ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is issuing $11,078,800 of Capped Buffer GEARS linked to the S&P 500 Index, maturing on November 2, 2027.

At maturity, if the index return is positive, holders receive principal plus 2.0x the index return, up to a 22% Maximum Gain. If the return is zero or negative but the final level is at or above the Downside Threshold, principal is returned. If the final level is below the threshold, losses match the decline beyond a 10% Buffer, up to a 90% loss of principal.

The Securities pay no interest or dividends, are senior unsecured and not exchange‑listed; repayment is subject to RBC’s credit. Denominations are $10 (minimum investment $1,000). UBS acts as placement agent to fee‑based accounts with no commission. The initial estimated value is $9.97 per $10 Security.

Royal Bank of Canada plans to issue Redeemable Fixed Rate Notes due November 14, 2028 under a 424B2 pricing supplement. The Notes pay 4.00% per annum, with semiannual interest on May 14 and November 14, beginning May 14, 2026, calculated on a 30/360 basis. Minimum investment is $1,000 and in $1,000 increments. Pricing is expected on November 12, 2025, with issuance on November 14, 2025.

The Notes are callable at RBC’s option, in whole and not in part, on the interest date on November 14, 2026 and on each Interest Payment Date thereafter, with 10 business days’ notice. If not redeemed, investors receive principal at maturity plus the final interest payment, subject to RBC’s credit risk. The Notes are bail-inable under Canadian law, meaning they may be converted into RBC (or affiliate) common shares in a bail-in conversion. RBC Capital Markets, LLC will purchase the Notes at $990–$1,000 per $1,000 principal, with up to $10 per $1,000 in selling concessions; certain fee-based or eligible institutional accounts may pay as low as $990 per $1,000.

Royal Bank of Canada plans to offer Redeemable Fixed Rate Notes due November 14, 2030. The notes pay a fixed 4.25% per annum, with semiannual interest on May 14 and November 14, beginning May 14, 2026. Payments are subject to the issuer’s credit risk.

The notes are callable at the bank’s option, in whole but not in part, on November 14, 2027 and on each interest payment date thereafter, with 10 business days’ notice. Minimum investment is $1,000. RBC Capital Markets, LLC is the underwriter; certain accounts may purchase at prices as low as $985 per $1,000 principal, reflecting selling concessions of up to $15 per $1,000. These are Canadian bail-inable notes, meaning they may be converted into common shares under the CDIC bail-in regime.

Royal Bank of Canada filed a preliminary 424B2 for Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the least performing of Johnson & Johnson, Lowe’s Companies, and Taiwan Semiconductor Manufacturing (ADS). The Notes are due November 10, 2028 and pay a contingent coupon of $10.625 per $1,000 if, on the relevant monthly observation date, each underlier is at or above its coupon threshold.

The contingent coupon rate is 12.75% per annum (1.0625% monthly). The coupon threshold and barrier for each underlier are set at 60% of its initial value. The Notes auto-call on monthly call observation dates (starting February 2026) if each underlier is at or above its initial value, returning $1,000 plus any due coupons. If not called, at maturity investors receive $1,000 if the least performing underlier is at or above its barrier; otherwise, repayment is $1,000 + ($1,000 × underlier return), risking substantial loss of principal if the least performer finishes below its barrier.

Price to public is 100%, underwriting discount 3%, and proceeds to RBC 97%. The initial estimated value is expected between $900 and $950 per $1,000, reflecting fees and hedging costs. All payments are subject to RBC’s credit risk.

Royal Bank of Canada filed a preliminary pricing supplement for Geared Buffer Digital Notes linked to Micron Technology (MU). These structured notes offer a fixed Digital Return of 20.65% if the final Micron stock value is at or above the Digital Barrier (80% of the initial value). Principal is fully returned if the final value is below the barrier but at or above the Buffer Value (60%). Below the buffer, losses accelerate using a Downside Multiplier of approximately 1.66667.

