BMO Financial Group Reports Fourth Quarter and Fiscal 2025 Results

Fourth Quarter 2025 Earnings Release

BMO's2025 audited annual consolidated financial statements and accompanying Management Discussion and Analysis (MD&A) are available online at www.bmo.com/investorrelations and at www.sedarplus.ca.

Financial Results Highlights

Fourth Quarter 2025 compared with Fourth Quarter 2024:

— Reported net income1 of $2,295 million, compared with $2,304 million; adjusted net income1 of $2,514 million, an increase of 63% from $1,542 million

— Reported earnings per share (EPS)2 of $2.97, an increase of 1% from $2.94; adjusted EPS1, 2 of $3.28, an increase of 73% from $1.90

— Provision for credit losses (PCL) of $755 million, compared with $1,523 million

— Reported return on equity (ROE) of 10.7%, compared with 11.4%; adjusted ROE1 of 11.8%, compared with 7.4%

— Common Equity Tier 1 (CET1) Ratio3 of 13.3%, compared with 13.6%

— Declared a quarterly dividend of $1.67 per common share, an increase of $0.04 or 2% from the prior quarter, and an increase of $0.08 or 5% from the prior year

Fiscal2025 compared with Fiscal2024:

— Reported net income1 of $8,725 million, an increase of 19% from $7,327 million; adjusted net income1 of $9,248 million, an increase of 24% from $7,449 million

— Reported EPS2 of $11.44, an increase of 20% from $9.51; adjusted EPS1, 2 of $12.16, an increase of 26% from $9.68

— PCL of $3,617 million, compared with $3,761 million

— Reported ROE of 10.6%, compared with 9.7%; adjusted ROE1 of 11.3%, compared with 9.8%

BMO Financial Group (TSX:BMO) (NYSE:BMO) reported net income for fiscal2025 was $8,725million, compared with $7,327million in the prior year, and EPS2 of $11.44, compared with $9.51. Reported ROE was10.6%, compared with9.7% in fiscal2024. Adjusted net income for fiscal2025 was $9,248million and adjusted EPS was $12.16, an increase from $7,449million and $9.68, respectively, in the prior year. Adjusted ROE was11.3%, compared with9.8% in fiscal2024.

Reported net income for the fourth quarter of 2025 was $2,295million, compared with $2,304million in the prior year, and reported EPS was $2.97, compared with $2.94. Adjusted net income for the fourth quarter was $2,514million and adjusted EPS was $3.28, an increase from $1,542million and $1.90, respectively, in the prior year.

“Fiscal2025 was a strong year for BMO, with consistent execution and growing momentum to achieve our commitments to shareholders. We delivered both robust earnings growth and improved return on equity, driven by significant pre-provision, pre-tax earnings expansion, and sustained positive operating leverage. Revenue increased across all of our diversified businesses reflecting our success in delivering world-class client experiences and deepening relationships. We're deploying capital to drive future growth and higher shareholder returns,” said Darryl White, CEO, BMO Financial Group.

“We enter2026 in a position of financial strength, with a focused strategy and a winning culture that continues to grow and attract talent across the bank. At the same time, we're building on our investments in digital and AI-powered solutions to drive value for our clients. We're particularly excited to welcome the teams and clients of Burgundy Asset Management to BMO, as we continue to expand our private wealth solutions. These strengths position us to accelerate our performance and create long-term shareholder value, while continuing to support the clients and communities we serve,” concluded Mr. White.

Concurrent with the release of results, BMO announced a first quarter2026 dividend of $1.67 per common share, an increase of $0.04 or2% from the prior quarter and an increase of $0.08 or5% from the prior year. The quarterly dividend of $1.67 per common share is equivalent to an annual dividend of $6.68per common share. During the quarter, we purchased for cancellation8.0million common shares under the normal course issuer bid.

CautionThe foregoing section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements section.(1) Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. They are also presented on an adjusted basis that excludes the impact of certain specified items from reported results. Adjusted results and ratios are non-GAAP and are detailed in the Non-GAAP and Other Financial Measures section. Unless otherwise indicated, all amounts are in Canadian dollars. All ratios and percentage changes in this document are based on unrounded numbers.(2) All EPS measures in this document refer to diluted EPS, unless specified otherwise.(3) The CET1 Ratio is disclosed in accordance with the Capital Adequacy Requirements (CAR) Guideline, as set out by the Office of the Superintendent of Financial Institutions (OSFI), as applicable.

Fourth Quarter 2025 Performance Review

Adjusted results and ratios in this section are on a non-GAAP basis. Refer to the Non-GAAP and Other Financial Measures section for further information on adjusting items. The order in which the impact on net income is discussed in this section follows the order of revenue, expenses and provision for credit losses, regardless of their relative impact.

Effective the fourth quarter of2025, BMO combined its U.S. wealth management business, previously reported within Wealth Management, with U.S. Personal and Commercial Banking to form a unified U.S. Banking operating segment. BMO now reports financial results for four operating segments: Canadian Personal and Commercial Banking, U.S. Banking, Wealth Management and Capital Markets. Financial results for prior periods have been reclassified to conform with the current presentation.

Canadian P&C

Reported net income was $752million, relatively unchanged from the prior year, and adjusted net income was $800million, an increase of $35million or5%. Results reflected a7% increase in revenue, primarily driven by higher net interest income due to both higher margins and balance growth, partially offset by higher expensesand a higher provision for credit losses.

U.S. Banking

Reported net income was $807million, an increase of $526million from the prior year, and adjusted net income was $871million, an increase of $518million.

On a U.S. dollar basis, reported net income was $582million, an increase of $372million from the prior year, and adjusted net income was $627million, an increase of $365million. Results reflected a3% increase in revenue, driven by higher non-interest revenueand net interest income, lower expenses and a lower provision for credit losses.

Wealth Management

Reported net income was $383million, an increase of $82million or27% from the prior year, and adjusted net income was $384million, an increase of $83million or28%. Wealth and Asset Management reported net income was $304million, an increase of $56million or23%, reflecting higher revenue due to the impact of stronger global markets and net sales, balance growth and higher brokerage transaction volumes, partially offset by higher expenses. Insurance net income was $79million, an increase of $26million or48% from the prior year, primarily due to favourable market movements in the current year and business growth.

Capital Markets

Reported net income was $521million, an increase of $270million from the prior year, and adjusted net income was $532million, an increase of $262million or97%. Results reflected higher revenue in both Global Markets and Investment and Corporate Banking, higher expenses and a lower provision for credit losses.

Corporate Services

Reported net loss was $168million, compared with reported net income of $721million in the prior year, with the change reflecting a reversal of a legal provision in the prior year. Adjusted net loss was $73million, compared with adjusted net loss of $147million, with the change driven by higher treasury-related revenue, partially offset by higher expenses.

Capital

BMO's Common Equity Tier1 (CET1) Ratio was13.3% as at October 31, 2025, a decrease from13.5% at the end of the third quarter of2025, as internal capital generation was more than offset by the impact of the purchase of common shares for cancellation and higher source currency risk-weighted assets.

Regulatory Filings

BMO's continuous disclosure materials, including interim filings, annual Management's Discussion and Analysis and audited annual consolidated financial statements, Annual Information Form and Notice of Annual Meeting of Shareholders and Proxy Circular, are available on our website at www.bmo.com/investorrelations, on the Canadian Securities Administrators' website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov. Information contained in or otherwise accessible through our website (www.bmo.com), or any third-party websites mentioned herein, does not form part of this document.

Bank of Montreal uses a unified branding approach that links all of the organization's member companies. Bank of Montreal, together with its subsidiaries, is known as BMO Financial Group. In this document, the names BMO and BMO Financial Group, as well as the words “bank”, “we” and “our”, mean Bank of Montreal, together with its subsidiaries.

Caution Regarding Forward-Looking Statements

Bank of Montreal's public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the “safe harbor” provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to: statements with respect to our objectives and priorities for fiscal2026 and beyond; our strategies or future actions; our targets and commitments (including with respect to net zero emissions); expectations for our financial condition, capital position, the regulatory environment in which we operate, the results of, or outlook for, our operations or the Canadian, U.S. and international economies; and include statements made by our management. Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “project”, “intend”, “estimate”, “plan”, “goal”, “commit”, “target”, “may”, “might”, “schedule”, “forecast”, “outlook”, “timeline”, “suggest”, “seek” and “could” or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: general economic and market conditions in the countries in which we operate, including labour challenges and changes in foreign exchange and interest rates; political conditions, including changes relating to, or affecting, economic or trade matters, including tariffs, countermeasures and tariff mitigation policies; changes to our credit ratings; cyber and information security, including the threat of data breaches, hacking, identity theft and corporate espionage, as well as the possibility of denial of service resulting from efforts targeted at causing system failure and service disruption; technology resilience, innovation and competition; failure of third parties to comply with their obligations to us; disruptions of global supply chains; environmental and social risk, including climate change; the Canadian housing market and consumer leverage; inflationary pressures; changes in laws, including tax legislation and interpretation, or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, including if the bank were designated a global systemically important bank, and the effect of such changes on funding costs and capital requirements; changes in monetary, fiscal or economic policy; weak, volatile or illiquid capital or credit markets; the level of competition in the geographic and business areas in which we operate; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; our ability to successfully execute our strategic plans, complete acquisitions or dispositions and integrate acquisitions, including obtaining regulatory approvals, and realize any anticipated benefits from such plans and transactions; critical accounting estimates and judgments, and the effects of changes in accounting standards, rules and interpretations on these estimates; operational and infrastructure risks, including with respect to reliance on third parties; global capital markets activities; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national or international economies, as well as their heightening of certain risks that may affect our future results; the possible effects on our business of war or terrorist activities; natural disasters, such as earthquakes or flooding, and disruptions to public infrastructure, such as transportation, communications, power or water supply; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For further information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, liquidity and funding, operational non-financial, legal and regulatory compliance, strategic, environmental and social, and reputation risk in the Enterprise-Wide Risk Management section of BMO's2025Annual Report, all of which outline certain key factors and risks that may affect our future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.

