加拿大皇家银行美股招股说明书(2025-11-26版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) $1,856,000Capped Enhanced Return Buffer NotesLinked to the S&P 500®Index,Due November 30, 2027 Pricing Supplement Pricing Supplement dated November 24, 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 Capped Enhanced Return Buffer Notes (the “Notes”) linked to the performance of theS&P 500® Capped Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, atmaturity, investors will receive a return equal to 125% of the Underlier Return, subject to the Maximum Return of17%. Underlier 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:78017P7L9 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 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 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 commissions Proceeds to Royal Bank of Canada We or one of our affiliates may pay varying selling concessions of up to $22.50 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 $977.50 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 $8.00 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of value, is $959.72 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 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. RBC Capital Markets, LLC (“RBCCM”) Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereof The S&P 500®Index Trade Date:Issue Date:Valuation Date:* 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 pricingsupplement and “Risk Factors” in the documents listed below, as the Notes involve risks not associated with conventionaldebt securities. We urge you to consult your investment, legal,