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

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. The documents set key dates: Trade Date: May 21, 2026, Settlement Date: May 26, 2026, Final Valuation Date: May 24, 2028, and Maturity Date: May 26, 2028. The Notes pay a contingent coupon only if the underlying closing level on an observation date meets or exceeds the coupon barrier; they will autocall early 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 repaid only if the final level is at or above the downside threshold; if below, redemption equals $10 x (1 + Underlying Return), which can result in a partial or total loss of principal. The offering minimum is 100 Notes ($1,000); the estimated initial value range is $9.42–$9.67 per Note. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Broadcom Inc. The preliminary pricing supplement sets trade date May 21, 2026, expected settlement May 26, 2026, final valuation date May 24, 2028 and maturity May 26, 2028. The Notes pay a contingent coupon only when the underlying meets a coupon barrier on observation dates and are 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 on the final level relative to a downside threshold; a final level below the threshold exposes investors to downside equal to the underlying return. The preliminary document shows a minimum investment of 100 Notes at $10 per Note and an estimated initial value range of $9.45 to $9.70 per Note as of the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Uber Technologies, Inc. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and are subject to an automatic call if the underlying equals or exceeds the initial level on any observation date prior to final valuation. If not called and the final level is below the downside threshold, holders receive a reduced cash payment tied to the underlying return and may lose a significant portion or all of their investment. Payments, including any principal repayment, are subject to the creditworthiness of UBS.

Key dates: Trade Date May 21, 2026, Settlement Date May 26, 2026, Final Valuation Date May 24, 2028, Maturity Date May 26, 2028. The Notes are offered in minimum increments of 100 Notes at $10 per Note and have an estimated initial value of $9.74 as of the trade date.

UBS AG is offering $100,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. The Notes pay a contingent coupon only when the underlying closing level on an observation date meets or exceeds the coupon barrier and may be automatically called early if the underlying equals or exceeds the initial level on any prior observation date. If not called, principal is repaid at maturity only if the final level is equal to or above the downside threshold; otherwise repayment at maturity can be less than principal, and investors may lose a significant portion or all of their investment. Trade date is May 21, 2026, settlement May 26, 2026, final valuation May 24, 2028, and maturity May 26, 2028. The estimated initial value on the trade date is $9.67 per $10 Note; minimum purchase is 100 Notes ($1,000).

UBS AG is offering preliminary terms for Trigger Autocallable Contingent Yield Notes linked to the common stock of Target Corporation, due on or about May 26, 2028. The Notes pay a contingent coupon on scheduled coupon dates only if the underlying stock closes at or above the coupon barrier on the applicable observation date; otherwise no coupon is paid. The Notes will be automatically called early if the underlying closes at or above the initial level on an observation date, in which case investors receive principal plus any contingent coupon on the related call settlement 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; if the final level is below that threshold, principal is reduced pro rata to the underlying return, potentially resulting in a total loss. Principal amount per Note is $10; estimated initial value at trade date is between $9.42 and $9.67. Trade date is May 21, 2026, settlement May 26, 2026, final valuation date May 24, 2028, maturity May 26, 2028. All payments are subject to UBS credit risk. 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 Oracle Corporation common stock, maturing May 26, 2028. The Notes pay periodic contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and will be automatically called if the underlying equals or exceeds the initial level on any prior observation date. If not called, principal repayment at maturity depends on the final level relative to a downside threshold (exposure to the percentage decline in the underlying; in extreme cases you could lose all principal). The offering specifies a $10 principal per Note, estimated initial value of $9.73 as of the trade date, trade/settlement dates of May 21, 2026 and May 26, 2026, and final valuation/maturity dates of May 24, 2028 and May 26, 2028. All payments are subject to UBS credit risk and the Notes will not be listed on an exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Uber Technologies, Inc. The Notes pay periodic contingent coupons only if the underlying meets coupon barriers 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 on the final level relative to a downside threshold; if that final level is below the downside threshold, the cash payment can be less than principal, producing a percentage loss equal to the underlying return. All payments depend on UBS creditworthiness. Trade date is May 21, 2026, final valuation date is May 24, 2028, and maturity is May 26, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to FedEx Corporation common stock due May 26, 2028. The Notes pay periodic contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and are automatically called if the underlying equals or exceeds the initial level on an 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 downside threshold; if below that threshold, repayment declines in proportion to the underlying return and investors can lose a substantial portion or all of principal. The Notes are unsecured obligations of UBS and are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intel common stock due May 26, 2028. The notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and are automatically called early if the underlying equals or exceeds the initial level on any prior observation date. If not called, repayment of principal at maturity is contingent: full principal is returned only if the final level is at or above the downside threshold; otherwise principal is reduced proportionally to the underlying return, and investors can lose a substantial portion or all of their investment. The notes are unsecured obligations of UBS and subject to UBS credit risk. The offering examples show a $10 principal per note, a hypothetical contingent coupon rate of 26.67% per annum (contingent coupon $0.6668), an estimated initial value of $9.75, and trade/settlement on May 21, 2026/May 26, 2026.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. with a trade date of May 21, 2026, settlement on May 26, 2026 and expected maturity on May 26, 2028. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and will be automatically called if the underlying equals or exceeds 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 (example shown: $70.00, 70% of the initial level), UBS will repay principal; if below, repayment declines in line with the underlying return and investors could lose a substantial portion or all of their investment. Minimum purchase is 100 Notes at $10 per Note; estimated initial value range is $9.37 to $9.62 per Note as of the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. stock due May 26, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets a specified coupon barrier on observation dates and can 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: full principal is paid only if the final level is at or above the downside threshold; if below, repayment is reduced in proportion to the underlying return and you could lose a substantial portion or all of your investment. All payments are subject to UBS credit risk. Trade date is May 21, 2026, settlement May 26, 2026, final valuation date May 24, 2028, and maturity May 26, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Oracle Corporation due on or about May 26, 2028. The Notes pay a contingent coupon only when the underlying closing level meets or exceeds a coupon barrier on observation dates and are subject to an automatic call if the underlying closes at or above the initial level on any prior observation date.

