Morgan Stanley

04/30/2026 | Press release | Distributed by Public on 04/30/2026 13:49

Free Writing Prospectus (Form FWP)

Free Writing Prospectus to Preliminary Pricing Supplement No. 15,675

Registration Statement Nos. 333-293641; 333-293641-01

Dated April 30, 2026; Filed pursuant to Rule 433

Morgan Stanley

5-Year Auto-Callable Trigger PLUS Based on the Performance of a Basket Composed of Five Indices

This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, prospectus supplement, index supplement, tax supplement and prospectus, and the "Risk Factors" on the following page, prior to making an investment decision.


Summary Terms

Issuer:

Morgan Stanley Finance LLC

Guarantor:

Morgan Stanley

Basket:

Basket Component

Weighting

EURO STOXX 50® Index (SX5E)

40.00%

Nikkei Stock Average (NKY)

25.00%

FTSE® 100 Index (UKX)

17.50%

Swiss Market Index® (SMI)

10.00%

S&P®/ASX 200 Index (AS51)

7.50%

We refer to each of the SX5E Index, the NKY Index, the UKX Index, the SMI Index and the AS51 Index as a basket component and, together, as the basket components.

Stated principal amount:

$1,000 per security

Issue price:

$1,000 per security

Pricing date:

April 30, 2026

Original issue date:

May 5, 2026 (3 business days after the pricing date)

Maturity date:

May 5, 2031

Early redemption:

If, on the first determination date, the first determination date basket value is greater than or equal to the initial basket value, the securities will be automatically redeemed for the early redemption payment on the early redemption date.

The securities will not be redeemed early on the early redemption date if the first determination date basket value of the underlying basket is below the initial basket value on the first determination date.

Early redemption payment:

The early redemption payment will be an amount in cash per stated principal amount of $1,150, as set forth under "Determination Dates, Early Redemption Date and Early Redemption Payment." No further payments will be made on the securities once they have been redeemed.

Determination dates:

See "Determination Dates, Early Redemption Date and Early Redemption Payment." The determination dates are subject to postponement for non-index business days and certain market disruption events.

Early redemption date:

See "Determination Dates, Early Redemption Date and Early Redemption Payment." If such day is not a business day, the early redemption payment, if payable, will be paid on the next business day, and no adjustment will be made to the early redemption payment.

Payment at maturity1:

If the securities have not previously been redeemed, you will receive at maturity a cash payment per security as follows:

●If the final basket value is greater than the initial basket value:

$1,000 + ($1,000 × basket percent change × 161.50%)

●If the final basket value is less than or equal to the initial basket value but is greater than or equal to the downside threshold level:

$1,000

●If the final basket value is less than the downside threshold level:

$1,000 × basket performance factor

Under these circumstances, you will lose more than 25%, and possibly all, of your investment.

Downside threshold level:

75, which is 75% of the initial basket value

Initial basket value:

100, which will be equal to the sum of the products of (i) the basket closing value of each basket component on the pricing date and (ii) the multiplier for such basket component on such date, as determined by the calculation agent.

Final basket value:

The sum of the products of (i) the basket component closing value of

each basket component on the final determination date and (ii) the multiplier for such basket component.

First determination date basket value:

The sum of the products of (i) the basket component closing value of each basket component on the first determination date and (ii) the multiplier for such basket component.

Basket performance factor:

final basket value divided by the initial basket value

Basket percent change:

(final basket value - initial basket value) / initial basket value

Determination Dates, Early Redemption Date and Early Redemption Payment:

Determination Date:

Early Redemption Date:

Early Redemption Payment (per $1,000 Security):

1st:

5/7/2027

5/12/2027

$1,150

Final:

4/30/2031

Maturity date

See "Hypothetical Payout at Maturity" below

CUSIP/ISIN:

61781FLJ0 / US61781FLJ02

Preliminary pricing supplement:

https://www.sec.gov/Archives/edgar/data/895421/000183988226021988/ms15675_424b2-14343.htm

1All payments are subject to our credit risk

Hypothetical Examples

Automatic Early Redemption1

Determination Date

Change in Basket

Early Redemption Payment (per Security)

#1

+20.00%

$1,150

The securities are automatically redeemed on the first early redemption date. Investors receive a payment of $1,150 per security on the early redemption date.

Hypothetical Payout at Maturity1

(if the securities have not been automatically redeemed prior to maturity)

Change in Basket

Payment at Maturity (per Security)

+60.00%

$1,969.00

+40.00%

$1,646.00

+20.00%

$1,323.00

0.00%

$1,000.00

-10.00%

$1,000.00

-20.00%

$1,000.00

-25.00%

$1,000.00

-26.00%

$740.00

-60.00%

$400.00

-80.00%

$200.00

-100.00%

$0.00


The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.

Basket Components

For more information about the basket components, including historical performance information, see the accompanying preliminary pricing supplement.

Risk Factors

The risks set forth below are discussed in more detail in the "Risk Factors" section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

Risks Relating to an Investment in the Securities

●The securities do not pay interest or guarantee the return of any principal at maturity.

●If the securities are redeemed prior to maturity, the appreciation potential of the securities is limited by the fixed early redemption payment specified for the first determination date.

●The market price will be influenced by many unpredictable factors.

●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.

●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.

●Not equivalent to investing in the basket components.

●Reinvestment risk.

●The securities will not be listed on any securities exchange and secondary trading may be limited, and accordingly, you should be willing to hold your securities for the entire 5-year term of the securities.

●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.

●The estimated value of the securities is approximately $963.40 per security, or within $40.00 of that estimate, and is determined by reference to our pricing and valuation models, which may differ from those of other dealers, and is not a maximum or minimum secondary market price.

●Hedging and trading activity by our affiliates could potentially affect the value of the securities.

●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.

●The U.S. federal income tax consequences of an investment in the securities offered by this accompanying preliminary pricing supplement are uncertain.

Risks Relating to the Basket Components

●Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.

●Changes in the value of one or more of the basket components may offset each other.

●The basket components are not equally weighted.

●There are risks associated with investments in securities linked to the value of foreign equity securities.

●Adjustments to the basket components could adversely affect the value of the securities.

Tax Considerations

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "Additional Information About the Securities- United States federal income tax considerations" concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.

Morgan Stanley published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 30, 2026 at 19:49 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]