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

UBS AG is offering Airbag Autocallable Yield Notes linked to the American depositary receipts of Alibaba Group Holding Limited with a final valuation date of May 27, 2027 and maturity on June 1, 2027. The Notes pay a coupon on each coupon payment date unless automatically called following an observation date when the underlying ADR closing level is equal to or greater than the initial level.

If not automatically called, repayment at maturity depends on the final level versus a conversion level: UBS will repay principal if the final level is at or above the conversion level; otherwise investors receive a calculated share delivery amount (or cash in lieu of fractional shares), which may be worth less than principal, producing losses. Payments are unsecured and subject to UBS credit risk. The estimated initial value on the trade date was $980.10.

UBS AG offers $750,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of United Parcel Service, Inc. The Notes have a principal amount of $10 per Note, an estimated initial value of $9.73 per Note, a contingent coupon structure and an automatic call feature.

If the underlying closing level meets the coupon barrier on an observation date, a contingent coupon is paid; if the underlying equals or exceeds the initial level on any quarterly observation (beginning after six months), the Notes will be automatically called and you receive principal plus any contingent coupon. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold of $70.00 (70.00% of the initial level); a final level below that threshold exposes holders to the underlying’s full downside, including potential loss of the entire principal. All payments are subject to UBS’s credit risk. Key dates: trade date May 27, 2026, settlement May 29, 2026, final valuation date May 25, 2028, maturity May 30, 2028.

UBS AG offers Trigger Yield Notes linked to Corning Incorporated common stock due November 30, 2026. The Notes pay a monthly coupon and provide contingent repayment of principal at maturity only if the final level of the underlying stock is equal to or above a downside threshold. If the final level is below the downside threshold, principal repayment is reduced pro rata to the underlying return, and investors can lose a significant portion or all of their investment. Payments, including principal, are subject to UBS credit risk. Trade date is May 27, 2026; settlement is May 29, 2026; final valuation date is November 25, 2026. The estimated initial value per Note on the trade date is $9.74. Minimum purchase is 100 Notes at $10 per Note.

UBS AG priced a preliminary prospectus supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of United Parcel Service, Inc. The Notes have a trade date of May 27, 2026, expected settlement on May 29, 2026, a final valuation date of May 25, 2028, and a maturity date of May 30, 2028. The Notes pay a periodic contingent coupon only if the underlying closing level meets a coupon barrier on observation dates and are subject to an automatic call on quarterly observation dates beginning after six months if the underlying meets or exceeds the initial level. Principal is repaid at maturity only if the final level is equal to or above a disclosed downside threshold; if the final level is below that threshold, repayment is reduced pro rata to the underlying return and investors could lose a substantial portion or all principal. The Notes are unsecured obligations of UBS and any payment is subject to UBS credit risk. The estimated initial value range on the trade date is between $9.36 and $9.61 per $10 Note.

UBS AG intends to offer Airbag Autocallable Yield Notes linked to the American depositary receipts of Alibaba Group Holding Limited. The trade date is May 27, 2026, settlement is May 29, 2026, final valuation date is May 27, 2027, and expected maturity is June 1, 2027.

The Notes pay a coupon on each coupon payment date unless they are automatically called. An automatic call occurs if the underlying's closing level on an observation date is equal to or greater than the initial level; in that case UBS pays principal plus the coupon and no further payments follow. If not called, principal is repaid at maturity only if the final level is at or above the conversion level; otherwise UBS will deliver a share delivery amount (shares of the underlying, with cash for fractional shares), which may be worth less than principal.

The principal amount per Note is $1,000. The preliminary estimated initial value range is $953.20 to $978.20. Payments and deliveries are subject to UBS's creditworthiness and investors may lose some or all of their initial investment.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc. with a trade date of May 27, 2026, expected settlement on May 29, 2026, a final valuation date of May 24, 2029, and maturity on May 29, 2029. The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds the coupon barrier on observation dates. The Notes will be automatically called early if the underlying closes at or above the initial level on any monthly observation date after six months; in that case UBS will pay principal plus any contingent coupon due on the related call settlement date. If the Notes reach maturity without an automatic call, principal repayment is contingent: if the final level is at or above the downside threshold, UBS will repay the principal amount; if the final level is below the downside threshold, repayment will be reduced proportionally to the underlying return, and you could lose a significant portion or all of your initial investment. The estimated initial value as of the trade date is $9.66 per $10 note, and the Notes are offered in minimum investments of 100 Notes at $10 per Note.

