ETRACS Alerian MLP Index ETN Series B due July 18, 2042 424B Filings

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc., maturing on or about February 3, 2028. These unsecured debt obligations pay a contingent coupon only when the stock closes at or above a preset coupon barrier on each observation date.

The Notes are automatically called early if Snowflake’s stock closes at or above the initial level on any observation date before final valuation, returning principal plus the applicable contingent coupon, with no further payments. If not called and the final stock level is at or above a downside threshold, investors receive their $10 principal per Note at maturity.

If the Notes are not called and the final stock level is below the downside threshold, repayment is reduced in line with the stock’s decline, and investors can lose all of their initial investment. Payments depend on UBS’s credit; a default by UBS could result in total loss. The Notes are offered in minimum denominations of 100 Notes at $10 each, and an estimated initial value between $9.43 and $9.68 per Note reflects UBS’s internal pricing models.

UBS AG is issuing $100,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of The Mosaic Company. These unsecured notes pay contingent coupons only when Mosaic’s share price on an observation date is at or above a preset coupon barrier.

The notes can be automatically called before maturity if Mosaic’s share price on any observation date (before the final one) is at or above the initial level, returning principal plus the applicable contingent coupon, with no further payments. If not called, and Mosaic’s final share price is at or above a downside threshold, investors receive principal back at maturity.

If the notes are not called and Mosaic’s final share price is below the downside threshold, repayment is reduced in line with the share price decline, and investors can lose all of their investment. The notes are subject to UBS credit risk, are not listed on any exchange, and have an estimated initial value of $9.67 per $10 note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc., maturing on or about February 5, 2029. These are unsecured, unsubordinated debt obligations of UBS, not bank deposits and not FDIC insured.

Investors receive a contingent coupon only if DexCom’s closing level on each observation date is at or above a specified coupon barrier. The notes can be automatically called before maturity if DexCom closes at or above the initial level, in which case holders receive principal plus any due coupon and no further payments.

If the notes are not called and DexCom’s final level is at or above a downside threshold, investors receive full principal at maturity (plus any final coupon). If the final level is below the downside threshold, repayment is reduced in line with DexCom’s decline, and investors could lose their entire investment. All payments depend on UBS’s creditworthiness. The estimated initial value per $10 note is expected to be between $9.34 and $9.59, and the minimum investment is 100 notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing around February 5, 2029. These unsecured debt notes can pay quarterly contingent coupons only when Broadcom’s share price on an observation date is at or above a preset coupon barrier.

The notes are automatically called early if, on any quarterly observation date starting about six months after issuance, Broadcom’s stock closes at or above its initial level. In that case, investors receive the $10 principal per note plus any due coupon, and the investment ends.

If the notes are not called and Broadcom’s final level is at or above the downside threshold, investors receive their principal back, with a final coupon if the coupon barrier is also met. If the final level is below the downside threshold, the maturity payment is reduced in line with the stock’s loss, and all principal can be lost. Payments depend on UBS’s credit, the notes will not be listed, the minimum investment is 100 notes at $10 each, and the estimated initial value is expected between $9.36 and $9.61 per note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of The Mosaic Company, maturing on or about February 3, 2028. These are unsubordinated, unsecured debt obligations of UBS, and all payments depend on UBS’s creditworthiness.

Investors may receive periodic contingent coupons only when Mosaic’s share price on an observation date is at or above a preset coupon barrier. The notes can be called early if Mosaic’s price reaches or exceeds the initial level, returning principal plus any due coupon, with no further payments.

If the notes are not called and Mosaic’s final share price is at or above a downside threshold, investors receive the full principal at maturity. If it is below that threshold, repayment is reduced in line with the stock’s decline, and investors could lose all principal. The notes will not be listed, require a minimum purchase of 100 notes at $10 each, and have an estimated initial value between $9.37 and $9.62 per note.

UBS AG is offering $8,797,000 of Trigger Callable Yield Notes linked to the worst performer of the Nasdaq‑100 Index and the Russell 2000 Index, maturing on April 30, 2027. Each Note has a $10 principal amount and pays a fixed coupon at a rate of 8.75% per annum, in equal monthly installments, regardless of index performance unless the Notes are called.

UBS may call the Notes in whole, but not in part, on monthly dates starting after three months, paying back principal plus the applicable coupon, after which no further payments are made. If the Notes are not called and, on the final valuation date, each index is at or above its downside threshold of 70% of its initial level, investors receive full principal plus the final coupon. If any index finishes below its downside threshold, repayment is reduced based on the negative return of the least performing index, and investors can lose some or all of their initial investment. All payments depend on UBS’s credit strength, and the Notes will not be listed, so liquidity may be limited.