Material economic assumptions underlying the forward-looking statements contained in this document include those set out in the Economic Developments and Outlook section and the Allowance for Credit Losses section of BMO's2025Annual Report. Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions and their combined effect on our business, are material factors we consider when determining our strategic priorities, objectives and expectations for our business. In determining our expectations for economic growth, we primarily consider historical economic data, past relationships between economic and financial variables, changes in government policies, and the risks to the domestic and global economy.

Financial Highlights

TABLE 1(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Summary Income Statement (1)Net interest income 5,496 5,496 5,438 21,487 19,468Non-interest revenue 3,845 3,492 3,519 14,787 13,327Revenue 9,341 8,988 8,957 36,274 32,795Provision for credit losses on impaired loans 750 773 1,107 3,147 3,066Provision for credit losses on performing loans 5 24 416 470 695Total provision for credit losses (PCL) 755 797 1,523 3,617 3,761Non-interest expense 5,556 5,105 4,427 21,107 19,499Provision for income taxes 735 756 703 2,825 2,208Net income 2,295 2,330 2,304 8,725 7,327Net income attributable to non-controlling interest in subsidiaries 7 3 3 16 9Dividends on preferred shares and distributions on other equity instruments 163 66 152 436 386Net income available to common shareholders 2,125 2,261 2,149 8,273 6,932Adjusted net income 2,514 2,399 1,542 9,248 7,449Adjusted net income available to common shareholders 2,344 2,330 1,387 8,796 7,054Common Share Data ($, except as noted) (1)Basic earnings per share 2.98 3.14 2.95 11.46 9.52Diluted earnings per share 2.97 3.14 2.94 11.44 9.51Adjusted diluted earnings per share 3.28 3.23 1.90 12.16 9.68Book value per share 111.57 108.29 104.40 111.57 104.40Closing share price 174.23 152.94 126.88 174.23 126.88Number of common shares outstanding (in millions)End of period 708.9 716.3 729.5 708.9 729.5Average basic 713.3 719.5 729.4 721.9 727.7Average diluted 715.1 720.8 730.1 723.3 728.5Market capitalization ($ millions) 123,513 109,552 92,563 123,513 92,563Dividends declared per common share 1.63 1.63 1.55 6.44 6.12Dividend yield (%) 3.7 4.3 4.9 3.7 4.8Dividend payout ratio (%) 54.7 51.9 52.6 56.2 64.3Adjusted dividend payout ratio (%) 49.6 50.3 81.5 52.8 63.1Financial Measures and Ratios (%) (1) (2)Return on equity 10.7 11.6 11.4 10.6 9.7Adjusted return on equity 11.8 12.0 7.4 11.3 9.8Return on tangible common equity 14.4 15.6 15.6 14.3 13.5Adjusted return on tangible common equity 15.4 15.6 9.7 14.7 13.1Efficiency ratio 59.5 56.8 49.4 58.2 59.5Adjusted efficiency ratio 56.7 55.8 58.3 56.3 58.6Operating leverage (21.2) 4.2 29.8 2.4 19.8Adjusted operating leverage 3.0 2.9 2.4 4.3 1.6Net interest margin on average earning assets 1.67 1.69 1.70 1.65 1.58Adjusted net interest margin, excluding trading net interest income, and trading and insurance assets 2.06 1.99 1.91 1.99 1.85Effective tax rate 24.24 24.52 23.37 24.45 23.16Adjusted effective tax rate 23.60 24.54 21.71 24.32 22.91Total PCL-to-average net loans and acceptances 0.44 0.47 0.91 0.53 0.57PCL on impaired loans-to-average net loans and acceptances 0.44 0.45 0.66 0.46 0.47Balance Sheet and Other Information (as at, $ millions, except as noted)Assets 1,476,802 1,431,553 1,409,647 1,476,802 1,409,647Average earning assets 1,304,278 1,287,815 1,272,939 1,305,072 1,235,830Gross loans and acceptances 682,922 682,750 682,731 682,922 682,731Net loans and acceptances 677,872 677,585 678,375 677,872 678,375Deposits 976,202 955,363 982,440 976,202 982,440Common shareholders' equity 79,095 77,567 76,163 79,095 76,163Total risk-weighted assets (3) 437,945 430,134 420,838 437,945 420,838Assets under administration 864,891 810,244 770,584 864,891 770,584Assets under management 506,661 464,182 422,701 506,661 422,701Capital and Liquidity Measures (%) (3)Common Equity Tier 1 Ratio 13.3 13.5 13.6 13.3 13.6Tier 1 Capital Ratio 15.0 15.5 15.4 15.0 15.4Total Capital Ratio 17.3 17.8 17.6 17.3 17.6Leverage Ratio 4.3 4.5 4.4 4.3 4.4TLAC Ratio 29.7 29.5 29.3 29.7 29.3Liquidity Coverage Ratio 132 130 132 132 132Net Stable Funding Ratio 117 118 117 117 117Foreign Exchange Rates ($)As at Canadian/U.S. dollar 1.4016 1.3847 1.3909 1.4016 1.3909Average Canadian/U.S. dollar 1.3887 1.3730 1.3641 1.4029 1.3591(1) Adjusted results exclude certain items from reported results and are used to calculate our adjusted measures as presented in the table above. Management assesses performance on a reported basis and an adjusted basis, and considers both to be useful. For further information, refer to the Non-GAAP and Other Financial Measures section.(2) PCL, ROE and ROTCE ratios are presented on an annualized basis.(3) Capital and liquidity measures are disclosed in accordance with the Capital Adequacy Requirements (CAR) Guideline and the Liquidity Adequacy Requirements (LAR) Guideline, as set out by the Office of the Superintendent of Financial Institutions (OSFI), as applicable.Certain comparative figures have been reclassified to conform with the current period's presentation.

Non-GAAP and Other Financial Measures

Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements and our unaudited interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). References to GAAP mean IFRS. We use a number of financial measures to assess our performance, as well as the performance of our operating segments, including amounts, measures and ratios that are presented on a non‑GAAP basis, as described below. We believe that these non‑GAAP amounts, measures and ratios, read together with our GAAP results, provide readers with a better understanding of how management assesses results.

Non-GAAP amounts, measures and ratios do not have standardized meanings under GAAP. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, or as a substitute for, GAAP results.

Certain information contained in BMO's2025Annual Management's Discussion and Analysis dated December4,2025 for the period ended October31,2025, is incorporated by reference into this document. For further details on the composition of supplementary financial measures, refer to the Glossary of Financial Terms section of BMO's2025Annual MD&A, which is available online at www.bmo.com/investorrelationsand at www.sedarplus.ca.

Adjusted measures and ratios

Management considers both reported and adjusted results and measures to be useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non‑interest expense and income taxes, as detailed in the following table. Adjusted results and measures presented in this document are non‑GAAP. Presenting results on both a reported and an adjusted basis permits readers to assess the impact of certain items on results for the periods presented, and to better assess results excluding those items that may not reflect ongoing business performance. As such, the presentation may facilitate readers' analysis of underlying trends. Except as otherwise noted, management's discussion of changes in reported results in this document applies equally to changes in the corresponding adjusted results.

Tangible common equity and return on tangible common equity

Tangible common equity is calculated as common shareholders' equity, less goodwill and acquisition-related intangible assets, net of related deferred tax liabilities. Return on tangible common equity (ROTCE) is calculated as net income available to common shareholders, adjusted for the amortization of acquisition-related intangible assets and any impairments, as a percentage of average tangible common equity. ROTCE is commonly used in the North American banking industry and is meaningful as a consistent measure of the performance of businesses, whether they were acquired or developed organically.