The notes are priced at 100% of principal, with a 1.00% underwriting discount and 99.00% proceeds to RBC per note. Minimum investment is $1,000. The initial estimated value is expected to be between $928 and $978 per $1,000, which is less than the public offering price. Key dates: Trade Date November 7, 2025, Valuation Date December 7, 2026, and Maturity Date December 10, 2026. Payments are subject to RBC’s credit risk.

Royal Bank of Canada plans to offer Redeemable Fixed Rate Notes under its medium-term note program. The notes pay 4.50% per annum, with annual interest each November 12, starting in 2026, and mature on November 12, 2032. They are callable at the bank’s option, in whole but not in part, on November 12, 2027 and on each subsequent interest payment date, with 10 business days’ notice.

RBCCM will purchase the notes at $982.50 to $1,000 per $1,000 principal and may pay up to $17.50 per $1,000 as selling concessions. Minimum investment is $1,000, in $1,000 denominations. Payments depend on RBC’s credit, and the notes are designated as bail-inable under Canadian law, meaning they may be converted into equity or varied in a resolution event. Day count is 30/360; RBCCM is calculation agent. Investors should review the risk considerations and tax discussion referenced in the supplement.

Royal Bank of Canada is offering Auto‑Callable Contingent Coupon Barrier Notes linked to the least performing of Novo Nordisk ADS and UnitedHealth common stock, for an aggregate price to public of $4,612,000. Underwriting discounts are 1.75% ($80,710), with proceeds to RBC of $4,531,290.

The Notes pay a contingent coupon of $24.375 per $1,000 quarterly (9.75% per annum) if each underlier is at or above its coupon threshold. A memory feature allows missed coupons to be paid later when conditions are met. The Notes auto‑call quarterly starting April 29, 2026 if each underlier is at or above its initial value.

At maturity on May 4, 2027, if not called: investors receive $1,000 per Note if the least performing underlier is at or above its 50% barrier; otherwise principal is reduced one‑for‑one with the underlier’s decline, potentially to zero. The initial estimated value is $970.89 per $1,000, below the public offering price. Key dates: Trade October 29, 2025; Issue October 31, 2025; Valuation April 29, 2027.

Royal Bank of Canada filed a preliminary pricing supplement for Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the VanEck Gold Miners ETF (GDX), the Nasdaq-100 Technology Sector Index (NDXT) and the Consumer Staples Select Sector SPDR Fund (XLP). The Notes pay a contingent coupon of $9.375 per $1,000 (0.9375% monthly; 11.25% per annum) only if each Underlier is at or above 70% of its initial value on the observation date.

The Notes are automatically called if, on a quarterly call observation date, each Underlier is at or above its initial value; upon call, holders receive $1,000 plus the due coupon. If held to maturity and the least performing Underlier is at or above 60% of its initial value, principal is returned; otherwise repayment is reduced one-for-one with the Underlier’s loss, which can result in losing most or all principal.

Price to public is 100.00%, underwriting discounts are 3.625%, and proceeds to the issuer are 96.375% per $1,000. The initial estimated value is expected between $858.00 and $908.00 per $1,000. Key dates: Trade Date Nov 6, 2025; Maturity Nov 12, 2030. All payments are subject to issuer credit risk.

Royal Bank of Canada is offering Redeemable Fixed Rate Notes, registering an aggregate principal amount of $3,164,000 at 100% of face value. The notes pay 4.05% per annum, with interest paid annually on October 31, beginning October 31, 2026. They mature on October 31, 2029 and are redeemable at the issuer’s option, in whole, on any interest payment date starting October 31, 2026 with 10 business days’ prior written notice.

Total underwriting discounts and commissions are $16,452.80 (0.52%), resulting in issuer proceeds of $3,147,547.20 (99.48%). Minimum investment is $1,000 (and multiples of $1,000). Payments are subject to RBC’s credit risk, and the notes are bail-inable under Canadian law, meaning they may be converted into equity or written down in a resolution scenario.

Royal Bank of Canada is offering Enhanced Return Barrier Notes linked to an unequally weighted basket of the EURO STOXX 50, Nikkei 225, FTSE 100, Swiss Market Index, and S&P/ASX 200. The offering totals $290,000 at 100% of face value, with a 3.50% underwriting discount and $279,850 in proceeds to RBC.

