PRODUCT CHARACTERISTICS

Enhanced Return Potential — If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to 172% of the Basket Return.

Contingent Return of Principal at Maturity — If the Final Basket Value is less than or equal to the Initial Basket Value, but is greater than or equal to the Barrier Value, at maturity, investors will receive the principal amount of their Notes. If the Final Basket Value is less than the Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Basket Value is less than the Initial Basket Value.

KEY TERMS

Issuer:	Royal Bank of Canada (“RBC”)
CUSIP:	78017PKL4
Basket Underliers:	The EURO STOXX 50^® Index (Bloomberg symbol “SX5E”), the Nikkei 225 Index (Bloomberg symbol “NKY”), the FTSE^® 100 Index (Bloomberg symbol “UKX”), the Swiss Market Index (Bloomberg symbol “SMI”) and the S&P/ASX 200 Index (Bloomberg symbol “AS51”)
Basket Weighting:	The SX5E Index will be give an initial weight of 40%, the NKY Index will be given an initial weight of 25%, the UKX Index will be given an initial weight of 17.5%, the SMI Index will be given an initial weight of 10% and the AS51 Index will be given an initial weight of 7.5%.
Trade Date:	August 27, 2025
Issue Date:	August 29, 2025
Valuation Date:	August 27, 2030
Maturity Date:	August 30, 2030
Payment at Maturity:	Investors will receive on the Maturity Date per $1,000 principal amount of Notes: · If the Final Basket Value is *greater than* the Initial Basket Value, an amount equal to: $1,000 + ($1,000 × Basket Return × Participation Rate) · If the Final Basket Value is *less than or equal to* the Initial Basket Value, but is *greater than or equal to* the Barrier Value: $1,000 · If the Final Basket Value is *less than* the Barrier Value, an amount equal to: $1,000 + ($1,000 × Basket Return) If the Final Basket Value is less than the Barrier Value, you will lose a substantial portion or all of your principal amount at maturity.
Participation Rate:	172%
Basket Return:	Final Basket Value – Initial Basket Value Initial Basket Value
Initial Basket Value:	Set equal to 100 on the Trade Date
Final Basket Value:	100 × [1 + (the sum of, for each Basket Underlier, its Basket Underlier Return times its Basket Weighting)]
Barrier Value:	75, which is 75% of the Initial Basket Value
Basket Underlier Return:	With respect to each Basket Underlier: Final Basket Underlier Value – Initial Basket Underlier Value Initial Basket Underlier Value

*KEY TERMS (continued)*
Initial Basket Underlier Value:	With respect to each Basket Underlier, the closing value of that Basket Underlier on the Trade Date
Final Basket Underlier Value:	With respect to each Basket Underlier, the closing value of that Basket Underlier on the Valuation Date

PAYOFF DIAGRAM

This document provides a summary of the terms of the Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus, as well as “Selected Risk Considerations” below, before making a decision to invest in the Notes:

https://www.sec.gov/Archives/edgar/data/1000275/000095010325009890/
dp232623_424b2-us2893mul.htm

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 $895.00 and $945.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.

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

Royal Bank of Canada has filed a registration statement (including a product supplement, underlying supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.

As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.