Adjusting Items

Adjusted results in the current quarter and prior periods excluded the following items:

— Acquisition and integration costs of $3 million ($4 million pre-tax) in Q4-2025. Prior periods included expense of $4 million ($5 million pre-tax) in Q3-2025, a reversal of $1 million ($2 million pre-tax) in Q2-2025, and expenses of $7 million ($10 million pre-tax) in Q1-2025, $27 million ($35 million pre-tax) in Q4-2024, $19 million ($25 million pre-tax) in Q3-2024, $26 million ($36 million pre-tax) in Q2-2024, and $57 million ($76 million pre-tax) in Q1-2024. Amounts are recorded in non-interest expense in the related operating segment: Burgundy in Wealth Management; Bank of the West in Corporate Services; AIR MILES in Canadian P&C; and Clearpool and Radicle in Capital Markets.

— Amortization of acquisition-related intangible assets of $123 million ($168 million pre-tax) in Q4-2025, including a $64 million impairment related to AIR MILES. Prior periods included $69 million ($93 million pre-tax) in Q3-2025, $81 million ($109 million pre-tax) in Q2-2025, $79 million ($106 million pre-tax) in Q1-2025, $92 million ($124 million pre-tax) in Q4-2024, $79 million ($107 million pre-tax) in Q3-2024 and Q2-2024, and $84 million ($112 million pre-tax) in Q1-2024. Amounts are recorded in non-interest expense in the related operating segment.

— Impact of divestitures related to the announced sale of 138 branches in select U.S. markets resulting in a write-down of goodwill of $102 million (pre-tax and after-tax) in Q4-2025, recorded in non-interest expense in Corporate Services.

— Impact of a U.S. Federal Deposit Insurance Corporation (FDIC) special assessment recorded in non-interest expense in Corporate Services. Q4-2025 included a partial reversal of a prior charge of $9 million ($12 million pre-tax). Prior periods included a $4 million ($5 million pre-tax) partial reversal in Q3-2025, $4 million ($5 million pre-tax) expense in Q2-2025, a $5 million ($7 million pre-tax) partial reversal in Q1-2025, a $11 million ($14 million pre-tax) partial reversal in Q4-2024, a $5 million ($6 million pre-tax) expense in Q3-2024, a $50 million ($67 million pre-tax) expense in Q2-2024 and a $313 million ($417 million pre-tax) expense in Q1-2024.

— Impact of aligning accounting policies for employee vacation across legal entities of $70 million ($96 million pre-tax) in Q1-2025, recorded in non-interest expense in Corporate Services.

— Impact of a lawsuit associated with a predecessor bank, M&I Marshall and Ilsley Bank, recorded in Corporate Services in the prior year. Q4-2024 included a reversal of the fiscal 2022 legal provision of $870 million ($1,183 million pre-tax), comprising interest expense of $589 million and non-interest expense of $594 million. Prior periods also included $13 million ($18 million pre-tax) in Q3-2024, comprising interest expense of $14 million and non-interest expense of $4 million, and $12 million ($15 million pre-tax) in Q2-2024 and $11 million ($15 million pre-tax) in Q1-2024, both comprising interest expense of $14 million and non-interest expense of $1 million.

— Net accounting loss of $136 million ($164 million pre-tax) on the sale of a portfolio of recreational vehicle loans related to balance sheet optimization in Q1-2024, recorded in non-interest revenue in Corporate Services.

Adjusting items in aggregate decreased net income by $219 million in the current quarter, compared with a $762 million increase in the prior year and a decrease of $69 million in the prior quarter. On a fiscal basis, adjusting items in aggregate decreased net income by $523 million, compared with a decrease of $122 million in the prior year.

Non-GAAP and Other Financial Measures(1)

TABLE 2(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Reported ResultsNet interest income 5,496 5,496 5,438 21,487 19,468Non-interest revenue 3,845 3,492 3,519 14,787 13,327Revenue 9,341 8,988 8,957 36,274 32,795Provision for credit losses 755 797 1,523 3,617 3,761Non-interest expense 5,556 5,105 4,427 21,107 19,499Income before income taxes 3,030 3,086 3,007 11,550 9,535Provision for income taxes 735 756 703 2,825 2,208Net income 2,295 2,330 2,304 8,725 7,327Dividends on preferred shares and distributions on other equity instruments 163 66 152 436 386Net income attributable to non-controlling interest in subsidiaries 7 3 3 16 9Net income available to common shareholders 2,125 2,261 2,149 8,273 6,932Diluted EPS ($) 2.97 3.14 2.94 11.44 9.51Adjusting Items Impacting Revenue (Pre-tax)Legal provision/reversal (including related interest expense and legal fees) – – 589 – 547Impact of loan portfolio sale – – – – (164)Impact of adjusting items on revenue (pre-tax) – – 589 – 383Adjusting Items Impacting Non-Interest Expense (Pre-tax)Acquisition and integration costs (4) (5) (35) (17) (172)Amortization of acquisition-related intangible assets (2) (168) (93) (124) (476) (450)Impact of divestitures (102) – – (102) -Legal provision/reversal (including related interest expense and legal fees) – – 594 – 588FDIC special assessment 12 5 14 19 (476)Impact of alignment of accounting policies – – – (96) -Impact of adjusting items on non-interest expense (pre-tax) (262) (93) 449 (672) (510)Impact of adjusting items on reported net income (pre-tax) (262) (93) 1,038 (672) (127)Adjusting Items Impacting Revenue (After-tax)Legal provision/reversal (including related interest expense and legal fees) – – 433 – 401Impact of loan portfolio sale – – – – (136)Impact of adjusting items on revenue (after-tax) – – 433 – 265Adjusting Items Impacting Non-Interest Expense (After-tax)Acquisition and integration costs (3) (4) (27) (13) (129)Amortization of acquisition-related intangible assets (2) (123) (69) (92) (352) (334)Impact of divestitures (102) – – (102) -Legal provision/reversal (including related interest expense and legal fees) – – 437 – 433FDIC special assessment 9 4 11 14 (357)Impact of alignment of accounting policies – – – (70) -Impact of adjusting items on non-interest expense (after-tax) (219) (69) 329 (523) (387)Impact of adjusting items on reported net income (after-tax) (219) (69) 762 (523) (122)Impact on diluted EPS ($) (0.31) (0.09) 1.04 (0.72) (0.17)Adjusted ResultsNet interest income 5,496 5,496 4,849 21,487 18,921Non-interest revenue 3,845 3,492 3,519 14,787 13,491Revenue 9,341 8,988 8,368 36,274 32,412Provision for credit losses 755 797 1,523 3,617 3,761Non-interest expense 5,294 5,012 4,876 20,435 18,989Income before income taxes 3,292 3,179 1,969 12,222 9,662Provision for income taxes 778 780 427 2,974 2,213Net income 2,514 2,399 1,542 9,248 7,449Net income available to common shareholders 2,344 2,330 1,387 8,796 7,054Diluted EPS ($) 3.28 3.23 1.90 12.16 9.68(1) Adjusted results exclude certain items from reported results and are used to calculate our adjusted measures as presented in the table above. Refer to the commentary in this Non-GAAP and Other Financial Measures section for further information on adjusting items.(2) Represents amortization of acquisition-related intangible assets and any impairment.

Summary of Reported and Adjusted Results by Operating Segment

TABLE 3 Wealth Capital Corporate U.S. Operations (1)(Canadian $ in millions, except as noted) Canadian P&C U.S. Banking Management Markets Services Total Bank (US$ in millions)Q4-2025Reported net income (loss) 752 807 383 521 (168) 2,295 616Dividends on preferred shares and distributions onother equity instruments 11 15 2 10 125 163 3Net income attributable to non-controlling interestin subsidiaries – 7 – – – 7 5Net income (loss) available to common shareholders 741 785 381 511 (293) 2,125 608Acquisition and integration costs – – 1 – 2 3 1Amortization of acquisition-related intangible assets 48 64 – 11 – 123 47Impact of divestitures – – – – 102 102 73Impact of FDIC special assessment – – – – (9) (9) (6)Adjusted net income (loss) (2) 800 871 384 532 (73) 2,514 731Adjusted net income (loss) available to commonshareholders (2) 789 849 382 522 (198) 2,344 723Q3-2025Reported net income (loss) 867 767 378 438 (120) 2,330 661Dividends on preferred shares and distributions onother equity instruments 12 15 1 11 27 66 3Net income (loss) attributable to non-controlling interestin subsidiaries – 2 – – 1 3 3Net income (loss) available to common shareholders 855 750 377 427 (148) 2,261 655Acquisition and integration costs – – 3 – 1 4 1Amortization of acquisition-related intangible assets 3 62 – 4 – 69 47Impact of FDIC special assessment – – – – (4) (4) (3)Adjusted net income (loss) (2) 870 829 381 442 (123) 2,399 706Adjusted net income (loss) available to commonshareholders (2) 858 812 380 431 (151) 2,330 700Q4-2024Reported net income (loss) 750 281 301 251 721 2,304 930Dividends on preferred shares and distributions onother equity instruments 11 14 2 10 115 152 5Net income (loss) attributable to non-controlling interestin subsidiaries – 1 – – 2 3 2Net income (loss) available to common shareholders 739 266 299 241 604 2,149 923Acquisition and integration costs 12 – – 2 13 27 9Amortization of acquisition-related intangible assets 3 72 – 17 – 92 54Legal provision/reversal (including related interestexpense and legal fees) – – – – (870) (870) (643)Impact of FDIC special assessment – – – – (11) (11) (8)Adjusted net income (loss) (2) 765 353 301 270 (147) 1,542 342Adjusted net income (loss) available to commonshareholders (2) 754 338 299 260 (264) 1,387 335Fiscal 2025Reported net income (loss) 3,295 2,810 1,381 1,977 (738) 8,725 2,431Dividends on preferred shares and distributions onother equity instruments 46 61 6 41 282 436 12Net income attributable to non-controlling interestin subsidiaries – 14 – – 2 16 12Net income (loss) available to common shareholders 3,249 2,735 1,375 1,936 (1,022) 8,273 2,407Acquisition and integration costs – – 4 – 9 13 6Amortization of acquisition-related intangible assets 58 272 – 22 – 352 200Impact of divestitures – – – – 102 102 73Impact of FDIC special assessment – – – – (14) (14) (10)Impact of alignment of accounting policies – – – – 70 70 25Adjusted net income (loss) (2) 3,353 3,082 1,385 1,999 (571) 9,248 2,725Adjusted net income (loss) available to commonshareholders (2) 3,307 3,007 1,379 1,958 (855) 8,796 2,701(1) U.S. Operations comprises reported and adjusted results recorded in U.S. Banking, and the U.S. operations in Capital Markets and Corporate Services.(2) Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.Certain comparative figures have been reclassified to conform with the current period's presentation.

