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

UBS AG is offering $3,792,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector (NDXT) and the Russell 2000® Index (RTY). The Notes pay a contingent coupon (8.65% per annum) only if both underlyings meet coupon barriers on monthly observation dates and are callable monthly beginning after six months. If not called and any underlying is below its 70.00% downside threshold at final valuation, principal repayment is reduced pro rata to the decline of the least performing underlying; in extreme cases investors can lose their entire investment. The issue price is $1,000 per Note, the estimated initial value is $964.30, proceeds to UBS are $3,697,200, and the Notes are unsecured obligations subject to UBS credit risk.

UBS AG is offering $4,420,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the Nasdaq-100® Technology Sector. The Notes pay a contingent coupon of 12.80% per annum only if each underlying's closing level on an observation date meets its coupon barrier. UBS may call the Notes monthly beginning after approximately three months; if called you receive principal plus any contingent coupon due on the call settlement date. If not called and the final level of any underlying is below its downside threshold (70% of initial level), repayment may be reduced in proportion to the decline of the least performing underlying, potentially resulting in loss of a significant portion or all of principal. The estimated initial value was $989.00 per $1,000 Note. All payments, including principal, are subject to UBS creditworthiness.

UBS AG offers preliminary pricing for Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Technology Sector (NDXT), the Russell 2000 Index (RTY) and shares of the State Street Utilities Select Sector SPDR ETF (XLU), due on or about June 3, 2030.

The notes pay a contingent coupon only if each underlying meets its coupon barrier on observation dates; the illustrative contingent coupon rate is 10.85% per annum. Issue price is $1,000.00 per Note; estimated initial value is between $953.10 and $983.10; underwriting discount up to $9.50 and per-Note proceeds to UBS at least $990.50. Terms are preliminary and final terms will be set on the strike date when the final pricing supplement is delivered.

UBS AG is offering Trigger Callable Contingent Yield Notes with Daily Coupon Observation linked to the least performing of the Nikkei 225®, Russell 2000® and S&P 500®. The Notes have a principal amount of $10 per Note, a contingent coupon rate of 16.80% per annum (contingent), a trade date of May 21, 2026, expected settlement on May 26, 2026, a final valuation date of February 21, 2030 and a maturity date of February 25, 2030. UBS may call the Notes in whole on quarterly observation end dates; if not called, repayment at maturity is contingent: full principal is payable only if each underlying asset’s final level is ≥ its downside threshold (70% coupon barrier; 60% downside threshold shown as percentages of initial levels). Minimum investment is 100 Notes ($1,000). The issuer’s estimated initial value per Note is between $9.585 and $9.885, and 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® and the S&P 500®. The Notes pay periodic contingent coupons only if both indices meet coupon barriers on observation dates, are callable on quarterly observation dates beginning after six months, and repay principal at maturity only if both indices are at or above the downside thresholds; otherwise repayment is reduced pro rata to the decline of the least performing underlying asset. The Notes carry issuer credit risk, limited upside (coupon-only), potential for large principal loss (including full loss), limited secondary market liquidity, and an estimated initial value below the $10 issue price.

UBS AG offered $10,217,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index, maturing on May 24, 2027. The Notes pay a contingent coupon of 9.50% per annum (periodic contingent coupons of $23.75 per $1,000 Note) if both indices meet coupon barriers on observation dates. The Notes are automatically callable if both indices meet call thresholds on an observation date and otherwise repay principal only at maturity subject to a trigger event that occurs if any underlying closes below its downside threshold on any trading day during the observation period; if a trigger event occurs and the least performing underlying is below its initial level at maturity, repayment may be reduced proportionally and could result in loss of all principal. Payments are unsecured obligations of UBS and depend on UBS creditworthiness. Trade date was May 19, 2026 and settlement expected May 22, 2026.

