UBS : Quartalsberichte

UBS AG

First quarter 2022 report

Corporate calendar UBS AG

Publication of the second quarter 2022 report: Publication of the third quarter 2022 report:Friday, 29 July 2022

Friday, 28 October 2022

Publication dates of future quarterly and annual reports and results are made available as part of the corporate calendar of UBS AG atubs.com/investors

Contacts

Switchboards

For all general inquiriesubs.com/contact

Zurich [phone]

London [phone]

New York [phone]

Hong Kong [phone]

Singapore [phone]

Investor Relations

UBS's Investor Relations team manages relationships with institutional investors, research analysts and credit rating agencies.

ubs.com/investors

Zurich [phone] New York [phone]

Media Relations

UBS's Media Relations team manages relationships with global media and journalists.

ubs.com/media

Zurich [phone]

London [phone]

New York [phone]

Hong Kong [phone]

Imprint

Publisher: UBS AG, Zurich, Switzerland |ubs.comLanguage: English

© UBS 2022. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

3

Introduction

1.

Risk and capital management

• 6 Risk management and control

• 7 Capital management

2.

Consolidated financial statements

• 15 UBS AG interim consolidated financial statements (unaudited)

  Appendix

• 52 Alternative performance measures

• 55 Abbreviations frequently used in our financial reports

• 57 Information sources

• 58 Cautionary statement

First quarter 2022 report

UBS AG consolidated key figures

UBS AG consolidated key figures

As of or for the quarter ended

USD million, except where indicated	31.3.22	31.12.21	31.3.21
Results
Operating income	9,475	8,846	8,836
Operating expenses	6,916	7,227	6,684
Operating profit / (loss) before tax	2,559	1,619	2,151
Net profit / (loss) attributable to shareholders	2,004	1,255	1,710
Profitability and growth
Return on equity (%)	13.8	8.7	11.9
Return on tangible equity (%)	15.5	9.8	13.4
Return on common equity tier 1 capital (%)	19.3	12.1	17.8
Return on risk-weighted assets, gross (%)	12.5	11.8	12.3
Return on leverage ratio denominator, gross (%)	3.5	3.3	3.4
Cost / income ratio (%)	72.8	81.9	75.9
Net profit growth (%)	17.2	(19.7)	20.3
Resources
Total assets	1,139,876	1,116,145	1,109,234
Equity attributable to shareholders	57,962	58,102	57,446
Common equity tier 1 capital1	41,577	41,594	38,826
Risk-weighted assets1	309,374	299,005	285,119
Common equity tier 1 capital ratio (%)1	13.4	13.9	13.6
Going concern capital ratio (%)1	18.1	18.5	18.7
Total loss-absorbing capacity ratio (%)1	33.1	33.3	34.2
Leverage ratio denominator1	1,072,766	1,067,679	1,039,736
Common equity tier 1 leverage ratio (%)1	3.88	3.90	3.73
Going concern leverage ratio (%)1	5.2	5.2	5.1
Total loss-absorbing capacity leverage ratio (%)1	9.6	9.3	9.4
Other
Invested assets (USD billion)2	4,380	4,596	4,306
Personnel (full-time equivalents)	47,139	47,067	47,592
1 Based on the Swiss systemically relevant bank framework as of 1 January 2020. Refer to the "Capital management" section of this report for more information.

2 Consists of invested assets for Global Wealth

Management, Asset Management and Personal & Corporate Banking. Refer to "Note 32 Invested assets and net new money" in the "Consolidated financial statements" section of our Annual Report 2021 for more information.

Alternative performance measures

An alternative performance measure (an APM) is a financial measure of historical or future financial performance, financial position or cash flows other than a financial measure defined or specified in the applicable recognized accounting standards or in other applicable regulations. We report a number of APMs in our external reports (annual, quarterly and other reports). We use APMs to provide a more complete picture of our operating performance and to reflect management's view of the fundamental drivers of our business results. A definition of each APM, the method used to calculate it and the information content are presented under "Alternative performance measures" in the appendix to this report. Our APMs may qualify as non-GAAP measures as defined by US Securities and Exchange Commission (SEC) regulations.

2

Introduction

Overview

UBS Group AG is the holding company for the UBS Group and the parent company of UBS AG. UBS Group AG holds 100% of the issued shares in UBS AG. Financial information for UBS AG consolidated does not differ materially from that for UBS Group AG consolidated.