The Notes provide 158% participation in Basket gains if the Final Basket Value exceeds the Initial Basket Value. If the Final Basket Value is at or above the Barrier Value of 75 (75% of Initial) but not higher than Initial, repayment is $1,000. If below the Barrier, repayment decreases one-for-one with the Basket Return, risking substantial principal loss. All payments are subject to RBC’s credit risk and are not insured.

Key dates: Trade Date October 28, 2025, Issue Date October 31, 2025, Valuation Date October 28, 2030, Maturity Date October 31, 2030. Minimum investment is $1,000. The initial estimated value is $941.67 per $1,000. Basket weights: SX5E 40%, NKY 25%, UKX 17.5%, SMI 10%, AS51 7.5%.

Royal Bank of Canada priced $1,000,000,000 of senior fixed rate/floating rate notes due November 3, 2031. The notes pay a fixed 4.305% per annum through November 3, 2030, then switch to a quarterly floating rate equal to the USD Compounded SOFR Index Rate + 0.980% until maturity.

The notes were offered at 100.000% of principal with a 0.250% underwriting discount, resulting in expected proceeds to the issuer of $997,500,000. Denominations are $2,000 and integral multiples of $1,000. The notes are bail-inable under the CDIC Act, are senior unsecured obligations, and will not be listed on any exchange. Settlement is expected on or about November 3, 2025 via DTC (including Euroclear, Clearstream and CDS).

Optional redemption: a make-whole call may be exercised at any time prior to November 3, 2030; at par, in whole only, on November 3, 2030; and at par, in whole or in part, on or after October 4, 2031. Interest during the fixed period is paid semi-annually (May 3 and November 3); during the floating period it is paid quarterly (Feb 3, May 3, Aug 3, and at maturity). All payments are subject to the issuer’s credit risk.

Royal Bank of Canada is offering $750,000,000 of 3.995% senior fixed rate/floating rate notes due November 3, 2028 under a Rule 424(b)(2) pricing supplement. The price to the public is 100.000% with a 0.100% underwriting discount, resulting in expected proceeds to the bank of $749,250,000.

The notes pay a fixed 3.995% coupon from the issue date to, but excluding, November 3, 2027, then float at the USD Compounded SOFR Index Rate + 0.700%, reset quarterly. Interest is paid semi-annually during the fixed period (May 3/Nov 3) and quarterly during the floating period (Feb 3/May 3/Aug 3/Maturity in 2028). Minimum denominations are $2,000 and integral multiples of $1,000.

The notes are senior unsecured, bail-inable under the CDIC Act, and will not be listed on any exchange. Optional redemption: make-whole prior to November 3, 2027; at 100% on November 3, 2027 (in whole); and at 100% on or after October 4, 2028. Settlement is expected on November 3, 2025 via DTC (including Euroclear, Clearstream and CDS).

Royal Bank of Canada is offering $500,000,000 of senior unsecured floating-rate notes due November 3, 2028 under a Rule 424(b)(2) pricing supplement. The notes pay quarterly interest at the USD Compounded SOFR Index Rate + 0.700%, using an Actual/360 day count, with payments each February 3, May 3, August 3 and November 3, beginning February 3, 2026.

The notes are bail-inable under the CDIC Act and may be converted into common shares in a resolution scenario. RBC may redeem at par (plus accrued interest) in whole on November 3, 2027, and in whole or in part on or after October 4, 2028. The offering is priced at 100.000%, with a 0.100% underwriting discount; estimated proceeds to RBC are $499,500,000. Minimum denominations are $2,000 and integral multiples of $1,000. The notes will be delivered in book-entry form via DTC on November 3, 2025 and will not be listed on any exchange. Lead managers include RBC Capital Markets and Goldman Sachs & Co. LLC.

Royal Bank of Canada is offering Redeemable Range Accrual Notes linked to the 10‑Year U.S. Dollar SOFR ICE Swap Rate, with a total offering size of $5,000,000. The price to the public is 100.00%, underwriting discounts are 0.40% ($20,000), and proceeds to the issuer are $4,980,000. The initial estimated value is $980.50 per $1,000.

