加拿大皇家银行美股招股说明书(2025-12-22版)

Pricing Supplement Capped Enhanced Return Buffer Notes,Each Linked to a Different Underlier,Due December 23, 2027 Pricing Supplement dated December 18, 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 two separate Capped Enhanced Return Buffer Notes (with respect to an offering, the“Notes”), each linked to the performance of a different equity index (with respect to an offering, the “Underlier”) as set forthin the table below. You may participate in one or more of the offerings. Each offering has its own terms, and references in Capped Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, atmaturity, investors will receive a return equal to 150% of the Underlier Return, subject to the Maximum Return. Contingent Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the InitialUnderlier Value, but is greater than or equal to the Buffer Value (90% of the Initial Underlier Value), at maturity,investors will receive the principal amount of their Notes. If the Final Underlier Value is less than the Buffer Value,at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement and 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 We or one of our affiliates may pay varying selling concessions of up to $22.50 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 $977.50 and $1,000.00 per$1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated with The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is set forth above per $1,000 principal amount of Notes and is less than the public offering price of the Notes. Themarket value of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be less thanthis amount. We describe the determination of the initial estimated value in more detail below. RBC Capital Markets, LLC Capped Enhanced Return Buffer Notes,Each Linked to a Different Underlier 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: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereofEach offering has its own terms, as set forth below and on the cover page of this pricingsupplement. Trade Date:Issue Date:Valuation Date:* If the Final Underlier Value is less than the Buffer Value, you will lose some or a substantialportion of your principal amount at maturity. All payments on the Notes are subject to ourcredit risk. 150% (subject to the Maximum Return)As specified on the cover page of this pricing supplement10%The Underlier Return, expressed as a percentage, is calculated using the following formula:Final Underlier Value – Initial Underlier ValueInitial Underlier Value Final Underlier Value: Calculation Agent: * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. 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, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1B dated July22, 2025. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all We have not authorized anyone t