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

UBS AG offers $1,726,000 of Trigger Autocallable Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, maturing May 28, 2031. The Notes pay a predetermined call return if all three indices meet their call threshold on an observation date; otherwise repayment at maturity is contingent on the least performing underlying asset and could result in a loss of principal.

The Notes have a principal amount of $1,000 per Note, semiannual observation dates beginning after 12 months, a call return rate of 10.40% per annum, an estimated initial value of $954.30 and are unsecured obligations subject to UBS credit risk.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing May 28, 2031. The Notes pay a contingent coupon of 10.15% per annum ($8.4583 per $1,000 Note) when both indices are at or above coupon barriers on an observation date. UBS may call the Notes in whole on monthly observation dates beginning after three months. At maturity, if all final index levels are at or above their downside thresholds, principal is repaid; if any final level is below its downside threshold, repayment is reduced proportionally to the negative return of the least performing underlying asset, potentially resulting in substantial or total loss. Trade date is May 22, 2026, settlement May 28, 2026. The total issue to public is $505,000 at $1,000 per Note; the dealer underwriting discount is $1.50 per Note and UBS’ estimated initial value per Note is $991.70. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000®, the EURO STOXX 50® and shares of the State Street® Utilities Select Sector SPDR® ETF. The offering totals $8,730,000 at an issue price of $1,000 per Note. Each Note pays a 8.25% per annum contingent coupon when all three underlyings meet coupon barriers on an observation date; quarterly observation dates begin on August 24, 2026, and the Notes mature on May 28, 2031. If not automatically called, principal repayment at maturity is contingent: full principal is returned only if each underlying’s final level is at or above its downside threshold (65% of initial level); otherwise repayment is reduced in proportion to the percentage decline of the least performing underlying. Payments are unsecured obligations of UBS and subject to UBS credit risk. The estimated initial value per Note is $951.50.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index. The offering totals $1,187,000 at an issue price of $1,000 per Note. The Notes pay a 15.00% per annum contingent coupon only when the index level on an observation date meets or exceeds a specified coupon barrier. The Notes are callable monthly (first callable after ~3 months) if the index meets the call threshold and mature on May 28, 2031. Principal is repayable at maturity only if the final index level is equal to or above the downside threshold; otherwise holders suffer a loss equal to the index decline and could lose their entire investment. All payments are subject to UBS credit risk. The estimated initial value per Note is $957.50, below the issue price.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation due May 29, 2029. The Notes pay contingent coupons when 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 date beginning after six months. If not called, 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 pro rata to the underlying return and investors could lose a significant portion or all of their investment. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk. Trade date is May 22, 2026, settlement May 27, 2026, final valuation date May 24, 2029, and maturity May 29, 2029. Minimum investment is 100 Notes at $10 per Note; the estimated initial value on the trade date is $9.72.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation with a term of approximately three years. The notes pay a contingent coupon only if the underlying meets the coupon barrier on observation dates and feature quarterly observation-triggered automatic calls. 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 falls in proportion to the underlying return and investors can lose a significant portion or all principal. Trade date is May 22, 2026, settlement is May 27, 2026, final valuation date is May 24, 2029, and maturity is May 29, 2029. The estimated initial value per Note on the trade date is between $9.36 and $9.61. The offering has a minimum investment of 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of the underlying company, maturing May 29, 2029. The Notes pay a 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. The Notes are automatically called early if the underlying's closing level on any observation date prior to the final valuation date is at or above the initial level, in which case investors 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 you receive $10 per Note; if the final level is below the downside threshold you receive $10 x (1 + Underlying Return), exposing you to the full downside of the underlying and potentially a total loss. The Notes are unsecured obligations of UBS and all payments are subject to UBS's creditworthiness. Trade date is May 22, 2026, expected settlement May 27, 2026, final valuation date May 24, 2029, and maturity date May 29, 2029. The minimum investment is 100 Notes at $10 per Note; the estimated initial value as of the trade date is $9.68.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to DocuSign, Inc. 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 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 and the final level is below the downside threshold, principal repayment at maturity will be reduced pro rata to the percentage decline in the underlying; in extreme cases you could lose all of your initial investment. Payments, including principal, are subject to UBS credit risk. Trade date is May 22, 2026 with settlement on May 27, 2026 and final valuation date on May 25, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., due May 29, 2029. The Notes pay contingent coupons only if the underlying closes at or above the coupon barrier on an observation date and may be automatically called quarterly after six months if the underlying reaches the initial level. At maturity, principal is repaid only if the final level is at or above the downside threshold; if below, repayment is reduced pro rata to the underlying return and you could lose a significant portion or all of your investment. The Notes have a principal amount of $10 per Note, a minimum purchase of 100 Notes ($1,000), an estimated initial value of $9.70, and are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to AMUB 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 underlying reaches or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold you receive the $10 principal amount; if it is below that threshold you receive $10 multiplied by (1 + underlying return), which can result in a substantial loss or total loss of principal. Payments depend on UBS creditworthiness. Trade date is May 22, 2026, expected settlement May 27, 2026, final valuation date May 24, 2029, and maturity May 29, 2029. The document is a preliminary pricing supplement and final terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. stock. The notes pay periodic contingent coupons only if the underlying stock meets a coupon barrier on observation dates and may be automatically called early if the stock meets or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold you can suffer a loss equal to the underlying return, potentially losing your entire investment. Key dates include trade date May 22, 2026, final valuation date May 25, 2028, and maturity date May 30, 2028. The notes have a minimum purchase of 100 Notes at $10 per Note and an estimated initial value of $9.80 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to DocuSign, Inc. common stock due on or about May 30, 2028. The Notes pay periodic contingent coupons only when the underlying closing level is 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.