UBS AG offers Trigger Autocallable GEARS linked to an equally-weighted basket of 16 US equities with term to January 23, 2029. The securities pay no interest, have a $10 principal per Security (minimum 100 Securities), an upside gearing of 1.20, an autocall barrier of 100% of the initial basket level, a downside threshold of 75% of the initial basket level and a call return rate set in a range of 12.17%–15.17% to be fixed on the trade date. If automatically called on the observation date, holders receive the call price (principal plus the call return); otherwise maturity payment depends on the basket return, with full downside exposure if the final basket level is below the downside threshold. Payments are subject to UBS credit risk and secondary-market liquidity may be limited.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Wayfair Inc. common stock maturing May 24, 2027. The Notes pay a contingent coupon only when 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 at or above the downside threshold, investors receive principal at maturity; if the final level is below the downside threshold, investors suffer a loss in principal equal to the underlying return and could lose all principal. The Notes are unsecured obligations of UBS and any payment is subject to UBS’s creditworthiness. The estimated initial value per $10 Note is $9.56. Trade date is May 20, 2026, settlement May 22, 2026, final valuation date May 20, 2027.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intel common stock due May 22, 2029. The Notes pay a contingent coupon only when the underlying closing level on an observation date meets or exceeds a coupon barrier; they will 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; if the final level is below that threshold, repayment at maturity declines in line with the percentage drop in the underlying and could result in a loss of all principal. Payments depend on UBS creditworthiness. Trade date is May 20, 2026 and expected settlement is May 22, 2026. The offering minimum is 100 Notes at $10 per Note; the estimated initial value is $9.67.

UBS AG is offering Airbag Autocallable Yield Notes linked to the common stock of Constellation Energy Corporation. The Notes pay a coupon on each coupon payment date unless the Notes are automatically called prior to maturity. The Notes mature on May 24, 2027 (final valuation date May 20, 2027) and are contingently repayable: if not auto‑called and the final level is below the conversion level, UBS will deliver a share delivery amount per Note (calculated as $1,000 divided by the conversion level) whose value may be less than principal, exposing investors to loss of some or all principal. Payments are subject to UBS creditworthiness. The estimated initial value per Note on the trade date was $981.10.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Wayfair Inc. The Notes pay contingent coupons only if observation‑date closing levels meet a coupon barrier and may be automatically called early if the underlying equals or exceeds the initial level on an observation date.

The Notes have a principal amount of $10 per Note, a trade date of May 20, 2026, expected settlement on May 22, 2026, final valuation date May 20, 2027 and maturity on or about May 24, 2027. The preliminary pricing shows a minimum investment of 100 Notes ($1,000) and an estimated initial value range of $9.30–$9.55. If not called, repayment at maturity is contingent: if the final level is below the downside threshold you can suffer a loss equal to the underlying return and could lose your entire investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation with a scheduled maturity of May 22, 2029. The Notes pay periodic contingent coupons only when the closing level of the underlying meets or exceeds a coupon barrier on observation dates and will be automatically called early if the underlying equals or exceeds the initial level on any observation date prior to the final valuation date. If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold, UBS will repay the $10 principal; if below the downside threshold, the cash payment per Note will be reduced proportionally to the underlying return, and an investor could lose a large portion or all of their initial investment. Payments are subject to the creditworthiness of UBS AG. Trade date and settlement are expected on May 20, 2026 and May 22, 2026. The preliminary estimated initial value per Note on the trade date is between $9.31 and $9.56.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intel Corporation common stock due May 22, 2028. The Notes pay a periodic contingent coupon only if the underlying closing level on an observation date meets or exceeds a coupon barrier. UBS will automatically call the Notes early if the underlying closing level on an observation date prior to the final valuation date is equal to or greater than the initial level; on an automatic call UBS pays principal plus any contingent coupon then due. If not automatically called, repayment of principal at maturity is contingent: if the final level is at or above the disclosed downside threshold, UBS pays the principal; if below that threshold, you receive an amount equal to $10 × (1 + underlying return), which can result in a substantial or total loss of principal. Payments are subject to UBS credit risk. Key dates include trade date May 20, 2026, expected settlement May 22, 2026, final valuation date May 18, 2028, and maturity May 22, 2028. The estimated initial value as of the trade date is $9.74 per $10 Note.