Summary of Reported and Adjusted Results by Operating Segment (Continued)

TABLE 3 (Continued) Wealth Capital Corporate U.S. Operations (1)(Canadian $ in millions, except as noted) Canadian P&C U.S. Banking Management Markets Services Total Bank (US$ in millions)Fiscal 2024Reported net income (loss) 3,457 2,010 1,067 1,492 (699) 7,327 2,112Dividends on preferred shares and distributions onother equity instruments 42 57 6 37 244 386 20Net income attributable to non-controlling interestin subsidiaries – 2 – – 7 9 7Net income (loss) available to common shareholders 3,415 1,951 1,061 1,455 (950) 6,932 2,085Acquisition and integration costs 17 – – 15 97 129 76Amortization of acquisition-related intangible assets 13 290 – 31 – 334 222Legal provision/reversal (including related interestexpense and legal fees) – – – – (834) (834) (616)Impact of loan portfolio sale – – – – 136 136 102Impact of FDIC special assessment – – – – 357 357 263Adjusted net income (loss) (2) 3,487 2,300 1,067 1,538 (943) 7,449 2,159Adjusted net income (loss) available to commonshareholders (2) 3,445 2,241 1,061 1,501 (1,194) 7,054 2,132See previous page for footnote references.Certain comparative figures have been reclassified to conform with the current period's presentation.

Return on Equity and Return on Tangible Common Equity

TABLE 4(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Reported net income 2,295 2,330 2,304 8,725 7,327Net income attributable to non-controlling interest in subsidiaries 7 3 3 16 9Net income attributable to bank shareholders 2,288 2,327 2,301 8,709 7,318Dividends on preferred shares and distributions on other equity instruments 163 66 152 436 386Net income available to common shareholders (A) 2,125 2,261 2,149 8,273 6,932After-tax amortization of acquisition-related intangible assets 123 69 92 352 334Net income available to common shareholders after adjusting for amortization ofacquisition-related intangible assets (B) 2,248 2,330 2,241 8,625 7,266After-tax impact of other adjusting items (1) 96 – (854) 171 (212)Adjusted net income available to common shareholders (C) 2,344 2,330 1,387 8,796 7,054Average common shareholders' equity (D) 78,511 77,048 74,992 78,126 71,817Goodwill (16,716) (16,536) (16,435) (16,886) (16,385)Acquisition-related intangible assets (2,171) (2,234) (2,512) (2,329) (2,642)Net of related deferred tax liabilities 882 935 934 953 960Average tangible common equity (E) 60,506 59,213 56,979 59,864 53,750Return on equity (%) (= A/D) (2) 10.7 11.6 11.4 10.6 9.7Adjusted return on equity (%) (= C/D) (2) 11.8 12.0 7.4 11.3 9.8Return on tangible common equity (%) (= B/E) (2) 14.4 15.6 15.6 14.3 13.5Adjusted return on tangible common equity (%) (= C/E) (2) 15.4 15.6 9.7 14.7 13.1(1) Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.(2) Quarterly calculations are on an annualized basis.

Return on Equity by Operating Segment(1)

TABLE 5 Wealth Capital Corporate U.S. Operations (2)(Canadian $ in millions, except as noted) Canadian P&C U.S. Banking Management Markets Services Total Bank (US$ in millions)Q4-2025ReportedNet income (loss) available to common shareholders 741 785 381 511 (293) 2,125 608Total average common equity 16,938 36,458 3,049 14,076 7,990 78,511 32,235Return on equity (%) 17.4 8.5 49.7 14.4 na 10.7 7.5Adjusted (3)Net income (loss) available to common shareholders 789 849 382 522 (198) 2,344 723Total average common equity 16,938 36,458 3,049 14,076 7,990 78,511 32,235Return on equity (%) 18.5 9.2 49.9 14.7 na 11.8 8.9Q3-2025ReportedNet income (loss) available to common shareholders 855 750 377 427 (148) 2,261 655Total average common equity 16,764 36,298 2,992 13,586 7,408 77,048 32,462Return on equity (%) 20.2 8.2 49.9 12.5 na 11.6 8.0Adjusted (3)Net income (loss) available to common shareholders 858 812 380 431 (151) 2,330 700Total average common equity 16,764 36,298 2,992 13,586 7,408 77,048 32,462Return on equity (%) 20.3 8.9 50.3 12.6 na 12.0 8.6Q4-2024ReportedNet income available to common shareholders 739 266 299 241 604 2,149 923Total average common equity 16,237 35,191 2,961 13,242 7,361 74,992 31,818Return on equity (%) 18.1 3.1 40.3 7.3 na 11.4 11.5Adjusted (3)Net income (loss) available to common shareholders 754 338 299 260 (264) 1,387 335Total average common equity 16,237 35,191 2,961 13,242 7,361 74,992 31,818Return on equity (%) 18.5 3.9 40.3 7.8 na 7.4 4.2Fiscal 2025ReportedNet income (loss) available to common shareholders 3,249 2,735 1,375 1,936 (1,022) 8,273 2,407Total average common equity 16,744 37,075 3,028 13,786 7,493 78,126 32,512Return on equity (%) 19.4 7.4 45.4 14.0 na 10.6 7.4Adjusted (3)Net income (loss) available to common shareholders 3,307 3,007 1,379 1,958 (855) 8,796 2,701Total average common equity 16,744 37,075 3,028 13,786 7,493 78,126 32,512Return on equity (%) 19.8 8.1 45.6 14.2 na 11.3 8.3Fiscal 2024ReportedNet income (loss) available to common shareholders 3,415 1,951 1,061 1,455 (950) 6,932 2,085Total average common equity 15,986 35,100 2,905 13,172 4,654 71,817 31,782Return on equity (%) 21.4 5.6 36.5 11.0 na 9.7 6.6Adjusted (3)Net income (loss) available to common shareholders 3,445 2,241 1,061 1,501 (1,194) 7,054 2,132Total average common equity 15,986 35,100 2,905 13,172 4,654 71,817 31,782Return on equity (%) 21.5 6.4 36.5 11.4 na 9.8 6.7(1) Return on equity is based on allocated capital. Effective fiscal 2025, the capital allocation rate increased to 12.0% of risk-weighted assets, compared with 11.5% in fiscal 2024. Capital is allocated to the operating segments based on the amount of regulatory capital required to support business activities, with unallocated capital reported in Corporate Services. Capital allocation methodologies are reviewed annually. For further information, refer to the HowBMO Reports Operating Segments Results section in BMO's 2025 Annual Report. Return on equity ratios are presented on an annualized basis.(2) U.S. Operations comprises reported and adjusted results and allocated capital recorded in U.S. Banking, and the U.S. operations in Capital Markets and Corporate Services.(3) Refer to the commentary in this Non-GAAP and Other Financial Measures section for details on adjusting items.na – not applicableCertain comparative figures have been reclassified to conform with the current period's presentation.CautionThis Non-GAAP and Other Financial Measures section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

Foreign Exchange

TABLE 6 Q4-2025 Fiscal 2025(Canadian $ in millions, except as noted) vs. Q4-2024 vs. Q3-2025 vs. Fiscal 2024Canadian/U.S. dollar exchange rate (average)Current period 1.3887 1.3887 1.4029Prior period 1.3641 1.3730 1.3591 Increased/(Decreased)Effects on U.S. operations reported resultsNet interest income 50 28 300Non-interest revenue 25 14 167Total revenue 75 42 467Provision for credit losses (16) (2) (64)Non-interest expense (30) (27) (288)Provision for income taxes (6) (3) (22)Net income 23 10 93Impact on basic earnings per share ($) 0.03 0.01 0.13Impact on diluted earnings per share ($) 0.03 0.01 0.13Effects on U.S. operations adjusted resultsNet interest income 40 28 282Non-interest revenue 24 14 172Total revenue 64 42 454Provision for credit losses (16) (2) (64)Non-interest expense (39) (26) (274)Provision for income taxes (1) (3) (21)Net income 8 11 95Impact on basic earnings per share ($) 0.01 0.02 0.13Impact on diluted earnings per share ($) 0.01 0.02 0.13Adjusted results in this table are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.