UBS AG is issuing $5,844,630 of Capped GEARS, unsecured notes linked to the S&P 500 Index, maturing March 31, 2027. Each Security has a $10 principal amount and offers 3.00x leveraged exposure to any positive index performance, capped at a 13.10% maximum gain ($11.31 per Security).

If the index is flat at maturity, holders receive only the $10 principal. If the index is lower, repayment is reduced one-for-one with the index loss, and investors can lose their entire investment. The notes pay no interest, do not pass through dividends, are not listed on any exchange, and any payments depend entirely on UBS’s credit. The estimated initial value is $9.79 per $10 note, reflecting fees, hedging and issuance costs.

UBS AG is offering $1,020,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing February 2, 2028. Each $1,000 note pays an 8.40% per annum contingent coupon, but only when both indices close at or above 70% of their initial levels on monthly observation dates.

UBS can call the notes in whole on any observation date after three months, returning principal plus any due coupon, ending further payments. If the notes are not called and either index finishes below 55% of its initial level at maturity, investors suffer a loss matching that index’s decline, up to a full loss of principal. All payments depend on UBS’s credit, and the notes are unsecured, unsubordinated obligations that will not be listed on an exchange.

UBS AG is offering $7,519,150 of Buffer Autocallable GEARS, unsecured notes linked to the Russell 2000® Index and scheduled to mature on January 31, 2029. The notes have a 10.00% call return rate, 1.41x upside gearing, a 10.00% downside buffer, and may be automatically called after about one year.

The underlying initial level is 2,653.546, with an autocall barrier set at 100.00% of this level and a downside threshold at 90.00%. UBS will receive approximately $7,331,171.25 in proceeds after underwriting discounts, and repayment of principal and any return depends entirely on UBS’s creditworthiness.

UBS AG is offering $5,960,000 of Trigger Autocallable GEARS linked to an equally weighted basket of 18 equities, due January 30, 2031. Each $10 Security can be automatically called on February 4, 2027 if the basket is at or above 100% of its initial level, paying $11.10 and ending the investment early.

If not called, and the basket finishes above its initial level, investors receive leveraged upside with 1.50x participation in the positive basket return. If the final basket level is at or above 75% of the initial level, principal is repaid at $10. Below 75%, repayment falls one-for-one with the basket loss, and all principal can be lost.

The Securities pay no interest, provide no dividends on the underlying stocks, are unsecured obligations of UBS AG London Branch, and depend entirely on UBS’s creditworthiness. The estimated initial value is $9.654 per $10 Security, and the notes are not expected to have an active secondary market. Minimum investment is 100 Securities ($1,000).

UBS AG is offering $2,668,000 of Trigger Autocallable GEARS linked to an equally weighted basket of 36 equities, maturing January 30, 2031. Each Security has a $10 principal amount and can be automatically called on February 4, 2027 if the basket level is at or above the 100% autocall barrier, paying $11.05 per Security (a 10.50% call return).

If not called, investors get geared upside at maturity: any positive basket return is multiplied by 1.52. Principal is only protected down to a 75% downside threshold; if the final basket level falls below this, repayment is reduced one-for-one with the basket loss and can go to zero. The note pays no interest, offers no dividends from the underlying stocks, is unsecured and unsubordinated, and all payments depend on UBS’s credit, with an estimated initial value of $9.619 per $10 Security.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the worst performer of JPMorgan Chase, Walmart and Microsoft common stocks, each issued in $1,000 denominations.

The Notes pay a contingent coupon at an annual rate of 11.25% only when all three stocks close at or above their coupon barriers on quarterly observation dates. They can be automatically called after six months if all three are at or above their call thresholds, returning principal plus due coupons.

If not called and any stock finishes below its downside threshold, investors receive less than principal, matching the percentage loss of the worst-performing stock and potentially losing their entire investment. The Notes are unsecured debt of UBS, not FDIC insured, not exchange-listed, and have an estimated initial value between $942.80 and $972.80 per $1,000.

UBS AG is offering preliminary Trigger Callable Contingent Yield Notes due around January 6, 2028, linked to the least performing of the S&P 500 Index, Nasdaq-100 Technology Sector and Russell 2000 Index.

Each Note has a $1,000 denomination and pays a 12.05% per annum contingent coupon (about $10.0417 per month) only if, on an observation date, every index closes at or above its coupon barrier, set at 70% of its initial level. UBS may call the Notes monthly after three months, repaying principal plus any due coupon, ending future payments.

If the Notes are not called and any index finishes below its downside threshold (also 70% of its initial level) on the final valuation date, repayment is reduced in proportion to the decline of the least performing index, and investors can lose all principal. The Notes are unsecured obligations of UBS, not insured or listed, with an estimated initial value between $959.90 and $989.90 per $1,000 issue price and an underwriting discount of up to $7.25 per Note.

