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Enhanced Return Notes Due October 28, 2030
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| PRODUCT CHARACTERISTICS |
| · | Enhanced Return Potential — If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to 101% of the Basket Return. |
| · | Return of Principal at Maturity — If the Final Basket Value is less than or equal to the Initial Basket Value, at maturity, investors will receive only the principal amount of their Notes, with no additional return. |
| KEY TERMS | |
| Issuer: | Royal Bank of Canada (“RBC”) |
| CUSIP: | 78017P5C1 |
| Basket Underliers: | The common stock of Bristol-Myers Squibb Company (Bloomberg symbol “BMY UN”), the common stock of FirstEnergy Corp. (Bloomberg symbol “FE UN”), the common stock of Johnson & Johnson (Bloomberg symbol “JNJ UN”), the common stock of The Kraft Heinz Company (Bloomberg symbol “KHC UW”), the common stock of The Procter & Gamble Company (Bloomberg symbol “PG UN”), the common stock of Prudential Financial, Inc. (Bloomberg symbol “PRU UN”), the common stock of Simon Property Group, Inc. (Bloomberg symbol “SPG UN”), the common shares of AT&T Inc. (Bloomberg symbol “T UN”), the common stock of T. Rowe Price Group, Inc. (Bloomberg symbol “TROW UW”) and the common stock of Exxon Mobil Corporation (Bloomberg symbol “XOM UN”) |
| Basket Weighting: | With respect to each Basket Underlier: 1/10 |
| Trade Date: | October 23, 2025 |
| Issue Date: | October 28, 2025 |
| Valuation Date: | October 23, 2030 |
| Maturity Date: | October 28, 2030 |
| Payment at Maturity: |
Investors will receive on the Maturity Date per $1,000 principal amount of Notes: · If the Final Basket Value is greater than the Initial Basket Value, an amount equal to: $1,000 + ($1,000 × Basket Return × Participation Rate) · If the Final Basket Value is less than or equal to the Initial Basket Value: $1,000
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| Participation Rate: | 101% |
| Basket Return: | Final Basket Value – Initial Basket Value Initial Basket Value |
| Initial Basket Value: | Set equal to 100 on the Trade Date |
| Final Basket Value: | 100 × [1 + (the sum of, for each Basket Underlier, its Basket Underlier Return times its Basket Weighting)] |
| KEY TERMS (continued) | |
| Basket Underlier Return: |
With respect to each Basket Underlier: Final Basket Underlier Value
– Initial Basket Underlier Value |
| Initial Basket Underlier Value: | With respect to each Basket Underlier, the closing value of that Basket Underlier on the Trade Date |
| Final Basket Underlier Value: | With respect to each Basket Underlier, the closing value of that Basket Underlier on the Valuation Date |
| PAYOFF DIAGRAM |
This document provides a summary of the terms of the Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and prospectus, as well as “Selected Risk Considerations” below, before making a decision to invest in the Notes:
https://www.sec.gov/Archives/edgar/data/1000275/000095010325013432/dp236132_424b2-us3204mul.htm
The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $900.00 and $950.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.
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Selected Risk Considerations
An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the “Selected Risk Considerations” section of the accompanying preliminary pricing supplement and the “Risk Factors” sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.
| · | You May Not Receive a Positive Return on the Principal Amount at Maturity. |
| · | The Notes Do Not Pay Interest, and Your Return on the Notes May Be Lower Than the Return on a Conventional Debt Security of Comparable Maturity. |
| · | Payments on the Notes Are Subject to Our Credit Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market Value of the Notes. |
| · | Changes in the Value of One Basket Underlier May Be Offset by Changes in the Values of the Other Basket Underliers. |
| · | Any Payment on the Notes Will Be Determined Based on the Closing Values of the Basket Underliers on the Dates Specified. |
| · | You May Be Required to Recognize Taxable Income on the Notes Prior to Maturity. |
| · | There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses. |
| · | The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price. |
| · | The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date. |
| · | Our and Our Affiliates’ Business and Trading Activities May Create Conflicts of Interest. |
| · | RBCCM’s Role as Calculation Agent May Create Conflicts of Interest. |
| · | You Will Not Have Any Rights to Any Basket Underlier. |
| · | Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event. |
| · | Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments. |
| · | Reorganization or Other Events Could Adversely Affect the Value of the Notes or Result in the Notes Being Accelerated. |
Royal Bank of Canada has filed a registration statement (including a product supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.
As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.
Registration Statement No. 333-275898; filed pursuant to Rule 433