Switzerland

On February 13, 2026, UBS Group AG successfully completed its offering of AUD 1 bn in aggregate principal amount of 7.125 per cent. Tier 1 Capital Notes. The Notes are "high trigger" regulatory capital instruments that are eligible to fulfill UBS Group AG’s Swiss going concern requirements. Upon occurrence of a "Trigger Event" or a "Viability Event", the Notes will be converted into ordinary shares of UBS Group AG in accordance with their terms. The Notes are governed by Swiss law and have been provisionally admitted to trading on the SIX Swiss Exchange. Application will be made for definitive admission to trading and listing of the Notes on the SIX Swiss Exchange. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher (both Capital Markets) and included Lee Saladino and Olivier Baum (both Capital Markets) as well as Stefan Oesterhelt (Tax).     Contact Gloria Pünchera/ Marketing / [email protected]

On February 10, 2026, UBS Group AG successfully completed its issuance of (i) USD 2 bn in aggregate principal amount of Fixed Rate/Floating Rate Callable Senior Notes due April 2030, (ii) USD 1.5 bn in aggregate principal amount of Fixed Rate/Floating Rate Callable Senior Notes due August 2037, (iii) USD 1.25 bn in aggregate principal amount of Fixed Rate/Floating Rate Callable Senior Notes due August 2032, and (iv) USD 500 m in aggregate principal amount of Floating Rate Callable Senior Notes due April 2030 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG's Swiss gone concern capital requirement. The Notes are governed by Swiss law, and the Notes have been provisionally admitted to trading, and application will be made for definitive admission to trading and listing of the Notes, on the SIX Swiss Exchange. Homburger advised UBS Group AG with respect to all regulatory and transactional aspects of Swiss law. The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher and included Lee Saladino and Daniel Hulmann (both Capital Markets), as well as Stefan Oesterhelt (Tax).

Bär & Karrer successfully represented a client before the Swiss Federal Supreme Court in a significant intercantonal double taxation dispute concerning the allocation of profits for large construction sites on the Gotthard Base Tunnel project. The Cantonal tax court had upheld the Ticino tax authority's decision not to follow a tax ruling agreed upon with the taxpayer (as well as with other involved Cantons of Uri, Nidwalden and Zurich), providing for a profits allocation based on wages. The Ticino tax authority did not consider itself bound by the tax ruling and deemed that profits should be allocated based on the length of the railway tracks on the territory of the Cantons involved. In its decision of 29 December 2025 (published on the court's website on 5 February 2026) in case 9C_231/2024, the Court annulled the Ticino cantonal tax court’s judgment. It agreed with the appellant and held that the profit allocation based on wages, as agreed in the tax ruling, was correct. The team was led by Paolo Bottini and Matthias Bizzarro and included Christina Rüdisühli and Sébastien Di Natale (all Tax).

On 10 February 2026, Alphabet Inc., the parent company of Google LLC, successfully placed bonds in Switzerland in the aggregate amount of CHF 3.055 bn. The CHF offering was comprised of CHF 905 m aggregate principal amount of 0.4270% senior notes due 2029, CHF 700 m aggregate principal amount of 0.8900% senior notes due 2032, CHF 575 m aggregate principal amount of 1.2525% senior notes due 2036, CHF 455 m aggregate principal amount of 1.5823% senior notes due 2041, and CHF 420 m aggregate principal amount of 1.8675% senior notes due 2051. BNP PARIBAS, Paris, Lancy/Geneva Branch is acting as representative of the initial purchasers for the CHF offering, which include Deutsche Bank AG, London Branch, Goldman Sachs International, J.P. Morgan Securities plc, and Merrill Lynch International. The CHF offering is scheduled to close on or around March 3, 2026, subject to customary closing conditions. The Homburger team consists of Benjamin Leisinger and Eduard de Zordi.