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

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500®, Russell 2000® and Nasdaq-100®, due on or about June 2, 2031. The notes have a per-note issue price of $1,000.00 and a stated contingent coupon rate of 11.50% per annum.

The notes pay contingent coupons only if each underlying index is at or above its coupon barrier on an observation date; UBS may call the notes monthly (beginning after ~3 months). If not called, principal repayment at maturity depends on the final level of the least performing underlying asset relative to a 70.00% downside threshold, exposing holders to potential partial or total loss. The estimated initial value range is $959.20–$989.20 per note and UBS Securities LLC receives a $5.00 underwriting discount per note.

UBS AG London Branch proposes to offer Digital S&P 500® Index‑Linked Medium‑Term Notes as set out in this preliminary pricing supplement, subject to completion. The notes do not bear interest and pay a cash settlement at maturity based on the S&P 500® Index performance over a term expected to be between 19 and 22 months.

The notes include a buffer level equal to 87.50% of the initial underlier level and a cap level expected to be between 112.94% and 115.22% of the initial underlier level. If the final underlier level is equal to or above the buffer level, holders receive a $1,129.40–$1,152.20 maximum settlement amount per $1,000 face amount; if below the buffer, losses apply at approximately 1.1429% of face amount per 1% negative underlier return below the buffer. The estimated initial value is expected to be between $967.20 and $997.20 per $1,000 face amount.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Royal Caribbean Cruises Ltd. common stock due May 22, 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, principal is repaid at maturity only if the final level is at or above the disclosed downside threshold; otherwise principal is reduced proportionally to the underlying return and investors could lose a significant portion or all of their investment. Payments are subject to UBS credit risk. Trade date is May 19, 2026, final valuation date is May 18, 2028, and maturity is May 22, 2028.

UBS AG offers $610,000 of Trigger Autocallable Contingent Yield Notes linked to the Relevant Nearby ICE-traded Cocoa Futures Contract due May 20, 2027.

The Notes pay a 13.50% per annum contingent coupon only when the official settlement price of the Cocoa futures is at or above the coupon barrier on observation dates, are subject to quarterly automatic calls if the Cocoa price meets the call threshold, and repay contingent principal at maturity only if the final price is at or above the downside threshold. Each Note has a $1,000 principal amount, an estimated initial value of $982.70 as of the trade date, and payments (including any principal repayment) are unsecured obligations of UBS and depend on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. Each Note has a principal amount of $10 and a contingent coupon that is paid only if the underlying closing level meets the coupon barrier on observation dates. The Notes can 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 due on the call settlement date. If not called, principal repayment at maturity depends on the final level relative to the downside threshold: if the final level is below that threshold, repayment may be less than principal and could result in loss of some or all of the initial investment. Payments on the Notes are subject to UBS credit risk. Key dates: trade date May 19, 2026, settlement May 21, 2026, final valuation date May 18, 2028, maturity May 22, 2028. The estimated initial value per $10 Note was $9.72.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. The notes pay contingent quarterly coupons only if the underlying closes at or above a coupon barrier and may be automatically called quarterly beginning ~12 months after issuance. 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, you receive an amount equal to $10 multiplied by (1 + underlying return), exposing you to the underlying’s negative return (in extreme cases, loss of the entire investment). Trade date is May 19, 2026, settlement May 21, 2026, final valuation May 18, 2028, maturity May 22, 2028. The estimated initial value per note was $9.73. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Uber Technologies, Inc. stock due May 22, 2028. The Notes pay periodic contingent coupons only if the underlying closing level on observation dates meets or exceeds a coupon barrier; they are automatically called early if the closing level on an observation date equals or exceeds the initial level. If not called, principal at maturity is repaid only if the final level is at or above a disclosed downside threshold; if below, principal is reduced proportionally to the underlying return and investors can lose a significant portion or all of their investment. The Notes are unsecured obligations of UBS and any payment depends on UBS's creditworthiness. The estimated initial value per $10 Note was $9.74 and the minimum investment is 100 Notes.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Royal Caribbean Cruises Ltd. The preliminary pricing supplement dated May 19, 2026 sets a trade date of May 19, 2026, settlement on May 21, 2026, a final valuation date of May 18, 2028 and expected maturity on May 22, 2028.