If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold the principal amount is repaid; if below, repayment declines proportionally to the underlying return and could result in loss of the entire investment. The Notes are unsecured debt of UBS; payments depend on UBS's creditworthiness. The trade date is May 21, 2026 with expected settlement on May 26, 2026. Minimum investment is 100 Notes ($1,000); the estimated initial value range is $9.43 to $9.68 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Ford Motor Company maturing on May 26, 2027. The Notes pay a contingent coupon only when the underlying closes at or above the coupon barrier on observation dates and are automatically called early if the underlying 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; otherwise repayment is reduced in proportion to the underlying return and you could lose all principal. The Notes are unsecured obligations of UBS and payments depend on UBS’s creditworthiness. Trade and settlement are on May 21, 2026 and May 26, 2026, respectively; the estimated initial value was $9.72 per Note.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. common stock due May 26, 2027. The Notes pay a contingent coupon on each coupon payment date only if the closing level of the underlying stock at the applicable observation date is equal to or above the coupon barrier; otherwise no coupon is paid. The Notes will be automatically called early if the 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 related call settlement date. If not called, repayment of principal at maturity is contingent on the final level being 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 all principal. The Notes are unsecured obligations of UBS and any payments depend on UBS’s creditworthiness. Trade date: May 21, 2026; settlement date: May 26, 2026; final valuation date: May 24, 2027; maturity: May 26, 2027.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Class C capital stock of Alphabet Inc. The notes mature on May 26, 2028 and may be automatically called earlier if the underlying stock meets the initial level on an observation date.

Holders may receive periodic contingent coupons only if the closing level of the underlying meets the coupon barrier on observation dates. If not called and the final level is below the downside threshold, principal repayment is contingent and may be reduced in proportion to the underlying return; in extreme cases you could lose all of your investment. Any payments depend on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation with a planned maturity on May 26, 2028. The Notes pay contingent coupons only if the underlying meets a coupon barrier on observation dates and may be automatically called early if the underlying reaches 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 declines proportionally to the underlying return, potentially resulting in a total loss. Trade date is May 21, 2026 with settlement on May 26, 2026. The Notes are unsecured obligations of UBS and any payments depend on UBS creditworthiness. The offering minimum is 100 Notes at $10 per Note and the estimated initial value range on the trade date is $9.39 to $9.64.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of FedEx Corporation. The preliminary pricing supplement sets a trade date of May 21, 2026 with expected settlement on May 26, 2026 and a final valuation date of May 24, 2028 and maturity on May 26, 2028.

