加拿大皇家银行美股招股说明书(2025-12-04版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) Subject to Completion, dated December 3, 2025PRICING SUPPLEMENT dated December, 2025 (To the Product Supplement No. WF1 dated December 20, 2023 and the Prospectus Royal Bank of Canada Senior Global Medium-Term Notes, Series JMarket Linked Securities—Contingent Coupon with Memory Feature and Fixed PercentageBuffered Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc. andthe Class A Common Stock of Alphabet Inc. due December 20, 2027 Linked to the lowest performing of the common stock of Amazon.com, Inc. and the Class A common stock ofAlphabet Inc. (each referred to as an “Underlying Stock”) Unlike ordinary debt securities, the securities do not provide for fixed payments of interest and do not repay a fixed amount of principal at stated maturity. Whether the securities pay a contingent coupon and whether you receive theface amount of your securities at stated maturity will depend, in each case, on the closing value of the lowestperforming Underlying Stock on the relevant calculation day. The lowest performing Underlying Stock on any value.Contingent Coupon.The securities will pay a contingent coupon on a quarterly basis until the stated maturity if theclosing value of the lowest performing Underlying Stock on the calculation day for the relevant quarter is greater thanor equal to its coupon threshold value. If the closing value of the lowest performing Underlying Stock on a calculationday is less than its coupon threshold value, you will not receive any contingent coupon for the relevant quarter.However, if the closing value of the lowest performing Underlying Stock on one or more calculation days is less thanits coupon threshold value and, on a subsequent calculation day, the closing value of the lowest performingUnderlying Stock on that subsequent calculation day is greater than or equal to its coupon threshold value, thesecurities will pay the contingent coupon payment due for that subsequent calculation dayplusall previously unpaidcontingent coupon payments (without interest on amounts previously unpaid). If the closing value of the lowest performing Underlying Stock on the final calculation day is greater than or equal to its downside threshold value. Ifthe closing value of the lowest performing Underlying Stock on the final calculation day is less than its downsidethreshold value, you will have 1-to-1 downside exposure to the decrease in the value of that Underlying Stock in the final calculation day in excess of the buffer amount if its closing value on the final calculation day is less than itsdownside threshold value, but you will not participate in any appreciation of either Underlying Stock and will notreceive any dividends on either Underlying Stock. Your return on the securities will dependsolelyon the performance of the Underlying Stock that is the lowestperforming Underlying Stock on each calculation day. You will not benefit in any way from the performance of thebetter performing Underlying Stock. Therefore, you will be adversely affected ifeither Underlying Stockperforms All payments on the securities are subject to credit risk, and you will have no ability to pursue the issuer of eitherUnderlying Stock for payment; if Royal Bank of Canada, as issuer, defaults on its obligations, you could lose some orall of your investment. No exchange listing; designed to be held to maturityThe initial estimated value of the securities determined by us as of the pricing date, which we refer to as the initial estimated value, is expected to be between $901.50 and $951.50 per security and will be less than the originaloffering price of the securities. The final pricing supplement relating to the securities will set forth the initialestimated value. The market value of the securities at any time will reflect many factors, cannot be predicted with The securities have complex features and investing in the securities involves risks not associated with aninvestment in conventional debt securities. See “Selected Risk Considerations” beginning on page PS-9 herein and“Risk Factors” beginning on page PS-5 of the accompanying product supplement. securities are subject to the credit risk Royal Bank of Canada. If Royal Bank of Canada, as issuer, defaults on itsobligations, you could lose some or all of your investment. None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any otherregulatory body has approved or disapproved of the securities or passed upon the adequacy or accuracy of thispricing supplement. Any representation to the contrary is a criminal offense. The securities will not constituted