# EDGAR Filing Document

**Accession Number:** 0001114446
**File Stem:** 0001114446-25-004629
**Filing Date:** 2025-10
**Character Count:** 9576
**Document Hash:** 3dd717e85c233e8d6e15c8b3642b1500
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001114446-25-004629.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001114446-25-004629

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS AG
- **CENTRAL INDEX KEY:** 0001114446
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH 8001
- **BUSINESS PHONE:** 203-719-5241

**MAIL ADDRESS:**
- **STREET 1:** 600 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

![secletterubsag2025101p1i0](secletterubsag2025101p1i0.jpg)

#### UBS AG
Postfach

8098 Zürich

Todd Tuckner

UBS AG Chief Financial Officer

Tel. +41-44 236 8600

Todd.tuckner@ubs.com

www.ubs.com

Ms. Cara Lubit and Mr. Robert Klein

Division of Corporation Finance

Securities and Exchange Commission

100 F Street, NE

Washington DC 20549-1090

October 10, 2025

#### Form 20-F for the Fiscal Year Ended December 31, 2024

#### Filed March 17, 2025

#### File No. 001-15060
Dear Ms. Cara Lubit and Mr. Robert Klein,

We have reviewed the comments raised in the Comment Letter dated September 12, 2025 from the

Staff of the Securities and Exchange Commission relating to the annual report on Form 20-F for the

fiscal year ended December 31, 2024. For your convenience, we have set out the text of each

Comment contained in the Comment Letter, followed by our responses.

#### Alternative performance measures, page 2
*We note your disclosure, here and elsewhere, that your alternative performance measures ("APMs")* 

*may qualify as non-GAAP measures. In future filings, please clearly identify all APMs that are* 

*considered to be non-GAAP financial measures and to the extent that they continue to be presented,* 

*ensure that you provide required disclosures, including a reconciliation, under Regulation G and* 

*under Item 10(e) of Regulation S-K, as applicable.* 

#### UBS response:
In future filings, we will clearly identify all non-GAAP measures and include a reference to where the

required disclosure and reconciliation is presented in the filing.

The APM definition under Swiss regulations is significantly broader than the definition of non-GAAP

financial measures in Regulation S-K, and hence not all APMs used by us are non-GAAP measures.

For example, "cost/income ratio" calculated as "operating expenses divided by total revenues" is an

APM for purposes of the Swiss rules (as it is a ratio of two required measures) but is not a non-GAAP

financial measure.

With respect to Regulation G, we note that UBS meets the exemptive criteria for foreign private

issuers.

![secletterubsag2025101p1i0](secletterubsag2025101p1i0.jpg)

#### UBS AG
Postfach

8098 Zürich

Todd Tuckner

UBS AG Chief Financial Officer

Tel. +41-44 236 8600

Todd.tuckner@ubs.com

www.ubs.com

[1](#a215)

#### UBS AG consolidated performance, page 68
*We note your disclosure, here and on page 173, that Portfolio management and related services and* 

*Investment fund fees totaled $11,328 million and $5,669 million for 2024, respectively, and that* 

*they are predominantly in Global Wealth Management and Asset Management, respectively. We also* 

*note your disclosure on page 266 that Recurring net fee income includes these revenues. Please* 

*expand your disclosure in future filings, here or elsewhere as appropriate, for the following items:* 

a. *Discuss the nature of these revenue streams and services, and describe any material* 

*arrangement terms, such as fee structure and fee rates. If applicable, explain the correlation* 

*of invested assets and fee-generating assets to the corresponding revenue line items at AG* 

*and business division levels.* 

b. *Disclose how Portfolio management and related services and Investment fund fee revenue* 

*amounts reconcile to the Recurring net fee income and/or any other applicable business* 

*division line amounts presented on pages 44 and 47.* 

c. *To the extent that revenue line items at AG or business division levels are impacted by multiple* 

*change drivers, expand your discussion of period-over-period changes to quantify the impacts* 

*of each material factor (e.g., acquisition, change in invested asset mix, fee rate movements,* 

*etc.).* 

#### UBS response:
UBS discloses revenues in its MD&A in categories, including recurring income and transaction income

for Global Wealth Management and Personal and Corporate Banking and net management fees and

performance fees for Asset Management to provide investors with a better understanding of the

most important revenue sources in these divisions and to facilitate discussion in the MD&A of the

key drivers affecting business division results. Definitions of these measures are included in the MD&A

and the table of Alternative Performance Measures included in the Annual Report. This disclosure is

aligned with how management assesses business performance.

