加拿大皇家银行美股招股说明书(2025-10-10版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated October 9, 2025 Auto-Callable Contingent Coupon Barrier Notes withMemory CouponLinked to the Least Performing of Two Underliers,Due May 4, 2027 Pricing Supplement dated October __, 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 Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (the “Notes”)linked to the performance of the least performing of the American depositary shares of Novo Nordisk A/S and the commonstock of UnitedHealth Group Incorporated (each, an “Underlier”).·Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors will receive a Contingent Coupon on a quarterly Coupon Payment Date at a rate of 9.75% per annum if the closingvalue of each Underlier is greater than or equal to its Coupon Threshold (50% of its Initial Underlier Value) on theimmediately preceding Coupon Observation Date. A Contingent Coupon that is not payable on a Coupon PaymentDate may be paid later, but only if the closing value of each Underlier is greater than or equal to its CouponThreshold on a later Coupon Observation Date. You may not receive any Contingent Coupons during the term ofthe 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 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 Underlier Value of the Least Performing Underlier is greater than or equal to its Barrier Value (50% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplusthe Contingent Coupon and anyunpaid Contingent Coupons otherwise due. If the Notes are not automatically called and the Final Underlier Valueof the Least Performing Underlier is less than its Barrier Value, at maturity, investors will lose 1% of the principalamount of their Notes for each 1% that the Final Underlier Value of the Least Performing Underlier is less than itsInitial Underlier Value.·Any payments on the Notes are subject to our credit risk. CUSIP:78017P3Z2Investing 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(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 $905.00 and $955.00 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 pricingsupplement and in the accompanying prospectus,