UBS AG is offering digital buffered basket-linked medium-term notes that pay no interest and return a cash amount at maturity based on an unequally weighted basket of five equity indices from the Eurozone, Japan, the UK, Switzerland and Australia. Each note has a $1,000 face amount and the basket is reset to 100 at trade.

If the final basket level is at or above the initial level, investors receive the greater of a threshold settlement amount (expected between $1,162.00 and $1,190.50 per $1,000) or $1,000 plus the basket’s percentage gain. If the basket falls up to 10%, investors receive $1,000; below that buffer, principal is reduced at roughly 1.1111% for every 1% drop beyond 10%, and a total loss is possible.

The estimated initial value is expected between $968.00 and $998.00 per $1,000, reflecting UBS’ internal pricing, hedging and funding costs. The notes are unsecured obligations of UBS AG London Branch, are not FDIC insured, are not listed on an exchange, and secondary market liquidity may be limited.

UBS AG is offering Dual Directional Trigger Performance Leveraged Upside Securities (“Trigger PLUS”) linked to the VanEck® Gold Miners ETF (GDX), maturing in about 18 months. These unsecured notes pay no interest and expose investors to both ETF performance and UBS credit risk.

At maturity, investors get leveraged 2x upside on positive ETF returns, capped at a 46.00% maximum gain, for a maximum payment of $1,460 per $1,000 note. If the ETF is flat or down but no more than 20% below its initial level, investors receive an unleveraged “absolute return” up to $1,200. If the ETF falls more than 20%, principal is reduced one-for-one with the loss and can be wiped out entirely. The notes are not listed, may have limited liquidity, and their estimated initial value (about $921.10–$951.10 per $1,000) is below issue price due to fees, hedging costs, and UBS’ internal funding rate.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the worst performer of the S&P 500® Index and the Russell 2000® Index, maturing on or about February 14, 2028. Each $1,000 Note pays a 10.00% per annum contingent coupon only when both indices are at or above their coupon barriers (75% of initial levels) on monthly observation dates.

The Notes can be automatically called quarterly, starting after six months, if both indices are at or above their call thresholds (100% of initial levels), returning principal plus the due coupon. If not called and the worst index finishes at or above its downside threshold (70% of initial level), investors receive principal back at maturity; if the worst index is below its downside threshold, repayment is reduced one‑for‑one with that decline, and investors can lose all principal. All payments depend on UBS’s credit, and the estimated initial value per Note is between $964.20 and $994.20 versus a $1,000 issue price.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the EURO STOXX 50® Index, maturing on February 1, 2029. The Notes pay a 6.00% per annum contingent coupon only when the index closes at or above a coupon barrier set at 60% of the initial level.

The Notes can be automatically called quarterly after 12 months if the index is at or above the call threshold, set at 100% of the initial level. If not called, investors receive full principal at maturity only if the final index level is at or above the same 60% downside threshold; otherwise, repayment is reduced one-for-one with the index loss, and all principal can be lost.

The minimum investment is 100 Notes at $10 per Note. Any payment, including contingent coupons and return of principal, depends on UBS’s creditworthiness, and the Notes will not be listed on an exchange, so liquidity may be limited. The estimated initial value is between $9.555 and $9.855 per $10 Note.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector Index, the Russell 2000® Index and the S&P 500® Index, maturing around February 8, 2029.

The Notes pay an 8.70% per annum contingent coupon only when all three indexes close at or above their coupon barriers, set at 70% of their initial levels

If the Notes are not called and any index finishes below its downside threshold (also 70% of its initial level), investors receive $1,000 multiplied by one plus the return of the worst-performing index, which can mean a substantial or total loss. All payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the Nasdaq‑100, Russell 2000 and S&P 500, each in $1,000 denominations and maturing around February 4, 2031. The Notes pay a 9.00% per annum contingent coupon, evaluated quarterly, but only if all three indices close at or above their respective coupon barriers, set at 65% of each initial level. UBS can call the Notes in whole on any quarterly observation date beginning after six months, returning principal plus any due coupon, ending further payments.

If the Notes are not called and each final index level is at or above its downside threshold of 60% of the initial level, investors receive full principal back at maturity. If any index finishes below its downside threshold, the repayment is reduced one‑for‑one with the negative performance of the worst‑performing index, and the entire principal can be lost. The issue price is $1,000 per Note, with an underwriting discount of $5.00 and proceeds to UBS of $995.00 per Note. UBS estimates the initial value between $961.00 and $991.00, reflecting internal funding and hedging costs. All payments depend on UBS’s credit; a UBS default could result in total loss.

UBS AG is offering Capped Leveraged Russell 2000® Index-Linked Medium-Term Notes that pay no interest and are unsecured obligations of UBS. The notes’ maturity is expected between 15 and 17 months, and returns depend entirely on the performance of the Russell 2000® Index.

