Form 424B2 UBS AG

Subject to Completion

August 2026

Preliminary Pricing Supplement

Dated August 25, 2026

Registration Statement No. 333-283672

Filed pursuant to Rule 424(b)(2)

(To Prospectus dated February 6, 2025)

SUMMARY TERMS

Issuer:

UBS AG, London Branch (“UBS”)

Underlying currency:

Israeli new shekel ("ILS”)

Base currency:

U.S. dollar ("USD")

Spot rate:

The spot rate of the underlying currency on any relevant day is expressed as a number of ILS per one USD as reported by Bloomberg Professional® service ("Bloomberg") on page BFIX (USDILS) (or any successor page) at approximately 10:00 a.m., New York City time, on that day, as determined by the calculation agent. The spot rate increases as the underlying currency depreciates relative to the USD and decreases as the underlying currency appreciates relative to the USD

For more information, see “Information About the Spot Rate” herein. In certain circumstances, the spot rate will be determined by the calculation agent as described further under “Additional Information About the Buffered PLUS — Disruption Events” herein.

Aggregate principal amount:

$•

Stated principal amount:

$1,000.00 per Buffered PLUS

Issue price:

$1,000.00 per Buffered PLUS (see “Commissions and issue price” below)

Denominations:

$1,000.00 per Buffered PLUS and integral multiples thereof

Interest:

None

Pricing date:

Expected to be August 31, 2026. If such day is not a currency business day then such day will be the following currency business day.

Original issue date:

Expected to be September 3, 2026 (3 business days after the pricing date). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day (T+1), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Buffered PLUS on any date prior to one business day before delivery will be required, by virtue of the fact that the Buffered PLUS will settle in three business days (T+3), to specify alternative settlement arrangements to prevent a failed settlement of the secondary market trade.

Valuation date:

Expected to be August 29, 2029, subject to acceleration for certain additional disruption events as described under "Additional Information About the Buffered PLUS - Additional Disruption Events" herein. If such day is not a currency business day then such day will be the following currency business day. In the event that we make any change to the expected pricing date and original issue date, the calculation agent may adjust the valuation date and maturity date to ensure that the stated term of the Buffered PLUS remains the same.

Maturity date:

Expected to be September 4, 2029 (3 business days after the valuation date), subject to acceleration for certain additional disruption events as described under "Additional Information About the Buffered PLUS - Additional Disruption Events" herein.

Payment at maturity:

￭ If the underlying return is positive (meaning the ILS has depreciated relative to the USD):

$1,000.00 + Leveraged Upside Payment

￭ If the underlying return is zero or negative (meaning the ILS has remained flat or appreciated relative to the USD) and the percentage decline from the initial spot rate to the final spot rate is equal to or less than the buffer amount:

The Stated Principal Amount of $1,000.00

￭ If the underlying return is negative (meaning the ILS has appreciated relative to the USD) and the percentage decline from the initial spot rate to the final spot rate is greater than the buffer amount:

$1,000.00 + [$1,000.00 × (Underlying Return + Buffer Amount)]

Accordingly, if the underlying return is negative (meaning the ILS has appreciated relative to the USD) and the percentage decline from the initial spot rate to the final spot rate is greater than the buffer amount, you will lose a percentage of your stated principal amount equal to the percentage decline of the underlying currency from the initial spot rate to the final spot rate in excess of the buffer amount, and in extreme situations, you could lose almost all of your initial investment.

Underlying return:

The quotient, expressed as a percentage, of (i) the final spot rate minus the initial spot rate, divided by (ii) the initial spot rate. Expressed as a formula:

(Final Spot Rate − Initial Spot Rate) / Initial Spot Rate

The Underlying Return increases as the ILS depreciates relative to the USD and decreases as the ILS appreciates relative to the USD.

Leveraged upside payment:

$1,000.00 × Leverage Factor × Underlying Return

Initial spot rate:

[•], which is the spot rate of the underlying currency on the pricing date, as determined by the calculation agent

Final spot rate:

The spot rate of the underlying currency on the valuation date, subject to adjustments as described under “Additional Information About the Buffered PLUS — Disruption Events” herein, as determined by the calculation agent

Leverage factor:

1.81

Buffer amount:

10%

CUSIP / ISIN:

90265WS76 / US90265WS766

Listing:

The Buffered PLUS will not be listed or displayed on any securities exchange or any electronic communications network.

Agent:

UBS Securities LLC

Commissions and issue price:

Price to Public(1)

Fees and Commissions(1)

Proceeds to Issuer

Per Buffered PLUS:

100.00%

2.00%(a) ​

​+ 0.40%(b)

2.40%

97.60%

 Total:

$●

$●

$●

Prospectus dated February 6, 2025

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

￭

Prospectus dated February 6, 2025:

https://www.sec.gov/Archives/edgar/data/1114446/000119312525021845/d936490d424b3.htm

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Maturity:

Approximately 36 months

Leverage factor:

1.81

Buffer amount:

10%

Interest:

None

Minimum payment at maturity:

$100.00 (10% of the stated principal amount).

Listing:

The Buffered PLUS will not be listed or displayed on any securities exchange or any electronic communications network.

Leveraged Performance

The Buffered PLUS offer investors an opportunity to capture enhanced returns relative to a hypothetical direct investment in the underlying currency.

