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

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to NVIDIA common stock due May 8, 2029. The Notes pay a contingent coupon only when the underlying closing level on an observation date meets or exceeds a coupon barrier and will be automatically called early if the underlying closes at or above the initial level on any quarterly observation date (beginning after six months). If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise repayment at maturity is reduced in proportion to the underlying return and you could lose a significant portion or all of your investment.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to General Electric Company common stock. 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 equals or exceeds the initial level on an observation date. If not called, principal repayment at maturity is contingent on the final level being at or above a downside threshold; if below, you may suffer a loss equal to the underlying return and could lose your entire investment. Trade date is May 6, 2026, final valuation date is May 6, 2027, and maturity is May 10, 2027. The Notes are unsecured obligations of UBS and any payments depend on UBS’s creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Amazon.com, Inc., maturing May 8, 2029. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and are automatically called if the underlying equals or exceeds the initial level on any quarterly observation (beginning after six months). If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise repayment declines in proportion to the underlying return and investors can lose a significant portion or all principal. Payments depend on UBS creditworthiness. The minimum investment is 100 Notes at $10 per Note and the estimated initial value was $9.71 as of the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of NIKE, Inc., due May 8, 2029. The Notes pay a contingent coupon on each coupon payment date only if the underlying closing level on the applicable observation date meets or exceeds the coupon barrier; otherwise no coupon is paid. The Notes are automatically called early if the underlying closing level on any quarterly observation date (beginning after six months) is equal to or greater than the initial level, in which case UBS pays principal plus any contingent coupon on the related call settlement date. If not called, principal repayment at maturity is contingent: if the final level is at or above the downside threshold you receive $10.00 per Note; if the final level is below the downside threshold you receive $10.00 x (1 + Underlying Return), which can result in a substantial loss or total loss of principal. Payments are subject to UBS credit risk. Trade date is May 6, 2026, settlement May 8, 2026, final valuation date May 4, 2029, and maturity May 8, 2029.

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 term of approximately five years, a trade date of May 6, 2026, settlement expected May 8, 2026, final valuation date May 6, 2031 and maturity May 8, 2031.