UBS AG is offering Trigger Yield Notes linked to the common stock of Corning Incorporated due on or about November 30, 2026. The Notes pay a coupon on each coupon payment date regardless of underlying performance. Principal repayment at maturity is contingent: if the final level of the underlying asset is equal to or above the downside threshold, UBS will pay the principal amount per Note; if the final level is below the downside threshold, the cash payment per Note at maturity will be reduced and may result in a percentage loss equal to the underlying return, including a possible complete loss of principal.

Key dates in the preliminary terms include a trade date of May 27, 2026, settlement on May 29, 2026, a final valuation date of November 25, 2026, and maturity on November 30, 2026. The document shows a hypothetical coupon example of 25.84% per annum (monthly coupon of $0.2153 per $10 Note) and an estimated initial value range of $9.46 to $9.71 per $10 Note. Any payment, including repayment of principal, depends on the creditworthiness of UBS AG.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of the underlying issuer, maturing on May 29, 2029. The Notes pay a periodic contingent coupon only if the underlying's closing level on an observation date is at or above the coupon barrier; otherwise no coupon is paid. UBS will automatically call the Notes early if the underlying's closing level on any observation date prior to the final valuation date is at or above the initial level; an automatic call triggers payment of principal plus any contingent coupon due on that call settlement date and ends the Notes. If the Notes are not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold you receive the $10 principal per Note; if below, you receive $10 x (1 + Underlying Return), which can result in a partial or total loss of principal. The Notes are unsecured obligations of UBS and repayment depends on UBS's creditworthiness. Trade date is May 27, 2026, settlement expected May 29, 2026, final valuation date May 24, 2029 and maturity May 29, 2029. The estimated initial value on the trade date is $9.70 per $10 Note. Minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc. with a term of approximately three years and a scheduled maturity on May 29, 2029. The notes pay contingent coupons only if the underlying stock meets coupon barriers on monthly observation dates, and are automatically called early if the underlying equals or exceeds the initial level on any monthly observation date beginning after six months. If not called and the final level is below the downside threshold, repayment at maturity may be less than principal; in extreme cases you could lose all of your investment. Trade date is May 27, 2026 with settlement on May 29, 2026. The notes are unsecured obligations of UBS AG and any payment is subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of the underlying company, with a scheduled maturity of May 29, 2029. The notes pay a contingent coupon on each coupon payment date only if the underlying's closing level 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's closing level on any observation date before the final valuation date is equal to or greater than the initial level; an automatic call triggers a cash payment equal to principal plus any contingent coupon due. 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 will be reduced pro rata, exposing investors to the negative return of the underlying and potential loss of the entire initial investment. All payments are subject to the creditworthiness of UBS. Trade date is May 27, 2026 with expected settlement on May 29, 2026. Estimated initial value is between $9.32 and $9.57 per $10 note, with a minimum investment of 100 notes.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation that mature on June 1, 2027. The Notes pay contingent coupons only when the underlying closing level on observation dates meets or exceeds a coupon barrier, and are subject to quarterly automatic calls beginning approximately six months after trade. If autocalled, holders receive principal plus any contingent coupon due on the call settlement date. If not autocalled, repayment at maturity is contingent: holders receive full principal only if the final level is at or above the downside threshold; if the final level is below that threshold, principal is reduced pro rata to the underlying return, potentially resulting in total loss. The Notes are unsecured obligations of UBS and repayment depends on UBS's creditworthiness. Trade date and settlement dates are May 27, 2026 and May 29, 2026, with final valuation on May 27, 2027. The minimum investment is 100 Notes ($1,000) and the estimated initial value on the trade date was $9.73 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation, with a trade date of May 27, 2026, expected settlement on May 29, 2026, a final valuation date of May 27, 2027, and an expected maturity of June 1, 2027. Each Note has a principal amount of $10 and a minimum purchase of 100 Notes ($1,000).

