# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-014897
**Filing Date:** 2025-11
**Character Count:** 55715
**Document Hash:** 878435d9ada195bd42343869b3aebefe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-014897.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0000950103-25-014897

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275898
- **FILM NUMBER:** 251494079

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908

---

| | |
|:---|:---|
| ![](image_001.jpg) | **November 2025**<br>**Pricing Supplement dated November 14, 2025**<br>**Registration Statement No. 333-275898**<br>**Filed Pursuant to Rule 424(b)(2)**<br>|

---

STRUCTURED INVESTMENTS

Opportunities in International Equities

Trigger Jump Securities Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due December 5, 2028

Principal at Risk Securities

Unlike conventional debt securities, the Trigger Jump Securities (the "securities") do not pay interest and do not guarantee any return of principal at maturity. At maturity, if the final underlier value is **greater than or equal to** the initial underlier value, investors will receive the stated principal amount of their investment *plus* a return per security equal to the *greater of* the upside payment and the upside performance of the underlier. If the final underlier value is **less than** the initial underlier value but **greater than or equal to** the trigger value, which is equal to 90% of the initial underlier value, at maturity, investors will receive the stated principal amount. However, if the final underlier value is **less than** the trigger value, investors will lose 1% of the stated principal amount for every 1% that the final underlier value is less than the initial underlier value. Under these circumstances, the payment at maturity will be less than 90% of the stated principal amount and could be zero. Investors may lose their entire investment in the securities. The securities are for investors who seek an equity index-based return and who are willing to risk their principal and forgo current income in exchange for the potential benefit of the upside payment if the final underlier value is greater than or equal to the initial underlier value and the limited protection against loss, which applies only if the final underlier value is greater than or equal to the trigger value. The securities are senior unsecured debt securities issued as part of Royal Bank of Canada's Senior Global Medium-Term Notes, Series J program. All payments on the securities are subject to the credit risk of Royal Bank of Canada.

---

| | |
|:---|:---|
| **FINAL TERMS** | **FINAL TERMS** |
| **Issuer:** | Royal Bank of Canada |
| **Underlier:** | The EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: "SX5E") |
| **Aggregate principal amount:** | $2864000 |
| **Stated principal amount:** | $1,000 per security |
| **Pricing date:** | November 14, 2025 |
| **Original issue date:** | November 19, 2025 |
| **Valuation date:\*** | November 30, 2028 |
| **Maturity date:\*** | &nbsp;&nbsp;December 5, 2028 |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You will receive on the maturity date a cash payment per security determined as follows:<br> · If the final underlier value is *greater than or equal to* the initial underlier value:<br> $1,000 + the greater of (a) $1,000 × underlier return and (b) upside payment<br> · If the final underlier value is *less than* the initial underlier value but *greater than or equal to* the trigger value:<br> $1,000<br> · If the final underlier value is *less than* the trigger value:<br> $1,000 + ($1,000 × underlier return)<br> *Under these circumstances, the payment at maturity will be less than 90% of the stated principal amount. You will lose more than 10% and possibly all of the stated principal amount if the final underlier value is less than the trigger value.* |
| **Upside payment:** | $304.00 per security (30.40% of the stated principal amount) |
| **Underlier return:** | (final underlier value – initial underlier value) / initial underlier value |
| **Trigger value:** | 5,124.39, which is 90% of the initial underlier value (rounded to two decimal places) |
| **Initial underlier value:** | 5,693.77, which was the closing value of the underlier on the pricing date |
| **Final underlier value:** | The closing value of the underlier on the valuation date |
| **CUSIP / ISIN:** | 78017P6Q9 / US78017P6Q95 |
| **Listing:** | The securities will not be listed on any securities exchange. |
| **Agent:** | RBC Capital Markets, LLC ("RBCCM") |

---

---

| | | | |
|:---|:---|:---|:---|
| **Commissions and issue price:** | **Price to public** | **Agent's commissions** | **Proceeds to issuer** |
| **Per security** | $1000.00 | $25.00**<sup>(1)</sup>**<br> $5.00**<sup>(2)</sup>** | $970.00 |
| **Total** | $2864000 | $85920 | $2778080 |

---

<sup>(1)</sup> RBCCM, acting as agent for Royal Bank of Canada, will receive a fee of $30.00 per security and will pay to Morgan Stanley Wealth Management ("MSWM") a fixed sales commission of $25.00 for each security. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.