The Notes pay a contingent coupon only when the underlying stock's closing level on an observation date is at or above a coupon barrier; they are automatically called early if the underlying closes at or above the initial level on any observation date. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the disclosed downside threshold; otherwise payment declines in line with the underlying return and could result in substantial or total loss of principal. Estimated initial value is shown as between $9.42 and $9.67 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc. The Notes pay a contingent coupon on specified observation dates only if the underlying stock closes at or above the coupon barrier. The Notes are automatically called early if the underlying closes at or above the initial level on an observation date, in which case holders receive principal plus any contingent coupon due. If not called, repayment at maturity depends on the final level: if the final level is at or above the downside threshold, UBS will repay the principal; if below, holders suffer principal loss equal to the underlying return and could lose their entire investment. Trade and settlement dates are May 19, 2026 and May 21, 2026, with final valuation and maturity dates of May 18, 2028 and May 22, 2028. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk. The estimated initial value per Note on the trade date is $9.71.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. The trade date is May 19, 2026, settlement is May 21, 2026, final valuation date is May 18, 2028 and maturity is May 22, 2028.

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 early if the underlying equals or exceeds the initial level on any observation date. Principal repayment at maturity is contingent: if the final level is below the downside threshold you can suffer a loss equal to the underlying return, including total loss. Minimum investment is 100 Notes ($1,000). Estimated initial value on the trade date is between $9.41 and $9.66. All payments are subject to the creditworthiness of UBS.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Target Corporation. The Notes mature on May 22, 2028, with a final valuation date of May 18, 2028. Trade and settlement dates are May 19, 2026 and May 21, 2026, respectively. The Notes pay periodic contingent coupons only when the closing level of the underlying on an observation date is at or above a specified coupon barrier. The Notes may be automatically called early if the underlying closing level on an observation date is at or above the initial level, in which case investors receive principal plus any contingent coupon then due. If not called, repayment at maturity depends on whether the final level is at or above the downside threshold (example: $10 principal returned if final level >= downside threshold). If the final level is below the downside threshold, principal is reduced pro rata to the underlying return; an example shows a maturity payment of $4.20 per $10 Note, representing a material loss. The document states an estimated initial value of $9.72 per Note, a minimum investment of 100 Notes (representing $1,000), and an illustrative contingent coupon rate of 13.84% per annum. All payments, including any repayment of principal, are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Palantir Technologies Inc. with a trade date of May 19, 2026, expected settlement on May 21, 2026, a final valuation date of May 18, 2028, and expected maturity on May 22, 2028. The Notes pay contingent coupons only when the underlying closes at or above a coupon barrier on observation dates and are subject to automatic early call if the underlying closes at or above the initial level on any quarterly observation date beginning after 12 months. If not called, principal is repaid at maturity only if the final level is at or above a disclosed downside threshold; if below that threshold, the cash repayment equals $10 multiplied by (1 + underlying return), which can result in a substantial loss, including total loss of principal. The Notes are unsecured obligations of UBS and repayment is subject to UBS’s creditworthiness. The minimum investment is 100 Notes ($1,000) and the estimated initial value at trade date is between $9.38 and $9.63 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Uber Technologies, Inc. with a planned maturity on May 22, 2028. The notes pay contingent coupons only when the underlying meets a coupon barrier and may be automatically called if the underlying equals or exceeds the initial level on observation dates.

The terms shown: trade date May 19, 2026, settlement May 21, 2026, final valuation date May 18, 2028, principal per note $10, minimum purchase 100 Notes ($1,000. Example contingent coupon rate 9.69% per annum; estimated initial value range $9.43–$9.68. Principal repayment at maturity is contingent on the final level relative to the downside threshold; investors may lose a significant portion or all principal and payments are subject to UBS creditworthiness.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation, due May 22, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and may be automatically called early if the underlying 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 the final level is below that threshold, repayment will be reduced proportionally to the underlying return and, in extreme cases, you could lose all of your investment. The minimum investment is 100 Notes at $10 per Note and the estimated initial value on the trade date is $9.70 per Note. Any payments are subject to the creditworthiness of UBS AG.

