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 Constellation Energy Corporation due June 1, 2027. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date is equal to or above a stated coupon barrier and will be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is equal to or above the downside threshold; if the final level is below that threshold the principal repayment declines in proportion to the underlying return, and an investor could lose a significant portion or all of their investment. The Notes have a principal amount of $10 per Note, an estimated initial value of $9.73 as of the trade date, and key dates with a trade date of May 28, 2026, settlement on June 1, 2026, final valuation on May 27, 2027, and maturity on June 1, 2027.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Eli Lilly and Company due on or about June 1, 2027. The Notes pay a contingent coupon only if the underlying stock's closing level on an observation date is at or above a coupon barrier and are subject to automatic early call if the underlying equals or exceeds the initial level on an observation date. If not called and the final level is below the downside threshold, principal repayment at maturity may be reduced and could result in a loss of all invested principal. Principal amount per Note is $10. Trade date is May 28, 2026 with expected settlement June 1, 2026. The estimated initial value range at trade date is between $9.47 and $9.72 per Note. Any payments are subject to the creditworthiness of UBS.

The issuer UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. The Notes mature on June 1, 2028 with a final valuation date of May 30, 2028. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date is at or above a stated coupon barrier, and will be automatically called early if on any prior observation date the underlying closes at or above the initial level, in which case holders receive principal plus any contingent coupon due. If not called and the final level is below the downside threshold, principal repayment at maturity will be reduced in proportion to the underlying return, which could result in substantial loss or total loss of principal. All payments, including contingent coupons and any repayment of principal, are subject to the creditworthiness of UBS AG. Trade date is May 28, 2026 with expected settlement on June 1, 2026. The Notes are offered in minimum blocks of 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, maturing December 1, 2027. The Notes pay a contingent coupon only when the underlying stock's closing level on an observation date meets or exceeds the coupon barrier; otherwise no coupon is paid.

If the Notes are automatically called (quarterly observations begin after six months) UBS will pay principal plus any contingent coupon on the related call settlement date. If not called, repayment at maturity depends on the final level relative to the downside threshold: if final level < downside threshold, repayment may be less than principal and could result in loss of part or all of the investment. Payments depend on UBS creditworthiness. Estimated initial value was $9.70 per $10 Note; minimum purchase is 100 Notes.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc., maturing on or about December 1, 2027. The notes pay a contingent coupon only if the underlying stock closes at or above the coupon barrier on observation dates and are subject to automatic quarterly calls beginning after six months if the underlying closes at or above the initial level.

The notes are offered in minimum increments of 100 notes at $10 per note (principal amount $10). Trade date is May 28, 2026, settlement is expected June 1, 2026. The preliminary estimated initial value range is $9.41–$9.66 per note. Payments, including any principal repayment at maturity, depend on both the performance of the underlying stock relative to the downside threshold and UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, with a trade date of May 28, 2026, expected settlement on June 1, 2026, a final valuation date of May 27, 2027, and maturity on June 1, 2027. Each Note has a principal amount of $10 and a minimum purchase of 100 Notes (a $1,000 investment). The Notes pay contingent coupons only when the underlying's closing level on an observation date meets or exceeds a coupon barrier and may be automatically called early if the underlying meets or exceeds the initial level on an observation date. If not called, repayment at maturity is contingent: if the final level is at or above the downside threshold you receive principal; if below, principal is reduced proportionally to the underlying return and you could lose a significant portion or all of your investment. This is a preliminary pricing supplement subject to completion and the final terms will be set on the trade date.

UBS AG priced a preliminary offering for Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. The Notes have a trade date of May 28, 2026, expected settlement on June 1, 2026, final valuation date May 30, 2028 and maturity on June 1, 2028. Each Note has a principal amount of $10 and a minimum purchase of 100 Notes ($1,000). The Notes may pay periodic contingent coupons only if the underlying closing level meets the coupon barrier on observation dates; they automatically call if the underlying closes at or above the initial level on an observation date. If not called, repayment at maturity is contingent: full principal is paid only if the final level is at or above the downside threshold; otherwise principal is reduced pro rata to the underlying return, and investors could lose most or all principal. The issuer’s creditworthiness (UBS) governs all payments. The estimated initial value range on the trade date is between $9.42 and $9.67.

