Royal Bank of Canada Offers Auto-Callable Contingent Coupon Barrier Notes Linked to Russell 2000 and EURO STOXX 50, Due July 2030

Royal Bank of Canada's Structured Note Program and This Offering's Place Within It

Royal Bank of Canada is one of Canada's largest financial institutions and a significant issuer of structured investment products in U.S. markets. The bank regularly issues notes under its registered shelf program, with this offering filed pursuant to Registration Statement No. 333-275898 and supplementing the prospectus dated December 20, 2023, the prospectus supplement dated December 20, 2023, the Underlying Supplement No. 1A dated May 16, 2024, and the Product Supplement No. 1B dated July 22, 2025. The Notes are distributed in the United States through RBC Capital Markets, LLC, the bank's broker-dealer affiliate, which serves as both underwriter and calculation agent for this transaction.

This particular offering, carrying CUSIP 78017UT83, represents a preliminary pricing supplement subject to completion, with the trade date set for July 24, 2026 and the issue date for July 29, 2026. The disclosure notes that the information in this preliminary supplement is not complete and may be changed before the final pricing supplement is published. The Notes will not be listed on any securities exchange, meaning secondary market liquidity may be limited or unavailable to investors who seek to exit their positions prior to maturity or an automatic call.

Dual-Underlier Structure: Russell 2000 and EURO STOXX 50 Index Exposure

The Notes are linked to the performance of two distinct equity indices: the Russell 2000 Index, which tracks small-capitalization U.S. equities, and the EURO STOXX 50 Index, a benchmark of large-cap equities across the eurozone. The key structural feature is that all economic outcomes — including coupon eligibility, automatic call determinations, and principal repayment at maturity — are governed by the least performing of the two underliers. This means that even if one index performs strongly throughout the term, poor performance by the other index alone can eliminate coupon payments, prevent an automatic call, and expose investors to principal loss at maturity.

The initial underlier values for both the RTY Index and the SX5E Index will be determined by their respective closing values on the trade date of July 24, 2026. The filing does not pre-disclose these closing values, as they will be finalized on the trade date itself. The coupon threshold and barrier value for each underlier are both set at 70% of that underlier's respective initial value, providing a defined downside buffer before principal is at risk at maturity.

Contingent Coupon Mechanics: 9.25% Per Annum With Quarterly Observation

The contingent coupon is set at a rate of 9.25% per annum, which translates to $23.125 per $1,000 principal amount of Notes per quarter. Coupon payments are not guaranteed. The disclosure states clearly that investors will receive a coupon on a given quarterly Coupon Payment Date only if the closing value of each underlier is greater than or equal to its respective coupon threshold — set at 70% of that underlier's initial value — on the immediately preceding Coupon Observation Date. If either underlier closes below its threshold on any observation date, no coupon is paid for that period.

The filing explicitly warns that investors may not receive any contingent coupons during the entire term of the Notes. The coupon observation schedule runs quarterly from October 26, 2026, through the final observation on July 24, 2030, which is also the valuation date. Each coupon payment date follows shortly after its corresponding observation date, as set out in the schedule disclosed in the filing. Investors should understand that the coupon income stream is contingent, not fixed, and depends on both indices remaining above their respective thresholds at each quarterly observation.

Automatic Call Feature Beginning Approximately Six Months After Trade Date

The Notes include an automatic call feature that may return principal to investors prior to the stated maturity date of July 29, 2030. The filing discloses that the auto-call observation dates begin approximately six months following the trade date, commencing from the second Coupon Observation Date, which is January 25, 2027, and continuing on each quarterly Coupon Observation Date thereafter, excluding the final observation date. On any Call Observation Date, if the closing value of each underlier is greater than or equal to its initial underlier value, the Notes are automatically called.

Upon an automatic call, investors receive $1,000 per $1,000 principal amount plus the contingent coupon otherwise due for that period, with no further payments made thereafter. The call settlement occurs on the Coupon Payment Date immediately following the relevant Call Observation Date. If the Notes are automatically called early, investors will not participate in any subsequent coupon payments or any recovery scenario at final maturity. The automatic call feature effectively caps investors' upside while leaving downside risk intact if the call is never triggered.

Principal Repayment at Maturity: Contingent on the Barrier Value

If the Notes are not automatically called prior to maturity, principal repayment on July 29, 2030, depends entirely on the final underlier value of the least performing underlier relative to its barrier value of 70% of its initial underlier value. If the least performing underlier's final value on the July 24, 2030 valuation date is at or above the 70% barrier, investors receive their full $1,000 principal amount plus any contingent coupon due on the maturity date.

However, if the least performing underlier closes below its barrier value on the valuation date, investors lose principal on a one-for-one basis. The filing states that investors will lose 1% of their principal amount for each 1% that the final value of the least performing underlier is below its initial underlier value. The disclosure emphasizes that in this scenario, investors could lose a substantial portion or all of their principal. This downside exposure is not limited to losses below the barrier — once the barrier is breached at maturity, losses are calculated from the initial underlier value, not from the barrier level.