Interest for each period equals 5.75% multiplied by the fraction of Accrual Days, defined as days when the reference rate is between the Lower Barrier 0.00% and Upper Barrier 4.50%. Interest is paid quarterly starting January 30, 2026, with maturity on October 30, 2030, unless redeemed.

The Notes are callable at the issuer’s option, in whole, on the October 30, 2026 interest date and on each quarterly interest date thereafter, paying principal plus any accrued interest. Denominations are $1,000 and integral multiples. All payments are subject to issuer credit risk, with RBCCM as calculation agent and a 30/360 day count.

Royal Bank of Canada announced a 424B2 offering of Auto-Callable Contingent Coupon Buffer Notes linked to the Bloomberg US Large Cap VolMax Index. The Notes pay a contingent coupon of $37.50 per $1,000 (3.75% quarterly; 15.00% per annum) only when the Underlier closes on or above the Coupon Threshold, set at 75% of the Initial Underlier Value.

The Notes are subject to a 15% Buffer: at maturity, if not called and the Final Underlier Value is below the Buffer Value (85% of Initial), principal is reduced by the Underlier decline beyond the buffer. Automatic call can occur quarterly starting May 26, 2026 if the Underlier is at or above its Initial value, returning $1,000 plus any due coupon. Price to public is 100% per Note; underwriting discounts are 4.00%, with proceeds to RBC of 96.00% per $1,000. The initial estimated value is expected between $882.00 and $932.00 per $1,000.

Key dates: Trade Date November 24, 2025; Issue Date November 26, 2025; Valuation Date November 25, 2030; Maturity Date November 29, 2030. All payments are subject to RBC’s credit risk.

Royal Bank of Canada filed a preliminary 424B2 for Daily Auto-Callable Absolute Return Digital Notes linked to the S&P 500 Index, due February 19, 2027. The notes are priced at 100% of principal, with no underwriting commission; a broker-dealer unaffiliated with RBC may receive a structuring fee of up to $4 per $1,000.

The notes feature a Digital Return of 3.50% if the Final Underlier Value is greater than or equal to the Initial Underlier Value. If the Final Underlier Value is below the Initial but at or above the Barrier Value (80% of Initial), investors receive the absolute value of the index return, capped at 20%. The filing states the notes are automatically called if on any Call Observation Date the index closes below the Barrier Value; upon call, investors receive $1,000 per $1,000 note on the Call Settlement Date and no further payments.

Key dates: Trade Date November 14, 2025; Issue Date November 19, 2025; Valuation Date February 16, 2027; Maturity Date February 19, 2027. The initial estimated value is expected to be between $940.32 and $990.32 per $1,000, reflecting structuring and hedging costs. Payments are subject to RBC’s credit risk. For U.S. tax, the notes are intended to be treated as CPDIs; RBC expects Section 871(m) will not apply to Non-U.S. Holders based on current determinations.

Royal Bank of Canada announced a primary offering of Daily Auto-Callable Absolute Return Digital Notes linked to the S&P 500 Index. The notes price at 100.00% of principal with underwriting discounts of 0.50%, resulting in proceeds to Royal Bank of Canada of 99.50% per note. The initial estimated value is expected to be between $935.84 and $985.84 per $1,000. The notes are unsecured obligations subject to the issuer’s credit risk and are not insured by any governmental agency.

The notes offer a Digital Return of 2.75% if the Final Underlier Value is greater than or equal to the Initial Underlier Value at maturity, and an absolute return on declines up to a 20% cap when the Final Underlier Value is below the Initial but at or above the barrier. The Barrier Value is 80% of the Initial Underlier Value. The product features a daily auto-call: if on any Call Observation Date the Underlier closes below the Barrier Value, the notes are automatically called and return $1,000 per $1,000 principal on the applicable settlement date. Key dates: Trade Date November 14, 2025; Issue Date November 19, 2025; Valuation Date February 16, 2027; Maturity Date February 19, 2027.

