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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE
 
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: August 5, 2025
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
 
(Address of principal executive offices)
Commission File Number: 1-15060
 
Indicate by check mark whether the registrants file or will file annual reports under
 
cover of
 
Form 20-F or Form 40-This Form 6-K consists of the UBS Switzerland AG standalone financial information for the six months
F.
Form 20-F
 
☒
 
Form 40-F
 
☐
ended 30 June 2025, which appears immediately following this
 
page.
 
edgarq25ubsswitzerlanp3i0
UBS Switzerland AG
 
Standalone interim financial information
 
for the six months ended
30 June 2025
 
 
 
Table of contents
UBS Switzerland AG standalone
interim financial information
1
2
3
3
Notes to the UBS Switzerland AG standalone interim
financial information
4
Appendix
5
Contacts
Switchboards
For all general inquiries
ubs.com/contact
Zurich +41-44-234-1111
London +44-207-567-8000
New York +1-212-821-3000
Hong Kong +852-2971-8888
Singapore +65-6495-8000
Investor Relations
UBS’s Investor Relations team manages
relationships with institutional investors,
research analysts and credit rating agencies.
ubs.com/investors
Zurich +41-44-234-4100
New York +1-212-882-5734
Media Relations
UBS’s Media Relations team manages
relationships with global media and
journalists.
ubs.com/media
Zurich +41-44-234-8500
mediarelations@ubs.com
London +44-20-7567-4714
ubs-media-relations@ubs.com
New York +1-212-882-5858
mediarelations@ubs.com
Hong Kong +852-2971-8200
sh-mediarelations-ap@ubs.com
© UBS 2025. The key symbol and UBS are among
 
the registered and
unregistered trademarks of UBS. All rights reserved.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone
 
1
UBS Switzerland AG standalone interim financial information
Income statement
Year-to-date
CHF m
30.6.25
30.6.24
 
1
Interest and discount income
 
4,203
 
3,710
Interest and dividend income from financial investments
 
360
 
229
Interest expense
 
(2,029)
 
(1,945)
Gross interest income
 
2,533
 
1,995
Credit loss (expense) / release
 
(109)
 
(40)
Net interest income
 
2,424
 
1,954
Fee and commission income from securities and investment business
 
2,511
 
1,901
Credit-related fees and commissions
 
158
 
101
Other fee and commission income
 
610
 
436
Fee and commission expense
 
(777)
 
(238)
Net fee and commission income
 
2,501
 
2,200
Net trading income
 
548
 
564
Net income from disposal of financial investments
 
26
 
0
Dividend income from investments in subsidiaries and other
 
participations
 
372
 
13
Sundry ordinary income
 
271
 
140
Sundry ordinary expenses
 
(8)
 
(37)
Other income from ordinary activities
 
661
 
116
Total operating income
 
6,134
 
4,834
Personnel expenses
 
1,624
 
1,067
General and administrative expenses
 
2,713
 
2,148
Subtotal operating expenses
 
4,337
 
3,216
Impairment of investments in subsidiaries and other participations
 
6
 
0
Depreciation and impairment of property, equipment and software
 
178
 
117
Amortization and impairment of goodwill and other intangible
 
assets
 
20
 
0
Changes in provisions for litigation, regulatory and similar
 
matters, and other provisions
 
(2)
 
(5)
Total operating expenses
 
4,539
 
3,327
Operating profit
 
1,595
 
1,507
Extraordinary income
 
4
 
0
Tax expense / (benefit)
 
234
 
260
Net profit / (loss) for the period
 
1,365
 
1,247
1 Represents the income statement of UBS Switzerland AG from before the merger with Credit Suisse (Schweiz) AG, which took place on 1 July 2024. For more information about the merger of UBS Switzerland AG Cash and balances at central banks
with
 
Credit
 
Suisse
 
(Schweiz)
 
AG,
 
refer
 
to
 
the
 
2024
 
standalone
 
financial
 
statements
 
of
 
UBS
 
Switzerland
 
AG,
 
available
 
under
 
“Holding
 
company
 
and
 
significant
 
regulated
 
subsidiaries
 
and
 
sub-groups”
 