Trade date is May 22, 2026 with expected settlement May 27, 2026. Minimum investment is 100 Notes at $10 per Note. The preliminary estimated initial value range is $9.38 to $9.63 per Note. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold (65% of the initial level); otherwise repayment is reduced pro rata to the underlying return and could result in total loss. All payments 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 a contingent coupon only if the underlying meets a coupon barrier on observation dates and are automatically called if the underlying meets or exceeds the initial level on a quarterly observation. The Notes mature on May 29, 2029 with a final valuation date of May 24, 2029. Principal is $10 per Note and minimum investment is 100 Notes ($1,000). If not called and the final level is below the downside threshold, repayment at maturity will be reduced proportionally to the underlying return; in extreme cases you could lose your entire investment. Any payments depend on UBS’s creditworthiness.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Dell Technologies Inc. The Notes pay periodic contingent coupons only if the underlying stock meets coupon barriers on observation dates and may be automatically called early if the stock reaches or exceeds the initial level on an observation date. If not called and the final level is below the stated downside threshold, principal repayment at maturity is contingent and may be reduced pro rata (loss equal to the underlying return), potentially to zero. Trade date is May 22, 2026, settlement May 27, 2026, final valuation date May 25, 2028, and maturity May 30, 2028. Notes are unsecured obligations of UBS AG and any payments depend on UBS creditworthiness. The minimum purchase is 100 Notes ($1,000) and the estimated initial value range is $9.42–$9.67 per Note.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation stock due May 29, 2029. The Notes pay contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and are automatically called if the underlying closes at or above the initial level on any observation date prior to maturity. If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise repayment declines in direct proportion to the underlying return and investors can lose a substantial portion or all principal. Payments are subject to UBS credit risk and the Notes are not FDIC insured.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of the referenced issuer, with a $10 principal per Note and final maturity on May 29, 2029. The Notes pay periodic contingent coupons only if the underlying closing level meets the coupon barrier on observation dates and may be automatically called quarterly after ~6 months if the underlying closes at or above the initial level. 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 is reduced pro rata to the underlying return, potentially causing a significant or total loss. The estimated initial value on the trade date is $9.61. 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 maturing on May 29, 2029. The Notes pay periodic contingent coupons only if the underlying meets a coupon barrier on observation dates 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 only if the final level is at or above the downside threshold; otherwise repayment falls proportionally with the underlying return and could result in substantial or total loss. Trade date is May 22, 2026 with settlement on May 27, 2026. The Notes are unsecured obligations of UBS and payments depend on UBS creditworthiness. The offering is preliminary and final terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of the referenced underlying asset with an expected term to maturity of approximately three years.

The Notes pay a contingent coupon only when the underlying's closing level meets or exceeds the coupon barrier on observation dates, include a quarterly automatic call beginning about six months after trade date if the underlying meets or exceeds the initial level, and provide contingent principal protection at maturity only if the final level is at or above the downside threshold; otherwise principal at maturity may be reduced proportionally to the underlying return. All payments are subject to UBS's creditworthiness. Trade date is May 22, 2026 and maturity is May 29, 2029.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. stock maturing May 29, 2029. The Notes pay a contingent coupon on coupon payment dates only if the underlying closing level on an observation date meets or exceeds the coupon barrier. UBS will automatically call the Notes 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 that case you receive principal plus any contingent coupon and no further payments will be made.