The table above indicates the relevant average Canadian/U.S.dollar exchange rates and the impact of changes in those rates on reported and adjusted results in BMO's U.S. operations, comprising U.S. Banking and the U.S. operations in Capital Markets and Corporate Services.

The Canadian dollar equivalentsof BMO's U.S. operations results that are denominated in U.S.dollars increased in the fourth quarter of fiscal2025, relative to the third quarter of fiscal2025 and increased relative to the fourth quarter of fiscal2024, due to changes in the Canadian/U.S.dollar exchange rate. References in this document to the impact of the U.S.dollar do not include U.S.dollar-denominated amounts recorded outside of BMO's U.S. operations.

Economically, our U.S.dollar income stream was not hedged against the risk of changes in foreign exchange rates during fiscal2025 and fiscal2024. Changes in exchange rates will affect future results measured in Canadian dollars, and the impact on those results is a function of the periods in which revenue, expenses and provisions for (or recoveries of) credit losses and income taxes arise.

Refer to the Enterprise-Wide Capital Management section of BMO's2025 Annual MD&A for a discussion of the impact that changes in foreign exchange rates can have on BMO's capital position.

Net Income

Q4 2025 vs. Q4 2024

Reported net income was $2,295million, a decrease of $9million from the prior year, and adjusted net income was $2,514million, an increase of $972million or63%. Reported earnings per share (EPS) was$2.97, an increase of$0.03 from the prior year, and adjusted EPS was$3.28, an increase of$1.38.

Reported results decreased, primarily due to the reversal of a legal provision in the prior year, the write-down of goodwill related to the announced sale of branches in certain U.S. markets in the current year and higher amortization of acquisition-related intangible assets.

The increase in adjusted net income reflected higher revenueand a lowerprovision for credit losses, partially offset by higher expenses. Reported and adjusted net income increased across all operating segments. On a reported basis, Corporate Services recorded a net loss in the current year, compared with net income in the prior year, primarily due to the items noted above, and a lower net loss on an adjusted basis.

Q4 2025 vs. Q3 2025

Reported net income decreased $35million or1%from the prior quarter, and adjusted net income increased $115million or5%. Reported EPS decreased$0.17 from the prior quarter, and adjusted EPS increased$0.05, including the impact of higher dividends on preferred shares and distributions on other equity instruments.

The decrease in reported net income was primarily due to the specified items noted above. The increase in adjusted net income reflected higher revenue and a lower provision for credit losses, partially offset byhigher expenses.Reported and adjusted net income increased in Capital Markets,U.S. Banking and Wealth Management, and decreased in Canadian P&C.On a reported basis, Corporate Services recorded a higher net loss compared with the prior quarter, and a lower net loss on an adjusted basis.

Revenue

Q4 2025 vs. Q4 2024

Reported and adjusted revenue was $9,341million, an increase of $384million or4%from the prior year on a reported basis, and an increase of $973million or12% on an adjusted basis. Growth in reported revenue was impacted by the reversal of accrued interest related to a legal provision in the prior year. Reported and adjusted revenue increased across all operating segments. Revenue decreased in Corporate Services on a reported basis and increased on an adjusted basis.

Reported and adjusted net interest income was $5,496million, relatively unchanged from the prior year on a reported basis due to the item noted above, and increased $647million or13% on an adjusted basis, driven byhigher net interest margin, higher net interest income in Corporate Services, higher trading-related net interest income and balance growth in Canadian P&C and Wealth Management. Trading-related net interest income was $124million, an increase of $179million from the prior year.

BMO's overall reported net interest margin of1.67% decreased3basis points from the prior year. Adjusted net interest margin, excluding trading-related net interest income and trading and insurance assets was2.06%, an increase of15basis points, primarily due to higher deposit margins and higher net interest income in Corporate Services.

Reported and adjusted non-interest revenue was $3,845million, an increase of $326million or9% from the prior year, with increases across most categories, primarily driven by higher wealth management fees, underwriting and advisory fee revenue, securities gains, excluding trading, and lower mark-downs on fair value loans, partially offset by lower trading revenue.Trading non-interest revenue of $557million decreased $139million from the prior year, offset in net interest income.

Q4 2025 vs. Q3 2025

Reported and adjusted revenueincreased $353million or4% from the prior quarter. Revenue increased across all operating segments, and in Corporate Services.

Net interest income was unchanged from the prior quarter, with higher non-trading net interest income in each operating segment and in Corporate Services, offset by lower trading-related net interest income.Trading-related net interest income decreased $201million from the prior quarter, partially offset in non-interest revenue.

BMO's overall reported net interest margin decreased2basis points from the prior quarter, due to lower trading net interest income. Adjusted net interest margin, excluding trading-related net interest income and trading and insurance assets increased7basis points, primarily due to higher net interest income and lower low-yielding assetsin Corporate Services, and higher deposit margins.

Reported and adjusted non-interest revenue increased $353million or10% from the prior quarter, due to higher trading revenue, wealth management fees, securities commission revenue, and higher net gains on investments compared with the prior quarter. The prior quarter benefitted from the gain on the sale of a non-strategic portfolio of insurance contracts. Trading non-interest revenue increased $151million from the prior quarter.

Change in Net Interest Income, Average Earning Assets and Net Interest Margin(1)

TABLE 7(Canadian $ in millions, except as noted) Netinterestincome (teb) (2) Averageearningassets (3) Netinterestmargin (in basis points) Q4-2025 Q3-2025 Q4-2024 Q4-2025 Q3-2025 Q4-2024 Q4-2025 Q3-2025 Q4-2024CanadianP&C 2,464 2,459 2,304 344,411 343,805 334,612 284 284 274U.S.Banking 2,234 2,221 2,161 229,046 230,849 231,451 387 382 372All other operating segments and Corporate Services 798 816 973 730,821 713,161 706,876 na na naTotal reported 5,496 5,496 5,438 1,304,278 1,287,815 1,272,939 167 169 170Total adjusted 5,496 5,496 4,849 1,304,278 1,287,815 1,272,939 167 169 152Trading net interest income and trading and insurance assets 124 325 (55) 271,714 258,972 249,129 na na naTotal reported, excluding trading and insurance 5,372 5,171 5,493 1,032,564 1,028,843 1,023,810 206 199 213Total adjusted, excluding trading and insurance 5,372 5,171 4,904 1,032,564 1,028,843 1,023,810 206 199 191U.S. Banking (US$ in millions) 1,609 1,617 1,585 164,942 168,134 169,670 387 382 372(Canadian $ in millions, except as noted) Netinterestincome(teb) (2) Averageearningassets (3) Netinterestmargin (in basis points) Fiscal 2025 Fiscal 2024 Fiscal 2025 Fiscal 2024 Fiscal 2025 Fiscal 2024CanadianP&C 9,667 8,852 342,361 319,518 282 277U.S.Banking 9,017 8,602 235,855 230,500 382 373All other operating segments and Corporate Services 2,803 2,014 726,856 685,812 na naTotal reported 21,487 19,468 1,305,072 1,235,830 165 158Total adjusted 21,487 18,921 1,305,072 1,235,830 165 153Trading net interest income and trading and insurance assets 783 169 264,786 222,149 na naTotal reported, excluding trading and insurance 20,704 19,299 1,040,286 1,013,681 199 190Total adjusted, excluding trading and insurance 20,704 18,752 1,040,286 1,013,681 199 185U.S. Banking (US$ in millions) 6,427 6,330 168,096 169,596 382 373(1) Adjusted results and ratios in this table are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.(2) Operating segment revenue is presented on a taxable equivalent basis (teb) in net interest income. For further information, refer to the How BMO Reports Operating Segments Results section in BMO's2025Annual MD&A.(3) Average earning assets represents the daily average balance of interest bearing deposits at central banks, deposits with other banks, securities borrowed or purchased under resale agreement, securities and loans over a period.na – not applicableCertain comparative figures have been reclassified to conform with the current period's presentation.

