KKR Real Estate Finance Trust Inc. Reports Second Quarter 2025 Results
A conference call to discuss KREF's financial results will be held on Wednesday, July 23, 2025 at 10:00 a.m. ET. The conference call may be accessed by dialing (844) 784-1730 (U.S. callers) or +1 (412) 380-7410 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed at http://www.kkrreit.com/investor-relations/events-and-presentations.
A replay of the live broadcast will be available on KREF's website or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), pass code 4878314, beginning approximately two hours after the broadcast.
A slide presentation containing supplemental information has also been posted to the Investor Relations section of KREF's website at http://www.kkrreit.com/investor-relations/events-and-presentations.
About KKR Real Estate Finance Trust Inc.
KREF is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate properties. KREF is externally managed and advised by an affiliate of KKR & Co. Inc. For additional information about KREF, please visit its website at www.kkrreit.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250722148599/en/
Contacts
Investor Relations:
Jack Switala
(212) 763-9048
kref-ir@kkr.com
Media:
Lauren McCranie
Tel: (212) 750-8300
media@kkr.com
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CONSOLIDATED BALANCE SHEETS (In thousands) June 30, December 31, 2025 2024 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 313,520 $ 133,472 Marketable securities 264,884 288,947 User funds 164,119 153,309 Bank deposits 146,000 144,843 Restricted deposit 1,315 1,315 Other receivables 40,392 34,198 Total current assets 930,230 756,084 Long-term assets: Marketable securities 23,770 122,009 Property and equipment, net 3,883 4,271 Operating lease right of use asset 3,829 5,122 Intangible assets, net 35,077 41,882 Goodwill 110,218 110,218 Other non-current assets 31,593 30,388 Total long-term assets 208,370 313,890 TOTAL ASSETS $ 1,138,600 $ 1,069,974 Liabilities and Shareholders' Equity Current liabilities: Trade payables $ 6,922 $ 5,533 User accounts 152,047 141,691 Deferred revenue 20,839 20,090 Other account payables and accrued expenses 64,930 57,167 Operating lease liabilities 2,827 2,608 Convertible notes, net 459,143 457,860 Total current liabilities 706,708 684,949 Long-term liabilities: Operating lease liabilities 1,547 2,747 Other non-current liabilities 25,481 19,628 Total long-term liabilities 27,028 22,375 TOTAL LIABILITIES $ 733,736 $ 707,324 Shareholders' equity: Share capital and additional paid-in capital 760,995 727,176 Accumulated deficit (362,207 ) (366,193 ) Accumulated other comprehensive income 6,076 1,667 Total shareholders' equity 404,864 362,650 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,138,600 $ 1,069,974 CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) Revenue $ 108,648 $ 94,663 $ 215,832 $ 188,187 Cost of revenue 20,384 16,024 40,780 31,472 Gross profit 88,264 - 78,639 175,052 - 156,715 Operating expenses: Research and development 23,994 21,855 47,621 45,488 Sales and marketing 44,844 41,324 92,234 83,476 General and administrative 21,415 17,764 42,381 34,215 Total operating expenses 90,253 80,943 182,236 163,179 Operating loss (1,989 ) (2,304 ) (7,184 ) (6,464 ) Financial income, net 6,554 8,502 13,879 15,163 Income before taxes on income 4,565 6,198 6,695 8,699 Taxes on income (1,377 ) (2,931 ) (2,709 ) (4,644 ) Net income attributable to ordinary shareholders $ 3,188 $ 3,267 $ 3,986 $ 4,055 Basic net income per share attributable to ordinary shareholders $ 0.09 $ 0.09 $ 0.11 $ 0.11 Basic weighted average ordinary shares 36,585,998 38,089,060 36,523,934 38,422,605 Diluted net income per share attributable to ordinary shareholders $ 0.09 $ 0.08 $ 0.11 $ 0.10 Diluted weighted average ordinary shares 37,499,304 38,755,863 37,617,438 39,180,421 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) Cash flows from operating activities: Net income $ 3,188 $ 3,267 $ 3,986 $ 4,055 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,089 1,606 8,373 2,756 Amortization of premium and accretion of discount of marketable securities, net (1,530 ) (1,154 ) (1,597 ) (2,248 ) Amortization of discount and issuance costs of convertible notes 642 638 1,283 1,275 Shared-based compensation 14,055 18,438 29,809 37,458 Exchange rate fluctuations and other items, net (345 ) 55 (344 ) 166 Revaluation of Earn-out 4,067 - 7,329 - Changes in assets and liabilities: User funds 2,930 6,928 (10,810 ) (4,692 ) Operating lease ROU assets and liabilities 385 (177 ) 312 (275 ) Other receivables (3,942 ) (2,197 ) (3,511 ) (5,173 ) Trade payables 58 248 1,362 (580 ) Deferred revenue (1,163 ) (777 ) 749 1,118 User accounts (2,579 ) (6,632 ) 10,356 3,291 Other accounts payable and accrued expenses 5,264 (131 ) 6,287 4,134 Non-current liabilities 85 859 (71 ) 882 Net cash provided by operating activities 25,204 20,971 53,513 42,167 Investing Activities: Investment in marketable securities - - (55,652 ) (30,734 ) Proceeds from maturities of marketable securities 97,102 68,512 180,271 108,597 Investment in short-term bank deposits (500 ) (9,000 ) (2,000 ) (36,238 ) Proceeds from short-term bank deposits - 2,974 843 6,351 Acquisition of business, net of cash acquired - (9,163 ) - (9,163 ) Purchase of property and equipment (185 ) (309 ) (472 ) (687 ) Capitalization of internal-use software - - (661 ) (20 ) Net cash provided by investing activities 96,417 53,014 122,329 38,106 Financing Activities Repurchases of ordinary shares - (77,101 ) - (77,101 ) Proceeds from exercise of share options 2,101 1,388 2,579 1,830 Proceeds from withholding tax related to employees' exercises of share options and RSUs 2,349 441 1,288 220 Net cash provided by (used in) financing activities 4,450 (75,272 ) 3,867 (75,051 ) Effect of exchange rate fluctuations on cash and cash equivalents 345 (58 ) 339 (167 ) Increase (decrease) in cash, cash equivalents 126,416 (1,345 ) 180,048 5,055 Cash, cash equivalents at the beginning of period 187,104 190,074 133,472 183,674 Cash and cash equivalents at the end of period $ 313,520 $ 188,729 $ 313,520 $ 188,729 REVENUE BREAKDOWN (in thousands1) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Marketplace Revenue $ 74,689 $ 76,191 $ 152,363 $ 154,502 Annual Active Buyers 3,425 3,846 3,425 3,846 Annual Spend per Buyer $ 318 $ 290 $ 318 $ 290 Marketplace Take Rate 27.6 % 27.6 % 27.6 % 27.6 % Services Revenue $ 33,959 $ 18,472 $ 63,469 $ 33,685 Total Revenue $ 108,648 $ 94,663 $ 215,832 $ 188,187 for Annual Spend per Buyer and Marketplace Take Rate RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT (In thousands, except gross margin data) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 FY 2023 FY 2024 Unaudited (Audited) (Audited) GAAP gross profit $ 78,639 $ 80,735 $ 83,465 $ 86,788 $ 88,264 $ 299,529 $ 320,915 Add: Share-based compensation 499 514 445 423 403 2,497 2,136 Depreciation and amortization 791 2,415 3,198 3,164 3,155 3,253 7,017 Earn-out revaluation, acquisition related costs and other - 11 17 44 - - 28 Non-GAAP gross profit $ 79,929 $ 83,675 $ 87,125 $ 90,419 $ 91,822 $ 305,279 $ 330,096 Non-GAAP gross margin 84.4 % 84.0 % 84.0 % 84.4 % 84.5 % 84.5 % 84.3 % RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME AND NET INCOME PER SHARE (In thousands, except share and per share data) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 FY 2023 FY 2024 Unaudited (Audited) (Audited) GAAP net income attributable