Buffer Feature

If the underlying return of the Buffered PLUS is zero or negative (meaning the ILS has remained flat or appreciated relative to the USD), at maturity, and the percentage decline from the initial spot rate to the final spot rate is equal to or less than the buffer amount, you will receive your stated principal amount even though the spot rate of the underlying currency has declined.

Upside Scenario

If the underlying return is positive (meaning the ILS has depreciated relative to the USD), at maturity, the Buffered PLUS redeem for the stated principal amount of $1,000.00 plus the leveraged upside payment.

Par Scenario

If the underlying return is zero or negative (meaning the ILS has remained flat or appreciated relative to the USD), at maturity, and the percentage decline from the initial spot rate to the final spot rate is equal to or less than the buffer amount, you will receive the stated principal amount.

Downside Scenario

If the underlying return is negative (meaning the ILS has appreciated relative to the USD) and the percentage decline from the initial spot rate to the final spot rate is greater than the buffer amount, at maturity, you will receive less than the stated principal amount, resulting in a percentage loss of your initial investment equal to the percentage decline in excess of the buffer amount. For example, if the underlying return is −50%, each Buffered PLUS will redeem for $600.00, or 60% of the stated principal amount. The minimum payment at maturity is only 10% of the stated principal amount and you could lose some or almost all of your initial investment.

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Principal at Risk Securities

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Expected Key Dates

Pricing date:

Original issue date:

Valuation date:

Maturity date:

Expected to be August 31, 2026

Expected to be September 3, 2026 (3 business days after the pricing date)

Expected to be August 29, 2029 (approximately 36 months after the pricing date)

Expected to be September 4, 2029 (3 business days after the valuation date)

Key Terms

Issuer:

UBS AG London Branch

Underlying currency:

Israeli new shekel

Spot rate:

The spot rate of the underlying currency on any relevant day is expressed as a number of ILS per one USD as reported by Bloomberg on page BFIX (USDILS) (or any successor page) at approximately 10:00 a.m., New York City time, on that day, as determined by the calculation agent. The spot rate increases as the underlying currency depreciates relative to the USD and decreases as the underlying currency appreciates relative to the USD

For more information, see “Information About the Spot Rate” herein. In certain circumstances, the spot rate will be determined by the calculation agent as described further under “Additional Information About the Buffered PLUS — Disruption Events” herein.

Aggregate principal amount:

$•

Stated principal amount:

$1,000.00 per Buffered PLUS

Issue price:

$1,000.00 per Buffered PLUS

Denominations:

$1,000.00 per Buffered PLUS and integral multiples thereof

Interest:

None

Payment at maturity:

￭ If the underlying return is positive(meaning the ILS has depreciated relative to the USD):

$1,000.00 + Leveraged Upside Payment

￭ If the underlying return is zero or negative (meaning the ILS has remained flat or appreciated relative to the USD) and the percentage decline from the initial spot rate to the final spot rate is equal to or less than the buffer amount:

The Stated Principal Amount of $1,000.00

￭  If the underlying return is negative (meaning the ILS has appreciated relative to the USD) and the percentage decline from the initial spot rate to the final spot rate is greater than the buffer amount:

$1,000.00 + [$1,000.00 × (Underlying Return + Buffer Amount)]

Accordingly, if the underlying return is negative (meaning the ILS has appreciated relative to the USD) and the percentage decline from the initial spot rate to the final spot rate is greater than the buffer amount, you will lose a percentage of your stated principal amount equal to the percentage decline of the underlying currency from the initial spot rate to the final spot rate in excess of the buffer amount, and in extreme situations, you could lose almost all of your initial investment.

Underlying return:

The quotient, expressed as a percentage, of (i) the final spot rate minus the initial spot rate, divided by (ii) the initial spot rate. Expressed as a formula:

(Final Spot Rate − Initial Spot Rate) / Initial Spot Rate

The Underlying Return increases as the ILS depreciates relative to the USD and decreases as the ILS appreciates relative to the USD. 

Leveraged upside payment:

$1,000.00 × Leverage Factor × Underlying Return

Initial spot rate:

[•], which is the spot rate of the underlying currency on the pricing date, as determined by the calculation agent

Final spot rate:

The spot rate of the underlying currency on the valuation date, as determined by the calculation agent

Leverage factor: 

1.81

Buffer amount:

10%

Risk factors:

Please see “Risk Factors” herein

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General Information

Listing:

The Buffered PLUS will not be listed or displayed on any securities exchange or any electronic communication network.

Disruption events:

The calculation agent will determine the initial spot rate on the pricing date and the final spot rate on the valuation date. If the calculation agent determines that, on the valuation date, a disruption event has occurred or is continuing, with respect to the underlying currency, the calculation agent will determine the spot rate for the underlying currency taking into consideration all available information that it deems relevant.

Notwithstanding the occurrence of one or more of the events below, which may constitute a disruption event, the calculation agent may waive its right to declare a disruption event if it determines that one or more of the below events has not and is not likely to materially impair its ability to determine the spot rate or the final spot rate, as applicable, with respect to any such date.

Any of the following will be a disruption event with respect to the underlying currency, in each case as determined by the calculation agent:

●the failure by the relevant price source (as specified under “Summary Terms — Spot rate” herein) to announce or publish the spot rate (or the information necessary for determining the spot rate);

●the temporary or permanent discontinuance or unavailability of the spot rate from the relevant price source;

●any event that materially impairs the ability of market participants in general to effect transactions in or obtain market values for the spot rate or futures or options contracts relating to the spot rate; or

●the relevant price source splits into dual or multiple currency exchange rates.