The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates, feature an automatic call if the underlying equals or exceeds the initial level on an observation date, and provide contingent principal repayment at maturity tied to a downside threshold. Minimum purchase is 100 Notes ($1,000). The issuer warns investors of significant risk, including potential loss of principal and dependence on UBS creditworthiness. The estimated initial value range on the trade date is stated as $9.41 to $9.66 per Note based on UBS’ internal models.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Inc. stock due on or about May 26, 2028. The Notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on observation dates and may be automatically called early if the underlying reaches or exceeds its 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 a stated downside threshold; if the final level is below that threshold, principal is reduced pro rata to the underlying return, potentially resulting in a significant loss.

The Notes have a principal amount of $10 per Note, an example contingent coupon of 25.07% per annum (contingent coupon example $1.2535), an example downside threshold and coupon barrier of $60.00 (60.00% of the initial level), and an estimated initial value range of $9.38 to $9.63 as of the trade date. All payments are subject to UBS credit risk. Trade date and settlement are shown as May 21, 2026 and May 26, 2026, respectively.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to American Airlines Group Inc. The Notes mature on May 26, 2027 with a minimum investment of $1,000 (100 Notes at $10 per Note). Periodic contingent coupons are payable only if the underlying stock closes at or above the coupon barrier on observation dates. The Notes will be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date; in that case UBS will pay principal plus any contingent coupon on the related coupon payment date. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold you may receive a cash payment less than principal, with losses equal to the underlying return and the possibility of losing your entire investment. All payments are subject to UBS credit risk. Trade date and settlement are May 21, 2026 and May 26, 2026, respectively; final valuation and maturity are May 24, 2027 and May 26, 2027.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Ford Motor Company, with a trade date of May 21, 2026, expected settlement on May 26, 2026 and maturity on or about May 26, 2027. The Notes pay contingent coupons only if the underlying meets coupon barriers on observation dates and may be automatically called if the underlying equals or exceeds the initial level on an observation date. The Notes have a minimum investment of 100 Notes at $10 per Note, an estimated initial value range of $9.46–$9.71, a cited example contingent coupon rate of 7.70% per annum, and a downside threshold of $60.00 (60% of the initial level). If not called and the final level is below the downside threshold, principal repayment is contingent and could result in substantial or total loss of principal.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to CrowdStrike common stock due May 26, 2028. The Notes pay contingent coupons only if the underlying closes at or above a coupon barrier on an observation date and are automatically called early 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 the downside threshold; otherwise repayment is reduced pro rata to the underlying return and you can lose a substantial portion or all of your investment. The pricing supplement shows an estimated initial value of $9.74 per $10 Note and illustrative contingent coupon terms (example 18.13% per annum, contingent coupon $0.4533 per $10 Note). All payments are subject to UBS credit risk and market outcomes. Trade and settlement are shown as May 21, 2026 and May 26, 2026, with final valuation on May 24, 2028 and maturity May 26, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Vertiv Holdings Co common stock due May 26, 2028. The notes pay periodic contingent coupons only when the underlying closes at or above a coupon barrier on observation dates and will be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, repayment at maturity depends on the final level relative to a downside threshold; a final level below that threshold results in a cash payment that can be less than principal, possibly causing a substantial or total loss. Trade date is May 21, 2026, settlement May 26, 2026, final valuation date May 24, 2028, and maturity May 26, 2028. The estimated initial value as of the trade date is $9.64 per $10 Note. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Alphabet Inc. Class C common stock with a stated maturity of May 26, 2028. The notes pay contingent coupons only when the underlying closing level on an observation date meets or exceeds the coupon barrier and are automatically called if the underlying closes at or above the initial level on an observation date.

