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Geographic breakdown of total revenues of UBS Group AG consolidated
UBS
Group
AG’s
Financial
Statements
are
prepared
in
accordance
with
IFRS
Accounting
Standards,
as
issued
by
the
International Accounting Standards Board and are stated in USD. The
operating regions shown in the table below correspond to
the regional management structure of UBS. The allocation of total revenues to these regions reflects, and is consistent with, the
basis on which the business is managed and its performance is evaluated. These allocations involve assumptions
and judgments
that management considers
to be reasonable
and may be
refined to reflect
changes in estimates
or management structure.
The
main principles
of the
allocation methodology
are that
client revenues
are attributed
to the
domicile of
the given
client, and
trading and portfolio management revenues
are attributed to the
country where the risk is
managed. This revenue attribution is
consistent with
the mandate
of
the regional
Presidents. Certain
revenues, such
as those
related to
Non-core
and Legacy
and
Group Items, are included in the
Global
column.
For 2023, the allocation of total revenues by
geographical region for Credit Suisse is not available on
the same allocation basis
as for the UBS Group and the cost
to develop this information would have been excessive.
Therefore, as permitted under IFRS
8, the respective information is not
disclosed. UBS AG and Credit Suisse
AG disclosed total revenues by geographical
region in
their 2023 annual reports according to their respective allocation methodologies.
USD billion
Business Division
FY
Americas
1
Asia Pacific
EMEA
Switzerland
Global
2
Total
Global Wealth
Management
2025
12.2
4.0
4.9
4.2
0.7
26.0
2024
11.3
3.6
4.7
4.1
0.9
24.5
2023
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Personal &
Corporate Banking
2025
0.0
0.0
0.0
9.2
0.0
9.2
2024
0.0
0.0
0.0
9.3
0.0
9.3
2023
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Asset Management
2025
0.9
0.4
0.5
1.4
0.0
3.2
2024
0.8
0.4
0.4
0.9
0.7
3.2
2023
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Investment Bank
2025
4.5
3.6
3.1
1.1
0.0
12.3
2024
4.8
2.9
2.6
0.7
0.0
10.9
2023
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Non-core and
Legacy
2025
0.0
0.0
0.0
0.0
0.2
0.2
2024
0.0
0.0
0.0
0.0
1.6
1.6
2023
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Group Items
2025
0.0
0.0
0.0
0.0
(1.2)
(1.2)
2024
0.0
0.0
0.0
0.0
(1.0)
(1.0)
2023
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Group
2025
17.6
8.0
8.5
15.8
(0.4)
49.6
2024
16.8
6.8
7.7
15.1
2.2
48.6
2023
3
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1
Predominantly related to the US.
2
2025 includes certain revenues within Global Wealth
Management that were not allocated
to geographical regions;
2024 includes certain
revenues within Asset
Management and Global
Wealth
Management that were
not allocated to geographical regions.
3
For 2023, the allocation of total revenues by
geographical region for Credit Suisse is not
available on the same
allocation basis as for
the UBS Group and
the cost to develop
this information would have
been excessive.
Therefore, as permitted under IFRS 8, the respective information is not disclosed.
Annual Report 2025
12
Disclosure Pursuant To Section 219 of the Iran Threat Reduction And Syrian Human Rights Act
Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) added Section 13(r) to the US
Securities Exchange Act of 1934, as amended (the “Exchange Act”) requiring each SEC reporting issuer to disclose in its
annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities,
transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities
involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required
disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US
affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period
covered by this annual report:
UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and
sanctioned
individuals and entities. However, UBS Switzerland AG maintains one account involving the Iranian government under the
auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain
conditions. These conditions include that payments involving the account must: (1) be made within Switzerland; (2) be
consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve
any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. In 2025, the gross
revenues for this UN-related account were approximately USD 75,383 (CHF 59,773). We do not allocate expenses to specific
client accounts in a way that enables us to calculate net profits with respect to any individual account. UBS Switzerland
AG
intends to continue maintaining this account pursuant to the conditions it has established with the Swiss Government
and
consistent with its Group Sanctions Policy.
In connection with former and now-closed trade finance arrangements, UBS Switzerland AG has maintained one existing
account relationship with an Iranian bank. This account was established prior to the US designation of this bank and
maintained due to the existing trade finance arrangements. In 2007, following the designation of the bank pursuant to sanctions
issued by the US, UN and Switzerland, the account was blocked under Swiss law and remained subject to blocking
requirements until January 2016. The blocking requirements under the Swiss law were re-introduced in October 2025
following the re-imposition of UN sanctions. Client assets as of 31 December 2025 were CHF 3,097.40. Gross revenues were
USD 16 equivalent (CHF 13).
In addition to the above, UBS Switzerland AG processed a small number of de minimis payments related to the operation
of
Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports
and visas.
Annual Report 2025
13