加拿大皇家银行美股招股说明书(2025-11-25版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated November 25, $Capped Enhanced Return Buffer NotesLinked to the S&P 500®Index,Due June 1, 2027Royal Bank of Canada Pricing Supplement dated November __, 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 is offering Capped Enhanced Return Buffer Notes (the “Notes”) linked to the performance of theS&P 500® Index (the “Underlier”).Capped Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, at maturity, investors will receive a return equal to 150% of the Underlier Return, subject to the Maximum Return of18.50%. Contingent Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the InitialUnderlier Value, but is greater than or equal to the Buffer Value (90% of the Initial Underlier Value), at maturity, investors will receive the principal amount of their Notes. If the Final Underlier Value is less than the Buffer Value,at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Valueis less than the Initial Underlier Value in excess of the Buffer Percentage of 10%.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:78017PR45 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 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 publicUnderwriting discounts and commissionsProceeds to Royal Bank of Canada RBC Capital Markets, LLC, acting as our agent, will not receive a commission in connection with its sales of the 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 estimatedvalue, is expected to be between $945.00 and $995.00 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 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”) Trade Date:Issue Date:Valuation Date:*Maturity Date:* If the Final Underlier Value is less than the Buffer Value, you will lose some or a substantialportion of your principal amount at maturity. All payments on the Notes are subject to our creditrisk. * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. Capped Enhanced Return BufferNotes Linked to the S&P 500® ADDITIONAL TERMS OF YOUR NOTES You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by theprospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1B dated July22, 2025. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all We have not authorized anyone to provide any information or to make any representations other than those contained orincorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, andcan provide no assurance as to the reliability of, any other information that others may give you. These documents are an If the information in this pricing supplement differs from the information contained in the documents listed below, youshould rely on the information in this pricing supplement. You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricingsupple