加拿大丰业银行美股招股说明书(2025-12-12版)

PRELIMINARY PRICING SUPPLEMENTSubject To Completion, dated December 12, 2025Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-282565(To Product Supplement No. WF-1 dated November 8, 2024,Prospectus Supplement dated November 8, 2024and Prospectus dated November 8, 2024)The Bank of Nova Scotia Market Linked Securities—Auto-Callable with Fixed Couponand Contingent Downside Principal at Risk Securities Linked to the common stock of Tesla, Inc.due December 30, 2026 ■Linked to the common stock of Tesla, Inc. (the “Underlying Stock”) ■Unlike ordinary debt securities, the securities do not repay a fixed amount of principal at stated maturity and are subject to potential automatic call prior to statedmaturity upon the terms described below. Whether the securities are automatically called prior to stated maturity and, if they are not automatically called, whetheryou receive the face amount of your securities at stated maturity will depend, in each case, on the stock closing price of the Underlying Stock on the relevantcalculation day. ■Fixed Coupon.The securities will pay a fixed coupon payment on a monthly basis until the earlier of stated maturity or automatic call. The coupon rate will bedetermined on the pricing date and will be at least 15.25% per annum ■Automatic Call.If the stock closing price of the Underlying Stock on any of the monthly calculation days from June 2026 to November 2026, inclusive, is greaterthan or equal to the starting price, the securities will be automatically called for the face amount plus a final fixed coupon payment ■Potential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive, in addition to the fixed coupon, the faceamount at stated maturity if,and only if, the stock closing price of the Underlying Stock on the final calculation day is greater than or equal to the downsidethreshold price.If the stock closing price of the Underlying Stock on the final calculation day is less than the downside threshold price, you will lose more than40%, and possibly all, of the face amount of your securities. The downside threshold pricefor the Underlying Stock is equal to 60% of the starting price ■If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the Underlying Stock from the starting price if thestock closing price on the final calculation day is less than the downside threshold price, but you will not participate in any appreciation of the Underlying Stockand will not receive any dividends If the securities priced today, the estimated value of the securities as determined by the Bank would be between $948.48 (94.848%) and $978.48 (97.848%) persecurity. See “The Bank's Estimated 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 “SelectedRisk 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 ofthe accompanying prospectus supplement and on 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 the securities directly to investors. Scotia Capital (USA) Inc. or any of its affiliates or agents may use this pricing supplement in market-making transactions in securities after their initial sale. If you are buying securities from Scotia Capital (USA) Inc. or another of its affiliates or agents, the finalpricing supplement to which this pricing supplement relates may be used in a market-making transaction. See “Supplemental Plan of Distribution (Conflicts ofInterest)” in the accompanying product supplement. The securities are senior unsecured debt obligations of the Bank, and, accordingly, all payments are subject to credit risk. The securities are not insured by theCanada Deposit Insurance Corporation pursuant to the Canada Deposit Insurance Corporation Act (the “CDIC Act”) or the U.S. Federal Deposit InsuranceCorporation or any other governmental agency of Canada, the United States or any other jurisdiction. Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Anyrepresentation to the contrary is a criminal offense. (1)Scotia Capital (USA) Inc. or one of our affiliates will purchase the aggregate face amount of the securities and as part of the distribution, will sell the securities to WFS at a discount ofup to $18.25 (1.825%) per security. WFS may provide sele