<sup>(2)</sup> Of the amount received by RBCCM, acting as agent for Royal Bank of Canada, RBCCM will pay MSWM a structuring fee of $5.00 for each security.

\* Subject to postponement. See "General Terms of the Notes—Postponement of a Determination Date" and "General Terms of the Notes—Postponement of a Payment Date" in the accompanying product supplement.

**The initial estimated value of the securities determined by us as of the pricing date, which we refer to as the initial estimated value, is $957.59 per security and is less than the public offering price of the securities. The market value of the securities 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.**

**An investment in the securities involves certain risks. See "Risk Factors" beginning on page 5 of this document and "Risk Factors" in the accompanying prospectus, prospectus supplement and product supplement.**

**You should read this document together with the documents listed below, each of which can be accessed via the hyperlinks below, before you decide to invest. Please also see "Additional Information about the Securities" in this document.**

---

| | | | |
|:---|:---|:---|:---|
| [**Prospectus dated December 20, 2023**](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm) | [**Prospectus Supplement dated December 20, 2023**](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm) | [**Underlying Supplement No. 1A dated May 16, 2024**](https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm) | [**Product Supplement No. 1B dated July 22, 2025**](https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm) |

---

None of the Securities and Exchange Commission (the "SEC"), any state securities commission or any other regulatory body has approved or disapproved of the securities or passed upon the adequacy or accuracy of this document. Any representation to the contrary is a criminal offense. The securities 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 securities 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.

![](image_004.jpg)

Trigger Jump Securities Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due December 5, 2028

Principal at Risk Securities

Investment Summary

**Trigger Jump Securities**

**Principal at Risk Securities**

The Trigger Jump Securities Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due December 5, 2028 (the "securities") can be used:

&nbsp;&nbsp;&nbsp;&nbsp;▪ As an alternative to direct exposure to the underlier that provides a potential return equal to the
greater of the underlier return and 30.40% (as reflected in the upside payment of $304.00 per security) if the final underlier value is
greater than or equal to the initial underlier value

&nbsp;&nbsp;&nbsp;&nbsp;▪ To enhance returns and potentially outperform the underlier in a moderately bullish scenario

&nbsp;&nbsp;&nbsp;&nbsp;▪ To avoid a loss of principal in the event of a decline of the underlier from the pricing date to the
valuation date, but only if the final underlier value is greater than or equal to the trigger value

If the final underlier value is less than the trigger value, at maturity the securities are exposed on a 1:1 basis to the negative performance of the underlier.

---

| | |
|:---|:---|
| **Maturity:** | Approximately 36.5 months |
| **Upside payment:** | $304.00 per security (30.40% of the stated principal amount) |
| **Trigger value:** | 90% of the initial underlier value |
| **Minimum payment at maturity:** | None. Investors may lose their entire initial investment in the securities. |
| **Interest:** |  |

---

Key Investment Rationale

**Investors may lose their entire investment in the securities.** The securities are for investors who seek an equity index-based return and who are willing to risk their principal and forgo current income in exchange for the potential benefit of the upside payment if the final underlier value is greater than or equal to the initial underlier value and the limited protection against loss, which applies only if the final underlier value is greater than or equal to the trigger value.

---

| | |
|:---|:---|
| **Trigger Feature** | At maturity, even if the value of the underlier has declined over the term of the securities, investors will receive their stated principal amount, but only if the final underlier value is greater than or equal to the trigger value. |
| **Upside Scenario** | The final underlier value is greater than or equal to the initial underlier value. In this case, at maturity, we will pay the stated principal amount of $1,000 *plus* the greater of (a) $1,000 × the underlier return and (b) the upside payment of $304.00 per security (30.40% of the principal amount). |
| **Par Scenario** | The final underlier value is less than the initial underlier value but greater than or equal to the trigger value. In this case, at maturity, we will pay the stated principal amount of $1,000 per security even if the value of the underlier has declined. |
| **Downside Scenario** | The final underlier value is less than the trigger value. In this case, at maturity, we will pay less than 90% of the stated principal amount and the percentage loss of the stated principal amount will be equal to the percentage decrease from the initial underlier value to the final underlier value. There is no minimum payment at maturity. |

---

November 2025 Page 2

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Trigger Jump Securities Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due December 5, 2028

Principal at Risk Securities

Additional Information

You should read this document together with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of which the securities are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1B dated July 22, 2025. This document, together with these documents, contains the terms of the securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.