The notes may pay periodic contingent coupons only if the underlying stock 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 observation date. If not called, repayment at maturity is contingent: if the final level is below the downside threshold the cash payment may be less than principal, with losses equal to the underlying return.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. The Notes pay a contingent coupon only if the underlying closing level on an observation date is at or above the coupon barrier and will autocall early if the underlying equals or exceeds the initial level on any observation date prior to the final valuation date. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold you will receive an amount equal to $10 x (1 + underlying return), which can result in a partial or total loss of principal. The Notes mature on May 8, 2029, have an estimated initial value of $9.65 per $10 Note, and are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Applied Materials, Inc. The notes mature on May 10, 2027 with a final valuation date of May 6, 2027. Coupons are paid only if the underlying meets the coupon barrier on observation dates; the notes auto‑call early if the underlying equals or exceeds the initial level on an observation date. Principal repayment at maturity is contingent: if the final level is below the downside threshold, repayment may be reduced, possibly to zero. The principal amount per note is $10; the estimated initial value at trade date was $9.88. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of NVIDIA Corporation due on or about May 8, 2029. The notes pay a contingent coupon only when the underlying meets 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 disclosed downside threshold; if the final level is below that threshold the investor receives a cash amount that can be less than principal, potentially resulting in a loss up to the entire investment. Trade date is May 6, 2026 with settlement on May 8, 2026. The estimated initial value range is between $9.37 and $9.62 per $10 note and any payment is subject to the creditworthiness of UBS.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to Marvell Technology, Inc. stock due May 8, 2029. The Notes pay periodic contingent coupons only if the underlying closing level meets or exceeds a coupon barrier on scheduled observation dates; otherwise no coupon is paid. The Notes are autocallable quarterly (beginning after 6 months) if the underlying closing level equals or exceeds the initial level, in which case holders receive principal plus any contingent coupon then due. If not called, principal repayment at maturity is contingent: if the final level is below the downside threshold, holders suffer a loss equal to the underlying return and could lose all principal. Payments depend on UBS's creditworthiness. Trade date is May 6, 2026, settlement May 8, 2026, final valuation date May 4, 2029, and maturity May 8, 2029. The Notes are offered in minimum investments of 100 Notes ($1,000) and have an estimated initial value of $9.65 per $10 Note.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to General Electric Company with expected trade date May 6, 2026, settlement May 8, 2026, final valuation May 6, 2027 and maturity May 10, 2027. Each Note has a $10 principal amount and contingent coupons paid only if the underlying meets coupon barriers on observation dates. Notes auto-call early if the underlying closes at or above the initial level on an observation date. If not called, principal at maturity is contingent: full principal paid if final level is at or above the downside threshold; otherwise repayment is reduced proportionally to the underlying return, exposing investors to potential substantial or total loss. Estimated initial value range is $9.47–$9.72 per Note. Payments are subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Olin Corporation stock due May 8, 2029. The Notes pay periodic contingent coupons only if the underlying closing level meets the coupon barrier on observation dates and are automatically called if the underlying equals 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 pro rata to the underlying return and you could lose all of your investment. Payments are subject to UBS credit risk. The Notes have a $10 principal amount per Note and an estimated initial value of $9.64 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Amazon.com, Inc., maturing on May 8, 2029. The notes pay contingent coupons only if the underlying meets a coupon barrier on quarterly observation dates and may be automatically called 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 meets the downside threshold; otherwise repayment falls in proportion to the underlying return and could result in the loss of all principal. Trade date is May 6, 2026 with expected settlement on May 8, 2026. Minimum offering is 100 Notes at $10 per Note and the estimated initial value range is $9.36 to $9.61 per Note as of the trade date. 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. with an expected term to maturity of approximately three years (Final Valuation Date May 4, 2029; Maturity Date May 8, 2029). The Notes pay periodic contingent coupons only if the underlying closing level on an observation date meets or exceeds a coupon barrier; they auto‑call early if the underlying meets or exceeds the initial level on any quarterly observation date beginning after six months. If not called, repayment at maturity depends on whether the final level is at or above a disclosed downside threshold; if it is below that threshold, principal is reduced in proportion to the underlying return and investors can lose a significant portion or all of their investment. Trade Date is May 6, 2026 with settlement on May 8, 2026. Notes are offered in $10 denominations with a minimum purchase of 100 Notes; the issuer’s credit risk applies to all payments.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Blackstone Inc. due on or about May 8, 2029. The Notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and can be automatically called early if the underlying closes at or above the initial level on any observation date prior to maturity. 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 the downside threshold, repayment is reduced in direct proportion to the underlying return, and you could lose a significant portion or all of your investment. The estimated initial value range is stated as $9.29 to $9.54 per $10 Note and the minimum investment is 100 Notes ($1,000).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Chevron Corporation, maturing on May 10, 2027. The Notes pay 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, repayment at maturity will reflect the underlying return and can result in the loss of a portion or all of principal. Payments are subject to the creditworthiness of UBS. The estimated initial value per $10 Note is $9.76.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Applied Materials, Inc., with trade date May 6, 2026, expected settlement May 8, 2026, final valuation date May 6, 2027, and maturity on or about May 10, 2027. The Notes pay contingent coupons only if observation-date closing levels meet a coupon barrier and will autocall early if an observation-date closing level is at or above the initial level. If not called, principal repayment at maturity is contingent on the final level relative to a downside threshold; a final level below that threshold may cause a principal loss up to the full investment. Minimum investment is 100 Notes at $10 per Note; estimated initial value per Note is between $9.55 and $9.80.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Marvell Technology, Inc. The Notes pay periodic contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and may be automatically called quarterly 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 the downside threshold; otherwise principal is reduced in proportion to the underlying return. The example principal is $10 per Note; estimated initial value is $9.34–$9.59. Trade date is May 6, 2026, settlement May 8, 2026, final valuation date May 4, 2029, maturity May 8, 2029.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advance Auto Parts, Inc. The Notes pay contingent coupons only if the underlying's 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 you receive the $10 principal; if the final level is below the downside threshold you receive $10 x (1 + Underlying Return), which can result in a significant loss, including total loss. The Notes are unsecured obligations of UBS and repayment is subject to UBS creditworthiness. Trade date is May 6, 2026, expected settlement May 8, 2026, final valuation date May 4, 2029, and maturity May 8, 2029. The estimated initial value per Note was $9.65 as of the trade date.