With respect to the specific comments:

a. In future Annual Reports, UBS will expand its discussion of products, services and fee structures

for each business division in "Our strategy, business model and environment" section.

b. The MD&A discussion of net fee and commission income in the "UBS AG consolidated

performance" section of the MD&A on page 39 is based on the breakdown of net fee and

Recurring net fee income of GWM includes "fees for services provided on an ongoing basis, such as portfolio

management fees, asset-based investment fund fees and custody fees, which are generated on client assets, and

administrative fees for accounts." Transaction-based income of GWM includes "the non-recurring portion of net fee

and commission income, mainly composed of brokerage and transaction-based investment fund fees, and credit card

fees, as well as fees for payment and foreign -exchange transactions, together with other net income from financial

instruments measured at fair value through profit or loss".

Asset Management net management fees, includes fund management fees, and transaction fees, fund administration

revenues (including net interest and trading income from lending activities and foreign-exchange hedging as part of

the fund services offering), distribution fees, incremental fund-related expenses, gains or losses from seed money and

co-investments, funding costs, the negative pass-through impact of third-party performance fees, and other items

that are not Asset Management's performance fees

![secletterubsag2025101p1i0](secletterubsag2025101p1i0.jpg)

#### UBS AG
Postfach

8098 Zürich

Todd Tuckner

UBS AG Chief Financial Officer

Tel. +41-44 236 8600

Todd.tuckner@ubs.com

www.ubs.com

commission income that is disclosed in Note 5 to the financial statements in line with the

requirements under

 *IFRS 15 Revenue from Contracts with Customers*

and

*IFRS 8 Operating* 

*Segments*

. In addition to Global Wealth Management, Personal & Corporate Banking and Asset

Management, our UBS AG consolidated performance disclosure also includes amounts

attributable to the Investment Bank and Non-core & Legacy performance segments, as well as

Group Items. A breakdown of third-party fee and commission income by business division is

provided in the footnotes to the table in Note 5 to the financial statements.

The information provided in the MD&A discussion for Global Wealth Management, Personal &

Corporate Banking and Asset Management regarding recurring, transaction-based,

management and performance fees is based on the same amounts and business division

allocation as set forth in Note 5 to the financial statements, but is presented on a "net basis"

(that is, after deduction of Fee and commission expense, defined in Note 1 to the financial

statements

*Summary of material accounting policies*

as "expenses that are directly attributable

to the satisfaction of specific performance obligations associated with the generation of

revenues") since that is the information used by management in evaluating the performance of

those divisions.

In future filings we will add disclosure to more fully explain the UBS AG performance MD&A

disclosure of fee and commission income, with reference to the discussion of recurring,

transaction-based, management and performance fees in the MD&A discussion of the Global

Wealth Management, Personal & Corporate Banking and Asset Management business divisions

and to the net fee and commission income disclosed in Note 5 to the financial statements.

c. To the extent that revenue line items at the UBS AG or business division levels are impacted by

multiple change drivers, we will enhance our disclosure of period-over-period changes to provide

further quantitative disclosures for each material driver that would enhance an investor's

understanding of our results and are reflective of information that management considers in

understanding revenue changes.

Please do not hesitate to contact either Todd Tuckner at +41 44 236 8600 (todd.tuckner@ubs.com)

or Dominique Crowe at +44 207 567 8158 (dominique.crowe@ubs.com) if you have any questions

or require additional information.

Yours faithfully,

UBS AG

/s/ Todd Tuckner /s/ Dominique Crowe

Todd Tuckner Dominique Crowe

UBS AG Chief Financial Officer UBS AG Chief Accounting Officer