Royal Bank of Canada filed a free writing prospectus on November 4, 2026, disclosing terms for Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to Alphabet Inc. Class A common stock and Meta Platforms, Inc. Class A common stock, due November 29, 2029.

Key Highlights

  • Issuer and CUSIP: Royal Bank of Canada ("RBC"), CUSIP 78018DRD1.
  • Underliers: Class A common stock of Alphabet Inc. (Bloomberg symbol "GOOGL UW") and Class A common stock of Meta Platforms, Inc. (Bloomberg symbol "META UW").
  • Auto-Call feature: If both underliers close at or above their Initial Underlier Values on November 30, 2027 (the Call Observation Date), investors receive at least $1,310 per $1,000 principal amount on December 3, 2027.
  • Participation Rate at maturity: 150% of the Underlier Return of the Least Performing Underlier, if that return is positive and the notes are not called.
  • Barrier Value: 60% of each underlier's Initial Underlier Value; if the Least Performing Underlier finishes below this level, investors lose principal on a one-for-one basis.
  • Initial estimated value: Expected to be between $897.00 and $947.00 per $1,000 principal amount, less than the public offering price.
  • Key dates: Trade Date November 24, 2026; Issue Date November 30, 2026; Valuation Date November 26, 2029; Maturity Date November 29, 2029.

Structure and Payment Terms of the RBC Dual Underlier Notes

According to the filing, the notes are structured around three distinct maturity outcomes, all contingent on whether an automatic call occurs on November 30, 2027. If, on that Call Observation Date, the closing value of each underlier is greater than or equal to its Initial Underlier Value, the notes are automatically called and investors receive at least $1,310 per $1,000 principal amount on December 3, 2027, with no further payments made. The filing states the exact call return will be "at least 31%" and determined on the Trade Date.

If the notes are not automatically called, payment at maturity depends on the performance of the Least Performing Underlier, defined as the underlier with the lowest Underlier Return. The filing sets out three scenarios: if the Least Performing Underlier's Final Underlier Value exceeds its Initial Underlier Value, investors receive $1,000 plus 150% of that underlier's return per $1,000 principal. If the Final Underlier Value is at or below the Initial Underlier Value but at or above the Barrier Value (60% of the Initial Underlier Value), investors receive a positive return equal to the absolute value of the negative Underlier Return, though the filing notes this return is capped at 40%. If the Final Underlier Value falls below the Barrier Value, the filing discloses that investors "will lose a substantial portion or all of" their principal, with losses calculated on a one-for-one basis relative to the Initial Underlier Value.

The filing also discloses that the notes do not pay interest, that payments are subject to RBC's credit risk, and that the initial estimated value is expected to be between $897.00 and $947.00 per $1,000 principal amount. The filing was made pursuant to Rule 433 under Registration Statement No. 333-275898.

What Was Disclosed

Royal Bank of Canada disclosed the preliminary terms for structured notes linked to the least-performing of Alphabet Inc. and Meta Platforms, Inc. Class A shares, with an auto-call feature, a 150% participation rate at maturity, a 60% barrier, and an initial estimated value below the offering price.