Royal Bank of Canada plans to offer Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to Colgate-Palmolive (CL) common stock. The price to public is 100%, underwriting discounts are 1%, and proceeds to RBC are 99% of principal.

The Notes pay a contingent coupon of $26.825 per $1,000 each quarter if CL’s closing value is at or above the coupon threshold. The Initial Underlier Value is $78.00; the Coupon Threshold and Barrier Value are $62.40 (80% of initial). The Notes auto-call on any quarterly observation if CL is at or above the initial value, returning $1,000 plus the applicable coupon and any unpaid coupons.

If not called, at maturity investors receive $1,000 if the final value is at or above the barrier; otherwise they receive $1,000 + ($1,000 × Underlier Return), which can result in substantial loss. The initial estimated value is expected between $932.00 and $982.00 per $1,000. Key dates: Strike Oct 24, 2025, Trade Oct 27, 2025, Issue Oct 30, 2025, Valuation Nov 6, 2026, Maturity Nov 12, 2026. JPMorgan entities act as placement agents.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index (BMAXUS). The Notes pay a Contingent Coupon of $8.00 per $1,000 (0.80% monthly, 9.60% per annum) for any month the Underlier closes on the prior observation date at or above the Coupon Threshold of 40% of the Initial Underlier Value.

The Notes auto-call quarterly, beginning about one year after the trade date, if the Underlier is at or above the Initial Underlier Value, paying $1,000 plus any due coupon. If not called, at maturity investors receive $1,000 if the Final Underlier Value is at or above the Barrier Value (40%); otherwise, the payout is $1,000 + ($1,000 × Underlier Return), which can result in substantial principal loss.

Pricing terms include a price to public of 100.00%, underwriting discounts of 1.00%, and proceeds to RBC of 99.00%. The initial estimated value is expected to be $888.50–$938.50 per $1,000. The Notes are unsecured obligations of RBC, not insured by CDIC or FDIC, and carry RBC credit risk.

Royal Bank of Canada is offering Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The Notes pay at maturity: per $1,000, $1,000 + ($1,000 × Underlier Return × 103.50%) if the index rises, or $1,000 if the index is flat or down, subject to the issuer’s credit risk. Key dates: Trade October 24, 2025, Issue October 29, 2025, Valuation October 24, 2028, Maturity October 27, 2028.

The price to public is 100.00%, underwriting discount 1.00%, and proceeds to RBC 99.00%. The initial estimated value is expected between $916 and $966 per $1,000, reflecting distribution and hedging costs; secondary market values may be lower. Minimum investment is $1,000.

The Underlier deducts a 0.5% per annum decrement and other funding/transaction costs, which reduce performance. The Notes are not deposits or insured and are not bail-inable. For U.S. tax purposes, RBC intends to treat the Notes as contingent payment debt instruments, generally requiring accrual of interest income based on a comparable yield. Sales may include varying concessions and referral fees.

Royal Bank of Canada is offering two primary Auto‑Callable Contingent Coupon Barrier Notes, each linked to a single stock. One note references IBM with a 9.00% contingent coupon rate and $2,020,000 principal; the other references Meta Platforms (Class A) with a 10.50% contingent coupon rate and $1,042,000 principal. Proceeds to RBC are $1,972,225 for the IBM‑linked note and $1,016,850 for the META‑linked note.

Key terms include quarterly contingent coupons if the Underlier closes at or above the Coupon Threshold on the observation date, and an auto‑call if the Underlier closes at or above its Initial Value on a call observation date starting April 16, 2026. Initial values and 70% barriers: IBM $275.97 initial and $193.18 barrier; META $712.07 initial and $498.45 barrier. If not called and the final value is below the barrier, repayment is reduced by the Underlier’s decline, which can result in substantial loss of principal.

Trade Date is October 16, 2025; Issue Date October 21, 2025; Valuation Date October 16, 2028; Maturity Date October 19, 2028. Initial estimated values per $1,000 are $960.49 (IBM) and $951.45 (META).

