations in implementation of the amended Disclosure Delegated Act and draft FAQs

Commission KPI until 2028. These disclosures consider the guidance provided in the Omnibus Delegated Act and to the

extent practicable, draft FAQs

Annual Report 2025 |

Basis of preparation for EU Taxonomy disclosures

net turnover (total revenues determined based on IFRS Accounting Standards) related to the economic activities covered

level is unavailable, KPI-relevant revenue is calculated using KPI-relevant counterparty exposures for the respective KPIs.

SE (consolidated) determined that exposures to counterparties subject to CSRD/EU Taxonomy are material and therefore

regulatory expectations to focus reporting on information that is materially relevant to the institution.

Commission guidance

Non-climate-related environmental objectives (

Water and marine resources

Circular economy, Pollution

, and

Biodiversity

and ecosystems)

relevant requirements.

been prepared based on certain practical interpretations.

set out in the tables below has been developed based on the following.

–

Where counterparties do not provide disaggregated alignment per environmental objective, amounts are shown only

contribution to each environmental objective” may differ from the “of which Taxonomy-aligned” column.

–

assessment of taxonomy eligibility and taxonomy alignment are made at issuer level.

–

determine.

31 December 2025, with further details disclosed in the tables below.

Annual Report 2025 |

UBS Europe SE consolidated – Summary of KPIs

31.12.25

Total exposure to Taxonomy-aligned

activities (USD m)

KPI (%)

% coverage (over

total assets) (%)

Non assessed

exposure (% of

covered assets)

(%)

Non assessed

exposure (% of

covered assets)

(%)

Turnover-based

CapEx-based

Turnover-based

CapEx-based

Turnover-based

CapEx-based

Main KPI

GAR stock

0.6

0.9

12.5

Total exposure to Taxonomy-aligned

activities (USD m)

KPI (%)

% coverage (over

total assets) (%)

Non assessed

exposure (% of

covered assets)

(%)

Non assessed

exposure (% of

covered assets)

(%)

Turnover-based

CapEx-based

Turnover-based

CapEx-based

Turnover-based

CapEx-based

Additional KPIs

GAR (flow)

1.3

1.6

9.5

Trading book

Financial guarantees

Assets under management

Fees and commissions income

31.12.24

Total

environmentally

sustainable

assets – turnover

based (USD m)

Total

environmentally

sustainable

assets – capex

based (USD m)

Turnover KPI (%)

CapEx KPI (%)

Coverage over

total assets (%)

Assets excluded

from the

numerator of the

GAR (%)

Assets excluded

from the

denominator of

the GAR (%)

Main KPI

GAR stock

0.1

44.2

25.9

55.8

Total

environmentally

sustainable

assets – turnover

based (USD m)

Total

environmentally

sustainable

assets – capex

based (USD m)

Turnover KPI (%)

CapEx KPI (%)

Coverage over

total assets (%)

Assets excluded

from the

numerator of the

GAR (%)

Assets excluded

from the

denominator of

the GAR (%)

Additional KPIs

GAR flow

0.3

0.4

Financial guarantees

0.0

Assets under management

2,511

5,101

4.1

8.2

not otherwise explicitly included by regulation in the flow KPI calculations.

Annual Report 2025 |

Disclosures Delegated Act would have resulted in different GAR values had the amended rules applied. UBS Europe SE's

2024 GAR KPI would have been 0.4% (Turnover) and 0.4% (CapEx) under the Omnibus Delegated Act.

Accounting Standards. UBS Europe SE consolidated have had low KPIs for balance sheet stock and flow, because:

–

alignment assessments (e.g. derivatives, trading assets, etc.).

–

of EU Taxonomy reporting, i.e. it is transacted with counterparties and investees that are not subject to EU Taxonomy

Lombard lending to private individuals.

–

restricted taxonomy coverage, and stringent alignment criteria.

Business strategy

clients in order to incorporate such insights into UBS’s climate strategy.

Committee. Currently, UBS’s climate transition plan does not cover all its business activities.

;

Delegated Regulation (EU) 2026/73 amending Disclosures Delegated Act, Climate Delegated Act and Environmental Delegated Act.

