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 Eli Lilly and Company with a trade date of May 15, 2026, expected settlement on May 19, 2026, a final valuation date of May 17, 2028, and maturity on May 19, 2028. The Notes pay contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and will be automatically called early if the stock closes at or above the initial level on an observation date.

The Notes repay principal at maturity only if the final level is at or above the disclosed downside threshold; otherwise principal is reduced proportional to the underlying return. Example terms shown: principal amount $10, contingent coupon rate 11.06% per annum (contingent coupon $0.2765 per observation), downside threshold $70.00 (70.00% of initial level). Estimated initial value range on the trade date is $9.42 to $9.67. All payments are subject to UBS's creditworthiness.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a specified coupon barrier on observation dates and may be automatically called early if the stock closes at or above the initial level on any observation date prior to the final valuation date. If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold you receive the $10 principal per Note; if the final level is below the downside threshold you receive $10 multiplied by (1 + underlying return), exposing you to the negative return of the underlying stock and potential loss of all principal. Payments, including principal, depend on UBS's creditworthiness. Trade date is May 15, 2026, settlement May 19, 2026, final valuation date May 17, 2028 and maturity May 19, 2028. The estimated initial value on the trade date is $9.71. The Notes are offered in minimums of 100 Notes at $10 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc., maturing on May 19, 2028. The Notes pay periodic contingent coupons only if the underlying closing level on observation dates meets the coupon barrier; otherwise no coupon is paid.

The Notes feature an automatic call if the underlying closes at or above the initial level on any observation date prior to the final valuation date, in which case UBS will pay principal plus any contingent coupon on the related call settlement 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 is reduced pro rata to the underlying return, and investors can lose a substantial portion or all of their investment. The offering requires a minimum purchase of 100 Notes ($1,000) and the document shows an estimated initial value of $9.72 per Note as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of DexCom, Inc. The preliminary pricing supplement dated May 15, 2026 sets the trade date as May 15, 2026, settlement on May 19, 2026, final valuation date on May 17, 2028 and maturity on May 19, 2028. Each Note has a principal amount of $10. Notes pay contingent coupons only if the underlying closing level meets or exceeds specified coupon barriers on observation dates, and the Notes will autocall early if the underlying closes at or above the initial level on an observation date. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; if the final level is below that threshold investors may suffer a loss equal to the underlying return, including potential loss of the entire investment. Payments are subject to UBS credit risk. The estimated initial value range on the trade date is $9.40–$9.65. The document is preliminary and final terms will be set on the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. (AMD) with final maturity May 19, 2028. The Notes pay a contingent coupon only when the underlying closing level on an observation date meets or exceeds the coupon barrier and will 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 at maturity is contingent and may be less than the principal amount, with potential for a loss equal to the percentage decline in the underlying; in extreme situations you could lose all of your initial investment. Trade date is May 15, 2026, settlement May 19, 2026, final valuation date May 17, 2028. Minimum investment is 100 Notes at $10 per Note; the estimated initial value is $9.74 per Note. Example illustrative contingent coupon rate shown is 27.73% per annum (contingent coupon $0.6933 per $10 Note) and a sample downside threshold and coupon barrier of $60.00 (60.00% of the initial level).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. The Notes have a trade date of May 15, 2026, an expected settlement date of May 19, 2026, a final valuation date of May 17, 2028 and an expected maturity of May 19, 2028. Each Note has a principal amount of $10. Investors may receive periodic contingent coupons only when the underlying closing level on an observation date is at or above the coupon barrier. The Notes 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 called, UBS will pay principal plus any contingent coupon due.

