加拿大皇家银行美股招股说明书(2025-12-10版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. $Exchangeable NotesLinked to the Common Stock of Uber Technologies, Inc.,Due December 14, 2028 Preliminary Pricing SupplementSubject to Completion: Dated December 9,2025 Royal Bank of Canada Pricing Supplement dated December __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada is offering Exchangeable Notes (the “Notes”) linked to the performance of the common stock ofUber Technologies, Inc. (the “Underlier”).Return Potential— If the Final Underlier Value is greater than the Threshold Value (148.40% of the Initial Underlier Value), at maturity, investors will receive a return in cash (or, at our option, shares of the Underlier)based on the appreciation of the Underlier above the Threshold Value.Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the Threshold Value, atmaturity, investors will receive only the principal amount of their Notes in cash (or, at our option, shares of theUnderlier), with no additional return.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:78015QVG3 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 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 public Underwriting 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 $940.00 and $990.00 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 lessthan this amount. We describe the determination of the initial estimated value in more detail below. 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 and product supplement. Issuer:Underwriter:Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereofUnderlier: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) The common stock of Uber Technologies, Inc. (1)A price of one share of the Underlier determined on the Trade Date in the sole discretion ofthe Calculation Agent.The Initial Underlier Value is not the closing value of the Underlieron the Trade Date. (2)148.40% of the Initial Underlier Value (rounded to two decimal places) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: Investors will receive on the Maturity Date an amount in cash per $1,000 principal amount ofNotes equal to the greater of:$1,000; and the Alternative Redemption Amountor, at our option, shares of the Underlier in an amount equal to the payment at maturity calculated abovedivided bythe Final Underlier Value. Fractional shares will be paid in cashbased on the Final Underlier Value.The payment at maturity will be greater than $1,000 only if the Final Underlier Value is greater than the Threshold Value. All payments on the Notes are subject to our credit risk. $1,000 + [(Final Underlier Value / Threshold Value) - 1] × (Cumulative Extraordinary DividendAdjustment Factor × $1,000) AlternativeRedemption Amount:Final Underlier Value:Base Dividend: The closing value of the Underlier on the Valuation Date $0.00 per share of the Underlier for each calendar quarter. See “Annex A—Ordinary CashDividends” in this pricing supplement. Extraordinary DividendAs of the Trade Date, 1.00. As of each ex-d