加拿大皇家银行美股招股说明书(2026-01-28版)

Pricing SupplementPricing Supplement dated January 26, 2026 to the Prospectus 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 Enhanced Return Dual Directional Barrier Notes (the “Notes”) linked to theperformance of the common stock of Oracle Corporation (the “Underlier”). Call Feature— If, on the Call Observation Date, the closing value of the Underlier is greater than or equal to theInitial Underlier Value, the Notes will be automatically called for a return of 25.50%. No further payments will bemade on the Notes.Enhanced Return Potential— If the Notes are not automatically called and the Final Underlier Value is greater than the Initial Underlier Value, at maturity, investors will receive a return equal to 150% of the Underlier Return.Absolute Value Return— If the Notes are not automatically called and the Final Underlier Value is less than orequal to the Initial Underlier Value, but is greater than or equal to the Barrier Value (65% of the Initial UnderlierValue), at maturity, investors will receive a one-for-one positive return equal to the absolute value of the UnderlierReturn.Principal at Risk— If the Notes are not automatically called and the Final Underlier Value is less than the BarrierValue, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final UnderlierValue is less than the Initial Underlier Value.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:78017UEB2 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-8 ofthis 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. 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. 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 $23.50 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 $976.50 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 estimatedvalue, is $973.51 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 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:$1,000 and minimum denominations of $1,000 in excess thereofUnderlier: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) The common stock of Oracle Corporation (1)The closing value of the Underlier on the Trade Date (2)65% of the Initial Underlier Value (rounded to two decimal places) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Call Feature: January 26, 2026 January 29, 2026 January 26, 2028 January 31, 2028 If, on the Call Observation Date, the closing value of the Underlier isgreater than or equal tothe Initial Underlier Value, the Notes will be automatically called. Under these circumstances,investors will receive on the Call Settlement Date per $1,000 principal amount of Notes anamount equal to $1,255 (125.50% of the principal amount). No further payments will be madeon the Notes. If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000principal amount of Notes: Payment at Maturity: If the Final U