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 Chipotle Mexican Grill, Inc. The Notes pay periodic contingent coupons only when the underlying stock closes at or above the coupon barrier on an observation date and will autocall early if the stock closes at or above the initial level on any observation date prior to maturity. If not called, principal repayment at maturity depends on the final stock level relative to the downside threshold; a final level below that threshold causes a loss equal to the underlying return and could result in a total loss of principal. The Notes mature May 26, 2028, have an estimated initial value of $9.72 per $10 Note as of the trade date, and are offered in minimum investments of 100 Notes ($1,000). All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Corning Incorporated that mature 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 prior observation date. If not called, principal repayment at maturity is contingent: full principal is paid only if the final level is at or above the downside threshold; if the final level is below that threshold, repayment is reduced in proportion to the underlying return and investors could lose a significant portion or all of their investment. Any payments are subject to UBS credit risk. The Notes have a minimum investment of 100 Notes at $10 per Note and an estimated initial value of $9.73 on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corporation stock due on or about May 26, 2028. The notes pay a contingent coupon only when the underlying closes at or above a coupon barrier on observation dates and can be automatically called if the underlying closes at or above the initial level on an observation date prior to maturity. If not called and the final level is below the downside threshold, principal repayment is contingent and can result in a loss equal to the underlying return; in extreme cases an investor could lose all principal. Trade date is May 21, 2026 with settlement expected May 26, 2026. The preliminary estimated initial value range is $9.42 to $9.67 per $10 note. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Chipotle Mexican Grill, Inc. The preliminary pricing supplement dated May 21, 2026 sets trade and settlement expectations and describes contingent coupons, an automatic call feature and contingent principal repayment at maturity.

The Notes pay a contingent coupon only if the underlying stock closes at or above a coupon barrier on observation dates; they are automatically called if the stock closes at or above the initial level on an observation date. If not called and the final level is below the downside threshold, principal repayment at maturity is reduced proportionally to the underlying return, potentially resulting in a total loss. Payments depend on UBS creditworthiness. The final terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Nu Holdings Ltd. ordinary shares due May 26, 2028. The Notes pay periodic contingent coupons only when the underlying closing level on observation dates meets or exceeds a coupon barrier and are automatically called early if the underlying closes at or above the initial level on any quarterly observation date beginning after six months. 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 investors can lose a significant portion or all principal. Trade date is May 21, 2026, settlement May 26, 2026, final valuation May 24, 2028, and maturity May 26, 2028. Minimum investment is 100 Notes ($1,000) and the estimated initial value per Note is $9.78. All payments are subject to UBS credit risk.

