Company: TDBCP
Filing Date: 2025-09-26
Form Type: 424B2
Source: 0001140361-25-036268
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-26
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 September 26, 2025.

Pricing Supplement dated , 2025 to the Product Supplement MLN-EI-1 dated February 26, 2025, Underlier Supplement dated February 26, 2025 and Prospectus dated February 26, 2025

The Toronto-Dominion Bank (“TD” or “we”) is offering the Step Down Autocallable Barrier Notes (the “Notes”) linked to the least performing of the Dow Jones Industrial Average ®, the Russell 2000 ®Index and the S&P 500 ®Index (each, a “Reference Asset” and together, the “Reference Assets”). The Notes will be automatically called on the Call Payment Date (including the Maturity Date) if, on the applicable Call Observation Date (including the Final Valuation 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 on each Call Observation Date prior to the Final Valuation Date and decreases to 70.00% of its Initial Value (its “Barrier Value”) on the Final Valuation Date. If the Notes are automatically called, on the Call Payment Date we will pay a cash payment per Note equal to the Call Price corresponding to the applicable Call Observation Date, which is the Principal Amount plus a return equal to the Call Premium corresponding to the applicable Call Observation Date. Following an automatic call, no further amounts will be owed under the Notes. The applicable Call Premium (and therefore the applicable Call Price) increases the longer the Notes are outstanding and is based on a per annum rate of 10.12% (the “Call Rate”). If the Notes are not automatically called (meaning that the Closing Value of any Reference Asset is less than its Call Threshold Value on each Call Observation Date, including the Final Valuation Date), then the Closing Value of at least one Reference Asset on the Final Valuation Date is less than its Barrier Value and we will pay at maturity a cash payment per Note, if anything, equal to the sum of (1) $1,000 plus (2) the product of (i) $1