Royal Bank of Canada is offering Capped Enhanced Return Barrier Notes linked to the S&P 500 Index, expected to price on October 31, 2025 and mature on December 16, 2026. The notes provide 200% participation in positive index performance, subject to a Maximum Return of at least 12%, and return principal if the final index value is between the initial level and the 90% barrier. If the index finishes below the barrier, repayment of principal is reduced 1-for-1 with the index decline.

The price to the public is 100% of face value, underwriting discounts are 2%, and proceeds to Royal Bank of Canada are 98% per $1,000. The initial estimated value is expected to be between $922 and $972 per $1,000, lower than the public offering price. Minimum investment is $1,000, and RBCCM is the calculation agent. All payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada filed a preliminary pricing supplement for Barrier Digital Notes linked to the least performing of Adobe, Delta Air Lines, and PayPal, maturing on October 28, 2027. The notes provide a fixed Digital Return of 55.50% per $1,000 at maturity if the final value of the least performing underlier is at or above its Digital Barrier (70% of initial). If the least performing underlier finishes below the digital barrier but at or above the Barrier (60% of initial), principal is returned. Below the barrier, repayment is reduced one-for-one with the underlier’s loss.

The initial estimated value is expected to range from $919 to $969 per $1,000, less than the public offering price. Price to public is 100.00%, with no underwriting commission; a third-party broker may receive a structuring fee of up to $6 per $1,000. Minimum investment is $1,000. Key dates include Trade Date October 24, 2025, Issue Date October 29, 2025, and Valuation Date October 25, 2027. All payments are subject to RBC’s credit risk. The notes are not deposits, not insured, and are not bail-inable under Canadian law.

Royal Bank of Canada plans to issue Redeemable Fixed Rate Notes due October 31, 2029. The Notes pay a fixed 4.05% per annum, with interest paid annually on October 31, beginning October 31, 2026. Payments are subject to the issuer’s credit risk.

The Notes are callable at the issuer’s option, in whole but not in part, on any Interest Payment Date starting October 31, 2026, with 10 business days’ prior written notice. Minimum investment is $1,000 and in $1,000 increments, using a 30/360 day count convention.

The public offering price is 100.00% of principal, though certain accounts may pay as low as $987.50 per $1,000 principal amount. Underwriting discounts may be up to $12.50 per $1,000. These are bail-inable notes under Canadian law, which may be converted into equity in a resolution scenario.

Royal Bank of Canada is offering Issuer Callable Contingent Coupon Barrier Notes linked to the SPDR S&P Regional Banking ETF (KRE). The notes pay a contingent coupon of $37.50 per $1,000 if KRE’s closing value is at or above the Coupon Threshold on each quarterly observation date.

The Initial Underlier Value is $63.41, with the Coupon Threshold and Barrier each at 73.30% of that level ($46.48). RBC may call the notes on any quarterly call date, returning $1,000 plus any coupon due. If not called, at maturity investors receive $1,000 if KRE is at or above the Barrier; otherwise, they receive $1,000 + ($1,000 × Underlier Return), which can result in substantial principal loss.

Key economics: price to public 100%, underwriting discount 1.042% (i.e., $10.42 per $1,000), and proceeds to RBC 98.958%. The initial estimated value is expected between $929 and $979 per $1,000. Dates: Trade October 20, 2025, Issue October 23, 2025, Valuation November 16, 2026, Maturity November 19, 2026.

Royal Bank of Canada is offering $9,100,000 of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the Bloomberg US Large Cap VolMax Index, due October 16, 2030. The notes pay a contingent coupon of $9.375 per $1,000 (0.9375% monthly; 11.25% per annum) when the Underlier closes at or above the Coupon Threshold, set at 60% of the initial value. They may be auto-called monthly beginning October 12, 2026 if the Underlier is at or above its initial value.

At maturity, if not called, investors receive $1,000 per note if the final Underlier value is at or above the Barrier of 40% of the initial value; otherwise the payoff equals $1,000 plus $1,000 × Underlier Return, risking substantial principal loss. Price to public: 100%; underwriting discount: 1%; proceeds to RBC: $9,009,000. The initial estimated value is $958.14 per $1,000. Payments depend on RBC’s credit and the notes are not insured or bail-inable.

