First Take 2Q26: Solid 2Q performance against high expectations, L-T story remains positive

研报英文原文证据摘录

First Take 2Q26: Solid 2Q performance against high expectations, L-T story remains positive

J P M O R G A N Europe Equity Research

29 July 2026

UBS Overweight

UBSG.S, UBSG SW

First Take 2Q 26: Solid 2Q performance against high Price (28 Jul 26):CHF42.36

expectations, L-T story remains positive Price Target (Dec-27):CHF44.00

Our Take: Strong. 2Q results are strong across the board with the highlights being European Banks

AC1) net new assets in WM incl US WM positive and 2) Equity S&T. UBS overall Kian Abouhossein

performance is strong against a bar that had been raised with US results and strong (44-20) 7134-4575

performance today from STAN and DBK as well. UBS restructuring is well on kian.abouhossein@jpmorgan.com

track and delivering on all fronts with one of the best in-market mergers we have Amit Ranjan

witnessed, creating the largest UHNW WM in the world. UBS reported a very (44-20) 7134-4576

strong 2Q with Group pre-tax profit of $3,594mn (company consensus PBT of amit.x.ranjan@jpmorgan.com

J.P. Morgan Securities plc

$3,102mn), which is adjusted to $3,857mn (ex litigation) vs. consensus $3,520mn,

i.e. 10% ahead. Underlying Revenues of $13,348mn were 3% above consensus Specialist Sales contact details:

($12,924mn), underlying costs (ex litigation) of $9,370mn vs. consensus

Gigi Sparling - Specialist Sales -

$9,265mn, i.e. 1% higher and provisions were $121mn vs. consensus $139mn. European Financials

UBS reported a CET1 ratio of 14.4%, including $3bn buyback reserve for new (44-20) 7134-0355

program, which is already reflected in CET1 capital vs. consensus 14.7%. The ghislaine.sparling@jpmorgan.com

operating results are strong with Revenues ahead, with particular strength in IB and

GWM. In GWM, net new assets were $35.5bn (3.0% annualised) with positive