加拿大皇家银行美股招股说明书(2025-09-22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 September 19,2025 Capped Enhanced Return Buffer NotesLinked to the EURO STOXX 50®Index,Due September 28, 2027 Pricing Supplement dated September __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 1A dated May 16, 2024 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes (the “Notes”) linked to the performance of theEURO STOXX 50®Index (the “Underlier”).Capped Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, at ·maturity, investors will receive a return equal to 200% of the Underlier Return, subject to the Maximum Return ofat least 21.90% (to be determined on the Trade Date).·Contingent Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the Initial Underlier Value, but is greater than or equal to the Buffer Value (85% of the Initial Underlier Value), at maturity,investors will receive the principal amount of their Notes. If the Final Underlier Value is less than the Buffer Value,at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Valueis less than the Initial Underlier Value in excess of the Buffer Percentage of 15%.·The Notes do not pay interest.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange.CUSIP:78017PUA7 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 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 regulatory body 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.Per NoteTotal Price to public(1)Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $17.50 per $1,000 principal amount of Notes inconnection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notesfor 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 $982.50 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 estimated value, is expected to be between $923.00 and $973.00 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 lessthan this amount. We describe the determination of the initial estimated value in more detail below. KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplementand in the accompanying prospectus,prospectus supplement,underlying supplement and productsupplement. Issuer:Underwriter:Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereofUnderlier: RBC Capital Markets, LLC (“RBCCM”) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: If the Final Underlier Value is less than the Buffer Value, you will lose some or a substantialportion of your principal amount at maturity. All payments on the Notes are subject to our creditrisk. 200% (subject to the Maximum Return) At least 21.90%, to be determined on the Trade Date. Accordingly, the maximum payment atmaturity will be at least $1,219 per $1,000 principal amount of Notes, to be determined on theTrade Date. The closing value of the Underlier on the Valuation Date * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Post