The bank said on Friday that it had fully achieved the targets set for 2025 and had repurchased shares worth a total of $3 billion this year. In the second half of the year alone, buybacks amounted to around $2 billion.

UBS plans to announce its capital return plans for 2026 together with the results for the fourth quarter and the full year 2025 in February. Originally, the bank had indicated share buybacks of at least $5,6 billion for 2026.

An important factor in this will be how the discussion on future regulation regarding capital requirements progresses by then. If there is still no clarity, this could affect plans for capital returns through dividends and share buybacks.