We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this document and the documents listed below. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. These documents are an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in each such document is current only as of its date.

If the information in this document differs from the information contained in the documents listed below, you should rely on the information in this document.

You should carefully consider, among other things, the matters set forth in "Risk Factors" in this document and the documents listed below, as the securities involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the securities.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus dated December 20, 2023:

<u>[https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus Supplement dated December 20, 2023:

<u>[https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underlying Supplement No. 1A dated May 16, 2024:

<u>[https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Product Supplement No. 1B dated July 22, 2025:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm)

Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this document, "Royal Bank of Canada," the "Bank," "we," "our" and "us" mean only Royal Bank of Canada.

November 2025 Page 3

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Trigger Jump Securities Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due December 5, 2028

Principal at Risk Securities

How the Trigger Jump Securities Work

**Payoff Diagram**

The payoff diagram below illustrates the payment at maturity on the securities based on the following terms:

---

| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per security |
| **Upside payment:** | $304.00 per security (30.40% of the stated principal amount) |
| **Trigger value:** | 90% of the initial underlier value |
| **Minimum payment at maturity:** |  |

---

---

| | |
|:---|:---|
| **Trigger Jump Securities Payoff Diagram** | **Trigger Jump Securities Payoff Diagram** |
| ![](image_002.jpg) | ![](image_002.jpg) |
| ■ The Securities | ■ The Underlier |

---

**Scenario Analysis**

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Upside Scenario.** If the final underlier
value is greater than or equal to the initial underlier value, then at maturity investors would receive the $1,000 stated principal amount *plus* the greater of (a) $1,000 × the underlier return and (b) the upside payment of $304.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the underlier appreciates 3%, at maturity investors would receive a return of 30.40%, or $1,304.00
per security (130.40% of the stated principal amount).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the underlier appreciates 50%, at maturity investors would receive a return of 50.00%, or $1,500.00
per security (150.00% of the stated principal amount).

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Par Scenario.** If the final underlier value
is **less than** the initial underlier value but **greater than or equal to** the trigger value, at maturity investors would receive
the stated principal amount of $1,000 per security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the underlier depreciates 5%, at maturity investors would receive the $1,000 stated principal amount
per security.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Downside Scenario.** If the final underlier
value is less than the trigger value, at maturity investors would receive an amount that is less than 90% of the $1,000 stated principal
amount and that reflects a 1% loss of principal for each 1% decline in the underlier. Investors may lose their entire initial investment
in the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the underlier depreciates 50%, at maturity investors would lose 50% of their principal and receive
only $500.00 per security (50% of the stated principal amount).

November 2025 Page 4

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Trigger Jump Securities Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due December 5, 2028

Principal at Risk Securities

Risk Factors

*An investment in the securities involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the securities. Some of the risks that apply to an investment in the securities are summarized below, but we urge you to read also the "Risk Factors" sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the securities unless you understand and can bear the risks of investing in the securities.*