The issuer, UBS AG, is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Dell Technologies Inc. The Notes pay a periodic contingent coupon only when the underlying's closing level on an observation date meets or exceeds the coupon barrier and will be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, repayment at maturity depends on the final level: you receive the $10 principal if the final level is at or above the downside threshold; if the final level is below that threshold, the cash payment equals $10 times (1 + underlying return), exposing holders to the underlying's negative return and possible loss of all principal. Trade and settlement are May 28, 2026 and June 1, 2026; final valuation and maturity are May 30, 2028 and June 1, 2028. The estimated initial value is $9.73 per Note and minimum investment is 100 Notes ($1,000), inclusive of UBS' internal pricing assumptions. All payments are subject to UBS' creditworthiness.

UBS AG priced a preliminary offering for Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation with a trade date of May 28, 2026, expected settlement on June 1, 2026, a final valuation date of November 29, 2027 and maturity on December 1, 2027.

The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates, are automatically callable if the underlying equals or exceeds the initial level on any quarterly observation date (beginning after six months), and repay principal at maturity only if the final level is at or above a stated downside threshold; otherwise principal is reduced pro rata to the underlying return.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. stock due on or about June 1, 2028. The Notes pay periodic contingent coupons only when the underlying closing level meets a coupon barrier, may be automatically called early if the underlying equals or exceeds the initial level on an observation date, and repay principal at maturity only if the final level is at or above a disclosed downside threshold. If not called and the final level is below that threshold, repayment at maturity reflects the underlying return and can result in substantial or total loss of principal. The Notes are unsecured obligations of UBS AG and any payment depends on UBS creditworthiness. Trade date is May 28, 2026, expected settlement June 1, 2026, final valuation date May 30, 2028, and maturity June 1, 2028. The Notes are sold in minimum blocks of 100 Notes at $10 per Note and the estimated initial value range is $9.37 to $9.62.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intel Corporation stock due June 1, 2028. The Notes pay a contingent coupon only if the underlying closing level on an observation date meets or exceeds the coupon barrier; otherwise no coupon is paid.

The Notes can be automatically called early if an observation-date closing level equals or exceeds the initial level, in which case holders receive the $10 principal plus any contingent coupon then due. If not called and the final level is below the downside threshold, holders face downside market exposure and may receive less than principal (potentially a total loss). All payments are subject to UBS credit risk. Trade date and settlement are May 28, 2026 and June 1, 2026; final valuation and maturity are May 30, 2028 and June 1, 2028.

UBS AG is offering Airbag Autocallable Yield Notes linked to Palantir Technologies Inc. common stock. The Notes pay a quarterly coupon and may be automatically called early if the underlying stock closes at or above the initial level on an observation date. If not called, principal repayment at maturity is contingent: UBS will repay principal in cash only if the final level is at or above the conversion level; otherwise holders receive a share delivery amount (stock per Note) whose market value may be less than principal, producing a loss. Payments and principal remain subject to UBS credit risk. Key dates include trade date May 28, 2026, settlement June 1, 2026, final valuation date November 27, 2026, and maturity December 1, 2026.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation, with a trade date of May 28, 2026, expected settlement on June 1, 2026, final valuation on May 30, 2028, and maturity on June 1, 2028. The Notes are unsecured obligations of UBS that pay a contingent coupon only if the underlying stock closes at or above a specified coupon barrier on each observation date and may be automatically called early if the underlying equals or exceeds the initial level on an observation date.

The Notes repay principal at maturity only if the final level is at or above the disclosed downside threshold; if the final level is below that threshold, holders suffer a loss in proportion to the underlying return and could lose their entire investment. Example terms shown: principal amount $10 per Note, an illustrative contingent coupon rate of $24.92% per annum producing a sample contingent coupon of $0.623, and an estimated initial value range of $9.39 to $9.64 per Note. Payments depend on UBS creditworthiness and the final pricing supplement will set definitive terms.

