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 Palo Alto Networks, Inc., with a trade date of May 19, 2026, expected settlement on May 21, 2026, a final valuation date of May 18, 2028 and maturity on May 22, 2028. The Notes pay periodic contingent coupons only if the underlying stock 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. Principal repayment at maturity is contingent: if the final level is below the downside threshold, principal is reduced pro rata to the underlying return, and investors may lose a large portion or all of their investment. The Notes are unsecured obligations of UBS and all payments are subject to UBS’s creditworthiness. The minimum initial investment is 100 Notes ($1,000); the estimated initial value per Note is between $9.41 and $9.66.

UBS AG offers $919,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., due May 21, 2029. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and may autocall quarterly beginning after six months if the underlying equals or exceeds the initial level.

If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise repayment at maturity 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. Minimum investment is 100 Notes ($1,000); estimated initial value per Note was $9.75 on 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 describes quarterly observation dates, an automatic call if the underlying equals or exceeds the initial level, and contingent coupons payable only when the underlying meets the coupon barrier.

The Notes have a principal amount of $10 per Note, a minimum investment of 100 Notes ($1,000), an expected trade/settlement timeline, a final valuation date of May 17, 2029 and maturity on May 21, 2029. Estimated initial value is stated between $9.36 and $9.61 per Note. Payments, including any principal repayment, are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to United Airlines Holdings, Inc. 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; otherwise no coupon is paid. The Notes will be automatically called early if the underlying closing level on any observation date prior to the final valuation date is equal to or greater than the initial level, in which case holders receive principal plus any contingent coupon due on the call settlement date. If not automatically called, principal is repaid at maturity only if the final level is equal to or greater than the downside threshold; if the final level is below that threshold the cash payment at maturity will be reduced proportionally to the underlying return and holders could lose a substantial portion or all of their investment. All payments, including any principal repayment, are subject to UBS's creditworthiness. The estimated initial value per Note on the trade date is $9.74 and the minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of United Airlines Holdings, Inc.. The trade date is May 19, 2026, expected settlement May 21, 2026, final valuation date May 18, 2028 and maturity May 22, 2028. The Notes pay a contingent coupon on each coupon payment date only if the underlying closing level on the 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 an observation date prior to the final valuation date is equal to or greater than the initial level; in that case UBS pays principal plus any contingent coupon and no further payments are due. If not called and the final level is below the downside threshold (specified in examples as 70.00% of the initial level), repayment at maturity can be less than principal and can result in a percentage loss equal to the underlying return, including a potential total loss. Minimum purchase is 100 Notes at $10 per Note. The estimated initial value range on the trade date is $9.44 to $9.69. All payments are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Nike, Inc. 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 early if the underlying closes at or above the initial level on any observation date.

If not called, principal repayment at maturity depends on the final level versus a downside threshold; if the final level is below that threshold, repayment can be less than principal, producing a loss equal to the underlying return. Key terms: trade date May 19, 2026, settlement May 21, 2026, final valuation date November 18, 2027, maturity November 22, 2027, principal amount $10 per Note, estimated initial value $9.75 per Note. These Notes are unsecured obligations of UBS and payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc. The notes mature on November 22, 2027 with a final valuation date of November 18, 2027 and a principal amount of $10 per Note.

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 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 may be reduced proportionally to the underlying return, potentially causing substantial or total loss. The estimated initial value range on the trade date is $9.37 to $9.62. Minimum investment is 100 Notes ($1,000).

UBS AG is offering three separate issues of Airbag Autocallable Yield Notes linked to the common stock of AppLovin (APP), Devon Energy (DVN) and Johnson Controls (JCI). Each Note has a principal amount of $1,000 per Note, a term to maturity of approximately 12 months and a maturity date of May 20, 2027. Coupons are fixed and paid monthly; the coupon rates are 12.10% (APP), 10.20% (DVN) and 9.45% (JCI). The Notes are subject to automatic early call on quarterly observation dates if the underlying closing level is at or above the call threshold (100% of initial level for APP and DVN; 100% for JCI). If not called and the final level is below the conversion level, holders receive a specified share delivery amount per Note instead of cash principal, which can result in loss of some or all principal. Payments and deliveries are subject to UBS creditworthiness. The issue price for each Note exceeds its UBS-estimated initial value as stated on the cover.