The notes have a principal amount of $10 per note, trade date May 21, 2026, settlement date May 26, 2026, final valuation date May 24, 2028, and maturity May 26, 2028. Estimated initial value is shown as $9.44 to $9.69. If not called and the final level is below the downside threshold, repayment can be less than principal and could result in the loss of all principal; all payments remain subject to UBS credit risk.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. The preliminary pricing supplement dated May 21, 2026 sets trade and settlement on May 21, 2026 and May 26, 2026, with final valuation on May 24, 2027 and maturity about May 26, 2027. The Notes pay periodic contingent coupons only if the underlying's closing level meets or exceeds a coupon barrier on observation dates and are automatically called if the underlying equals or exceeds the initial level on an observation date. If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; if below, repayment is reduced pro rata to the underlying return and investors can lose a significant portion or all principal. Minimum purchase is 100 Notes ($1,000); estimated initial value range is $9.48 to $9.73 per $10 Note. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of American Airlines Group Inc., with a trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of May 24, 2027, and maturity on May 26, 2027. The Notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on observation dates and will be 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: full principal is paid only if the final level is at or above the disclosed downside threshold; if below, the cash payment equals $10 × (1 + underlying return), which can result in substantial loss or total loss of principal. Minimum investment is 100 Notes at $10 per Note ($1,000). The estimated initial value range is $9.55 to $9.80 per Note. All payments, including principal, are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and will be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, principal repayment at maturity is contingent: full principal is returned only 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 investors may lose a significant portion or all of their investment. The Notes mature on May 26, 2028, have a principal amount per Note of $10 and an estimated initial value of $9.77 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Stanley Black & Decker common stock due May 26, 2028. The Notes pay periodic contingent coupons only when the underlying closing level on an observation date meets or exceeds a coupon barrier 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. 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 that threshold you receive $10 x (1 + Underlying Return), exposing you to the underlying’s negative return and potential loss of all principal. The Notes carry issuer credit risk of UBS and an estimated initial value of $9.65 as of the trade date. Trade and settlement dates are May 21, 2026 and May 26, 2026, respectively; final valuation and maturity are May 24, 2028 and May 26, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc. The preliminary pricing supplement dated May 21, 2026 sets key dates: trade date May 21, 2026, settlement May 26, 2026, final valuation date May 24, 2028 and maturity May 26, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets the coupon barrier on observation dates and are automatically called if the underlying closing level meets or exceeds 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 is reduced pro rata to the underlying return and full loss of principal is possible. The Notes are unsecured obligations of UBS AG and payments are subject to UBS creditworthiness. The minimum investment is 100 Notes at $10 per Note; the estimated initial value range is $9.44 to $9.69.

UBS AG is preliminarily offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vertiv Holdings Co, with a trade date of May 21, 2026, settlement on May 26, 2026, final valuation on May 24, 2028 and maturity on May 26, 2028. Each Note has a principal amount of $10. The Notes may pay periodic contingent coupons only if the underlying's closing level meets the coupon barrier on observation dates and will be automatically called early if the underlying meets or exceeds 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 is reduced pro rata to the underlying return, potentially resulting in the loss of a substantial or all of the investment. Payments are subject to the creditworthiness of UBS. The estimated initial value range is $9.35–$9.60 per Note and minimum investment is 100 Notes ($1,000).

The issuer, UBS AG, is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Applied Materials, Inc. The Notes pay periodic contingent coupons only if the underlying's closing level meets a 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 is repaid at maturity only if the final level is at or above a disclosed downside threshold; otherwise principal repayment is reduced proportionally to the underlying return, and investors can lose a significant portion or all principal. All payments are subject to UBS creditworthiness. Trade, settlement, valuation and maturity dates are provided in the terms.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. with a trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of May 24, 2028 and expected maturity on May 26, 2028. The Notes pay contingent coupons only when the underlying's closing level on an observation date meets or exceeds a coupon barrier; they autocall early if the underlying equals or exceeds the initial level on an observation date. Principal is repaid at maturity only if the final level is equal to or above the downside threshold; otherwise repayment declines proportionally to the underlying return and full loss of principal is possible. The Notes have a $10 principal amount per Note, a minimum investment of 100 Notes, and an estimated initial value range of $9.42–$9.67 as of the trade date. Any payments, including principal, are subject to UBS's creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to ServiceNow, Inc. common 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; otherwise no coupon is paid. The Notes will be automatically called early on a quarterly observation date (beginning after 12 months) if the closing level 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 autocalled, repayment at maturity depends on the final level relative to the downside threshold: holders receive full principal if the final level is at or above the downside threshold, but will suffer a loss equal to the underlying return if the final level is below that threshold, potentially losing all principal. Payments are subject to UBS credit risk. The Notes are offered in $10 increments with a $1,000 minimum investment; the estimated initial value on the trade date was $9.69 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Stanley Black & Decker, Inc., maturing on May 26, 2028. The trade date is May 21, 2026 with expected settlement on May 26, 2026. Each Note has a principal amount of $10 and a minimum investment of 100 Notes ($1,000). The Notes pay periodic contingent coupons only if the underlying's closing level on an observation date is at or above the coupon barrier; they are automatically called early if the closing level on any observation date prior to the final valuation date is at or above the initial level. 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 pro rata to the underlying return and could result in substantial loss, up to a total loss. The preliminary estimated initial value range is $9.35 to $9.60 per Note. Example terms shown include a contingent coupon rate of 13.57% per annum, a coupon amount of $0.3393 per Note per period, and a downside threshold of $70.00 (70.00% of the initial level).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation due May 26, 2027. The Notes pay periodic contingent coupons 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 holders receive principal plus any contingent coupon then due. 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 suffer a loss of principal equal to the underlying return and could lose all of their investment. All payments, including any principal repayment, are subject to the creditworthiness of UBS. Trade date is May 21, 2026, settlement is May 26, 2026, final valuation date is May 24, 2027, and maturity is May 26, 2027. The Notes have a minimum investment of 100 Notes at $10 per Note and the estimated initial value is $9.77 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., maturing on May 26, 2028. The Notes pay quarterly contingent coupons only if the underlying closing level meets a coupon barrier and will be automatically called early if an observation date closing level is equal to or above the initial level. If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold you receive the principal; if below, you receive an amount reflecting the underlying return and may lose a substantial portion or all of your investment.

