加拿大皇家银行美股招股说明书(2025-09-26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 25, 2025 $Auto-Callable Contingent Coupon Barrier NotesLinked to the Least Performing of Three Underliers,Due July 7, 2028 Pricing Supplement dated October __, 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 Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the least performing of the Nasdaq-100 Index®, the S&P 500®Index and the EURO STOXX 50®Index (each, an“Underlier”).Contingent Coupons— If the Notes have not been automatically called, investors will receive a Contingent ·Coupon on a quarterly Coupon Payment Date at a rate of 10.25% 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 six months following the Trade Date, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No furtherpayments will be made on the Notes.·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. CUSIP:78017PUW9Investing 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 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 Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) RBC Capital Markets, LLC, acting as our agent, will not receive a commission in connection with its sales of the 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 $925.00 and $975.00 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. RBC Capital Markets, LLC 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:Underliers: $1,000 and minimum denominations of $1,000 in excess thereof The Nasdaq-100 Index®(the “NDX Index”), the S&P 500®Index (the “SPX Index”) and theEURO STOXX 50®Index (the “SX5E Index”) (1)With respect to each Underlier, the closing value of that Underlier on the Trade Date(2)With respect to each Underlier, 70% of its Initial Underlier Value (rounded to two decimalplaces)October 3, 2025October 8, 2025July 3, 2028July 7, 2028 Trade Date:Issu