The issuer UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc. with a trade date of May 19, 2026, expected settlement on May 21, 2026 and maturity on May 22, 2028. The Notes pay periodic contingent coupons only when the closing level of the underlying meets or exceeds a coupon barrier on observation dates and are automatically called if the underlying meets or exceeds the initial level on any observation date before the final valuation date. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; if the final level is below that threshold, redemption may be less than principal, and investors can lose a significant portion or all principal. The Notes are unsecured obligations of UBS and repayment depends on UBS’s creditworthiness. The preliminary pricing supplement shows an estimated initial value range of $9.41 to $9.66 per $10 Note and illustrative terms including a contingent coupon rate of 15.11% per annum and a downside threshold of $70.00 (70% of the initial level).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of DICK'S Sporting Goods, Inc. The Notes pay contingent coupons only if the underlying's closing level on observation dates meets or exceeds a coupon barrier and are subject to automatic early redemption (quarterly, beginning after six months) 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 only if the final level is at or above the downside threshold; if the final level is below that threshold you will suffer a loss equal to the underlying return and could lose all of your initial investment. Trade Date is May 19, 2026, Settlement Date is May 21, 2026, Final Valuation Date is August 19, 2027, and Maturity Date is August 23, 2027. The Notes have a Principal Amount of $10, an estimated initial value of $9.76, and any payments depend on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Target Corporation, with final terms set on the trade date and subject to completion. The preliminary pricing supplement is dated May 19, 2026.

The Notes have a principal amount of $10 per Note, an illustrative contingent coupon rate of 11.30% per annum (example contingent coupon $0.2825 per $10 Note), and a Downside Threshold and Coupon Barrier of $70.00 (illustrative, equal to 70.00% of the initial level). Trade and settlement are shown as May 19, 2026 and May 21, 2026, with a final valuation date of May 18, 2028 and maturity on May 22, 2028.

The Notes pay contingent coupons only if the underlying closing level meets the 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 the downside threshold. If the final level is below the downside threshold and the Notes are not called, holders suffer a loss equal to the underlying return; in extreme cases the holder could lose the entire investment. Payments are subject to UBS's credit risk. The offering has a stated minimum investment of 100 Notes (representing $1,000). The estimated initial value range on the trade date is shown as $9.37 to $9.62.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Fluor Corporation common stock. The Notes pay a contingent coupon on each coupon payment date only if the underlying closing level meets or exceeds the coupon barrier on the observation date; otherwise no coupon is paid. The Notes include an automatic call 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 the downside threshold; if below, repayment equals $10 x (1 + underlying return), which can imply a substantial loss up to a total loss. Trade date is May 19, 2026, settlement May 21, 2026, final valuation date May 18, 2028, and maturity May 22, 2028. Minimum investment is 100 Notes at $10 per Note ($1,000). The document shows an estimated initial value range of $9.40–$9.65 and an illustrative contingent coupon of 17.33% per annum. All payments are subject to UBS creditworthiness.

UBS AG priced preliminary Trigger Autocallable Contingent Yield Notes linked to DICK'S Sporting Goods, Inc. The Notes have a $10 principal amount per Note, trade date May 19, 2026, expected settlement May 21, 2026, final valuation date August 19, 2027 and maturity August 23, 2027. 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 if the underlying closes at or above the initial level on any quarterly observation date beginning after six months. If not called, repayment at maturity is contingent: full principal is paid only if the final level is at or above the downside threshold; if below, repayment is reduced pro rata to the underlying return and investors could lose a significant portion or all principal. The prelaunch estimated initial value range is $9.38 to $9.63 per Note and an illustrative contingent coupon rate shown is 14.16% per annum ($0.354 per $10 Note per coupon period in the example). All payments are subject to UBSs creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes have a trade date of May 19, 2026, expected settlement on May 21, 2026, a final valuation date of May 19, 2027 and maturity on May 21, 2027. The Notes pay a contingent coupon on each coupon payment date only if the underlying closing level on 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 underlying closing level on any observation date prior to the final valuation date is equal to or greater than the initial level, in which case holders receive principal plus any contingent coupon due on the related call settlement date.

