加拿大皇家银行美股招股说明书(2026-01-15版)

Pricing Supplement $1,000,000Auto-Callable Contingent Coupon Barrier Notes withMemory CouponLinked to the Common Stock of Blackstone Inc.,Due January 14, 2027 Pricing Supplement dated January 13, 2026 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (the “Notes”)linked to the performance of the common stock of Blackstone Inc. (the “Underlier”).Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors will receive a Contingent Coupon on a quarterly Coupon Payment Date at a rate of 12.25% per annum if the closingvalue of the Underlier is greater than or equal to the Coupon Threshold (70% of the Initial Underlier Value) on theimmediately preceding Coupon Observation Date. A Contingent Coupon that is not payable on a Coupon PaymentDate may be paid later, but only if the closing value of the Underlier is greater than or equal to the CouponThreshold on a later Coupon Observation Date. You may not receive any Contingent Coupons during the term ofthe Notes.Call Feature— If, on any quarterly Call Observation Date beginning approximately six months following the Trade Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon and any unpaid ContingentCoupons otherwise due. No further payments will be made on the Notes.Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final Underlier Value is greater than or equal to the Barrier Value (70% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe Contingent Coupon and any unpaid Contingent Couponsotherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the BarrierValue, at maturity, investors will receive shares of the Underlier that will likely be worth significantly less than theprincipal amount of their Notes and could be worth nothing.Any payments on the Notes are subject to our credit risk. CUSIP:78015QVL2Investing 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 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 $6.50 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 $993.50 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 withus a referral fee of up to $1.00 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” 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 $981.33 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. RBC Capital Markets, LLC Auto-Callable Contingent CouponBarrier Notes with Memory CouponLinked to the Common Stock ofBlackstone Inc. KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. Issuer:Underwriter:Minimum Investment:Underlier: Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”) $1,000 an