加拿大皇家银行美股招股说明书(2025-10-15版)

Pricing Supplement $860,000Auto-Callable Contingent Coupon Barrier Notes Linked to the Class C Common Stock of DellTechnologies Inc.,Due April 15, 2027 Pricing Supplement dated October 10, 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 (the “Notes”) linked to the performanceof the Class C common stock of Dell Technologies Inc. (the “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 15.10% per annum if the closing value of the Underlieris greater than or equal to the Coupon Threshold (60% of the 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 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 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 is greater than or equal to the Barrier Value (60% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe Contingent Coupon 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.CUSIP:78017P2T7 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 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 publicUnderwriting 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.We or one of our affiliates may pay a broker-dealer that is not affiliated with us a referral fee of up to $8.75 per $1,000principal 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 $970.52 per $1,000 principal amount of Notes and is less than the public offering price of the Notes. The marketvalue of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be less than thisamount. 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 pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. Issuer:Underwriter:Minimum Investment:Underlier: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The Class C common stock of Dell Technologies Inc. (1)The closing value of the Underlier on the Trade Date (2)60% of the Initial Underlier Value (rounded to two decimal places) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment of ContingentCoupons: October 10, 2025 October 16, 2025 If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of the Underlier isgreater thanor equal tothe Coupon Threshold on the immediately preceding Coupon ObservationDate.No Contingent Coupon will be payable on a Coupon Payment Date if the closing value of the Underlier is less than the Coupon Threshold on the immediately preceding CouponObservation Dat