to ordinary shareholders $ 3,267 $ 1,353 $ 12,838 $ 798 $ 3,188 $ 3,681 $ 18,246 Add: Depreciation and amortization 1,606 3,392 4,328 4,284 4,089 5,987 10,476 Share-based compensation 18,438 18,464 18,020 15,754 14,055 68,698 73,942 Earn-out revaluation, acquisition related costs and other 109 1,273 4,240 4,599 5,294 (359 ) 5,631 Convertible notes amortization of discount and issuance costs 638 640 640 641 642 2,541 2,555 Taxes on income related to non-GAAP adjustments (71 ) (290 ) (16,249 ) (380 ) (351 ) - (16,610 ) Exchange rate (gain)/loss, net (156 ) (221 ) 1,108 (642 ) 531 (131 ) 859 Non-GAAP net income $ 23,831 $ 24,611 $ 24,925 $ 25,054 $ 27,448 $ 80,417 $ 95,099 Weighted average number of ordinary shares - basic 38,089,060 35,435,532 35,658,287 36,019,143 36,585,998 38,066,203 36,984,757 Non-GAAP basic net income per share attributable to ordinary shareholders $ 0.63 $ 0.69 $ 0.70 $ 0.70 $ 0.75 $ 2.11 $ 2.57 Weighted average number of ordinary shares - diluted 40,909,724 38,359,853 38,947,644 39,446,707 39,653,165 41,304,907 39,994,015 Non-GAAP diluted net income per share attributable to ordinary shareholders $ 0.58 $ 0.64 $ 0.64 $ 0.64 $ 0.69 $ 1.95 $ 2.38 RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (In thousands, except Adjusted EBITDA margin data) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 FY 2023 FY 2024 Unaudited (Audited) (Audited) GAAP net income $ 3,267 $ 1,353 $ 12,838 $ 798 $ 3,188 $ 3,681 $ 18,246 Add: Financial expenses (income), net (8,502 ) (6,881 ) (5,662 ) (7,325 ) (6,554 ) (20,163 ) (27,706 ) Taxes on income (tax benefit) 2,931 2,052 (13,054 ) 1,332 1,377 1,373 (6,358 ) Depreciation and amortization 1,606 3,392 4,328 4,284 4,089 5,987 10,476 Share-based compensation 18,438 18,464 18,020 15,754 14,055 68,698 73,942 Earn-out revaluation, acquisition related costs and other 109 1,273 4,240 4,599 5,294 (359 ) 5,631 Adjusted EBITDA $ 17,849 $ 19,653 $ 20,710 $ 19,442 $ 21,449 $ 59,217 $ 74,231 Adjusted EBITDA margin 18.9 % 19.7 % 20.0 % 18.1 % 19.7 % 16.4 % 19.0 % 1928 RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES (In thousands) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 FY 2023 FY 2024 Unaudited (Audited) (Audited) GAAP research and development $ 21,855 $ 22,424 $ 22,329 $ 23,627 $ 23,994 $ 90,720 $ 90,241 Less: Share-based compensation 5,897 5,273 5,563 4,730 4,129 24,310 23,569 Depreciation and amortization 193 190 247 265 313 799 831 Earn-out revaluation, acquisition related costs and other - 700 (672 ) 65 62 - 28 Non-GAAP research and development $ 15,765 $ 16,261 $ 17,191 $ 18,567 $ 19,490 $ 65,611 $ 65,813 GAAP sales and marketing $ 41,324 $ 42,970 $ 45,232 $ 47,390 $ 44,844 $ 161,208 $ 171,678 Less: Share-based compensation 3,389 3,605 3,162 2,246 1,369 13,304 13,592 Depreciation and amortization 553 721 770 716 550 1,601 2,308 Earn-out revaluation, acquisition related costs and other - 67 1,811 1,197 1,147 - 1,878 Non-GAAP sales and marketing $ 37,382 $ 38,577 $ 39,489 $ 43,231 $ 41,778 $ 146,303 $ 153,900 GAAP general and administrative $ 17,764 $ 18,817 $ 21,782 $ 20,966 $ 21,415 $ 62,710 $ 74,814 Less: Share-based compensation 8,653 9,072 8,850 8,355 8,154 28,587 34,645 Depreciation and amortization 69 66 113 139 71 334 320 Earn-out revaluation, acquisition related costs and other 109 495 3,084 3,293 4,085 (359 ) 3,697 Non-GAAP general and administrative $ 8,933 $ 9,184 $ 9,735 $ 9,179 $ 9,105 $ 34,148 $ 36,152 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 FY 2023 FY 2024 Unaudited (Audited) (Audited) Net cash provided by operating activities $ 20,971 $ 10,867 $ 30,034 $ 28,309 $ 25,204 $ 83,186 $ 83,068 Purchase of property and equipment (309 ) (290 ) (326 ) (287 ) (185 ) (1,053 ) (1,303 ) Capitalization of internal-use software - - (83 ) (661 ) - (60 ) (103 ) Free cash flow $ 20,662 $ 10,577 $ 29,625 $ 27,361 $ 25,019 $ 82,073 $ 81,662 Key Performance Metrics and Non-GAAP Financial Measures This release includes certain key performance metrics and financial measures not based on GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow, as well as operating metrics, including marketplace Gross Merchandise Value or GMV, annual active buyers, annual spend per buyer and marketplace take rate. Some amounts in this release may not total due to rounding. All percentages have been calculated using unrounded amounts. As of the fourth quarter of 2024, we updated the definitions of annual active buyers, GMV, annual spend per buyer and marketplace take rate to align our supplemental revenue presentation, which disaggregates revenue into two components, marketplace revenue and services revenue. These metrics will now exclusively reflect the marketplace, as amounts related to services previously included in these metrics are deemed immaterial. We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the above tables, adjusted for, as applicable, depreciation and amortization, share-based compensation expenses, contingent consideration revaluation, acquisition related costs and other, income taxes, amortization of discount and issuance costs of convertible note, financial (income) expenses, net. Amortization of acquired intangible assets is excluded from the measures, however, the revenue from the acquired companies is included, and their assets actively contribute to revenue generation. Non-GAAP gross profit margin represents non-GAAP gross profit expressed as a percentage of revenue. We define non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by GAAP weighted-average number of ordinary shares basic and diluted. We use free cash flow as a liquidity measure and define it as a net cash provided by operating activities less capital expenditures. We define GMV or marketplace Gross Merchandise Value as the total value of transactions ordered through our marketplace, excluding value-added tax, goods and services tax, service chargebacks and refunds. Annual active buyers on any given date is defined as buyers who have ordered a Gig on our marketplace within the last 12-month period, irrespective of cancellations. Annual spend per buyer on any given date is calculated by dividing our GMV within the last 12-month period by the number of annual active buyers as of such date. Marketplace take rate for a given period means marketplace revenue for such period divided by GMV for such period. When we refer in this release to the marketplace we refer to transactions conducted between buyers and freelancers on When we refer to the platform we refer to the marketplace and our additional services. Management and our board of directors use certain metrics as supplemental measures of our performance that are not required by, or presented in accordance with GAAP because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations. We also use these metrics for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives and capital expenditures and to evaluate our capacity to expand our business. In addition, we believe that free cash flow, which we use as a liquidity measure, is useful in evaluating our business because free cash flow reflects the cash surplus available or used to fund the expansion of our business after the payment of capital expenditures relating to the necessary components of ongoing operations. Capital expenditures consist primarily of property and equipment purchases and capitalized software costs. Free cash flow should not be used as an alternative to, or superior to, cash from operating activities. In