**Risks Relating to the Terms and Structure of the Securities**

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities do not pay interest or guarantee return of principal.** The terms of the securities
differ from those of ordinary debt securities in that the securities do not pay interest or guarantee payment of the stated principal
amount at maturity. Instead, if the final underlier value is less than the trigger value, which is 90% of the initial underlier value,
the payment at maturity will be an amount in cash that is less than the $1,000 stated principal amount of each security by a percentage
equal to the percentage decrease from the initial underlier value to the final underlier value. There is no minimum payment at maturity
on the securities, and, accordingly, you could lose your entire initial investment in the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Your return on the securities may be lower than the return on a conventional debt security of comparable maturity.** The return that you will receive on the securities, which could be negative, may be less than the return you could earn
on other investments. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect
the time value of money, such as inflation.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Payments on the securities are subject to our credit risk, and market perceptions about our creditworthiness may adversely affect the market value of the securities.** The securities are our senior unsecured debt securities, and your receipt
of any amounts due on the securities is dependent upon our ability to pay our obligations as they come due. If we were to default on our
payment obligations, you may not receive any amounts owed to you under the securities and you could lose your entire investment. In addition,
any negative changes in market perceptions about our creditworthiness may adversely affect the market value of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Any payment on the securities will be determined based on the closing values of the underlier on the dates specified.** Any payment on the securities will be determined based on the closing values of the underlier on the dates specified.
You will not benefit from any more favorable value of the underlier determined at any other time.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The U.S. federal income tax consequences of an investment in the securities are uncertain.** There
is no direct legal authority regarding the proper U.S. federal income tax treatment of the securities, and significant aspects of the
tax treatment of the securities are uncertain. You should review carefully the section entitled "United States Federal Income Tax
Considerations" herein, in combination with the section entitled "United States Federal Income Tax Considerations" in
the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment
in the securities.

**Risks Relating to the Initial Estimated Value of the Securities and the Secondary Market for the Securities**

&nbsp;&nbsp;&nbsp;&nbsp;▪ **There may not be an active trading market for the securities; sales in the secondary market may result in significant losses.** There may be little or no secondary market for the securities. The
securities will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the securities; however,
they are not required to do so and, if they choose to do so, may stop any market-making activities at any time. Because other dealers
are not likely to make a secondary market for the securities, the price at which you may be able to trade your securities is likely to
depend on the price, if any, at which RBCCM or any of our other affiliates is willing to buy the securities. Even if a secondary market
for the securities develops, it may not provide enough liquidity to allow you to easily trade or sell the securities. We expect that transaction
costs in any secondary market would be high. As a result, the difference between bid and ask prices for your securities in any secondary
market could be substantial. If you sell your securities before maturity, you may have to do so at a substantial discount from the price
that you paid for them, and as a result, you may suffer significant losses. The securities are not designed to be short-term trading instruments.
Accordingly, you should be able and willing to hold your securities to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The initial estimated value of the securities is less than the public offering price.** The initial estimated value of the securities is less than the public offering price of the securities
and does not represent a minimum price at which we, RBCCM or any of our other affiliates would be willing to purchase the securities in
any secondary market (if any

November 2025 Page 5

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Trigger Jump Securities Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due December 5, 2028

Principal at Risk Securities

exists) at any time. If you attempt to sell the securities prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the value of the underlier, the internal funding rate we pay to issue securities of this kind (which is lower than the rate at which we borrow funds by issuing conventional fixed rate debt) and the inclusion in the public offering price of the agent's commissions, our estimated profit and the estimated costs relating to our hedging of the securities. These factors, together with various credit, market and economic factors over the term of the securities, are expected to reduce the price at which you may be able to sell the securities in any secondary market and will affect the value of the securities in complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your securities prior to maturity may be less than your original purchase price, as any such sale price would not be expected to include the agent's commissions, our estimated profit or the hedging costs relating to the securities. In addition, any price at which you may sell the securities is likely to reflect customary bid-ask spreads for similar trades. In addition to bid-ask spreads, the value of the securities determined for any secondary market price is expected to be based on a secondary market rate rather than the internal funding rate used to price the securities and determine the initial estimated value. As a result, the secondary market price will be less than if the internal funding rate were used.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The initial estimated value of the securities is only an estimate, calculated as of the pricing date.** The initial estimated value of the securities is based on the value of our obligation
to make the payments on the securities, together with the mid-market value of the derivative embedded in the terms of the securities.
See "Structuring the Securities" below. Our estimate is based on a variety of assumptions, including our internal funding
rate (which represents a discount from our credit spreads), expectations as to dividends, interest rates and volatility and the expected
term of the securities. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities
may value the securities or similar securities at a price that is significantly different than we do.

The value of the securities at any time after the pricing date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the securities in any secondary market, if any, should be expected to differ materially from the initial estimated value of the securities.