The Notes pay periodic contingent coupons only if the underlying closing level on observation dates meets or exceeds a coupon barrier; they are subject to quarterly automatic calls beginning after six months if the underlying equals or exceeds the initial level. If not called, principal repayment at maturity is contingent: full principal is repaid only if the final level is at or above an 80.00% downside threshold; otherwise repayment is reduced pro rata with the underlying's decline, and investors can lose a significant portion or all principal. Payments are subject to UBS credit risk. The preliminary estimated initial value range is $9.45 to $9.70 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intuit Inc. The Notes mature on May 30, 2028 and may be automatically called early if the underlying stock's closing level on an observation date is equal to or greater than the initial level. The Notes pay periodic contingent coupons only when the underlying's closing level on an observation date is equal to or greater than the coupon barrier; otherwise no coupon is paid for that period. If not called and the final level is below the downside threshold, principal repayment at maturity is reduced in proportion to the underlying return; in extreme cases you could lose all of your initial investment. The Notes are unsecured obligations of UBS and any payments are subject to UBS's creditworthiness. The estimated initial value on the trade date is $9.68 per Note and the Notes are offered in minimum increments of 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Cognizant Technology Solutions stock due May 29, 2029. The Notes pay periodic contingent coupons only if the underlying closing level meets the 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 repayment at maturity is contingent: full principal is paid if the final level is at or above the downside threshold; if below, repayment is reduced proportionally to the underlying return and investors can lose a substantial portion or all of their investment. Payments are subject to UBS credit risk. The Notes have a minimum investment of 100 Notes at $10 per Note and an estimated initial value of $9.60 as of the trade date.

UBS AG is offering Trigger Yield Notes linked to Marvell Technology, Inc. common stock due November 30, 2026. The Notes pay a coupon on each coupon payment date regardless of the underlying asset's performance. At maturity, principal is repaid only if the final level of the underlying asset is equal to or above the downside threshold; if the final level is below that threshold, repayment is reduced pro rata to the underlying return and could result in loss of a significant portion or all of principal. Payments are unsecured obligations of UBS and subject to UBS credit risk. Key terms set in this excerpt include a 28.63% per annum coupon (approximately $0.2386 per $10 Note monthly), principal amount per Note of $10, estimated initial value $9.75, trade date May 27, 2026, settlement date May 29, 2026, final valuation date November 25, 2026, and maturity date November 30, 2026. The Notes are offered in minimum denominations of 100 Notes ($1,000) and will not be listed on any exchange.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Cognizant Technology Solutions Corporation due on or about May 29, 2029. 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 if the stock closes at or above the initial level on any observation date prior to the final valuation date. At maturity, if not called, principal repayment is contingent: full principal is paid only if the final level is at or above a downside threshold; otherwise the investor absorbs the percentage decline in the underlying (potentially a total loss). Trade date is May 27, 2026 with expected settlement May 29, 2026. Minimum investment is 100 Notes at $10 per Note. The preliminary materials show an estimated initial value range of $9.26 to $9.51 per Note and include a hypothetical contingent coupon rate of 12.35% per annum for illustration. All payments are subject to UBS credit risk; the final terms will be set on the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Intuit Inc. due on or about May 30, 2028. The Notes pay contingent coupons only if observation-date closings meet a coupon barrier and may autocall early if the underlying meets the initial level.

Trade date is May 27, 2026, settlement expected May 29, 2026, final valuation date May 25, 2028. Minimum investment is 100 Notes at $10 per Note. Example terms show a hypothetical contingent coupon rate of 24.81% per annum and a downside threshold of 70% of the initial level; if final level is below that threshold, principal repayment can be reduced, potentially to a total loss.

