加拿大丰业银行美股招股说明书(2026-01-26版)

PRELIMINARY PRICING SUPPLEMENTSubject To Completion, dated January 26, 2026 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 AETF Linked Securities Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Principal at Risk Securities Linked to the Lowest Performing of the VanEck®iShares®Silver Trust due March 1, 2029 ■Linked to thelowest performingof the VanEck®Gold Miners ETF and the iShares®Silver Trust (each referred to as a “Fund”) ■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 subjectto potential automatic call prior to stated maturity upon the terms described below. Whether the securities pay a contingent coupon payment, whether the securitiesare automatically called prior to stated maturity and, if they are not automatically called, whether you receive the face amount of your securities at stated maturitywill depend, in each case, on the fund closing price of the lowest performing Fund on the relevant calculation day. The lowest performing Fund on any calculationday is the Fund that has the lowest fund closing price on that calculation day as a percentage of its starting price ■Contingent Coupon.The securities will pay a contingent coupon payment on a quarterly basis until the earlier of stated maturity or automatic call if,and only if,the fund closing price of the lowest performing Fund on the calculation day for that quarter is greater than or equal to its coupon threshold price.However, if thefund closing price of the lowest performing Fund on a calculation day is less than its coupon threshold price, you will not receive any contingent coupon payment onthe related quarterly contingent coupon payment date. If the fund closing price of the lowest performing Fund is less than its coupon threshold price on everycalculation day, you will not receive any contingent coupon payments throughout the entire term of the securities. The coupon threshold price for each Fund is equal ■Automatic Call.If the fund closing price of the lowest performing Fund on any of the quarterly calculation days from August 2026 to November 2028, inclusive, isgreater than or equal to its starting price, 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 fund closing price of the lowest performing Fund on the final calculation day is greater than or equal to its downside threshold price. If the fund closing price ofthe lowest performing Fund on the final calculation day is less than its downside threshold price, you will lose more than 30%, and possibly all, of the face amountof your securities. The downside threshold pricefor each Fund is equal to 70% of its starting price ■If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the lowest performing Fund from its starting price if itsfund closing price on the final calculation day is less than its downside threshold price, but you will not participate in any appreciation of any Fund and will notreceive any dividends, as applicable, on securities included in any Fund ■Your return on the securities will dependsolelyon the performance of the Fund that is the lowest performing Fund on each calculation day. You will not benefit inany way from the performance of a better performing Fund. Therefore, you will be adversely affected ifanyFund performs poorly, even if another Fund performsfavorably■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 $912.49 (91.249%) and $942.49 (94.249%) 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 and on 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 offerthe securities directly to investors. Scotia