UBS AG offers Trigger Autocallable Contingent Yield Notes linked to the common stock of Alaska Air Group, Inc., due May 8, 2029. Each Note has a principal amount of $10 and a minimum purchase of 100 Notes. The Notes pay periodic contingent coupons only if the underlying stock closes at or above the coupon barrier on observation dates; otherwise no coupon is paid. The Notes are autocallable if the underlying closes at or above the initial level on any observation date prior to the final valuation date, in which case holders receive principal plus any contingent coupon on the related call settlement date and the Notes terminate. If not called, repayment at maturity depends on the final level relative to a downside threshold (60.00% of the initial level in the examples); if the final level is below that threshold, holders suffer a loss equal to the underlying return and could lose their entire investment. Any payments are subject to the creditworthiness of UBS. The estimated initial value was $9.70 as of the trade date.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Olin Corporation, with a trade date of May 6, 2026, expected settlement on May 8, 2026, a final valuation date of May 4, 2029, and maturity on May 8, 2029. The notes pay periodic contingent coupons only if the underlying closes at or above a coupon barrier on observation dates and are autocallable if the underlying equals or exceeds the initial level on an observation date. At maturity, principal repayment is contingent: if the final level is below the disclosed downside threshold, investors suffer a loss equal to the underlying return and could lose their entire investment. Minimum purchase is 100 notes ($1,000); estimated initial value per $10 note is between $9.28 and $9.53.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Dow Inc. The Notes pay periodic contingent coupons only if the underlying stock is at or above a coupon barrier on observation dates and may be automatically called early if the stock reaches the initial level. At maturity, if not called, principal repayment is contingent: full principal is paid only if the final level is at or above the downside threshold; otherwise repayment decreases in proportion to the underlying return and investors could lose a significant portion or all of their investment. The Notes are unsecured obligations of UBS and any payments depend on UBS creditworthiness.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Advanced Micro Devices, Inc., maturing May 10, 2027. The Notes pay contingent coupons only if the underlying stock closes at or above the coupon barrier on observation dates and will be automatically called 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; otherwise repayment is reduced in proportion to the underlying return and investors could lose a significant portion or all of their principal. Key commercial terms include a $10 principal per Note, minimum purchase of 100 Notes, trade date May 6, 2026, settlement May 8, 2026, final valuation date May 6, 2027, and estimated initial value of $9.74 per Note. All payments remain subject to UBS credit risk.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Constellation Energy common stock due May 10, 2027. The Notes pay periodic contingent coupons only if the underlying meets a coupon barrier on observation dates and will be automatically called early if the underlying equals or exceeds the initial level on any observation date. If not called, principal is repaid at maturity only if the final level is at or above a downside threshold; otherwise principal repayment is reduced proportionally to the underlying return and you could lose all of your investment. The Notes are unsecured obligations of UBS and any payments depend on UBS’s creditworthiness. Trade date: May 6, 2026; Settlement date: May 8, 2026; Final valuation date: May 6, 2027; Maturity date: May 10, 2027.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Chevron Corporation with expected trade and settlement on May 6, 2026 and May 8, 2026, a final valuation date of May 6, 2027, and maturity on May 10, 2027. The Notes pay a contingent coupon only if the underlying closing level meets or exceeds a coupon barrier on observation dates and are automatically called early if the underlying meets or exceeds 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 returned only if the final level is at or above the downside threshold; otherwise investors suffer a loss equal to the underlying return and could lose their entire investment. Payments are subject to UBS credit risk. The Notes are offered in $10 denominations with an estimated initial value range of $9.46 to $9.71 per $10 Note.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Advance Auto Parts, Inc. The trade date is May 6, 2026, expected settlement May 8, 2026, final valuation date May 4, 2029, and maturity May 8, 2029. Each Note has a principal amount of $10 and the minimum investment is 100 Notes ($1,000). UBS will pay contingent coupons only when the underlying closes at or above the coupon barrier on observation dates; the Notes auto‑call if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not called, repayment at maturity depends on the final level versus the downside threshold, and holders may suffer losses up to the full principal. The estimated initial value range on the trade date is $9.29 to $9.54. This document is a preliminary pricing supplement 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 Alaska Air Group, Inc. The securities pay contingent coupons only if observation-date closing levels meet 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 you receive the $10 principal per Note; if the final level is below that threshold you receive $10 times (1 + underlying return) and may suffer a substantial loss, including a total loss. Trade date is May 6, 2026, settlement May 8, 2026, final valuation date May 4, 2029, and maturity May 8, 2029. The Notes are unsecured obligations of UBS and any payment depends on UBS creditworthiness. Minimum investment is 100 Notes ($1,000). The estimated initial value range is $9.33 to $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., maturing on or about May 10, 2027. The notes pay contingent coupons only if the underlying meets coupon barriers on observation dates and may be automatically called early if the underlying equals or exceeds the initial level on any observation date.