At maturity, if the Notes are not called and the final level is at or above the downside threshold, UBS will pay the principal amount. If the final level is below the downside threshold, the cash payment per Note will equal $10 x (1 + Underlying Return), exposing investors to a percentage loss equal to the underlying return; in extreme cases, investors could lose all of their principal. The estimated initial value range is $9.41 to $9.66 per Note as of the trade date. All payments are subject to UBS's creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Arm Holdings plc ADRs due November 19, 2027. Each Note has a principal amount of $10 and pays contingent coupons only if the underlying ADR closing level on observation dates meets or exceeds a coupon barrier. The Notes will be automatically called early if the underlying closing level on any observation date prior to the final valuation date is equal to or greater than the initial level, in which case holders receive principal plus any contingent coupon due on the call settlement date. If not called, repayment at maturity is contingent: if the final level is at or above the downside threshold the principal is repaid; if the final level is below the downside threshold the holder suffers a loss equal to the underlying return and could lose substantially all principal. Trade and settlement are May 15, 2026 and May 19, 2026, with final valuation on November 17, 2027 and maturity on November 19, 2027. The estimated initial value per Note as of the trade date is $9.72. All payments depend on UBS’s creditworthiness; in a UBS default holders may receive nothing.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc. The Notes have a principal amount of $10 per Note, a trade date of May 15, 2026, settlement on May 19, 2026, a final valuation date of May 17, 2028 and a maturity date of May 19, 2028. The Notes pay periodic contingent coupons only when the underlying's closing level on an observation date is equal to or above a coupon barrier; otherwise no coupon is paid. The Notes are subject to an automatic call if the underlying closes at or above the initial level on any observation date prior to maturity, in which case UBS pays principal plus any contingent coupon. If the Notes are not called and the final level is below the disclosed downside threshold, principal repayment at maturity is reduced proportionally to the underlying return and you could lose a significant portion or all of your investment. The estimated initial value range on the trade date is $9.44 to $9.69. Minimum investment is 100 Notes ($1,000). All payments, including principal, depend on UBS's creditworthiness.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the American depositary receipts of Arm Holdings plc, with trade date May 15, 2026, expected settlement May 19, 2026, final valuation date November 17, 2027 and maturity November 19, 2027. The Notes pay periodic contingent coupons only if the underlying ADR closes at or above a coupon barrier on observation dates and may be automatically called early if the underlying closes at or above the initial level on an observation date. At maturity, if not called, principal repayment is contingent: full principal is paid if the final level is at or above the downside threshold; otherwise repayment is reduced pro rata to the underlying return, possibly resulting in a significant loss or total loss of principal. The Notes are unsecured obligations of UBS AG, carry issuer credit risk, are not FDIC-insured, and have a minimum investment of 100 Notes ($1,000). The estimated initial value range on the trade date is $9.41 to $9.66 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Fluor Corporation common stock due May 19, 2027. The Notes pay contingent coupons only if the underlying stock meets coupon barriers on specified 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; below that threshold the investor suffers a loss equal to the underlying return and could lose the entire investment. All payments are subject to UBS credit risk.

UBS AG is offering a preliminary pricing supplement for Trigger Autocallable Contingent Yield Notes linked to the common stock of Fluor Corporation, due on or about May 19, 2027. The notes pay periodic contingent coupons only if observation-date closing levels meet the coupon barrier and are automatically called if the underlying equals or exceeds the initial level on an observation date. If not called, repayment of principal at maturity is contingent: investors receive full principal only if the final level is at or above the downside threshold; otherwise principal is reduced in proportion to the underlying return, potentially producing a complete loss of principal. The offering sets a minimum purchase of 100 notes at $10 per note and reports an estimated initial value range of $9.44 to $9.69 per note determined by UBS internal pricing models. All payments remain subject to UBS credit risk.

UBS AG $150,000 Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc. due May 19, 2028. The Notes pay contingent coupons only if the underlying closing level meets the coupon barrier on observation dates and are automatically called if the underlying closes at or above the initial level on any prior observation date. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise repayment declines in direct proportion to the underlying return and you could lose a significant portion or all of your investment. Trade date is May 15, 2026, settlement May 19, 2026, final valuation date May 17, 2028. The Notes have a minimum purchase of 100 Notes at $10 per Note, an estimated initial value of $9.76, and any payment is subject to the creditworthiness of UBS.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Snowflake Inc. The notes mature on May 19, 2028 and have 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, carry an automatic call if the underlying equals or exceeds the initial level on any observation date, and feature contingent principal repayment at maturity that exposes holders to the full downside of the underlying if the final level is below a downside threshold.

