UBS Group (UBSG.S): 2Q26 - IB Driven Beat, Impressive Net New Money & New Buyback

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UBS Group (UBSG.S): 2Q26 - IB Driven Beat, Impressive Net New Money & New Buyback

UBS Group (UBSG.S)

29 July 2026 Citi Research

constructive, supported by healthy client engagement, the continued broadening of

market leadership and historically elevated equity dispersion".

Investment Bank Beat Against Stale Consensus — IB underlying PBT of $1.2bn is

+42% above consensus, with Global Markets revenues +15% above consensus

(+31% yoy) and Global Banking +3% above consensus (+33% yoy), albeit we would

caution that consensus was collated prior to the strong US reporting season so

market expectations had already moved higher. Within Markets Equities is +53%

yoy (vs US peers +71% yoy, European peers +44% yoy) but FICC is surprisingly -22%

yoy (vs US peers +14%, European peers flat yoy). Underlying costs are 2% heavier vs.

consensus due to higher personnel expenses and impairment charges are worse vs

consensus.

Global Wealth Management PBT Ahead And Very Strong Net New Money — GWM

underlying PBT of $1.9bn is +4% ahead of consensus, with a 2% revenue beat only

part offset by 2% heavier costs. Underlying gross revenue margin of 58bps is -1bps

qoq and +1bps above consensus, with NII/fees broadly in-line vs. consensus and

transaction revenues +7% above on increased client activity across all regions. GWM

invested assets of $4.9trn are +6% qoq but -1% below consensus. NNFGA

annualised rate of 3.0%, with strong inflows in EMEA and APAC.

Personal & Corporate In-Line vs Asset Management Miss — P&C underlying PBT of

$0.85bn is in-line, with revenues +1%, underlying opex 4% worse and impairment

18% better. AM underlying PBT of $0.24bn is -7% below consensus, driven by a 5%

revenue miss on lower performance and net management fees. AM invested of

$2.23tr are +8% qoq and +3% vs. consensus.