addition, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share as well as operating metrics, including GMV, annual active buyers, annual spend per buyer and marketplace take rate should not be considered in isolation, as an alternative to, or superior to net income (loss), revenue, cash flows or other performance measure derived in accordance with GAAP. These metrics are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that the presentation of non-GAAP metrics is an appropriate measure of operating performance because they eliminate the impact of expenses that do not relate directly to the performance of our underlying business. These non-GAAP metrics should not be construed as an inference that our future results will be unaffected by unusual or other items. Additionally, Adjusted EBITDA and other non-GAAP metrics used herein are not intended to be a measure of free cash flow for management's discretionary use, as they do not reflect our tax payments and certain other cash costs that may recur in the future, including, among other things, cash requirements for costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA and other non-GAAP metrics as supplemental measures of our performance. Our measures of Adjusted EBITDA, free cash flow and other non-GAAP metrics used herein are not necessarily comparable to similarly titled captions of other companies due to different methods of calculation. See the tables above regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. We are not able to provide a reconciliation of Adjusted EBITDA to net income (loss), the nearest comparable GAAP measure, and Adjusted EBITDA margin guidance for the third quarter of 2025, the fiscal year ending December 31, 2025, or the period ending December 31, 2027, because certain items that are excluded from Adjusted EBITDA and Adjusted EBITDA margin cannot be reasonably predicted or are not in our control. We are also not able to provide a reconciliation of free cash flow guidance for the three year period from 2024-2027 to cash from operating activities, the nearest comparable GAAP measure, because certain items that are reflected in free cash flow cannot be reasonably predicted or are not in our control. In particular, in the case of Adjusted EBITDA and Adjusted EBITDA margin, we are unable to forecast the timing or magnitude of share based compensation, amortization of intangible assets, impairment of intangible assets, income or loss on revaluation of contingent consideration, other acquisition-related costs, convertible notes amortization of discount and issuance costs and exchange rate income or loss, and in the case of free cash flow, we are unable to forecast property and equipment purchases and capitalized software costs, in each case, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the Looking Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our expected financial performance and operational performance including our long term targets and expectations, our business plans and strategy, the growth of our business, AI services and developments as well as statements that include the words 'expect,' 'intend,' 'plan,' 'believe,' 'project,' 'forecast,' 'estimate,' 'may,' 'should,' 'anticipate' and similar statements of a future or forward-looking nature. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our ability to successfully implement our business plan within adverse economic conditions that may impact consumers, business spending and the demand for our services or have a material adverse impact on our business, financial condition and results of operations; our ability to attract and retain a large community of buyers and freelancers; our ability to generate sufficient revenue to maintain profitability or positive net cash flow generated by operating activities; our ability to maintain and enhance our brand; our dependence on the continued growth and expansion of the market for freelancers and the services they offer; our dependence on traffic to our websites; our ability to maintain user engagement on our websites and to maintain and improve the quality of our platform; our operations within a competitive market; political, economic and military instability in Israel, including related to the war in Israel; our ability and the ability of third parties to protect our users' personal or other data from a security breach and to comply with laws and regulations relating to data privacy, data protection and cybersecurity; our ability to manage our current and potential future growth; our dependence on decisions and developments in the mobile device industry, over which we do not have control; our ability to detect errors, defects or disruptions in our platform; our ability to comply with the terms of underlying licenses of open source software components on our platform; our ability to expand into markets outside the United States and our ability to manage the business and economic risks of international expansion and operations; our ability to achieve desired operating margins; our ability to comply with a wide variety of U.S. and international laws and regulations, including with regulatory frameworks around the development and use of AI; our ability to attract, recruit, retain and develop qualified employees; our reliance on Amazon Web Services; our ability to mitigate payment and fraud risks; our dependence on relationships with payment partners, banks and disbursement partners; and the other important factors discussed under the caption 'Risk Factors' in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission ('SEC') on February 19, 2025, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC's website at In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated in to access your portfolio
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- Business Wire
UBS reports 2Q25 net profit of USD 2.4bn and USD 4.1bn for 1H25 with integration remaining on track; invested assets reach USD 6.6trn (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)
ZURICH--(BUSINESS WIRE)--Regulatory News: UBS (NYSE:UBS) (SWX:UBSN): 'We sustained robust momentum during a quarter that started with extreme volatility by staying close to our clients and executing on our integration plans. We also maintained a balance sheet for all seasons while delivering on our capital return plans. We are positioning for long term success by further enhancing our global capabilities, investing in our future infrastructure and AI, while actively engaging in the debate on future regulation in Switzerland. This allows us to fulfill our commitment to support all the communities where we live and work.' Sergio P. Ermotti, Group CEO 2Q25 PBT of USD 2.2bn and underlying 1 PBT of USD 2.7bn, net profit of USD 2.4bn, RoCET1 of 13.5% and underlying RoCET1 of 15.3%. Core businesses 2 increased combined underlying PBT by 25% YoY 1H25 PBT of USD 4.3bn and underlying PBT of USD 5.3bn, net profit of USD 4.1bn, RoCET1 of 11.6% and underlying RoCET1 of 13.3% Continued client momentum in a volatile environment supporting growth in Group invested assets, with Global Wealth Management 1H25 net new assets of USD 54.8bn. GWM 2Q25 transaction-based income +12% YoY and best second quarter in Global Markets with revenues up 25% YoY supported by record balances and revenues in Prime Brokerage Integration remains on track with one-third of client accounts booked in Switzerland migrated. Delivered further USD 0.7bn in exit