UBS AG priced a preliminary offering of Buffer Autocallable GEARS linked to the S&P 500® Index due on or about May 31, 2029. The securities are unsubordinated, unsecured debt obligations with a $10 per Security denomination (minimum investment $1,000). Key economic terms shown on the cover include a 9.00% call return, an upside gearing range of 1.201 to 1.371, a 10.00% buffer, an autocall barrier at 100% of initial level, and a downside threshold at 90% of initial level. If the observation date level is at or above the autocall barrier, UBS will automatically call and pay the call price of $10.90 per Security. If not called, maturity payments depend on the underlying return multiplied by the upside gearing, subject to the buffer and UBS credit risk. The issue price exceeds the estimated initial value, which is shown as $9.446 to $9.746, reflecting underwriting, hedging and issuance costs. Investors should review the product supplement, index supplement and prospectus for full risk, tax and distribution details.

UBS AG is offering Airbag Callable Contingent Yield Notes linked to the least performing of the iShares® Russell 2000 ETF (IWM), the Nasdaq-100 Index® (NDX) and the S&P 500® Index (SPX). The Notes have a principal amount of $1,000 per Note, an expected term of approximately 9 months and key dates set on the cover: Strike Date: May 15, 2026, Trade Date: May 18, 2026, Settlement Date: May 21, 2026, Final Valuation Date: Feb 16, 2027 and Maturity Date: Feb 19, 2027.

The Notes pay a periodic contingent coupon only if the closing level of each underlying asset on an observation date is at or above its coupon barrier; otherwise no coupon is paid. UBS may call the Notes in whole on any observation date (other than the final valuation date). At maturity, if any underlying asset is below its downside threshold you are exposed to the downside performance of the least performing underlying asset with a downside leverage of ~1.2195 and a threshold percentage of 18.00%, which can result in substantial loss of principal. Estimated initial value is shown as $968.70 to $998.70 on the trade date range. All payments are subject to UBS credit risk.

UBS AG offers Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index with an issue price totaling $1,997,000 and a principal amount of $1,000 per Note. The Notes pay a contingent coupon of 10.00% per annum if, on each observation date, every underlying asset is at or above its coupon barrier; otherwise no coupon is paid. UBS may call the Notes in whole on any observation date beginning after 6 months. At maturity on May 16, 2031, principal is repaid only if each underlying asset is at or above its downside threshold; if any underlying asset is below its downside threshold the cash payment equals $1,000 × (1 + Underlying Return of the Least Performing Underlying Asset), which can result in significant loss, including loss of all principal.

UBS AG London Branch is offering Capped Leveraged Buffered Basket-Linked Medium-Term Notes (subject to completion). The notes link to an unequally weighted basket of five indices and have a term expected to be 13 to 15 months. Key economics to be set on the trade date include a 200.00% upside participation rate, a 10.00% buffer level (buffer rate approximately 111.11%), a cap level expected between 107.37% and 108.65% of the initial basket level, and a maximum settlement amount expected between $1,147.40 and $1,173.00 per $1,000 face amount. If the final basket level is above the initial level you participate at 200% subject to the cap; if the final basket level is down up to 10% you receive the face amount; if it is below the 10% buffer you suffer leveraged principal loss (approximately 1.1111% of face amount per 1% below the buffer). The estimated initial value is expected to be between $956.20 and $986.20 per $1,000 face amount; the issue price is 100.00% of face amount. The offering includes an underwriting discount of 1.13% (net proceeds to issuer 98.87%). The notes do not pay interest, are unsecured obligations of UBS, and expose holders to UBS credit risk and to non-U.S. market, tax and liquidity risks.

UBS AG offers Barrier Market-Linked Notes linked to an unequally weighted basket of six currencies relative to the U.S. dollar, with expected trade date May 27, 2026, settlement May 29, 2026 and maturity on or about May 28, 2027. The Notes pay no interest and return at maturity depends on the basket return versus an upper barrier. If a barrier event occurs (basket return > upper barrier), holders receive principal plus a conditional return; if no barrier event and the basket return is positive, holders receive principal plus the basket return multiplied by the participation rate subject to a capped maximum gain; if the basket return is zero or negative, holders receive only principal at maturity. Payments are unsecured obligations of UBS and depend on UBS’ creditworthiness. Final economic terms (upper barrier, maximum gain, estimated initial value) will be set on the trade date and are subject to the final pricing supplement.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the SPDR4 Gold Trust maturing on May 15, 2028. The Notes pay a contingent coupon only when the closing level of the underlying meets or exceeds a coupon barrier on scheduled observation dates and are automatically called if the underlyings closing level on any quarterly observation date (beginning after 12 months) is equal to or greater than the initial level.

