UBS

Business Context and Reporting Period

This Form 6-K filing, dated July 29, 2026, presents the standalone interim financial information for UBS Switzerland AG for the six-month period ended June 30, 2026. The entity operates under Swiss GAAP and serves as a key regulated subsidiary within the UBS Group structure. The reporting period includes significant organizational changes related to the migration of legacy Credit Suisse clients and the transfer of specific Wealth Management and Global Financial Intermediaries businesses between UBS AG and UBS Switzerland AG.

Key Financial Metrics

Liquidity and Debt: Cash and balances at central banks stood at CHF 100,274 million. Total liabilities were CHF 510,083 million. The entity maintains subordinated liabilities of CHF 28,098 million, which are subject to mandatory conversion or debt waiver.

Material Changes vs. Prior Period

• Profitability Growth: Net profit increased by CHF 268 million (19.6%) to CHF 1,633 million, driven by higher operating income and a reduction in credit loss expenses (CHF 66 million vs. CHF 109 million).
• Revenue Drivers: Net trading income surged to CHF 892 million from CHF 548 million. Net fee and commission income rose to CHF 2,779 million, reflecting growth in securities and investment business fees.
• Asset Reclassification: On April 1, 2026, a change in collateral allocation methodology aligned with IFRS standards resulted in a CHF 19,006 million reclassification from "Mortgage loans" to "Due from customers."
• Organizational Transfers: In 2026, UBS transferred Wealth Management International and Global Financial Intermediaries businesses associated with legacy Credit Suisse clients to UBS Switzerland AG. These transfers involved assets of CHF 13.1 billion and liabilities of CHF 12.6 billion.
• Divestiture Gain: A gain of CHF 294 million was recognized from the sale of a 50% interest in Swisscard AECS GmbH to American Express.

Outlook, Risks, and Contingencies

Management Commentary and Outlook: The filing notes that UBS Switzerland AG will continue to manage transferred businesses under a contractual relationship with UBS AG until the legal transfer is expected to complete in 2028. UBS AG's share of net profits from these businesses (CHF 487 million for H1 2026) is reflected in fee and commission expenses.

Risks and Contingencies:

• Joint and Several Liability: As of June 30, 2026, UBS Switzerland AG holds joint and several liability for UBS AG contractual obligations of CHF 1.4 billion and covered bond liabilities of CHF 525 million. Management assesses the probability of cash outflows for these matters as remote.
• Litigation: The entity is involved in a suspended criminal investigation regarding an alleged fraudulent stock selling scheme (suspended since 2018) and an ongoing anti-competition investigation by the Swiss Competition Commission (WEKO) regarding mobile payment solutions.
• Provisions: The filing states that no specific provisions are disclosed for certain legal matters to avoid prejudicing the entity's position, though changes in provisions for litigation were minimal (CHF 2 million).

Investor Verification Checklist

• Verify the impact of the CHF 19 billion reclassification from mortgage loans to customer receivables on liquidity ratios and risk-weighted assets.
• Confirm the timeline and accounting treatment for the final legal transfer of Credit Suisse-related businesses expected in 2028.
• Monitor the status of the WEKO anti-competition investigation and potential regulatory penalties.
• Assess the sustainability of the surge in net trading income (up 63% year-over-year) given market volatility.
• Review the joint and several liability exposure of CHF 1.4 billion to UBS AG for potential contingent cash outflows.