Notwithstanding the above, if the underlying currency is converted into another currency, or another currency is substituted for the underlying currency (in each case, the “new currency”), pursuant to applicable law or regulation (the “relevant law”), the calculation agent will instead substitute the new currency as the underlying currency for all purposes of the Buffered PLUS at the conversion rate prescribed in the relevant law at the time of such substitution, and make any required adjustment to the initial spot rate, final spot rate and/or any other relevant term, as applicable, and thereafter will determine any amount payable on the Buffered PLUS by reference to the new currency and such adjusted terms, provided that neither the discontinuance or substitution of such underlying currency would constitute an additional disruption event.

Additional Disruption Events:

If the calculation agent determines that an additional disruption event has occurred, UBS will have the right, but not the obligation, to accelerate the valuation date and maturity date and redeem the Buffered PLUS in whole, but not in part. Following such an election, the calculation agent will determine the amount payable, if any, on the Buffered PLUS based on determinations made by the calculation agent as described herein. If an additional disruption event occurs and UBS chooses to exercise this right, (a) the only remaining payment per Buffered PLUS, if any, will be due and payable only on the maturity date as accelerated and (b) for each Buffered PLUS, UBS will pay you at maturity an amount per Buffered PLUS equal to the fair market value of the Buffered PLUS as determined by the calculation agent (which, for the avoidance of doubt, will not take into account any hedging-related costs).

Following the occurrence of an additional disruption event, we may, upon no sooner than 2 business days’ notice following such event, accelerate the maturity date and, as a result, the valuation date. If we elect to accelerate the maturity date, the valuation date will also be accelerated to the same number of business days prior to the accelerated maturity date as existed prior to such acceleration.

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Principal at Risk Securities

The occurrence of any of the following during the term of the Buffered PLUS will be an “additional disruption event” with respect to the underlying currency, in each case as determined by the calculation agent:

●on or after the pricing date (A) due to the adoption of or any change in any applicable law or regulation (excluding a change in law relating to taxation), or (B) due to the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (excluding any action taken by a taxing authority), the calculation agent determines that (i) it has become illegal for UBS and/or any of its affiliates to hold, acquire or dispose of hedge positions relating to the Buffered PLUS; or (ii) UBS and/or any of its affiliates will incur a materially increased cost of performing its obligations under the Buffered PLUS; provided that this shall not apply if the calculation agent determines that UBS and/or its affiliates could have taken reasonable steps to avoid such illegality. Where, “hedge positions” means any purchase, sale, entry into or maintenance of one or more (i) positions or contracts in securities, commodities, options, futures, derivatives or exchange rates, or (ii) other instruments or arrangements (howsoever described) by UBS and/or its affiliates in order to hedge, individually or on a portfolio basis, the Buffered PLUS.

●UBS and/or any of its affiliates is unable, after using commercially reasonable efforts, to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the price risk (including, but not limited to any currency risks) of entering into and performing its obligations with respect to the Buffered PLUS, or (B) realize, recover or remit the proceeds of any such transaction(s) or asset(s);

●UBS or the calculation agent (as relevant) are unable to perform any duties or other actions in respect of the Buffered PLUS without obtaining a further license, registration or regulatory approval (including, without limitation, in respect of acting as an administrator for the purposes of Regulation EU 2016/1011 (the “Benchmark Regulation”, as such regulation is amended or supplemented from time to time));

●in relation to a relevant benchmark, any authorization, registration, recognition, endorsement, equivalence decision, approval or inclusion in any official register in respect of such relevant benchmark or the administrator or sponsor of such relevant benchmark has not been, or will not be, obtained or has been, or will be, rejected, refused, suspended or withdrawn by the relevant competent authority or other relevant official body, in each case with the effect that UBS, the calculation agent or any other entity is not, or will not be, permitted under any applicable law or regulation to use such relevant benchmark to perform its or their respective obligations in respect of the Buffered PLUS. Where, “relevant benchmark” means any measure constituting an index (or a combination of indices) under any applicable law or regulation, by reference to which any amount payable under the Buffered PLUS is calculated (as determined by the calculation agent);

●the administrator or sponsor of such relevant benchmark makes, or announces that it will make, a material change in the formula for or the method of calculating the relevant benchmark or in any other way materially modifies such relevant benchmark; or

●the permanent cancellation of, or cessation in the provision of, such relevant benchmark.

The occurrence of these disruption events or additional disruption events and the consequent adjustments may materially and adversely affect the market value of, and return on, the Buffered PLUS.

Tax considerations:

The U.S. federal income tax consequences of your investment in the Buffered PLUS are uncertain. There are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the Buffered PLUS. Some of these tax

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consequences are summarized below, but we urge you to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), final, temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S. federal income tax consequences of your investment in the Buffered PLUS, and the following discussion is not binding on the IRS.

U.S. Tax Treatment. Pursuant to the terms of the Buffered PLUS, UBS and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize the Buffered PLUS as prepaid derivative contracts with respect to the underlying currency. If your Buffered PLUS are so treated, you should generally recognize gain or loss upon the taxable disposition of your Buffered PLUS in an amount equal to the difference between the amount you receive at such time and the amount you paid for your Buffered PLUS. The gain or loss would generally be ordinary gain or loss unless you are eligible for and make the election described below. However, as described further below, the IRS may successfully assert that this election may not be available.