If not called, principal is repaid at maturity only if the final level is at or above a disclosed downside threshold; if the final level is below that threshold, the repayment is reduced pro rata to the underlying return and investors may lose a significant portion or all of their principal. Payments, including any principal repayment, are subject to UBS creditworthiness. Trade and settlement dates are May 13, 2026 (trade) and May 15, 2026 (settlement); final valuation and maturity dates are May 11, 2028 and May 15, 2028, respectively.

UBS AG offers Capped GEARS linked to the Russell 2000® Index with a term of approximately 14 months that pays at maturity based on the percentage change in the index, subject to an upside gearing of 3.00 and a capped maximum gain of 21.04% to 23.04%. The issue price is $10.00 per Security (minimum investment $1,000) and the estimated initial value range is $9.494 to $9.794. Key dates include a trade date of May 27, 2026, settlement on May 29, 2026, final valuation date July 27, 2027, and maturity on July 29, 2027. If the underlying return is positive, payment = $10 × (1 + lesser of (Underlying Return × 3.00) and Maximum Gain). If negative, payment = $10 × (1 + Underlying Return), exposing investors to full downside of the Russell 2000®; payments are subject to UBS credit risk.

UBS AG is offering Capped GEARS linked to the S&P 500® Index with a term of approximately 14 months and a per-security issue price of $10.00. The securities provide upside exposure equal to the underlying return multiplied by an upside gearing of 3.00, subject to a maximum gain that will be set on the trade date (described here as 13.75% to 15.75% on the cover). If the underlying return is positive, the payment at maturity equals $10 × (1 + the lesser of (underlying return × 3.00) and the maximum gain). If the underlying return is zero, payment at maturity equals the $10 principal. If the underlying return is negative, holders suffer the full downside equal to the underlying return and may lose some or all of their principal. Key dates shown include a trade date of May 27, 2026, expected settlement on May 29, 2026, final valuation date on July 27, 2027 and maturity on July 29, 2027. The securities are unsecured obligations of UBS and repayment (including principal) is subject to UBS’ creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the SPDR® Gold Trust due on or about May 15, 2028. The Notes pay contingent coupons only if the underlying ETF closes at or above a coupon barrier on observation dates; quarterly autocallable features beginning ~12 months can redeem the Notes early at par plus any contingent coupon. If not called, principal is repaid at maturity only if the final level is at or above an 80.00% downside threshold; otherwise principal is reduced in line with the underlying return, and investors may lose a significant portion or all of their investment. The trade date is May 13, 2026 with settlement expected May 15, 2026. The Notes are offered in denominations of $10 per Note with a minimum purchase of 100 Notes ($1,000). The estimated initial value range on the trade date is $9.40 to $9.65 per Note and the example contingent coupon rate shown is 6.21% per annum. Final terms will be set on the trade date and all payments are subject to UBS credit risk.

UBS AG is offering Trigger Callable Yield Notes with Daily Close Monitoring Knock-In linked to the least performing of the Nasdaq-100, Russell 2000 and EURO STOXX 50. The offering totals $9,000,000 at an issue price of $1,000 per Note; principal repayment at maturity is contingent on index performance and UBS' issuer call decisions. Coupons of 13.65% per annum are payable monthly unless UBS elects to call (monthly, callable after five months). A "trigger event" occurs if any underlying closes below its 70% downside threshold during the observation period; if a trigger occurs and the least performing underlying finishes below its initial level, principal at maturity will be reduced pro rata to that underlying return, potentially causing a total loss. Payments remain subject to UBS credit risk. Key dates: strike May 13, 2026, final valuation November 15, 2027, maturity November 18, 2027.