UBS AG is offering Trigger Autocallable Yield Notes linked to Zscaler, Inc. common stock with a principal amount of $1,000 per Note and an aggregate issue of $4,934,000. The Notes pay a fixed 13.43% per annum coupon (estimated coupon per quarter $33.575) unless automatically called on quarterly observation dates beginning ~6 months after trade. If an observation date closing level is at or above the call threshold (100% of the initial level, $161.05), UBS will automatically call the Notes and pay principal plus the coupon for that period. If not called, at maturity (final valuation date May 15, 2029, maturity May 18, 2029) repayment depends on the final level versus the downside threshold (50% of initial level, $80.53): if final level is below the downside threshold, repayment at maturity decreases pro rata with the underlying return, potentially resulting in the loss of a significant portion or all principal. Payments are subject to UBS credit risk and limited secondary market liquidity.

UBS AG is offering $4,112,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the S&P 500® Index and the Nasdaq-100® Technology Sector. The Notes mature on May 23, 2029, are callable monthly beginning after six months, and pay a contingent coupon of 9.55% per annum only when both underlying assets meet coupon barriers on observation dates. If not called and the final level of any underlying asset is below its downside threshold (60% of initial level), repayment at maturity may be less than principal, potentially resulting in substantial loss or total loss of principal. Payments depend on UBS creditworthiness. The estimated initial value per Note is $991.60 and the issue price is $1,000 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the VanEck® Semiconductor ETF that mature on May 19, 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 pays principal plus any contingent coupon on the related coupon payment date. If not called and the final level is equal to or above the downside threshold, UBS repays principal at maturity; if the final level is below the downside threshold, repayment at maturity will reflect the underlying return and could result in a loss of some or all principal. Payments remain subject to UBS creditworthiness. The offering minimum is 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 shares of the VanEck® Semiconductor ETF, with final terms set on the trade date. The Notes pay contingent coupons only when the underlying closes at or above a coupon barrier on observation dates and will be automatically called if the underlying closes at or above the initial level on an 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; if the final level is below that threshold, investors suffer a loss proportional to the underlying return and could lose their entire investment. Trade date is May 15, 2026, settlement is May 19, 2026, final valuation date is May 17, 2027, and maturity is May 19, 2027. The Notes are unsecured obligations of UBS and any payments depend on UBS's creditworthiness. The offering is a preliminary pricing supplement and the estimated initial value per $10 Note is between $9.47 and $9.72.

UBS AG offers Trigger Callable Yield Notes linked to the least performing of the Nasdaq-100 Index and the Russell 2000 Index. The terms set the trade date as May 20, 2026, settlement May 26, 2026, final valuation date August 20, 2027 and maturity August 25, 2027. The Notes pay a fixed monthly coupon set on the trade date (range 7.50% to 8.05% per annum) and are issuer-callable monthly beginning after three months. Principal is $10 per Note, minimum purchase 100 Notes ($1,000). At maturity, if any underlying asset’s final level is below its downside threshold (60.00% of its initial level as disclosed), repayment of principal is contingent and may result in a loss up to the full investment; all payments are subject to UBS credit risk. The estimated initial value range is $9.497 to $9.797 per Note as of the trade date.

The issuer, UBS AG, is offering $792,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Shopify Inc. The Notes pay a 19.90% per annum contingent coupon if monthly observation levels meet the coupon barrier, are callable after six months at a call threshold equal to the initial level of $102.39, and repay contingent principal at maturity on November 23, 2027 subject to a downside threshold of $51.20 (50.00% of the initial level). The estimated initial value per Note at trade was $978.20, with an issue price of $1,000 per Note. Payments, including principal, depend on UBS creditworthiness and the Notes will not be listed on an exchange.

