加拿大皇家银行美股招股说明书(2025-12-18版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) Subject to Completion, dated December 17, 2025PRICING SUPPLEMENT dated December, 2025 (To the Product Supplement No. WF1 dated December 20, 2023 and theProspectus Supplement and the Prospectus, each dated December 20, 2023) Royal Bank of Canada Senior Global Medium-Term Notes, Series J Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature andContingent Downside the Common Stock of Eli Lilly and Company due December 29, 2028 Linked to the lowest performing of the ordinary shares of ASML Holding N.V. and the common stock of Eli Lilly andCompany (each referred to as an “Underlying Stock”)Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at stated maturity and are subject to potential automatic call prior to stated maturity upon theterms described below. Whether the securities pay a contingent coupon, whether the securities are automaticallycalled prior to stated maturity and, if they are not automatically called, whether you receive the face amount of yoursecurities at stated maturity will depend, in each case, on the closing value of the lowest performing Underlying Contingent Coupon.The securities will pay a contingent coupon on a quarterly basis until the earlier of statedmaturity or automatic call if the closing value of the lowest performing Underlying Stock on the calculation day forthe relevant quarter is greater than or equal to its coupon threshold value. If the closing value of the lowestperforming Underlying Stock on a calculation day is less than its coupon threshold value, you will not receive anycontingent coupon for the relevant quarter. However, if the closing value of the lowest performing Underlying Stockon one or more calculation days is less than its coupon threshold value and, on a subsequent calculation day, theclosing value of the lowest performing Underlying Stock on that subsequent calculation day is greater than or equalto its coupon threshold value, the securities will pay the contingent coupon payment due for that subsequentcalculation dayplusall previously unpaid contingent coupon payments (without interest on amounts previously days scheduled to occur from June 2026 to September 2028, inclusive, is greater than or equal to its starting value,the securities will be automatically called for the face amountplusa final contingent coupon payment and anypreviously unpaid contingent coupon payments. the face amount at stated maturity if the closing value of the lowest performing Underlying Stock on the finalcalculation day is greater than or equal to its downside threshold value. If the closing value of the lowest performingUnderlying Stock on the final calculation day is less than its downside threshold value, you will lose more than 30%,and possibly all, of the face amount of your securities. The downside threshold valuefor each Underlying Stockis lowest performing Underlying Stock on the final calculation day from its starting value if its closing value on the finalcalculation day is less than its downside threshold value, but you will not participate in any appreciation of eitherUnderlying Stock and will not receive any dividends on either Underlying Stock. Your return on the securities will dependsolelyon the performance of the Underlying Stock that is the lowestperforming Underlying Stock on each calculation day. You will not benefit in any way from the performance of thebetter performing Underlying Stock. Therefore, you will be adversely affected ifeither Underlying Stockperformspoorly, even if the other Underlying Stock performs favorably. Underlying Stock for payment; if Royal Bank of Canada, as issuer, defaults on its obligations, you could lose someor all of your investment.No exchange listing; designed to be held to maturity or automatic call The initial estimated value of the securities determined by us as of the pricing date, which we refer to as the initialestimated value, is expected to be between $914.00 and $964.00 per security and will be less than the originaloffering price of the securities. The final pricing supplement relating to the securities will set forth the initial accuracy and may be less than this amount. We describe the determination of the initial estimated value in moredetail below.The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” beginning on page PS-9 hereinand “Risk Factors” beginning on page PS-5 of the accompanying product supplement.The securities are the unsecured obligations of R