UBS AG offers Trigger Yield Notes linked to the common stock of Marvell Technology, Inc. The preliminary pricing supplement dated May 27, 2026 sets a trade date of May 27, 2026, settlement on May 29, 2026, a final valuation date of November 25, 2026 and a maturity date of November 30, 2026. Coupons are payable monthly; the illustrative coupon rate is 25.89% per annum (approximately $0.2158 monthly on a $10 note). Principal repayment at maturity is contingent: if the final level of the underlying is at or above the disclosed downside threshold, UBS will repay $10 plus coupon; if below, repayment may be reduced in proportion to the underlying return, potentially resulting in significant loss up to the full principal. Payments depend on UBS creditworthiness. The document is preliminary and final terms, estimated initial value range, distribution details and any underwriting adjustments will be set on the trade date and by the accompanying product supplement and prospectus.

UBS AG is offering Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of Zscaler, Inc. The notes have a $10,000 principal amount per note and trade date May 27, 2026 with settlement expected June 1, 2026. Each note may pay contingent interest of at least $817.25 on applicable interest payment dates if the underlying meets the interest barrier. The notes are automatically callable if the underlying equals or exceeds the initial price on an autocall observation date. If not called, repayment at maturity on June 14, 2027 depends on the final price relative to an 80.00% downside threshold; if the final price is below that threshold, investors will receive a share delivery amount (a number of Zscaler shares) whose value may be materially less than principal. The estimated initial value range is $9,392.00 to $9,692.00. All payments are subject to UBS credit risk.

UBS AG is offering $11,303,000 of Contingent Income Auto-Callable Securities with Memory Coupon due May 25, 2029, linked to the common stock of Netflix, Inc. Each security has a stated principal amount of $1,000.00 and an initial price of $88.60. The notes pay a contingent coupon of $26.25 (equivalent to 10.50% per annum) on specified contingent payment dates only if the closing price of Netflix is at or above the downside threshold of $57.59 (65.00% of the initial price). The securities may be called early if the closing price on a determination date equals or exceeds the call threshold of $88.60. If not called and the final price is below the downside threshold, holders receive a cash value tied to the final stock price and may lose a substantial portion or all of principal. All payments are subject to the credit risk of UBS AG.

UBS AG is offering Buffer Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500. The Notes pay a 11.50% per annum contingent coupon on an observation date only if each underlying asset is at or above its coupon barrier on that observation date. UBS may call the Notes in whole (beginning after three months) on any observation date; if called, holders receive principal plus any contingent coupon otherwise due on the related call settlement date. If not called and the final level of any underlying asset is below its downside threshold, the cash payment at maturity can be less than principal: payment equals $1,000 × (1 + underlying return of the least performing underlying asset + 15.00% buffer). The trade date is May 29, 2026, settlement June 3, 2026, final valuation date November 29, 2027 and maturity December 2, 2027. The estimated initial value range is $959.00 to $989.00 per Note as of the trade date.

UBS AG offers Buffer Autocallable Contingent Yield Notes due May 30, 2031. Each Note has a $1,000 principal amount and is linked to the least performing of the Russell 2000® and the S&P 500®. The Notes pay a 7.00% per annum contingent coupon when, on an observation date, the closing level of each underlying asset is at or above its coupon barrier; they are callable monthly beginning after 12 months if both underlyings meet their call thresholds. At maturity you receive $1,000 if both final levels are at or above their downside thresholds (85% of initial level); otherwise repayment is reduced proportionally to the decline of the least performing underlying asset in excess of a 15.00% buffer. The offering aggregates $2,440,000 (2,440 Notes) at an issue price of $1,000 per Note; proceeds to UBS are $2,348,500. The estimated initial value per Note on the trade date was $957.70. These Notes are unsecured obligations of UBS and subject to its credit and restructuring risks.

UBS AG is offering $12,770,000 of Contingent Income Auto-Callable Securities tied to the common stock of Bank of America Corporation (BAC). Each $1,000 security was issued at $1,000 with an estimated initial value of $980.40. The notes mature on May 27, 2027 and pay a contingent payment of $25.625 per security (10.25% per annum) on each scheduled contingent payment date if the closing price of BAC on a determination date is at or above the downside threshold of $36.26 (70.00% of the initial price). The securities auto-call early if BAC closes at or above the call threshold of $51.80 (100.00% of the initial price) on any determination date, in which case holders receive the stated principal plus the applicable contingent payment. If the securities are not called and the final price is below the downside threshold, UBS will deliver a cash value equal to the exchange ratio times the final price and holders may lose a significant portion, or all, of their investment. Payments are unsecured obligations of UBS and are subject to UBS credit risk.