UBS AG is offering Phoenix Autocallable Buffer Notes with Memory Interest linked to the common stock of Arista Networks, Inc. (ANET). Each Note has a principal amount of $10,000, a term of approximately 54 weeks and may pay contingent interest of $719.75 on each interest payment date if observation-date conditions are met.

The Notes are automatically callable if the underlying’s closing price on an autocall observation date equals or exceeds the initial price. If not called, repayment at maturity depends on the final price relative to the downside threshold of $118.25 (80.00% of the initial price). If the final price is below that threshold, holders receive a share delivery amount of 84.5666 shares per Note (subject to adjustments), whose value may be significantly less than the principal and could be zero. Payments depend on UBS’s creditworthiness. Estimated initial value was between $9,515.00 and $9,815.00, below the issue price.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Relevant Nearby ICE-traded Cocoa Futures Contract. Each Note has a $1,000 principal and a contingent coupon payable only if observation-date settlement prices meet the coupon barrier. The Notes may be automatically called if the call threshold is met; otherwise principal repayment at maturity is contingent on the final price relative to the downside threshold. Key trade and settlement anchors include a trade date of May 18, 2026, expected settlement on May 21, 2026, a final valuation date of May 18, 2027 and a maturity date of May 20, 2027. The issuer warns investors they may lose a significant portion or all of their investment and that payments depend on UBS creditworthiness. The estimated initial value per Note on the trade date is between $952.70 and $982.70, and the underwriting discount is $2.50 per Note.

UBS AG (pricing supplement) offers Capped Leveraged Buffered Basket-Linked Medium-Term Notes linked to an unequally-weighted basket of five indices with a trade date of May 13, 2026 and a stated maturity of November 17, 2027. Each note has a face amount of $1,000. The notes do not bear interest and return at maturity depends on the basket return with an Upside Participation Rate: 200.00%, a Cap Level: 110.15% (maximum settlement amount of $1,203.00 per $1,000 face amount) and a Buffer Level: 90.00% (you keep principal if final basket level declines by up to 10.00%). If the final basket level is below the buffer, you incur leveraged losses of approximately 111.11% of the amount below the buffer and could lose your entire investment. The estimated initial value on the trade date was $982.00 per $1,000 face amount; the issue price equals 100.00% and net proceeds to the issuer equal 98.49% of face amount. The notes are unsecured obligations of UBS and are subject to UBS credit risk, limited liquidity, tax and regulatory considerations and various conflicts of interest.

UBS AG is offering $1,342,000 of Buffer Callable Contingent Yield Notes linked to the least performing of the S&P 500® Index and the Russell 2000® Index. The Notes pay a contingent coupon of 9.70% per annum only when both underlyings meet coupon barriers on observation dates, are callable monthly by UBS beginning after 12 months, and provide a 15% buffer against losses at maturity. If UBS does not call the Notes and the final level of the least performing underlying is below its downside threshold, principal is reduced by the underlying loss in excess of the buffer; in extreme cases investors could lose almost all principal. The estimated initial value per Note is $990.40 and the issue price is $1,000 per Note; payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the Solactive U.S. Large Cap Volatility Navigator 40 Index maturing on or about May 28, 2031. Each $1,000 Note pays a fixed contingent coupon only when the index closes at or above a coupon barrier on monthly observation dates, is callable monthly beginning ~3 months after issuance, and returns principal at maturity only if the final index level is at or above a specified downside threshold. If not called and the final level is below the downside threshold, principal repayment is reduced in line with the index decline; investors may lose a significant portion or all principal. The Notes are unsecured obligations of UBS, not FDIC insured, and any payments depend on UBS creditworthiness. The estimated initial value per Note on the trade date is expected to be between $927.50 and $957.50; issue price is $1,000 with an underwriting discount of $2.50 per Note. Key risks include the 6.0% per annum decrement applied to the index, significant leverage and liquidity risks, limited historical track record for the index, uncertain U.S. federal tax treatment, and potential conflicts of interest.