at
ubs.com/investors.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone
 
2
Balance sheet
 
CHF m
30.6.25
31.12.24
Assets
 
100,493
 
103,477
Due from banks
 
10,846
 
9,217
Receivables from securities financing transactions
 
 
2,357
 
11,229
Due from customers
 
77,184
 
77,552
Mortgage loans
 
281,055
 
282,382
Trading portfolio assets
 
1,826
 
2,011
Derivative financial instruments
 
3,685
 
4,275
Financial investments
 
28,064
 
22,478
Accrued income and prepaid expenses
 
813
 
732
Investments in subsidiaries and other participations
 
747
 
1,101
Property, equipment and software
 
1,018
 
1,078
Goodwill and other intangible assets
 
180
 
0
Other assets
 
682
 
694
Total assets
 
508,949
 
516,228
of which: subordinated assets
 
106
 
105
of which: subject to mandatory conversion and / or debt waiver
 
 
105
 
105
Liabilities
Due to banks
 
87,056
 
84,123
of which: total loss-absorbing capacity eligible
 
27,248
 
27,374
Payables from securities financing transactions
 
 
7,080
 
9,202
Due to customers
 
351,951
 
359,045
Trading portfolio liabilities
 
290
 
258
Derivative financial instruments
 
2,666
 
1,478
Bonds issued and loans from central mortgage institutions
 
32,081
 
31,574
Accrued expenses and deferred income
 
1,540
 
1,962
Other liabilities
 
3,278
 
2,541
Provisions
 
347
 
447
Total liabilities
 
486,288
 
490,631
Equity
Share capital
 
10
 
10
Statutory capital reserve
 
21,286
 
21,837
of which: capital contribution reserve
 
20,575
 
20,675
of which: other statutory capital reserve
 
711
 
1,161
Voluntary earnings reserve
 
0
 
1,378
Net profit / (loss) for the period
 
1,365
 
2,371
Total equity
 
 
22,661
 
25,596
Total liabilities and equity
 
508,949
 
516,228
of which: subordinated liabilities
 
27,276
 
27,409
of which: subject to mandatory conversion and / or debt waiver
 
 
27,276
 
27,409
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UBS Switzerland AG standalone
 
3
Balance sheet (continued)
CHF m
30.6.25
31.12.24
Off-balance sheet items
Contingent liabilities, gross
 
13,144
 
16,009
Sub-participations
 
(1,103)
 
(1,013)
Contingent liabilities, net
 
12,041
 
14,996
of which: guarantees to third parties related to subsidiaries
 
24
 
23
of which: credit guarantees and similar instruments
 
5,481
 
7,090
of which: performance guarantees and similar instruments
 
4,592
 
5,025
of which: documentary credits
 
1,943
 
2,858
Irrevocable commitments, gross
 
27,537
 
28,241
Sub-participations
 
(68)
 
(30)
Irrevocable commitments, net
 
27,470
 
28,211
of which: loan commitments
 
25,921
 
26,663
of which: payment commitment related to deposit insurance
 
1,549
 
1,549
Forward starting transactions
1
 
171
 
2,800
of which: reverse repurchase agreements
 
171
 
2,800
Liabilities for calls on shares and other equity instruments
 
168
 
168
1 Cash to be paid in the future by either UBS or the counterparty.
Joint and several liability
 
In June 2015, the Personal & Corporate
 
Banking and Wealth Management
 
businesses booked in Switzerland
 
were
transferred from UBS
 
AG to
 
UBS Switzerland AG through
 
an asset
 
transfer in accordance
 
with the
 
Swiss Merger
Act.
 
As of 30
 
June 2025,
 
the joint
 
and several
 
liability of
 
UBS Switzerland AG
 
for contractual
 
obligations of
 
UBS AG
amounted to CHF 2.1bn, compared with CHF
 
2.4bn as of 31 December 2024.
 
Furthermore, as of
 
30 June 2025, UBS
 
Switzerland AG was
 
also jointly and severally
 
liable for UBS AG’s
 
liabilities of
CHF 530m (compared with
 
CHF 538m as
 
of 31 December 2024) under
 
the international covered bond
 
program,
for which UBS Switzerland AG has pledged assets with a
 
carrying value of CHF 912m. UBS AG
 
has provided cash
deposits to UBS Switzerland AG to fully collateralize
 
this contingent liability.
As of 30 June 2025, the probability of cash outflows
 
for these matters was assessed to be remote and,
 
as a result,
no exposures were included in the table above.
Statement of changes in equity
CHF m
Share capital
Statutory
capital reserve
Voluntary
earnings reserve
Net profit /
(loss) for the
period
Total equity
Balance as of 1 January 2025
 
10
 
21,837
 
1,378
 
2,371
 
25,596
Dividends and other distributions
 
(550)
1
 
(1,378)
 
(2,371)
 
(4,300)
Net profit / (loss) for the period
 
1,365
 
1,365
Balance as of 30 June 2025
 
10
 
21,286
 
0
 
1,365
 
22,661
1 Includes a CHF 100m dividend in kind. Refer to the “Notes to the UBS Switzerland AG standalone interim financial information” section of this
 
report for more information.
 