Directive, once transposed into national law.

activities cause no significant harm to environmental objectives.

8 of the EU Taxonomy Regulation, as amended by the Omnibus Delegated Act, on the reporting of Taxonomy-eligible and Taxonomy-aligned

economic activities and assets (draft fourth Commission notice).

notice).

UBS Europe SE consolidated

or that presentation of any content would not be meaningful. Zero values generally indicate that the respective figure is

zero on a rounded basis.

Assets for the calculation of the GAR

Assets for the calculation of the GAR stock (Turnover)

31.12.25

Total

[gross]

carrying

Of which

Taxonomy-

eligible

Of which Taxonomy-aligned

Breakdown per environmental objective

Of which

Use of

Proceeds

Of which

transitional

which

enabling

USD m

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water

and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not

HfT eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable

property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to

CSRD disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD

disclosure obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

1 Includes unknown use of proceed financing to households and local governments.

31.12.25

Non-assessed exposures

Of which financing

non-material activities

of counterparties

Of which exposures

financing

counterparties

reporting in accordance

with Article 7(9)

Of which not assessed

considered non-

material by the credit

institution

USD m

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not HfT

eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable

property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and commercial

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to CSRD

disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD disclosure

obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

Assets for the calculation of the GAR stock (CapEx)

USD m

31.12.25

Total [gross]

carrying

Of which

Taxonomy-

eligible

Of which Taxonomy-aligned

Breakdown per environmental objective

Of which

Use of

Proceeds

Of which

transitional

Of which

enabling

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water

and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not HfT

eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and commercial

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to CSRD

disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD disclosure

obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

1 Within tables in this section, blank fields indicate non-applicability, non-availability of required information, actual zero or that presentation of any content would not be meaningful. Zero values generally indicate that the respective

31.12.25

Non-assessed exposures

Of which financing non-

material activities of

counterparties

Of which exposures

financing counterparties

reporting in accordance

with Article 7(9)

Of which not assessed

considered non-material

by the credit institution

USD m

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not HfT

eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and commercial

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to CSRD

disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD disclosure

obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

Assets for the calculation of the GAR flow (Turnover)

For the year ended

31.12.25

Total

[gross]

carrying

Of which

Taxonomy-

eligible

Of which Taxonomy-aligned

Breakdown per environmental objective

Of which

Use of

Proceeds

Of which

transitional

which

enabling

USD m

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water

and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not

HfT eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable

property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to

CSRD disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD

disclosure obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

For the year ended

31.12.25

Non-assessed exposures

Of which financing

non-material activities

of counterparties

Of which exposures

financing

counterparties

reporting in accordance

with Article 7(9)

Of which not assessed

considered non-

material by the credit

institution

USD m

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not HfT

eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable

property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and commercial

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to CSRD

disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD disclosure

obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

Assets for the calculation of the GAR flow (CapEx)

USD m

For the year ended

31.12.25

Total [gross]

carrying

Of which

Taxonomy-

eligible

Of which Taxonomy-aligned

Breakdown per environmental objective

Of which

Use of

Proceeds

Of which

transitional

Of which

enabling

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water

and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not HfT

eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and commercial

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to CSRD

disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD disclosure

obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

For the year ended

31.12.25

Non-assessed exposures

Of which financing non-

material activities of

counterparties

Of which exposures

financing counterparties

reporting in accordance

with Article 7(9)

Of which not assessed

by the credit institution

USD m

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments not HfT

eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and commercial

Exposures included on voluntary basis

Total GAR assets

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Undertakings and entities not subjected to CSRD

SMEs and undertakings (other than SMEs) not subject to CSRD

disclosure obligations

Loans and advances

of which loans collateralised by commercial immovable

property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to CSRD disclosure

obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities etc.)

Total assets

Off-balance sheet exposures (stock) to Undertakings subject to CSRD

disclosure obligations and local governments

Financial guarantees

Assets under management

GAR sector information

GAR sector information (Turnover)

(code and label)

(USD m)

31.12.25

Total [Gross]

carrying

amount

Of which

Taxonomy

eligible

Of which

Taxonomy

aligned

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water and

marine

resources

(WTR)

Circular

economy (CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

6419 - Other monetary intermediation

6492 - Other credit granting

6810 - Buying and selling of own real estate

6499 - Other financial service activities, except insurance and pension funding n.e.c.