UBS AG is offering $575,000 of Capped Buffer Contingent Absolute Return Securities linked to the least performing of the Dow Jones Industrial Average and the S&P 500, maturing December 1, 2027. Each $1,000 Security provides limited upside (maximum gain 12.00%) and a 15.00% buffered downside: if the least performing underlying return is zero or negative but the final level is at or above the downside threshold (85.00% of the initial level), investors receive a contingent absolute return (capped at 15.00%); if the final level is below the downside threshold, principal is reduced by the percentage loss in excess of the 15.00% buffer. Payments (including principal) are unsecured and depend on UBS creditworthiness. Trade date was May 26, 2026 and estimated initial value per Security was $971.60; issue price per Security was $1,000.00.

UBS AG is offering $2,280,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, due June 1, 2027. The notes pay a contingent coupon of 11.60% per annum when each index meets its coupon barrier and are issuer-callable monthly beginning after three months.

Issue price is $1,000.00 per Note (estimated initial value $991.00 per Note). If UBS does not call the Notes and the final level of any underlying is below its downside threshold (70.00% of its initial level), principal repayment will be reduced by the percentage decline of the least performing underlying asset; extreme losses, including total loss, are possible. All payments are subject to UBS credit risk.

UBS AG is offering $2,870,000 in Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, maturing December 1, 2027. The Notes pay a contingent coupon of 8.65% per annum if all three underlying indexes meet coupon barriers on observation dates. UBS may call the Notes in whole on monthly observation dates beginning after three months; if not called, principal repayment at maturity is contingent on the least performing underlying asset relative to its 70.00% downside thresholds. The issue price is $1,000 per Note, estimated initial value is $970.50, and the offering totals $2,870,000. The Notes are unsecured obligations of UBS and payments depend on UBS' creditworthiness; investors may lose a significant portion or all principal.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and Dow Jones Industrial Average, due on or about May 8, 2028. The notes pay a contingent coupon only when each underlying meets its coupon barrier on observation dates and are callable monthly at UBS's discretion beginning after approximately six months. If UBS does not call the notes and the final level of any underlying is below its 70.00% downside threshold, principal repayment will be reduced proportionally to the decline of the least performing underlying, and investors could lose a significant portion or all of their investment. The preliminary estimated initial value per $1,000 note is between $958.00 and $988.00; the issue price is $1,000 with underwriting compensation up to $7.25 per note and proceeds to UBS of at least $992.75 per note. Payments and any principal repayment are subject to UBS credit risk.

UBS AG is offering $527,000 of Trigger Autocallable Contingent Yield Notes linked to CoreWeave, Inc. common stock, due June 1, 2028. The Notes pay a 32.50% per annum contingent coupon when the underlying closing level meets or exceeds the coupon barrier on monthly observation dates (callable after three months). UBS will automatically call the Notes early if the underlying closes at or above the call threshold (100.00% of the initial level). At maturity the principal is repaid only if the final level is at or above the downside threshold (50.00% of the initial level); if below, principal is reduced in proportion to the underlying return.

The issue price is $1,000 per Note (total $527,000); the estimated initial value per Note is $975.30. All payments, including contingent coupons and any principal repayment, are subject to the creditworthiness of UBS. The Notes will not be listed and may have limited secondary-market liquidity.

UBS AG is offering a preliminary series of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and shares of the State Street® Utilities Select Sector SPDR® ETF, with an expected maturity on or about June 1, 2029.

The notes are callable monthly beginning after ~3 months and pay a contingent coupon of 13.10% per annum only if each underlying meets its coupon barrier on an observation date; principal repayment at maturity depends on the least performing underlying relative to a 70.00% downside threshold. Issue price is $1,000 per note and the estimated initial value range is $953.60–$983.60 as of the trade date. These terms are preliminary and subject to a final pricing supplement and related offering documents.