**Risks Relating to Conflicts of Interest and Our Trading Activities**

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Hedging and trading activity by us and our affiliates could potentially adversely affect the value of the securities.** One or more of our affiliates and/or third-party dealers expect to
carry out hedging activities related to the securities (and possibly to other instruments linked to the underlier or the securities it
represents), including trading in those securities as well as in other related instruments. Some of our affiliates also may conduct trading
activities relating to the underlier on a regular basis as part of their general broker-dealer and other businesses. Any of these hedging
or trading activities on or prior to the pricing date could potentially affect the initial underlier value and, therefore, could increase
the value at or above which the underlier must close on the valuation date so that investors do not suffer a loss on their initial investment
in the securities. Additionally, such hedging or trading activities during the term of the securities, including on the valuation date,
could adversely affect the closing value of the underlier on the valuation date and, accordingly, the amount of cash an investor will
receive at maturity, if any.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Our and our affiliates' business and trading activities may create conflicts of interest.** You should make your own independent investigation of the merits of investing in the securities. Our and our affiliates' economic
interests are potentially adverse to your interests as an investor in the securities due to our and our affiliates' business and
trading activities, and we and our affiliates have no obligation to consider your interests in taking any actions that might affect the
value of the securities. Trading by us and our affiliates may adversely affect the value of the underlier and the market value of the
securities. See "Risk Factors—Risks Relating to Conflicts of Interest" in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **RBCCM's role as calculation agent may create conflicts of interest.** As calculation agent,
our affiliate, RBCCM, will determine any values of the underlier and make any other determinations necessary to calculate any payments
on the securities. In making these determinations, the calculation agent may be required to make discretionary judgments, including those
described under "— Risks Relating to the Underlier" below. In making these discretionary judgments, the economic interests
of the calculation agent are potentially adverse to your interests as an investor in the securities, and any of these determinations may
adversely affect any payments on the securities. The calculation agent will have no obligation to consider your interests as an investor
in the securities in making any determinations with respect to the securities.

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Principal at Risk Securities

**Risks Relating to the Underlier**

&nbsp;&nbsp;&nbsp;&nbsp;▪ **You will not have any rights to the securities included in the underlier.** As an investor in the
securities, you will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to
the securities included in the underlier. The underlier is a price return index and its return does not reflect regular cash dividends
paid by its components.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities are subject to risks relating to non-U.S. securities markets.** The equity securities
composing the underlier are issued by non-U.S. companies in non-U.S. securities markets. Investments in securities linked to the value
of such non-U.S. equity securities involve risks associated with the securities markets in the home countries of the issuers of those
non-U.S. equity securities, including risks of volatility in those markets, governmental intervention in those markets and cross shareholdings
in companies in certain countries. Also, there is generally less publicly available information about companies in some of these jurisdictions
than there is about U.S. companies that are subject to the reporting requirements of the SEC, and generally non-U.S. companies are subject
to accounting, auditing and financial reporting standards and requirements and securities trading rules different from those applicable
to U.S. reporting companies. The prices of securities in non-U.S. markets may be affected by political, economic, financial and social
factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **The securities do not provide direct exposure to fluctuations in exchange rates between the U.S. dollar and the euro.** The underlier is composed of non-U.S. securities denominated in euros. Because the value of the underlier is
also calculated in euros (and not in U.S. dollars), the performance of the underlier will not be adjusted for exchange rate fluctuations
between the U.S. dollar and the euro. In addition, any payments on the securities determined based on the performance of the underlier
will not be adjusted for exchange rate fluctuations between the U.S. dollar and the euro. Therefore, holders of the securities will not
benefit from any appreciation of the euro relative to the U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **We may accelerate the securities if a change-in-law event occurs.** Upon the occurrence of legal
or regulatory changes that may, among other things, prohibit or otherwise materially restrict persons from holding the securities or the
underlier or its components, or engaging in transactions in them, the calculation agent may determine that a change-in-law-event has occurred
and accelerate the maturity date for a payment determined by the calculation agent in its sole discretion. Any amount payable upon acceleration
could be significantly less than any amount that would be due on the securities if they were not accelerated. However, if the calculation
agent elects not to accelerate the securities, the value of, and any amount payable on, the securities could be adversely affected, perhaps
significantly, by the occurrence of such legal or regulatory changes. See "General Terms of the Notes—Change-in-Law Events"
in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Any payment on the securities may be postponed and adversely affected by the occurrence of a market disruption event.** The timing and amount of any payment on the securities is subject to adjustment upon the occurrence of a market
disruption event affecting the underlier. If a market disruption event persists for a sustained period, the calculation agent may make
a determination of the closing value of the underlier. See "General Terms of the Notes—Indices—Market Disruption Events
for an Equity Index," "General Terms of the Notes—Postponement of a Determination Date" and "General Terms
of the Notes—Postponement of a Payment Date" in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Adjustments to the underlier could adversely affect any payments on the securities.** The sponsor
of the underlier may add, delete, substitute or adjust the securities composing the underlier or make other methodological changes to
the underlier that could affect its performance. The calculation agent will calculate the value to be used as the closing value of the
underlier in the event of certain material changes in, or modifications to, the underlier. In addition, the sponsor of the underlier may
also discontinue or suspend calculation or publication of the underlier at any time. Under these circumstances, the calculation agent
may select a successor index that the calculation agent determines to be comparable to the underlier or, if no successor index is available,
the calculation agent will determine the value to be used as the closing value of the underlier. Any of these actions could adversely
affect the value of the underlier and, consequently, the value of the securities. See "General Terms of the Notes—Indices—Discontinuation
of, or Adjustments to, an Index" in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Governmental regulatory actions, such as sanctions, could adversely affect your investment in the securities.** Governmental regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government,
could prohibit or otherwise restrict persons from holding the securities or securities included in the underlier, or engaging in transactions
in them, and any such action could adversely affect the value of the underlier.