Total Provision for Credit Losses

Q4 2025 vs. Q4 2024

Total provision for credit losses was $755million, compared with a provision of $1,523million in the prior year. Total provision for credit losses as a percentage of average net loans and acceptances was44basis points, compared with91basis points in the prior year. The provision for credit losses on impaired loans was $750million, a decrease of $357million, primarily due to lower provisions in U.S. Commercial Banking and Capital Markets, partially offset by higher provisions in Canadian unsecured consumer lending. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was44basis points, compared with66basis points in the prior year. There was a $5million provision for credit losses on performing loans, compared with a $416million provision in the prior year. The provision for credit losses on performing loans in the current quarter primarily reflected an improvement in the macroeconomic scenarios, as well as lower balances in certain portfolios, largely offset by uncertainty in credit conditions. The provision in the prior year reflected portfolio credit migration and a higher level of uncertainty.

Q4 2025 vs. Q3 2025

Total provision for credit losses decreased $42million from the prior quarter, due to lower provisions on impaired and performing loans. The provision for credit losses on impaired loans decreased $23million, largely due to lower provisions in U.S. Banking. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was44basis points, compared with45basis points in the prior quarter. There was a $5million provision for credit losses on performing loans, compared with a $24million provision in the prior quarter.

Impaired Loans

Total gross impaired loans and acceptances (GIL) were $7,091million, an increase from $6,951million in the prior quarter, driven by higher impaired loans in Canadian Commercial Banking. GIL as a percentage of gross loans and acceptances increased to1.04% from1.02% in the prior quarter.

Loans classified as impaired during the quarter were $1,835million, an increase from $1,796million in the prior quarter, reflecting higher formations in consumer lending.

Non-Interest Expense

Q4 2025 vs. Q4 2024

Reported non‑interest expense was $5,556million, an increase of $1,129million or26% from the prior year, and adjusted non‑interest expense was $5,294million, an increase of $418million or9%.

The increase in reported results reflected the reversal of the legal provision in the prior year, the impact of the write-down of goodwill in the current year, and higher amortization of acquisition-related intangible assets, partially offset by lower acquisition and integration costs. Adjusted non-interest expense increased, primarily due to higher employee-related expenses, including performance-based compensation, higher computer and equipment costsand higher premises costs.

Reported efficiency ratio was59.5%, compared with49.4% in the prior year, and adjusted efficiency ratio was56.7%, compared with58.3%. Reported operating leverage was negative 21.2% and adjusted operating leverage waspositive3.0%.

Q4 2025 vs. Q3 2025

Reported non-interest expense increased $451million or9% from the prior quarter, and adjusted non-interest expense increased $282million or6%.

Reported non-interest expense included the items noted above. The increase in adjusted non-interest expense was primarily due to higher computer and equipment costs, professional fees and premises costs.

Provision for Income Taxes

The reported provision for income taxes was $735million, an increase of $32million from the prior year, and a decrease of $21million from the prior quarter. The reported effective tax rate was24.2%, compared with23.4% in the prior year and24.5% in the prior quarter. The adjusted provision for income taxes was $778million, an increase of $351million from the prior year, and a decrease of $2million from the prior quarter. The adjusted effective tax rate was23.6%, compared with21.7% in the prior year and24.5% in the prior quarter.

The change in the reported effective tax rate relative to the prior year was primarily due to the impact of the Global Minimum Tax Act (GMTA) in the current year. The change in the adjusted effective tax rate relative to the prior year was primarily due to earnings mix, including the impact of lower income in the prior year and the impact of the GMTA in the current year. The change in the adjusted effective tax rate relative to the prior quarter was primarily due to earnings mix.

Refer to the Non-GAAP and Other Financial Measures section for further information on non-GAAP amounts, measures and ratios, including adjusting items in this Provision for Income Taxes section.

Capital Management

BMO's Common Equity Tier1(CET1) Ratio was13.3% as at October31,2025, a decrease from13.5% at the end of the third quarter of2025, as internal capital generation was more than offset by the impact of the purchase of common shares for cancellation and higher source currency risk‑weighted assets.

CET1 Capital was $58.3billion as at October31,2025, an increase from $57.9billion as at July 31,2025, with internal capital generation and a net positive impact from other items largely offset by the purchase of common shares for cancellation.

RWA were $437.9billion as at October31,2025, an increase from $430.1billion as at July 31,2025. RWA increased due to higher credit risk and the impact of foreign exchange movements. The increase in credit risk primarily reflected an increase in asset size, changes in asset quality and methodology changes.

In calculating regulatory capital ratios, total RWA must be increased when a capital floor amount calculated under the standardized approaches, multiplied by a capital floor adjustment factor, is higher than a similar calculation using more risk-sensitive internal modelled approaches, where applicable. The capital floor was not operative as at October31,2025, unchanged from July31,2025.

The bank's Tier1 and Total Capital Ratios were15.0% and17.3%, respectively, as at October31,2025, compared with15.5% and17.8%, respectively, as at July 31,2025. The Tier1 and Total Capital Ratios were lower, due to the same factors noted above for the CET1 Ratio, as well as the announced redemption of $1,250million LRCNs, Series 1 (NVCC).

BMO's investments in foreign operations are primarily denominated in U.S.dollars, and the foreign exchange impact of U.S.dollar-denominated RWA and capital deductions may result in variability in the bank's capital ratios. We manage the impact of foreign exchange movements on RWA and capital deductions on our capital ratios, and during the current quarter this impact was largely offset.

Our Leverage Ratio was4.3% as at October31,2025, a decrease from4.5% at the end of the third quarter of2025, due to higher leverage exposures and lower Tier1 Capital.

The bank's risk-based Total Loss Absorbing Capacity (TLAC) Ratio and TLAC Leverage Ratio were29.7% and8.5%, respectively, as at October31,2025, compared with29.5% and8.5%, respectively, as at July 31,2025.

Operating Segments Performance Review

BMO reports financial results for its four operating segments, Canadian Personal and Commercial Banking, U.S. Banking, Wealth Management and Capital Markets, all of which are supported by Corporate Units and Technology and Operations (T&O) within Corporate Services. Further information on how BMO reports operating segments results are outlined in the2025Operating Segments Performance Review section of BMO's2025Annual MD&A.

Canadian Personal and Commercial Banking (Canadian P&C)(1)

TABLE 8(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Net interest income 2,464 2,459 2,304 9,667 8,852Non-interest revenue 661 639 630 2,595 2,587Total revenue 3,125 3,098 2,934 12,262 11,439Provision for credit losses on impaired loans 496 489 440 1,952 1,326Provision for credit losses on performing loans 153 76 138 412 333Total provision for credit losses (PCL) 649 565 578 2,364 1,659Non-interest expense 1,442 1,339 1,319 5,360 5,005Income before income taxes 1,034 1,194 1,037 4,538 4,775Provision for income taxes 282 327 287 1,243 1,318Reported net income 752 867 750 3,295 3,457Dividends on preferred shares and distributions on other equity instruments 11 12 11 46 42Net income available to common shareholders 741 855 739 3,249 3,415Acquisition and integration costs (2) – – 12 – 17Amortization of acquisition-related intangible assets (3) 48 3 3 58 13Adjusted net income 800 870 765 3,353 3,487Adjusted net income available to common shareholders 789 858 754 3,307 3,445Adjusted non-interest expense 1,374 1,335 1,299 5,279 4,964Key Performance MetricsPersonal and Business Banking revenue 2,222 2,236 2,117 8,805 8,231Commercial Banking revenue 903 862 817 3,457 3,208Return on equity (%) (4) (5) 17.4 20.2 18.1 19.4 21.4Adjusted return on equity (%) (4) (5) 18.5 20.3 18.5 19.8 21.5Operating leverage (%) (2.7) 0.2 0.1 0.1 2.3Adjusted operating leverage (%) 0.7 0.0 1.1 0.9 2.7Efficiency ratio (%) 46.1 43.2 45.0 43.7 43.8Adjusted efficiency ratio (%) 44.0 43.1 44.3 43.1 43.4PCL on impaired loans-to-average net loans and acceptances (%) (5) 0.58 0.57 0.53 0.58 0.41Net interest margin on average earning assets (%) 2.84 2.84 2.74 2.82 2.77Average earning assets 344,411 343,805 334,612 342,361 319,518Average gross loans and acceptances 342,659 342,077 332,965 340,635 324,082Average deposits 312,344 310,564 312,475 311,886 301,278(1) Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.(2) Acquisition and integration costs related to AIR MILES, recorded in non-interest expense.(3) Amortization of acquisition-related intangible assets and any impairments, recorded in non‑interest expense. Q4-2025 included a $64 million impairment related to AIR MILES.(4) Return on equity is based on allocated capital. Effective fiscal 2025, the capital allocation rate increased to 12.0% of risk-weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.(5) Return on equity and PCL ratios are presented on an annualized basis.Certain comparative figures have been reclassified to conform with the current period's presentation.