The notes repay principal at maturity only if the final level is at or above a downside threshold; if below, principal is reduced proportionally to the underlying return and full loss is possible. Trade date and final terms are set on the trade date; minimum investment is 100 Notes ($1,000) and the issuer credit risk is UBS.

UBS AG priced a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Constellation Energy Corporation due on or about May 10, 2027. The notes pay periodic contingent coupons only if the underlying meets coupon barriers on observation dates and will be automatically called if the underlying equals or exceeds the initial level on any observation date. If not called, principal is repaid at maturity only if the final level is at or above a disclosed downside threshold; if below that threshold, holders suffer a loss equal to the underlying return and could lose all principal. Trade date is May 6, 2026 with settlement expected on May 8, 2026. Minimum investment is 100 Notes ($1,000); the estimated initial value range is $9.47–$9.72 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 Dow Inc. The preliminary pricing supplement sets trade and settlement on May 6, 2026 and May 8, 2026, with final valuation on May 4, 2029 and maturity on May 8, 2029. The Notes pay periodic contingent coupons only when the underlying closes at or above the coupon barrier on observation dates and will autocall 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 repaid only if the final level is at or above the downside threshold; otherwise repayment falls by the percentage decline in the underlying and you could lose all principal. Minimum investment is 100 Notes ($1,000). The estimated initial value range is $9.12 to $9.37 per Note, and all payments depend on UBS creditworthiness.

UBS AG London Branch is offering capped, leveraged, buffered S&P 500® index-linked medium-term notes. The notes are zero-coupon, expected to mature about 20–23 months after the trade date, and pay a cash settlement tied to the S&P 500® performance versus an initial level set on the trade date. Investors receive (per $1,000 face) up to a 130.00% upside participation in positive returns subject to a to-be-set cap (expected between 116.30% and 119.17% of the initial level) and a maximum settlement amount expected between $1,211.90 and $1,249.21. A buffer protects declines up to 12.50%; losses below that point result in a leveraged downside (approximately 114.29% exposure per 1% below the buffer). The estimated initial value is $968.50–$998.50 per $1,000 face, below the issue price.