This report includes risk and capital management information for UBS AG consolidated and the interim consolidated financial statements for the quarter ended 31 March 2022. Regulatory information for UBS AG standalone is provided in the 31 March 2022 Pillar 3 report, available under "Pillar 3 disclosures" atubs.com/investors.

› Refer to the UBS Group first quarter 2022 report, available under

"Quarterly reporting" atubs.com/investors,for more information

Comparison between UBS Group AG consolidated and UBS AG consolidated

The table on the following page contains a comparison of selected financial and capital information between UBS Group AG consolidated and UBS AG consolidated.

The accounting policies applied under International Financial Reporting Standards (IFRS) to both the UBS Group AG and the UBS AG consolidated financial statements are identical. However, there are certain scope and presentation differences as noted below.

• - Assets, liabilities, operating income, operating expenses and tax expenses / (benefits) relating to UBS Group AG and its directly held subsidiaries, including UBS Business Solutions AG, are reflected in the consolidated financial statements of UBS Group AG but not of UBS AG. UBS AG's assets, liabilities, operating income and operating expenses related to transactions with UBS Group AG and its directly held subsidiaries, including UBS Business Solutions AG and other shared services subsidiaries, are not subject to elimination in the UBS AG consolidated financial statements, but are eliminated in the UBS Group AG consolidated financial statements.

• - Differences in net profit between UBS Group AG consolidated and UBS AG consolidated mainly arise as UBS Business Solutions AG and other shared services subsidiaries of UBS Group AG charge other legal entities within the UBS AG consolidation scope for services provided, including a markup on costs incurred. In addition, and to a lesser extent, differences arise as a result of certain compensation-related matters, including pensions.

• - The equity of UBS Group AG consolidated was USD 0.9 billion higher than the equity of UBS AG consolidated as of 31 March 2022. This difference was mainly driven by higher dividends paid by UBS AG to UBS Group AG compared with the dividenddistributions of UBS Group AG, as well as higher retained earnings in the UBS Group AG consolidated financial statements, largely related to the aforementioned markup charged by shared services subsidiaries of UBS Group AG to other legal entities in the UBS AG scope of consolidation. In addition, UBS Group AG is the grantor of the majority of the compensation plans of the Group and recognizes share premium for equity-settled awards granted. These effects were partly offset by treasury shares acquired as part of our share repurchase programs and those held to hedge share delivery obligations associated with Group compensation plans, as well as additional share premium recognized at the UBS AG consolidated level related to the establishment of UBS Group AG and UBS Business Solutions AG, a wholly owned subsidiary of UBS Group AG.

• - The going concern capital of UBS Group AG consolidated was USD 4.1 billion higher than the going concern capital of UBS AG consolidated as of 31 March 2022, reflecting higher common equity tier 1 (CET1) capital of USD 3.0 billion and going concern loss-absorbing additional tier 1 (AT1) capital of USD 1.1 billion.

• - The CET1 capital of UBS Group AG consolidated was USD 3.0 billion higher than that of UBS AG consolidated as of 31 March 2022. The higher CET1 capital of UBS Group AG consolidated was primarily due to lower UBS Group AG accruals for dividends to shareholders and higher UBS Group AG consolidated IFRS equity of USD 0.9 billion. The aforementioned factors were partly offset by compensation-related regulatory capital accruals at the UBS Group AG level.

• - The going concern loss-absorbing AT1 capital of UBS Group AG consolidated was USD 1.1 billion higher than that of UBS AG consolidated as of 31 March 2022, mainly reflecting deferred contingent capital plan awards granted at the Group level to eligible employees for the performance years 2017 to 2021, partly offset by four loss-absorbing AT1 capital instruments on-lent by UBS Group AG to UBS AG.

  In April 2022, UBS AG distributed a dividend of USD 4.2 billion to UBS Group AG and UBS Group AG paid the 2021 dividend of USD 1.7 billion to its shareholders. These dividends reduced the equity of UBS AG and UBS Group AG in April 2022 by USD 4.2 billion and USD 1.7 billion, respectively, and had no impact on their CET1 capital.

  › Refer to "Holding company and significant regulated subsidiaries and sub-groups" under "Complementary financial information" atubs.com/investors for an illustration of the consolidation scope differences between UBS AG and UBS Group AG › Refer to the "Capital management" section of this report for more information about differences in the loss-absorbing capacity between UBS Group AG consolidated and UBS AG consolidated

3