ROYAL BANK OF CANADA

For the period ended Oct 31, 2025. Filed Dec 3, 2025.

About this filing

The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.

FY2025 · Filed Dec 3, 2025

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RY$201.16-1.3%Stored close · as of Nov 6, 2026

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Contents

EX-2 · Enhanced Disclosure Task Force

Enhanced Disclosure Task Force recommendations index

We aim to present transparent, high-quality risk disclosures by providing disclosures in this 2025 Annual Report and Supplementary Financial Information package (SFI), and Pillar 3 Report, in accordance with recommendations from the FSB’s Enhanced Disclosure Task Force (EDTF). Information within the SFI and Pillar 3 Report is not and should not be considered incorporated by reference into this 2025 Annual Report.

The following index summarizes our disclosure by EDTF recommendation:

	Location of disclosure
General		1		Table of contents for EDTF risk disclosure		136		1
	2		Define risk terminology and measures		65-69, 133-135		–
	3		Top and emerging risks		69-72		–
	4		New regulatory ratios		110-116		–
Risk governance, risk management and business model		5		Risk management organization		65-69		–
	6		Risk culture		65-69		–
	7		Risk in the context of our business activities		120		–
	8		Stress testing		68, 83		–
Capital adequacy and risk-weighted assets (RWA)		9		Minimum Basel III capital ratios and Domestic systemically important bank surcharge		110-116		–
	10		Composition of capital and reconciliation of the accounting balance sheet to the regulatory balance sheet		–		*
	11		Flow statement of the movements in regulatory capital		–		19
	12		Capital strategic planning		110-116		–
	13		RWA by business segments		–		20
	14		Analysis of capital requirement, and related measurement model information		72-76		*
	15		RWA credit risk and related risk measurements		–		*
	16		Movement of RWA by risk type		–		20
	17		Basel back-testing		67, 72-74		31
Liquidity		18		Quantitative and qualitative analysis of our liquidity reserve		90-91, 96-97		–
Funding		19		Encumbered and unencumbered assets by balance sheet category, and contractual obligations for rating downgrades		92, 95		–
	20		Maturity analysis of consolidated total assets, liabilities and off-balance sheet commitments analyzed by remaining contractual maturity at the balance sheet date		99-100		–
	21		Sources of funding and funding strategy		92-94		–
Market risk		22		Relationship between the market risk measures for trading and non-trading portfolios and the balance sheet		87-88		–
	23		Decomposition of market risk factors		83-88		–
	24		Market risk validation and back-testing		83		–
	25		Primary risk management techniques beyond reported risk measures and parameters		83-86		–
Credit risk		26		Bank’s credit risk profile		72-82, 180-187		21-31*
			Quantitative summary of aggregate credit risk exposures that reconciles to the balance sheet		127-132		*
	27		Policies for identifying impaired loans		74-76, 122, 153-155		–
	28		Reconciliation of the opening and closing balances of impaired loans and impairment allowances during the year		–		23, 28
	29		Quantification of gross notional exposure for OTC derivatives or exchange-traded derivatives		77		32
	30		Credit risk mitigation, including collateral held for all sources of credit risk		75-76		*
Other		31		Other risk types		102-110		–
	32		Publicly known risk events		107-108, 230-231		–

*	These disclosure requirements are satisfied or partially satisfied by disclosures provided in our Pillar 3 Report for the quarter ended October 31, 2025 and for the year ended October 31, 2024.

136 Royal Bank of Canada: Annual Report 2025 Index for Enhanced Disclosure Task Force recommendations

REPORTS AND CONSOLIDATED FINANCIAL STATEMENTS

Reports
138	Management’s Responsibility for Financial Reporting
138	Management’s Report on Internal Control over Financial Reporting
142	Report of Independent Registered Public Accounting Firm (PCAOB ID 271)
Consolidated Financial Statements
144	Consolidated Balance Sheets
145	Consolidated Statements of Income
146	Consolidated Statements of Comprehensive Income
147	Consolidated Statements of Changes in Equity
148	Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements
149	Note 1	General information
149	Note 2	Summary of significant accounting policies, estimates and judgments
163	Note 3	Fair value of financial instruments
176	Note 4	Securities
180	Note 5	Loans and allowance for credit losses
187	Note 6	Significant acquisition
188	Note 7	Derecognition of financial assets
189	Note 8	Structured entities
193	Note 9	Derivative financial instruments and hedging activities
205	Note 10	Premises and equipment
206	Note 11	Goodwill and other intangible assets
208	Note 12	Joint ventures and associated companies
208	Note 13	Other assets
209	Note 14	Deposits
210	Note 15	Insurance and reinsurance
214	Note 16	Employee benefits – Pension and other post-employment benefits
219	Note 17	Other liabilities
219	Note 18	Subordinated debentures
220	Note 19	Equity
223	Note 20	Share-based compensation
225	Note 21	Income taxes
227	Note 22	Earnings per share
228	Note 23	Guarantees, commitments, pledged assets and contingencies
230	Note 24	Legal and regulatory matters
231	Note 25	Related party transactions
232	Note 26	Results by business segment
235	Note 27	Nature and extent of risks arising from financial instruments
236	Note 28	Capital management
237	Note 29	Offsetting financial assets and financial liabilities
238	Note 30	Recovery and settlement of on-balance sheet assets and liabilities
239	Note 31	Parent company information
241	Note 32	Principal subsidiaries

Consolidated Financial Statements Royal Bank of Canada: Annual Report 2025 137

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