If you are eligible, you may elect to treat the gain or loss that you recognize with respect to your Buffered PLUS as capital gain or loss. You may make such an election by clearly identifying your Buffered PLUS as subject to such election in your books and records on the date that you acquire your Buffered PLUS. If the election is effective, such capital gain or loss will generally be long term capital gain or loss at maturity or if you have held your Buffered PLUS for more than one year at the time of sale. You must further verify your election by attaching a statement to your income tax return which must (i) set forth a description and date of the election, (ii) state that the election was entered into before the close of the date that you acquired your Buffered PLUS, (iii) describe your Buffered PLUS and state the date on which the Buffered PLUS were exercised, sold or exchanged, (iv) state that your Buffered PLUS were never part of a “straddle” as defined in Section 1092 of the Code and (v) state that all transactions subject to the election are included on the statement. Alternatively, you will be treated as having satisfied the election and verification requirements if you acquire, hold and dispose of your Buffered PLUS in an account with an unrelated broker or dealer and the following requirements are met: (i) only transactions entered into on or after the date that the account was established may be recorded in the account, (ii) transactions involving the Buffered PLUS are entered into the account on the date the transactions are entered into and (iii) the broker or dealer provides you with a statement detailing the transactions conducted through the account and includes in such statement the following language: “Each transaction identified in this account is subject to the election set forth in Section 988(a)(1)(B).” Your election may not be effective if you do not comply with the election and verification requirements.

To make this election, you must, in accordance with detailed procedures set forth in the regulations under Section 988 and summarized above, either (a) clearly identify the Buffered PLUS on your books and records on the date you acquire them as being subject to such election and file the relevant statement verifying such election with your federal income tax return or (b) otherwise obtain an independent verification of the election. Assuming the election is available, if you make a valid election before the close of the day on which you acquire your Buffered PLUS, your gain or loss on the Buffered PLUS should be capital gain or loss and should be long-term capital gain or loss if at the time of sale, exchange or maturity you have held the Buffered PLUS for more than one year. The deductibility of capital losses is subject to certain limitations.

However, the IRS may successfully assert that the Buffered PLUS do not qualify for this election either because the Buffered PLUS are not qualifying financial instruments or as more fully described below under ‘Alternative Treatments,’ a foreign currency denominated debt instrument. You should consult your tax

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advisor regarding the advisability, availability, mechanics and consequences of making a Section 988 election.

Based on certain factual representations received from us, our special U.S. tax counsel, Hogan Lovells Cadwalader US LLP, is of the opinion that it would be reasonable to treat your Buffered PLUS in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the Buffered PLUS, it is possible that your Buffered PLUS could alternatively be treated for tax purposes as some form of foreign currency denominated debt instrument (or instruments) or a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the Buffered PLUS could differ materially and adversely from the treatment described above.

Alternative Treatments. Although we intend to treat each Buffered PLUS described in this section as a prepaid derivative as described above, the appropriate tax treatment of the Buffered PLUS is uncertain. Furthermore, there are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization of Buffered PLUS with terms that are substantially the same as those of the Buffered PLUS described in this section. Therefore, it is possible that the IRS could seek to characterize the Buffered PLUS in a manner that results in tax consequences that are materially different from those described above. If the IRS were successful in asserting an alternative treatment of the Buffered PLUS, the timing and character of income on the Buffered PLUS could differ materially and adversely from our description herein.

For example, in 2008, the IRS also issued a revenue ruling holding that a financial instrument that in form resembled a U.S. dollar denominated derivative contract where the return was based exclusively by reference to the difference between U.S. dollar value of Euros at issuance and at maturity, and a market interest rate in respect of Euros was a Euro-denominated debt instrument. In general, the IRS indicated that a financial instrument all the payments of which are determined by reference to a single currency can be debt, notwithstanding the fact that (i) all payments due under the instrument are made in U.S. dollars and (ii) the amount of U.S. dollars that the issuer pays at maturity may be less than the amount of U.S. dollars that was initially advanced. While the Buffered PLUS are distinguishable from the instrument described in the ruling, it is possible that the IRS could successfully assert that the Buffered PLUS constitute a single multi currency debt instrument or a series of single currency debt instruments. In that case, the tax consequences of an investment in the Buffered PLUS could be materially and adversely affected, possibly with retroactive effect. In particular, all income and gain could be treated as ordinary and some or all of such income or gain could be reported over the term of the Buffered PLUS. Holders are urged to consult their tax advisors concerning the significance, and the potential impact, of the above considerations.

Further, the IRS, for example, might assert that Section 1256 of the Code should apply to your Buffered PLUS or a portion of your Buffered PLUS. If Section 1256 were to apply to your Buffered PLUS, gain or loss recognized with respect to your Buffered PLUS (or a portion of your Buffered PLUS) would be treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss, without regard to your holding period in the Buffered PLUS. You would also be required to mark your Buffered PLUS (or a portion of your Buffered PLUS) to market at the end of each year (i.e., recognize income as if the Buffered PLUS or the relevant portion of the Buffered PLUS had been sold for fair market value).

Holders should consult their tax advisors as to the tax consequences of such characterization and any possible alternative characterizations (particularly, treatment as foreign denominated debt) of the Buffered PLUS for U.S. federal income tax purposes.

Except to the extent otherwise required by law, UBS intends to treat your Buffered PLUS for U.S. federal income tax purposes in accordance with the treatment described above unless and until such time as the Treasury and the IRS determine that some other treatment is more appropriate.