Trade and settlement occur in May 2026. The Notes are unsecured obligations of UBS and any payments depend on UBS creditworthiness. The offering minimum is 100 Notes at $10 per Note and the estimated initial value on the trade date is $9.71 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Applied Materials, Inc. The Notes pay periodic contingent coupons only when the underlying’s closing level meets or exceeds a coupon barrier on observation dates and may be automatically called early if the underlying closes at or above the initial level on an observation date. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; a final level below that threshold causes principal loss proportional to the underlying return. Trade date is May 21, 2026, settlement is May 26, 2026, final valuation date is May 24, 2028, and maturity is May 26, 2028. The Notes have a $10 principal amount per Note, an estimated initial value range of $9.43 to $9.68, and rely on UBS credit for any payment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. The Notes have a $10 principal amount per Note, trade date May 21, 2026, settlement May 26, 2026, final valuation date May 24, 2028 and maturity May 26, 2028. The offering size is shown as $689,000 on the cover.

The Notes pay a periodic contingent coupon only if the underlying closing level meets or exceeds a coupon barrier on observation dates; they are automatically called early 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 the downside threshold; otherwise principal is reduced pro rata to the underlying return, potentially resulting in substantial or total loss. The estimated initial value was $9.82 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of ServiceNow, Inc. The preliminary pricing supplement dated May 21, 2026 sets key dates: trade May 21, 2026, settlement May 26, 2026, final valuation May 24, 2029, and maturity May 29, 2029.

The Notes pay periodic contingent coupons only if the underlying closing level meets the coupon barrier on observation dates and are autocallable if the underlying equals or exceeds the initial level on any quarterly observation (beginning after 12 months). Principal repayment at maturity is contingent: if the final level is below the downside threshold, repayment equals $10 × (1 + underlying return), which can result in substantial loss, including total loss. The estimated initial value range is $9.39 to $9.64 per Note; minimum purchase is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Constellation Energy common stock due May 26, 2028. The notes pay periodic contingent coupons only when the underlying stock 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 is repaid at maturity only if the final level is at or above a stated downside threshold; otherwise the cash repayment at maturity falls pro rata with the underlying return and investors can lose a significant portion or all of their investment. All payments are subject to the issuer credit risk of UBS. Trade and settlement are shown as May 21, 2026 and May 26, 2026, with final valuation on May 24, 2028 and maturity on May 26, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation stock due on or about May 26, 2027. The Notes pay periodic contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and are subject to an automatic call if the underlying equals or exceeds the initial level on any prior observation date. If not called, principal repayment at maturity is contingent: full principal is repaid only if the final level is at or above a downside threshold, otherwise repayment declines in line with the underlying return and could result in a total loss. Trade date and settlement are May 21, 2026 and May 26, 2026. The Notes are unsecured obligations of UBS and payments depend on UBS creditworthiness. The estimated initial value range is $9.45 to $9.70 per $10 Note and minimum investment is 100 Notes.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc., maturing on May 26, 2028. The notes pay contingent coupons only when the underlying stock 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. If not called, principal repayment at maturity is contingent: full principal is paid only if the final level is at or above a downside threshold; otherwise repayment is reduced pro rata to the underlying return and could result in a total loss of principal. Payments depend on UBS's creditworthiness. The estimated initial value per Note on the trade date is $9.71 and the minimum investment is 100 Notes ($1,000).

