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

UBS AG is offering Capped Buffer GEARS linked to NVIDIA Corporation stock that mature on May 30, 2028. The securities are unsubordinated unsecured debt obligations whose repayment at maturity depends on the underlying return, an upside gearing of 2.00, a maximum gain of 60.92% and a downside buffer (illustrated as 10%). If the final level is below the downside threshold, holders absorb losses beyond the buffer and could lose almost all principal. Payments, including any contingent repayment of principal, are subject to UBS credit risk.

The securities have a $10 principal per Security, an estimated initial value of $9.53 on the trade date, a minimum investment of 100 Securities ($1,000) and a term of approximately two years. Trade date is May 26, 2026 and maturity is May 30, 2028. The offering is described in a prospectus supplement and product supplement dated February 6, 2025.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp., with final terms to be set on the trade date.

The Notes have an expected term of approximately two years: trade date May 26, 2026, final valuation date May 25, 2028, and maturity date May 30, 2028. The Notes pay periodic contingent coupons only if the underlying meets a coupon barrier on observation dates and will be automatically called early if the underlying equals or exceeds the initial level on any observation date. At maturity the principal repayment is contingent: if the final level is below the disclosed downside threshold, repayment may be reduced proportionally (potentially a total loss). The Notes are unsecured obligations of UBS AG, subject to UBS credit risk, with a minimum investment of 100 Notes ($1,000) and an estimated initial value range of $9.43 to $9.68 per $10 Note.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc. The preliminary pricing supplement dated May 26, 2026 describes approximately one‑year notes maturing on or about May 28, 2027 with an automatic call if the underlying equals or exceeds the initial level on an observation date.

The notes pay periodic contingent coupons only when the underlying closes at or above a coupon barrier on observation dates; principal repayment at maturity is contingent on the final level relative to a downside threshold and is subject to UBS credit risk. The trade date is May 26, 2026 and settlement is expected May 28, 2026. The notes are offered in minimum increments of 100 notes at $10 per note; the estimated initial value range is $9.48 to $9.73.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation stock due May 28, 2027. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and may be automatically called quarterly after 12 months if the underlying closes at or above the initial level. If not called, principal repayment at maturity is contingent: if the final level is at or above a downside threshold you receive the $10 principal; if below that threshold you suffer a loss equal to the percentage decline in the underlying (potentially a total loss). The Notes are unsecured obligations of UBS and any payments depend on UBS's creditworthiness. Trade date is May 26, 2026, settlement May 28, 2026, final valuation date May 26, 2027, and maturity May 28, 2027. The estimated initial value is $9.69 per Note and minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Constellation Energy Corporation with final valuation on May 26, 2027 and maturity on May 28, 2027. The Notes pay a contingent coupon only when the underlying's closing level on an observation date meets or exceeds a coupon barrier; otherwise no coupon is paid. The Notes will be automatically called early if the underlying's closing level on any observation date prior to the final valuation date is equal to or greater than the initial level, in which case holders receive principal plus any contingent coupon then due. If not called and the final level is below the downside threshold, holders suffer a loss in principal equal to the underlying return and could lose all principal. The offering minimum is 100 Notes at $10 per Note and the estimated initial value as of the trade date is $9.79. All payments are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. The Notes pay a contingent coupon on each coupon payment date only if the underlying closing level is at or above the coupon barrier; otherwise no coupon is paid.

The Notes may be automatically called early if the underlying closes at or above the initial level on an observation date; otherwise, at maturity the principal repayment is contingent on the final level relative to the downside threshold, exposing investors to partial or total loss of principal. Key dates in the preliminary terms include a Trade Date of May 26, 2026, a Final Valuation Date of May 25, 2028, and a Maturity Date of May 30, 2028. The Notes are offered at a minimum investment of 100 Notes ($1,000) and have an estimated initial value range of $9.40–$9.65 per $10 Note.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Intel Corporation common stock due on or about May 29, 2029. The notes pay a contingent coupon on each coupon payment date only if the underlying closing level on the 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 six months) is at or above the initial level, in which case UBS will pay the principal plus any contingent coupon due on the related coupon payment date. If the notes are not called and the final level is at or above the downside threshold, UBS will repay principal at maturity. If the final level is below the downside threshold, repayment at maturity will be reduced pro rata to the underlying return and investors could lose a significant portion or all of their principal. The preliminary pricing supplement lists a trade date of May 26, 2026, expected settlement of May 28, 2026, final valuation date of May 24, 2029, and maturity of May 29, 2029. The offering minimum is 100 Notes at $10 per Note and the estimated initial value range on the trade date is between $9.30 and $9.55.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Moody's Corporation common stock due May 30, 2028. The Notes pay contingent quarterly coupons only if the underlying closes at or above a coupon barrier on observation dates and are subject to automatic early redemption if the underlying closes at or above the initial level on any quarterly observation date beginning after 12 months. At maturity, if not called, principal repayment is contingent: full principal is returned only if the final level is at or above the downside threshold; otherwise principal is reduced in proportion to the underlying return, potentially resulting in a total loss. Payments, including principal, are unsecured obligations of UBS and depend on UBS creditworthiness. The Notes are offered in minimum denominations of 100 Notes at $10 per Note with an estimated initial value of $9.80, and dates are subject to postponement in the event of a market disruption event.