If not called, repayment at maturity is contingent: if the final level is equal to or greater than the downside threshold, UBS will repay the principal amount; if the final level is below the downside threshold, holders receive a cash amount equal to $10 multiplied by (1 + Underlying Return), exposing holders to the full negative return of the underlying and possible loss of all principal. Payments are subject to UBS credit risk. The Notes are offered in minimum units of 100 Notes at $10 per Note and the estimated initial value on the trade date is $9.88.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Chipotle Mexican Grill common stock due May 22, 2028. The Notes pay contingent coupons only if the underlying closing level on observation dates meets or exceeds a coupon barrier and may be automatically called early if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, principal repayment at maturity is contingent: full principal is repaid only if the final level is at or above the downside threshold; otherwise principal is reduced pro rata to the underlying return and investors can lose a significant portion or all of their investment. Payments depend on UBS's creditworthiness. The Notes have a minimum investment of 100 Notes at $10 per Note and an estimated initial value of $9.76 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The preliminary pricing supplement dated May 19, 2026 sets key dates: trade date May 19, 2026, settlement May 21, 2026, final valuation date May 19, 2027 and maturity about May 21, 2027. The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds the coupon barrier on observation dates and are automatically called early if the underlying closes at or above the initial level on any pre-final observation date.

At maturity, if not called, repayment of principal is contingent: full principal is paid only if the final level is at or above the downside threshold; if below, principal is reduced in proportion to the underlying return and investors could lose a significant portion or all of their investment. Minimum purchase is 100 Notes at $10 per Note ($1,000). The estimated initial value range is $9.55 to $9.80 per Note. All payments are subject to UBS credit risk.

UBS AG is offering $2,368,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of First Solar, Inc., due May 21, 2029. The Notes pay quarterly contingent coupons only if the underlying closes at or above a coupon barrier on observation dates, and are automatically called if the underlying closes at or above the initial level on any quarterly observation (beginning after six months). If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the downside threshold; otherwise, repayment is reduced pro rata to the underlying return and investors could lose a portion or all of principal.

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 19, 2026 sets the trade date, expected settlement, observation schedule and illustrative terms.

The notes pay periodic contingent coupons only when the underlying closing level meets a coupon barrier on an observation date and can be automatically called early if the underlying closes at or above the initial level on an observation date. 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 investors may lose a significant portion or all principal. The illustrative principal amount is $10 per Note with a minimum purchase of 100 Notes ($1,000) and an illustrative contingent coupon rate of 12.49% per annum in the examples. Final terms, including exact coupon barriers, downside threshold, and estimated value range ($9.41 to $9.66) will be set on the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Humana Inc. common stock. The Notes pay contingent coupons only if the underlying stock meets the coupon barrier on observation dates and may be automatically called early if the underlying equals or exceeds the initial level on an observation date.

If not called, principal repayment at maturity is contingent: full principal is paid if the final level is at or above the downside threshold; if the final level is below that threshold, repayment falls proportionally with the underlying return and investors could lose a significant portion or all principal. Payments depend on UBS creditworthiness. Trade and settlement dates and final valuation and maturity dates are specified in the terms.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes have a $10 principal amount per Note, trade date May 19, 2026, settlement May 21, 2026, final valuation date May 18, 2028, and maturity May 22, 2028.

The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds the coupon barrier on observation dates; they autocall early if the underlying closes at or above the initial level on an observation date, in which case holders receive principal plus any contingent coupon for that call date. If not called and the final level is below the downside threshold, principal repayment at maturity is reduced pro rata to the underlying return and you could lose a substantial portion or all of your investment. The estimated initial value on the trade date is $9.80 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of First Solar, Inc. The Notes pay periodic contingent coupons only if the underlying stock closes at or above the coupon barrier on observation dates (quarterly after 6 months). UBS will automatically call the Notes early if the underlying equals or exceeds the initial level on any observation date; called Notes pay principal plus any contingent coupon then due. If not called, principal repayment at maturity depends on the final level: if the final level is at or above the downside threshold, UBS pays the $10 principal per Note; if below, repayment equals $10 x (1 + Underlying Return) and could result in losses up to the full principal. Trade date is May 19, 2026, settlement date May 21, 2026, final valuation date May 17, 2029, and maturity date May 21, 2029. Minimum investment is 100 Notes at $10 per Note. The preliminary pricing supplement states an estimated initial value range of $9.35 to $9.60 per Note and includes a hypothetical contingent coupon rate of 13.65% per annum (contingent coupon example: $0.3413 per $10 Note). All payments are subject to UBS credit risk.