UBS AG is offering Airbag Autocallable Yield Notes linked to the common stock of Constellation Energy Corporation maturing on May 24, 2027. The Notes pay a periodic coupon (examples use 10.95% per annum; $9.125 monthly on a $1,000 principal) unless the Notes are automatically called following an observation date when the underlying equals or exceeds its initial level. If an automatic call occurs, UBS will pay principal plus the coupon on the related coupon payment date. If not called, repayment at maturity depends on the final level relative to a conversion level: if final level ≥ conversion level, UBS returns principal plus coupon; if final level < conversion level, UBS delivers a share delivery amount (shares equal to $1,000 divided by the conversion level) whose value may be less than principal, causing a loss. Payments are subject to UBS creditworthiness. Trade date is May 20, 2026 with settlement expected May 22, 2026 and final valuation date May 20, 2027.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the ADRs of Petróleo Brasileiro S.A. The Notes pay a contingent coupon only if the underlying ADR closing level on an observation date meets or exceeds a coupon barrier and may be automatically called early if the underlying equals or exceeds 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; if the final level is below that threshold, investors absorb downside equal to the underlying return and could lose most or all principal. Trade date is May 20, 2026, settlement May 22, 2026, final valuation date May 20, 2027, and maturity May 24, 2027. The estimated initial value per Note is $9.65, and minimum investment is 100 Notes at $10 per Note.

UBS AG is offering $1,455,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of UnitedHealth Group, due May 22, 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 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 on the related call settlement date. If not called and the final level is below the downside threshold, holders will receive a cash payment that can be less than principal, equal to $10 x (1 + Underlying Return), and could lose all of their investment in extreme situations. Trade date is May 20, 2026 and settlement is May 22, 2026; final valuation date is May 18, 2029 and maturity is May 22, 2029. The estimated initial value on the trade date is $9.72 per Note. Minimum investment is 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation with expected trade and settlement on May 20, 2026 and May 22, 2026, and a final valuation date of May 18, 2028 and maturity about May 22, 2028. The notes pay periodic contingent coupons only if the underlying closing level meets or exceeds a coupon barrier on observation dates and automatically redeem early if the underlying closes at or above the initial level on an observation date. At maturity, if not called, principal is repaid only if the final level is at or above the disclosed downside threshold; if the final level is below that threshold, repayment is reduced pro rata, which can result in a substantial loss, including loss of the entire principal. The estimated initial value is stated as a range of $9.39 to $9.64 per $10 note, and the offering is subject to UBS credit risk and the final terms to be set on the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to shares of the VanEck® Semiconductor ETF maturing May 24, 2027. The notes pay periodic contingent coupons only if the underlying meets a coupon barrier on observation dates and may be automatically called earlier if the underlying reaches the initial level.

The notes repay principal at maturity only if the final level is at or above a disclosed downside threshold; if below that threshold, principal repayment is reduced in percentage terms by the underlying return. Payments are subject to UBS credit risk; estimated initial value per $10 Note is $9.79.

UBS AG priced a preliminary offering for Trigger Autocallable Contingent Yield Notes linked to ADRs of Petróleo Brasileiro S.A., with final terms set on the trade date.

