加拿大皇家银行美股招股说明书(2025-12-16版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated December 15,2025 Auto-Callable Contingent Coupon Barrier NotesLinked to the Least Performing of Two Underliers,Due December 15, 2028 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 Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the least performing of the State Street®SPDR®S&P®Regional Banking ETF and the State Street® SPDR®S&P®Oil& Gas Exploration & Production ETF (each, an “Underlier”). Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a quarterly Coupon Payment Date at a rate of 17.00% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (80% of its Initial Underlier Value) on the immediately precedingCoupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes. Call Feature— If, on any quarterly Call Observation Date beginning approximately six months following the TradeDate, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No further Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is greater than or equal to its Barrier Value (80% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplusthe Contingent Coupon otherwisedue. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is The Notes will not be listed on any securities exchange.CUSIP:78017PY47 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 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 Underwriting discounts and commissions Proceeds to Royal Bank of Canada We or one of our affiliates may pay varying selling concessions of up to $10.00 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 $990.00 and $1,000.00 per$1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below. value, is expected to be between $900.00 and $950.00 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. Auto-Callable Contingent CouponBarrier Notes Linked to the Least 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: The State Street®SPDR®S&P®Regional Banking ETF (the “KRE Fund”) and theState Street®SPDR®S&P®Oil & Gas Exploration & Production ETF (the “XOP Fund”) Underlier on the Trade Date. (2)With respect to each Underlier, 80% of its Initial Underlier Value (rounded to twodecimal places) December 12, 2025December 15, 2025December 18, 2025 Strike Date:Trade Date:Issue Date: If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of each Underlier isgreaterthanor equal to its Coupon Threshold on the immediately preceding Coupon No Contingent Coupon will be payable on a Coupon Payment Date if the closing valueof any Underlier is less than its Coupon Threshol