UBS AG is offering Trigger Autocallable Notes linked to the least performing of the Nasdaq-100® Technology Sector, the Russell 2000® Index and the S&P 500® Index, maturing May 16, 2031. The notes pay no interest, may be automatically called monthly if each underlying meets its call threshold, and repay contingent principal at maturity: full principal only if all underlyings finish at or above their 70% downside thresholds; otherwise repayment equals $1,000 × (1 + underlying return of the least performing underlying asset), which can result in substantial loss or total loss. The issue price is $1,000 per note (aggregate $631,000); UBS’s estimated initial value is $968. The notes are unsecured obligations of UBS and payments depend on UBS creditworthiness.

UBS AG is offering $6,774,000 of Buffer Autocallable GEARS linked to the Russell 2000® Index due May 15, 2029. The securities have a $10 principal per security, an automatic call on the observation date if the index is at or above the autocall barrier, a 12.00% call return and an upside gearing of 1.40. At maturity payments depend on the underlying return and a 10.00% buffer; if the final level is below the downside threshold the investor can lose some or almost all principal. The offering and dates are subject to postponement in the event of a market disruption event.

UBS AG is offering Trigger Autocallable Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500. The offer totals $746,000 at an issue price of $1,000 per Note with an estimated initial value of $951.00. The notes mature on May 16, 2031, feature monthly observation dates beginning after 12 months, an automatic call if all three indices meet call thresholds, a contingent repayment of principal tied to the least performing underlying asset (70% downside thresholds), and a stated call return rate of 9.55% per annum.

The notes are unsecured obligations of UBS and carry issuer credit risk, limited upside (call return only), potential full loss at maturity if the least performing index falls below its downside threshold, limited secondary market liquidity, and uncertain U.S. federal income tax treatment.

UBS AG offers $10,300,000 of Trigger Callable Contingent Yield Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500, maturing May 16, 2029.

The Notes pay a contingent coupon of 13.60% per annum for an observation period only if each index closes at or above its coupon barrier on every trading day in that period. Coupon barriers are 70% of initial levels and downside thresholds are 60% of initial levels. UBS may call the Notes quarterly at its election; if called you receive principal plus any contingent coupon then due. If not called and the final level of any underlying is below its downside threshold, maturity payment equals $10 × (1 + least performing underlying return), which can produce substantial principal loss, possibly total loss. Key terms: strike May 12, 2026, trade May 13, 2026, settlement May 15, 2026, estimated initial value $9.90, minimum investment $1,000.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc., with an aggregate offering amount of $1,081,000. The Notes pay a quarterly contingent coupon only if the underlying closing level on an observation date meets or exceeds a coupon barrier. The Notes are automatically called early if the underlying closing level on any quarterly observation date (beginning ~6 months after trade) is at or above the initial level, in which case UBS pays principal plus any contingent coupon due on the related call settlement date. If not called and the final level is at or above the downside threshold, UBS pays principal at maturity; if the final level is below the downside threshold, principal repayment is reduced proportionally to the underlying return and investors can lose a substantial portion or all of their investment. The Notes have a minimum investment of 100 Notes at $10 per Note, an estimated initial value of $9.74 per Note as of the trade date, and a term maturing on May 18, 2029 (final valuation date May 16, 2029). All payments are subject to UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of GE Vernova Inc. (preliminary pricing supplement dated May 14, 2026). The Notes have a principal amount of $10 per Note, a term of approximately 3 years, trade date May 14, 2026, settlement date May 18, 2026, final valuation date May 16, 2029 and maturity date May 18, 2029. Minimum investment is 100 Notes (representing $1,000). The Notes pay contingent coupons only when the underlying stock meets coupon barriers on observation dates, are subject to automatic quarterly calls beginning after six months if the underlying meets the initial level, and repay principal at maturity only if the final level is at or above a downside threshold; otherwise principal is reduced proportionally to the underlying return. The estimated initial value range is $9.35 to $9.60 per Note. All payments depend on UBS’s creditworthiness. This document is preliminary and the final terms will be set on the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to The Home Depot, Inc. The Notes mature on May 18, 2027 and pay contingent coupons only when the underlying stock meets a coupon barrier on observation dates. The Notes can be automatically called early if the underlying equals or exceeds the initial level on an observation date; if called, investors receive principal plus any contingent coupon. 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 a total loss. Notes are unsecured obligations of UBS and payments depend on UBS creditworthiness. Trade and settlement dates are May 14, 2026 and May 18, 2026. Minimum investment is 100 Notes at $10 per Note; the estimated initial value is $9.78.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to ServiceNow, Inc. stock that mature on May 18, 2029. The Notes can pay periodic contingent coupons only if the underlying meets the coupon barrier on observation dates and can be automatically called early if the underlying reaches the initial level. 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, the principal repayment declines in direct proportion to the underlying return and could result in total loss. Payments depend on UBS’s creditworthiness. The estimated initial value on the trade date was $9.67 per $10 Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation. The Notes have a principal amount of $10 per Note (minimum investment 100 Notes, $1,000) and mature on May 18, 2029 with a final valuation date of May 16, 2029. The issuer will pay a contingent coupon only when the underlying closing level on an observation date is at or above the coupon barrier; otherwise no coupon is paid. The Notes are automatically called if the underlying closing level on any quarterly observation date (beginning after six months) is at or above the initial level, in which case you would receive principal plus any contingent coupon on the related call settlement date. If not called and the final level is below the downside threshold, principal repayment at maturity is reduced proportionally to the underlying return; in extreme cases you could lose your entire investment. The document shows an illustrative contingent coupon rate of 13.60% per annum and an estimated initial value of $9.69 per Note. All payments are subject to UBS's creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc. The notes pay a contingent coupon only when the underlying closing level meets or exceeds a coupon barrier on observation dates. The notes are subject to automatic early redemption if the underlying's closing level on any quarterly observation date (beginning after six months) is equal to or greater than the initial level; in that case holders receive principal plus any contingent coupon on the call settlement date and no further payments. 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, principal is reduced proportionally to the underlying return and investors may lose a substantial portion or all principal. Trade date is May 14, 2026, settlement May 18, 2026, final valuation date November 16, 2027, and maturity November 18, 2027. The notes have an estimated initial value of $9.71 per $10 note and are unsecured obligations of UBS; all payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of The Home Depot, Inc. The preliminary pricing supplement dated May 14, 2026 sets a trade date of May 14, 2026, settlement on May 18, 2026 and maturity on or about May 18, 2027. The Notes pay contingent coupons only if the underlying closing level meets or exceeds specified coupon barrier observation levels and will be automatically called early if the underlying closes at or above the initial level on an observation date. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; if the final level is below that threshold, investors suffer a loss linked to the underlying return.

