加拿大皇家银行美股招股说明书(2025-10-23版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated October 22, 2025 $Auto-Callable Enhanced Return Buffer Notes Linked to the Least Performing of Two Underliers,Due October 29, 2029 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 Enhanced Return Buffer Notes (the “Notes”) linked to the performance ofthe least performing of the MSCI EAFE®Index and the EURO STOXX 50®Index (each, an “Underlier”).·Call Feature— If, on the Call Observation Date, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will be automatically called for a return of 11%. No further payments will be madeon the Notes.·Enhanced Return Potential— If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is greater than its Initial Underlier Value, at maturity, investors will receive a returnequal to 222.50% of the Underlier Return of the Least Performing Underlier.·Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is less than or equal to its Initial Underlier Value, but is greater than orequal to its Buffer Value (75% of its Initial Underlier Value), at maturity, investors will receive the principal amountof their Notes. If the Notes are not automatically called and the Final Underlier Value of the Least PerformingUnderlier is less than its Buffer Value, at maturity, investors will lose 1% of the principal amount of their Notes foreach 1% that the Final Underlier Value of the Least Performing Underlier is less than its Initial Underlier Value inexcess of the Buffer Percentage of 25%.·The Notes do not pay interest.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange.CUSIP:78017P5V9 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 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 $5.00 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 $995.00 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 $5.00 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 expected to be between $927.00 and $977.00 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 pricingsupplementand in the accompanying prospectus,prospectus supplement,underlying supplement and productsupplement. Issuer:Underwriter:Minimum Investment:Underliers: Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereof The MSCI EAFE®Index (the “MXEA Index”) and the EURO