The Notes have an expected approximately 1-year term (Trade Date May 20, 2026, Final Valuation Date May 20, 2027, Maturity May 24, 2027). They pay periodic contingent coupons only if the underlying ADR closes at or above a coupon barrier on observation dates, are automatically called if the underlying closes at or above the initial level on an observation date, and repay principal at maturity only if the final level is at or above a disclosed downside threshold; otherwise principal is reduced proportionally to the underlying return.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Amazon.com, Inc. The $2,000,000 offering (minimum investment $1,000) has a Trade Date of May 20, 2026, settlement on May 22, 2026, final valuation on May 18, 2029, and maturity on May 22, 2029. The notes pay periodic contingent coupons only if the underlying closing level meets the coupon barrier and may be automatically called early if the underlying closes at or above the initial level on an observation date. Principal repayment at maturity is contingent: if the final level is below the downside threshold, investors suffer a loss equal to the underlying return; in extreme cases, they could lose the entire principal. The estimated initial value at trade is $9.75 per Note. All payments are subject to the creditworthiness of UBS.

UBS AG is offering preliminary terms for Trigger Autocallable Contingent Yield Notes linked to the common stock of UnitedHealth Group Incorporated, with an expected trade date of May 20, 2026 and settlement on May 22, 2026. The notes mature on May 22, 2029, with the final valuation date of May 18, 2029. Each Note has a principal amount of $10 and a minimum purchase of 100 Notes ($1,000). The Notes pay contingent coupons only when the underlying closing level on an observation date meets or exceeds a coupon barrier and may autocall early if the underlying meets or exceeds the initial level on an observation date. If not autocalled, repayment at maturity is contingent: full principal is paid only if the final level is at or above the downside threshold; otherwise repayment declines pro rata with the underlying, potentially resulting in substantial loss. The preliminary estimated initial value range is $9.34 to $9.59 per Note. All payments are subject to UBS credit risk.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the VanEck® Semiconductor ETF with final terms set on the trade date. The preliminary pricing supplement dated May 20, 2026 lists a trade date of May 20, 2026, expected settlement date May 22, 2026, a final valuation date of May 20, 2027 and maturity of May 24, 2027.

The Notes pay periodic contingent coupons only if the underlying ETF 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 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 the cash repayment declines pro rata and could result in a total loss of principal. Minimum purchase is 100 Notes at $10 per Note (a $1,000 initial investment). The estimated initial value range is $9.47–$9.72 per Note as of the trade date. Risks include credit exposure to UBS and the possibility of losing a significant portion or all of the investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Meta Platforms, Inc. with final maturity on May 22, 2029. 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 underlying closes at or above the initial level on any prior observation date. If not called, repayment of principal at maturity is contingent on the final level being at or above a downside threshold; if the final level is below that threshold, holders suffer a loss linked to the percentage decline in the underlying and could lose their entire investment. Terms shown include a minimum purchase of $1,000 (100 Notes), an estimated initial value of $9.75 per Note as of the trade date, trade/settlement dates of May 20, 2026 and May 22, 2026, and example final maturity of May 22, 2029. All payments are subject to UBS credit risk.

UBS AG offers $2,117,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc., due May 22, 2028. 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 closes at or above the initial level on any observation date prior to maturity. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; a final level below that threshold produces a cash payment that can be less than principal, potentially resulting in a full loss. Payments depend on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc. (underlying), with a trade date of May 20, 2026, expected settlement date May 22, 2026 and maturity on or about May 22, 2029.

The Notes pay periodic contingent coupons only if the underlying's closing level on observation dates is at or above the coupon barrier; they 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: if the final level is below the downside threshold you may suffer a loss equal to the underlying return, potentially losing your entire principal. Estimated initial value is stated as between $9.36 and $9.61 per $10 Note. Minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Freeport-McMoRan Inc. common stock maturing May 22, 2029. The Notes pay contingent coupons only if the underlying stock meets a coupon barrier on observation dates and can be automatically called quarterly beginning ~6 months after issue. At maturity repayment of principal is contingent: if the final level is below the downside threshold you can suffer a loss equal to the underlying return; in extreme cases you could lose your entire initial investment. The Notes are unsecured obligations of UBS and any payment depends on UBS's creditworthiness.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Meta Platforms, Inc. 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 any observation date.

