加拿大皇家银行美股招股说明书(2026-01-27版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) Subject to Completion, dated January 26, 2026PRICING SUPPLEMENT dated January (To the Product Supplement No. WF1 dated December 20, 2023 and the Prospectus Supplement and the Prospectus, each dated December 20, 2023) Royal Bank of Canada Senior Global Medium-Term Notes, Series J Market Linked Securities—Auto-Callable with Leveraged Upside Participation, Contingent Absolute Return andContingent Downside Stock of RTX Corporation due February 2, 2029 Linked to the lowest performing of the common stock of Lockheed Martin Corporation and the common stock of RTX Corporation (eachreferred 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 statedmaturity and are subject to potential automatic call prior to stated maturity upon the terms described below. Whether the securities areautomatically called prior to stated maturity for a fixed call premium or, if they are not automatically called, the maturity payment amount willdepend, in each case, on the closing value of the lowest performing Underlying Stock on the call date or the calculation day, as applicable. The Automatic Call.If the closing value of the lowest performing Underlying Stock on the call date occurring approximately one year after issuanceis greater than or equal to its starting value, the securities will be automatically called for the face amountplusa call premium of at least16.00% of the face amount (to be determined on the pricing date). Maturity Payment Amount.If the securities are not automatically called prior to stated maturity, you will receive a maturity payment amountthat could be greater than, equal to or less than the face amount of the securities, depending on the performance of the lowest performingUnderlying Stock on the calculation day from its starting value to its ending value. The maturity payment amount will reflect the following terms: If the value of the lowest performing Underlying Stock on the calculation day increases, you will receive the face amountplusa positivereturn equal to 200% of the percentage increase in the value of that Underlying Stock from its starting value to its ending value. If the value of the lowest performing Underlying Stock on the calculation day decreases but the decrease is not more than 40%, you willreceive the face amountplusa positive return equal to the absolute value of the percentage decline in the value of that Underlying Stockfrom its starting value to its ending value, which will be effectively capped at a positive return of 40%. If the value of the lowest performing Underlying Stock on the calculation day decreases by more than 40%, you will have full downsideexposure to the decrease in the value of that Underlying Stock from its starting value, and you will lose more than 40%, and possibly all, ofthe face amount of your securities. Investors may lose a significant portion, or all, of the face amount. Your return on the securities will dependsolelyon the performance of the Underlying Stock that is the lowest performing Underlying Stock onthe call date or the calculation day, as applicable. You will not benefit in any way from the performance of the better performing UnderlyingStock. Therefore, you will be adversely affected ifeither Underlying Stockdeclines below its threshold value, even if the other Underlying If the securities are automatically called, the positive return on the securities will be limited to the call premium, and you will not participate inany appreciation of either Underlying Stock, which may be significant. If the securities are automatically called, you will no longer have theopportunity to participate in any appreciation of either Underlying Stock at the upside participation rate or earn any positive return from any All payments on the securities are subject to credit risk, and you will have no ability to pursue the issuer of either Underlying Stock for payment;if Royal Bank of Canada, as issuer, defaults on its obligations, you could lose some or all of your investment. No periodic interest payments or dividends No exchange listing; designed to be held to maturity or automatic call The initial estimated value of the securities determined by us as of the pricing date, which we refer to as the initial estimated value, isexpected to be between $900.00 and $950.00 per security and will be less than the original offering price of the securities. The final pricingsupplement relating to the securities will set forth the initial estimated value. The market value of the securities at any time will reflect manyfactors, cannot be predicted with accuracy and may be less than this amount. We describe the determination of the initial estimated value The securities have complex features and investing in the securities involves risks not associated with an investme