加拿大皇家银行美股招股说明书(2025-11-18版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated November 17,2025 Auto-Callable Contingent Coupon Buffer NotesLinked to the Common Stock of UnitedHealth Group Pricing Supplement dated December __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the Product Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Buffer Notes (the “Notes”) linked to the performanceof the common stock of UnitedHealth Group Incorporated (the “Underlier”). ·Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a monthly Coupon Payment Date at a rate of 7.00% per annum if the closing value of the Underlier isgreater than or equal to the Coupon Threshold (75% of the Initial Underlier Value) on the immediately preceding ·Call Feature— If, on any monthly Call Observation Date beginning approximately six months following the TradeDate, 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 Buffer Value (75% 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 Buffer Value, at maturity, investors will receive CUSIP:78015QC33 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 ofthis 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 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. governmental Price to public(1)Underwriting discounts and commissionsProceeds to Royal Bank of Canada(1)We or one of our affiliates may pay varying selling concessions of up to $15.00 per $1,000 principal amount of Notes in connection 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 $985.00 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 $6.50 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 estimatedvalue, is expected to be between $918.00 and $968.00 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 less Auto-Callable Contingent Coupon BufferNotes Linked to the Common Stock of 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: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof Trade Date:Issue Date:Valuation Date:* If the Notes have not been automatically called, investors will receive a Contingent Couponon a Coupon Payment Date if the closing value of the Underlier isgreater than or equaltothe Coupon Threshold on the immediately preceding Coupon Observation Date. No Contingent Coupon will be payable on a Coupon Payment Date if the closing value ofthe Underlier is less than the Coupon Threshold on the immediately preceding CouponObservation Date. Accordingly, you may not receive a Contingent Coupon on one or more If payable, $5.833 per $1,000 principal amount of Notes (corresponding to a rate of0.5833% per month or 7.00% per annum) Contingent Coupon: If, on any Call Observation Date, the closing value