Company: TDBCP
Filing Date: 2025-10-21
Form Type: 424B2
Source: 0001140361-25-038689
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-21
Form: 424B2
Chunk 0
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| Filed Pursuant to Rule 424(b)(2)      
 Registration Statement No. 333-283969 |

The information in this pricing supplement is not complete and may be changed. This pricing supplement is not an offer to sell nor does it seek an offer to buy these Notes in any state where the offer or sale is not permitted. Subject to Completion. Dated October 20, 2025.

Pricing Supplement dated , 2025 to the Product Supplement MLN-ES-ETF-1 dated February 26, 2025 and Prospectus dated February 26, 2025

The Toronto-Dominion Bank (“TD” or “we”) is offering the Autocallable Fixed Interest Barrier Notes (the “Notes”) linked to the least performing of the common stock of Apple Inc., the Class C capital stock of Alphabet Inc. and the common stock of Tesla, Inc. (each, a “Reference Asset” and together, the “Reference Assets”). The Notes will pay you an Interest Payment of $12.417 on an Interest Payment Date (including the Maturity Date), corresponding to a per annum rate of approximately 14.90% (the “Interest Rate”), regardless of the performance of the Reference Assets, unless the Notes have previously been subject to an automatic call. The Notes will be automatically called if, on any Call Observation Date, the Closing Value of each Reference Asset is greater than or equal to its Call Threshold Value, which is equal to 100.00% of its Initial Value. If the Notes are automatically called, the Call Payment Date will be the first following Interest Payment Date (the “Call Payment Date”) and, on such date, we will pay you a cash payment per Note equal to the Principal Amount, plus the Interest Payment otherwise due. No further amounts will be owed under the Notes. If the Notes are not automatically called, the amount we pay at maturity, if anything, in addition to the Interest Payment otherwise due, will depend on the Closing Value of each Reference Asset on its Final Valuation Date (each, its “Final Value”) relative to its Barrier Value, which is equal to 65.00% of its Initial Value, calculated as follows:

| • | If the Final Value of each Reference Asset is greater than or equal to its Barrier Value: |

the Principal Amount of $1,000

| • | If the Final Value of any Reference Asset is less than its Barrier Value: |

the sum of (1) $1,000 plus (2)