UBS AG is offering Airbag Autocallable Yield Notes linked to the common stock of Palantir Technologies Inc. with a trade date of May 28, 2026, expected settlement on June 1, 2026, final valuation on November 27, 2026 and maturity on December 1, 2026. Each Note has a principal amount of $1,000 and pays a quarterly coupon (example coupon $43.275) based on an annual coupon rate shown in the preliminary terms (example 17.31% per annum, illustrative range 17.31%–18.36%).

The Notes pay coupons unless previously auto‑called. An automatic call occurs if the underlying’s closing level on any observation date is >= the initial level; on a call UBS pays principal plus the coupon for that call date. If not called, repayment at maturity is cash at par if the final level >= the conversion level; otherwise holders receive a calculated share delivery amount (shares plus cash for any fractional share), which may be worth less than principal, producing a loss. Payments are subject to UBS credit risk. Final terms and pricing are set on the trade date and the offering is subject to the registration statement listed on the cover.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and are subject to an automatic call on quarterly observation dates if the closing level is at or above the initial level.

If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold the principal is returned; if below, repayment equals $10 x (1 + underlying return), exposing investors to the underlying stock's negative return and possible loss of the entire investment. All payments depend on UBS's creditworthiness. Trade date is May 28, 2026, settlement June 1, 2026, final valuation May 30, 2028, maturity June 1, 2028. Minimum investment is 100 Notes at $10 per Note. The estimated initial value was $9.79.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Newmont Corporation stock due June 1, 2028. The Notes pay a contingent coupon only when the underlying closing level on an observation date meets or exceeds the coupon barrier; otherwise no coupon is paid. The Notes will be automatically called early if the underlying closing level on any quarterly observation date (beginning after 12 months) is equal to or greater than the initial level; in that event UBS pays principal plus any contingent coupon then due and the Notes terminate. If not called, repayment at maturity depends on the final level versus a downside threshold: if the final level is below that threshold, principal is reduced proportionally to the underlying return, potentially resulting in a substantial loss or total loss of principal. Trade date is May 28, 2026, settlement is June 1, 2026, final valuation date is May 30, 2028, and maturity is June 1, 2028. The Notes are unsecured obligations of UBS and any payment is subject to UBS credit risk. The estimated initial value per Note is $9.78 and minimum investment is 100 Notes ($1,000).

UBS AG priced Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. The offering is described with a total reference of $400,000 and individual Notes issued at $10 per Note (minimum investment 100 Notes).

The Notes pay a contingent coupon on each coupon payment date only if the closing level of the underlying stock on the applicable observation date is at or above the coupon barrier; otherwise no coupon is paid. The Notes are automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, repayment at maturity is contingent: full principal is repaid only if the final level is at or above the downside threshold; if the final level is below the downside threshold, principal is reduced pro rata to the underlying return, potentially resulting in a complete loss. The Notes mature on June 1, 2028 and are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and may be automatically called early if the stock equals or exceeds the initial level on an observation date. If not called, principal repayment at maturity depends on the final level relative to a downside threshold and may result in a loss equal to the underlying return; in extreme cases you could lose your entire investment. The notes trade with a principal amount of $10 per Note, a minimum purchase of 100 Notes, an estimated initial value of $9.80, and mature on June 1, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc., due on or about June 1, 2028. The Notes pay periodic contingent coupons only when the underlying's closing level on an observation date meets or exceeds a coupon barrier and are subject to an automatic call quarterly (beginning ~6 months) if the closing level is at or above the initial level.