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Principal at Risk Securities

These regulatory actions could result in restrictions on the securities and could result in the loss of a significant portion of your initial investment in the securities, including if you are forced to divest the securities due to the government mandates, especially if such divestment must be made at a time when the value of the securities has declined.

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Information about the Underlier

The underlier is a free float market capitalization-weighted index composed of 50 of the largest stocks in terms of free float market capitalization traded on major Eurozone exchanges. For more information about the underlier, see "Indices—The STOXX Benchmark Indices" in the accompanying underlying supplement.

The table below sets forth the published high and low closing values of the underlier for each quarter in the period from January 2, 2020 through November 14, 2025. The graph below sets forth the daily closing values of the underlier for that period. We obtained the information in the table and graph below from Bloomberg Financial Services, without independent verification. You should not take the historical performance of the underlier as an indication of its future performance, and no assurance can be given as to the value of the underlier on the valuation date.

Information as of market close on November 14, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Bloomberg Ticker Symbol:** | SX5E | **52 Weeks Ago:** | 4,833.53 |
| **Current Underlier Value:** | 5,693.77 | **52 Week High:** | 5,787.31 |
| | | **52 Week Low:** | 4,622.14 |

---

---

| | | |
|:---|:---|:---|
| **The EURO STOXX 50<sup>®</sup> Index** | **High** | **Low** |
| **2020** |  |  |
| First Quarter | 3865.18 | 2385.82 |
| Second Quarter | 3384.29 | 2662.99 |
| Third Quarter | 3405.35 | 3137.06 |
| Fourth Quarter | 3581.37 | 2958.21 |
| **2021** |  |  |
| First Quarter | 3926.20 | 3481.44 |
| Second Quarter | 4158.14 | 3924.80 |
| Third Quarter | 4246.13 | 3928.53 |
| Fourth Quarter | 4401.49 | 3996.41 |
| **2022** |  |  |
| First Quarter | 4392.15 | 3505.29 |
| Second Quarter | 3951.12 | 3427.91 |
| Third Quarter | 3805.22 | 3279.04 |
| Fourth Quarter | 3986.83 | 3331.53 |
| **2023** |  |  |
| First Quarter | 4315.05 | 3856.09 |
| Second Quarter | 4408.59 | 4218.04 |
| Third Quarter | 4471.31 | 4129.18 |
| Fourth Quarter | 4549.44 | 4014.36 |
| **2024** |  |  |
| First Quarter | 5083.42 | 4403.08 |
| Second Quarter | 5100.90 | 4839.14 |
| Third Quarter | 5067.45 | 4571.60 |
| Fourth Quarter | 5041.01 | 4729.71 |
| **2025** |  |  |
| First Quarter | 5540.69 | 4871.45 |
| Second Quarter | 5454.65 | 4622.14 |
| Third Quarter | 5529.96 | 5165.60 |
| Fourth Quarter (through November 14, 2025) | 5787.31 | 5531.32 |