If the Notes are not called and the final level is below the downside threshold, the maturity payment equals $10 × (1 + Underlying Return), exposing you to the negative return of the underlying and possible loss of a significant portion or all of your investment. All payments, including any principal repayment, are subject to the creditworthiness of UBS. The Notes have an estimated initial value of $9.70 as of the trade date and are offered in minimum increments of 100 Notes.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Alphabet Inc. Class C stock due May 29, 2029. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date is at or above the coupon barrier. They are automatically called if the underlying closes at or above the initial level on any quarterly observation date beginning after six months, in which case holders receive principal plus any contingent coupon payable on that call settlement date. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise principal is reduced pro rata to the underlying return, potentially causing a substantial or total loss of principal. The Notes are unsubordinated, unsecured obligations of UBS and any payment is subject to UBS credit risk. Trade date is May 22, 2026, expected settlement May 27, 2026; final valuation date is May 24, 2029 and maturity is May 29, 2029.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. stock due on or about May 29, 2029. The Notes pay a contingent coupon only if the underlying stock closes at or above a coupon barrier on observation dates and may be automatically called early if the underlying equals or exceeds the initial level on any observation date. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold the cash payment per Note will decline proportionally to the underlying return, possibly resulting in total loss. Trade date and settlement are May 22, 2026 and May 27, 2026. The principal amount per Note is $10 and minimum investment is 100 Notes ($1,000). Estimated initial value is stated as between $9.37 and $9.62. All payments depend on UBS's creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Alphabet Inc. Class C stock with a term of approximately three years. The preliminary pricing supplement sets the trade date as May 22, 2026, expected settlement May 27, 2026, final valuation date May 24, 2029 and maturity May 29, 2029.

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 ~6 months). Principal repayment at maturity is contingent: if the final level is below the disclosed downside threshold, repayment may be reduced and could result in total loss of principal. The Notes are unsecured obligations of UBS and subject to UBS credit risk. The estimated initial value per $10 Note is between $9.36 and $9.61, and the minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to CrowdStrike Holdings, Inc. common stock due May 30, 2028. The notes pay periodic contingent coupons only if the underlying stock closes at or above the coupon barrier on observation dates and are automatically called if the stock closes at or above the initial level on any prior observation 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 reflects the percentage decline in the underlying, 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 credit risk. The estimated initial value was $9.83 per $10 Note, and the offering shows an aggregate referenced amount of $422,000.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intel common stock due May 30, 2028. The Notes pay a contingent coupon on each coupon payment date only if the underlying closing level on the applicable observation date is at or above the coupon barrier; otherwise no coupon is paid.

If the Notes are automatically called because the underlying closes at or above the initial level on any observation date prior to the final valuation date, UBS will pay principal plus any contingent coupon on the related call settlement date and the Notes will terminate. If not called, repayment at maturity depends on the final level relative to the downside threshold: if the final level is at or above the downside threshold you receive principal; if below, you receive a reduced cash amount equal to $10 x (1 + Underlying Return), which can result in substantial loss up to the full principal. Payments are subject to UBS credit risk. Trade date is May 22, 2026, final valuation date is May 25, 2028, and maturity is May 30, 2028. The estimated initial value on the trade date was $9.74 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc. 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 closes at or above the initial level. At maturity, if the Notes are not called and the final level is below the downside threshold, the cash payment per Note will be reduced proportionally to the underlying return, potentially resulting in a substantial loss or complete loss of the principal. Trade date is May 22, 2026, settlement is May 27, 2026, final valuation date is May 25, 2028, and maturity is May 30, 2028. The Notes have a $10 principal amount per Note, an estimated initial value range of $9.46 to $9.71, and any payment is subject to UBS's creditworthiness.

UBS AG sets preliminary terms for a Trigger Autocallable Contingent Yield Note offering linked to Intel Corporation common stock maturing on or about May 30, 2028. The document describes contingent coupon mechanics, an automatic call feature, and contingent principal repayment at maturity tied to observation and final valuation dates.

The pricing supplement lists a Trade Date: May 22, 2026 and Settlement Date: May 27, 2026, with a Final Valuation Date: May 25, 2028. Notes have a $10 principal amount per Note and a minimum purchase of 100 Notes ($1,000). The estimated initial value on the trade date is shown as $9.39–$9.64. The offering warns investors of possible loss of principal if the final level of the underlying is below the downside threshold and notes payments are subject to UBS credit risk.