UBS AG is offering Capped Buffer GEARS linked to the common stock of NVIDIA Corporation. The preliminary pricing supplement dated May 26, 2026 sets a trade date of May 26, 2026, settlement on May 28, 2026, a final valuation date of May 25, 2028 and a maturity date of May 30, 2028.

Each Security has a $10 principal amount, a minimum purchase of 100 Securities ($1,000), an estimated initial value between $9.33 and $9.58, 2.00× upside gearing and a 57.62% maximum gain in the illustrative terms. Payments at maturity depend on the underlying return, a downside threshold and a buffer; if the final level is below the downside threshold you may lose some or almost all of your investment. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc., maturing on November 29, 2027. The notes pay contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and may be automatically called quarterly beginning after six months.

If not called, principal repayment at maturity is contingent: investors receive the $10 principal only if the final level is at or above the downside threshold; if below, repayment falls proportionally to the underlying return and investors could lose a significant portion or all of their investment. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with a term of approximately one year and key dates set on May 26, 2026 (trade), May 28, 2026 (settlement), final valuation on May 26, 2027 and maturity about May 28, 2027. Each Note has a principal amount of $10 and a minimum investment of 100 Notes ($1,000).

The Notes pay a contingent coupon only when the underlying closing level on an observation date meets or exceeds a coupon barrier. The Notes are automatically called early if the underlying closes at or above the initial level on any quarterly observation date beginning after 12 months. If not called, repayment at maturity depends on the final level versus a downside threshold: if below that threshold you may receive less than principal, potentially losing a substantial portion or all of your investment. The estimated initial value range on the trade date is between $9.43 and $9.68. All payments are subject to UBS credit risk.

UBS AG published a preliminary pricing supplement for $• Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation, subject to completion and final Offering Documents.

The Notes have a trade date of May 26, 2026, expected settlement on May 28, 2026, final valuation date on May 26, 2027 and maturity on May 28, 2027. Minimum investment is 100 Notes at $10 per Note and the estimated initial value range is $9.47 to $9.72 per Note. The structure pays periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates, features an automatic call if the underlying closes at or above the initial level on an observation date, and offers contingent principal repayment at maturity subject to a downside threshold. Investors may lose a significant portion or all of their investment; payments are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to DexCom, Inc. stock due May 29, 2029. The Notes pay a contingent coupon only if the underlying closing level on an observation date meets or exceeds the coupon barrier; they auto‑call quarterly (beginning ~6 months after issue) 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 repayment at maturity is reduced proportionally to the decline in the underlying, and full loss of principal is possible. Payments, including principal, are subject to UBS credit risk. The offering shows an aggregate indicative size of $739,800, a minimum investment of 100 Notes ($1,000), and an estimated initial value per Note of $9.75. Key example terms include a sample contingent coupon rate of 13.69% per annum, coupon per period $0.3423, downside and coupon barrier of $60.00 (60% of initial level), trade date May 26, 2026, settlement May 28, 2026, final valuation date May 24, 2029, and maturity May 29, 2029.