UBS AG offers $587,000 of Trigger Autocallable Contingent Yield Notes linked to Datadog, Inc. common stock due May 21, 2031. The Notes pay periodic contingent coupons only if 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 an observation date.

If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold the principal is paid in cash; if below, repayment is reduced pro rata to the underlying return and investors can lose a significant portion or all principal. All payments are subject to UBS credit risk. Trade date is May 19, 2026, settlement May 21, 2026, final valuation date May 19, 2031, maturity May 21, 2031.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Humana Inc.. The Notes mature on May 22, 2028 with a final valuation date of May 18, 2028 and an expected trade date of May 19, 2026.

The Notes pay periodic contingent coupons only when the underlying closing level meets or exceeds a coupon barrier and are automatically called early if the underlying closes at or above the initial level on an observation date. If not called, principal is repaid at maturity only if the final level is at or above a stated downside threshold; otherwise repayment declines in line with the underlying return and investors can lose a significant portion or all of principal. Minimum purchase is 100 Notes ($1,000). The issuer estimates an initial value between $9.33 and $9.58 per Note. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The notes mature on May 21, 2029 with a final valuation date of May 17, 2029 and an expected settlement date of May 21, 2026. Payments depend on the underlying stock's closing levels on scheduled observation dates: contingent coupons are paid only if the closing level meets or exceeds a coupon barrier, and the notes are automatically called if the closing level on an observation date meets or exceeds the initial level.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; if below that threshold, repayment equals $10 x (1 + underlying return), which can result in a substantial loss or a total loss. All payments are subject to UBS's creditworthiness. The estimated initial value on the trade date is $9.73; minimum offering is 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. stock, with final terms set on the trade date. The Notes have a principal amount of $10 per Note and a minimum purchase of 100 Notes ($1,000).

Trade date is May 19, 2026, settlement is May 21, 2026, the final valuation date is May 18, 2028, and maturity is May 22, 2028. The issuer will pay contingent coupons only if the underlying closing level meets the coupon barrier on observation dates; the Notes 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 on the final level relative to the downside threshold, and investors may suffer substantial losses tied to the underlying return. Estimated initial value is between $9.44 and $9.69 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Intuit Inc. common stock due May 21, 2029. The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds a coupon barrier on observation dates and may be automatically called early if the underlying equals or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the downside threshold; if below, principal is reduced proportionally to the underlying return, potentially resulting in total loss. All payments are subject to UBS credit risk. Trade date is May 19, 2026, settlement May 21, 2026, final valuation date May 17, 2029, and maturity May 21, 2029.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Freeport-McMoRan Inc. common stock due May 22, 2028. The Notes pay a contingent coupon on each coupon payment date only if the closing level of the underlying stock on the related observation date is equal to 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 investors receive principal plus any contingent coupon then due. If not called and the final level is at or above the downside threshold, principal is repaid at maturity; if the final level is below the downside threshold, investors receive a reduced cash payment proportional to the underlying return and could lose a significant portion or all of their investment. Payments depend on UBS creditworthiness. Trade date is May 19, 2026; settlement May 21, 2026; final valuation date May 18, 2028; maturity May 22, 2028. The estimated initial value on the trade date is $9.71 per $10 Note.

UBS AG priced a preliminary pricing supplement for $• Trigger Autocallable Contingent Yield Notes linked to the common stock of Datadog, Inc. The Notes have a trade date of May 19, 2026, expected settlement on May 21, 2026, a final valuation date of May 19, 2031, and a maturity date of May 21, 2031.

The Notes pay periodic contingent coupons only if the underlying closes at or above the coupon barrier on observation dates, include an automatic call if the underlying closes at or above the initial level on any observation date, and provide contingent repayment of principal at maturity that can expose investors to full downside market loss if the final level is below the downside threshold. The preliminary document shows an estimated initial value range of $9.31 to $9.56 per Note and a minimum investment of $1,000 (100 Notes).