UBS AG proposes a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Corning Incorporated due on or about May 26, 2028. The Notes pay contingent coupons only if the underlying stock 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 observation date prior to maturity. If not called, principal protection at maturity is contingent: if the final level is at or above the downside threshold you receive the $10 principal per Note; if below, principal is reduced pro rata to the underlying return, possibly to zero. Trade date is May 21, 2026 with expected settlement May 26, 2026. Minimum purchase is 100 Notes at $10 per Note. Estimated initial value per Note is between $9.35 and $9.60. Payments (including principal) are subject to UBS credit risk. Final terms will be set on the trade date and the Offering Documents must be delivered in final form before sales.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Nu Holdings Ltd. The Notes mature on May 26, 2028 with a final valuation date of May 24, 2028. The Notes pay a contingent coupon on each coupon payment date only if the underlying's closing level on the applicable observation date meets or exceeds the coupon barrier; otherwise no coupon is paid. The Notes are subject to quarterly automatic calls (beginning after six months) if the underlying's closing level on any observation date is equal to or greater than the initial level. If not called and the final level is below the downside threshold, principal repayment at maturity is contingent and may be less than the principal amount, with losses equal to the underlying return and potential loss of the entire investment. Payments are subject to UBS's creditworthiness. Trade date is May 21, 2026 and settlement date is May 26, 2026. The Notes are offered in minimum denominations of 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Lam Research common stock due May 26, 2028. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and may be automatically called early if the underlying closes at or above the initial level on 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; if below, repayment is reduced proportionally to the underlying return and you could lose all principal. Payments are subject to UBS credit risk. The Notes have a $10 principal amount per Note, a minimum purchase of 100 Notes, an estimated initial value of $9.73 and examples show a 27.29% per annum contingent coupon rate on the illustrative terms.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Adobe Inc. The Notes mature on May 26, 2028 with a final valuation date of May 24, 2028 and can be automatically called quarterly beginning ~12 months after issuance. The Notes pay contingent coupons only if the underlying closing level meets or exceeds a coupon barrier; otherwise no coupon is paid. At maturity, if not called and the final level is below the downside threshold, principal repayment is reduced proportionally to the underlying return and could result in loss of most or all principal. Payments, including principal, are subject to UBS credit risk. The offering shows a $10 principal per Note, an estimated initial value of $9.79, and illustrative contingent coupon metrics in examples.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Chipotle Mexican Grill, Inc. common stock due May 26, 2027. 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 at or above the initial level, in which case you receive principal plus any contingent coupon due on the related call settlement date and the issuance terminates. If not called, at maturity you receive full principal only if the final level is at or above the downside threshold; if the final level is below the downside threshold your cash repayment is reduced proportionally to the underlying return and you can lose a significant portion or all of your investment. Payments are subject to UBS credit risk. Trade date is May 21, 2026, settlement May 26, 2026, final valuation date May 24, 2027, and maturity May 26, 2027. The estimated initial value as of the trade date is $9.72 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Lam Research Corporation stock 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 may be automatically called early if the stock closes at or above the initial level on an observation date.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise principal repayment is reduced pro rata to the underlying return and investors could lose a significant portion or all of their investment. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, maturing on May 26, 2027. 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 UBS will pay principal plus any contingent coupon on the related call settlement date. If not autocalled, principal repayment at maturity is contingent: if the final level is at or above the downside threshold, UBS will repay the principal amount; if below, repayment is reduced pro rata to the underlying return, and investors may lose a significant portion or all of their investment. 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 Palantir Technologies Inc. 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 a coupon barrier. 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, repayment at maturity depends on the final level relative to a downside threshold: if the final level is at or above the threshold, principal is repaid; if below, principal is reduced pro rata to the underlying return, and investors can lose a significant portion or all of the principal. Payments are unsecured obligations of UBS and 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. The estimated initial value on the trade date was $9.72 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Adobe Inc. with a principal amount of $10 per Note and an expected maturity on May 26, 2028. The preliminary terms show a minimum purchase of 100 Notes (representing a $1,000 investment) and an estimated initial value range of $9.42 to $9.67 per Note.

The Notes pay contingent coupons only if the underlying stock meets a coupon barrier on observation dates, are subject to quarterly automatic calls beginning after 12 months if the underlying is at or above the initial level, and repay principal at maturity only if the final level is at or above the downside threshold. Examples in the supplement include a hypothetical contingent coupon rate of 13.50% per annum and a downside threshold set at $60.00 (60.00% of the initial level). All payments are subject to UBS credit risk and final offering documents and terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Chipotle Mexican Grill, Inc. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and may be automatically called early if the stock closes at or above the initial level on an observation date. If not called, principal repayment at maturity is contingent: full principal is payable only if the final level is at or above the downside threshold; otherwise repayment is reduced proportionally to the underlying return, potentially resulting in a total loss.