UBS AG is offering $11,672,000 in Airbag Callable Contingent Yield Notes linked to the least performing of the iShares® Russell 2000 ETF, the Nasdaq-100 Index® and the S&P 500® Index. The Notes mature on February 19, 2027 (final valuation date February 16, 2027) and are callable by UBS on monthly observation dates. Investors may receive periodic contingent coupons only if the closing level of each underlying asset meets its coupon barrier on an observation date; the total potential contingent coupon payable if not called is 11.625% of principal. If UBS does not call the Notes and the final level of any underlying asset is below its downside threshold (82.00% of its initial level), principal repayment at maturity is contingent and holders are exposed to leveraged downside (approximately 1.2195% loss of principal per 1% decline of the least performing underlying asset beyond the 18.00% threshold). All payments are subject to UBS creditworthiness.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the Russell 2000 and the Nasdaq-100 Technology Sector, due on or about June 1, 2029. The Notes pay a contingent coupon of 12.25% per annum only if each underlying asset meets its coupon barrier on an observation date; otherwise no coupon is paid. The Notes are callable monthly by UBS beginning after ~3 months. Issue price is $1,000.00 per Note with underwriting compensation up to $9.50 per Note and minimum proceeds to UBS of at least $990.50 per Note. The estimated initial value range is $955.80 to $985.80. Terms are subject to final pricing in the pricing supplement and are contingent on UBS creditworthiness.

UBS AG offers Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Russell 2000 and the Nasdaq-100 Technology Sector, with final maturity on or about June 1, 2029. The notes pay a contingent coupon (stated example 9.60% per annum) only on observation dates when each underlying asset meets its coupon barrier; otherwise no coupon is paid.

The issuer may call the notes monthly beginning after roughly six months; if called, holders receive principal plus any contingent coupon then due. If not called, repayment at maturity depends on the final levels: if every underlying asset is at or above its downside threshold (65.00% of initial level), principal is repaid; if any underlying is below its downside threshold, holders bear the full negative return of the least performing underlying asset and could lose all principal. The preliminary pricing shows an issue price of $1,000 per Note and an estimated initial value range of $936.70 to $966.70.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the common stock of Tesla, Inc. and NVIDIA Corporation. The offering size is $950,000 in total, at an issue price of $1,000 per Note. The Notes pay a contingent coupon of 25.25% per annum only when each underlying's closing level on an observation date is at or above its coupon barrier; otherwise no coupon is paid. Each underlying's downside threshold and coupon barrier equal 60.00% of its initial level ($253.34 for TSLA; $135.19 for NVDA). UBS may call the Notes monthly beginning after approximately three months; if not called and any final level is below its downside threshold, principal repayment is reduced in proportion to the least performing underlying, potentially to zero. All payments are subject to UBS's creditworthiness and the Notes will not be listed on an exchange.

UBS AG priced a preliminary offering of Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, Russell 2000 and the Nasdaq-100 Technology Sector, with a stated contingent coupon rate of 11.45% per annum and a maturity expected on or about June 1, 2029. The notes are issuer-callable monthly (beginning after six months), pay contingent coupons only if each underlying meets its coupon barrier on observation dates, and repay principal at maturity only if each underlying is equal to or above its downside threshold; otherwise principal will be reduced in proportion to the least performing underlying asset. The issue price per note is $1,000.00 with an underwriting discount of $7.00 and proceeds to UBS of $993.00. The estimated initial value range is $958.80 to $988.80, and payments are subject to UBS credit risk.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Take-Two Interactive Software, Inc. with final maturity on November 19, 2027. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and are autocallable quarterly beginning about six months after trade date. If not called, principal repayment at maturity is contingent: full principal is paid only if the final level is at or above a disclosed downside threshold; if below that threshold, principal is reduced pro rata by the underlying return and investors may lose a significant portion or all of their investment. Payments (coupons and principal) are subject to the creditworthiness of UBS AG.

UBS AG is offering $1,972,000 of Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index. The Notes pay a 16.00% per annum contingent coupon when the index meets the coupon barrier on monthly observation dates and are callable monthly beginning after 12 months if the index meets the call threshold.

The Notes have a $1,000 principal per Note, an estimated initial value of $967.20 as of the trade date, a principal repayment at maturity only if the final index level is at or above the 50.00% downside threshold, and full downside exposure otherwise; all payments depend on UBS creditworthiness.

UBS AG offers Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, due on or about April 27, 2028. The notes reference a 12.00% per annum contingent coupon, are callable monthly by UBS beginning after ~3 months, and pay principal at maturity only if each underlying is at or above a 70.00% downside threshold.

