加拿大皇家银行美股招股说明书(2025-11-21版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) Pricing Supplement $1,650,000Auto-Callable Contingent Coupon Barrier NotesLinked to the Least Performing of Three Underliers, Pricing Supplement dated November 19, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 1A dated May 16, 2024 and the Product Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the least performing of the Dow Jones Industrial Average®, the Russell 2000® Index and the S&P 500®“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 8.60% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (70% of its 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 monthly Call Observation Date beginning approximately one year following the TradeDate, 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 otherwise due. No further ·Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is greater than or equal to its Barrier Value (60% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplus any Contingent Couponotherwise due. If the Notes are not automatically called and the Final Underlier Value of the Least Performing The Notes will not be listed on any securities exchange.CUSIP:78017PK83 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-8 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 $4.00 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 $996.00 and $1,000.00 per$1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below. value, is $985.57 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 Auto-Callable Contingent CouponBarrier Notes Linked to the Least 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. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereof Issuer: Underwriter: Minimum Investment: The Dow Jones Industrial Average®(the “INDU Index”), the Russell 2000®“RTY Index”) and the S&P 500®Index (the “SPX Index”) Underliers: (1)With respect to each Underlier, the closing value of that Underlier on the Trade Date(2)With respect to each Underlier, 70% of its Initial Underlier Value (rounded to twodecimal places for the INDU Index and the SPX Index and rounded to three decimalplaces for the RTY Index) With respect to each Underlier, 60% of its Initial Underlier Value (rounded to twodecimal places for the INDU Index and the SPX Index and rounded to three decimalplaces for the RTY Index) Trade Date:Issue Date:Valuation Date:* November 19, 2025November 24, 2025November 19, 2029 If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of each Underlier isgreaterthan