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc. The Notes have a trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of May 24, 2028 and expected maturity on May 26, 2028.

The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds a coupon barrier on observation dates; they are automatically callable quarterly (beginning ~12 months after trade) if the underlying equals or exceeds the initial level. At maturity the principal is repaid only if the final level is at or above the disclosed downside threshold; otherwise principal is reduced pro rata to the underlying return, potentially resulting in substantial or total loss. The offering specifies a principal amount of $10 per Note, a hypothetical contingent coupon rate of 13.76% per annum and an estimated initial value range of $9.34–$9.59 per Note.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to First Solar, Inc. stock due May 26, 2028. The Notes pay periodic contingent coupons only when the underlying closing level meets or exceeds a coupon barrier and are subject to automatic early redemption 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 paid if the final level is at or above the downside threshold; otherwise repayment is reduced proportionally to the underlying return and investors can lose a substantial portion or all principal. All payments depend on UBS creditworthiness. The estimated initial value was $9.71 per Note and the Notes are offered in minimum increments of $1,000.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The notes pay periodic contingent coupons only if the underlying closing level meets each coupon barrier and can be automatically called early if the underlying reaches the initial level on an observation date. Trade date is May 21, 2026 with expected settlement May 26, 2026, final valuation on May 24, 2028 and maturity on May 26, 2028. Principal amount per Note is $10. The estimated initial value range is $9.45–$9.70. At maturity the notes may return full principal only if the final level is at or above the downside threshold; otherwise holders suffer a loss equal to the underlying return and could lose their entire investment. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to General Electric Company stock maturing on May 26, 2028. 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. The Notes will be 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 holders receive principal plus any contingent coupon and no further payments. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise holders suffer a loss equal to the underlying return and could lose all principal. Payments depend on UBS's creditworthiness. Trade date is May 21, 2026, settlement expected May 26, 2026, final valuation date May 24, 2028, maturity May 26, 2028. The estimated initial value was $9.73 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Constellation Energy Corporation stock. The preliminary pricing supplement dated May 21, 2026 describes notes due on or about May 26, 2028 with a trade date of May 21, 2026 and expected settlement on May 26, 2026. Each Note has a principal amount of $10 and a minimum investment of 100 Notes ($1,000). The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates, feature an automatic call if the underlying closes at or above the initial level on an observation date, and provide contingent repayment of principal at maturity that can result in partial or total loss of principal if the final level is below the downside threshold. The preliminary supplement states an estimated initial value range of $9.43 to $9.68 per Note and discloses a contingent coupon example of 16.53% per annum ($0.4133 per $10 Note). All payments, including any contingent coupon and principal repayment, are subject to UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc. due on or about May 26, 2028. The Notes pay a contingent coupon only if the underlying stock 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. If not called, repayment at maturity depends on the final level relative to a downside threshold; if the final level is below that threshold, holders suffer a loss in principal equal to the underlying return. The Notes are unsecured obligations of UBS and any payments are subject to UBS's creditworthiness. The final terms, including exact coupons and barriers, will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of First Solar, Inc. The Notes have a trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of May 24, 2028 and expected maturity on May 26, 2028. Each Note has a $10 principal amount and minimum purchase of 100 Notes ($1,000). The Notes pay periodic contingent coupons only 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 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 the downside threshold, repayment is reduced pro rata to the underlying return and you could lose a significant portion or all of your investment. The preliminary pricing range for the estimated initial value is $9.41 to $9.66 per Note. All payments are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of General Electric Company, due on or about May 26, 2028. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and are automatically called early if the stock 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 downside threshold; otherwise repayment is reduced proportionally to the underlying return, with potential loss of the entire principal. Payments are subject to UBS credit risk.

The document lists key dates: trade date May 21, 2026, settlement date May 26, 2026, final valuation date May 24, 2028, and maturity May 26, 2028. Minimum investment is 100 Notes at $10 per Note. The estimated initial value range is $9.43 to $9.68 per Note. Example hypothetical terms include a contingent coupon rate of 11.60% per annum, a coupon amount of $0.29 per $10 Note, and a downside threshold of $70.00 (70% of the initial level).