If the Notes are not called, principal is contingent at maturity: if the final level is at or above the downside threshold the principal amount is paid; if below, the cash payment is reduced pro rata to the underlying return and you could lose a significant portion or all of your investment. Payments are subject to the creditworthiness of UBS AG.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Newmont Corporation, with final terms set on the trade date. The notes pay a contingent coupon only if the underlying meets a coupon barrier on observation dates and can be automatically called quarterly beginning after one year. The notes repay principal at maturity only if the final level is at or above a disclosed downside threshold; if below, principal is reduced pro rata to the underlying return. Key dates include trade date May 28, 2026, expected settlement June 1, 2026, final valuation May 30, 2028, and maturity June 1, 2028. The notes have a principal amount of $10 per note, a minimum purchase of 100 notes ($1,000), and an estimated initial value range of $9.43 to $9.68 as of the trade date. All payments depend on UBS's creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Applied Materials, Inc. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and may be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, repayment at maturity depends on the final level relative to a downside threshold: if the final level is below that threshold, holders suffer a loss equal to the underlying return and could lose all principal. The Notes are unsecured obligations of UBS and all payments are subject to UBS’s creditworthiness. Trade date is May 28, 2026, expected settlement June 1, 2026, final valuation date May 30, 2028, and maturity June 1, 2028. The Notes are offered in minimum increments of 100 Notes at $10 per Note; the estimated initial value as of the trade date is $9.78.

The issuer, UBS AG, is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of The Home Depot, Inc. The Notes pay periodic contingent coupons only if the underlying stock meets a coupon barrier on observation dates and are automatically called if the underlying equals or exceeds the initial level on any observation date prior to maturity. If not called, principal is returned at maturity only if the final level is at or above a downside threshold; otherwise principal is reduced pro rata to the underlying return and investors may lose a significant portion or all of their investment. Trade date is May 28, 2026, settlement June 1, 2026, final valuation date May 30, 2028 and maturity June 1, 2028. The Notes are unsecured obligations of UBS and any payment depends on UBS creditworthiness. The estimated initial value per Note on the trade date is $9.73.

UBS AG has published a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. The document sets the trade date as May 28, 2026, expected settlement on June 1, 2026, a final valuation date of May 30, 2028, and a maturity date of June 1, 2028. Each Note has a principal amount of $10 and UBS provides an illustrative contingent coupon example of 11.58% per annum (contingent coupon of $0.2895 per $10 Note). The Notes pay contingent coupons only if the underlying meets coupon barriers on observation dates, may be automatically called early if the underlying meets an initial level on an observation date, and repay principal at maturity only if the final level is at or above a disclosed downside threshold; otherwise repayment at maturity can be reduced and could result in a full loss of principal. The preliminary pricing supplement is subject to completion and the final terms will be set on the trade date.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes have a $10 principal amount per Note, trade date May 28, 2026, settlement June 1, 2026, final valuation date May 30, 2028 and maturity June 1, 2028. The Notes pay periodic contingent coupons only if the underlying meets coupon barriers on observation dates, are automatically callable if the underlying equals or exceeds the initial level on an observation date, and repay principal at maturity only if the final level is at or above the disclosed downside threshold.

The preliminary pricing range shows an estimated initial value between $9.44 and $9.69 per Note and a hypothetical contingent coupon rate of 23.38% per annum (contingent coupon $0.5845 per $10 Note). Payments and any principal repayment are subject to UBS credit risk; investors may lose a substantial portion or all principal if the final level is below the downside threshold.

UBS AG priced a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to Applied Materials, Inc. common stock with a trade date of May 28, 2026, expected settlement on June 1, 2026, a final valuation date of May 30, 2028 and maturity on June 1, 2028. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on each observation date and are automatically called early if the underlying closes at or above the initial level on any observation date prior to final valuation.