The trade date is May 21, 2026, expected settlement May 26, 2026, final valuation date May 24, 2027 and maturity May 26, 2027. Notes are sold in minimum increments of 100 Notes at $10 per Note (minimum $1,000). The issuer credit risk of UBS AG applies to all payments.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to ServiceNow, Inc. stock maturing on 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 can be automatically called quarterly beginning after 12 months if the underlying equals or exceeds the initial level. If not called, repayment of principal at maturity is contingent: if the final level is below the disclosed downside threshold, principal is reduced 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 trade date of May 21, 2026, expected settlement on May 26, 2026 and maturity on May 26, 2027. The Notes pay a contingent coupon only when the underlying closing level meets or exceeds a coupon barrier on observation dates and carry an automatic call if the underlying closes at or above the initial level on an observation date prior to maturity. Principal is repaid at maturity only if the final level is at or above a disclosed downside threshold; if below, repayment declines proportionally to the underlying return, potentially resulting in a total loss of principal. The Notes have a principal amount of $10 per Note, a minimum investment of 100 Notes ($1,000), and an estimated initial value range of $9.45 to $9.70 per Note as of the trade date. The examples show a hypothetical contingent coupon rate of 19.90% per annum (contingent coupon $0.4975 per $10 Note) and illustrate payoff scenarios, including a severe-loss example paying $3.00 per Note at maturity. Payments are subject to the creditworthiness of UBS and the final terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Palantir Technologies Inc. due on or about May 26, 2028. The Notes pay contingent periodic coupons only if the underlying stock meets coupon barriers on observation dates and can be automatically called early if the underlying meets the initial level on an observation date. The Notes repay principal at maturity only if the final level is at or above a stated downside threshold; if the final level is below that threshold, principal will be reduced pro rata to the underlying return, potentially eliminating the investment.

The trade date is May 21, 2026 with expected settlement on May 26, 2026. Minimum investment is 100 Notes at $10 per Note. UBS estimates the initial value range at $9.42 to $9.67. Example terms shown include a hypothetical contingent coupon rate of 17.58% per annum and a downside threshold at 60.00% of the initial level.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to ServiceNow, Inc. stock due on or about May 29, 2029. The notes pay a contingent coupon only if the underlying closing level meets the 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 12 months).

The notes have a $10 principal amount per note, a trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of May 24, 2029, and maturity on May 29, 2029. Example terms show a hypothetical contingent coupon rate of 17.80% per annum (contingent coupon $0.445 per period) and a downside threshold and coupon barrier at $50.00 (50.00% of the initial level). The estimated initial value range is $9.40 to $9.65 per note and minimum investment is 100 notes (representing $1,000). Payments, including principal repayment, are subject to UBS's creditworthiness and the contingent repayment of principal applies only at maturity.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Royal Caribbean Cruises Ltd. The Notes pay a contingent coupon only if the underlying stock closes at or above the coupon barrier on observation dates; they are automatically called if the underlying closes at or above the initial level on any observation date prior to the final valuation date.

The Notes mature on May 26, 2028 with a final valuation date of May 24, 2028. Principal is subject to contingent repayment: if the Notes are not called and the final level is below the downside threshold, holders receive $10 × (1 + Underlying Return), potentially losing a substantial portion or all principal. The offering specifies a minimum investment of 100 Notes at $10 per Note and an estimated initial value of $9.75 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation with a $10 principal per Note and maturity of May 26, 2028. The Notes can pay periodic contingent coupons only if the underlying stock 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. If not called, repayment at maturity depends on the final level relative to a downside threshold; a final level below that threshold can produce a principal loss, potentially up to a complete loss of invested principal. Payments, including principal, are subject to UBS credit risk. The estimated initial value was $9.68 and the Notes are offered in minimum denominations of 100 Notes ($1,000). Trade and settlement dates are May 21, 2026 and May 26, 2026, respectively.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Royal Caribbean Cruises Ltd. The preliminary pricing supplement dated May 21, 2026 sets a $10 principal per Note, a trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of May 24, 2028 and maturity on May 26, 2028.

