加拿大皇家银行美股招股说明书(2025-12-03版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated December 2, 2025 Auto-Callable Enhanced Return Buffer NotesLinked to the S&P 500 Market Agility 10 TCA 0.5%Decrement Index, Pricing Supplement dated December __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the IndexSupplement No. SPMKTD-1 dated May 14, 2024 and the Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Enhanced Return Buffer Notes (the “Notes”) linked to the performance ofthe S&P 500 Market Agility 10 TCA 0.5% Decrement Index (the “Underlier”). Call Feature— If, on the Call Observation Date, the closing value of the Underlier is greater than or equal to theInitial Underlier Value, the Notes will be automatically called for a return of 10%. No further payments will be made Enhanced Return Potential— If the Notes are not automatically called and the Final Underlier Value is greaterthan the Initial Underlier Value, at maturity, investors will receive a return equal to 160% of the Underlier Return. Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue is less than or equal to the Initial Underlier Value, but is greater than or equal to the Buffer Value (90% ofthe Initial Underlier Value), at maturity, investors will receive the principal amount of their Notes. If the Notes are 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:78017PV32 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, indexsupplement and product 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 Proceeds to Royal Bank of Canada (1)We or one of our affiliates may pay varying selling concessions of up to $10.00 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 $990.00 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 with us a referral fee of up to $10.00 per $1,000 principal amount of 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 $900.00 and $950.00 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 Enhanced Return BufferNotes Linked to the S&P 500 Market 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, index 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 The S&P 500 Market Agility 10 TCA 0.5% Decrement Index. On each index calculation day, adecrement fee of 0.5% per annum (the “decrement fee”) is deducted from the level of theUnderlier and funding and transaction costs are deducted from the levels of its sub-indices. (1)The closing value of the Underlier on the Trade Date(2)90% of the Initial Underlier Value (rounded to two decimal places)December 19, 2025December 24, 2025December 19, 2030December 24, 2030 Trade Date:Issue Date:Valuation Date:* If, on the Call Observation Date, the closing value of the Underlier isgreater than or equal tothe Initial Underlier Value, the Notes will be automatically called. Under these circumstances,investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000princip