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 on the applicable 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 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 due on the call settlement date. 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 is reduced proportionally to the underlying return and an investor could lose a significant portion or all principal. Trade date is May 22, 2026, settlement May 27, 2026, final valuation date May 25, 2028 and maturity May 30, 2028. The offering has a minimum investment of 100 Notes ($1,000); the estimated initial value per $10 Note is $9.66. Any payment is subject to UBS credit risk.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. The Notes mature on May 30, 2028 with a final valuation date of May 25, 2028. They pay contingent coupons only if the underlying meets coupon barriers on observation dates and may be automatically called early if the underlying reaches or exceeds the initial level on an observation date. 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 repayment equals $10 x (1 + Underlying Return), which can result in substantial principal loss. The Notes are unsecured obligations of UBS, carry issuer credit risk, are offered in minimum increments of 100 Notes at $10 per Note, and have an estimated initial value range of $9.32 to $9.57.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation stock. The notes pay periodic contingent coupons only if the underlying closes at or above a specified 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 maturity. If not called, principal repayment at maturity is contingent: full principal is returned if the final level is at or above the downside threshold, otherwise principal is reduced pro rata to the underlying return and investors can lose a significant portion or all of their investment. Trade date is May 22, 2026, expected settlement May 27, 2026, final valuation date May 24, 2029, and maturity May 29, 2029. The notes have a minimum purchase of 100 notes ($1,000) and an estimated initial value of $9.75 per $10 note on the trade date.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, with expected trade date May 22, 2026, settlement May 27, 2026, final valuation date May 24, 2029, and maturity May 29, 2029. The Notes pay periodic contingent coupons only when the underlying closing level meets a coupon barrier and are automatically called if the underlying closes at or above the initial level on any observation date prior to maturity.

The Notes repay principal at maturity 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 by the underlying return and investors could lose a significant portion or all of their investment. Payments are subject to UBS credit risk. The estimated initial value per Note is between $9.39 and $9.64, and Notes are sold at $10 per Note with a minimum purchase of 100 Notes.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index. The notes have a $1,000 principal amount per note, an 11.10% per annum contingent coupon rate (contingent coupon $9.25), monthly observation dates, quarterly call dates, a final valuation date of May 30, 2028 and maturity on or about June 2, 2028. Contingent coupons are paid only if each underlying asset meets its coupon barrier on an observation date; principal repayment at maturity is contingent on the least performing underlying asset meeting its downside threshold. The estimated initial value range is $957.90 to $987.90 per note; the issue price will exceed that estimate. The notes are unsecured obligations of UBS and subject to UBS credit risk and issuer call risk.

UBS AG priced a $6,752,000 offering of Trigger Callable Yield Notes linked to the least performing of the Nasdaq-100 Index and the Russell 2000 Index maturing August 25, 2027. The Notes pay a fixed 7.80% per annum coupon in monthly installments, are issuer-callable monthly beginning ~3 months after issuance, and repay principal at maturity only if each underlying asset is at or above a 60.00% downside threshold of its initial level. If any underlying asset finishes below its threshold, the principal repayment at maturity is reduced proportionally to the negative return of the least performing underlying asset, and investors may lose a significant portion or all of their investment. The issue price is $10.00 per Note (minimum 100 Notes) and UBS reports an estimated initial value of $9.797 per Note as of the trade date.

UBS AG offers Trigger Contingent Yield Notes with Memory Interest linked to the least performing of JPMorgan Chase, Microsoft and Oracle common stock. The offering totals $975,000 (issue price $1,000 per Note). The Notes pay a contingent coupon (15.05% per annum) on monthly observation dates only if the closing level of each underlying asset meets its coupon barrier; unpaid coupons can be paid later under the memory feature. At maturity, investors receive $1,000 per Note only if each underlying asset’s final level is at or above its downside threshold (50% of initial level); otherwise the cash payment equals $1,000 × (1 + underlying return of the least performing underlying asset), which can produce large principal losses, including total loss. Payments are unsecured obligations of UBS and depend on UBS creditworthiness. Key dates: strike May 20, 2026, trade May 21, 2026, final valuation May 21, 2029, maturity May 24, 2029.

