加拿大皇家银行美股招股说明书(2025-07-17版)

Preliminary Pricing Supplement Pricing Supplement dated July __, 2025 to theProspectus dated December 20, 2023, the Prospectus Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceIndex and the EURO STOXX 50® Supplement No. 1A dated May 16, 2024 of the least performing of the Russell 2000®Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a quarterly Coupon Payment Date at a rate of 8.05% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (70% of its Initial Underlier Value) on the immediately precedingCoupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.Call Feature— If, on any quarterly Call Observation Date beginning approximately one year following the TradeDate, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will be Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is greater than or equal to its Barrier Value (70% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplusthe Contingent Coupon otherwisedue. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier isless than its Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1%that the Final Underlier Value of the Least Performing Underlier is less than its Initial Underlier Value.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange. Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement andproduct supplement. representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common sharesunder subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Per NotePrice to public(1)100.00%Underwriting discounts and commissions(1)2.35%Proceeds to Royal Bank of Canada97.65%We or one of our affiliates may pay varying selling concessions of up to $23.50 per $1,000 principal amount of Notes in connection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their underwriting discount or selling concessions. The public offering price for investors purchasing the Notes in these accounts may be between $976.50 and $1,000.00 per$1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below. The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is expected to be between $898.00 and $948.00 per $1,000 principal amount of Notes and will be less than thepublic offering price of the Notes. The final pricing supplement relating to the Notes will set forth the initial estimated value.The market value of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be less KEY TERMS Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereofUnderliers:The Russell 2000®Index (the “RTY Index”) and the EURO STOXX 50®Index (the “SX5E Index”)Initial UnderlierCoupon Threshold RTY IndexRTYSX5E IndexSX5E(1)With respect to each Underlier, the closing value of that Underlier on the Trade Date Underlier is less than its Coupon Threshold on the immediately preceding Coupon ObservationDate. Accordingly, you may not receive a Contingent Coupon on one or more Coupon Payment Contingent Coupon:If payable, $20.125 per $1,000 principal amount of Notes (corresponding to a rate of 2.0125%per quarter or 8.05% per annum) its Initial Underlier Value, the Notes will be automatically called. Under these circumstances,investors will receive on the Call Settlement Date per $1,000 principal amount of Notes anamount equal to $1,000plusthe Contingent Coupon otherwise due. No further payments will bemade on the Notes. You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by theprospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1A dated May 16, 2024. This pricing supplement, to