UBS AG is offering $3,785,000 principal amount of Trigger Autocallable Contingent Yield Notes linked to the common stock of General Electric Company, maturing on May 29, 2029. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on specified observation dates and are automatically called if the underlying closes at or above the initial level on any quarterly observation (beginning after six months). If not called and the final level is below the downside threshold, principal repayment at maturity is reduced pro rata to the underlying return; in extreme cases investors could lose their entire investment. Trade and settlement are expected on May 26, 2026 and May 28, 2026. Minimum purchase is 100 Notes at $10 per Note; the estimated initial value as of the trade date is $9.76. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Moody's Corporation with expected trade date May 26, 2026, expected settlement May 28, 2026, final valuation date May 25, 2028 and maturity May 30, 2028. The Notes pay a periodic contingent coupon only if the underlying's closing level on an observation date meets or exceeds the coupon barrier. The Notes will automatically call early if the underlying meets or exceeds the initial level on any quarterly observation date beginning after 12 months. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold and could result in a loss up to the full principal; payments are subject to UBS credit risk. The minimum investment is 100 Notes at $10 per Note and the estimated initial value range is $9.44 to $9.69 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc. The notes pay contingent quarterly coupons only if the underlying meets a coupon barrier on observation dates and may be automatically called if the underlying meets the initial level on any 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 the downside threshold; otherwise repayment will be reduced pro rata to the underlying return, potentially resulting in substantial loss. Trade date is May 26, 2026, settlement May 28, 2026, final valuation date November 24, 2027 and maturity November 29, 2027. The offering minimum is 100 Notes at $10 per Note; the issuer’s estimated initial value range is $9.41–$9.66 per Note. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Baidu, Inc. American depositary receipts (ADRs). The Notes have an approximate one‑year term with trade date May 26, 2026, settlement May 28, 2026, final valuation date May 26, 2027 and maturity May 28, 2027.

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 will be 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, principal repayment at maturity is contingent: if the final level is at or above the downside threshold the principal is paid in cash; if below the downside threshold repayment is reduced in proportion to the underlying return, potentially causing substantial loss or total loss of principal. The minimum investment is 100 Notes ($1,000) and the estimated initial value on the trade date is $9.80. All payments remain subject to the creditworthiness of UBS AG.

UBS AG priced a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc. The Notes have a $10 principal amount per Note, trade date May 26, 2026, expected settlement May 28, 2026, final valuation date May 24, 2029 and maturity May 29, 2029.

