加拿大皇家银行美股招股说明书(2026-02-11版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated February 10,2026 Auto-Callable Contingent Coupon Barrier NotesLinked to the Least Performing of Three Underliers,Due February 17, 2028 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 Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the least performing of the Nasdaq-100 Index®, the Russell 2000®Index and the State Street® SPDR®ETF (each, an “Underlier”). Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a monthly Coupon Payment Date at a rate of 12.85% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (70% of its Initial Underlier Value) on the immediately preceding Coupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes. Call Feature— If, on any monthly Call Observation Date beginning approximately six months following the TradeDate, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No further Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is greater than or equal to its Barrier Value (70% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplusthe Contingent Coupon otherwisedue. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is The Notes will not be listed on any securities exchange.CUSIP:78017UGZ7 Investing 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 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. governmental We or one of our affiliates may pay varying selling concessions of up to $5.00 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 $995.00 and $1,000.00 per$1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below. value, is expected to be between $925.00 and $975.00 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. Auto-Callable Contingent CouponBarrier Notes Linked to the Least 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 product Issuer:Underwriter: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The Nasdaq-100 Index®(the “NDX Index”), the Russell 2000®and the State Street®Energy Select Sector SPDR®ETF (the “XLE Fund”). We refer to each of the NDX Index and the RTY Index as an “Index.” (1)With respect to each Underlier, the closing value of that Underlier on the Trade Date(2)With respect to each Underlier, 70% of its Initial Underlier Value (rounded to twodecimal places for the NDX Index and the XLE Fund and rounded to three decimalplaces for the RTY Index) Trade Date:Issue Date:Valuation Date:* February 13, 2026February 19, 2026February 14, 2028 If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of each Underlier isgreaterthanor equal to its Coupon Thres