UBS AG is offering Contingent Income Auto-Callable Securities with Memory Coupon linked to the common stock of MetLife, Inc. The securities have a stated principal amount of $1,000.00 per security, an expected pricing date of May 29, 2026, and an expected maturity of June 1, 2029. The product pays a contingent payment of $25.75 (equivalent to 10.30% per annum) on specified contingent payment dates if the closing price of MetLife common stock on a determination date is at or above the downside threshold level of 70.00% of the initial price. If the closing price on a determination date (other than the final determination date) is at or above the call threshold level of 100.00% of the initial price, the securities will be automatically redeemed early for the stated principal plus applicable contingent payments. If not redeemed and the final price is below the downside threshold, UBS will deliver a cash value calculated by the exchange ratio, exposing investors to a possible significant loss, including loss of all principal. The securities are unsecured obligations of UBS AG and subject to UBS credit risk; estimated initial value is stated between $928.70 and $958.70 on the pricing date.

UBS AG London Branch proposes capped, leveraged, buffered basket-linked medium-term notes without interest. The notes reference an unequally-weighted basket of five indices (EURO STOXX 50 40%, TOPIX 25%, FTSE 100 17%, SMI 11%, S&P/ASX 200 7%) with an initial basket level set to 100 on the trade date. The notes provide an upside participation rate of 170.00%, a buffer of 12.50% (buffer level = 87.50%), and a cap level expected between 111.90% and 114.00%. The maximum settlement amount is expected to be between $1,202.30 and $1,238.00 per $1,000 face amount. If the final basket level declines by more than the buffer, losses are approximately 1.1429% of face per 1% negative return below the buffer; you could lose your entire investment. The estimated initial value range on the trade date is $966.80 to $996.80, which is lower than the issue price. Term is expected to be between 16 and 18 months, and key terms (cap, multipliers, initial underlier levels, trade date) will be set on the trade date.

UBS AG offers $2,759,000 in Capped Leveraged Buffered S&P 500® Index-Linked Medium-Term Notes due February 16, 2028. Each $1,000 face amount pays at maturity based on S&P 500 performance from May 20, 2026 to February 14, 2028, with an upside participation rate of 130.00%, a cap at 118.88% of the initial level (maximum settlement $1,245.44 per $1,000) and a buffer that protects losses only up to 12.50% (buffer level 87.50% of initial level). The notes pay no interest, are unsecured obligations of UBS and carry issuer credit risk. The estimated initial value was $996.30 per $1,000.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of CoreWeave, Inc. The Notes have a 32.50% per annum contingent coupon rate, trade/strike date May 26, 2026, expected settlement May 29, 2026, final valuation date May 26, 2028 and maturity June 1, 2028. Payments of contingent coupons depend on monthly observation-date closings relative to a coupon barrier; Notes may be automatically called if the underlying meets the call threshold. Principal repayment at maturity is contingent: if the final level is below the downside threshold you may suffer a loss of principal, potentially losing all of your investment. The issue price per Note is $1,000.00 and the estimated initial value range is $945.30 to $975.30.

UBS AG proposes Trigger Callable Contingent Yield Notes linked to the least performing of Alphabet Inc. Class C (GOOG) and Tesla, Inc. (TSLA). The notes pay a contingent coupon of 21.75% per annum only if each underlying meets its coupon barrier on observation dates. UBS may call the notes monthly beginning after approximately three months; if not called, principal repayment at maturity depends on whether each underlying’s final level is at or above a downside threshold of 60.00% of its initial level. Issue price is $1,000.00 per note with an underwriting discount of $6.50 and proceeds to UBS of $993.50 per note. The preliminary estimated initial value range is $952.40 to $982.40. Investors face market risk tied to the least performing underlying and UBS credit risk; in adverse scenarios you could lose a significant portion or all principal.

UBS AG is offering $1,500,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of United Airlines Holdings, Inc.. The Notes pay quarterly contingent coupons at a stated rate of 16.75% per annum if observation-date closing levels meet the coupon barrier and include a memory feature to catch up previously unpaid coupons. The Notes are autocallable quarterly (callable after six months) if the closing level meets the call threshold of $99.64 (100% of the initial level); the downside threshold and coupon barrier are $59.78 (60% of the initial level). The Notes mature on May 24, 2029. If not called and the final level is below the downside threshold, principal repayment is contingent on the underlying return and investors could lose a significant portion or all of their investment. The estimated initial value per Note on the trade date was $967.30 and the issue price per Note is $1,000.

UBS AG is offering $13,375,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nikkei 225® Index, the Russell 2000® Index and the S&P 500® Index, due February 25, 2030. The Notes pay a contingent coupon of 16.80% per annum for an observation period only if each underlying closes at or above its coupon barrier every trading day in that period.