rate gross cost saves bringing cumulative cost reductions to USD 9.1bn, or 70% of the USD ~13bn in expected gross saves Continued progress in Non-core and Legacy wind-down and legal entity structure simplification; NCL risk- weighted assets down by USD 1.5bn sequentially to USD 32.7bn Maintained strong capital position with 14.4% CET1 capital ratio and 4.4% CET1 leverage ratio. Our ability to generate capital is funding strategic investments and sustainable shareholder returns Delivering on our capital return plans for 2025, completed USD 0.5bn in share buybacks and plan to complete repurchase of up to USD 2.0bn in the second half of the year. Continued accruing for a double-digit growth in dividend Reliable partner for the Swiss economy, staying close to private clients and businesses with our balance sheet for all seasons and leading credit offering. Granted or renewed around CHF 40bn of loans during the quarter Positioning for long-term success by strengthening global capabilities and investing into future-ready infrastructure and tools, including Gen AI and cloud to enable secure, scalable delivery and boosting productivity. Meanwhile, actively engaging in debate on future regulatory requirements in Switzerland Group summary Strong financial performance In 2Q25, we reported PBT of USD 2,193m and underlying PBT of USD 2,683m, up 49% and 30% YoY, respectively, driven by growth in our core businesses, which increased their combined underlying pre-tax profits by 25% YoY. Net profit attributable to shareholders was USD 2,395m, up 111% YoY and included a net release of provisions and contingent liabilities of USD 427m related to the resolution of a legacy Credit Suisse cross-border matter and a net deferred tax benefit of USD 577m. Return on CET1 capital was 13.5%, or 15.3% on an underlying basis. Reported revenues were USD 12,112m, up 2% YoY. On an underlying basis, revenues increased by 4% to USD 11,546m. Underlying revenues from our core businesses increased 8%, reflecting the strength, scale and geographic diversification of our franchises and our ability to drive synergies across the Group. Underlying revenues in Non-core and Legacy division declined by USD 484m from 2Q24, mainly reflecting lower net gains on position exits as we significantly reduced NCL's portfolio through successful de-risking actions over the last year. Reported Group operating expenses decreased by 6% YoY to USD 9,756m. On an underlying basis, operating expenses decreased by 3% to USD 8,701m as we continued to execute on our integration and efficiency plans at pace. For the first half of 2025, we reported PBT of USD 4,325m and underlying PBT of USD 5,269m, driven by a 2% increase in underlying revenues and a 2% decline in underlying expenses. Net profit increased to USD 4,087m, with RoCET1 of 11.6% and underlying RoCET1 of 13.3%. Continued client momentum During the second quarter, clients continued to rely on UBS, valuing the breadth of our advice and global capabilities amid a challenging and unpredictable geopolitical and market environment. Group invested assets reached USD 6.6trn, up 8% QoQ driven by increases across Global Wealth Management, Asset Management and Personal & Corporate Banking. In GWM net new assets reached USD 23bn with strong generation in APAC, EMEA and Switzerland and robust performance in the Americas, where high inflows from existing clients mostly offset outflows from seasonal tax-related payments. Transactional activity during the quarter remained robust despite more muted sentiment among private clients, while institutional clients remained very active. In GWM, transaction-based income increased by 12% YoY with positive momentum across all regions. In the Investment Bank, Global Markets delivered a record second quarter with revenues of USD 2.3bn, up 25% YoY, tracking the exceptional levels of volatility early in the quarter. Higher revenues in Equities and FX once again reflect our ability to serve clients in a dynamic market environment, capturing growth opportunities in the areas of our strategic focus. Reliable partner for the Swiss economy Businesses and households in Switzerland benefit from our global reach, advice and expertise. Our balance sheet for all seasons gives them the stability they need while allowing us to remain a leading provider of credit to the economy. We have granted or renewed around CHF 40bn of loans during the quarter. Our conservative approach to risk and highly robust business model is reflected in the Group's loan-to-deposit ratio of 81% and cost of risk of only 10bps. Integration on track with strong progress on client account migrations in Switzerland We progressed our integration plans at pace during the quarter. We have now completed the migration of Credit Suisse client accounts booked outside of Switzerland to the UBS platform and executed the first main wave of migrations in Switzerland, having now transferred approximately one-third of targeted client accounts. We remain on track to complete the Swiss booking center migrations by the end of the first quarter of 2026. Additionally, we have made substantial progress on the simplification of our legal entity structure in the US and Europe in the quarter. Delivering on cost savings plans Through disciplined execution of our cost-reduction work we delivered an additional USD 0.7bn in gross cost saves in the quarter by further downsizing Non-core and Legacy's expense base and realizing cost synergies in the core businesses. To date we have decommissioned around 700 applications, or 56% of NCL's initial stack. We have already achieved 70% of our plan and are well on track to deliver around USD 13bn in Group-wide annualized exit rate gross cost savings by end-2026. As in previous quarters, we continued to exit positions in NCL leading to a USD 1.5bn RWA reduction in 2Q25 and bringing RWA to USD 32.7bn at the end of June. With 83% of its initial books closed, NCL remains on track to achieve its ambition to close over 95% of them by end-2026 and reduce RWA below USD 22bn. Maintained strong capital position In the second quarter, we maintained a strong capital position with a CET1 capital ratio of 14.4% and a CET1 leverage ratio of 4.4%. Both are in excess of our guidance of ~14% and >4.0%, respectively, and provide a solid capital buffer to requirements during the integration, while allowing us to self-fund strategic investments and return capital to shareholders. Commitment to capital returns In the second quarter, we continued to accrue for a double-digit increase in the ordinary dividend per share, to be paid out in 2026 and completed USD 0.5bn in share repurchases. In the first half of 2025 we have completed USD 1bn in share repurchases and plan to complete repurchase of up to USD 2bn in the second half of 2025. This plan continues to be subject to UBS maintaining a CET1 capital ratio target of around 14% and achieving its financial targets and is consistent with UBS's previously communicated plans and conservative approach. We will communicate on our 2026 capital returns ambitions with our fourth quarter and full-year financial results for 2025. Investing for long-term growth We remain focused on strengthening our global capabilities by investing into our businesses and technology to capture long-term growth opportunities. We are also well underway on our technology integration journey in 2025, reducing complexity and costs through infrastructure and application decommissioning. With 