加拿大皇家银行美股招股说明书(2025-12-15版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated December 15,2025 Redeemable Fixed Rate Notes,Due December 31, 2040 Royal Bank of Canada Pricing Supplement dated December __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the Product Royal Bank of Canada is offering the Redeemable Fixed Rate Notes (the “Notes”) described below.The Notes will accrue interest at the rate of 5.25% per annum, payable annually. We may redeem the Notes in whole, but not in part, as described under “Key Terms” below.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.The Notes are bail-inable notes (as defined in the accompanying prospectus supplement) and are subject to CUSIP:78014RA26Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-4 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 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 Price to public(1)Underwriting discounts and commissionsProceeds to Royal Bank of Canada RBC Capital Markets, LLC will purchase the Notes from us on the Issue Date at purchase prices between $975.00 and$1,000.00 per $1,000 principal amount of Notes, and will pay all or a portion of its underwriting discount of up to $25.00per $1,000 principal amount of Notes to certain selected broker-dealers as a selling concession. Certain dealers whopurchase the Notes for sale to certain fee-based advisory accounts and/or eligible institutional investors may forgo someor all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes in Redeemable Fixed Rate Notes 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. Redeemable Fixed Rate Notes 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, and the product supplement no. 1B dated July 22, 2025. This pricing supplement, together with thesedocuments, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as 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 conventional You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, byreviewing our filings for the relevant date on the SEC website): Prospectus dated December 20, 2023:https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm Prospectus Supplement dated December 20, 2023:https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm Product Supplement No. 1B dated July 22, 2025:https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, “Royal Bank ofCanada,” the “Bank,” “we,” “our” and “us” mean only Royal Bank of Canada. Redeemable Fixed Rate Notes SELECTED RISK CONSIDERATIONS An investment in the Notes involves risks not associated with an investment in ordinary fixed rate notes. We urge you toconsult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks thatapply to an investment in the Notes are summarized below, but we urge you to read also the “