Morgan Stanley Finance LLC filed a free writing prospectus on November 12, 2026, summarizing the preliminary terms of GEV Contingent Income Memory Auto-Callable Securities due November 29, 2029, linked to GE Vernova Inc. common stock.

Key Highlights

  • Underlier: The securities are linked to GE Vernova Inc. common stock (ticker: GEV), according to the filing.
  • Contingent coupon range: The filing discloses a contingent coupon of 14.50% to 15.50% per annum, with a memory feature, paid monthly.
  • Call threshold: Securities will be automatically redeemed if the underlier's closing level is greater than or equal to 100% of the initial level on any monthly redemption determination date, beginning after 6 months.
  • Downside threshold: Both the coupon barrier level and downside threshold level are set at 60% of the initial level, the filing states.
  • Estimated value: The filing reports an estimated value of $952.80 per security, or within $45.00 of that estimate, against a $1,000.00 original issue price.
  • Maturity and pricing dates: The pricing date is November 24, 2026, the final observation date is November 26, 2029, and the maturity date is November 29, 2029.
  • CUSIP: 61781T2A0, as stated in the filing.

Terms and Structure of the GEV-Linked Auto-Callable Securities

According to the filing, the securities are issued by Morgan Stanley Finance LLC and guaranteed by Morgan Stanley, under Registration Statement Nos. 333-293641 and 333-293641-01. The document was dated November 11, 2026, and filed pursuant to Rule 433 as a free writing prospectus supplementing a preliminary pricing supplement (No. 20,034). The securities are structured as contingent income instruments linked solely to the closing level of GE Vernova Inc. common stock.

The filing discloses that the contingent coupon, ranging from 14.50% to 15.50% per annum, is paid monthly but only if the underlier's closing level on the relevant observation date is at or above the coupon barrier level of 60% of the initial level. A memory feature applies, as described in the accompanying preliminary pricing supplement. If the securities are automatically redeemed before maturity, no further payments are made. The filing states that investors will not participate in any appreciation in the value of the underlier.

At maturity, if the securities have not been automatically redeemed and the underlier has declined by 40% or less, the filing's hypothetical payment table shows a return of $1,000.00 per security (excluding any contingent coupon). If the underlier falls 41%, the hypothetical payment is $590.00; at a 50% decline, $500.00; and at a 100% decline, $0.00. The filing expressly states that "the securities do not guarantee the return of any principal" and that all payments are subject to the credit risk of Morgan Stanley. The filing also notes that the securities will not be listed on any securities exchange and that secondary trading may be limited.

What Was Disclosed

Morgan Stanley Finance LLC disclosed the preliminary terms of auto-callable structured securities linked to GE Vernova Inc. common stock, with a contingent coupon of 14.50% to 15.50% per annum, an estimated value of $952.80 per security, and a maturity date of November 29, 2029.