UBS AG offers Buffer Autocallable Contingent Yield Notes with Memory Interest linked to the least performing of shares of the VanEck® Gold Miners ETF (GDX) and the State Street® Energy Select Sector SPDR® ETF (XLE). The offering totals $1,287,000 at an issue price of $1,000 per Note with an estimated initial value of $957.60 per Note. The Notes pay a contingent coupon at an 11.00% per annum rate when both ETFs meet monthly coupon barriers, feature quarterly call observation dates (beginning after six months), and mature on June 1, 2028. At maturity, if not called, principal is returned only if both final ETF levels are at or above their downside thresholds; otherwise principal is reduced by the underperformance of the least performing underlying asset in excess of a 20.00% buffer. All payments are subject to UBS creditworthiness and the Notes will not be listed on an exchange.

UBS AG offers preliminary pricing terms for Trigger Callable Contingent Yield Notes due on or about May 8, 2028, linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 and shares of the State Street Technology Select Sector SPDR ETF (XLK). The notes pay a contingent coupon only when each underlying meets a coupon barrier on observation dates and are callable at UBS's discretion on monthly observation dates beginning after three months. If not called and the final level of any underlying is below its downside threshold, principal repayment at maturity will be reduced pro rata to the decline of the least performing underlying. The preliminary estimated initial value range is $953.80 to $983.80 and the issue price is set at $1,000 per Note. Key features include an issuer call, potential loss of principal, exposure to three underlyings (least performing governs outcome), and credit risk of UBS.

UBS AG offers $3,515,000 aggregate principal of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the S&P 500 and the Nasdaq-100. The Notes pay a contingent coupon of 10.05% per annum if each index meets its coupon barrier on observation dates and are callable monthly by UBS beginning after ~3 months; maturity is June 1, 2027. Principal repayment at maturity depends on the final level of the least performing underlying asset relative to its 70.00% downside threshold, and holders may lose a significant portion or all principal. The estimated initial value per Note is $990.60 and the issue price is $1,000.00 per Note.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, maturing June 1, 2029. The offering aggregates $1,315,000 at an issue price of $1,000 per Note. Notes pay a contingent coupon of 9.30% per annum on each coupon date only if the closing level of each underlying asset is at or above its coupon barrier on the related observation date. UBS may call the Notes in whole on monthly observation dates beginning after six months. At maturity, if any underlying asset is below its downside threshold, repayment may be reduced pro rata to the negative return of the least performing underlying asset; in extreme cases you could lose all principal. The estimated initial value per Note on the trade date is $964.30, and all payments are subject to UBS credit risk.

UBS AG is offering $484,000 of Buffer Autocallable Notes linked to the least performing of the Dow Jones Industrial Average® and the Russell 2000® Index, with a principal amount of $1,000 per Note.

The Notes mature on May 30, 2031 (final valuation date May 27, 2031) and include quarterly observation dates beginning after 12 months, an automatic call feature with increasing call prices, a 15.00% downside buffer and a stated call return rate of 7.60% per annum. Payments and principal are subject to UBS credit risk; the estimated initial value per Note on the trade date is $954.40 and the offering proceeds total $468,270.00 to UBS.

The issuer UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of Alphabet Inc. Class C (GOOG) and Tesla, Inc. (TSLA). The offering totals $1,391,000 at an issue price $1,000 per Note with an estimated initial value $982.40. The Notes pay a contingent coupon of 21.75% per annum only if each underlying's closing level on an observation date is at or above its coupon barrier (both set at 60.00% of initial levels). UBS may call the Notes monthly beginning after about three months; if called you receive principal plus any contingent coupon due. If not called and the final level of any underlying is below its downside threshold (60.00% of initial level), principal repayment is reduced pro rata to the decline of the least performing underlying, and investors could lose a significant portion or all principal. All payments depend on UBS creditworthiness; the Notes are unsecured, unlisted, and carry issuer, market, liquidity and model-risk considerations.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector, the Russell 2000® and the S&P 500®. The offering aggregates $1,766,000 with a $1,000 principal per Note. The Notes pay a fixed contingent coupon of 8.55% per annum on any coupon payment date only if each underlying index closes at or above its coupon barrier on the applicable observation date; otherwise no coupon is paid. UBS may call the Notes in whole on monthly observation dates beginning after three months. If not called, principal is repaid at maturity May 1, 2028 only if each underlying index is at or above its downside threshold (60% of initial levels); otherwise repayment at maturity equals $1,000 times (1 + underlying return of the least performing underlying asset), which may result in substantial or total loss. Trade date is May 26, 2026, settlement May 29, 2026. The estimated initial value per Note is $967.00 and payments are subject to UBS credit risk.