The notes have a $1,000 per-note issue price and an estimated initial value range of $961.10 to $991.10 as of the trade date. Payments, including repayment of principal, are subject to UBS credit risk; holders may lose a significant portion or all of their investment if the final level of the least performing underlying asset is below its downside threshold.

UBS AG is offering Trigger Autocallable Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each Note has a principal amount of $1,000 and a term of approximately five years, with semiannual observation dates beginning after 12 months. The Notes are automatically called if on any observation date the closing level of each underlying asset is at or above its call threshold; a cash call price (principal plus a call return) is paid if called. The stated call return rate is 10.40% per annum, increasing at later observation dates, and the Notes provide contingent repayment of principal at maturity tied to the least performing underlying asset (70.00% downside threshold per underlying asset). Estimated initial value on the trade date is shown as between $924.30 and $954.30. All payments are subject to UBS credit risk and the Notes will not be listed on an exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, maturing on or about June 1, 2027. The notes pay a contingent coupon (stated example: 11.60% per annum) only when each underlying meets its coupon barrier on an observation date and are callable monthly by UBS beginning after ~3 months. If not called, principal repayment at maturity depends on the final level of the least performing underlying relative to a 70.00% downside threshold; a shortfall can produce a loss of principal, potentially the full investment. The estimated initial value range per $1,000 note was $961.00–$991.00 on the trade date and the issue price per note is $1,000.00 with an underwriting discount of $6.50.

UBS AG is offering $3,250,000 of Trigger Autocallable Contingent Yield Notes with Memory Interest linked to American Airlines Group Inc. common stock due November 18, 2027. The Notes pay a contingent coupon of 15.45% per annum on scheduled coupon dates only if the underlying closing level meets or exceeds a coupon barrier. The Notes are callable quarterly beginning after six months if the underlying meets the call threshold. If not called and the final level is below the downside threshold, principal repayment at maturity is contingent and may result in substantial loss or complete loss of principal equal to the percentage decline in the underlying.

Payments (including principal) are obligations of UBS and subject to UBS credit risk; the issue price per Note is $1,000 and the estimated initial value per Note is $976.70. The offering documents describe liquidity, tax and calculation-agent risks and potential conflicts of interest.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average (INDU), the Russell 2000 Index (RTY) and shares of the State Street Technology Select Sector SPDR ETF (XLK). The offering totals $500,000 in principal at an issue price of $1,000.00 per Note. Notes pay a contingent coupon of 13.00% per annum on coupon payment dates only if each underlying asset meets its coupon barrier; otherwise no coupon is paid. The Notes are issuer‑callable monthly beginning after approximately three months; if called, investors receive principal plus any contingent coupon then due. At maturity, if the final level of every underlying asset is at or above its downside threshold (55.00% of initial), UBS will repay principal; if the final level of any underlying asset is below its downside threshold, repayment will be reduced in proportion to the percentage decline of the least performing underlying asset and investors could lose a significant portion or all of their investment. The estimated initial value per Note is $987.20. Payments are subject to UBS credit risk.

UBS AG offers $1,150,000 of Trigger Callable Contingent Yield Notes ($1,000 per Note) linked to the least performing of the S&P 500® Index, the Russell 2000® Index and shares of the State Street® Utilities Select Sector SPDR® ETF. The Notes pay a contingent coupon of 10.40% per annum on applicable coupon payment dates only if each underlying asset equals or exceeds its coupon barrier on an observation date. UBS may call the Notes in whole monthly, beginning after three months, paying principal plus any contingent coupon then due. If not called, repayment at maturity depends on the final level relative to downside thresholds (65% of initial levels); a final level below a downside threshold for any underlying asset causes principal loss equal to the percentage decline of the least performing underlying asset. The estimated initial value was $984.10 per Note and payments are subject to UBS credit risk.