The Notes repay principal at maturity only if the final level is at or above the disclosed downside threshold; if the final level is below that threshold, redemption at maturity is reduced proportionally to the underlying return, and you could lose a significant portion or all of your investment. The Notes are unsecured obligations of UBS and repayment is subject to UBS’s creditworthiness. The offering requires a minimum purchase of 100 Notes ($1,000) and UBS estimates an initial value per Note between $9.42 and $9.67 on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lyft, Inc. The Notes pay contingent coupons only when the underlying closing level meets the coupon barrier on observation dates and are subject to automatic early call if the underlying equals or exceeds the initial level on a quarterly observation date. At maturity, if not called, principal repayment depends on the final level relative to the downside threshold; if the final level is below that threshold, investors suffer a loss equal to the underlying return and could lose all principal. Payments (coupons or principal) are subject to UBS credit risk. Trade date is May 28, 2026, settlement June 1, 2026, final valuation May 27, 2027, and maturity June 1, 2027. The Notes are offered in minimum increments of 100 Notes at $10 per Note; the estimated initial value was $9.74 as of the trade date.

The issuer UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of The Home Depot, Inc., due on or about June 1, 2028. The trade date is May 28, 2026 with settlement on June 1, 2026 and a final valuation date of May 30, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds a coupon barrier on observation dates and will be automatically called early if the underlying closes at or above the initial level on any interim observation date. The Notes are principal‑at‑risk at maturity if not called: the filing shows a downside threshold equal to 75.00% of the initial level, and examples include a contingent coupon rate of 11.30% per annum. Minimum investment is 100 Notes at $10 per Note. The estimated initial value range is stated as $9.43 to $9.68. All payments are subject to UBS creditworthiness; investors may lose a significant portion or all of their investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lyft, Inc. The preliminary pricing supplement dated May 28, 2026 sets Trade Date May 28, 2026, Settlement Date June 1, 2026, Final Valuation Date May 27, 2027 and Maturity Date June 1, 2027.

The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates, and are automatically called if the underlying equals or exceeds the initial level on a quarterly observation date beginning after six months. If not called, principal repayment at maturity is contingent: full principal is paid only if the final level is at or above a downside threshold (example: $70.00, or 70% of initial level); otherwise investors suffer a loss equal to the underlying return and could lose their entire investment. Estimated initial value range is $9.42–$9.67 per $10 Note; an example contingent coupon rate shown is 28.00% per annum (equivalent to $0.70 per $10 Note per coupon in the hypothetical). All payments remain subject to UBS credit risk.

UBS AG priced Trigger Autocallable Contingent Yield Notes linked to the VanEck® Gold Miners ETF due June 1, 2028. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and will be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; if the final level is below that threshold, repayment at maturity is reduced in proportion to the underlying return and investors could lose all principal. The Notes have a $10 principal per Note, a stated estimated initial value of $9.65 as of the trade date, and key dates including trade date May 28, 2026, settlement June 1, 2026, final valuation date May 30, 2028 and maturity June 1, 2028. Any payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the VanEck® Gold Miners ETF with a trade date of May 28, 2026, expected settlement on June 1, 2026, final valuation on May 30, 2028, and maturity on June 1, 2028. The Notes pay periodic contingent coupons only when the underlying closing level on an observation date is at or above a coupon barrier; otherwise no coupon is paid.

The Notes are subject to automatic early call if the underlying closing level on any observation date before the final valuation date is at or above the initial level; an automatic call results in a cash payment of principal plus any contingent coupon on the related call settlement date. If not called, principal repayment at maturity is contingent: full principal is paid if the final level is at or above the downside threshold (example shown: $70.00, 70.00% of initial level); if the final level is below that threshold, repayment is reduced proportionally and investors can lose a significant portion or all of their investment.

The offering has a minimum investment of $1,000 (100 Notes at $10 each), an estimated initial value range of $9.35 to $9.60 per Note, and a hypothetical contingent coupon rate of 14.73% per annum used in illustrative examples. Any payments depend on UBS's creditworthiness.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Alcoa Corporation common stock. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and may be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called and the final level is below the downside threshold, repayment at maturity is reduced pro rata to the underlying return; extreme declines could result in a total loss of principal. Key dates: Trade Date: May 28, 2026, Settlement Date: June 1, 2026, Final Valuation Date: May 30, 2028, Maturity Date: June 1, 2028. The Notes have an estimated initial value of $9.62 per $10 Note and a minimum investment of 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. stock due June 1, 2029. Each Note has a $10 principal amount and may pay periodic contingent coupons only if the underlying stock closes at or above the coupon barrier on observation dates. The Notes will be automatically called early if the underlying stock closes at or above the initial level on any observation date prior to the final valuation date; in that case investors receive principal plus any contingent coupon then due. If not called and the final level is below the downside threshold, principal repayment at maturity is reduced proportionally to the underlying return, possibly resulting in a total loss. The estimated initial value on the trade date is $9.65. Payments, including principal, are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Lam Research common stock due June 1, 2028. The notes pay a contingent coupon on each coupon payment date only if the underlying closes at or above the coupon barrier on the applicable observation date; otherwise no coupon is paid.