Key dates: Trade Date May 20, 2026, Settlement Date May 22, 2026, Final Valuation Date May 18, 2029, Maturity Date May 22, 2029. Principal amount per Note is $10; minimum investment is 100 Notes ($1,000). The preliminary supplement shows a downside threshold and coupon barrier of $75.00 (75.00% of the initial level) in the illustrative terms. The example contingent coupon rate is 11.51% per annum (contingent coupon $0.2878 per $10 Note) and an estimated initial value range of $9.37 to $9.62 per Note.

This is a debt obligation of UBS; any payments (including principal at maturity) are subject to UBS’s creditworthiness. If not autocalled and the final level is below the downside threshold, repayment at maturity may be less than principal, potentially resulting in a substantial loss or total loss of investment.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. The Notes have a principal amount of $10 per Note, a trade date of May 20, 2026, expected settlement on May 22, 2026, a final valuation date of May 18, 2028 and a maturity date of May 22, 2028. Payments depend on observation-date triggers: contingent coupons are paid only if the underlying closes at or above the coupon barrier; the Notes autocall early if the underlying closes at or above the initial level on an observation date. If not called, repayment at maturity is contingent: full principal is paid only if the final level is at or above the downside threshold; otherwise principal is reduced proportionally to the underlying return. Estimated initial value range on the trade date is between $9.43 and $9.68 per Note. All payments are subject to the creditworthiness of UBS. This is a preliminary pricing supplement, subject to completion and delivery of final Offering Documents.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc. The notes have an expected trade date of May 20, 2026, settlement on May 22, 2026, a final valuation date of May 18, 2029 and a maturity date of May 22, 2029. Each Note has a principal amount of $10 and a minimum investment of 100 Notes ($1,000). Investors may receive periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates; otherwise no coupon is paid. The Notes are subject to an automatic call on quarterly observation dates (beginning after six months) if the underlying closes at or above the initial level; a call triggers repayment of principal plus any contingent coupon due. 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 proportionally to the underlying return, and investors may lose a substantial portion or all of principal. The preliminary estimated initial value range is $9.33 to $9.58 per Note, as of the trade date, per UBS internal models. All payments, including any contingent coupons and principal, are subject to the creditworthiness of UBS. This preliminary pricing supplement sets final terms on the trade date and supplements the product supplement and prospectus dated February 6, 2025.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation due May 22, 2028. Each Note has a $10 principal amount and pays contingent coupons only when the underlying closing level is at or above a coupon barrier on observation dates. The Notes will be automatically called if the underlying closing level on any quarterly observation date (beginning after 12 months) is at or above the initial level; in that case investors receive principal plus any contingent coupon on the related call settlement date. If not called, repayment at maturity depends on the final level: full principal if the final level is at or above the downside threshold, otherwise principal is reduced pro rata by the underlying return, potentially resulting in total loss. Trade date is May 20, 2026, settlement May 22, 2026, final valuation date May 18, 2028 and maturity May 22, 2028. The estimated initial value on the trade date is $9.81. Payments, including principal, are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Caterpillar Inc. common stock due May 24, 2027. The notes pay contingent coupons only if the underlying closing level on observation dates meets or exceeds a coupon barrier and will be automatically called early if the underlying equals or exceeds the initial level on any pre‑maturity 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 will be reduced proportionally to the underlying return and investors could lose all of their investment. All payments are subject to UBS credit risk. The notes have a minimum purchase of 100 notes at $10 per note and an estimated initial value of $9.78 as of the trade date.