The Notes may pay periodic contingent coupons 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 an observation date. If not called, principal repayment at maturity is contingent on the final level relative to the downside threshold; a final level below the downside threshold exposes investors to the underlying’s negative return and possible loss of principal. Payments are subject to UBS credit risk. The final terms and issuance depend on the trade date pricing supplement delivered in final form.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation, with a trade date of May 21, 2026, expected settlement on May 26, 2026 and maturity on May 26, 2028. The Notes pay 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 an observation date prior to the final valuation date. If not called, principal repayment at maturity is contingent: full principal is payable only if the final level is at or above the downside threshold; otherwise repayment falls below principal and can result in a loss equal to the underlying return, including a total loss. The Notes are unsecured obligations of UBS and subject to UBS credit risk. The offering is a preliminary pricing supplement; final terms, including offering size and final coupon/barrier levels, will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc., due May 26, 2028. The Notes pay a periodic contingent coupon only if the underlying closing level on an observation date is at or above a stated coupon barrier, and they will be 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. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold, the cash payment per Note will be reduced proportionally to the underlying return and could result in the loss of all of your initial investment. All payments, including any principal repayment, are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Generac Holdings Inc. stock. The notes mature on May 26, 2028 with a final valuation date of May 24, 2028 and a trade/settlement window beginning May 21, 2026/May 26, 2026. The notes pay periodic contingent coupons only if the underlying closing level on an observation date is at or above a stated coupon barrier; they are automatically called early if the underlying equals or exceeds the initial level on any observation date prior to maturity.

If not autocalled, principal repayment at maturity is contingent: if the final level is at or above the downside threshold you receive the $10 principal per note; if the final level is below the downside threshold, repayment equals $10 x (1 + underlying return), exposing investors to the underlying stock's negative return (in extreme cases, a total loss). Payments depend on UBS's creditworthiness. The estimated initial value on the trade date was $9.42.

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 meets coupon barriers on observation dates, feature an automatic early-call if the underlying reaches the initial level, and have contingent principal repayment at maturity tied to a downside threshold.

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. Minimum investment is 100 Notes ($1,000). Any payment depends on UBS creditworthiness; investors may lose a significant portion or all of principal.

UBS AG is offering UBS Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of Constellation Energy Corporation, maturing on or about December 1, 2027. The notes pay contingent coupons only if the underlying closing level meets a coupon barrier on quarterly observation dates and are subject to an automatic call if the underlying equals or exceeds a call threshold prior to maturity. At maturity, if not called and the final level is below the downside threshold, repayment of principal is contingent and may result in a loss equal to the underlying return, including a potential total loss. The contingent coupon rate range is 16.25% to 17.25% per annum. Issue price and final coupon rate will be set on the trade date; the estimated initial value range on the trade date is $931.10 to $961.10. All payments depend on UBS’s creditworthiness and the notes will not be listed on any exchange.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Texas Instruments common stock due May 26, 2028. The Notes pay quarterly contingent coupons only if the underlying closing level meets a coupon barrier, may be automatically called early if the underlying meets the initial level on an observation date, and repay principal at maturity only if the final level is at or above a downside threshold; otherwise principal repayment is reduced in line with the underlying return. Payments, including principal, are subject to UBS credit risk. Trade date is May 21, 2026, settlement is May 26, 2026, final valuation date is May 24, 2028, and maturity is May 26, 2028.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Newmont Corporation stock due May 26, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier, can be automatically called early if the underlying meets an initial level, and repay principal at maturity only if the final level is at or above a downside threshold; otherwise principal is reduced in line with the underlying return and investors may lose a significant portion or all of their investment. The Notes are unsecured obligations of UBS and any payment is subject to UBS's creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Accenture plc common stock due May 26, 2028. The Notes have a $10 principal amount per Note, a quarterly observation/autocall schedule beginning after 12 months, and contingent coupons that pay only if the underlying closing level meets a coupon barrier on observation dates. If autocalled early, holders receive principal plus any contingent coupon due on the call settlement date. If not autocalled, principal is repayable at maturity only if the final level is at or above a stated downside threshold; otherwise principal is reduced pro rata to the underlying return and investors can lose a significant portion or all principal. The Notes are unsecured obligations of UBS and any payment is subject to UBS credit risk. Trade and settlement are expected May 21, 2026 and May 26, 2026, respectively. The estimated initial value as of the trade date is $9.68 per Note and the minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Texas Instruments Incorporated, due on or about May 26, 2028. The Notes pay contingent coupons only if the underlying stock meets coupon barriers on observation dates and are subject to automatic early call on quarterly observation dates beginning ~12 months after Trade Date. Each Note has a principal amount of $10 and a minimum purchase of 100 Notes ($1,000). The estimated initial value on the trade date is between $9.47 and $9.72, determined using UBS internal pricing models. If not called, repayment at maturity is contingent: if the final level is below the downside threshold the cash payment per Note will be reduced and investors may lose a significant portion or all of their investment. All payments are subject to the creditworthiness of UBS; final terms are set on the trade date and the Offering Documents must be delivered in final form.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Newmont Corporation, with a scheduled trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of May 24, 2028 and a maturity date of May 26, 2028. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a stated 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, repayment at maturity is contingent: full principal is returned only if the final level is at or above the disclosed downside threshold; otherwise principal is reduced in direct proportion to the underlying return, and investors can lose a substantial portion or all of their investment. The Notes are unsecured obligations of UBS and all payments depend on UBScreditworthiness. The estimated initial value range as of the trade date is $9.41 to $9.66 per $10 Note.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Generac Holdings Inc. The preliminary pricing supplement dated May 21, 2026 sets final terms on the trade date; trade date is 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 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. Principal repayment at maturity is contingent: if the final level is below the downside threshold the cash payment per Note will be reduced pro rata; in extreme cases an investor could lose all principal. The Notes are unsecured obligations of UBS and payments depend on UBS creditworthiness. The Notes are offered in minimum increments of 100 Notes at $10 per Note; the estimated initial value is between $9.08 and $9.33 per Note.