Key investor terms shown: $10 principal amount per Note, minimum purchase 100 Notes ($1,000), estimated initial value range $9.45–$9.70 per Note, and a hypothetical contingent coupon example of $0.416 (16.64% per annum on a $10 Note) in the preliminary examples. Payments remain subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of ServiceNow, Inc. with a trade date of May 14, 2026, expected settlement May 18, 2026 and maturity on or about May 18, 2029. The notes pay periodic contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and are subject to an automatic call if the underlying equals or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent: full principal is repaid if the final level is at or above the downside threshold; otherwise repayment equals $10 multiplied by (1 + underlying return), which can result in a substantial loss, including loss of the entire principal. Notes are unsecured obligations of UBS and any payments depend on UBS creditworthiness. The offering is preliminary; final terms will be set on the trade date and the offering documents must be delivered in final form.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation due on or about May 18, 2029. The Notes pay a periodic contingent coupon only if the underlying's closing level on each observation date meets or exceeds a coupon barrier; 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 ~6 months), in which case holders receive principal plus any contingent coupon due on the related call settlement 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, holders receive an amount equal to $10 x (1 + underlying return), which can result in substantial losses, including loss of the entire investment. Trade date is May 14, 2026 and expected settlement is May 18, 2026. Minimum investment is 100 Notes ($1,000). The estimated initial value range is $9.35 to $9.60. All payments are subject to the creditworthiness of UBS.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Microsoft Corporation common stock due May 18, 2027. The Notes pay periodic contingent coupons only if the underlying closing level on an observation date meets or exceeds a coupon barrier. The Notes are automatically called early if the underlying closing level on any interim observation date is equal to or greater than the initial level; in that case UBS pays principal plus any contingent coupon due and the Notes terminate. If not called, repayment at maturity depends on the final level: if it is equal to or above the downside threshold (80% of the initial level), UBS pays the principal; if below, repayment is reduced in direct proportion to the underlying return, and you can lose a substantial portion or all of your investment. The Notes are unsecured obligations of UBS and payments are subject to UBS credit risk. Trade date is May 14, 2026, settlement May 18, 2026, final valuation date May 14, 2027, maturity May 18, 2027. The estimated initial value was $9.76 per $10 Note and minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc. The Notes pay periodic contingent coupons only when the underlying stock closes at or above a coupon barrier on observation dates and may be automatically called early if the stock closes at or above the initial level on any observation date prior to the final valuation date.