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Notice 2008-2. In 2007, the IRS released a notice that may affect the taxation of holders of the Buffered PLUS. According to Notice 2008-2, the IRS and the Treasury are actively considering whether the holder of an instrument similar to the Buffered PLUS should be required to accrue ordinary income on a current basis. It is not possible to determine what guidance they will ultimately issue, if any. It is possible, however, that under such guidance, holders of the Buffered PLUS will ultimately be required to accrue income currently and this could be applied on a retroactive basis. The IRS and the Treasury are also considering other relevant issues, including whether additional gain or loss from such instruments should be treated as ordinary or capital, whether non-U.S. holders of such instruments should be subject to withholding tax on any deemed income accruals and whether the special “constructive ownership rules” of Section 1260 of the Code should be applied to such instruments. Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the significance, and the potential impact, of the above considerations.

Medicare Tax on Net Investment Income. U.S. holders that are individuals, estates or certain trusts are subject to an additional 3.8% tax on all or a portion of their “net investment income”, which may include any income or gain realized with respect to the Buffered PLUS, to the extent of their net investment income that when added to their other modified adjusted gross income, exceeds $200,000 for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), $125,000 for a married individual filing a separate return or the amount at which the highest tax bracket begins for an estate or trust. The 3.8% Medicare tax is determined in a different manner than the income tax. U.S. holders should consult their tax advisors with respect to their consequences with respect to the 3.8% Medicare tax.

Specified Foreign Financial Assets. Certain U.S. holders that own “specified foreign financial assets” in excess of an applicable threshold may be subject to reporting obligations with respect to such assets with their tax returns, especially if such assets are held outside the custody of a U.S. financial institution. U.S. holders are urged to consult their tax advisors as to the application of this legislation to their ownership of the Buffered PLUS.

Non-U.S. Holders. Subject to FATCA (as discussed below), if you are not a U.S. holder, you should generally not be subject to U.S. withholding tax with respect to payments on your Buffered PLUS and you should not be subject to generally applicable information reporting and backup withholding requirements with respect to payments on your Buffered PLUS if you comply with certain certification and identification requirements, including providing us (and/or the applicable withholding agent) with a validly executed and fully completed applicable IRS Form W-8. Gain realized from the taxable disposition of a Buffered PLUS generally should not be subject to U.S. tax unless (i) such gain is effectively connected with a trade or business conducted by the non-U.S. holder in the U.S., (ii) the non-U.S. holder is a non-resident alien individual and is present in the U.S. for 183 days or more during the taxable year of such taxable disposition and certain other conditions are satisfied or (iii) the non-U.S. holder has certain other present or former connections with the U.S.

Foreign Account Tax Compliance Act. Legislation commonly referred to as the Foreign Account Tax Compliance Act (“FATCA”) generally imposes a withholding tax of 30% on payments to certain non-U.S. entities (including financial intermediaries) with respect to certain financial instruments, unless various U.S. information reporting and due diligence requirements have been satisfied. An intergovernmental agreement between the U.S. and the non-U.S. entity’s jurisdiction may modify these requirements. This legislation generally applies to certain financial instruments that are treated as paying U.S.-source interest or other U.S.-source “fixed or determinable annual or periodical” income (“FDAP income”). Withholding (if applicable) applies to payments of U.S.-source FDAP income but, pursuant to certain Treasury regulations and IRS guidance, does not apply to payments of gross proceeds on the disposition (including upon retirement) of financial instruments. As the treatment of the Buffered PLUS is unclear, it is possible that any payment with respect to the Buffered PLUS could be subject to the FATCA rules. If withholding applies to the Buffered PLUS, we will not be required to pay any additional amounts with respect to amounts withheld. Both U.S. and non-U.S. holders should consult their tax advisors regarding the potential application of FATCA to the Buffered PLUS.

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Proposed Legislation. In 2007, legislation was introduced in Congress that, if it had been enacted, would have required holders of securities similar to the Buffered PLUS purchased after the bill was enacted to accrue interest income over the term of such securities despite the fact that there will be no interest payments over the term of such securities.

Furthermore, in 2013, the House Ways and Means Committee released in draft form certain proposed legislation relating to financial instruments. If it had been enacted, the effect of this legislation generally would have been to require instruments such as the Buffered PLUS to be marked to market on an annual basis with all gains and losses to be treated as ordinary, subject to certain exceptions.

It is not possible to predict whether any similar or identical bills will be enacted in the future, or whether any such bill would affect the tax treatment of your Buffered PLUS. You are urged to consult your tax advisor regarding the possible changes in law and their possible impact on the tax treatment of your Buffered PLUS.

Both U.S. and non-U.S. holders are urged to consult their tax advisors concerning the application of U.S. federal income tax laws to their particular situations, as well as any tax consequences of the purchase, beneficial ownership and disposition of the Buffered PLUS arising under the laws of any state, local, non-U.S. or other taxing jurisdiction.

Trustee:

U.S. Bank Trust National Association

Calculation agent:

UBS AG, London Branch

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Use of proceeds and hedging:

The net proceeds from the offering of the Buffered PLUS will be used to provide funding for our operations and other general corporate purposes as described in the accompanying prospectus under “Use of Proceeds”. We and/or our affiliates may also use those proceeds in transactions intended to hedge our obligations under the Buffered PLUS as described below.