1,154 apps decommissioned to date, or ~40% of total in scope, we have surpassed the 1,000 business applications decommissioned milestone. We have also turned off over half of the servers in scope (60,000) and worked through 28PB of data. We are unlocking the transformational potential of Gen AI. In the second quarter, we have further rolled out AI-powered tools to employees, including coding tools for our developers to enable faster, more secure and scalable delivery of solutions with a targeted 15% efficiency gain. After finishing the implementation of 55,000 M365 Copilot licenses earlier this year we are planning to roll-out additional licenses to ensure all of our employees across the firm have access to the tool. Additionally, our in-house AI assistant, Red, which gives users intelligent access to UBS products, research, and CIO reports, is currently rolled out to 52,000 employees with general availability planned for the first half of 2026. Our investments in this space continue to translate into increased usage of Gen AI tools across the organization with 8m prompts across all our tools in the quarter, a four-fold increase since year-end 2024. We are also progressing on the execution of our large-scale, transformational AI initiatives designed to have firm-wide impact and strengthen our foundations, enhancing client service and increasing productivity across the Group. In addition, we are continually assessing and building further opportunities with over 280 AI use cases now live, up ~10% from 1Q25. To support in the adoption of our AI capabilities and foster a culture of continuous learning across the organization, we are building a strong ecosystem across the firm including over 500 AI Champions and 100 AI Ambassadors. Later this year around 250 of our senior leaders, including the Group Executive Board, will participate in an AI Senior Leadership Journey at the Saïd Business School, University of Oxford. The program will focus on building an AI-enabled organization, driving transformation, and ensuring ethical governance. This initiative is designed to equip our leaders with the strategic insights needed to further embed AI across the firm and lead the development of an AI-enabled workforce. Outlook The third quarter started with strong market performance in risk assets, particularly international equities, combined with a weak US dollar. Investor sentiment remains broadly constructive, tempered by persistent macroeconomic and geopolitical uncertainties. Against this backdrop, our client conversations and deal pipelines indicate a high level of readiness among investors and corporates to deploy capital, as conviction around the macro outlook strengthens. For the third quarter, we expect Global Wealth Management's net interest income (NII) and Personal & Corporate Banking's NII in Swiss francs to be broadly stable. In US dollar terms, this translates to a sequential low single-digit percentage increase. We also expect trading and transactional activity to reflect more normalized seasonal patterns and activity levels compared to the same quarter a year ago, particularly in Global Wealth Management's transaction-based revenues and the Investment Bank's Global Markets performance. Pull-to-par revenues 3 are expected to be around USD 0.4bn, partly mitigating the expected USD 1.1bn in integration-related expenses. We remain focused on actively engaging with our clients, helping them to navigate a complex environment while executing on our growth and integration plans. We are confident in our ability to deliver on our 2025 and 2026 financial targets, leveraging the power of our diversified business model. 3 Pull-to-par revenues are revenues recognized when fair value reductions taken on financial instruments acquired as part of the Credit Suisse transaction through the required purchase price allocation (PPA) unwind as the instruments approach their maturity. Expand Second quarter 2025 performance overview – Group Group PBT USD 2,193m, underlying PBT USD 2,683m PBT of USD 2,193m included PPA effects and other integration items of USD 596m, a loss related to an investment in an associate of USD 31m, and integration-related expenses and PPA effects of USD 1,055m. Underlying PBT was USD 2,683m, including net credit loss expenses of USD 163m. The cost/income ratio was 80.5%, and 75.4% on an underlying basis. Net profit attributable to shareholders was USD 2,395m, with diluted earnings per share of USD 0.72. Return on CET1 capital was 13.5%, and 15.3% on an underlying basis. Global Wealth Management (GWM) PBT USD 1,204m, underlying PBT USD 1,443m Total revenues increased by USD 247m, or 4%, to USD 6,300m, largely driven by higher recurring net fee income and transaction-based income, partly offset by lower net interest income, and included a USD 80m decrease in PPA effects and other integration items. Excluding USD 153m of PPA effects and other integration items and a USD 8m loss related to an investment in an associate, underlying total revenues were USD 6,156m, an increase of 6%. Net credit loss expenses were USD 3m, compared with net credit loss releases of USD 1m in the second quarter of 2024. Operating expenses decreased by USD 90m, or 2%, to USD 5,093m and included a USD 140m decrease in integration-related expenses. Excluding USD 383m of integration-related expenses and PPA effects, underlying operating expenses were USD 4,710m, an increase of 1%, mainly driven by unfavorable foreign currency effects and higher financial advisor compensation reflecting an increase in compensable revenues. The cost/income ratio was 80.8%, and 76.5% on an underlying basis. Invested assets increased sequentially by USD 294bn to USD 4,512bn. Net new assets were USD 23bn. Personal & Corporate Banking (P&C) PBT CHF 566m, underlying PBT CHF 557m Total revenues decreased by CHF 161m, or 8%, to CHF 1,900m, mainly due to lower net interest income and other income, and included a CHF 1m decrease in PPA effects and other integration items. Total revenues in the second quarter of 2025 also included a loss of CHF 18m related to an investment in an associate. Excluding CHF 222m of PPA effects and other integration items and the aforementioned loss, underlying total revenues were CHF 1,696m, a decrease of 8%. Net credit loss expenses were CHF 91m and mainly reflected net expenses on credit-impaired positions. Net credit loss expenses in the prior-year quarter were CHF 92m. Operating expenses decreased by CHF 23m, or 2%, to CHF 1,243m and included a CHF 30m increase in integration-related expenses. Excluding CHF 195m of integration-related expenses and PPA effects, underlying operating expenses were CHF 1,048m, a decrease of 5%, mainly driven by lower personnel expenses, including lower variable compensation. The cost/income ratio was 65.4%, and 61.8% on an underlying basis. Asset Management (AM) PBT USD 153m, underlying PBT USD 216m Total revenues increased by USD 4m to USD 772m, reflecting increases in net management fees and performance fees, largely offset by the second quarter of 2024 including USD 28m of net gains from disposals. Operating expenses decreased by USD 20m, or 3%, to USD 618m and included a USD 35m decrease in integration-related expenses. Excluding integration-related expenses of USD 63m, underlying operating expenses were USD 555m, an increase of 3%, mainly due to unfavorable foreign currency effects. The cost/income ratio was 80.1%, and 72.0% on an underlying