加拿大丰业银行美股招股说明书(2025-11-26版)

PRELIMINARY PRICING SUPPLEMENTSubject To Completion, dated November 25, 2025 Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-282565(To Product Supplement No. WF-1 dated November 8, 2024,Underlier Supplement dated November 8, 2024,Prospectus Supplement dated November 8, 2024and Prospectus dated November 8, 2024)The Bank of Nova Scotia Senior Note Program, Series AEquity Index Linked Securities Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the S&P 500®Nasdaq-100 Index®due June 29, 2027 ◼Linked to thelowest performingof the S&P 500®Index, the Russell 2000®Index and the Nasdaq-100 Index® ◼Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at stated maturity and are subject to potential automaticcall prior to stated maturity upon the terms described below.Whether the securities pay a contingent coupon payment, whether the securities are automatically called prior to statedmaturity and, if they are not automatically called, whether you receive the face amount of your securities at stated maturity will depend, in each case, on the closing level of the lowestperforming Index on the relevant calculation day. The lowest performing Index on any calculation day is the Index that has the lowest closing level on that calculation day as a percentage ◼Contingent Coupon.The securities will pay a contingent coupon payment on a monthly basis until the earlier of stated maturity or automatic call if,and only if, the closing level of thelowest performing Index on the calculation day for that month is greater than or equal to its coupon threshold level.However, if the closing level of the lowest performing Index on acalculation day is less than its coupon threshold level, you will not receive any contingent coupon payment for the relevant month. If the closing level of the lowest performing Index is lessthan its coupon threshold level on every calculation day, you will not receive any contingent coupon payments throughout the entire term of the securities. The coupon threshold level for ◼Automatic Call.If the closing level of the lowest performing Index on any of the monthly calculation days from June 2026 to May 2027, inclusive, is greater than or equal to its startinglevel, the securities will be automatically called for the face amount plus a final contingent coupon payment ◼Potential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the face amount at stated maturity if,and only if, the closing level of thelowest performing Index on the final calculation day is greater than or equal to its downside threshold level. If the closing level of the lowest performing Index on the final calculation day isless than its downside threshold level, you will lose more than 25%, and possibly all, of the face amount of your securities. The downside threshold levelfor each Index is equal to 75% of ◼If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the lowest performing Index from its starting level if its closing level on the finalcalculation day is less than its downside threshold level, but you will not participate in any appreciation of any Index and will not receive any dividends on securities included in any Index ◼Your return on the securities will dependsolelyon the performance of the Index that is the lowest performing Index on each calculation day.You will not benefit in any way from theperformance of a better performing Index. Therefore, you will be adversely affected ifany Indexperforms poorly, even if another Index performs favorably ◼All payments on the securities are subject to the credit risk of The Bank of Nova Scotia (the “Bank”) ◼No exchange listing; designed to be held to maturity If the securities priced today, the estimated value of the securities as determined by the Bank would be between $927.28 (92.728%) and $957.28 (95.728%) per security. See “The Bank'sEstimated Value of the Securities” in this pricing supplement for additional information. The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations”beginning on page P-10 herein and “Risk Factors” beginning on page PS-3 of the accompanying product supplement, beginning on page S-2 of the accompanying prospectus supplement andon page 8 of the accompanying prospectus. Scotia Capital (USA) Inc., our affiliate, will purchase the securities from the Bank for distribution to other registered broker dealers including Wells Fargo Securities, LLC (“WFS”) or will offer thesecurities directly to investors. Scotia Capital (USA) Inc. or any of its affiliates or agents may use this pricing supplement in market-making trans