---

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Principal at Risk Securities

---

| |
|:---|
| **The EURO STOXX 50<sup>®</sup> Index – Historical Closing Values**<br> **January 2, 2020 to November 14, 2025** |
| ![](image_003.jpg) |

---

The red line in the graph above represents the trigger value.

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Additional Information about the Securities

Please read this information in conjunction with the summary terms on the front cover of this document.

---

| | |
|:---|:---|
| **Additional Provisions** | **Additional Provisions** |
| **Minimum ticketing size:** | $1,000 / 1 security |
| **Trustee:** | The Bank of New York Mellon |
| **Calculation agent:** | RBCCM |
| **Use of proceeds and hedging:** | The net proceeds from the sale of the securities will be used as described under "Use of Proceeds" in the accompanying prospectus supplement and prospectus and to hedge market risks of Royal Bank of Canada associated with its obligation to make the payment at maturity on the securities. The initial public offering price of the securities includes the underwriting discount and commission and the estimated cost of hedging our obligations under the securities. |

---

United States Federal Income Tax Considerations

You should review carefully the section in the accompanying product supplement entitled "United States Federal Income Tax Considerations." The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.

Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to the underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a security.

In the opinion of our counsel, it is reasonable to treat the securities for U.S. federal income tax purposes as prepaid financial contracts that are "open transactions," as described in the section entitled "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Financial Contracts that are Open Transactions" in the accompanying product supplement. There is uncertainty regarding this treatment, and the Internal Revenue Service (the "IRS") or a court might not agree with it. A different tax treatment could be adverse to you. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the taxable disposition of your securities (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your securities should be treated as short-term capital gain or loss unless you have held the securities for more than one year, in which case your gain or loss should be treated as long-term capital gain or loss.

We do not plan to request a ruling from the IRS regarding the treatment of the securities. An alternative characterization of the securities could materially and adversely affect the tax consequences of ownership and disposition of the securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.

**Non-U.S. Holders.** As discussed under "United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code" in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on certain determinations made by us, our counsel is of the opinion that Section 871(m) should not apply to the securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination.

We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

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Principal at Risk Securities

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

Canadian Federal Income Tax Consequences

You should read carefully the description of material Canadian federal income tax considerations relevant to a Non-resident Holder owning debt securities under "Supplemental Discussion of Canadian Tax Consequences" in the accompanying product supplement.

Supplemental Plan of Distribution (Conflicts of Interest)

Pursuant to the terms of a distribution agreement, RBCCM, an affiliate of Royal Bank of Canada, will purchase the securities from Royal Bank of Canada for distribution to MSWM. RBCCM will act as agent for the securities and will receive the fee specified on the front cover of this document and will pay to MSWM a fixed sales commission for each of the securities they sell as specified on the front cover of this document. Of the fee received by RBCCM, RBCCM will pay MSWM a structuring fee for each security as specified on the front cover of this document. The costs included in the original issue price of the securities will include a fee paid by RBCCM to LFT Securities, LLC, an entity in which an affiliate of MSWM has an ownership interest, for providing certain electronic platform services with respect to this offering.

MSWM may reclaim selling concessions allowed to individual brokers within MSWM in connection with the offering if, within 30 days of the offering, Royal Bank of Canada repurchases the securities distributed by such brokers.

The value of the securities shown on your account statement may be based on RBCCM's estimate of the value of the securities if RBCCM or another of our affiliates were to make a market in the securities (which it is not obligated to do). That estimate will be based on the price that RBCCM may pay for the securities in light of then-prevailing market conditions, our creditworthiness and transaction costs. For an initial period of approximately eighteen months after the original issue date, the value of the securities that may be shown on your account statement is expected to be higher than RBCCM's estimated value of the securities at that time. This is because the estimated value of the securities will not include the agent's commission and our hedging costs and profits; however, the value of the securities shown on your account statement during that period is initially expected to be a higher amount, reflecting the addition of the agent's commission and our estimated costs and profits from hedging the securities. This excess is expected to decrease over time until the end of this period, and we reserve the right to shorten this period. After this period, if RBCCM repurchases your securities, it expects to do so at prices that reflect its estimated value.

