Royal Bank Of Canada 424B2 Filing

Key Financial Figures

• $25.00 — ay varying selling concessions of up to $25.00 per $1,000 principal amount of Notes in
• $1,000 — selling concessions of up to $25.00 per $1,000 principal amount of Notes in connection
• $975.00 — Notes in these accounts may be between $975.00 and $1,000.00 per $1,000 principal amou
• $1,000.00 — ese accounts may be between $975.00 and $1,000.00 per $1,000 principal amount of Notes. S
• $890.00 — imated value, is expected to be between $890.00 and $940.00 per $1,000 principal amount
• $940.00 — , is expected to be between $890.00 and $940.00 per $1,000 principal amount of Notes an
• $1,350 — nt of Notes an amount equal to at least $1,350 (at least 135% of the principal amount)
• $2,000.00 — ercentage of Principal Amount 50.00% $2,000.00 200.000% 40.00% $1,800.00 180.000%
• $1,800.00 — 50.00% $2,000.00 200.000% 40.00% $1,800.00 180.000% 30.00% $1,600.00 160.000%
• $1,600.00 — 40.00% $1,800.00 180.000% 30.00% $1,600.00 160.000% 20.00% $1,400.00 140.000%
• $1,400.00 — 30.00% $1,600.00 160.000% 20.00% $1,400.00 140.000% 10.00% $1,200.00 120.000%
• $1,200.00 — 20.00% $1,400.00 140.000% 10.00% $1,200.00 120.000% 5.00% $1,100.00 110.000%
• $1,100.00 — 10.00% $1,200.00 120.000% 5.00% $1,100.00 110.000% 2.00% $1,040.00 104.000%
• $1,040.00 — % 5.00% $1,100.00 110.000% 2.00% $1,040.00 104.000% 0.00% $1,000.00 100.000%
• $1,050.00 — 0.00% $1,000.00 100.000% -5.00% $1,050.00 105.000% -10.00% $1,100.00 110.000

Filing Documents

• dp244888_424b2-us3908mul.htm (424B2) — 126KB
• image_003.jpg (GRAPHIC) — 3KB
• image_001.jpg (GRAPHIC) — 17KB
• image_002.jpg (GRAPHIC) — 20KB
• 0000950103-26-005378.txt ( ) — 184KB

From the Filing

Registration Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Pricing Supplement dated April __, 2026 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023 and the Product Supplement No. 1B dated July 22, 2025 $ Auto-Callable Enhanced Return Dual Directional Buffer Notes Linked to the Least Performing of Two Underliers, Due May 2, 2029 Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Enhanced Return Dual Directional Buffer Notes (the “Notes”) linked to the performance of the least performing of the common stock of Axon Enterprise, Inc. and the common stock of Northrop Grumman Corporation (each, an “Underlier”). · Call Feature — If, on the Call Observation Date, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will be automatically called for a return of at least 35% (to be determined on the Trade Date). No further payments will be made on the Notes. · Enhanced Return Potential — If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is greater than its Initial Underlier Value, at maturity, investors will receive a return equal to 200% of the Underlier Return of the Least Performing Underlier. · Absolute Value Return — If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than or equal to its Initial Underlier Value, but is greater than or equal to its Buffer Value (70% of its Initial Underlier Value), at maturity, investors will receive a one-for-one positive return equal to the absolute value of the Underlier Return of the Least Performing Underlier. · Principal at Risk — If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value of the Least Performing Underlier is less than its Initial Underlier Value in excess of the Buffer Percentage of 30%. · 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. CUSIP: 78017UTF7 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-8 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement and 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. Any representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act. Per Note Total Price to public (1) 100.00% $ Underwriting discounts and commissions (1) 2.50% $ Proceeds to Royal Bank of Canada 97.50% $ (1) We or one of our affiliates may pay varying selling concessions of up to $25.00 per $1,000 principal amount of Notes in connection 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 $975.00 and $1,000.00 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below. 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 $890.00 and $940.00 per $1,000 principal amount of Notes and will be less than the public 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 less than this amount. We describe the determination of the initial estimated value in more detail below. RBC Capital Markets, LLC Auto-Callable Enhanced Return Dual Directional Buffer Notes Linked to the Least Performing of Two Underliers KEY TERMS The information in this “Key Terms” section is qualified b

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