加拿大皇家银行美股招股说明书(2026-01-12版)

The information in this preliminary pricing supplement is not complete and may be changed. $NotesLinked to a Basket of Three Underliers,Due January 17, 2031 Preliminary Pricing SupplementSubject to Completion: Dated January 12,2026 Royal Bank of Canada Pricing Supplement dated January __, 2026 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 1A dated May 16, 2024 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada is offering Notes (the “Notes”) linked to the performance of an unequally weighted basket (the“Basket”) consisting of the EURO STOXX 50®Index, the TOPIX®Index and the MSCI Emerging Markets Index (each, a“Basket Underlier”).Return Potential— If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to 100% of the Basket Return.Return of Principal at Maturity— If the Final Basket Value is less than or equal to the Initial Basket Value, atmaturity, investors will receive only the principal amount of their Notes, with no additional return.The Notes do not pay interest.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.CUSIP:78017UCH1 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-5 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 regulatory body 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. governmentalagency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common sharesunder subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Per NoteTotal Price to public(1)Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $33.50 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 $966.50 and $1,000.00 per$1,000 principal 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 estimated value, is expected to be between $897.00 and $947.00 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. 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. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereof Issuer:Underwriter:Minimum Investment:Basket Underliers: The EURO STOXX 50®Index (the “SX5E Index”), the TOPIX®Index (the “TPX Index”) andthe MSCI Emerging Markets Index (the “MXEF Index”) (1)With respect to each Basket Underlier, the closing value of that Basket Underlier on theTrade Date Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: Investors will receive on the Maturity Date per $1,000 principal amount of Notes:If the Final Basket Value isgreater thanthe Initial Basket Value, an amount equal * 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,