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 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 prior observation date. The Notes return the $10 principal per Note at maturity only if the final level is equal to or above the downside threshold; if the final level is below that threshold, principal repayment is reduced pro rata to the underlying return, and you could lose a significant portion or all of your investment. Trade date is May 19, 2026, settlement date is May 21, 2026, final valuation date is May 17, 2029 and maturity is May 21, 2029. The estimated initial value is stated as between $9.36 and $9.61 per Note and the final terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intuit Inc. The preliminary pricing supplement dated May 19, 2026 sets a trade date of May 19, 2026, expected settlement on May 21, 2026, a final valuation date of May 17, 2029, and maturity on May 21, 2029. Each Note has a principal amount of $10.

The Notes pay a periodic contingent coupon only if the closing level of the underlying stock meets or exceeds a coupon barrier on observation dates and are automatically called if the underlying equals or exceeds the initial level on any observation date prior to the final valuation date. If not called, repayment at maturity is contingent: if the final level is below the downside threshold you will suffer a loss proportional to the stock's decline; in extreme cases you could lose your entire investment. All payments are subject to the creditworthiness of UBS. The preliminary document shows an illustrative contingent coupon rate of 13.49% per annum and an estimated initial value range of $9.29 to $9.54 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc. with expected trade date May 19, 2026, final valuation date May 18, 2028 and maturity on May 22, 2028. Each Note has a principal amount of $10 and pays contingent coupons only if the underlying closing level on an observation date is at or above the coupon barrier. The Notes are subject to automatic early call if the underlying closes at or above the initial level on any observation date prior to the final valuation date; an automatic call pays principal plus any contingent coupon on the related call settlement 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 can be less than principal, potentially resulting in substantial loss, including loss of the entire investment. The estimated initial value range on the trade date is $9.41 to $9.66 per Note and the example contingent coupon rate shown is 20.04% per annum (a hypothetical contingent coupon of $0.501 per $10 Note). Any payments depend on UBS AG's creditworthiness.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Accenture plc common stock due May 22, 2028. The Notes pay periodic contingent coupons only when the underlying's closing level on an observation date meets or exceeds a coupon barrier, and are automatically called early if the underlying equals or exceeds 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 you receive the $10 principal per Note; if below, you suffer a loss equal to the underlying return and could lose all principal. All payments, including contingent coupons and any principal repayment, are subject to UBS's creditworthiness. Trade date is May 19, 2026, settlement May 21, 2026, final valuation date May 18, 2028, and maturity May 22, 2028. The estimated initial value on the trade date is $9.64.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Accenture plc with expected trade terms set on May 19, 2026. The Notes pay periodic contingent coupons only when 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. If not called, principal repayment at maturity on May 22, 2028 is contingent: full principal is repaid only if the final level is at or above the downside threshold; otherwise investors bear downside market exposure and could lose a substantial portion or all of principal. Minimum investment is 100 Notes ($1,000); the estimated initial value per Note on the trade date is shown as between $9.34 and $9.59. All payments are subject to the creditworthiness of UBS AG.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to CrowdStrike Holdings, Inc. due May 22, 2028. The Notes pay periodic contingent coupons only if the underlying's closing level meets or exceeds a coupon barrier on observation dates and may be automatically called early if the underlying equals or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent: full principal is paid only if the final level is at or above a 70.00% downside threshold; if below, repayment equals $10 × (1 + underlying return), exposing investors to the percentage decline in the underlying, potentially a total loss. Key terms: principal amount $10 per Note, minimum investment 100 Notes, estimated initial value $9.79, final valuation date May 18, 2028, maturity date May 22, 2028. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of CrowdStrike Holdings, Inc., with a trade date of May 19, 2026 and an expected settlement date of May 21, 2026. The Notes mature on May 22, 2028 with a final valuation date of May 18, 2028.