Q4 2025 vs. Q4 2024

Canadian P&C reported net income was $752million, relatively unchanged from the prior year,as revenue growth was offset by higher expenses and a higher provision for credit losses.

Total revenue was $3,125million, an increase of $191million or7% from the prior year. Net interest income increased $160million or7%, due to both higher net interest margin and higher balances. Non-interest revenue increased $31million or5%, primarily due to higher mutual fund distribution fee revenue, as well as higher gains on investments and deposit fee revenue in our commercial business. Net interest margin of2.84% increased10basis points from the prior year, primarily due to higher deposit and loan margins, partially offset by a change in product mix.

Personal and Business Banking revenue increased $105million or5% and Commercial Banking revenue increased $86million or11%, both due to higher net interest income and non-interest revenue.

Total provision for credit losses was $649million, an increase of $71million from the prior year. Total provision for credit losses as a percentage of average net loans and acceptances was76basis points, compared with69basis points. The provision for credit losses on impaired loans was $496million, an increase of $56million, primarily due to higher provisions in Canadian unsecured consumer lending, partially offset by lower provisions in Commercial Banking. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was58basis points, compared with53basis points. There was a $153million provision for credit losses on performing loans in the current quarter, compared with a $138million provision in the prior year.

Non-interest expense was $1,442million, an increase of $123million or9% from the prior year, primarily driven by higher technology costs and employee-related expenses, as well as higher amortization of acquisition-related intangible assets reflecting an impairment related to AIR MILES.

Average gross loans and acceptances increased $9.7billion or3% from the prior year to $342.7billion. Personal and Business Banking balances increased3%, primarily reflecting growth in residential mortgages. Commercial Banking balances increased4% and credit card balances decreased4%. Average deposits were $312.3billion, relatively unchanged from the prior year as strong growth in operating depositswas offset by lower term deposits. Personal and Business Banking deposits decreased2%, and Commercial Banking deposits increased3%.

Q4 2025 vs. Q3 2025

Reported net income decreased $115million or13% from the prior quarter.

Total revenue increased $27million or1% from the prior quarter. Net interest income increased $5million, due to higher deposit balances. Non-interest revenue increased $22million from the prior quarter, due to higher gains on investments and mutual fund distribution fee revenue, partially offset by lower card-related revenue. Net interest margin of2.84% was relatively unchanged from the prior quarter, with higher deposit margins offset by a change in product mix.

Personal and Business Banking revenue decreased $14million or1%, primarily due to lower net interest income. Commercial Banking revenue increased $41million or5%, due to higher non-interest revenue and higher net interest income.

Total provision for credit losses increased $84million from the prior quarter. Total provision for credit losses as a percentage of average net loans and acceptances was76basis points, compared with66basis points. The provision for credit losses on impaired loans increased $7million, largely due to higher provisions in Personal and Business Banking. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was58basis points, compared with57basis points. There was a $153million provision for credit losses on performing loans in the current quarter, primarily due to uncertainty in credit conditions, compared with a $76million provision in theprior quarter.

Non-interest expense increased $103million or8% from the prior quarter, primarily due to higher amortization of acquisition-related intangible assets as noted above, and higher employee-related expenses.

Average gross loans and acceptances increased $0.6 billion from the prior quarter. Personal and Business Banking balances increased 1% and credit card balances decreased 3%, with Commercial Banking balances relatively unchanged from the prior quarter. Average deposits increased $1.8 billion from the prior quarter. Personal and Business Banking deposits decreased 1% and Commercial Banking deposits increased 5%.

U.S. Banking (1)

TABLE 9(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Net interest income (teb) (2) 2,234 2,221 2,161 9,017 8,602Non-interest revenue 641 609 574 2,466 2,209Total revenue (teb) (2) 2,875 2,830 2,735 11,483 10,811Provision for credit losses on impaired loans 209 241 446 1,010 1,285Provision (recovery of provision) for credit losses on performing loans (90) (70) 276 33 392Total provision for credit losses (PCL) 119 171 722 1,043 1,677Non-interest expense 1,719 1,670 1,709 6,855 6,690Income before income taxes 1,037 989 304 3,585 2,444Provision for income taxes (teb) (2) 230 222 23 775 434Reported net income 807 767 281 2,810 2,010Dividends on preferred shares and distributions on other equity instruments 15 15 14 61 57Net income attributable to non-controlling interest in subsidiaries 7 2 1 14 2Net income available to common shareholders 785 750 266 2,735 1,951Amortization of acquisition-related intangible assets (3) 64 62 72 272 290Adjusted net income 871 829 353 3,082 2,300Adjusted net income available to common shareholders 849 812 338 3,007 2,241Adjusted non-interest expense 1,634 1,586 1,613 6,490 6,300Average earning assets 229,046 230,849 231,451 235,855 230,500Average gross loans and acceptances 218,999 220,558 219,874 225,104 219,167Average deposits 236,483 237,189 243,917 244,795 237,855(US$ equivalent in millions)Net interest income (teb) (2) 1,609 1,617 1,585 6,427 6,330Non-interest revenue 463 442 421 1,759 1,626Total revenue (teb) (2) 2,072 2,059 2,006 8,186 7,956Provision for credit losses on impaired loans 151 175 328 719 943Provision (recovery of provision) for credit losses on performing loans (65) (50) 198 21 285Total provision for credit losses 86 125 526 740 1,228Non-interest expense 1,238 1,217 1,252 4,886 4,922Income before income taxes 748 717 228 2,560 1,806Provision for income taxes (teb) (2) 166 159 18 553 321Reported net income 582 558 210 2,007 1,485Dividends on preferred shares and distributions on other equity instruments 11 11 11 44 42Net income attributable to non-controlling interest in subsidiaries 5 2 1 10 2Net income available to common shareholders 566 545 198 1,953 1,441Amortization of acquisition-related intangible assets (3) 45 45 52 192 214Adjusted net income 627 603 262 2,199 1,699Adjusted net income available to common shareholders 611 590 250 2,145 1,655Adjusted non-interest expense 1,178 1,156 1,182 4,627 4,635Key Performance Metrics (US$ basis)Personal and Business Banking revenue 753 743 696 2,897 2,801Commercial Banking revenue 1,100 1,107 1,114 4,458 4,384Private Wealth revenue 219 209 196 831 771Return on equity (%) (4) (5) 8.5 8.2 3.1 7.4 5.6Adjusted return on equity (%) (4) (5) 9.2 8.9 3.9 8.1 6.4Operating leverage (%) 4.4 4.6 2.5 3.6 (1.0)Adjusted operating leverage (%) 3.6 3.8 2.1 3.1 (0.3)Efficiency ratio (%) 59.8 59.0 62.4 59.7 61.9Adjusted efficiency ratio (%) 56.9 56.1 58.9 56.5 58.3Net interest margin on average earning assets (%) 3.87 3.82 3.72 3.82 3.73PCL on impaired loans-to-average net loans and acceptances (%) (5) 0.38 0.44 0.82 0.45 0.59Average earning assets 164,942 168,134 169,670 168,096 169,596Average gross loans and acceptances 157,706 160,639 161,182 160,437 161,261Average deposits 170,295 172,753 178,811 174,440 175,004Assets under administration (6) 104,368 103,846 83,450 104,368 83,450Assets under management (6) 83,036 75,884 69,504 83,036 69,504(1) Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.(2) Net interest income, total revenue and the provision for income taxes are presented on a taxable equivalent basis (teb) and are reflected in the ratios. Teb amounts of $8million in both Q4-2025 and Q3-2025, and $9million in Q4-2024; and $33million for YTD-2025 and $36million for YTD-2024 are offset in Corporate Services. On a source currency basis: US$6million in Q4-2025, Q3-2025 and Q4-2024; and US$24million for YTD-2025 and US$25million for YTD-2024.(3) Amortization of acquisition-related intangible assets and any impairments, recorded in non‑interest expense. On a source currency basis: US$60 million in Q4-2025, US$61 million in Q3-2025 and US$70 million in Q4-2024; and US$259 million for YTD-2025 and US$287 million for YTD-2024.(4) Return on equity is based on allocated capital. Effective fiscal 2025, the capital allocation rate increased to 12.0% of risk-weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.(5) Return on equity and PCL ratios are presented on an annualized basis.(6) Relates to Private Wealth. Assets under administration excludes assets under custody.Certain comparative figures have been reclassified to conform with the current period's presentation.

Q4 2025 vs. Q4 2024

U.S. Banking (1) reported net income was $807million, an increase of $526million from $281million in the prior year. The impact of the stronger U.S. dollar increased net income by5%, and revenue and expenses by2%, respectively. All amounts in the remainder of this section are presented on a U.S. dollar basis.

Reported net income was $582million, an increase of $372million from $210million in the prior year.

Total revenue was $2,072million, an increase of $66million or3% from the prior year. Net interest income increased $24million or2%, due to higher net interest margin, partially offset by lower balances. Non-interest revenue increased $42million or10% from the prior year, primarily due to higher deposit fee revenue and wealth managementfees. Net interest margin of3.87% increased15basis points, primarily due to higher depositmarginsdriven by deposit optimization, partially offset by lower deposit balances.