The notes are subject to an automatic call if the underlying closes at or above the initial level on any observation date before the final valuation date, in which case UBS pays principal plus any contingent coupon on the call settlement date and the notes terminate. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold you receive $10 x (1 + Underlying Return) and could lose a substantial portion or all principal. Trade date is May 28, 2026, settlement June 1, 2026, final valuation date May 30, 2028, maturity June 1, 2028. Estimated initial value as of the trade date is $9.75 and minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Alcoa Corporation, with a trade date of May 28, 2026, expected settlement on June 1, 2026 and maturity on June 1, 2028. Each Note has a principal amount of $10 and a minimum investment of 100 Notes ($1,000).

The Notes pay contingent coupons only when the underlying closing level meets or exceeds the coupon barrier on observation dates, feature an automatic call if the underlying closes at or above the initial level on an observation date, and provide contingent principal protection at maturity only if the final level is at or above the downside threshold. Estimated initial value is shown as $9.24 - $9.49 per Note; payments remain subject to UBS credit risk.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. with a trade date of May 28, 2026, expected settlement on June 1, 2026, a final valuation date of May 30, 2029 and maturity on June 1, 2029. The Notes pay a contingent coupon only when the underlying meets or exceeds a coupon barrier on observation dates and are automatically called if the underlying meets or exceeds the initial level on any observation date prior to maturity. If not called, principal repayment at maturity is contingent: full principal is paid only if the final level is at or above the disclosed downside threshold; otherwise repayment falls in proportion to the underlying return and you could lose all of your investment. The Notes are unsecured obligations of UBS and any payment is subject to UBS's creditworthiness. The offering is preliminary; final terms will be set on the trade date and the Notes are available in minimum increments of 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, with a trade date of May 28, 2026, expected settlement on June 1, 2026 and maturity on June 1, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds a coupon barrier on observation dates and may be automatically called early if the underlying closes at or above the initial level on any prior observation date. At maturity, if not called, principal repayment is contingent on the final level relative to a disclosed downside threshold; if the final level is below that threshold, investors may suffer a loss of principal equal to the underlying return, potentially losing their entire investment. The Notes are unsecured obligations of UBS and any payments depend on UBS creditworthiness. The offering sets a minimum investment of 100 Notes ($1,000) and an estimated initial value range of $9.43 to $9.68 per Note as of the trade date.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index. The preliminary pricing supplement dated May 28, 2026 describes notes that pay a 12.60% per annum contingent coupon only when each underlying meets its coupon barrier on observation dates and that are callable monthly by UBS beginning about three months after issuance.

The notes return principal at maturity only if the final level of each underlying is equal to or greater than its downside threshold (each set at 70.00% of initial level). If any underlying’s final level is below its downside threshold, the maturity payment will be reduced by the percentage decline of the least performing underlying asset; in extreme cases investors could lose all principal. Estimated initial value range is $957.80 to $987.80; issue price per note is $1,000.00 with proceeds to UBS of at least $992.75. The offering documents and final terms will be set on the strike date; this document is preliminary and subject to completion.