If the index rises, holders receive 300% of the index gain, but only up to a maximum settlement amount expected between $1,207 and $1,243.30 per $1,000 face value. If the index is flat, holders receive $1,000. If it falls, principal is reduced one-for-one with the index loss, down to a total loss. The notes are not listed, may have limited liquidity, and expose holders to UBS credit risk and complex U.S. tax treatment.

UBS AG London Branch is offering capped leveraged medium-term notes linked to the shares of the SPDR Gold Trust. The notes pay no interest and return depends entirely on gold ETF performance over roughly 13–15 months.

Holders get 300% leveraged upside if GLD rises, but gains are capped by a maximum settlement amount expected between $1,250.20 and $1,293.70 per $1,000. If GLD is flat, investors receive $1,000. If GLD falls, losses match the percentage decline and investors can lose their entire principal. The estimated initial value is expected between $957.50 and $987.50 per $1,000, reflecting fees and UBS’ internal funding rate, and the notes are unsecured obligations exposed to UBS credit risk with no listing or assured secondary market.

UBS AG is offering $4,680,500 of Trigger Autocallable GEARS linked to the common stock of NIKE, Inc., maturing January 31, 2029. Each Security has a $10 principal amount and pays no interest.

UBS will automatically call the notes on February 4, 2027 if NIKE’s closing price is at or above the $62.24 autocall barrier, paying a fixed call price of $12.20 per Security, a 22.00% total return, with no further payments. If not called, at maturity investors receive geared upside on any positive NIKE return with 1.63 upside gearing, full principal back if NIKE is flat or down but at or above the $46.68 downside threshold (75.00% of the initial level), and one-for-one losses below that level, potentially losing all principal.

The estimated initial value is $9.74 per Security, below the $10 issue price, reflecting dealer compensation and hedging costs. The notes are unsecured, unsubordinated UBS debt, not listed on any exchange, and all payments depend on UBS’s creditworthiness.

UBS AG is offering capped leveraged buffered medium-term notes linked to the MSCI EAFE® Index. The notes pay no interest and mature in about 25–28 months. Holders receive 160.00% of any positive index return, capped at an expected $1,223.36–$1,262.72 per $1,000 face amount.

If the index falls by up to 15.00%, investors receive $1,000 back. Below this buffer, losses increase at approximately 117.65% of the decline beyond 15.00%, and the entire investment can be lost. The estimated initial value is expected between $967.50 and $997.50 per $1,000, reflecting internal funding and structuring costs, and the notes are unsecured credit obligations of UBS, not FDIC insured and not listed on an exchange.

UBS AG is issuing unsecured Capped Buffer Contingent Absolute Return Securities linked to the S&P 500® Index, maturing February 2, 2028. Each $1,000 note offers upside exposure to the index, capped at a 19.00% maximum gain (maximum payment $1,190).

If the index return is zero or negative but not below a downside threshold set at 85.00% of the initial level (a 15.00% buffer), investors receive a positive "contingent absolute return" up to 15.00% (maximum payment $1,150). If the index falls more than 15%, principal is reduced one-for-one beyond the buffer and investors can lose almost all of their investment.

The notes pay no interest, do not provide dividends from S&P 500 companies, are not listed on an exchange and may have limited liquidity. All payments depend on the creditworthiness of UBS AG; a default could result in loss of the entire principal.

UBS AG is issuing three series of Trigger Autocallable Contingent Yield Notes totaling $7,826,500 linked to Freeport-McMoRan, $5,329,000 linked to Palo Alto Networks and $2,492,000 linked to Charles Schwab, each with a $10 denomination and an approximate three-year term to February 1, 2029.

The notes pay quarterly contingent coupons only if the relevant stock closes at or above a preset coupon barrier. Coupon rates are 12.15% per annum for FCX, 10.00% for PANW and 8.00% for SCHW. The notes can be called early after six months if the stock is at or above its initial level, returning principal plus the applicable coupon.

If not called, investors receive full principal at maturity only if the final stock price is at or above the downside threshold, which matches the coupon barrier for each series. If the final level is below that threshold, repayment is reduced in line with the stock’s loss, and all principal can be lost. Payments depend entirely on UBS’s credit, the notes are not listed, may have limited liquidity, and their estimated initial values ($9.644, $9.665 and $9.684 per $10 note) are below issue price due to fees and UBS’s internal funding rate.

UBS AG is offering Trigger Callable Contingent Yield Notes maturing on or about August 10, 2028, linked to the worst performer among the Nasdaq-100® Technology Sector Index, the Russell 2000® Index, the Technology Select Sector SPDR® Fund and the Utilities Select Sector SPDR® Fund.

