加拿大皇家银行美股招股说明书(2025-08-20版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated August 20, 2025 Auto-Callable Contingent Coupon Barrier Notes withMemory Coupon,Each Linked to a Different Underlier,Due August 30, 2028 Pricing Supplement dated August __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering five separate Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (withrespect to an offering, the “Notes”), each linked to the performance of a class of equity securities of a specific company(with respect to an offering, the “Underlier”) as set forth in the table below. You may participate in one or more of theofferings. Each offering has its own terms, and references in this pricing supplement to the Notes, the Underlier or anyterms of the Notes apply to each individual offering separately. The performance of the Notes in an offering will not dependupon the performance of the Notes in any other offering. ·Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors willreceive a Contingent Coupon on a quarterly Coupon Payment Date if the closing value of the Underlier is greaterthan or equal to the Coupon Threshold on the immediately preceding Coupon Observation Date. A ContingentCoupon that is not payable on a Coupon Payment Date may be paid later, but only if the closing value of theUnderlier is greater than or equal to the Coupon Threshold on a later Coupon Observation Date. You may notreceive any Contingent Coupons during the term of the Notes.·Call Feature— If, on any quarterly Call Observation Date beginning approximately six months following the Trade Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon and any unpaid ContingentCoupons otherwise due. No further payments will be made on the Notes.·Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue is greater than or equal to the Barrier Value, at maturity, investors will receive the principal amount of theirNotesplusthe Contingent Coupon and any unpaid Contingent Coupons otherwise due. If the Notes are notautomatically called and the Final Underlier Value is less than the Barrier Value, at maturity, investors will lose 1%of the principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial UnderlierValue.·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 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement andproduct supplement. None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatorybody has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Anyrepresentation 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. governmentalagency 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.Underwriting (1)We or one of our affiliates may pay varying selling concessions of up to $25.00 per $1,000 principal amount of Notes inconnection 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 $975.00 and $1,000.00 per$1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated withus a referral fee of up to $2.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” 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 within the range set forth above 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 m