加拿大皇家银行美股招股说明书(2025-12-05版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated December 4, 2025 Pricing Supplement dated December __, 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 Buffer Digital Notes (the “Notes”) linked to the performance of the S&P 500®“Underlier”). Contingent Fixed Return— If the Final Underlier Value is greater than or equal to the Buffer Value (90% of theInitial Underlier Value), at maturity, investors will receive a fixed return equal to the Digital Return of 17.15%.Principal at Risk— If the Final Underlier Value is less than the Buffer Value, at maturity, investors will lose 1% ofthe principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial UnderlierValue in excess of the Buffer Percentage of 10%. CUSIP:78017PX63 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 and 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 We or one of our affiliates may pay varying selling concessions of up to $2.50 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 $997.50 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 $2.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of value, is expected to be between $942.50 and $992.50 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 lessthan this amount. 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 Final Underlier Value:The closing value of the Underlier on the Valuation DateCalculation Agent:RBCCM * 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. 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, tax, accounting and