The notes pay a 14.05% per annum contingent coupon in monthly installments of $11.7083 per $1,000 note, but only if each underlying stays at or above 70% of its initial level on the relevant observation date. UBS can call the notes in whole on any monthly observation date after three months, returning principal plus any due coupon.

If not called, and at maturity any underlying finishes below its 70% downside threshold, investors receive $1,000 times 1 plus the return of the worst-performing underlying, which can mean a large loss of principal, up to a total loss. Payments depend on UBS’s credit; the estimated initial value is between $958.20 and $988.20 per $1,000 note, and the notes are not expected to be listed, limiting liquidity.

UBS AG is issuing two Airbag Autocallable Yield Note offerings of $4,550,000 each, one linked to Toll Brothers common stock and one to United Parcel Service common stock, both maturing on February 1, 2027.

The notes pay fixed monthly coupons regardless of stock performance unless they are automatically called early when the underlying stock closes at or above its call threshold (100% of the initial level) on a quarterly observation date. If not called and the final stock level is at or above the conversion level (85% of the initial level), holders receive full principal back. If the final level is below the conversion level, holders receive shares instead of cash, with the share value expected to be less than principal, so some or all of the initial investment can be lost. The notes are unsecured debt of UBS, carry issuer credit risk, pay no dividends on the underlying stocks, and may have limited or no secondary market liquidity.

UBS AG London Branch is offering unsecured Digital EURO STOXX 50® Index-Linked Medium-Term Notes that pay no interest and expose investors to Eurozone equity performance over roughly 14–16 months.

At maturity, for each $1,000 face amount, if the EURO STOXX 50® final level is at or above 90.00% of its initial level, holders receive a capped maximum settlement amount, expected to be between $1,103.00 and $1,121.10. If the index falls more than 10.00%, principal is reduced by approximately 1.1111% for every additional 1% decline, and investors can lose their entire investment.

The notes are not listed, may have little or no secondary market, and their value depends on UBS’s credit. The estimated initial value is expected to be between $968.50 and $998.50 per $1,000, reflecting internal funding and hedging costs. Investors forgo dividends on the index stocks and face complex U.S. tax and withholding rules.

UBS AG is offering $1,941,000 of Trigger Autocallable Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index, maturing in February 2032. The notes pay no coupons but can be automatically called quarterly after 12 months.

If on any observation date the index is at or above the initial level of 289.72, investors receive the principal plus a call return based on a 28.50% per annum rate, ending the investment early. If the notes are not called and the final index level is at or above the downside threshold of 144.86 (50% of the initial level), investors receive only their principal back.

If the final index level is below the downside threshold, repayment is reduced one-for-one with the index loss, and investors can lose all principal. The notes are unsecured obligations of UBS AG, are not listed, have limited liquidity, and embed risks from leverage, a 6.0% annual index decrement and UBS credit exposure.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing around January 31, 2028. These are unsecured, unsubordinated debt obligations of UBS, not conventional bonds and not principal protected.

Investors receive contingent quarterly coupons only when Amazon’s share price is at or above a preset coupon barrier on each observation date. The notes may be automatically called after six months if Amazon’s stock closes at or above the initial level, in which case investors receive principal plus the applicable coupon and the product terminates early.

If the notes are never called and Amazon’s final share price is at or above the downside threshold, investors receive full principal back at maturity (plus any final coupon if the barrier is met). If the final price is below the downside threshold, repayment is reduced in line with Amazon’s decline, and investors can lose most or all of their investment. All payments depend on UBS’s credit and the notes will not be listed on any exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes maturing around February 9, 2029, linked to the least performing of four underlyings: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index, and shares of the Technology and Utilities Select Sector SPDR funds.

The Notes pay a contingent coupon of 12.75% per annum, only if on a monthly observation date each underlying is at or above its coupon barrier, set at 70% of its initial level. Principal is protected at maturity only if every underlying is at or above its downside threshold, set at 60% of its initial level; otherwise repayment is reduced one-for-one with the loss in the worst performer and can fall to zero.

UBS may call the Notes on any observation date after three months, repaying principal plus any due coupon, ending all future payments. The Notes are unsecured UBS debt, not insured deposits, will not be listed on an exchange, and have an estimated initial value between $957 and $987 per $1,000 issue price.

UBS AG is offering Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of Freeport‑McMoRan Inc. (FCX), maturing on February 4, 2027. Each Note has a $1,000 principal amount and pays a fixed $40.50 contingent quarterly coupon if FCX’s closing price on an interest observation date is at or above the interest barrier of $45.59, set at 70% of the initial price of $65.13. Missed coupons can be “made up” later under the memory feature if the barrier is met on a future observation date.