Royal Bank of Canada is offering Digital Notes linked to the Russell 2000 Index. The total offering is $2,782,000 at 100.00% of face value, with underwriting discounts of 2.00% ($55,640) and proceeds to RBC of $2,726,360. Minimum investment is $1,000.

The Notes pay a 14.85% Digital Return per $1,000 at maturity if the Final Underlier Value is greater than or equal to the Initial Underlier Value. If the Final Underlier Value is lower, investors receive $1,000 plus the Underlier Return, which can result in loss of principal. The Initial Underlier Value is 2,394.595 (RTY). All payments are subject to RBC’s credit risk.

Key dates: Trade Date October 10, 2025, Issue Date October 16, 2025, Valuation Date October 16, 2026, Maturity Date October 21, 2026 (each subject to postponement). The initial estimated value is $969.41 per $1,000, below the public offering price. The Notes are unsecured, not insured, and not bail-inable.

Royal Bank of Canada filed a 424(b)(2) preliminary pricing supplement for Auto-Callable Contingent Coupon Barrier Notes linked to Uber Technologies, Inc. common stock, due November 30, 2026. The Notes pay a contingent coupon of $10.50 per $1,000 (1.05% monthly; 12.60% per annum) only if the Underlier closes at or above the Coupon Threshold on the prior observation date.

The Notes can be automatically called if, on any monthly call observation date starting April 24, 2026, Uber’s closing value is at or above the Initial Underlier Value. If called, holders receive $1,000 plus the coupon on the next payment date, with no further payments.

If not called, at maturity investors receive $1,000 if the Final Underlier Value ≥ Barrier (67% of Initial); otherwise they receive physical delivery of Uber shares equal to $1,000 ÷ Initial Underlier Value (cash for fractions), which may be worth significantly less than principal. All payments are subject to RBC’s credit risk.

Pricing indicates a price to public of 100%, underwriting discounts of 1.50%, and proceeds to RBC of 98.50%. The initial estimated value is expected between $917 and $967 per $1,000, below the public offering price.

Royal Bank of Canada priced a $994,000 offering of Senior Global Medium‑Term Notes, Series J, structured as market‑linked, auto‑callable securities tied to the lowest performing of Goldman Sachs (GS), Microsoft (MSFT) and Netflix (NFLX). Each security has a $1,000 face amount, an initial estimated value of $962.66, and pays no interest. The notes may auto‑call on October 16, 2026 for face value plus a 45% call premium if the lowest performing stock is at or above its starting value.

If not called, at maturity on October 13, 2028 investors receive: face plus leveraged upside at a 200% participation rate if the lowest stock is above its start; face amount if it is between the start and a 60% threshold; or a loss matching the negative return if it is below the threshold. The securities are unsecured obligations of RBC, subject to issuer credit risk, will not be listed, and are not FDIC/CDIC insured or bail‑inable.

Pricing economics: per security, original offering price $1,000.00, agent discount $25.75, and proceeds to RBC $974.25. Distributor: Wells Fargo Securities.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50 Index. The total offering is $1,205,000, with underwriting discounts of 2.35% ($28,317.50) and proceeds to RBC of $1,176,682.50. The initial estimated value is $970.04 per $1,000, reflecting fees and hedging costs. Minimum investment is $1,000.

The notes provide 200% participation in positive index returns, subject to a 21.30% maximum return (cap), for a maximum payment of $1,213 per $1,000 at maturity. A 15% downside buffer applies: full principal is returned if the index ends at or above 85% of its initial value; below that level, losses exceed the buffer. Key levels: initial value 5,531.32, buffer value 4,701.62.

Key dates: Trade Oct 10, 2025, Issue Oct 16, 2025, Valuation Oct 11, 2027, Maturity Oct 14, 2027. Payments depend on RBC’s credit. Tax counsel views the notes as prepaid financial contracts, with alternative outcomes possible. Secondary market values may be lower than the initial estimated value, and liquidity and bid/ask spreads may be significant.