The issuer UBS AG is offering Trigger Autocallable Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index due May 20, 2030. The notes have an automatic call feature on annual observation dates; call return equals principal plus a specified call return (11.65% per annum) if both indices meet their call threshold. If not called, repayment at maturity is contingent: full principal is returned only if each final level is at or above its 70.00% downside threshold; otherwise the investor suffers a loss equal to the decline of the least performing underlying asset (up to a total loss). Issue price is $1,000 per note, estimated initial value $970.40, and aggregate offering size is $4,856,000. Payments are subject to UBS credit risk and the notes are not listed on any exchange.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average® and the S&P 500® Index with a principal amount of $1,000 per Note. The offering aggregates $4,119,000 and the estimated initial value per Note on the trade date is $992.10. The Notes pay a 7.40% per annum contingent coupon ($18.50 per quarter) only if both underlying indices meet coupon barriers on an observation date. UBS may call the Notes on any quarterly observation date; if not called, repayment at maturity depends on the least performing underlying asset relative to a downside threshold (55.00% of initial levels). Trade and settlement dates are May 15, 2026 and May 20, 2026; final valuation and maturity dates are May 15, 2029 and May 18, 2029. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk.

UBS AG is offering 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® Energy Select Sector SPDR® ETF (XLE), due on or about May 25, 2029. The preliminary pricing supplement dated May 18, 2026 sets a per-Note issue price of $1,000.00 and discloses an estimated initial value range of $951.70 to $981.70. The Notes pay a contingent coupon only when all underlying assets meet coupon barriers on observation dates, are callable monthly at UBS’s discretion beginning after six months, and expose holders to downside principal loss tied to the least performing underlying asset and to UBS credit risk.

UBS AG is offering Capped Buffer Securities linked to the S&P 500® Index with a principal amount of $1,000 per Security and a term of approximately 18 months. The offering totals $1,032,000 and limits upside to a 15.65% maximum gain while providing a 10.00% downside buffer. At maturity holders receive either principal plus a capped positive return, full principal if the final level is at or above the 90.00% downside threshold, or a reduced payment that reflects losses beyond the buffer. Payments depend on UBS creditworthiness and the Securities are not listed on an exchange.

UBS AG offers $1,002,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the State Street ETFs XLF, XLI, and XLK, maturing May 18, 2029. The Notes pay a contingent coupon of 11.90% per annum on an observation date only if each underlying ETF closes at or above its coupon barrier on that date.

The Notes are callable monthly beginning after 12 months if each underlying ETF equals or exceeds its call threshold (each equal to 100% of its initial level). If not called, principal repayment at maturity is contingent: full principal is returned only if each final level is at or above its downside threshold (70% of initial); otherwise repayment equals $1,000 × (1 + underlying return of the least performing underlying asset), which can result in a significant loss or total loss of principal. All payments are subject to UBS credit risk and secondary market liquidity may be limited.

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 with maturity May 18, 2029. The offering totals $2,819,000 at an issue price of $1,000 per Note. Notes pay a contingent coupon of 10.00% per annum only when each underlying closes at or above its coupon barrier on an observation date; otherwise no coupon will be paid. UBS may call the Notes monthly beginning after 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 (65% of initial level), principal repayment at maturity will be reduced pro rata to the percentage decline of the least performing underlying asset, potentially resulting in a total loss. The estimated initial value per Note was $974.10, and proceeds to UBS per Note are shown as $975.00. All payments are subject to UBS credit risk and secondary market liquidity may be limited.

UBS AG is offering $18,359,500 of Trigger Autocallable GEARS linked to Alphabet Inc. Class A common stock at $10 per Security. The trade date is May 15, 2026, observation date is May 24, 2027, and maturity is May 23, 2029. If the underlying closing level on the observation date is at or above the autocall barrier of $396.78 (100% of the initial level), UBS will automatically call the Securities and pay a 20.50% call return (call price $12.05 per Security). If not called, positive underlying returns are amplified by an upside gearing of 1.4725; negative final levels below the downside threshold of $297.59 (75.00% of initial) can cause losses of principal up to 100%. The estimated initial value determined by UBS’ internal models is $9.703 per Security. All payments, including any principal repayment, depend on UBS’s creditworthiness and market performance of the underlying asset.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Dow Jones Industrial Average, the Nasdaq-100 Technology Sector and the Russell 2000, due on or about June 1, 2029. The notes pay a contingent coupon only when each underlying asset meets its coupon barrier on observation dates; otherwise no coupon is paid. UBS may call the notes monthly beginning after six months; if called you receive principal plus any contingent coupon due on the call settlement date. If not called and any final level is below its downside threshold, principal repayment may be reduced proportionally to the loss of the least performing underlying asset, and you could lose all of your initial investment. The preliminary issue price is $1,000.00 per note; the estimated initial value is between $956.70 and $986.70 as of the trade date. The notes are unsecured obligations of UBS and subject to UBS credit risk. Review the Key Risks and Product Supplement for full details.

