VALUATION HIGHLIGHTS

1. Wealth Management constitutes 52% of the Trefis price estimate for UBS's stock.
2. Personal & Corporate Banking constitutes 21% of the Trefis price estimate for UBS's stock.
3. Equity Trading constitutes 10% of the Trefis price estimate for UBS's stock.

WHAT HAS CHANGED?

Latest Earnings: Q4 2025

UBS reported Q4 2025 revenue of $12.20 billion, representing a 10.3% year-over-year increase, while delivering an EPS of $0.37. The primary drivers for this quarter included strong momentum in Global Wealth Management with invested assets reaching CHF 4.8 trillion, a resilient Investment Bank performance, and steady progress on the Credit Suisse integration which yielded an additional CHF 700 million in gross cost savings.

Note: UBS's FY'25 ended on December 31, 2025

Credit Suisse Integration and Capital Returns

UBS continues to execute its complex integration of Credit Suisse, announcing increased gross cost-savings ambitions of CHF 13.5 billion. Concurrently, the firm demonstrated strong capital flexibility by proposing a 22% dividend increase to $1.10 per share and outlining a $3.0 billion share buyback program for 2026.

POTENTIAL UPSIDE & DOWNSIDE TO TREFIS PRICE

Below are key drivers of UBS's value that present opportunities for upside or downside to the current Trefis price estimate:

Global Wealth Management

• Net New Assets: Continued ability to attract net new assets is critical. If UBS exceeds Trefis estimates by capturing a larger share of ultra-high-net-worth wealth post-integration, there is significant upside to our valuation.
• Operating Margins: Wealth management margins depend heavily on the successful decommissioning of redundant technology and personnel rationalization. Delays in realizing these integration synergies pose downside risks to the current Trefis price estimate.

For additional details, select a division from the interactive Trefis split for UBS at the top of the page.

BUSINESS SUMMARY

UBS operates as a preeminent global financial institution, deriving the majority of its value from its premier wealth management franchise catering to high-net-worth individuals, supplemented by robust asset management, traditional Swiss retail banking, and targeted investment banking services.

SOURCES OF VALUE

Global Wealth Management remains the most critical pillar of UBS's valuation due to its massive scale, recurring fee generation, and high return on capital.

Global Wealth Management Scale

With invested assets exceeding CHF 4.8 trillion, UBS operates the largest wealth management business globally, granting it unparalleled economies of scale, pricing power, and distribution capabilities for complex financial products.

Swiss Universal Bank Dominance

The acquisition of Credit Suisse solidified UBS's absolute dominance in its home market of Switzerland, where it now captures an overwhelming market share in retail banking, corporate lending, and domestic asset management, creating a highly defensive moat and stable funding base.

KEY TRENDS

Consolidation of Global Wealth

The wealth management industry continues to see a flight to quality and scale, with ultra-high-net-worth clients preferring well-capitalized megabanks capable of offering institutional-grade services, a macro trend that heavily favors UBS's expanded global footprint.

Aggressive Cost Rationalization

UBS is strategically pivoting from acquisition mode to intense operational execution, targeting massive cost takeout by migrating client platforms, reducing third-party spend, and executing significant headcount reductions to improve the group's overall cost-to-income ratio.