The Notes pay periodic contingent coupons only if the underlying closing level on an observation date meets or exceeds a coupon barrier; they are autocallable quarterly (beginning ~6 months) if the underlying closes at or above the initial level. If not autocalled and the final level is below the downside threshold, principal repayment is reduced pro rata to the underlying return and you could lose a significant portion or all of your investment. Estimated initial value as of the trade date is shown as between $9.37 and $9.62 per Note. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of General Electric Company due on or about May 29, 2029. The Notes pay contingent coupons only when the underlying closing level on observation dates equals or exceeds a coupon barrier and are subject to an automatic call if the underlying closes at or above the initial level on any quarterly observation date beginning after six months. 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 the cash payment per Note will be reduced and could result in the loss of a significant portion or all of your investment. The Notes have a principal amount of $10 per Note, a hypothetical contingent coupon rate of 10.39% per annum (contingent coupon $0.2598 per $10 Note), an example downside threshold and coupon barrier of $65.00 (65.00% of the initial level), an estimated initial value range of $9.38 to $9.63, and key dates including trade date May 26, 2026, settlement date May 28, 2026, final valuation date May 24, 2029 and maturity May 29, 2029. Minimum purchase is 100 Notes (representing $1,000). Any payments, including repayment of principal, are subject to UBS's creditworthiness.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Baidu, Inc. The Notes mature on May 28, 2027 with a trade date of May 26, 2026 and settlement on May 28, 2026. The Notes pay periodic contingent coupons only if the underlying ADR closing level meets or exceeds a coupon barrier on observation dates and are automatically callable if the underlying closes at or above the initial level on any observation date prior to the final valuation date. At maturity, if not called, principal is repaid in full only if the final level is at or above a downside threshold; if the final level is below that threshold, principal is reduced proportionally to the underlying return, which can result in significant loss, including total loss. Minimum investment is 100 Notes at $10 per Note. The estimated initial value range on the trade date is between $9.47 and $9.72. Any payment on the Notes depends on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of MGM Resorts International maturing May 29, 2029. The Notes pay a contingent coupon only if the underlying closes at or above 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 and the final level is below the downside threshold, principal repayment at maturity is contingent and may be reduced pro rata to the underlying return, potentially causing a significant loss or total loss of principal. Trade date is May 26, 2026 with expected settlement May 28, 2026. Minimum purchase is 100 Notes at $10 per Note; the estimated initial value on the trade date was $9.68. Payments remain subject to UBS creditworthiness and observation-date and market-disruption provisions.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Pinduoduo Inc. ADRs due May 28, 2027. Each Note has a $10 principal and may pay contingent coupons only if observed closing levels meet the coupon barrier; early automatic calls occur if the underlying meets or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the downside threshold; otherwise repayment is reduced pro rata to the underlying return, potentially resulting in a total loss. Trade and settlement dates are May 26, 2026 and May 28, 2026. The estimated initial value was $9.75 per Note. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk. The offering minimum is 100 Notes (representing a $1,000 minimum investment).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of MGM Resorts International, with final terms to be set on the trade date and the pricing supplement marked Preliminary and Subject to Completion. The Notes pay contingent coupons only if observation-date closing levels meet the coupon barrier, feature an automatic call if the underlying closes at or above the initial level on an observation date, and repay principal at maturity only if the final level is at or above the downside threshold; otherwise principal repayment at maturity declines in direct proportion to the underlying return. Trade and settlement are expected on May 26, 2026 and May 28, 2026, respectively, with a final valuation date of May 24, 2029 and maturity on May 29, 2029. The offering has a minimum investment of 100 Notes ($1,000), an estimated initial value range of $9.33 to $9.58 per $10 Note (UBS internal models), and material credit risk tied to UBS; purchasers may lose a significant portion or all of their investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to American depositary receipts of Pinduoduo Inc. The Notes pay a periodic contingent coupon only if the underlying ADR meets a coupon barrier on observation dates and may be automatically called early if the ADR meets or exceeds the initial level. At maturity, principal is repaid in full only if the final ADR level is at or above the disclosed downside threshold; otherwise repayment is reduced pro rata to the ADR decline. Trade date and final terms are set on the trade date; settlement is expected two business days later. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk. The preliminary pricing supplement shows a principal amount of $10 per Note, an estimated initial value between $9.43 and $9.68, and illustrative contingent coupon metrics in examples.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Occidental Petroleum Corporation common stock due November 29, 2027. The Notes pay a contingent coupon on each coupon payment date only if the underlying closing level on the related observation date is at or above the coupon barrier. The Notes are automatically called early if the underlying closing level on any observation date prior to the final valuation date is at or above the initial level, in which case UBS pays principal plus any contingent coupon on the call settlement date and the Notes terminate. If not called, repayment at maturity is contingent: if the final level is at or above the downside threshold, UBS returns principal; if the final level is below that threshold, the cash payment may be reduced in proportion to the underlying return, and investors could lose a significant portion or all of their investment. All payments are subject to UBS credit risk. Key dates include trade date May 26, 2026, settlement May 28, 2026, final valuation date November 24, 2027, and maturity November 29, 2027. The estimated initial value as of the trade date is $9.77 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Occidental Petroleum Corporation, with final terms set on the trade date. The trade date is May 26, 2026, settlement May 28, 2026, final valuation date November 24, 2027 and maturity November 29, 2027. The Notes pay periodic contingent coupons only when the underlying closes at or above a coupon barrier and are autocallable if the underlying closes at or above the initial level on an 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 disclosed downside threshold; otherwise repayment declines in line with the underlying return and investors could lose their entire principal. The preliminary pricing shows a minimum investment of 100 Notes ($1,000) and an estimated initial value range of $9.47–$9.72 per Note. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Palantir Technologies Inc. common stock due May 30, 2028. The $3,400,000 offering pays contingent coupons only if observation-date closing levels meet or exceed the coupon barrier and may be automatically called early if the underlying equals or exceeds the initial level on an observation 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 the final level is below that threshold, repayment is reduced pro rata to the underlying return and could result in substantial loss, including total loss. Payments, including principal, are subject to UBS credit risk. Trade date is May 26, 2026, settlement May 28, 2026, final valuation date May 25, 2028, and maturity May 30, 2028. The estimated initial value per $10 Note was $9.81.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Blackstone Inc. common stock due May 29, 2029. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date meets or exceeds a coupon barrier; otherwise no coupon is paid. The Notes are automatically called early if the underlying closing level on any quarterly observation date (beginning ~6 months after issuance) is equal to or greater than the initial level; in that case holders receive the principal plus any contingent coupon due on the related coupon payment date and no further payments. 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, holders suffer a loss equal to the percentage decline in the underlying and could lose their entire investment. The Notes are unsecured obligations of UBS and any payment is subject to UBS credit risk. The Notes are offered in $10 increments with an estimated initial value of $9.65 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intel Corporation common stock due May 30, 2028. The Notes pay periodic contingent coupons only if the underlying closes at or above the 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. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise principal repayment is reduced in line with the underlying return and investors can lose a substantial portion or all of their initial investment. All payments, including principal, are subject to UBS credit risk. Trade date is May 26, 2026, settlement May 28, 2026, final valuation date May 25, 2028, and maturity May 30, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. Each Note has a principal amount of $10 with an expected maturity on May 29, 2029. The Notes pay a contingent coupon only if the underlying closing level on an observation date is at or above the coupon barrier; otherwise no coupon is paid.