UBS AG published a preliminary pricing supplement for $• Trigger Autocallable Contingent Yield Notes linked to the common stock of Accenture plc, maturing on May 26, 2028. The Notes pay contingent quarterly coupons only if observation-date closing levels meet a coupon barrier and are subject to automatic early call if the underlying equals or exceeds the initial level on a quarterly observation (beginning after 12 months). Principal is denominated as $10 per Note with a minimum investment of 100 Notes. The preliminary terms show an example contingent coupon rate of 15.28% per annum, an estimated initial value range of $9.31–$9.56 per Note, and a downside threshold and coupon barrier equal to 60.00% of the initial level. The final terms will be set on the trade date; any payments, including contingent coupons and principal at maturity, remain subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the VanEck® Semiconductor ETF with a term of approximately one year. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and may be automatically called early if the underlying equals or exceeds the initial level on any observation date prior to the final valuation date. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise repayment is reduced in proportion to the underlying return, and investors could lose a significant portion or all of their investment. Trade date is May 20, 2026, settlement May 22, 2026, final valuation date May 20, 2027 and maturity May 24, 2027. Example terms show a hypothetical contingent coupon rate of 22.56% per annum and illustrative outcomes for a $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the VanEck® Semiconductor ETF due May 24, 2027. The Notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on observation dates and can be 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 investors suffer a loss equal to the percentage decline in the underlying and could lose their entire principal. The Notes are unsecured obligations of UBS and repayment is subject to UBS's creditworthiness. Trade date is May 20, 2026, settlement May 22, 2026, final valuation date May 20, 2027 and maturity May 24, 2027. The Notes are offered in minimum denominations of 100 Notes at $10 per Note; the estimated initial value on the trade date is $9.79.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the VanEck® Gold Miners ETF (GDX) and the Nasdaq-100® Technology Sector (NDXT). The Notes pay a contingent coupon on monthly observation dates if both underlyings meet coupon barriers, are callable monthly (beginning ~6 months), and mature on June 1, 2029. If not called, principal repayment at maturity is contingent: full principal is returned only if each final level meets downside thresholds; otherwise, repayment reflects the negative return of the least performing underlying, potentially resulting in a substantial or total loss. Issue price per Note is $1,000; estimated initial value range is $925.10–$955.10. The Notes are unsecured obligations of UBS and subject to UBS credit and other risks described herein.

UBS AG is offering Digital MSCI EAFE® Index‑Linked medium‑term notes due June 9, 2028. Each note has a $1,000 face amount and the aggregate offered face amount is $485,000. Payout is cash‑settled based on the MSCI EAFE index performance from the trade date (May 19, 2026) to the determination date (June 7, 2028).