Pricing Details: Public Offering Price Versus Initial Estimated Value

The Notes are offered to the public at 100% of principal, or $1,000 per Note, with a minimum investment of $1,000 and denominations of $1,000 in excess thereof. Underwriting discounts and commissions are disclosed at 2.35% of the principal amount, resulting in proceeds to Royal Bank of Canada of 97.65% per Note. The filing also discloses that selling concessions of up to $23.50 per $1,000 principal amount may be paid to other registered broker-dealers in connection with the distribution.

Critically, the initial estimated value of the Notes as of the trade date is expected to be between $908.50 and $958.50 per $1,000 principal amount — a range that is materially below the $1,000 public offering price. The filing explains that this gap reflects the underwriting discount, distribution costs, and the bank's internal funding rate assumptions used in valuing the Notes. The final pricing supplement will set forth the specific initial estimated value once it is determined. Investors purchasing at the public offering price should be aware that the market value of the Notes is expected to be lower from the outset.

Quarterly Coupon Observation and Payment Schedule as Disclosed

The preliminary pricing supplement sets out a full schedule of sixteen quarterly Coupon Observation Dates and their corresponding Coupon Payment Dates, running from October 26, 2026 through July 24, 2030. Each observation date is paired with a nearby payment date: for example, the October 26, 2026 observation date corresponds to an October 29, 2026 payment date, and the schedule continues quarterly through the final observation on July 24, 2030, the valuation date, with a corresponding maturity date of July 29, 2030. All dates are subject to postponement in accordance with the terms set out in the accompanying product supplement.

The filing explicitly notes that dates are subject to postponement due to market disruption events or non-business days, as described in the General Terms of the Notes sections of the product supplement. Investors should review both the final pricing supplement and the accompanying product supplement for the complete postponement provisions that may affect actual payment timing. No coupon observation or payment date should be treated as absolutely fixed prior to review of those provisions.

Credit Risk, Non-Deposit Status, and Regulatory Disclosures

All payments on the Notes, including any contingent coupons and the return of principal, are subject to the credit risk of Royal Bank of Canada. The filing discloses that 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. This means investors bear issuer credit risk and would be exposed to losses if Royal Bank of Canada were to default or become insolvent during the term of the Notes.

The disclosure further states that the Notes are not bail-inable notes and are not subject to conversion into Royal Bank of Canada's common shares under the relevant provisions of the Canada Deposit Insurance Corporation Act. Additionally, neither the SEC, any state securities commission, nor any other regulatory body has approved or disapproved of the Notes or passed upon the adequacy or accuracy of the pricing supplement. The filing also notes that the Notes will not be listed on any securities exchange, which limits secondary market trading options for investors who may wish to exit their positions before maturity.

Selected Risk Considerations Highlighted in the Preliminary Pricing Supplement

The preliminary pricing supplement directs investors to review "Selected Risk Considerations" beginning on page P-7 of the document, as well as "Risk Factors" in the accompanying prospectus, prospectus supplement, and product supplement. Key risks highlighted in the filing include the possibility of receiving no contingent coupons during the entire term, the potential loss of a substantial portion or all of principal if the least performing underlier breaches the 70% barrier at maturity, and the credit risk of the issuer affecting all payments.

The filing also highlights the gap between the public offering price and the initial estimated value as a risk factor relevant to investors. Because the Notes will not be listed on any exchange, investors may be unable to sell their Notes prior to maturity at a price equal to or greater than their purchase price. The dual-underlier, least-performing structure amplifies index-level risk because adverse performance in either the Russell 2000 or the EURO STOXX 50 — markets with different sectoral compositions, geographies, and risk drivers — can independently impair investor outcomes throughout the term.

Underwriting Arrangements and Conflict of Interest Disclosures

RBC Capital Markets, LLC serves as the sole underwriter for this offering, and the filing notes that RBCCM is an affiliate of the issuer, Royal Bank of Canada. This relationship creates a structural conflict of interest, as RBCCM benefits from the distribution of Notes issued by its parent. The filing references a "Supplemental Plan of Distribution (Conflicts of Interest)" section within the pricing supplement that addresses these arrangements in greater detail, and investors are directed to review those disclosures carefully.

The pricing supplement further discloses that certain dealers purchasing Notes for sale to fee-based advisory accounts may forgo some or all of their underwriting discount or selling concession. In those circumstances, the public offering price for investors in those accounts may be between $976.50 and $1,000.00 per $1,000 principal amount, which differs from the standard public offering price terms. RBCCM also acts as calculation agent for the Notes, which creates an additional potential conflict of interest, as the calculation agent is responsible for making determinations that directly affect investor payments throughout the term of the Notes.