In anticipation of the sale of the Buffered PLUS, we and/or our affiliates expect to enter into hedging transactions involving purchases and sales of interest rate-linked instruments, listed and/or over-the-counter options, futures, exchange-traded funds or other instruments prior to, on or after the applicable pricing date. From time to time, we and/or our affiliates may enter into additional hedging transactions or unwind those we have entered into. Consequently, with regard to your Buffered PLUS, from time to time, we and/or our affiliates may:

●acquire or dispose of long or short positions in foreign-exchange-linked instruments;

●acquire or dispose of long or short positions in listed or over-the-counter options, futures, exchange-traded funds or other instruments based on exchange rates;

●acquire or dispose of long or short positions in listed or over-the-counter options, futures, exchange-traded funds or other instruments based on indices designed to track the performance of exchange rates; or

●any combination of the above.

We and/or our affiliates may close out our or their hedge position relating to the Buffered PLUS during the term of your Buffered PLUS. That step may involve sales or purchases of the instruments described above. No holder of the Buffered PLUS will have any rights or interest in our or any affiliates’ hedging activity or any positions we or our affiliates may take in connection with any hedging activity.

We and/or our affiliates may also use those proceeds in transactions intended to hedge our obligations under the Buffered PLUS as described below.

In connection with the sale of the Buffered PLUS, we and/or our affiliates may enter into hedging transactions involving the execution of long-term or short-term interest rate swaps, futures and option transactions or purchases and sales of Buffered PLUS before, on and after the pricing date of the Buffered PLUS. From time to time, we and/or our affiliates may enter into additional hedging transactions or unwind those we have entered into. In addition, we or one of our affiliates may enter into swap agreements or related hedging activities with the dealer or its affiliates.

We and/or our affiliates may acquire a long or short position in Buffered PLUS similar to the Buffered PLUS from time to time and may, in our or their sole discretion, hold or resell those Buffered PLUS.

The hedging activity discussed above may adversely affect the market value of the Buffered PLUS from time to time and payment on the Buffered PLUS, including any payment at maturity. See “Risk Factors” in this document for a discussion of these adverse effects.

August 2026

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Buffered PLUSSM due on or about September 4, 2029

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Principal at Risk Securities

Certain ERISA considerations:

We, UBS Securities LLC and other of our affiliates may each be considered a “party in interest” within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or a “disqualified person” (within the meaning of Section 4975 of the Code) with respect to an employee benefit plan that is subject to ERISA and/or an individual retirement account, Keogh plan or other plan or account that is subject to Section 4975 of the Code (“Plan”). The purchase of the Buffered PLUS by a Plan with respect to which UBS Securities LLC or any of our affiliates acts as a fiduciary as defined in Section 3(21) of ERISA and/or Section 4975 of the Code (“Fiduciary”) would constitute a prohibited transaction under ERISA or the Code unless acquired pursuant to and in accordance with an applicable exemption. The purchase of the Buffered PLUS by a Plan with respect to which UBS Securities LLC or any of our affiliates does not act as a Fiduciary but for which any of the above entities does provide services could also be prohibited, but one or more exemptions may be applicable.

The U.S. Department of Labor has issued five prohibited transaction class exemptions (“PTCEs”) that may provide exemptive relief for prohibited transactions that may arise from the purchase or holding of the Buffered PLUS. These exemptions are PTCE 84-14 (for transactions determined by independent qualified professional asset managers), 90-1 (for insurance company pooled separate accounts), 91-38 (for bank collective investment funds), 95-60 (for insurance company general accounts) and 96-23 (for transactions managed by in-house asset managers). Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code also provide an exemption for the purchase and sale of the Buffered PLUS where neither UBS nor any of its affiliates have or exercise any discretionary authority or control or render any investment advice with respect to the assets of the Plan involved in the transaction and the Plan pays no more and receives no less than “adequate consideration” in connection with the transaction (the “service provider exemption”). Upon purchasing the Buffered PLUS, a Plan will be deemed to have represented that the acquisition, holding and, to the extent relevant, disposition of the Buffered PLUS is eligible for relief under PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, the service provider exemption or another applicable exemption and that the purchase, holding and, if applicable, subsequent disposition of the Buffered PLUS will not constitute or result in a non-exempt prohibited transaction. In addition, any such Plan also will be deemed to have represented that none of us, UBS Securities LLC or any other of our affiliates is a fiduciary in connection with the acquisition, holding and disposition of the Buffered PLUS, or as a result of the exercise by us or our affiliates of any rights in connection with the Buffered PLUS.

Any person proposing to acquire any Buffered PLUS on behalf of a Plan should consult with counsel regarding the applicability of ERISA and Section 4975 of the Code thereto, including but not limited to the prohibited transaction rules and the applicable exemptions.

The discussion above supplements the discussion under “Benefit Plan Investor Considerations” in the accompanying prospectus.

Supplemental plan of distribution (conflicts of interest); secondary markets (if any):

Pursuant to the terms of a distribution agreement, UBS will agree to sell to UBS Securities LLC, and UBS Securities LLC will agree to purchase from UBS, the stated principal amount of the Buffered PLUS specified on the front cover of this document at the price to public less a fee of $24.00 per $1,000.00 stated principal amount of Buffered PLUS. UBS Securities LLC will agree to resell all of the Buffered PLUS to Morgan Stanley Smith Barney (also known as “Morgan Stanley Wealth Management”) with an underwriting discount of $24.00 reflecting a fixed structuring fee of $4.00 and a fixed sales commission of $20.00 per $1,000.00 stated principal amount of Buffered PLUS that Morgan Stanley Wealth Management sells. UBS or an affiliate will pay a fee to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Smith Barney LLC and an affiliate of UBS Securities LLC each has an ownership interest, for providing certain electronic platform services with respect to this offering.