UBS AG is offering Airbag Autocallable Yield Notes linked to the common stock of NIKE, Inc. The Notes pay a coupon on each coupon date unless the Notes are auto-called early when the underlying's closing level on an observation date is ≥ the initial level. If auto-called, UBS pays principal plus the coupon on the related coupon payment date and the Notes terminate. If not auto-called, at maturity UBS either (a) pays principal plus coupon if the final level ≥ conversion level, or (b) delivers a share delivery amount equal to $1,000 divided by the conversion level (fractional shares paid in cash), which may be worth less than principal, producing a loss. Payments depend on UBS's creditworthiness. Trade date is May 20, 2026, settlement May 22, 2026, final valuation date May 20, 2027, maturity May 24, 2027. The estimated initial value as of the trade date is $980.40.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation, due on or about May 22, 2028. The Notes pay a contingent coupon only if the underlying closes at or above a coupon barrier on observation dates; otherwise no coupon is paid. The Notes are automatically called early if the underlying closes at or above the initial level on any quarterly observation date beginning after 12 months, in which case UBS pays principal plus any contingent coupon due on the call settlement date. At maturity, if not called, 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 a substantial loss, including loss of all principal. Trade date is May 20, 2026 with settlement on May 22, 2026. Minimum investment is 100 Notes (principal $10 per Note). The preliminary pricing indicates an estimated initial value between $9.44 and $9.69. All payments are subject to UBS credit risk.

UBS AG is offering Airbag Autocallable Yield Notes linked to the common stock of NIKE, Inc. The trade date is May 20, 2026 with expected settlement on May 22, 2026, a final valuation date of May 20, 2027, and maturity on May 24, 2027.

The Notes pay a coupon on each coupon payment date unless they are automatically called early. An automatic call occurs if the closing level of the underlying stock on any observation date is equal to or greater than the initial level; on an automatic call UBS will pay principal plus the coupon for that period. If not called and the final level is below the conversion level, UBS will deliver a share delivery amount (or cash for fractional shares), which may be worth less than the principal, exposing investors to loss of some or all principal. The preliminary estimated initial value range on the trade date is $951.10 to $976.10.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Caterpillar Inc. The Notes pay a contingent coupon only if the underlying closing level meets the coupon barrier on observation dates and are subject to automatic early call if the underlying reaches or exceeds the initial level on any prior observation date. At maturity the principal is repaid only if the final level is at or above the downside threshold; otherwise repayment is reduced proportionally to the underlying return, and investors could lose a significant portion or all of their investment. Final terms will be set on the trade date and payments are subject to UBS credit risk.

UBS AG offers Trigger Callable Contingent Yield Notes due on or about May 25, 2029 linked to the least performing of XLE, XLK and XLU. The notes pay a contingent coupon only when each underlying meets its coupon barrier on observation dates, are callable monthly by UBS beginning after six months, and at maturity repay principal only if the final level of each underlying is at or above its downside threshold; otherwise repayment is reduced pro rata to the least performing underlying asset. The preliminary estimated initial value is $957.40–$987.40 and the issue price per note is $1,000.00. Payments are subject to UBS credit risk, limited liquidity, potential conflicts of interest, and other material risks described herein.

UBS AG is offering $2,857,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the EURO STOXX 50® Index. The Notes pay a 9.00% per annum contingent coupon when both underlyings meet coupon barriers on quarterly observation dates, are callable quarterly beginning ~6 months after issuance, and mature on May 23, 2030. The estimated initial value per Note is $973.80 versus an issue price of $1,000.00. If not called, principal repayment at maturity is contingent: if the final level of any underlying is below its downside threshold (70.00% of initial level), holders suffer a loss equal to the decline of the least performing underlying; in extreme cases investors could lose their entire investment. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500®, Russell 2000® and Nasdaq-100® Technology Sector. The notes pay a contingent coupon only if each underlying meets its coupon barrier on an observation date and are callable monthly by UBS beginning after six months. If not called, principal repayment at maturity depends on whether each underlying is at or above its downside threshold; a shortfall in the least performing underlying can cause a loss of principal, possibly all of the investment. The estimated initial value range is $958.30–$988.30 and the illustrative contingent coupon rate shown is 11.20% per annum. Terms, including strike date figures, underwriting discount of $6.50 per note and final pricing, will be set in the final pricing supplement.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, the Nasdaq-100® Technology Sector and the S&P 500® Index. The Notes have a principal amount of $1,000 per Note, a contingent coupon rate of 9.70% per annum (payable only if all three underlyings meet coupon barriers on an observation date), monthly observation dates (callable after 12 months), a final valuation date of May 22, 2029 and a maturity date of May 25, 2029. If the Notes are automatically called after an observation date meeting the call thresholds, UBS will pay principal plus any contingent coupon due; otherwise repayment at maturity is contingent: if any underlying is below its downside threshold, the cash payment equals $1,000 × (1 + underlying return of the least performing underlying asset), which can result in a substantial loss or a total loss of principal. The estimated initial value range is $956.70 to $986.70. All payments are subject to UBS credit risk. The offering documents, including the pricing supplement and product supplement, will set final terms.

