Royal Bank of Canada filed a free writing prospectus on November 3, 2026, disclosing the terms of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of GE Vernova Inc., due November 21, 2029.

Key Highlights

  • Issuer: Royal Bank of Canada ("RBC"), under Registration Statement No. 333-275898, CUSIP 78018DQ59.
  • Underlier: The common stock of GE Vernova Inc. (Bloomberg symbol "GEV UN").
  • Contingent Coupon: At least $30.00 per $1,000 principal amount per quarter (at least 3.00% per quarter, or at least 12.00% per annum), if payable, to be determined on the Trade Date of November 16, 2026.
  • Coupon Threshold and Barrier Value: Both set at 50% of the Initial Underlier Value.
  • Maturity Date: November 21, 2029, with a Valuation Date of November 16, 2029.
  • Initial Estimated Value: Expected to be between $908.30 and $958.30 per $1,000 principal amount of Notes, which the filing states "will be less than the public offering price of the Notes."
  • Principal Risk: According to the filing, if the Notes are not automatically called and the Final Underlier Value is less than the Barrier Value, investors "will lose a substantial portion or all of your principal amount at maturity."

Structure and Payment Terms of RBC's GE Vernova-Linked Notes

According to the filing, the Notes are structured as auto-callable instruments with a quarterly observation schedule. The call feature activates beginning approximately six months following the Trade Date of November 16, 2026: if, on any quarterly Call Observation Date, the closing value of GE Vernova common stock is greater than or equal to the Initial Underlier Value, the Notes will be automatically called at 100% of principal plus any Contingent Coupon and unpaid Contingent Coupons otherwise due. No further payments would be made after an automatic call.

The memory coupon feature, as described in the filing, allows a Contingent Coupon that is not paid on a given Coupon Payment Date to be paid on a later Coupon Payment Date, but only if the closing value of the underlier is greater than or equal to the Coupon Threshold on the later Coupon Observation Date. The filing notes that investors "may not receive any Contingent Coupons during the term of the Notes." Both the Coupon Threshold and the Barrier Value are set at 50% of the Initial Underlier Value, which will be the closing value of GE Vernova common stock on the Trade Date.

At maturity, if the Notes have not been called and the Final Underlier Value is at or above the Barrier Value, investors receive $1,000 per $1,000 principal amount plus any due coupons. If the Final Underlier Value is below the Barrier Value, the payment equals $1,000 plus ($1,000 multiplied by the Underlier Return), where the Underlier Return equals the Final Underlier Value minus the Initial Underlier Value, divided by the Initial Underlier Value. The filing discloses that the initial estimated value is expected to be between $908.30 and $958.30 per $1,000 principal amount and is described as "only an estimate, calculated as of the Trade Date."

What Was Disclosed

Royal Bank of Canada disclosed the preliminary terms of auto-callable structured notes linked to GE Vernova Inc. common stock, including coupon rates, barrier and threshold levels, call mechanics, maturity terms, estimated initial value range, and a summary of material risk considerations.