basis. Invested assets increased sequentially by USD 156bn to USD 1,952bn. Net new money was negative USD 2bn, and negative USD 5bn excluding money market flows and associates. Investment Bank (IB) PBT USD 557m, underlying PBT USD 526m Total revenues increased by USD 163m, or 6%, to USD 2,966m, due to higher revenues in Global Markets, partly offset by lower revenues in Global Banking, and included an overall USD 158m decrease in PPA effects. Excluding these effects, underlying total revenues were USD 2,815m, an increase of 13%, including positive foreign currency effects. Net credit loss expenses were USD 48m, compared with net credit loss releases of USD 6m in the second quarter of 2024. Operating expenses increased by USD 29m, or 1%, to USD 2,361m, and included a USD 124m decrease in integration-related expenses. Excluding integration-related expenses of USD 121m, underlying operating expenses were USD 2,241m, an increase of 7%, mainly due to higher personnel expenses and unfavorable foreign currency effects. The cost/income ratio was 79.6% on a reported and underlying basis. Return on attributed equity was 12.2%, and 11.5% on an underlying basis. Non-core and Legacy (NCL) PBT USD (250m), underlying PBT USD 1m Total revenues were negative USD 82m, compared with total revenues of USD 401m, mainly reflecting lower net gains from position exits and lower net interest income from securitized products and credit products, partly offset by lower liquidity and funding costs, as a result of a smaller portfolio. Net credit loss releases were USD 2m, compared with net credit loss releases of USD 1m in the second quarter of 2024. Operating expenses were USD 170m, a decrease of USD 637m, or 79%, mainly due to releases in provisions for litigation, regulatory and similar matters, as well as lower personnel expenses, risk management costs, technology costs and compliance and regulatory costs, and included a USD 73m decrease in integration-related expenses. Excluding integration-related expenses of USD 252m, underlying operating expenses were negative USD 83m. Group Items PBT USD (167m), underlying PBT USD (188m) 4 Also accounts for credit loss expenses/releases incurred in a given period. Expand UBS's sustainability and impact highlights We support our clients in the transition to a low-carbon world and consider climate change risks and opportunities across our firm for the benefit of our clients, our shareholders and all our stakeholders. SDG Outcomes Fund hits USD 100m target with anchor commitment from the EU Earlier this month, the UBS Optimus Foundation and Bridges Outcomes Partnerships announced the successful final closing of the SDG Outcomes Fund at the 4th UN International Conference on Financing for Development (FFD4) in Seville. Through the new anchor commitment from the European Union, the fund reached its subscription target of USD 100m. This Luxembourg-based SFDR Article 9 fund is a pioneering blended finance initiative designed to accelerate progress toward the United Nations Sustainable Development Goals (SDGs) by supporting outcomes-focused programs in low- and middle-income countries, particularly in Africa and Asia. Expanded UBS Optimus Foundation offering in the US In June, we announced the expansion of the UBS Optimus Foundation offering in the US. The Foundation, a client-facing giving platform that supports clients' philanthropic goals through flexible, tax-advantaged giving solutions now provides access to an expanded portfolio of programs across the US in addition to the full portfolio of existing global programs. Clients can support a suite of national-scale programs, sourced and vetted by a team of dedicated philanthropy experts, that advance solutions across education, health, the environment, and emergency response and resilience. The UBS Optimus Foundation continues to expand its US portfolio and now has 15 nonprofit partners on the front lines of the country's most pressing challenges. UBS covers all the administrative costs of the Foundation, ensuring that 100% of each donation received supports the Foundation's programs and mission. UBS will also provide up to a 10% match on client and employee donations to incentivize giving and magnify its impact (subject to availability). Employer of choice among Swiss business students According to Universum's 2025 survey published in June, UBS is the employer of choice among business students in Switzerland. We were the top choice for one in four business students – and for the first time ever, we came first among female business students too. Selected financial information of the business divisions and Group Items Total revenues as reported 6,300 2,336 772 2,966 (82) (180) 12,112 of which: PPA effects and other integration items 1 153 274 152 1 17 596 of which: loss related to an investment in an associate (8) (23) (31) Total revenues (underlying) 6,156 2,085 772 2,815 (83) (198) 11,546 Credit loss expense / (release) 3 114 0 48 (2) 0 163 Operating expenses as reported 5,093 1,528 618 2,361 170 (13) 9,756 of which: integration-related expenses and PPA effects 2 383 240 63 121 252 (4) 1,055 Operating expenses (underlying) 4,710 1,288 555 2,241 (83) (10) 8,701 Operating profit / (loss) before tax as reported 1,204 695 153 557 (250) (167) 2,193 Operating profit / (loss) before tax (underlying) 1,443 684 216 526 1 (188) 2,683 For the quarter ended 31.3.25 USD m Global Wealth Management Personal & Corporate Banking Asset Management Investment Bank Non-core and Legacy Group Items Total Total revenues as reported 6,422 2,211 741 3,183 284 (284) 12,557 of which: PPA effects and other integration items 1 165 241 138 30 574 of which: gain related to an investment in an associate 4 11 14 of which: items related to the Swisscard transactions 3 64 64 Total revenues (underlying) 6,253 1,895 741 3,045 284 (314) 11,904 Credit loss expense / (release) 6 53 0 35 7 (1) 100 Operating expenses as reported 5,057 1,551 606 2,427 669 15 10,324 of which: integration-related expenses and PPA effects 2 355 192 73 112 191 3 927 of which: items related to the Swisscard transactions 4 180 180 Operating expenses (underlying) 4,702 1,179 533 2,314 477 12 9,218 Operating profit / (loss) before tax as reported 1,359 607 135 722 (391) (299) 2,132 Operating profit / (loss) before tax (underlying) 1,545 663 208 696 (200) (326) 2,586 For the quarter ended 30.6.24 USD m Global Wealth Management Personal & Corporate Banking Asset Management Investment Bank Non-core and Legacy Group Items Total Total revenues as reported 6,053 2,272 768 2,803 401 (392) 11,904 of which: PPA effects and other integration items 1 233 246 310 (8) 780 Total revenues (underlying) 5,820 2,026 768 2,493 401 (384) 11,124 Credit loss expense / (release) (1) 103 0 (6) (1) 0 95 Operating expenses as reported 5,183 1,396 638 2,332 807 (15) 10,340 of which: integration-related expenses and PPA effects 2 523 182 98 245 325 (2) 1,372 Operating expenses (underlying) 4,660 1,213 540 2,087 481 (13) 8,969 Operating profit / (loss) before tax as reported 871 773 130 477 (405) (377) 1,469 Operating profit / (loss) before tax (underlying) 1,161 710 228 412 (80) (371) 2,060 1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 3 Represents the gain related to UBS's share of income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 4 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. Expand Selected financial information of the business divisions and Group Items (continued) Year-to-date 