If UBS elects to call the Notes on an observation end date, holders receive principal plus any contingent coupon on the corresponding call settlement date. If not called and the final level of any underlying asset is below its downside threshold, maturity payment is reduced pro rata to the negative return of the least performing underlying asset, potentially resulting in a total loss. Payments are subject to UBS credit risk; the estimated initial value on the trade date was $9.885 per Note and the issue price is $10.00 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of The Boeing Company with an aggregate issue size of $3,770,000. The Notes pay a quarterly contingent coupon of 11.25% per annum only if Boeing's closing level on an observation date meets or exceeds the coupon barrier. The Notes are callable quarterly beginning about six months after issuance if the underlying meets the call threshold (100% of the initial level). At maturity on May 24, 2029, principal is repaid only if the final level is at or above the downside threshold (60% of the initial level); otherwise investors suffer a loss equal to the underlying return and could lose their entire investment. Any payments depend on UBS's creditworthiness. The estimated initial value per Note on the trade date was $974.50 and the issue price per Note is $1,000.

UBS AG is offering $3,000,000 principal of Buffer Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, with a per-note issue price of $1,000 and an estimated initial value of $991.50.

The Notes pay a 12.45% per annum contingent coupon only if each underlying asset meets its coupon barrier on observation dates, include a 15% buffer and are callable monthly by UBS beginning after approximately three months; principal repayment at maturity depends on the least performing underlying asset relative to its 85% downside threshold.

UBS AG is offering Trigger Autocallable Contingent Yield Notes with Memory Interest linked to Tesla, Inc. stock due May 24, 2029. The offering totals $2,674,000 at an issue price of $1,000 per Note. Each Note pays a contingent coupon of 14.30% per annum if the underlying stock meets the coupon barrier on observation dates. The Notes are callable quarterly (first callable after ~6 months) if Tesla's closing level meets the call threshold of $417.26 (100% of the initial level). At maturity, if not called, principal repayment depends on the final level versus a downside threshold of $208.63 (50% of the initial level), exposing holders to potential principal loss tied to Tesla's return. Payments and principal are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Amazon.com, Inc. stock due May 26, 2028. 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 will be automatically called early if the underlying closing level on any observation date prior to maturity is equal to or greater than the initial level, 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, holders receive the principal; if below, holders receive $10 × (1 + Underlying Return), exposing them to the percentage decline of the underlying and possible loss of all principal. Payments are subject to UBS credit risk. Trade and settlement dates are May 21, 2026 and May 26, 2026. Final valuation and maturity dates are May 24, 2028 and May 26, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Blackstone Inc. stock due May 26, 2027. The Notes pay a contingent coupon on each coupon payment date 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 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, 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. Payments are subject to UBS credit risk. Trade date is May 21, 2026, settlement May 26, 2026, final valuation date May 24, 2027, maturity May 26, 2027. Minimum investment is 100 Notes at $10 per Note; the estimated initial value was $9.86.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. common stock maturing on May 26, 2028. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date is at or above the coupon barrier and will 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 is reduced proportionally to the underlying return, potentially resulting in a total loss. Trade and settlement occur in May 2026; minimum investment is 100 Notes at $10 per Note and the estimated initial value on the trade date is $9.74. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. common stock due May 26, 2028. The Notes pay a periodic 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 closing level on any observation date prior to the final valuation date is equal to or greater than the initial level, in which case investors receive principal plus any contingent coupon due on the call settlement 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, principal is reduced pro rata to the underlying return and total loss of principal is possible. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and feature an automatic call if the stock 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: if the final level is at or above the downside threshold you receive $10 per Note; if the final level is below the downside threshold you receive $10 x (1 + Underlying Return), which can result in a partial or total loss of principal. Trade date is May 21, 2026, settlement date is May 26, 2026, final valuation date is May 24, 2028, and maturity is May 26, 2028. The Notes are unsecured obligations of UBS and repayments depend on UBS’s creditworthiness. The offering is preliminary and final terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. The notes mature on May 26, 2027 with a final valuation date of May 24, 2027. The notes pay periodic contingent coupons only if the underlying closes at or above the coupon barrier on observation dates and are automatically called if the underlying closes at or above the initial level on any observation date prior to maturity. If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold you receive the $10 principal; if below, repayment equals $10 times (1 + underlying return) and you may lose a substantial portion or all of your investment. Trade date is May 21, 2026 with expected settlement on May 26, 2026. The estimated initial value range is $9.52 to $9.77 per $10 note as determined by UBS' internal models. All payments, including principal, are subject to UBS' creditworthiness.