If the final index level is ≥ the buffer level (87.50% of the initial level of 3,027.11 = 2,648.72125), holders receive the maximum settlement amount of $1,179.50 per $1,000 face amount. If the final index level is below the buffer, losses apply: holders lose ~1.1429% of face for each 1% decline in the index below the buffer and may lose their entire investment. The notes do not pay interest, are unsecured obligations of UBS and carry issuer credit risk. The estimated initial value on the trade date was $994.90 per $1,000 face amount.

UBS AG offers Trigger Callable Contingent Yield Notes due May 24, 2029 linked to the least performing of the iShares Expanded Tech-Software Sector ETF (IGV) and the SPDR S&P Biotech ETF (XBI). The issue totals $2,846,000 at $1,000 per Note and pays a contingent coupon of 16.00% per annum on each coupon date only if both ETFs are at or above their coupon barriers on the related observation dates. UBS may call the Notes beginning after three months. At maturity, if any ETF is below its downside threshold, principal repayment is reduced pro rata based on the least performing underlying asset; investors could lose a significant portion or all of their principal. Payments remain subject to UBS credit risk.

UBS AG offers preliminary pricing for Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the S&P 500 and the Nasdaq-100 with an expected maturity on or about June 1, 2027. The notes pay a contingent coupon only when each underlying closing level meets its coupon barrier on an observation date and are callable at UBS's discretion on monthly observation dates beginning after three months. If not called, principal repayment at maturity depends on the final levels relative to 70.00% downside thresholds; a final level below a threshold for any underlying can cause a principal loss tied to the least performing underlying asset. The issue price is $1,000 per note; UBS discloses an estimated initial value range of $960.60 to $990.60 as of the trade date and per-note proceeds to UBS of at least $992.75. The notes are unsecured obligations of UBS and are not FDIC insured.

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 Dow Jones Industrial Average, due on or about June 1, 2029. The notes pay a contingent coupon only if each underlying asset meets its coupon barrier on an observation date; otherwise no coupon is paid. UBS may call the notes monthly beginning after six months; if not called and any final level is below its downside threshold, principal may be reduced based on the decline of the least performing underlying asset. The illustrative contingent coupon rate is 13.45% per annum, principal amount per note is $1,000.00, underwriting discount is $7.50 per note, and the estimated initial value range is $957.20 to $987.20. Key structural risks include potential loss of principal, issuer credit risk, limited liquidity, potential conflicts of interest, and use of UBS internal pricing models and funding rates.

UBS AG is offering Trigger Autocallable Yield Notes linked to the common stock of Qualcomm (QCOM). Each Note has a $1,000 principal amount and pays a quarterly coupon; the indicated coupon rate is 10.65% per annum. The Notes are callable quarterly beginning after approximately 12 months; the first potential call settlement date is June 2, 2027. If a call condition is met on an observation date, UBS will repay principal plus the coupon on the corresponding coupon payment date. If not called and the final level at maturity is below the downside threshold (set at 50.00% of the initial level), principal repayment will be reduced pro rata to the underlying return; in extreme cases investors could lose all principal. Maturity is on or about May 31, 2030. The issue price per Note is $1,000; the estimated initial value range on the trade date is stated as $930.50 to $960.50. Payments remain subject to UBS’s creditworthiness.

UBS AG is offering Trigger Callable Contingent Yield Notes due May 24, 2029 linked to the least performing of the S&P 500®, Russell 2000® and EURO STOXX 50® indices. Each Note pays a contingent coupon of 12.50% per annum only if every underlying asset meets its coupon barrier on an observation date. UBS may call the Notes early in whole on any observation date; if not called, repayment at maturity depends on whether each index is at or above its 70.00% downside threshold. If any final level is below its downside threshold, the cash payment at maturity will decline in proportion to the worst‑performing index and could result in the loss of a significant portion or all of principal. The issue price totals $555,000 (or $1,000 per Note); proceeds to UBS are $995.00 per Note. The estimated initial value per Note as of the trade date is $991.30. Investing involves significant market, issuer credit and liquidity risks; secondary market trading may be limited and payments depend on UBS' creditworthiness.