6612 - Security and commodity contracts brokerage

Nuclear Activities

Fossil Gas Activities

Of which non-assessed exposures

GAR sector information (CapEx)

(code and label)

(USDm)

31.12.25

Total [Gross]

carrying

amount

Of which

Taxonomy

eligible

Of which

Taxonomy

aligned

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water and

marine

resources

(WTR)

Circular

economy (CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

6419 - Other monetary intermediation

6492 - Other credit granting

6810- Buying and selling of own real estate

6499 - Other financial service activities, except insurance and pension funding n.e.c.

6612 - Security and commodity contracts brokerage

Nuclear Activities

Fossil Gas Activities

Of which non-assessed exposures

GAR KPI stock

GAR KPI stock (Turnover)

% (compared to corresponding total covered assets in the

denominator)

31.12.25

Taxonomy-

eligible

Taxonomy aligned

Proportion of

Taxonomy

aligned in

Taxonomy

eligible

Non-

assessed

exposures

Of which

Use of

Proceeds

Of which

transitional

Of which

enabling

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water

and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity

instruments not HfT eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential

immovable property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential

Exposures included on voluntary basis

GAR - Total GAR assets

1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table Assets for the calculation of the GAR stock (Turnover).

GAR KPI stock (CapEx)

% (compared to corresponding total covered assets in the

denominator)

31.12.25

Taxonomy-

eligible

Taxonomy aligned

Proportion

of Taxonomy

aligned in

Taxonomy

eligible

Non-

assessed

exposures

Of which

Use of

Proceeds

Of which

transitional

Of which

enabling

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water

and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity

instruments not HfT eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential

immovable property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential

Exposures included on voluntary basis

GAR - Total GAR assets

1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table Assets for the calculation of the GAR stock (CapEx).

GAR KPI flow

GAR KPI flow (Turnover)

% (compared to corresponding total covered assets in the

denominator)

For the year ended

31.12.25

Taxonomy-

eligible

Taxonomy aligned

Proportion of

Taxonomy

aligned in

Taxonomy

eligible

Non-

assessed

exposures

Breakdown per environmental objective

Of which

Use of

Proceeds

Of which

transitional

Of which

enabling

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments

not HfT eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable

property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and

Exposures included on voluntary basis

GAR - Total GAR assets

1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table Assets for the calculation of the GAR flow (Turnover).

GAR KPI flow (CapEx)

% (compared to corresponding total covered assets in the

denominator)

For the year ended

31.12.25

Taxonomy-

eligible

Taxonomy aligned

Proportion of

Taxonomy

aligned in

Taxonomy

eligible

Non-

assessed

exposures

Breakdown per environmental objective

Of which

Use of

Proceeds

Of which

transitional

Of which

enabling

Climate

Change

Mitigation

(CCM)

Climate

Change

Adaptation

(CCA)

Water and

marine

resources

(WTR)

Circular

economy

(CE)

Pollution

(PPC)

Biodiversity

and

Ecosystems

(BIO)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments

not HfT eligible for GAR calculation

Financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable

property

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and

Exposures included on voluntary basis

GAR - Total GAR assets

1 Proportions calculated as a percentage of Total Gross Carrying Amount of each individual line as reported in table Assets for the calculation of the GAR flow (CapEx).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 25, 2026	UBS AG
	By: /s/ Erica Yeu
	Name: Erica Yeu
	Title: Managing Director

	By: /s/ Derek Kramarz
	Name: Derek Kramarz
	Title: Executive Director

~~UBS~~EXHIBIT AG INDEX

By: _/s/ David Kelly _____________

Exhibit	Description of Exhibit
5.1	Opinion of Sullivan & Cromwell LLP, dated March 25, 2026
5.2	Opinion of Homburger AG, dated March 25, 2026

By: _/s/ Ella Copetti-Campi________

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