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 May 10, 2029. The Notes pay a contingent coupon of 10.85% per annum on any coupon payment date only if each underlying asset is at or above its 70% coupon barrier on the related observation date. UBS may call the Notes in whole on monthly observation dates beginning after three months. At maturity, if any underlying asset is below its 60% downside threshold, principal repayment is reduced by the negative return of the least performing underlying asset; in extreme cases you could lose all of your initial investment. Issue price is $1,000 per Note; estimated initial value range is $961 to $991 on the trade date. All payments are subject to UBS credit risk.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the S&P 500®, Russell 2000® and Nasdaq-100® Technology Sector. The notes pay a contingent coupon of 10.00% per annum only if each underlying meets its coupon barrier on observation dates; they are callable monthly by UBS beginning after six months and mature on or about May 16, 2031. Principal repayment at maturity is contingent: if any final level is below its downside threshold of 70.00% of its Initial Level, repayment is reduced pro rata to the decline of the least performing underlying asset. The issue price is $1,000.00 per note; the estimated initial value range is $937.90 to $967.90. Investors face issuer credit risk, limited upside (coupons only), potential loss of principal, limited liquidity, and conflicts of interest described in the supplement.

UBS AG is offering Buffer Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the S&P 500® Index. The Notes have a principal amount of $1,000 per Note, an expected term of approximately 5 years (trade date May 26, 2026, settlement May 29, 2026, final valuation May 27, 2031, maturity May 30, 2031).

The Notes pay a periodic contingent coupon of 7.00% per annum only if on an observation date the closing level of each underlying asset is at or above its coupon barrier. The structure is autocallable (callable after 12 months at a 100.00% call threshold) and provides a 15.00% buffer with downside thresholds at 85.00% of initial levels; if not called and the least performing underlying asset finishes below its downside threshold, the investor suffers losses in excess of the buffer. The estimated initial value range is $927.70 to $957.70; issue price is $1,000 with an underwriting discount of $37.50 (proceeds to UBS $962.50).

UBS AG is offering Airbag Autocallable Contingent Yield Notes linked to the S&P 500® Index with a term of approximately four years and a principal amount of $1,000 per Note. The notes pay a contingent coupon only if the underlying index meets a coupon barrier on observation dates, are callable after 12 months if the index meets a call threshold, and return principal at maturity only if the final level is at or above an 80.00% downside threshold. If the final level is below that threshold, investors suffer leveraged downside exposure (a 1.25x loss rate beyond the 20.00% threshold). The estimated initial value range is $951.50–$981.50 as of the trade date. All payments are subject to UBS credit risk; holders may lose some or all of their investment.

UBS AG is offering Trigger Autocallable Notes linked to the least performing of the Nasdaq-100 Technology Sector, the Russell 2000 and the S&P 500. The Notes have a principal amount of $1,000 per Note, an expected term of approximately five years and monthly observation dates beginning after 12 months. UBS will automatically call the Notes if the closing level of each underlying asset on an observation date is equal to or greater than its call threshold; call returns rise over time (the schedule shows a final call price of $1,600, equal to 60.00% total call return). If not called, repayment at maturity is contingent: if every underlying asset is at or above its downside threshold (equal to 70.00% of initial level), you receive $1,000; if any underlying asset is below its downside threshold, maturity payment equals $1,000 × (1 + underlying return of the least performing underlying asset), which can result in a substantial or total loss. The estimated initial value range is $938.00–$968.00 and the issue price is $1,000 (underwriting discount $27.50, proceeds to UBS $972.50). All payments are subject to UBS credit risk and U.S. federal income tax treatment is described as uncertain.

UBS AG is offering Airbag Callable Contingent Yield Notes linked to the least performing of EEM (iShares MSCI Emerging Markets ETF), the S&P 500® Index and XLP (Consumer Staples ETF). The notes have a $1,000 per-note principal, strike date May 4, 2026, final valuation on February 4, 2027 and maturity on February 9, 2027. Periodic contingent coupons may be paid if each underlying asset meets its coupon barrier on an observation date; UBS may call the notes on monthly observation dates. If not called, repayment at maturity is full principal only if each underlying asset is at or above its 80% downside threshold; otherwise principal is reduced with 1.25x downside leverage (you lose 1.25% of principal for each 1% the least performing underlying falls beyond the 20% threshold). The total potential contingent coupon equals 9.00% of principal if not called. Any payment depends on UBS creditworthiness and secondary-market liquidity may be limited.

