加拿大皇家银行美股招股说明书(2025-12-29版)

$751,000Auto-Callable Contingent Coupon Barrier NotesLinked to the Least Performing of Three Underliers,Due December 29, 2028 Pricing Supplement Pricing Supplement dated December 23, 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 iShares®U.S. Real Estate ETF, the Nasdaq-100 Index® and the Russell 2000®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 10.50% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (75% 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 (60% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplus any Contingent Couponotherwise due. If the Notes are not automatically called and the Final Underlier Value of the Least Performing CUSIP:78017PYU9Investing 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 (1)RBC Capital Markets, LLC, acting as our agent, will not receive a commission in connection with its sales of the Notes.We or one of our affiliates may pay a broker-dealer that is not affiliated with us a referral fee of up to $7.50 per $1,000principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below. The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is $992.26 per $1,000 principal amount of Notes and is less than the public offering price of the Notes. The marketvalue of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be less than thisamount. 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:Minimum Investment: Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereofThe iShares®U.S. Real Estate ETF (the “IYR Fund”), the Nasdaq-100 Index® Index”) and the Russell 2000®Index (the “RTY Index”). We refer to each of the NDX Index and the RTY Index as an “Index.” With respect to each Underlier, 60% of its Initial Underlier Value (rounded to twodecimal places for the IYR Fund and the NDX Index and rounded to three decimal placesfor the RTY Index)December 23, 2025 Trade Date:Issue Date:Valuation 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 value ofany Underlier is less than its Coupon Threshold on the immediately preceding CouponObservation Date. Accordingly, you may not receive a Contingent Coupon on one or If payable, $26.25 per $1,000 principal amount of Notes (corresponding to a rate of2.625% per quarter or 10.50% per annum) Contingent Coupon: If, on any Call Observation Date, the closing value of each Underlier isgreater than orequal toits Initial Underlier Va