加拿大皇家银行美股招股说明书(2025-10-20版)

Auto-Callable Contingent Coupon Barrier Notes,Each Linked to a Different Underlier,Due October 19, 2028 Pricing Supplement Pricing Supplement dated October 16, 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 two separate Auto-Callable Contingent Coupon Barrier Notes (with respect to anoffering, the “Notes”), each linked to the performance of a class of equity securities of a specific company (with respect toan offering, the “Underlier”) as set forth in the table below. You may participate in one or more of the offerings. Eachoffering has its own terms, and references in this pricing supplement to the Notes, the Underlier or any terms of the Notesapply to each individual offering separately. The performance of the Notes in an offering will not depend upon theperformance of the Notes in any other offering.·Contingent Coupons— If the Notes have not been automatically called, investors will receive a Contingent Coupon on a quarterly Coupon Payment Date if the closing value of the Underlier is greater than or equal to theCoupon Threshold on the immediately preceding Coupon Observation Date. You may not receive any ContingentCoupons 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, at maturity, investors will receive the principal amount of theirNotesplusthe Contingent Coupon otherwise due. If the Notes are not automatically called and the Final UnderlierValue is less than the Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes foreach 1% that the Final Underlier Value is less than the Initial Underlier Value.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange.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.Underwriti (1)We or one of our affiliates may pay varying selling concessions of up to $25.00 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 $975.00 and $1,000.00 per$1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated withus a referral fee of up to $2.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” 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 set forth above per $1,000 principal amount of Notes and is less than the public offering price of the Notes. The market value of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be less thanthis 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 pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereof Issuer:Underwriter:Minimum Investment:Specific Terms for EachOffering: Each offering has its own terms, as set forth below and on the cover page of this pricingsupp