加拿大皇家银行美股招股说明书(2026-02-02版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Capped Enhanced Return Buffer Notes,Each Linked to a Different Underlier,Due February 29, 2028 Subject to Completion: Dated January 30, 2026 Pricing Supplement dated February __, 2026 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 two separate Capped Enhanced Return Buffer Notes (with respect to an offering, the“Notes”), each linked to the performance of a different equity index (with respect to an offering, the “Underlier”) as set forthin the table below. You may participate in one or more of the offerings. Each offering has its own terms, and references in Capped Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, atmaturity, investors will receive a return equal to 150% of the Underlier Return, subject to the Maximum Return.Contingent Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the Initial  Underlier Value, but is greater than or equal to the Buffer Value (90% of the Initial Underlier Value), at maturity,investors will receive the principal amount of their Notes. If the Final Underlier Value is less than the Buffer Value,at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Valueis less than the Initial Underlier Value in excess of the Buffer Percentage of 10%.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. Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement and product supplement. 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. governmental (1)We or one of our affiliates may pay varying selling concessions of up to $22.50 per $1,000 principal amount of Notes inconnection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notes for 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 $977.50 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 with The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is expected to be within the range set forth above 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. Issuer:Royal Bank of CanadaUnderwriter:RBC Capital Markets, LLC (“RBCCM”)Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereof Specific Terms for EachOffering:Each offering has its own terms, as set forth below and on the cover page of this pricingsupplement, and the terms for each offering will be finalized on the Trade Date. 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, contains the terms of the Notes and supersedes all We have not authorized anyone to provide any information or to make any representations other than those contained orincorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, andcan provide no assurance as to