The Notes may be automatically called on quarterly observation dates (beginning ~6 months after the trade date) if the underlying closes at or above the initial level, in which case UBS pays principal plus any contingent coupon on the call settlement date. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold you would suffer a loss equal to the underlying return and could lose all of your investment. The estimated initial value range at trade date is $9.29 to $9.54 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. The preliminary pricing supplement dated May 26, 2026 sets a trade date of May 26, 2026, a settlement date of May 28, 2026, a final valuation date of May 25, 2028, and a maturity date of May 30, 2028.

The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds the coupon barrier on observation dates and include an automatic call if the underlying equals or exceeds the initial level on any observation date prior to maturity. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the stated downside threshold; otherwise repayment falls in proportion to the underlying return and could result in loss of most or all principal. The estimated initial value range is $9.42 to $9.67 per $10 Note and minimum purchase is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intel Corporation stock, with final terms set on the trade date and contingent payments tied to observation‑date stock levels. Trade date is May 26, 2026, settlement May 28, 2026, final valuation date May 25, 2028, and maturity May 30, 2028.

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 closes at or above the initial level on any prior observation date. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; investors may lose a significant portion or all principal. Payments depend on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc. due May 29, 2029. The Notes have a $10 principal amount per Note and a minimum purchase of 100 Notes (a $1,000 minimum investment). The estimated initial value per Note on the trade date is $9.68. The Notes pay a periodic contingent coupon only if the underlying closing level meets or exceeds the coupon barrier on an observation date; they are automatically called early if the underlying closes at or above the initial level on any quarterly observation date beginning after six months. At maturity, if not called, full principal is repaid only if the final level is at or above the downside threshold ($70.00, equal to 70.00% of the initial level); if the final level is below that threshold you can suffer a loss equal to the underlying return and could lose all principal. The contingent coupon example shown is 21.31% per annum, equal to $0.5328 per Note per period; payments and principal remain subject to UBS's creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc. 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 closes at or above the initial level on any quarterly observation (beginning after six months). If not called, principal repayment at maturity depends on the final level versus a downside threshold; if the final level is below that threshold, the cash payment per Note may be less than the $10 principal and could result in losing a significant portion or all of your investment. Key dates: Trade Date May 26, 2026; Settlement May 28, 2026; Final Valuation Date May 24, 2029; Maturity Date May 29, 2029. The estimated initial value range is $9.32 to $9.57 per Note and the illustrative contingent coupon rate is 19.41% per annum. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Spotify Technology S.A. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date meets or exceeds the coupon barrier and are subject to an automatic call on quarterly observation dates beginning ~6 months after issuance. At maturity, if not called, principal is repaid only if the final level is equal to or above the disclosed downside threshold; otherwise repayment declines in direct proportion to the underlying return, with potential for complete loss of principal. Trade date is May 26, 2026, expected settlement May 28, 2026, final valuation May 24, 2029 and maturity May 29, 2029. The Notes have a $10 principal per note, a minimum investment of 100 Notes, an estimated initial value of $9.73 and are unsecured obligations of UBS subject to its credit risk.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Spotify Technology S.A. The Notes have a trade date of May 26, 2026, expected settlement on May 28, 2026, a final valuation date of May 24, 2029 and a maturity date of May 29, 2029. The Notes pay periodic contingent coupons only if the underlying stock closes at or above the coupon barrier on observation dates and will autocall early if the underlying closes at or above the initial level on any quarterly observation date after six months. If not called, principal repayment at maturity is contingent: full principal if the final level is at or above the downside threshold, or a reduced cash payment equal to $10 x (1 + Underlying Return) if the final level is below the downside threshold, possibly resulting in a full loss of principal. Payments are subject to the creditworthiness of UBS. The estimated initial value range is $9.35 to $9.60 per Note; minimum purchase is 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to General Motors Company stock maturing May 29, 2029. The Notes pay periodic contingent coupons only if the underlying stock meets the coupon barrier on observation dates and are automatically called if the stock reaches the initial level on any prior observation date. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the downside threshold; otherwise principal is reduced in proportion to the underlying return, potentially resulting in total loss. All payments are subject to UBS creditworthiness. The Notes trade with a minimum investment of 100 Notes and had an estimated initial value of $9.65 per Note on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of General Motors Company, with final terms set on the trade date of May 26, 2026 and an expected maturity on May 29, 2029. The Notes pay contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and will be automatically called early if the underlying equals or exceeds the initial level on any observation date prior to the final valuation date. The preliminary terms show a minimum purchase of 100 Notes ($1,000), an estimated initial value range of $9.35–$9.60 per Note, an illustrative contingent coupon rate of 8.66% per annum, and a downside threshold at 60% of the initial level. If not called and the final level is below the downside threshold, principal is contingent at maturity and investors can lose a significant portion or all principal; an illustrative adverse outcome shows a maturity payout of $3.60 per $10 Note.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Lam Research common stock due May 30, 2028. The Notes pay periodic contingent coupons only if the underlying closing level is at or above a coupon barrier on observation dates and can be automatically called early if the underlying is at or above the initial level on any observation date prior to maturity. If not called and the final level is below the downside threshold, principal repayment at maturity is contingent and may result in a loss equal to the underlying return; in extreme cases you could lose all of your investment. The Notes have a $10 principal amount per Note with an estimated initial value of $9.79 as of the trade date and trade with settlement expected on May 28, 2026.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of AMUB with final valuation on May 24, 2029 and maturity on May 29, 2029. The Notes pay a contingent coupon on scheduled coupon dates only if the underlying's closing level on the observation date is equal to or above the coupon barrier. The Notes will be automatically called early if an observation-date closing level is equal to or above the initial level, in which case holders receive principal plus any contingent coupon then due. If not called, repayment at maturity depends on the final level relative to the downside threshold: if the final level is below that threshold, holders receive an amount that reflects the underlying return and may lose a substantial portion or all of principal. Payments, including any principal repayment, are subject to UBS's creditworthiness. The Notes are offered in minimum increments of 100 Notes at $10 per Note; the estimated initial value as of the trade date is $9.64.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation due May 28, 2027. The Notes pay a contingent coupon on scheduled coupon dates only if the closing level of the underlying meets or exceeds the coupon barrier on an observation date; 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, in which case holders receive principal plus any contingent coupon due on the call settlement date. If the Notes are not called and the final level is at or above the downside threshold, UBS will repay the principal at maturity. If the final level is below the downside threshold, holders will receive a cash amount equal to $10 multiplied by (1 + underlying return), exposing investors to a percentage loss equal to the underlying return and, in extreme cases, a total loss of principal. The Notes are unsecured obligations of UBS and any payments, including principal, are subject to UBS's creditworthiness. Trade and settlement are shown as May 26, 2026 and May 28, 2026, with final valuation and maturity dates around May 26, 2027 and May 28, 2027. The estimated initial value on the trade date is $9.76. Investors should review the product supplement and prospectus for full Key Risks and suitability considerations.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of "Incorporated" due on or about May 29, 2029. The notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on observation dates and are automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date.

Key dates: trade date May 26, 2026, settlement date May 28, 2026, final valuation date May 24, 2029. Minimum investment is 100 Notes at $10 per Note ($1,000). UBS estimates the initial value per Note between $9.32 and $9.57 as of the trade date. If not called, principal repayment at maturity is contingent on the final level relative to the downside threshold; if the final level is below the downside threshold, investors suffer a loss equal to the underlying return and could lose all principal. All payments are subject to UBS's credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation with expected Trade Date May 26, 2026, Final Valuation Date May 25, 2028 and Maturity Date May 30, 2028. The Notes pay a periodic contingent coupon only if the underlying closing level on an observation date is at or above the coupon barrier; otherwise no coupon is paid. The Notes will be automatically called early if the underlying closing level on an observation date prior to maturity is at or above the initial level, in which case holders receive principal plus any contingent coupon on the call settlement date. At maturity, if not called and the final level is below the downside threshold, principal repayment is contingent and may be reduced pro rata with the underlying return, including the possibility of total loss of principal.

