加拿大皇家银行美股招股说明书(2025-12-08版)

Preliminary Pricing SupplementSubject to Completion: Dated December 8, 2025 $Lookback Entry Capped Enhanced Return GearedBuffer NotesLinked to the iShares®Silver Trust,Due December 9, 2027 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 ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Lookback Entry Capped Enhanced Return Geared Buffer Notes (the “Notes”) linked tothe performance of the iShares®Silver Trust (the “Underlier”).Lookback Feature— The Lookback Underlier Value will be the lowest closing value of the Underlier on any scheduled trading day during the one-month Lookback Observation Period beginning on the Strike Date.Capped Enhanced Return Potential— If the Final Underlier Value is greater than the Lookback Underlier Value,at maturity, investors will receive a return equal to 105% of the Underlier Return, subject to the Maximum Returnof 50.60%.Contingent Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the LookbackUnderlier Value, but is greater than or equal to the Buffer Value (90% of the Lookback Underlier Value), atmaturity, investors will receive the principal amount of their Notes. If the Final Underlier Value is less than theBuffer Value, at maturity, investors will lose approximately 1.11111% of the principal amount of their Notes for each1% that the Final Underlier Value is less than the Lookback Underlier Value in excess of the Buffer Percentage of10%.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:78017PXG1 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 andproduct supplement.None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatory body 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. governmentalagency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common sharesunder subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Per NoteTotal Price to publicUnderwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) 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 estimated value, is expected to be between $921.64 and $971.64 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. Issuer:Underwriter:Minimum Investment:Underlier:Strike Date:Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: If the Final Underlier Value isgreater thanthe Lookback Underlier Value, anamount equal to: $1,000 + ($1,000 × the lesser of (a) Underlier Return × Participation Rate and (b)Maximum Return) If the Final Underlier Value isless than or equal tothe Lookback UnderlierValue, but isgreater than or equal tothe Buffer Value: $1,000 $1,000 + [$1,000 × (Underlier Return + Buffer Percentage) × Downside Multiplier] Participation Rate:Maximum Return: 105% (subject to the Maximum Return) 50.60%. Accordingly, the maximum payment at maturity will be $1,506 per $1,000 principalamount of Notes. Buffer Value:Buffer Percentage:Downside Multiplier:Underlier Return: 100% / 90%, which is approximately 1.11111 TheUnderlier Return,expressed as a percentage,is calculated using the followingformula: Final Underlier Value – Lookback Underlier ValueLookback Underlier Value Lookback Underlier Value:The lowest closing value of the Underlier on any scheduled trading day during the Lookback Observation Period. In no event will