加拿大丰业银行美股招股说明书(2025-12-19版)

PRELIMINARY PRICING SUPPLEMENTSubject To Completion, dated December 19, 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 Senior Note Program, Series AEquity Linked Securities Market Linked Securities—Auto-Callable with Leveraged Upside Participation and Fixed PercentageBuffered Downside Principal at Risk Securities Linked to the Lowest Performing of the common stock of Constellation Energy Corporation, the commonstock of Duke Energy Corporation and the common stock of GE Vernova Inc. due January 4, 2029 ■Linked to the lowest performing of the common stock of Constellation Energy Corporation, the common stock of Duke Energy Corporation and the common stock of GE Vernova Inc. (eachreferred to as an “Underlying Stock”, and collectively as the "Underlying Stocks") ■Unlike ordinary debt securities, the securities do not pay interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below.Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount, will depend, in each case, on the performance of the lowestperforming Underlying Stock. The lowest performing Underlying Stock on the call date or the final calculation day is the Underlying Stock that has the lowest stock closing price on that day asa percentage of its starting price ■Automatic Call.If the stock closing price of the lowest performing Underlying Stock on the call date occurring approximately one year after issuance is greater than or equal to 90% of itsstarting price, the securities will be automatically called for the face amount plus a call premium of at least 29.00% of the face amount (to be determined on the pricing date) ■Maturity Payment Amount.If the securities are not automatically called, you will receive a maturity payment amount that could be greater than, equal to or less than the face amountdepending on the ending price of the lowest performing Underlying Stock as follows: ■If the ending price of the lowest performing Underlying Stock isgreater thanits starting price, you will receive the face amount plus a positive return equal to 150% of the percentageincrease in the price of the lowest performing Underlying Stock from its starting price■If the ending price of the lowest performing Underlying Stock isless than or equal toits starting price, but not by more than the buffer amount of 38%, you will receive the face amount■If the ending price of the lowest performing Underlying Stockis less thanits starting price by more than the buffer amount, you will receive less than the face amount and have 1-to-1downside exposure to the decrease in the price of the lowest performing Underlying Stock in excess of the buffer amount ■Investors may lose up to 62% of the face amount ■If the securities are automatically called, the positive return on the securities will be limited to the call premium, and you will not participate in any appreciation of the lowest performing Underlying Stock, which may be significant. If the securities are automatically called, you will no longer have the opportunity to participate in any appreciation of any Underlying Stock at the■Your return on the securities will depend solely on the performance of the Underlying Stock that is the lowest performing Underlying Stock on the call date and the final calculation day. You will not benefit in any way from the performance of the better performing Underlying Stock. Therefore, you will be adversely affected if any Underlying Stock performs poorly, even if theother Underlying Stock performs favorably■All payments on the securities are subject to the credit risk of The Bank of Nova Scotia (the “Bank”) If the securities priced today, the estimated value of the securities as determined by the Bank would be between $885.22 (88.522%) and $915.22 (91.522%) 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-9 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 ini