The Notes are unsecured obligations of UBS and any payment is subject to UBS credit risk. The preliminary pricing supplement shows a principal amount of $10 per Note, an estimated initial value range of $9.43 to $9.68 per Note, a sample contingent coupon rate of 20.70% per annum (contingent coupon $0.5175 per $10 Note), and a downside threshold and coupon barrier illustrated at $50.00 (50.00% of the initial level) in the examples.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation with expected trade date May 26, 2026, settlement May 28, 2026, final valuation date May 26, 2027 and maturity about May 28, 2027. The Notes pay periodic contingent coupons only if the underlying closes at or above the coupon barrier on observation dates and are subject to automatic early call if the underlying closes at or above the initial level on any observation date.

If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the downside threshold; otherwise repayment falls proportionally with the underlying return and investors can lose a substantial portion or all principal. Payments depend on UBS creditworthiness. The estimated initial value range is between $9.48 and $9.73 per Note; denomination is $10 per Note (minimum 100 Notes).

UBS AG offers 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® Energy Select Sector SPDR® ETF. The offering aggregates $1,242,000 at an issue price of $1,000 per Note with an estimated initial value of $981.70. Each Note pays a contingent coupon at 13.25% per annum only if every underlying asset is at or above its coupon barrier on an observation date. UBS may call the Notes monthly beginning after six months; if not called, principal repayment at maturity depends on the least performing underlying asset versus its downside thresholds (60% of initial levels), exposing holders to potential partial or total principal loss. Trade date: May 22, 2026; final valuation date: May 22, 2029; maturity: May 25, 2029. Payments are unsecured obligations of UBS and depend on UBS creditworthiness.

UBS AG offers $3,946,000 aggregate principal of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, due April 27, 2028. The Notes pay a contingent coupon of 12.00% per annum only if each index meets its coupon barrier on an observation date. UBS may call the Notes in whole on any monthly observation date beginning about three months after issuance; if not called, principal repayment at maturity is contingent on the least performing index remaining at or above its 70.00% downside threshold. Issue price is $1,000 per Note (estimated initial value $991.10), and all payments are subject to UBS credit risk and the calculation agent’s determinations.

UBS AG is offering $5,201,000 of Trigger Callable Contingent Yield Notes due May 25, 2029 linked to the least performing of three ETFs: State Street Energy (XLE), Technology (XLK) and Utilities (XLU). The Notes have a $1,000 principal per Note, a stated contingent coupon rate of 13.20% per annum payable only if on each observation date every underlying ETF is at or above its coupon barrier, and monthly observation dates beginning June 22, 2026. UBS may call the Notes in whole on any observation date beginning after six months; if called you receive principal plus any contingent coupon due on the call settlement date. If not called and the final level of any underlying ETF is below its downside threshold (70.00% of the initial level), the maturity payment is reduced pro rata to the percentage decline of the least performing underlying asset, and you could lose a significant portion or all of your investment. The estimated initial value on the trade date was $985.80, below the issue price. All payments are subject to UBS credit risk.

UBS AG offers $8,610,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The Notes pay a contingent quarterly coupon of 8.00% per annum (paid as $0.20 per $10 Note) only when both indices meet coupon barriers on observation dates, are callable quarterly beginning after six months, and mature on May 28, 2031. If not called and the final level of the least performing index is below its 70.00% downside threshold, principal repayment will be reduced pro rata to that index’s negative return; in extreme cases you could lose the entire principal. The estimated initial value per Note is $9.556 and the issue price is $10.00 per Note.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of ServiceNow, Inc. The notes have a $1,000 principal per note, an expected term of approximately 12 months, monthly observation dates (callable after three months) and key thresholds expressed as percentages of the initial level.

The notes pay a contingent coupon only if the underlying closes at or above the coupon barrier on an observation date, are subject to automatic early call if the underlying closes at or above the call threshold, and expose holders to downside market risk at maturity if the final level is below the downside threshold; credit exposure is to UBS.