30.6.25 Total revenues as reported 12,722 4,547 1,513 6,149 202 (465) 24,668 of which: PPA effects and other integration items 1 318 514 290 1 47 1,170 of which: gain / (loss) related to an investment in an associate (5) (12) (16) of which: items related to the Swisscard transactions 2 64 64 Total revenues (underlying) 12,408 3,980 1,513 5,860 201 (512) 23,450 Credit loss expense / (release) 9 167 0 83 6 (1) 263 Operating expenses as reported 10,150 3,078 1,224 4,788 838 2 20,080 of which: integration-related expenses and PPA effects 3 739 432 135 233 444 (1) 1,982 of which: items related to the Swisscard transactions 4 180 180 Operating expenses (underlying) 9,411 2,467 1,088 4,555 395 2 17,918 Operating profit / (loss) before tax as reported 2,563 1,302 289 1,279 (642) (465) 4,325 Operating profit / (loss) before tax (underlying) 2,988 1,347 424 1,222 (199) (513) 5,269 Year-to-date 30.6.24 USD m Global Wealth Management Personal & Corporate Banking Asset Management Investment Bank Non-core and Legacy Group Items Total Total revenues as reported 12,196 4,695 1,543 5,554 1,402 (747) 24,642 of which: PPA effects and other integration items 1 467 502 603 (12) 1,559 Total revenues (underlying) 11,729 4,193 1,543 4,951 1,402 (735) 23,083 Credit loss expense / (release) (4) 146 0 26 35 (2) 201 Operating expenses as reported 10,228 2,800 1,303 4,496 1,818 (48) 20,597 of which: integration-related expenses and PPA effects 3 928 342 169 387 568 (1) 2,392 Operating expenses (underlying) 9,300 2,458 1,134 4,109 1,250 (47) 18,205 Operating profit / (loss) before tax as reported 1,972 1,748 241 1,032 (451) (698) 3,844 Operating profit / (loss) before tax (underlying) 2,433 1,588 410 816 117 (687) 4,677 1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Represents the gain related to UBS's share of income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 4 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. Expand Our key figures As of or for the quarter ended As of or year-to-date USD m, except where indicated 30.6.25 31.3.25 31.12.24 30.6.24 30.6.25 30.6.24 Group results Total revenues 12,112 12,557 11,635 11,904 24,668 24,642 Credit loss expense / (release) 163 100 229 95 263 201 Operating expenses 9,756 10,324 10,359 10,340 20,080 20,597 Operating profit / (loss) before tax 2,193 2,132 1,047 1,469 4,325 3,844 Net profit / (loss) attributable to shareholders 2,395 1,692 770 1,136 4,087 2,890 Diluted earnings per share (USD) 1 0.72 0.51 0.23 0.34 1.23 0.86 Profitability and growth 2,3 Return on equity (%) 10.9 7.9 3.6 5.4 9.4 6.8 Return on tangible equity (%) 11.8 8.5 3.9 5.9 10.2 7.5 Underlying return on tangible equity (%) 4 13.4 10.0 6.6 8.4 11.7 9.2 Return on common equity tier 1 capital (%) 13.5 9.6 4.2 5.9 11.6 7.5 Underlying return on common equity tier 1 capital (%) 4 15.3 11.3 7.2 8.4 13.3 9.2 Revenues over leverage ratio denominator, gross (%) 3.0 3.3 3.0 3.0 3.1 3.1 Cost / income ratio (%) 80.5 82.2 89.0 86.9 81.4 83.6 Underlying cost / income ratio (%) 4 75.4 77.4 81.9 80.6 76.4 78.9 Effective tax rate (%) (9.5) 20.2 25.6 20.0 5.1 23.6 Net profit growth (%) 110.9 (3.6) n.m. (95.8) 41.4 (89.8) Resources 2 Total assets 1,669,991 1,543,363 1,565,028 1,560,976 1,669,991 1,560,976 Equity attributable to shareholders 89,277 87,185 85,079 83,683 89,277 83,683 Common equity tier 1 capital 5 72,709 69,152 71,367 76,104 72,709 76,104 Risk-weighted assets 5 504,500 483,276 498,538 511,376 504,500 511,376 Common equity tier 1 capital ratio (%) 5 14.4 14.3 14.3 14.9 14.4 14.9 Going concern capital ratio (%) 5 18.2 18.2 17.6 18.0 18.2 18.0 Total loss-absorbing capacity ratio (%) 5 37.9 38.7 37.2 38.7 37.9 38.7 Leverage ratio denominator 5 1,658,089 1,561,583 1,519,477 1,564,201 1,658,089 1,564,201 Common equity tier 1 leverage ratio (%) 5 4.4 4.4 4.7 4.9 4.4 4.9 Liquidity coverage ratio (%) 6 182.3 181.0 188.4 212.0 182.3 212.0 Net stable funding ratio (%) 122.4 124.2 125.5 128.0 122.4 128.0 Other Invested assets (USD bn) 3,7 6,618 6,153 6,087 5,873 6,618 5,873 Personnel (full-time equivalents) 105,132 106,789 108,648 109,991 105,132 109,991 Market capitalization 1,8 113,036 105,173 105,719 101,903 113,036 101,903 Total book value per share (USD) 1 28.17 27.35 26.80 26.13 28.17 26.13 Tangible book value per share (USD) 1 25.95 25.18 24.63 23.85 25.95 23.85 Credit-impaired lending assets as a percentage of total lending assets, gross (%) 3 0.9 1.0 1.0 0.9 0.9 0.9 Cost of credit risk (bps) 3 10 7 15 6 8 6 1 Refer to the 'Share information and earnings per share' section of the UBS Group second quarter 2025 report, available under 'Quarterly reporting' at for more information. 2 Refer to the 'Targets, capital guidance and ambitions' section of the UBS Group Annual Report 2024, available under 'Annual reporting' at and to the 'Recent development' section of the UBS Group second quarter 2025 report, available under 'Quarterly reporting' at for more information about our performance targets. 3 Refer to 'Alternative performance measures' in the appendix to the UBS Group second quarter 2025 report, available under 'Quarterly reporting' at for the relevant definition(s) and calculation method(s). 4 Refer to the 'Group performance' section of the UBS Group second quarter 2025 report, available under 'Quarterly reporting' at for more information about underlying results. 5 Based on the Swiss systemically relevant bank framework. Refer to the 'Capital management' section of the UBS Group second quarter 2025 report, available under 'Quarterly reporting' at for more information. 6 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 61 data points in the second quarter of 2025, 62 data points in the first quarter of 2025, 64 data points in the fourth quarter of 2024 and 61 data points in the second quarter of 2024. Refer to the 'Liquidity and funding management' section of the UBS Group second quarter 2025 report, available under 'Quarterly reporting' at for more information. 7 Consists of invested assets for Global Wealth Management, Asset Management (including invested assets from associates) and Personal & Corporate Banking. Refer to 'Note 31 Invested assets and net new money' in the 'Consolidated financial statements' section of the UBS Group Annual Report 2024, available under 'Annual reporting' at for more information. 8 The calculation of market capitalization reflects total shares issued multiplied by the share price at the end of the period. Expand Information about results materials and the earnings call UBS's second quarter 2025 report, news release and slide presentation are available from 06:45 CEST on Wednesday, 30 July 2025, at UBS will hold a presentation of its second quarter 2025 results on Wednesday, 30 July 2025. The results will be presented by Sergio P. Ermotti (Group Chief Executive Officer), Todd Tuckner (Group Chief Financial Officer) and Sarah Mackey (Head of Investor Relations). Time 09:00 CEST 08:00 BST 03:00 US EDT Audio webcast The presentation for analysts can be followed live on with a simultaneous slide show. Webcast playback An audio playback of the results presentation will be made available at later in the day. Cautionary statement regarding forward-looking statements This news release contains statements that constitute 'forward-looking statements', including but not limited to management's outlook for UBS's financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS's business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS's judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS's expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to international trade policies, including those related to tariffs and trade barriers, and ongoing conflicts in the Middle East, as well as the continuing Russia–Ukraine war. UBS's acquisition of the Credit Suisse Group has materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the acquired business may have greater risks or liabilities than expected. Following the failure of Credit Suisse, Switzerland is considering significant changes to its capital, resolution and regulatory regime, which, if adopted, would significantly increase our capital requirements or impose other costs on UBS. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS's performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS's clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in UBS's credit spreads and credit ratings of UBS, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS's business activities; (vii) UBS's ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and expectations due to its acquisition of the Credit Suisse Group; (viii) UBS's ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS's competitive position, including whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS's ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS's ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS's ability to implement new technologies and business methods, including digital services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS's internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS's operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS's ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. UBS's business and financial performance could be affected by other factors identified in its past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. Rounding Numbers presented throughout this news release 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 news release, any website addresses are provided solely for information and are not intended to be active links. UBS is not incorporating the contents of any such websites into this news release.
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- Business Wire
Evercore to Acquire Robey Warshaw, a Leading UK-Based Independent Advisory Firm
LONDON & NEW YORK--(BUSINESS WIRE)--Evercore (NYSE: EVR) today announced that it has entered into an agreement to acquire Robey Warshaw, a highly successful independent advisory firm headquartered in the United Kingdom. Founded in 2013, Robey Warshaw has built a reputation as a trusted advisor to some of the most prominent multinational companies in Europe and has an impressive client franchise and track record. The consideration for the transaction is GBP 146 million, or USD 196 million, payable in two tranches, with the first payment in Evercore stock at closing, and the second payment at the one-year anniversary in stock or cash as agreed between Evercore and Robey Warshaw. There is also potential additional consideration which is based on defined performance criteria over a multi-year period. Evercore expects the acquisition to be accretive to its Adjusted and GAAP EPS in the first full year together and thereafter. The transaction is expected to close at the beginning of the fourth quarter of 2025. The acquisition of Robey Warshaw represents a significant strategic step for Evercore and is expected to: Accelerate Evercore's Growth Strategy – With the addition of Robey Warshaw, Evercore will enhance its market position in the UK, the largest M&A advisory market in Europe, and open further significant client opportunities across the EMEA region and globally. With Robey Warshaw, Evercore will have more than 400 bankers across nine countries in the region. Expand Evercore's Global Client Reach – Robey Warshaw's deep relationships and proven advisory excellence will complement Evercore's global platform, further supporting clients across geographies with the highest level of service and expertise. Create Value for Shareholders – The transaction is expected to be financially accretive and to further position Evercore for long-term growth across global markets. 'Robey Warshaw brings extraordinary, long-standing relationships with some of the world's leading multinational companies,' said John S. Weinberg, Evercore's chairman and chief executive officer. 'Their addition to Evercore strengthens our global platform and creates exciting opportunities to expand the value we deliver to clients around the world.' 'Since its inception in 1995, Evercore has expanded its team and its capabilities every year. This approach has enabled us to become the third largest investment banking advisory firm in the world, as ranked by revenue,' said Roger C. Altman, Evercore's founder and senior chairman. 'Now, we are taking another big step forward by combining with Robey Warshaw. This will elevate the firm further in the UK, across Europe and globally. We have long admired Simon Robey and his colleagues, and their standard of excellence. This is a fortuitous and timely combination.' Matthew Lindsey-Clark, co-head of Evercore's EMEA Investment Banking business added, 'Robey Warshaw is a highly respected firm with a long-standing track record of advising on some of the largest and most complex mandates in the UK and Europe. Their team is highly complementary to ours and the combination reinforces our commitment to building the premier advisory firm across the region and globally.' Simon Robey, co-founder of Robey Warshaw, said, 'I admire the way Evercore has grown its business so strongly and in the right way. We and Evercore share commitments to client service, excellence, integrity and independent advice. We also have a shared ambition to drive further growth. Our clients will continue to get the personal attention and care we have always strived to provide. They will also be able to benefit from greater global reach, broad product capabilities and sector expertise. Evercore is the right home for all of us, and I'm personally very excited to have made a long-term commitment to playing my part in its future.' Simon Warshaw, co-founder of Robey Warshaw added, 'The combination with Evercore is an excellent fit and creates an outstanding opportunity to provide more to our clients, whilst maintaining the highest standards of excellence that have been at the heart of Robey Warshaw. We are looking forward to working together.' Additional information regarding Evercore is available on the Investor Relations section of Evercore's website at Evercore (NYSE: EVR) is a premier global independent investment banking advisory firm. We are dedicated to helping our clients achieve superior results through trusted independent and innovative advice on matters of strategic and financial significance to boards of directors, management teams and shareholders, including mergers and acquisitions, strategic shareholder advisory, restructurings and capital structure. Evercore also assists clients in raising public and private capital, delivers equity research and equity sales and agency trading execution, and provides wealth and investment management services to high-net-worth and institutional investors. Founded in 1995, the firm is headquartered in New York and maintains offices and affiliate offices in major financial centers in the Americas, Europe, the Middle East and Asia. For more information, please visit