The Notes are automatically called if FCX closes at or above the initial price on any autocall observation date, returning principal plus due and previously unpaid coupons. If not called, and FCX’s final price on the valuation date is at or above the downside threshold of $45.59, investors receive full principal back plus any contingent interest due. If the final price is below the threshold, repayment is based on a cash equivalent tied to a share delivery amount (1,000 ÷ 45.59), causing losses that increase about 1.4286% for every 1% FCX falls below the threshold, potentially up to a total loss of principal.

The Notes are unsecured, unsubordinated debt of UBS, not listed on any exchange, and subject to UBS’s credit risk. The estimated initial value per Note on the trade date is expected between $962.70 and $992.70, reflecting internal pricing, funding and distribution costs.

UBS AG is offering unsecured Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index, the S&P 500® Index and the Utilities Select Sector SPDR® Fund. Each Note has a $1,000 principal amount and an expected term of about five years, from February 10, 2026 to February 10, 2031.

The Notes pay a monthly contingent coupon at a rate of 10.10% per annum (about $8.4167 per month per $1,000) only if on each observation date all three underlying assets close at or above 70.00% of their initial levels, which also serves as the coupon barrier and downside threshold.

UBS may call the Notes in whole, but not in part, on any monthly observation date beginning after six months, regardless of asset performance, paying principal plus any due contingent coupon on the call settlement date, with no further payments.

If the Notes are not called and on the final valuation date any underlying finishes below its downside threshold, the maturity payment per Note equals $1,000 × (1 + underlying return of the least performing underlying asset), exposing investors to full downside of that asset and potentially a total loss of principal. Any payment is subject to UBS credit risk.

The preliminary estimated initial value is expected to be between $953.20 and $983.20 per $1,000 Note, reflecting underwriting discount of $7.50 per Note and proceeds to UBS of $992.50 per Note. The Notes will not be listed on any securities exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index, the S&P 500 Index and the Utilities Select Sector SPDR Fund. Each Note has a $1,000 principal amount, a term of about four years and pays a 10.35% per annum contingent coupon in monthly installments of $8.625 if, on an observation date, all three underlying assets close at or above their coupon barriers, set at 70% of initial levels.

UBS can redeem the Notes in whole, at its discretion, on any monthly observation date beginning after six months, returning principal plus any due coupon, with no further payments. If not called and all underlyings finish at or above their downside thresholds (60% of initial levels), investors receive full principal at maturity. If any underlying finishes below its downside threshold, repayment is reduced one-for-one with the negative return of the worst performer, potentially to zero. Payments depend entirely on the creditworthiness of UBS, and the Notes are not insured or listed on an exchange.

UBS AG is offering unsubordinated, unsecured Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index, S&P 500 Index and Utilities Select Sector SPDR Fund, maturing on or about February 9, 2028. Each $1,000 Note pays an 8.30% per annum contingent coupon when all three underlyings are at or above 60% of their initial levels on monthly observation dates. UBS may call the Notes in whole on any observation date after six months, paying principal plus any due coupon. If not called and any final underlying level is below its 60% downside threshold, principal is reduced in line with the worst performer and investors can lose all of their investment. Payments depend entirely on UBS’s credit, and the estimated initial value per Note of $961.40–$991.40 is below the $1,000 issue price.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the worst performer among three sector ETFs: Energy Select Sector SPDR (XLE), Utilities Select Sector SPDR (XLU) and Health Care Select Sector SPDR (XLV). The Notes run for about three years, from a February 24, 2026 trade date to a March 1, 2029 maturity, unless UBS calls them earlier after six months.

The Notes pay a 9.05% per annum contingent coupon (about $7.5417 per month on a $1,000 Note) only when each ETF closes at or above its coupon barrier, initially set at 70% of its initial level. UBS can redeem all Notes on any monthly observation date (after six months) at par plus any due coupon.

If the Notes are not called and each ETF finishes at or above its downside threshold (also 70% of initial level), investors receive full principal. If any ETF finishes below its downside threshold, repayment is reduced one-for-one with the loss of the worst-performing ETF, and investors can lose their entire investment. The issue price is $1,000 per Note, with an estimated initial value between $935.70 and $965.70, reflecting internal funding and distribution costs. All payments depend on UBS’s credit; a default could result in a total loss.

UBS AG is offering unsecured Trigger Callable Contingent Yield Notes linked to the least performing of three underlying assets: the SPDR S&P Regional Banking ETF (KRE), the Nasdaq-100 Technology Sector Index (NDXT) and the Russell 2000 Index (RTY). The Notes have a $1,000 minimum denomination, expected two-year term from February 2026 to February 2028, and pay a 12.00% per annum contingent coupon, or $10.00 per month, only if on each monthly observation date every underlying is at or above its coupon barrier set at 65% of its initial level.

UBS may call the Notes in whole on any monthly observation date beginning after three months, paying back principal plus any due coupon, after which no further payments are made. If the Notes are not called and the final level of each underlying is at or above its downside threshold of 60% of its initial level, investors receive full principal at maturity plus any final contingent coupon. If, instead, any underlying finishes below its downside threshold, repayment is reduced in line with the negative return of the worst performer, and investors can lose a significant portion or all of their investment.