The Notes pay periodic contingent coupons only when the underlying closing level on an observation date is at or above a coupon barrier 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 and the final level is below the downside threshold, principal repayment is reduced proportionally to the underlying return, and investors could lose a significant portion or all of their principal. The indicative principal per Note is $10 and 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 Amphenol Corporation with a stated aggregate offering amount of $3,129,000. The Notes pay a periodic contingent coupon 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 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 disclosed downside threshold; otherwise repayment at maturity will be reduced proportionally to the underlying return and investors can lose a significant portion or all of their investment. Trade date is May 19, 2026, expected settlement May 21, 2026, final valuation date May 17, 2029 and maturity May 21, 2029. The Notes are unsecured obligations of UBS and payments depend on UBS creditworthiness. The estimated initial value per $10 Note was $9.74 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp. The Notes pay contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and can be automatically called early if the underlying equals or exceeds the initial level on an observation date. At maturity the principal is repaid only if the final level is at or above the downside threshold; if below, principal is reduced pro rata to the underlying's percentage decline. Payments depend on UBS's creditworthiness. Trade date is May 19, 2026, settlement May 21, 2026, final valuation May 18, 2028, maturity May 22, 2028.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Constellation Energy Corporation common stock due May 22, 2028. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and can be automatically called early if the underlying meets or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level is at or above the downside threshold; if the final level is below that threshold, repayment is reduced pro rata to the underlying return and investors can incur substantial or total loss. Payments depend on UBS creditworthiness. Trade date is May 19, 2026 and settlement is May 21, 2026. The Notes have a minimum investment of 100 Notes (principal $10 per Note) and an estimated initial value of $9.73 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. The Notes pay a contingent coupon on scheduled coupon dates only if the underlying closing level meets or exceeds a coupon barrier; they are automatically called if the underlying reaches the initial level on any observation date prior to maturity. If not called, repayment of principal at maturity is contingent: full principal is paid only if the final level is at or above the downside threshold; if below, principal is reduced proportionally to the underlying return, and investors could lose all principal. The Notes have a $10 principal amount per Note, an estimated initial value of $9.68, a stated example contingent coupon rate of 15.69% per annum, and an approximate term of 2 years. All payments are subject to UBS credit risk.

UBS AG is offering preliminary terms for Trigger Autocallable Contingent Yield Notes linked to the common stock of Vistra Corp. The notes have a trade date of May 19, 2026, expected settlement on May 21, 2026, a final valuation date of May 18, 2028 and a maturity date of May 22, 2028. Each Note has a principal amount of $10. 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 closes at or above the initial level on any observation date, and return contingent principal at maturity only if the final level is at or above a disclosed downside threshold. The preliminary pricing indicates an estimated initial value range of $9.41–$9.66 per Note and shows a sample contingent coupon rate of 19.77% per annum (example coupon $0.4943 per $10 Note). The notes expose investors to full downside market risk of the underlying and to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Palo Alto Networks 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 the coupon barrier and will be automatically called early if the underlying closing level on any observation date before the final valuation date is at or above the initial level. If not called, repayment at maturity depends on the final level relative to the downside threshold: if the final level is at or above the downside threshold you receive the principal amount; if below, you receive an amount equal to $10 × (1 + underlying return), which can result in a loss of principal, including total loss.

The Notes are unsecured obligations of UBS and any payments, including principal, are subject to UBS credit risk. Trade and settlement dates are May 19, 2026 and May 21, 2026, with final valuation date May 18, 2028 and maturity May 22, 2028. The minimum investment is 100 Notes at $10 per Note. The estimated initial value as of the trade date is $9.78 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amphenol Corporation with a trade date of May 19, 2026, expected settlement on May 21, 2026 and maturity on May 21, 2029. The Notes pay a periodic contingent coupon only when the underlying stock's closing level on an observation date equals or exceeds a coupon barrier; otherwise no coupon is paid.

The Notes are subject to an automatic call on quarterly observation dates (beginning after ~6 months) if the closing level is >= the initial level; an automatic call returns principal plus any contingent coupon on the call settlement date. If not called, principal repayment at maturity is contingent: full principal is returned only if the final level >= the downside threshold; if the final level is below that threshold, repayment declines in proportion to the underlying return and investors may lose a substantial portion or all of their investment. Payments depend on UBS's creditworthiness. The estimated initial value range is $9.35–$9.60 per $10 Note and minimum investment is 100 Notes.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation with expected Trade Date May 19, 2026, Final Valuation Date May 18, 2028 and Maturity Date May 22, 2028.

The Notes pay a contingent coupon only when the underlying closing level on an observation date is at or above the coupon barrier; an automatic call occurs if the underlying closes at or above the initial level on any observation date. If not called, principal repayment at maturity is contingent on the final level relative to the downside threshold and could result in a loss of principal, including total loss. Estimated initial value range on the trade date is between $9.43 and $9.68. Minimum investment is 100 Notes at $10 per Note.