UBS AG is offering $800,000 of Trigger Autocallable Yield Notes linked to the common stock of Incorporated (Qualcomm, QCOM). The Notes pay a 10.65% per annum coupon quarterly, are callable quarterly beginning after 12 months, and mature on May 31, 2030. The initial level is $233.40; the call threshold is $233.40 (100.00% of the initial level) and the downside threshold is $116.70 (50.00% of the initial level). Principal repayment at maturity is contingent: if not called and the final level is below the downside threshold, principal is reduced in proportion to the underlying return (total loss possible). Issue price per Note is $1,000.00 (total issue $800,000); the estimated initial value per Note is $960.50. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 Index and the S&P 500 Index, maturing on or about June 17, 2030. The Notes pay a contingent coupon of 9.05% per annum only if, on each observation date, the closing level of each underlying asset is equal to or greater than its coupon barrier. UBS may call the Notes in whole, monthly beginning after six months, and if UBS does not call them, repayment at maturity depends on the final levels of the underlying assets relative to the downside threshold of 65.00% of initial level. The issue price per Note is $1,000.00, the estimated initial value range is $946.00–$976.00, the underwriting discount is $15.00 per Note and proceeds to UBS per Note are $985.00. The Notes are unsecured obligations of UBS; any payment is subject to UBS credit risk.

UBS AG is offering $14,181,500 of Buffer Autocallable GEARS linked to the S&P 500® Index due May 31, 2029. The securities pay no interest, have a minimum purchase of 100 Securities at $10 each and are automatically called if the underlying closing level on the observation date (6/3/2027) is at or above the autocall barrier.

If automatically called, the call price is the $10 principal plus a 9.00% call return (call price = $10.90). If not called, positive underlying returns at maturity are multiplied by an upside gearing of 1.201. The issue shows a buffer of 10.00% (downside threshold = 6,768.32, which is 90.00% of the initial level). The estimated initial value was $9.746.

UBS AG offers $1,050,000 of Barrier Market-Linked Notes due May 28, 2027 linked to an unequally weighted basket of six currencies versus the U.S. dollar. The Notes pay no interest and return at maturity depends on the basket return, an upper barrier 8.40%, a participation rate 1.20 and a conditional return 5.00%. If a barrier event occurs (basket return > upper barrier) holders receive principal plus the conditional return; if no barrier event and the basket return is positive, holders receive principal plus Basket Return × 1.20, capped at a maximum gain 10.08% (maximum payment per Note $1,100.80). Repayment of principal at maturity is subject to UBS credit risk. Trade date is May 27, 2026, settlement May 29, 2026, final valuation date May 26, 2027. The issue price is $1,000 per Note (total offering $1,050,000) and the estimated initial value on the trade date is $983.70.

UBS AG is offering Buffer Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the Nasdaq-100 Index® due on or about June 10, 2031. The notes pay a contingent coupon of 7.70% per annum when both underlyings meet coupon barriers on monthly observation dates, are callable monthly after approximately 12 months if both underlyings meet a 100.00% call threshold, and provide principal protection at maturity only if the final levels of both underlyings are at or above their 85.00% downside thresholds, subject to a 15% buffer. Issue price per Note is $1,000.00, underwriting discount is $37.50, and proceeds to UBS are $962.50 per Note. The document warns of significant risks, limited liquidity, model-based estimated initial value between $926.60 and $956.60, and that all payments depend on UBS creditworthiness.

UBS AG priced a preliminary offering of Trigger Autocallable Notes linked to the least performing of the Russell 2000® and the S&P 500® with expected trade date June 12, 2026 and maturity June 17, 2030. Each $1,000 Note pays no interest and may be automatically called on annual observation dates if both indices meet call thresholds. A call yields a pre-specified call price (examples: $1,134.50 at first call, up to $1,538.00 at final call). If not called, repayment at maturity equals $1,000 if both final levels ≥ 70% of initial levels, otherwise payment = $1,000 × (1 + return of the least performing underlying asset), potentially resulting in substantial or total loss. Payments depend on UBS creditworthiness; estimated initial value range is $938.80–$968.80. The document emphasizes liquidity, estimated-value, tax and FINMA resolution risks.