The Notes will not be listed on any exchange, their value may fluctuate with the underlying assets, interest rates and UBS’ credit profile, and all payments are subject to the creditworthiness of UBS. The estimated initial value is expected between $954.70 and $984.70 per $1,000 Note, below the $1,000 issue price due to underwriting discounts, hedging and issuance costs.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000 Index, S&P 500 Index and Utilities Select Sector SPDR Fund. Each Note has a $1,000 principal amount and pays a 10.20% per annum contingent coupon when all three underlyings stay at or above their coupon barriers on monthly observation dates.

The Notes run for about five years, are callable by UBS after six months, and use 70% of initial levels as coupon barriers and 60% as downside thresholds. If the Notes are not called and any underlying finishes below its downside threshold, repayment is reduced one-for-one with the worst performer, potentially to zero, and all payments depend on UBS’s credit.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Okta, Inc., maturing on or about February 16, 2029. Each Note has a $1,000 principal amount and pays a contingent quarterly coupon at an annual rate between 10.50% and 11.50% if Okta’s share price is at or above a set coupon barrier on the observation date.

The Notes can be automatically called after six months if Okta’s stock closes at or above the call threshold, in which case investors receive principal plus the due coupon and any previously unpaid coupons, and the product terminates early. If not called and, at maturity, Okta’s final stock level is at or above the downside threshold, investors receive full principal back.

If the final level is below the downside threshold, repayment is reduced in line with Okta’s percentage decline, and investors can lose some or all of their investment. The coupon barrier and downside threshold are each set at 50% of the initial level, offering only contingent principal protection. The Notes are unsecured obligations of UBS, not listed on an exchange, and their value is also subject to UBS’s credit risk. The estimated initial value is expected to be between $938.00 and $968.00 per $1,000 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation. Each Note has a $1,000 principal amount, a contingent coupon rate of 10.75% per annum, and matures on or about February 9, 2028.

Coupons are paid monthly only if Constellation Energy’s stock closes at or above a coupon barrier set at 65% of the initial level. The Notes can be automatically called starting after three months if the stock is at or above 85% of the initial level, in which case investors receive $1,000 plus any due coupon and the Notes terminate.

If the Notes are not called and the final stock level is at or above a downside threshold of 60% of the initial level, investors receive full principal at maturity (and possibly a final coupon). If the final level is below the downside threshold, repayment is reduced one-for-one with the stock loss, and investors can lose all principal. Payments depend entirely on UBS’s credit, and the Notes will not be listed. The estimated initial value per Note is expected to be between $938.70 and $968.70, below the $1,000 issue price due to fees, hedging and funding costs.

UBS AG is offering unsecured Buffer Autocallable GEARS notes linked to the Russell 2000® Index, maturing on or about February 15, 2029. Each Security has a $10 principal amount and may be automatically called on the February 22, 2027 observation date if the index closes at or above 100% of its initial level, in which case investors receive principal plus a 10% call return and the trade ends early.

If the notes are not called, the maturity payment depends on index performance. Positive index returns are multiplied by an upside gearing between 1.45 and 1.65. If the index ends at or above 90% of its initial level, principal is repaid. Below that 90% downside threshold, losses exceed a 10% buffer and can reach almost the entire investment. The notes pay no interest, are not listed, and all payments depend on UBS’s creditworthiness.

UBS AG is offering $6,803,000 of Digital S&P 500® Index-Linked Medium-Term Notes that pay no interest and return cash at maturity based on S&P 500 performance between January 28, 2026 and December 20, 2027.

For each $1,000 face amount, if the S&P 500 final level is at or above 87.50% of the 6,978.03 initial level, investors receive a capped $1,162.50 (a 16.25% maximum gain). If the index falls more than 12.50%, investors lose about 1.1429% of principal for every additional 1% decline and could lose their entire investment.

The notes are unsecured, unsubordinated obligations of UBS AG London Branch, are not FDIC insured, and will not be listed, so secondary liquidity may be limited. The estimated initial value is $998.00 per $1,000, reflecting internal funding and hedging costs. The tax treatment is uncertain and discussed as a prepaid derivative contract in respect of the index.

UBS AG is offering $1,150,000 of Trigger Autocallable Contingent Yield Notes linked to the Class C capital stock of Alphabet Inc., maturing January 31, 2028. These are unsecured, unsubordinated UBS debt obligations with returns tied to the underlying share price.