August 2026

Page 13

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

UBS, UBS Securities LLC or any other affiliate of UBS may use this document and the accompanying prospectus in a market-making transaction for any Buffered PLUS after their initial sale. In connection with this offering, UBS, UBS Securities LLC, any other affiliate of UBS or any other securities dealers may distribute this document and the accompanying prospectus electronically. Unless UBS or its agent informs the purchaser otherwise in the confirmation of sale, this document and the accompanying prospectus are being used in a market-making transaction.

Conflicts of Interest — UBS Securities LLC is an affiliate of UBS and, as such, has a “conflict of interest” in this offering within the meaning of Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 5121. In addition, UBS will receive the net proceeds (excluding the underwriting discount) from the initial public offering of the Buffered PLUS, thus creating an additional conflict of interest within the meaning of FINRA Rule 5121. UBS Securities LLC is not permitted to sell the Buffered PLUS in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

UBS Securities LLC and its affiliates may offer to buy or sell the Buffered PLUS in the secondary market (if any) at prices greater than UBS’ internal valuation — The value of the Buffered PLUS at any time will vary based on many factors that cannot be predicted. However, the price (not including UBS Securities LLC’s or any affiliate’s customary bid-ask spreads) at which UBS Securities LLC or any affiliate would offer to buy or sell the Buffered PLUS immediately after the pricing date in the secondary market is expected to exceed the estimated initial value of the Buffered PLUS as determined by reference to our internal pricing models. The amount of the excess will decline to zero on a straight line basis over a period ending no later than 6 weeks after the pricing date, provided that UBS Securities LLC may shorten the period based on various factors, including the magnitude of purchases and other negotiated provisions with selling agents. Notwithstanding the foregoing, UBS Securities LLC and its affiliates are not required to make a market for the Buffered PLUS and may stop making a market at any time. For more information about secondary market offers and the estimated initial value of the Buffered PLUS, see “Risk Factors — Estimated Value Considerations” and “— Risks Relating to Liquidity and Secondary Market Price Considerations” herein.

Additional terms of the Buffered PLUS:

In this section, references to “holders” mean those who own the Buffered PLUS registered in their own names, on the books that we or the trustee maintain for this purpose, and not those who own beneficial interests in the Buffered PLUS registered in street name or in the Buffered PLUS issued in book-entry form through the Depository Trust Company (“DTC”). Owners of beneficial interests in the Buffered PLUS should read the section entitled “Legal Ownership and Book-Entry Issuance” in the accompanying prospectus.

Redemption Price Upon Optional Tax Redemption

We have the right to redeem your Buffered PLUS in the circumstances described under “Description of Debt Securities We May Offer — Optional Tax Redemption” in the accompanying prospectus. If we exercise this right with respect to your Buffered PLUS, the redemption price of the Buffered PLUS will be determined by the calculation agent in a manner reasonably calculated to preserve your and our relative economic position.

Default Amount on Acceleration

If an event of default occurs and the maturity of your securities is accelerated, we will pay the default amount in respect of the principal of your securities at maturity. We describe the Default Amount below under “— Default Amount”.

For the purpose of determining whether the holders of our Medium-Term Notes, Series B, of which the Buffered PLUS are a part, are entitled to take any action under the indenture, we will treat the outstanding principal amount of the Buffered PLUS as the outstanding principal amount of the series of securities constituted by that Note. Although the terms of the Buffered PLUS may differ from those of the other Medium-Term Notes, Series B holders of specified percentages in principal amount of all Medium-Term Notes, Series B together in some cases with other series of our debt securities, will be able to take action affecting all the

August 2026

Page 14

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

Medium-Term Notes, Series B including the Buffered PLUS. This action may involve changing some of the terms that apply to the Medium-Term Notes, Series B accelerating the maturity of the Medium-Term Notes, Series B after a default or waiving some of our obligations under the indenture. We discuss these matters in the accompanying prospectus under “Description of Debt Securities We May Offer — Default, Remedies and Waiver of Default” and “— Modification and Waiver of Covenants”.

Default Amount

The “default amount” for your securities on any day will be an amount, in U.S. dollars for the principal of your securities, equal to the cost of having a qualified financial institution, of the kind and selected as described below, expressly assume all of our payment and other obligations with respect to your securities as of that day and as if no default or acceleration had occurred, or to undertake other obligations providing substantially equivalent economic value to you with respect to your securities. That cost will equal:

●the lowest amount that a qualified financial institution would charge to effect this assumption or undertaking; plus

●the reasonable expenses, including reasonable attorneys’ fees, incurred by the holders of your securities in preparing any documentation necessary for this assumption or undertaking.

During the default quotation period for your securities, which we describe below, the holders of your securities and/or we may request a qualified financial institution to provide a quotation of the amount it would charge to effect this assumption or undertaking. If either party obtains a quotation, it must notify the other party in writing of the quotation. The amount referred to in the first bullet point above will equal the lowest — or, if there is only one, the only — quotation obtained, and as to which notice is so given, during the default quotation period. With respect to any quotation, however, the party not obtaining the quotation may object, on reasonable and significant grounds, to the assumption or undertaking by the qualified financial institution providing the quotation and notify the other party in writing of those grounds within two business days after the last day of the default quotation period, in which case that quotation will be disregarded in determining the default amount.

