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 thesesecurities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.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)Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) Royal Bank of CanadaSenior Global Medium-Term Notes, Series J Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature andContingent DownsidePrincipal at Risk Securities Linked to the Lowest Performing of the Ordinary Shares of ASML Holding N.V. and 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 UnderlyingStock on the relevant calculation day. The lowest performing Underlying Stock on any calculation day is theUnderlying Stock that has the lowest performance factor on that calculation day, calculated for each UnderlyingStock as the closing value of that Underlying Stock on that calculation daydivided byits starting value.Contingent Coupon.The securities will pay a contingent coupon on a quarterly basis until the earlier of stated maturity 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 previouslyunpaid). If the closing value of the lowest performing Underlying Stock on a calculation day is less than its couponthreshold value and the closing value of the lowest performing Underlying Stock on each subsequent calculationday up to and including the final calculation day is less than its coupon threshold value, you will not receive thepreviously unpaid contingent coupon payments in respect of those calculation days. Accordingly, if the closing valueof the lowest performing Underlying Stock is less than its coupon threshold value on every calculation day, you willnot receive any contingent coupons throughout the entire term of the securities. The coupon threshold value foreach Underlying Stock is equal to 70% of its starting value. The contingent coupon rate will be determined on thepricing date and will be at least 17.65% per annum.Automatic Call.If the closing value of the lowest performing Underlying Stock on any of the quarterly calculation 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.Potential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive 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 Stockisequal to 70% of its starting value.If the securities are not automatically called prior to stated maturity, you w