UBS AG offers Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index. The Notes have a $10 principal per Note, a trade date of May 28, 2026, a final valuation date of August 28, 2029 and a maturity date of August 30, 2029.

The Notes pay a fixed contingent coupon for each observation period only if each underlying asset closes at or above its coupon barrier on every trading day during that observation period; otherwise no coupon accrues. UBS may call the Notes in whole on quarterly observation end dates; if not called, principal repayment at maturity is contingent: if any underlying asset’s final level is below its downside threshold you will suffer a loss equal to the percentage decline of the least performing underlying asset (possible total loss). All payments depend on UBS creditworthiness.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, Nasdaq-100® and S&P 500® with a trade date of May 21, 2026, a final valuation date of July 21, 2028 and a maturity date of July 26, 2028. The Notes pay a fixed contingent coupon of 11.20% per annum only if each index meets its coupon barrier on each observation date. UBS may call the Notes in whole on monthly observation dates beginning after three months. At maturity holders receive principal only if all indices are at or above 70.00% of their initial levels; otherwise repayment is reduced pro rata by the negative return of the least performing underlying asset, and full loss of principal is possible. Payments are unsecured obligations of UBS and subject to UBS credit risk. The issue price per Note is $1,000 and the estimated initial value is $992.70.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Alaska Air Group, Inc. common stock due May 29, 2029. The Notes pay a contingent coupon only when the underlying closing level on an observation date equals or exceeds the coupon barrier; otherwise no coupon is paid. The Notes are automatically called early if the underlying closing level on any interim observation date equals or exceeds the initial level; an automatic call triggers payment of the $10 principal plus any contingent coupon due on that call settlement date. If not called, repayment at maturity is contingent: if the final level is at or above the downside threshold the principal ($10) is repaid; if the final level is below the downside threshold the cash payment equals $10 x (1 + underlying return), exposing holders to the negative return of the underlying and potential loss of most or all principal. The Notes are unsecured obligations of UBS and any payments depend on UBS creditworthiness. The estimated initial value on the trade date is $9.65 per Note; minimum purchase is 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Vertiv Holdings Co stock due May 30, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and may be automatically called early if the underlying meets or exceeds the initial level on an observation date. If the Notes survive to maturity, principal is repaid 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 pro rata to the underlying return and investors could lose a significant portion or all of their principal. All payments are subject to UBS credit risk. Trade date is May 26, 2026 and expected settlement is May 28, 2026; final valuation date is May 25, 2028 and maturity is May 30, 2028.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Occidental Petroleum Corporation common stock due November 29, 2027. The Notes pay contingent coupons only if the underlying closing level on observation dates meets a coupon barrier and may be automatically called early if the underlying closes at or above the initial level on an observation date. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise principal repayment declines in line with the underlying return and you could lose a significant portion or all of your investment. The Notes have a $10 principal amount per Note, a minimum purchase of 100 Notes ($1,000), an estimated initial value of $9.77, and a stated example contingent coupon rate of 8.46% per annum (contingent coupon $0.2115 per $10 Note). Payments are subject to UBS credit risk.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to CrowdStrike common stock due May 30, 2028. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date meets or exceeds a 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 on the final level relative to a downside threshold; if the final level is below that threshold, holders suffer a loss equal to the percentage decline in the underlying and could lose all principal.