UBS AG is offering preliminary terms for Buffer Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, with a contingent coupon rate of 12.45% per annum and a 15% buffer. The notes are callable monthly beginning after ~3 months and mature on or about May 26, 2027. Payments of contingent coupons occur only if each underlying meets its coupon barrier on an observation date; principal repayment at maturity is subject to the buffer and UBS credit risk. Issue price per Note is $1,000.00 with an underwriting discount of $6.50 per Note; estimated initial value range is $961.50–$991.50 as of the trade date. These are preliminary terms and the final terms will be set on the strike date and shown in the final pricing supplement.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Intuit Inc. due May 21, 2029. The Notes pay contingent coupons only if the underlying closing level meets the coupon barrier on observation dates and may be automatically called early if the underlying meets or exceeds the initial level on any observation date. If not called and the final level is below the downside threshold, principal repayment at maturity is contingent and may result in a loss equal to the underlying return, including total loss in extreme cases. The Notes are unsecured obligations of UBS and repayment is subject to UBS credit risk. The offering shows a principal amount per Note of $10 with an estimated initial value of $9.59 and illustrative contingent coupon rate of 18.09% per annum.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Intuit Inc. due on or about May 21, 2029. The notes pay periodic contingent coupons only if the underlying meets a coupon barrier on observation dates and are subject to an automatic call if the underlying equals or exceeds the initial level on an observation date prior to maturity. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; a final level below that threshold produces a pro rata loss equal to the underlying return, and in extreme cases you could lose all of your investment. All payments are subject to UBS credit risk. Trade date is May 18, 2026, expected settlement May 20, 2026, final valuation date May 17, 2029, and maturity May 21, 2029. The notes are offered in minimum increments of 100 notes at $10 per note; the estimated initial value range is $9.28 to $9.53 per note as determined by UBS’ internal pricing models.

UBS AG is offering $13,416,000 of Trigger Autocallable Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The Notes have a $1,000 principal per Note, annual observation dates, a 13.20% per annum call return rate, a final valuation date of May 15, 2030 and maturity on May 20, 2030. If the Notes are automatically called on an observation date, holders receive the call price (principal plus the applicable call return). If not called and the final level of any underlying is below its downside threshold (70.00% of its initial level), payment at maturity will be reduced based on the percentage decline of the least performing underlying asset and investors could lose a significant portion or all of their principal. The estimated initial value per Note on the trade date was $987.30, while the issue price per Note is $1,000.00. All payments are subject to UBS credit risk and there may be little or no secondary market.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation 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. The Notes will be automatically called early if the underlying closing level on any observation date before the final valuation date is equal to or greater than the initial level; in that event UBS will pay principal plus any contingent coupon on the related call settlement date and no further payments will be owed. If not called, repayment at maturity depends on the final level relative to a downside threshold: if the final level is below that threshold, the cash payment at maturity may be less than the principal amount (up to a full loss equal to the percentage decline in the underlying). The Notes are unsecured obligations of UBS and any payment is subject to UBS’s creditworthiness.

Key explicit terms in the excerpt include a $10 principal amount per Note, an estimated initial value of $9.81, an illustrative contingent coupon rate of 10.84% per annum, trade date May 18, 2026, settlement May 20, 2026, final valuation date May 18, 2028, and maturity May 22, 2028. The issuer notes significant risk of loss of principal if conditions are adverse and warns the Notes will not be listed.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Boston Scientific Corporation stock due May 22, 2028. The Notes pay periodic 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. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold you may receive less than principal, potentially losing a substantial portion or all of your investment. 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 offering reference shows $313,000 in the document header. The Notes mature on May 22, 2028 with a final valuation date of May 18, 2028 and potential automatic early calls on observation dates if the underlying reaches the initial level. Coupon payments are contingent and paid only when the underlying closing level meets or exceeds a coupon barrier on an observation date; otherwise no coupon is paid. At maturity, if not autocalled and the final level is below the downside threshold, principal repayment is reduced proportionally to the underlying return, with the possibility of losing the entire investment. The Notes are offered in minimum units of 100 Notes at $10 per Note, with an estimated initial value of $9.80.