Default Quotation Period

The “default quotation period” is the period beginning on the day the default amount first becomes due and ending on the third business day after that day, unless:

●no quotation of the kind referred to above is obtained; or

●every quotation of that kind obtained is objected to within five business days after the due date as described above.

If either of these two events occurs, the default quotation period will continue until the third business day after the first business day on which prompt notice of a quotation is given as described above. If that quotation is objected to as described above within five business days after that first business day, however, the default quotation period will continue as described in the prior sentence and this sentence.

Qualified Financial Institutions

For the purpose of determining the default amount at any time, a “qualified financial institution” means a financial institution organized under the laws of any jurisdiction in the United States of America, Europe or Japan, which at that time has outstanding debt obligations with a stated maturity of one year or less from the date of issue and rated either:

August 2026

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Buffered PLUSSM due on or about September 4, 2029

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Principal at Risk Securities

●A-1 or higher by Standard & Poor’s or any successor, or any other comparable rating then used by that rating agency; or

●P-1 or higher by Moody’s Investors Service, Inc. or any successor, or any other comparable rating then used by that rating agency.

Currency Business Day

A “currency business day” with respect to the underlying currency means a day, as determined by the calculation agent, on which the relevant price source (as specified under "Summary Terms - Spot rate" herein), through its currency market data services, is scheduled to publish spot rates for the underlying currency (the dates on which such services will not be provided may be found on the relevant price source's website).

Business Day

When we refer to a business day with respect to the Notes, we mean a day that is a business day of the kind described in the “Description of Debt Securities We May Offer — Payment Mechanics for Debt Securities” in the attached prospectus.

Manner of Payment

Any payment on your Buffered PLUS will be made to accounts designated by you or the holder of your Buffered PLUS and approved by us, or at the office of the trustee in New York City, but only when your Buffered PLUS are surrendered to the trustee at that office. We may also make any payment in accordance with the applicable procedures of DTC (or any successor depositary).

Role of Calculation Agent

UBS AG, London Branch will serve as the calculation agent (the “calculation agent”). We may change the calculation agent after the original issue date of the Buffered PLUS without notice. The calculation agent will make all determinations regarding the amounts payable in respect of your Buffered PLUS at maturity, the buffer amount, the maturity date and all other determinations or adjustments with respect to the Buffered PLUS, in its sole discretion. Absent manifest error, all determinations of the calculation agent will be final and binding on you and us, without any liability on the part of the calculation agent. You will not be entitled to any compensation from us for any loss suffered as a result of any of the above determinations by the calculation agent.

Booking Branch

The booking branch is UBS AG London Branch.

Currency of Securities

The specified currency for your securities will be U.S. dollars.

Prohibition on sales to EEA retail investors: 

The Buffered PLUS are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129, as amended. Consequently no key information document required by Regulation (EU) No 1286/2014 (the “EU PRIIPs Regulation”) for offering or selling the Buffered PLUS or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Buffered PLUS or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.

August 2026

Page 16

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

Prohibition on sales to UK retail investors:

The Buffered PLUS are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom (the “UK”). For these purposes, a retail investor means a person who is either one (or both) of the following: (i) not a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) or (ii) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no disclosure document required by the UK Financial Conduct Authority (the “FCA”) Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the Buffered PLUS or otherwise making them available to retail investors in the UK has been prepared and therefore offering, selling or distributing the Buffered PLUS or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulation 2024.

This document represents a summary of the terms and conditions of the Buffered PLUS. We encourage you to read the accompanying prospectus related to this offering, which can be accessed via the hyperlinks on page 2 of this document.

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Page 17

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

Stated principal amount:

$1,000.00 per Buffered PLUS

Leverage factor:

1.81

Hypothetical initial spot rate:

2.50

Buffer amount:

10.00%

Minimum Payment at Maturity:

$100.00 (10.00% of the stated principal amount)

Final spot rate

3.00

Underlying Return

(3.00 − 2.50) / 2.50 = 20.00%

Payment at Maturity

=  $1,000.00 + Leveraged Upside Payment

= $1,000.00 + ($1,000.00 × Leverage Factor × Underlying Return)

= $1,000.00 + ($1,000.00 × 1.81 × 20.00%)

= $1,362.00 (Payment at Maturity)

August 2026

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Buffered PLUSSM due on or about September 4, 2029

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Principal at Risk Securities

Final spot rate

2.375

Underlying Return

(2.375 − 2.50) / 2.50 = −5.00%

Payment at Maturity

=  $1,000.00 (Payment at Maturity)

Final spot rate

0.875

Underlying Return

(0.875 − 2.50) / 2.50 = −65.00%

Payment at Maturity

= $1,000.00 + [$1,000.00 × (Underlying Return + Buffer Amount)]

= $1,000.00 + [$1,000.00 × (−65.00% + 10.00%)]

= $1,000.00 + ($1,000.00 × −55.00%)

= $1,000.00 − $550.00

= $450.00 (Payment at Maturity)

August 2026

Page 19

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 20

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 21

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 22

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 23

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 24

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 25

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 26

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

August 2026

Page 27

Buffered PLUSSM due on or about September 4, 2029

$• Based on the Performance of the Israeli New Shekel Relative to the U.S. Dollar

Principal at Risk Securities

Israeli New Shekel / U.S. Dollar – Daily Spot Rates

January 1, 2016 to August 24, 2026

August 2026

Page 28