The Notes are unsecured obligations of UBS and any payments, including contingent coupons and principal, depend on UBS's creditworthiness. Trade date is May 26, 2026, settlement May 28, 2026, final valuation date May 25, 2028, and maturity May 30, 2028. The Notes are offered with a $10 principal per Note (minimum 100 Notes) and an estimated initial value of $9.73 as of the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Alaska Air Group, Inc. The notes pay periodic contingent coupons only if the underlying meets a coupon barrier on observation dates and may be automatically called prior to maturity if the underlying reaches or exceeds the initial level. If not called, principal repayment at maturity is contingent: full principal is repaid only if the final level is at or above the downside threshold; otherwise investors suffer a loss equal to the underlying return, potentially losing their entire investment. Trade date, settlement, final valuation and maturity dates are set, and the principal example is $10 per Note. Estimated initial value per Note is shown as a range determined by UBS’ internal models. All payments remain subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Vistra Corp. common stock due May 30, 2028. The Notes pay a contingent coupon only if the underlying closing level on an observation date is at or above a coupon barrier; otherwise no coupon is paid. The Notes will be automatically called early if the underlying closing level on any observation date prior to the final valuation date is equal to or greater than the initial level, in which case UBS pays principal plus any contingent coupon on the related call settlement date and no further payments are due.

If not called, repayment at maturity depends on the final level: if the final level is at or above the downside threshold you receive the $10 principal per Note; if the final level is below the downside threshold you receive $10 x (1 + underlying return), exposing you to a loss equal to the percentage decline in the underlying (and in extreme cases a total loss). All payments are subject to UBS credit risk. Trade date is May 26, 2026, settlement May 28, 2026, final valuation date May 25, 2028, maturity May 30, 2028.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co with a planned term of approximately two years and a maturity on May 30, 2028. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on specified observation dates and will be automatically called early if the underlying closes at or above the initial level on any prior observation date. If not called, principal repayment at maturity is contingent: full principal is paid only if the final level is at or above the downside threshold; if below that threshold, redemption equals $10 multiplied by (1 + underlying return), which can result in a substantial loss or a total loss of principal. Payments are subject to the creditworthiness of UBS. Trade date, settlement date, valuation and maturity dates are set in the supplement and final terms will be determined on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Occidental Petroleum Corporation, with a trade date of May 26, 2026, expected settlement May 28, 2026, final valuation date November 24, 2027 and maturity November 29, 2027. Each Note has a principal amount of $10 and a minimum purchase of 100 Notes ($1,000). The Notes pay a periodic contingent coupon only if the underlying stock closes at or above a coupon barrier on observation dates; they are automatically called if the underlying closes at or above the initial level on any observation date. At maturity, if the Notes are not called and the final level of the underlying is below the downside threshold, repayment is contingent on the underlying return and may result in a significant loss or total loss of principal. The estimated initial value range at issuance is $9.47 to $9.72 per Note. Payments on the Notes are payable only to the extent UBS meets its obligations; credit risk of UBS applies.

An offering document describes Trigger Autocallable Contingent Yield Notes issued by UBS AG linked to the common stock of GE Vernova Inc. The Notes mature on May 28, 2027 with a final valuation date of May 26, 2027. Payments depend on observation‑date levels versus a coupon barrier, an initial level (for automatic calls) and a downside threshold. The Notes pay contingent coupons only when the underlying closes at or above the coupon barrier on observation dates; they are automatically called early if the underlying closes at or above the initial level on any observation date, in which case holders 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 in proportion to the underlying return and you could lose all of your investment. The estimated initial value on the trade date is $9.79 per $10 Note. Any payments remain subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Dow Inc., maturing May 30, 2028. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and will autocall early if the underlying equals or exceeds the initial level on any observation date. If not called, principal 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 proportionally to the underlying return and you could lose all of your investment. All payments are subject to UBS credit risk.

UBS AG is offering preliminary Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc. The Notes pay contingent coupons only if the underlying’s closing level meets or exceeds a coupon barrier on observation dates and may be automatically called early if the underlying meets or exceeds the initial level. If not called, principal repayment at maturity is contingent: full principal is paid if the final level is at or above a disclosed downside threshold; if the final level is below that threshold, repayment is reduced pro rata to the underlying return, and investors could lose a significant portion or all of their investment. Trade date is May 26, 2026, expected settlement May 28, 2026, final valuation May 25, 2028 and maturity May 30, 2028. Notes are unsecured obligations of UBS and repayment depends on UBS creditworthiness. The minimum investment is 100 Notes at $10 per Note.