加拿大皇家银行美股招股说明书(2026-05-22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 SupplementSubject to Completion: Dated May 21, 2026 Barrier Digital NotesLinked to the Least Performing of Three Underliers, Pricing Supplement dated June __, 2026 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023 and the Product Supplement Royal Bank of Canada Royal Bank of Canada is offering Barrier Digital Notes (the “Notes”) linked to the performance of the least performing ofthe common stock of Capital One Financial Corporation, the common stock of Dollar General Corporation and thecommon stock of Oracle Corporation (each, an “Underlier”). Contingent Fixed Return— If the Final Underlier Value of the Least Performing Underlier is greater than orequal to its Barrier Value (55% of its Initial Underlier Value), at maturity, investors will receive a fixed return equalto the Digital Return of 97%.Principal at Risk— If the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, at CUSIP:78017U2S8Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 of product supplement.None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatory 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 $12.50 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 $987.50 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 $910.00 and $960.00 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. 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. Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereof The common stock of Capital One Financial Corporation (the “COF Underlier”), the commonstock of Dollar General Corporation (the “DG Underlier”) and the common stock of OracleCorporation (the “ORCL Underlier”) If the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, youwill lose a substantial portion or all of your principal amount at maturity. All payments on theNotes are subject to our credit risk. With respect to each Underlier, the Underlier Return, expressed as a percentage, is calculatedusing the following formula:Final Underlier Value – Initial Underlier Value * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. 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, and the product supplement no. 1B dated July 22, 2025. This pricing supplement, together with thesedocuments, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as 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 the reliability of, any other information that others may give you. These documents are an If the information in this pricing supplement differs from the information contained in the documents listed below, youshould rely on