Company: TDBCP
Filing Date: 2025-12-08
Form Type: 424B2
Source: 0001140361-25-044823
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-08
Form: 424B2
Chunk 0
---
| 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 December 8, 2025.

Pricing Supplement dated, 2025to 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 Capped Contingent Absolute Return Buffered Notes (the “Notes”) linked to the S&P 500 ®Index (the “Reference Asset”). The Notes provide unleveraged participation in any percentage increase in the Reference Asset from the Initial Value to the Final Value, subject to the Maximum Upside Redemption Amount of $1,154.50 per Note, and also provide unleveraged inverse participation in any percentage decrease from the Initial Value to the Final Value but only if the Final Value is greater than or equal to 85.00% of the Initial Value (the “Buffer Value”). If the Final Value is greater than the Initial Value, then the percentage return on the Notes will be positive and equal to the percentage change in the Reference Asset from the Initial Value to the Final Value (the “Percentage Change”) ,subject to the Maximum Upside Redemption Amount. If the Final Value is less than or equal to the Initial Value but greater than or equal to the Buffer Value, then the percentage return on the Notes will be positive and equal to the absolute value of the Percentage Change (the “Contingent Absolute Return”). If, however, the Final Value is less than the Buffer Value, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value is less than the Initial Value in excess of 15.00%, and may lose up to 85.00% of the Principal Amount of the Notes.Any payment on the Notes is subject to our credit risk.

| The Notes do not guarantee the return of the Principal Amount and investors may lose up to 85.00% of their investment in the Notes. Any payment on the Notes is subject to our 
 credit risk.                                                                                                                                                                   |

The Notes are unsecured and are not savings accounts or insured deposits of