If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; if below, repayment is reduced proportionally to the underlying return and you could lose a significant portion or all of your investment. Payments depend on UBS's creditworthiness. Trade date is May 14, 2026, expected settlement May 18, 2026, final valuation May 16, 2028, maturity May 18, 2028.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc. The Notes mature on November 18, 2027 with a final valuation date of November 16, 2027 and a term of approximately 18 months.

The Notes may pay periodic contingent coupons only if the underlying closing level on each observation date meets or exceeds a coupon barrier; otherwise no coupon is paid. The Notes are subject to an automatic call on quarterly observation dates (beginning after six months) if the underlying closing level is at or above the initial level. If not called, principal repayment at maturity is contingent: full principal is paid if the final level is at or above the downside threshold; if below, repayment is reduced proportionally to the underlying return, potentially resulting in substantial loss or total loss of principal. Minimum purchase is 100 Notes at $10 per Note ($1,000). Any payment depends on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation, maturing May 18, 2028. The notes pay contingent coupons only if the underlying closing level on observation dates meets the coupon barrier and will be automatically called early if the underlying equals or exceeds the initial level on any prior observation date. If not called, principal is repaid at maturity only if the final level is 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. The offering principal shown is $385,000. Key terms: trade date May 14, 2026, settlement May 18, 2026, final valuation date May 16, 2028, maturity May 18, 2028. Estimated initial value per Note is $9.80. The notes are unsecured obligations of UBS and repayment depends on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Intel Corporation due May 18, 2028. The Notes pay contingent coupons only if the underlying closing level on observation dates meets the coupon barrier and will be automatically called if the underlying equals or exceeds the initial level on any observation date prior to the final valuation date. If not called, principal repayment at maturity depends on the final level versus a downside threshold; if the final level is below that threshold you may suffer a loss equal to the underlying return, including a total loss in extreme scenarios. The Notes are unsecured obligations of UBS and any payment is subject to UBS’s creditworthiness. Trade and settlement occur in mid-May 2026; the estimated initial value per Note is $9.76 and the Notes have a $10 principal amount.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Microsoft Corporation, with a trade date of May 14, 2026, expected settlement on May 18, 2026 and maturity on May 18, 2027. The Notes pay contingent coupons only if the underlying stock meets coupon barriers on observation dates and are automatically called if the stock closes at or above the initial level on an observation date. If not called, principal repayment at maturity is conditional: full principal is paid only if the final level is at or above the downside threshold; otherwise repayment is reduced in line with the underlying return, and investors could lose a significant portion or all principal. The Notes are unsecured obligations of UBS and subject to UBS credit risk. The preliminary pricing supplement lists a $10 per Note denomination and an estimated initial value range of $9.47–$9.72 per Note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Accenture plc stock due May 18, 2027. The Notes pay periodic contingent coupons only when the underlying closing level meets or exceeds a coupon barrier on observation dates and may be automatically called early if the underlying reaches 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 downside threshold; otherwise principal is reduced proportionally to the underlying return, with possible total loss of principal. Payments depend on UBS’s creditworthiness. Trade and settlement occur in May 2026; the estimated initial value per Note is $9.65.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Freeport-McMoRan Inc. The Notes have a principal amount of $10 per Note, trade date May 14, 2026, expected settlement May 18, 2026, final valuation date May 16, 2028 and maturity May 18, 2028. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and will be automatically called 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 downside threshold; otherwise repayment declines pro rata with the underlying, and investors could lose a significant portion or all of their principal. Estimated initial value on the trade date is shown as $9.40–$9.65 per Note.