Coupons are paid only if Alphabet’s closing level on quarterly observation dates is at or above a coupon barrier; otherwise no income is paid for that period. The notes may be called early if the underlying is at or above the initial level, returning principal plus the applicable coupon. If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise repayment is reduced in line with Alphabet’s decline, and the entire investment can be lost. Payments depend on UBS’s credit, the notes will not be listed, the minimum investment is 100 notes at $10 each, and the estimated initial value is $9.79 per note.

UBS AG is offering $20,500,000 of Airbag Yield Notes linked to the iShares MSCI EAFE ETF and the Nasdaq-100 Index, maturing April 1, 2027. The notes pay fixed monthly coupons at a 6.90% annual rate regardless of underlying performance. Principal is repaid at maturity only if each underlying’s final level is at or above 80% of its initial level. If any underlying finishes below this downside threshold, repayment is reduced using 1.25x leveraged losses beyond the 20% buffer, and investors can lose all principal. The notes are unsecured, unsubordinated obligations of UBS AG, are not listed on any exchange, and all payments depend on UBS’s creditworthiness.

UBS AG is offering $1,500,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Advanced Micro Devices, Inc. common stock, maturing on January 29, 2029. Each $1,000 Note pays a contingent coupon at a rate of 17.05% per annum for any monthly observation date when AMD’s closing price is at or above the coupon barrier of $155.81, which is 60% of the initial level of $259.68.

The Notes may be automatically called on any observation date beginning after six months if AMD closes at or above the call threshold level of $259.68, returning principal plus the due coupon and any unpaid “memory” coupons. If not called, and AMD’s final level on the valuation date is at or above the downside threshold of $129.84 (50% of the initial level), investors receive full principal back.

If the Notes are not called and AMD’s final level is below the downside threshold, repayment at maturity is reduced dollar-for-dollar with AMD’s percentage decline, and investors can lose all of their investment. All payments depend on the creditworthiness of UBS, and the Notes are unsecured, unsubordinated obligations that will not be listed on any exchange.

UBS AG is offering $5,780,000 of Contingent Income Auto-Callable Securities due February 1, 2029, linked to Atlassian Corporation common stock. The notes pay a $55 contingent coupon per $1,000 (22% per annum) on each determination date when the stock closes at or above 60% of the $133.86 initial price.

If the stock closes at or above 100% of the initial price on any non-final determination date, the notes are automatically called at $1,000 plus the coupon. If never called and the final price is below 60% of the initial price, repayment falls in line with the stock and investors can lose most or all principal. The notes are unsecured UBS debt with limited liquidity and an estimated initial value of $953.60 per $1,000.

UBS AG is offering $250,000 of Trigger Autocallable Contingent Yield Notes linked to Amazon.com, Inc. stock, maturing on February 2, 2027. Each Note has a $10 principal amount and pays a contingent coupon only if Amazon’s share price is at or above a set coupon barrier on each observation date.

The Notes can be called early if Amazon’s stock is at or above the initial level on any observation date, in which case holders receive principal plus the coupon then due and no further payments. If the Notes are not called and Amazon’s final level is below the downside threshold (70% of the initial level in the examples), repayment at maturity is reduced in line with the stock’s loss, and investors can lose their entire investment. Payments depend on UBS’s credit, the Notes are unsecured, unsubordinated, not listed on any exchange, and the estimated initial value is $9.79 per $10 Note.

UBS AG is offering $100,000 of Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices common stock, maturing February 2, 2029. These $10-denomination notes pay a contingent coupon only when AMD’s stock closes at or above a coupon barrier, set at 60% of the initial level in the examples.

The notes can be automatically called before maturity if AMD’s stock closes at or above the initial level on any observation date, in which case investors receive principal plus the applicable coupon and no further payments. If not called, principal is repaid at maturity only if AMD’s final level is at or above the downside threshold; otherwise, repayment is reduced in line with AMD’s decline and can fall to zero.

The example terms show a 17.78% per annum contingent coupon and an estimated initial value of $9.67 per $10 note. The notes are unsecured, unsubordinated UBS debt, not exchange-listed, subject to UBS credit risk, and require a minimum investment of 100 notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing on or about February 2, 2029. These unsecured notes pay contingent coupons only when AMD’s closing level on an observation date is at or above a coupon barrier.

The notes are automatically called early if AMD’s stock closes at or above the initial level on any observation date before maturity, returning principal plus that period’s coupon and ending the investment. If not called, principal is repaid at maturity only if the final AMD level is at or above a downside threshold; otherwise repayment falls in line with AMD’s percentage decline, and investors can lose their entire investment.

The term is approximately three years, with a trade date of January 29, 2026 and settlement on February 2, 2026. A hypothetical example shows a 17.38% per annum contingent coupon and a $60 downside threshold and coupon barrier, equal to 60% of the initial level. Minimum investment is 100 notes at $10 each, and the estimated initial value per note is expected between $9.37 and $9.62. All payments depend on UBS’s creditworthiness.