UBS AG is offering Trigger Callable Contingent Yield Notes linked to the least performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF. The preliminary pricing supplement dated May 6, 2026 shows a contingent coupon rate of 9.45% per annum, an issue price of $1,000.00 per Note, an estimated initial value of $945.30–$975.30, and underwriting compensation of up to $11.25 per Note. The Notes are callable monthly by UBS beginning after ~12 months, pay contingent coupons only if each underlying is at or above its coupon barrier on an observation date, and repay principal at maturity only if each underlying is at or above its downside threshold (each downside threshold: 70.00% of its Initial Level). Investing involves substantial market and credit risk; you may lose a significant portion or all of your investment. The offering is subject to completion and final terms will be set on the strike date in the final pricing supplement.

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 a stated contingent coupon rate of 12.00% per annum and an approximate maturity on or about February 18, 2031. The notes pay a contingent coupon on each coupon payment date only if every underlying asset's closing level on the related observation date meets or exceeds its coupon barrier (75.00% of its initial level). UBS may call the notes monthly beginning after approximately six months; if not called and any final level is below its downside threshold (60.00% of initial level), principal repayment at maturity is reduced in proportion to the percentage decline of the least performing underlying asset, potentially resulting in loss of most or all principal. The estimated initial value of the notes on the trade date is between $955.30 and $985.30, with an issue price of $1,000.00 per note and underwriting compensation up to $10.00 per note.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Lam Research Corporation with final terms set on the trade date. The Notes pay periodic contingent coupons only if the underlying 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 is repaid at maturity only if the final level is at or above a downside threshold; otherwise investors suffer a loss proportional to the underlying return. Trade date is May 4, 2026, expected settlement May 6, 2026, final valuation date May 4, 2028, and maturity May 8, 2028. The Notes have a $10 per Note principal and a minimum purchase of 100 Notes. The issuer credit risk of UBS AG applies to all payments.

UBS AG is offering Buffer Callable Contingent Yield Notes linked to the least performing of the S&P 500®, the Russell 2000® and the Nasdaq-100, due May 6, 2027. The offering size is $3,000,000 with a per-Note issue price of $1,000.

The Notes pay a contingent coupon of 16.90% per annum only if each underlying index equals or exceeds its coupon barrier on an observation date. UBS may call the Notes monthly (beginning after three months). If the Notes are not called and the final level of any underlying asset is below its 90.00% downside threshold, principal is paid reduced by the shortfall in the least performing underlying asset (subject to a 10% buffer), and investors could lose some or almost all of their investment. All payments are subject to UBS credit risk; the estimated initial value on the trade date was $992.20.

UBS AG is offering $185,000 in Trigger Autocallable Contingent Yield Notes linked to Advanced Micro Devices, Inc. stock due May 7, 2029. The Notes may pay periodic contingent coupons only if the underlying stock closes at or above specified coupon barriers 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 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, principal repayment is reduced proportionally to the underlying return and you could lose all of your investment. Payments, including principal, are subject to UBS credit risk. The Notes are not listed and have a minimum purchase of 100 Notes ($1,000); the estimated initial value on the trade date is $9.67 per Note. Trade and settlement dates and final valuation and maturity dates are specified in this supplement.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to Boston Scientific common stock due May 7, 2029. The Notes pay periodic contingent coupons only if the underlying stock closes at or above a coupon barrier on observation dates and are automatically called if the stock equals or exceeds the initial level on a quarterly observation. 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 you could lose all of your investment. All payments are subject to UBS credit risk. The Notes are offered in minimum increments of 100 Notes at $10 per Note, with an estimated initial value of $9.71 as of the trade date.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Chevron Corporation due May 7, 2027. The Notes pay a contingent coupon only if the underlying closes at or above the coupon barrier on an observation date 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, 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, potentially resulting in total loss. Trade date is May 5, 2026 and settlement is May 7, 2026. The Notes have a principal amount of $10 per Note, an estimated initial value of $9.72, and an illustrated contingent coupon rate of 9.99% per annum. All payments, including any contingent coupons and principal, are subject to the creditworthiness of UBS.