RBCCM or another of its affiliates or agents may use this document in market-making transactions after the initial sale of the securities, but is under no obligation to do so and may discontinue any market-making activities at any time without notice. Unless RBCCM or its agent informs the purchaser otherwise in the confirmation of sale, this document is being used in a market-making transaction.

For additional information about the settlement cycle of the securities, see "Plan of Distribution" in the accompanying prospectus. For additional information as to the relationship between us and RBCCM, see the section "Plan of Distribution—Conflicts of Interest" in the accompanying prospectus.

Structuring the Securities

The securities are our debt securities. As is the case for all of our debt securities, including our structured notes, the economic terms of the securities reflect our actual or perceived creditworthiness. In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under structured notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity. The lower internal funding rate, the agent's commission and the hedging-related costs relating to the securities reduce the economic terms of the securities to you and result in the initial estimated value for the securities being less than their public offering price. Unlike the initial estimated value, any value of the securities determined for purposes of a secondary market transaction may be based on a secondary market rate, which may result in a lower value for the securities than if our initial internal funding rate were used.

In order to satisfy our payment obligations under the securities, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with RBCCM and/or one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our creditworthiness, interest rate

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Principal at Risk Securities

movements, volatility and the tenor of the securities. The economic terms of the securities and the initial estimated value depend in part on the terms of these hedging arrangements.

See "Risk Factors—Risks Relating to the Initial Estimated Value of the Securities and the Secondary Market for the Securities—The initial estimated value of the securities is less than the public offering price" above.

Validity of the Securities

In the opinion of Norton Rose Fulbright Canada LLP, as Canadian counsel to the Bank, the issue and sale of the securities has been duly authorized by all necessary corporate action of the Bank in conformity with the indenture, and when the securities have been duly executed, authenticated and issued in accordance with the indenture and delivered against payment therefor, the securities will be validly issued and, to the extent validity of the securities is a matter governed by the laws of the Province of Ontario or Québec, or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to the following limitations: (i) the enforceability of the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws of general application affecting the enforcement of creditors' rights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the principle that the availability of equitable remedies, such as specific performance and injunction, may only be granted at the discretion of a court of competent jurisdiction; (iii) under applicable limitations statutes generally, including that the enforceability of the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to be unenforceable as an attempt to vary or exclude a limitation period under such applicable limitations statutes; (iv) rights to indemnity and contribution under the securities or the indenture which may be limited by applicable law; and (v) courts in Canada are precluded from giving a judgment in any currency other than the lawful money of Canada and such judgment may be based on a rate of exchange in existence on a day other than the day of payment, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and Québec and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and to such counsel's reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion letter of such counsel dated December 20, 2023, which has been filed as Exhibit 5.3 to the Bank's Form 6-K filed with the SEC dated December 20, 2023. References to the "indenture" in this paragraph mean the Indenture as defined in the opinion of Norton Rose Fulbright Canada LLP dated December 20, 2023, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to the Bank, when the securities offered by this pricing supplement have been issued by the Bank pursuant to the indenture, the trustee has made, in accordance with the indenture, the appropriate notation to the master note evidencing such securities (the "master note"), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of the Bank, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors' rights, *provided* that such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law or (ii) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters governed by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand that you are relying upon, the opinion of Norton Rose Fulbright Canada LLP, Canadian counsel for the Bank, set forth above. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, which has been filed as an exhibit to the Bank's Form 6-K filed with the SEC on May 16, 2024. References to the "indenture" in this paragraph mean the Indenture as defined in the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

November 2025 Page 13

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-3**

**ROYAL BANK OF CANADA**

**Narrative Disclosure**

The maximum aggregate offering price of the securities to which the prospectus relates is $2,864,000. The prospectus is a final prospectus for the related offering(s).