加拿大皇家银行美股招股说明书(2025-10-07版)

Subject to CompletionDated October 6, 2025Royal Bank of Canada Airbag Autocallable Yield Notes $• Notes Linked to the Common Stock of Las Vegas Sands Corp. due on or about October 13, 2026Investment Description The Airbag Autocallable Yield Notes (the “Notes”) are senior unsecured debt securities issued by Royal Bank of Canadalinked to the performance of the common stock of Las Vegas Sands Corp. (the “Underlying”). We will pay a monthlyCoupon Payment regardless of the performance of the Underlying. We will automatically call the Notes early if the closingvalue of the Underlying on any quarterly Call Observation Date is greater than or equal to the Initial Underlying Value. Ifthe Notes are called, we will pay you the principal amount of your Notesplusthe Coupon Payment otherwise due, and nofurther amounts will be owed to you under the Notes. If the Notes are not called prior to maturity and the Final UnderlyingValue is greater than or equal to the Conversion Price, we will pay you a cash payment at maturity equal to the principalamount of your Notesplusthe Coupon Payment otherwise due. However, if the Notes are not called prior to maturity andthe Final Underlying Value is less than the Conversion Price, we will pay you the Coupon Payment otherwise due anddeliver to you at maturity a number of shares of the Underlying equal to the principal amount per Notedivided bytheConversion Price (the “Share Delivery Amount”) for each of your Notes, which shares will likely be worth less than yourprincipal amount and may have no value at all.Investing in the Notes involves significant risks. The Notes will notbe automatically called if the Underlying closes below the Initial Underlying Value on a quarterly Call ObservationDate. You will likely lose some or all of your principal amount if the Notes are not called and the Final UnderlyingValue is less than the Conversion Price. The contingent repayment of principal applies only at maturity.Generally, the higher the Coupon Rate on a Note, the greater the risk of loss. Any payment on the Notes,including any repayment of principal, is subject to our creditworthiness. If we default on our payment obligations,you may not receive any amounts owed to you under the Notes and you could lose your entire investment. TheNotes will not be listed on any securities exchange.FeaturesKey Dates qCoupon Payments— Regardless of the performance of the qAutomatically Callable— We will automatically call the Notes andpay you the principal amount of your Notesplusthe CouponPayment otherwise due if the closing value of the Underlying on anyquarterly Call Observation Date is greater than or equal to the InitialUnderlying Value. If the Notes are not called, investors will have thepotential for downside equity market risk at maturity.qDownside Exposure with Contingent Repayment of Principal at NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBTINSTRUMENTS. WE ARE NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THENOTES AT MATURITY, AND THE NOTES CAN HAVE UP TO THE FULL DOWNSIDE MARKET RISK OF THEUNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING OUR DEBTOBLIGATIONS. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOTCOMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY RISKS” BEGINNING ON PAGE 6 OFTHIS PRICING SUPPLEMENT AND UNDER “RISK FACTORS” IN THE ACCOMPANYING PROSPECTUS,PROSPECTUS SUPPLEMENT AND PRODUCT SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTSRELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECTTHE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. YOU COULD LOSE SOME OR ALL OF THEPRINCIPAL AMOUNT OF YOUR NOTES.Note Offering We are offering Airbag Autocallable Yield Notes Linked to the Common Stock of Las Vegas Sands Corp. The Notes will be issued in minimum denominations of $1,000, and integral multiples of $1,000 in excess thereof. The Initial UnderlyingValue and Conversion Price were determined on the Strike Date.Initial Underlying * The closing value of the Underlying on the Strike Date** Rounded to two decimal places See “Additional Information about Royal Bank of Canada and the Notes” in this pricing supplement. The Notes will have the terms specified in the prospectus dated December 20, 2023, the prospectus supplement datedDecember 20, 2023, the product supplement no. 1B dated July 22, 2025 and this pricing 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.