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 stock closes at or above the coupon barrier on observation dates and are automatically called early if the stock closes at or above 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; if below, repayment is reduced proportionally to the underlying return and you could lose all principal. Trade date is May 5, 2026, expected settlement May 7, 2026, final valuation date May 4, 2028, and maturity May 8, 2028. Estimated initial value per Note was $9.76 as of the trade date. Any payments depend on UBS creditworthiness.

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 when the underlying closes at or above a coupon barrier on observation dates and are subject to an automatic call if the underlying closes at or above the initial level on any observation date prior to the final valuation date. If not autocalled, principal repayment at maturity is contingent: if the final level is at or above the downside threshold, UBS will pay the $10 principal; if the final level is below the downside threshold, repayment will be reduced proportionally to the underlying return, and you could lose a significant portion or all of your investment. Trade date is May 5, 2026, expected settlement May 7, 2026, final valuation date May 3, 2029, and maturity May 7, 2029. The estimated initial value range is $9.33 to $9.58 per $10 Note and the Notes are offered at a minimum investment of 100 Notes.

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Boston Scientific Corporation with an expected term to maturity of approximately three years. The Notes pay a contingent coupon on scheduled coupon dates only if the underlying stock closes at or above a specified coupon barrier on the corresponding observation date; otherwise no coupon is paid. The Notes are automatically called if the underlying closes at or above the initial level on any quarterly observation date beginning about six months after issuance, in which case holders receive principal plus any contingent coupon due on the relevant call settlement date. If the Notes are not called, repayment at maturity depends on the final level relative to a downside threshold: if the final level is below that threshold, holders suffer a loss equal to the percentage decline in the underlying, and could lose their entire investment. Payments on the Notes are subject to UBS’s creditworthiness. The trade date is May 5, 2026, expected settlement May 7, 2026, final valuation date May 3, 2029, and maturity May 7, 2029.

UBS AG is offering Capped GEARS linked to the common stock of Blackstone Inc. The Securities mature on May 7, 2029 with a final valuation date of May 3, 2029. They provide enhanced upside participation (Upside Gearing 3.00) subject to a Maximum Gain 75.96%. Payments: if the underlying return is positive, maturity payment = $10 × (1 + the lesser of Underlying Return×3.00 and 75.96%); if zero, $10; if negative, $10 × (1 + Underlying Return), which can result in partial or total loss of principal. Securities pay no interest, are unsecured obligations of UBS, have estimated initial value of $9.00 per Security, minimum investment of 100 Securities ($1,000), and any payment is subject to UBS credit risk. Trade and settlement dates: May 5, 2026 (trade) and May 7, 2026 (settlement).

UBS AG is offering Trigger Autocallable Contingent Yield Notes linked to The Home Depot, Inc. stock due May 7, 2027. The notes pay periodic contingent coupons only if the underlying closing level on each observation date meets or exceeds a coupon barrier and will be automatically called early if the underlying equals or exceeds the initial level on any observation date. If not called, principal is repaid at maturity only if the final level is at or above the downside threshold; otherwise repayment declines in line with the underlying return and you could lose most or all of your investment. Payments are subject to UBS credit risk. Trade date is May 5, 2026 and expected settlement is May 7, 2026.

UBS AG proposes a preliminary offering of Trigger Autocallable Contingent Yield Notes linked to the common stock of Chevron Corporation, due on or about May 7, 2027. The Notes pay contingent coupons only if the underlying closing level meets a coupon barrier on observation dates and can be automatically called quarterly 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 an 80.00% downside threshold; otherwise repayment at maturity is reduced pro rata to the underlying return and could result in a total loss of principal. The Notes are unsecured obligations of UBS and any payments are subject to UBS credit risk. Trade date, settlement, final valuation date, maturity date, minimum investment, estimated initial value range, coupon assumptions and illustrative examples are set forth in the preliminary pricing supplement.