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 on coupon payment dates only if the underlying’s closing level on an observation date meets or exceeds the coupon barrier; otherwise no coupon is paid. The Notes are subject to automatic early redemption if the underlying’s closing level on any observation date prior to the final valuation date is equal to or greater than the initial level.

If the Notes are not called, 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 you receive $10 x (1 + Underlying Return) and may incur substantial or total loss. Trade date is May 18, 2026, expected settlement May 20, 2026, final valuation date May 18, 2028, maturity May 22, 2028. The estimated initial value is given as a range of $9.44 to $9.69 per $10 Note. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc. due November 22, 2027. 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 early if the underlying reaches or exceeds the initial level on any observation date prior to maturity. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise repayment is reduced in direct proportion to the underlying return, and investors may lose a significant portion or all of principal. The notes are unsecured obligations of UBS and payments are subject to UBS credit risk. Trade date and settlement are May 18, 2026 and May 20, 2026, respectively. The estimated initial value per $10 Note is $9.73. The offering minimum is 100 Notes at $10 per Note.

UBS AG offers preliminary terms for Trigger Autocallable Contingent Yield Notes linked to the common stock of Boston Scientific Corporation due on or about May 22, 2028. The trade date is May 18, 2026 with expected settlement on May 20, 2026.

The Notes pay periodic contingent coupons only if the underlying meets a coupon barrier on observation dates and are automatically called if the underlying equals or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold, exposing holders to potential loss of principal tied to the underlying stock and to UBS credit risk. Minimum initial investment is 100 Notes ($1,000); the issuer estimates an initial value range of $9.33–$9.58 per Note 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 18, 2026) describes a roughly two‑year note maturing on May 22, 2028 with contingent coupons and an automatic call feature. Coupons are paid only if the underlying closing level on an observation date meets or exceeds the coupon barrier; the notes auto‑call early if the underlying closes at or above the initial level on an observation date, triggering payment of principal plus any contingent coupon on the call settlement date. If not auto‑called, principal is protected at maturity only if the final level is at or above the disclosed downside threshold; otherwise, investors suffer principal loss equal to the underlying return. The notes are unsecured obligations of UBS and subject to UBS credit risk. Trade date is May 18, 2026 and settlement is expected May 20, 2026. The preliminary estimated initial value range is $9.44 to $9.69 per $10 note, and minimum purchase is 100 notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advance Auto Parts, Inc., due May 21, 2029. The Notes pay a contingent coupon only if the underlying stock's 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: if the final level is at or above a 60.00% downside threshold, UBS will repay the $10 principal per Note; if below, repayment will equal $10 x (1 + underlying return), which can result in a substantial or total loss of principal. The offering references a Trade Date of May 18, 2026, Settlement Date May 20, 2026, Final Valuation Date May 17, 2029 and Maturity Date May 21, 2029. The estimated initial value per Note is $9.58. Any payments are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Oracle Corporation common stock due May 21, 2029. The notes pay periodic contingent coupons only when the underlying closing level on an observation date meets or exceeds a coupon barrier. They are automatically called early if the underlying closes at or above the initial level on any quarterly observation date (beginning ~6 months after the trade date). If not called, principal is repaid at maturity only if the final level is at or above a stated downside threshold; if the final level is below that threshold, investors suffer a loss tied to the percentage decline in the underlying and could lose their entire investment. Payments depend on UBS’s creditworthiness. Trade date May 18, 2026, settlement May 20, 2026, final valuation date May 17, 2029, maturity May 21, 2029.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc.. The preliminary pricing supplement dated May 18, 2026 sets key dates: trade date May 18, 2026, settlement May 20, 2026, final valuation date November 18, 2027, and maturity November 22, 2027. Each Note has a principal amount of $10.

The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds a coupon barrier on observation dates and are subject to an automatic call if the underlying closes at or above the initial level on an observation date. If not called and the final level is below the downside threshold, repayment at maturity may be less than principal and can result in substantial loss, including total loss. The preliminary estimated initial value range is $9.37 to $9.62 per Note and the example contingent coupon rate is 17.71% per annum (contingent coupon $0.8855 on a $10 Note). All payments are subject to UBS credit risk.