UBS AG is offering $2,700,000 of Trigger Autocallable GEARS linked to an equally-weighted basket of 16 equities, maturing January 23, 2029. The securities are sold at $10.00 per Security with a minimum investment of 100 Securities and include an automatic call on June 3, 2027 if the underlying basket meets the autocall barrier.

The terms include a 15.18% call return rate, upside gearing of 1.20, and a downside threshold equal to 75.00% of the initial basket level. Payments, including any principal repayment, are subject to UBS creditworthiness and the contingent payoff mechanics described herein.

The issuer UBS AG is offering UBS AG Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of Zscaler, Inc.. The offering totals $500,000 with a minimum purchase of $10,000 per Note. Each Note pays a fixed contingent interest of $817.25 on qualifying observation dates and is automatically callable if Zscaler's closing price on an autocall observation date is equal to or greater than the initial price. If not called, principal repayment at maturity depends on the final price relative to the downside threshold: if the final price is below the downside threshold, UBS will deliver a share delivery amount (calculated as principal divided by the downside threshold) whose value may be materially less than principal. Key cover terms include an initial price of $126.41, an interest barrier and downside threshold of $101.13 (80.00% of initial), valuation date June 9, 2027, and maturity June 14, 2027. The estimated initial value per Note is $9,692.00, and all payments are subject to UBS credit risk.

UBS AG priced and is offering $17,273,050 of Capped GEARS linked to the S&P 500® Index due July 29, 2027. These are unsubordinated, unsecured debt obligations that pay at maturity based on the percentage change in the S&P 500 from the trade date to the final valuation date, subject to an upside gearing of 3.00 and a maximum gain of 14.90% (maximum payment $11.49 per $10 Security). The Securities do not pay interest, carry full downside exposure to the index (you can lose some or all principal if the final level is below the initial level), and any payments depend on UBS’s creditworthiness. Trade date is May 27, 2026, settlement expected May 29, 2026, final valuation date July 27, 2027 and maturity July 29, 2027. The issue price is $10.00 per Security; the estimated initial value was $9.792 per Security as of the trade date.

UBS AG offers $312,000 of Trigger Callable Contingent Yield Notes due June 1, 2029. The Notes pay a contingent coupon of 11.20% per annum only if on an observation date each underlying index (S&P 500, Russell 2000, Nasdaq-100 Technology) is at or above its coupon barrier; otherwise no coupon is paid.

If UBS calls the Notes monthly (first callable ~6 months after issue) holders receive principal plus any contingent coupon to date. If not called, principal repayment at maturity depends on whether each final level is at or above its downside threshold (60% of initial level); if the least performing underlying asset finishes below its downside threshold, investors suffer a loss equal to that asset’s percentage decline, potentially losing all principal. The estimated initial value per Note is $988.30 versus an issue price of $1,000.00.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of XLK, the Russell 2000® (RTY) and the S&P 500® (SPX), with contingent coupons and an issuer-call feature. The contingent coupon rate shown is 13.85% per annum. The notes are callable monthly beginning after ~3 months; term ~23 months. Principal repayment at maturity depends on the final level of the least performing underlying versus a 70.00% downside threshold, so holders may lose a substantial portion or all principal if the least performing underlying falls below that threshold. The issue price is listed as $1,000 per note, underwriting discount $7.00, proceeds to UBS $993.00, and the estimated initial value range is $953.70 to $983.70 as of the trade date.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500® Index, Russell 2000® Index and the Nasdaq-100® Technology Sector with an issue price of $1,000.00 per Note. The Notes pay a contingent coupon of 10.00% per annum only when each underlying asset meets its coupon barrier on an observation date and are callable monthly by UBS beginning after six months (subject to completion).

The estimated initial value range is $957.90 to $987.90 per Note as of the trade date. Payments at maturity depend on the final levels relative to 60.00% of initial levels downside thresholds; if the least performing underlying asset finishes below its downside threshold, principal may be reduced and investors could lose a significant portion or all of their investment. All payments are subject to UBS credit risk. The final terms will be set on the strike date and disclosed in the final pricing supplement.