Royal Bank of Canada Launches Auto-Callable Contingent Coupon Barrier Notes Tied to Russell 2000 & EURO STOXX 50, Maturing July 2030

Overview of Royal Bank of Canada's Structured Note Program and This Offering

As one of Canada's largest banks and a major structured product issuer in U.S. markets, Royal Bank of Canada regularly issues notes under its registered shelf program. This issuance is filed under Registration Statement No. 333-275898 and supplements the prospectus dated December 20, 2023, along with related prospectus supplements and product supplements. Distribution in the U.S. is managed by RBC Capital Markets, LLC, the bank's broker-dealer affiliate, serving as both underwriter and calculation agent.

This offering, with CUSIP 78017UT83, is a preliminary pricing supplement subject to completion, with trade date July 24, 2026, and issue date July 29, 2026. The preliminary information may change before the final pricing supplement is released. The Notes will not be exchange-listed, potentially limiting secondary market liquidity for investors seeking early exit.

Dual-Index Exposure: Russell 2000 and EURO STOXX 50

The Notes’ performance is tied to two equity indices: the Russell 2000 Index representing U.S. small-cap stocks, and the EURO STOXX 50 Index representing large-cap eurozone equities. All economic outcomes—including coupon eligibility, automatic call triggers, and principal repayment—depend on the lesser performing index. Strong performance in one index does not offset poor performance in the other, which can eliminate coupons, prevent auto-call, and risk principal loss.

Initial underlier values for both indices will be based on their closing prices on the trade date, July 24, 2026, which are yet to be disclosed. The coupon threshold and barrier are set at 70% of these initial values, providing a defined downside buffer before principal risk arises.

Contingent Coupon Details: 9.25% Annual Rate with Quarterly Checks

The Notes offer a contingent coupon at 9.25% per year, equating to $23.125 per $1,000 principal each quarter. Coupons are paid only if both underliers close at or above 70% of their initial values on each quarterly observation date. If either index closes below its threshold on any observation date, no coupon is paid for that quarter.

The filing warns that investors may receive no coupons during the term. Observation dates span quarterly from October 26, 2026, through the final observation on July 24, 2030, which is also the valuation date. Coupon payment dates follow shortly after each observation. The coupon payments are contingent, not guaranteed, and depend on both indices maintaining levels above thresholds at each quarterly check.

Automatic Call Feature Starting About Six Months Post-Trade Date

The Notes include an automatic call provision that may redeem principal early. Auto-call observation dates begin roughly six months after trade date, starting with the second coupon observation on January 25, 2027, and continue quarterly thereafter, excluding the final valuation date. If on any call observation date both underliers close at or above their initial values, the Notes are automatically called.

Upon auto-call, investors receive $1,000 per $1,000 principal plus the contingent coupon due for that period, with no further payments. The call settlement occurs on the coupon payment date following the call observation date. Early call caps upside potential while leaving downside risk intact if the call is never triggered.

Principal Repayment at Maturity Tied to Barrier Level

If not called early, principal repayment on July 29, 2030 depends on the least performing underlier’s final value relative to its 70% barrier. If the final value is at or above 70% of initial, investors receive full principal plus any due coupon.

If the least performing underlier closes below the barrier on the valuation date, investors incur principal loss proportional to the decline. Specifically, they lose 1% of principal for every 1% the final value falls below its initial level. This means substantial or total principal loss is possible. Losses are calculated from the initial underlier value, not from the barrier level.

Pricing Information: Offering Price vs. Estimated Value

The Notes are offered at 100% of principal ($1,000 per Note) with minimum investments of $1,000 and increments of $1,000. Underwriting discounts and commissions total 2.35%, resulting in net proceeds of 97.65% per Note to Royal Bank of Canada. Selling concessions up to $23.50 per $1,000 principal may be paid to other broker-dealers.

The initial estimated value at trade date is expected between $908.50 and $958.50 per $1,000 principal—significantly below the $1,000 offering price. This difference reflects underwriting fees, distribution costs, and internal funding assumptions. The final pricing supplement will disclose the confirmed initial estimated value. Investors should note the market value will likely be lower than the purchase price initially.

Quarterly Coupon Observation and Payment Timeline

The preliminary supplement lists sixteen quarterly coupon observation dates with corresponding payment dates from October 26, 2026 through July 24, 2030. For example, the October 26, 2026 observation corresponds to an October 29, 2026 payment. Dates may be postponed due to market disruptions or non-business days as detailed in the product supplement.

Investors should review the final pricing and product supplements for complete postponement provisions. No coupon observation or payment date should be considered fixed without consulting these documents.

Credit Risk and Regulatory Disclosures

All payments, including contingent coupons and principal, are subject to Royal Bank of Canada's credit risk. The Notes are not insured by Canada Deposit Insurance Corporation, U.S. Federal Deposit Insurance Corporation, or any other government agency. Investors bear the risk of issuer default or insolvency.

The Notes are not bail-inable and are not convertible into Royal Bank of Canada common shares under the Canada Deposit Insurance Corporation Act. The SEC, state securities commissions, and other regulators have neither approved nor disapproved the Notes or the pricing supplement. The Notes will not be exchange-listed, limiting secondary market liquidity.

Highlighted Risk Factors in Preliminary Pricing Supplement

Investors are directed to "Selected Risk Considerations" starting on page P-7 of the supplement and to "Risk Factors" in related prospectuses. Key risks include the possibility of receiving no coupons, potential principal loss if the least performing underlier breaches the 70% barrier at maturity, and issuer credit risk.

The gap between public offering price and initial estimated value is noted as a risk, as is limited liquidity due to lack of exchange listing. The dual-underlier structure amplifies risk because poor performance in either the Russell 2000 or EURO STOXX 50 can adversely affect outcomes.

Underwriting and Conflicts of Interest

RBC Capital Markets, LLC is the sole underwriter and an affiliate of Royal Bank of Canada, creating a conflict of interest as it benefits from the Notes’ distribution. The pricing supplement includes a "Supplemental Plan of Distribution (Conflicts of Interest)" section detailing these arrangements, which investors should review carefully.

Dealers selling Notes to fee-based advisory accounts may waive some underwriting discounts or concessions, resulting in offering prices between $976.50 and $1,000 per $1,000 principal for those accounts. RBCCM also acts as calculation agent, responsible for determinations affecting investor payments, representing an additional potential conflict.