UBS AG offers Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500®, Russell 2000® and EURO STOXX 50® indices, maturing on or about May 24, 2029. The notes pay a contingent coupon only if each underlying index meets its coupon barrier on observation dates; otherwise no coupon is paid. UBS may call the notes in whole on any observation date prior to maturity and, if not called, principal repayment at maturity depends on whether each underlying index is at or above a 70.00% downside threshold. If the final level of any underlying index is below its downside threshold, the cash payment at maturity will reflect the percentage decline of the least performing underlying asset and could result in a substantial loss or complete loss of principal. The preliminary estimated initial value range is $961.30 to $991.30 per $1,000 note; underwriting discount is $5.00 per note. Terms are subject to final pricing documents delivered in final form.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000®, S&P 500® and EURO STOXX 50® indices. The Notes have a principal amount of $10 per Note, an expected term of approximately 42 months, quarterly observation periods and an issuer call feature. Contingent coupons (specified as a per‑annum rate) are paid only if each underlying index closes at or above its coupon barrier on every trading day in an observation period; otherwise no coupon is paid. If UBS calls the Notes early, holders receive principal plus any contingent coupon due on the call settlement date. If not called, repayment at maturity is principal only if each final index level is at or above its downside threshold; otherwise the maturity payment is reduced proportionally to the negative return of the least performing underlying asset, and investors can lose a significant portion or all of their investment. All payments are subject to UBS credit risk. Trade date, settlement date, observation end dates, final valuation date and maturity date are provided in the terms.

UBS AG offers Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000®, Nasdaq-100® and Dow Jones Industrial Average® due on or about June 1, 2029. The Notes pay a contingent coupon only if each underlying closes at or above its coupon barrier on an observation date; otherwise no coupon is paid. UBS may call the Notes monthly (beginning after three months) and, if called, will pay principal plus any contingent coupon then due. If not called and the final level of any underlying is below its 70.00% downside threshold, repayment at maturity will be reduced pro rata to the decline of the least performing underlying, potentially resulting in the loss of most or all principal. The preliminary estimated initial value range is $959.70 to $989.70 per $1,000 principal, and the issue price is $1,000.00 with an underwriting discount of $7.00 per Note. All payments depend on UBS' creditworthiness; the Notes are not FDIC insured and will not be listed.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average®, the Russell 2000® Index and the Nasdaq-100® Technology Sector, with final terms set on the strike date. The notes pay a contingent coupon (illustrated at 11.75% per annum) only if each underlying closes at or above its coupon barrier on an observation date; UBS may call the notes monthly beginning after three months. If not called and any final level is below its 60.00% downside threshold, principal repayment at maturity will be reduced pro rata to the decline of the least performing underlying asset, and you could lose a significant portion or all of your investment. The issue price per Note is $1,000.00, the underwriting discount is $7.00 per Note, and proceeds to UBS are illustrated as $993.00 per Note. The estimated initial value range is $956.00–$986.00 per Note.