UBS AG London Branch is offering Capped Leveraged Buffered Basket-Linked Medium-Term Notes linked to an unequally-weighted basket of five indices. The notes mature on July 9, 2027 with a trade date of May 19, 2026 and do not bear interest.

The notes provide 200.00% upside participation in positive basket returns subject to a cap: a maximum settlement amount of $1,157.00 per $1,000 face amount (cap level = 107.85% of initial basket level). They include a 10.00% buffer (buffer level = 90.00% of initial), below which losses are magnified at approximately 111.11% per 1% below the buffer. Issue price is 100.00% of face amount; estimated initial value is $986.20 per $1,000. The notes are unsecured obligations of UBS and subject to UBS credit risk.

UBS AG is offering $1,005,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to the common stock of United Airlines Holdings, Inc. The Notes pay a 17.00% per annum contingent coupon if observation-date barriers are met and may be auto-called; principal repayment at maturity is contingent on the final level relative to a 60.00% downside threshold.

The term is approximately 18 months with trade date May 20, 2026, settlement May 22, 2026, quarterly observation dates and maturity on November 24, 2027. Payments and any principal are subject to the creditworthiness of UBS and to the Notes' terms, including market disruption and adjustment provisions.

UBS AG (preliminary pricing supplement) offers Capped Leveraged Buffered S&P 500® Index-Linked medium-term notes with a face amount of $1,000 per note and a term expected to be 25 to 28 months. The notes pay no interest and provide 140.00% upside participation on positive S&P 500 returns subject to a cap (cap level expected between 117.95% and 121.11% of the initial level) and a maximum settlement amount (expected between $1,251.30 and $1,295.54 per $1,000). A buffer protects declines up to 12.50% (buffer level = 87.50% of initial level); below that buffer you lose approximately 1.1429% of face amount for every 1% decline below the buffer. The estimated initial value on the trade date is expected to be between $967.50 and $997.50 per $1,000, which is lower than the issue price. Payments depend on UBS creditworthiness and final terms to be set on the trade date.

UBS AG is offering Contingent Income Auto-Callable Securities linked to the common stock of CVS Health Corporation, expected to price on May 29, 2026 with an original issue date of June 3, 2026 and a maturity date around June 1, 2029. Each security has a $1,000 stated principal amount and may pay a contingent payment of $25.625 (equivalent to 10.25% per annum) on specified determination dates if the closing price of CVS is at or above 65.00% of the initial price. The securities are unsecured obligations of UBS AG, do not guarantee return of principal, do not participate in stock appreciation, and pay cash at maturity if the final price is below the downside threshold. The issue price exceeds the estimated initial value, which UBS estimates between $936.30 and $966.30 as of the pricing date.

UBS AG is offering $47,000,350 of Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000®, S&P 500® and EURO STOXX 50® indices. The Notes pay quarterly contingent coupons only if each index stays at or above its coupon barrier on every trading day in an observation period, are issuer-callable quarterly at UBS’ election, mature on November 23, 2029, and return principal at maturity only if each final index level is at or above its respective 60% downside threshold; otherwise repayment at maturity will be reduced in proportion to the negative return of the least performing index.

The Notes are offered at $10 per Note (minimum 100 Notes), have an estimated initial value of $9.90, and are unsecured obligations of UBS, so all payments depend on UBS’ creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the VanEck® Gold Miners ETF (GDX) and the Nasdaq-100® Technology Sector (NDXT). The offering aggregates $7,102,000 at an issue price of $1,000.00 per Note with an estimated initial value of $960.60. The Notes pay a 15.05% per annum contingent coupon when both underlyings meet their coupon barriers on observation dates, are callable monthly beginning after six months, and mature on May 24, 2029. If not called and any final level is below its downside threshold (60.00% of initial), repayment may be reduced pro rata to the loss of the least performing underlying asset, potentially resulting in a total loss of principal. All payments are subject to UBS credit risk.