 
UBS Switzerland AG standalone
 
4
Notes to the UBS Switzerland AG standalone interim financial
 
information
Basis of accounting
The
 
UBS Switzerland
 
AG
 
standalone
 
interim
 
financial
 
statements
 
are
 
prepared
 
in
 
accordance
 
with
 
the
 
interim
reporting requirements of Swiss GAAP
 
(the FINMA Accounting Ordinance, FINMA Circular
 
2020/1 ”Accounting –
banks” and the Banking Ordinance).
 
The
 
accounting policies
 
are principally
 
the same
 
as for
 
the consolidated
 
financial statements
 
of UBS
 
Group AG
outlined in
 
Note 1
 
to the
 
consolidated financial
 
statements of
 
UBS Group
 
AG included
 
in the
 
UBS Group
 
AG Annual
Report 2024,
 
available under
 
“Annual reporting”
 
at
ubs.com/investors
. Major
 
differences between
 
Swiss GAAP
requirements and IFRS Accounting Standards are described in Note 33 to the consolidated financial statements of
UBS Group AG. Further information about the accounting policies applied for the standalone financial statements
of
 
UBS Switzerland AG
 
is
 
provided
 
in
 
Note
 
2
 
to
 
the
 
UBS Switzerland AG
 
standalone
 
financial
 
statements as
 
of
31 December 2024, available under “Holding
 
company and significant regulated subsidiaries and
 
sub-groups” at
ubs.com/investors
.
In preparing the interim financial information for UBS Switzerland AG, the same accounting policies and methods
of computation have been applied as in the UBS
 
Switzerland AG standalone financial statements
 
as of and for the
year ended 31 December 2024.
 
UBS decided to
 
consolidate the
 
Wealth Management
 
International business
 
and the Global
 
Financial Intermediaries
business booked
 
in Switzerland
 
in UBS
 
AG to
 
further optimize
 
Group legal
 
and operational
 
structures and
 
to address
regulatory considerations.
In the second quarter of 2025, the
 
beneficial ownership of the respective heritage UBS businesses booked in UBS
Switzerland AG
 
was transferred
 
from UBS
 
Switzerland AG
 
to UBS
 
AG, with
 
effect from
 
1
 
January
 
2025. The
 
transfer
was made in the form of a dividend in kind amounting to CHF 100m
 
reflecting the net asset value of the business
in scope. UBS
 
Switzerland AG will
 
continue to manage
 
the businesses under
 
a contractual relationship
 
with UBS
AG until the completion of legal transfer, which
 
is expected to take place in
 
2028, and will continue to recognize
the
 
underlying
 
Wealth
 
Management International
 
and
 
Global
 
Financial
 
Intermediaries
 
assets
 
and
 
liabilities until
then. UBS AG’s share of
 
the net profits of CHF
 
292m for the first half of
 
2025 is reflected in
Fee and commission
expense
.
 
This interim financial information is unaudited and should be read in conjunction with the audited 2024 standalone This report and the information contained herein are provided solely for information purposes, and are not to be construed as solicitation
financial
 
statements
 
of
 
UBS Switzerland
 
AG,
 
available
 
under
 
“Holding
 
company
 
and
 
significant
 
regulated
subsidiaries and sub-groups” at
ubs.com/investors
.
 
 
UBS Switzerland AG standalone
 
5
Cautionary statement
 
|
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information
 
furnished to or filed with
 
the US Securities and Exchange
 
Commission (the SEC) on Form
 
6-K, available at
ubs.com/investors
, for additional information.
Rounding |
 
Numbers presented throughout this report may not add up
 
precisely to the totals provided in the tables and text.
 
Percentages and percent changes
disclosed in text and tables are
 
calculated on the basis of unrounded
 
figures. Absolute changes between reporting periods disclosed in
 
the text, which can be
derived from numbers presented in related tables, are calculated on
 
a rounded basis.
 
Tables |
 
Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis.
 
Values
that are zero on a rounded basis can be either negative
 
or positive on an actual basis.
Websites |
 
In this report,
 
any website
 
addresses are provided
 
solely for information
 
and are not
 
intended to
 
be active links.
 
UBS does not
 
incorporate
 
the contents
of any such websites into this report.
edgarq25ubsswitzerlanp10i0
UBS Switzerland AG
PO Box
CH-8098 Zurich
ubs.com
 
 
 
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
 
registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly
 
authorized.
UBS Group AG
By:
 
/s/ Steffen Henrich
 
_
Name:
 
Steffen Henrich
Title:
 
Group Controller
 
By:
 
/s/ David Kelly
 
_
Name:
 
David Kelly
Title:
 
Managing Director
 
UBS AG
By:
 
/s/ Steffen Henrich
 
_
Name:
 
Steffen Henrich
Title:
 
Controller
 
By:
 
/s/ David Kelly
 
_
Name:
 
David Kelly
Title:
 
Managing Director
 
Date:
 
August 5, 2025