UBS AG published a preliminary pricing supplement for Trigger Callable Contingent Yield Notes due on or about June 1, 2029, linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 and the Nasdaq-100 Technology Sector. The notes reference a contingent coupon rate of 13.00% per annum (subject to final terms) and are callable monthly by the issuer beginning approximately three months after issuance. Principal repayment at maturity depends on the least performing underlying asset relative to a 70.00% downside threshold, so holders may lose a significant portion or all of their principal if the final level of any underlying asset is below that threshold. The preliminary estimated initial value is shown as between $958.30 and $988.30, with an issue price of $1,000.00 per note and an underwriting discount of $7.00 per note.

UBS AG offers preliminary terms for Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector and the Russell 2000® Index, with a contingent coupon of 12.70% per annum and principal amount per note of $1,000. The notes are callable monthly beginning after three months and repay principal at maturity only if both underlying assets finish at or above their downside thresholds of 70.00% of initial levels; otherwise, repayment at maturity reflects the percentage return of the least performing underlying asset. The estimated initial value range is $957.50 to $987.50. The issue price will exceed estimated initial value; underwriting compensation may be up to $7.25 per note and proceeds to UBS are at least $992.75 per note. The notes are unsecured obligations of UBS and subject to its credit risk and Swiss regulatory resolution powers.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Micron Technology, Inc. The Notes pay a contingent coupon of 36.50% per annum on observation dates when the underlying meets the coupon barrier, are callable monthly (beginning ~3 months after issue) if the underlying meets the call threshold, and mature on or about December 2, 2027. If not called, principal repayment at maturity is contingent on the final level versus a 50.00% downside threshold; if the final level is below that threshold investors suffer a loss equal to the underlying return. Trade date and strike date are May 29, 2026 with expected settlement June 3, 2026. The estimated initial value range is $932.20–$962.20 per $1,000 Note; issue price is $1,000 with underwriting compensation up to $22.25 per Note. These Notes are unsecured obligations of UBS and subject to UBS credit and various structural, liquidity and market risks.

UBS AG is offering Trigger Callable Contingent Yield Notes due on or about December 4, 2030 linked to the least performing of the S&P 500®, Russell 2000® and shares of the State Street® Consumer Staples Select Sector SPDR® ETF (XLP). The notes pay a contingent coupon only when each underlying closes at or above its coupon barrier on observation dates and are callable monthly by UBS beginning after approximately three months.

The notes repay principal at maturity only if each final level is at or above its downside threshold; if any final level is below its downside threshold, repayment equals principal reduced by the percentage decline of the least performing underlying asset. Payments are unsecured and subject to UBS credit risk. The estimated initial value range is $957.30–$987.30 per $1,000 note; issue price is $1,000 per note.

UBS AG is offering Capped Buffer Securities linked to the S&P 500® Index with $355,000 aggregate principal. Each Security has a $1,000 principal amount, a 10.00% buffer, a 21.00% maximum gain (maximum payment $1,210.00) and matures on November 18, 2027. Payments at maturity depend on the underlying return and whether the final level is below the downside threshold of 6,667.65 (90.00% of the initial level). The estimated initial value per Security on the trade date is $986.50. The Securities do not pay interest, are unsecured obligations of UBS and repayment is subject to UBS credit risk. The offer is directed to fee-based advisory accounts and secondary market liquidity may be limited.

UBS AG offers preliminary pricing for Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500®, Russell 2000® and the State Street Utilities Select Sector SPDR® ETF, due on or about June 2, 2031. The Notes pay a contingent coupon of 10.80% per annum only when each underlying asset meets its coupon barrier on an observation date and are issuer-callable monthly beginning after six months.

The Notes repay $1,000 principal per Note at maturity only if the final level of every underlying asset is at or above its downside threshold (each threshold is 70.00% of its initial level). If any final level is below its downside threshold, the payment at maturity will be reduced pro rata based on the least performing underlying asset and could result in a total loss. The issue price is $1,000 per Note, estimated initial value is between $956.80 and $986.80, underwriting discount is $5.00 per Note and proceeds to UBS are $995.00 per Note.