Personal and Business Banking revenue increased $57million or9%, primarily due to higher net interest income. Commercial Banking revenue decreased $14million or1%, due to lower net interest income,partially offset by higher non-interest revenue. Private Wealth revenue increased $23million or12%.

Total provision for credit losses was $86million, a decrease of $440million from the prior year. Total provision for credit losses as a percentage of average net loans and acceptances was22basis points, compared with131basis points. The provision for credit losses on impaired loans was $151million, a decrease of $177million, largely due to lower provisions in Commercial Banking. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was38basis points, compared with82basis points. There was a $65million recovery on performing loans in the current quarter, compared with a $198million provision in the prior year.

Non-interest expense was $1,238million, a decrease of $14million or1% from the prior year, reflecting lower technology and other operating costs, partially offset by higher employee-related expenses.

Average gross loans and acceptances decreased $3.5billion or2% from the prior year to $157.7billion. Commercial Banking balances decreased5%reflecting balance sheet optimization initiatives, Personal and Business Banking balances increased3% and Private Wealth balances increased14%. Average total deposits decreased $8.5billion or5% from the prior year to $170.3billion, driven by lower term deposits. Commercial Banking deposits decreased4%, Personal and Business Banking deposits decreased6% and Private Wealth deposits decreased2%.

Assets under management increased $13.5billion or19% from the prior year to $83.0billion, driven by stronger global markets and higher client assets. Assets under administration increased $20.9billion or25% to $104.4billion, primarily driven by stronger global markets.

Q4 2025 vs. Q3 2025

Reported net income increased $40million or5% from the prior quarter. The impact of the stronger U.S. dollar increased revenue, expenses and net income by1%, respectively. All amounts in the remainder of this section are presented on a U.S. dollar basis.

Reported net income increased $24million or4% from the prior quarter.

Total revenue was relatively unchangedfrom the prior quarter. Net interest income decreased $8million or1%, due to lower balances, partially offset by higher net interest margin. Non-interest revenue increased $21million or4%, primarily due to higher wealth management fees and card-related revenue. Net interest margin increased5basis points, primarily due to higher depositmargins, partially offset by lower deposit balances.

Personal and Business Banking revenue increased $10million or1% from the prior quarter, due to higher net interest income, partially offset by lower non-interest revenue. Commercial Banking revenue decreased $7million or1%, due to lower net interest income, partially offset by higher non-interest revenue. Private Wealth revenue increased $10million or4%, due to higher non-interest revenue.

Total provision for credit losses decreased $39million from the prior quarter. Total provision for credit losses as a percentage of average net loans and acceptances was22basis points, compared with31basis points. The provision for credit losses on impaired loans decreased $24million, due to lower provisions in both Personal and Business Banking and Commercial Banking. The provision for credit losses on impaired loans as a percentage of average net loans and acceptances was38basis points, compared with44basis points. There was a $65million recovery on performing loans in the current quarter, compared with a $50million recovery in the prior quarter.

Non-interest expense increased $21million or2% from the prior quarter, primarily due to higher operating and technologycosts.

Average gross loans and acceptances decreased $2.9billion or2% from the prior quarter. Commercial Banking balances decreased3%, Personal and Business Banking balances increased1% and Private Wealth balances increased2%. Average total deposits decreased $2.5billion or1% from the prior quarter. Commercial Banking deposits decreased1%,Personal and Business Banking deposits decreased2%, with Private Wealth deposit balances relatively unchanged.

Assets under management increased $7.2 billion or9% from the prior quarter, driven by stronger global markets and higher client assets. Assets under administration increased $0.5billion or 1% from the prior quarter.

(1) Effective the fourth quarter of 2025, BMO combined its U.S. wealth management business, previously reported within Wealth Management, with U.S. Personal and Commercial Banking to form a unified U.S. Banking operating segment. Financial results for prior periods have been reclassified to conform with the current presentation. For further information, refer to the How BMO Reports Operating Segments Results section of BMO's Annual 2025 MD&A.

Wealth Management(1)

TABLE 10(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Net interest income 274 257 233 1,020 873Non-interest revenue 1,145 1,086 986 4,282 3,726Total revenue 1,419 1,343 1,219 5,302 4,599Provision for credit losses on impaired loans 5 1 5 8 15Provision (recovery of provision) for credit losses on performing loans (1) 2 5 2 2Total provision for credit losses (PCL) 4 3 10 10 17Non-interest expense 907 839 814 3,460 3,176Income before income taxes 508 501 395 1,832 1,406Provision for income taxes 125 123 94 451 339Reported net income 383 378 301 1,381 1,067Dividends on preferred shares and distributions on other equity instruments 2 1 2 6 6Net income available to common shareholders 381 377 299 1,375 1,061Acquisition and integration costs (2) 1 3 – 4 -Adjusted net income 384 381 301 1,385 1,067Adjusted net income available to common shareholders 382 380 299 1,379 1,061Adjusted non-interest expense 905 835 814 3,454 3,176Key Performance MetricsWealth and Asset Management reported net income 304 283 248 1,065 831Wealth and Asset Management adjusted net income 305 286 248 1,069 831Insurance reported net income (loss) 79 95 53 316 236Return on equity (%) (3) (4) 49.7 49.9 40.3 45.4 36.5Adjusted return on equity (%) (3) (4) 49.9 50.3 40.3 45.6 36.5Efficiency ratio (%) 63.9 62.5 66.8 65.3 69.1Adjusted efficiency ratio (%) 63.8 62.2 66.8 65.1 69.1Operating leverage (%) 5.0 7.2 (2.8) 6.3 1.6Adjusted operating leverage (%) 5.3 7.7 (2.8) 6.5 1.6PCL on impaired loans-to-average net loans and acceptances (%) (4) 0.06 0.02 0.07 0.03 0.05Average assets 53,776 53,484 51,080 53,224 49,134Average gross loans and acceptances 30,400 30,079 29,261 30,003 28,532Average deposits 54,324 52,908 46,951 52,359 45,874Assets under administration (5) 282,258 262,354 245,183 282,258 245,183Assets under management 390,282 359,109 326,032 390,282 326,032(1) Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.(2) Burgundy pre-tax acquisition and integration costs, recorded in non-interest expense.(3) Return on equity is based on allocated capital. Effective the first quarter of fiscal 2025, the capital allocation rate increased to 12.0% of risk-weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.(4) Return on equity and PCL ratios are presented on an annualized basis.(5) Certain assets under management that are also administered by the bank are included in assets under administration.

Q4 2025 vs. Q4 2024

Wealth Management (1) reported net income was $383million, an increase of $82million or27% from the prior year. Wealth and Asset Management reported net income was $304million, an increase of $56million or23%, and Insurance net income was $79million, an increase of $26million or48%.

Total revenue was $1,419million, an increase of $200million or16% from the prior year. Revenue in Wealth and Asset Management was $1,290million, an increase of $158million or14%, primarily due to the impact of stronger global marketsand net sales, strong growth in loan and deposit balancesand higher brokerage transaction volumes.Insurance revenue was $129million, an increase of $42million or48%, due to favourable market movements in the current quarter and business growth.

Total provision for credit losses was $4million, a decrease of $6million from the prior year.

Non-interest expense was $907million, an increase of $93million or11%, primarily due to higher employee-related expenses, including higher revenue-based costs.

Assets under management increased $64.3billion or20% from the prior year to $390.3billion, and assets under administration increased $37.1billion or15%to $282.3billion, both driven by stronger global markets and higher client assets. Average gross loans increased4% and average deposits increased16%.

Q4 2025 vs. Q3 2025

Reported net income increased by $5million or2% from the prior quarter. Wealth and Asset Management reported net income increased $21million or8% from the prior quarter, and Insurance net income decreased $16million or17%.

Total revenue increased $76million or6% from the prior quarter. Revenue in Wealth and Asset Management increased $92million or8%, primarily due to the impact of stronger global marketsand net sales, higher brokerage transaction volumes and good growth in loan and deposit balances. Insurance revenue decreased $16million or11%, primarily due to a gain on sale of a portfolio of insurance contracts in the prior quarter, partially offset by more favourable market movements in the quarter.

Total provision for credit losses increased $1million from the prior quarter.

(1) Effective the fourth quarter of 2025, BMO combined its U.S. wealth management business, previously reported within Wealth Management, with U.S. Personal and Commercial Banking to form a unified U.S. Banking operating segment. Financial results for prior periods have been reclassified to conform with the current presentation. For further information, refer to the How BMO Reports Operating Segments Results section of BMO's Annual 2025 MD&A.

Non-interest expense increased $68million or8%, primarily due to higher employee-related expenses, including higher revenue-based costs.

Assets under management increased $31.2 billion or 9% and assets under administration increased $19.9 billion or 8%, both driven by stronger global markets and higher client assets. Average gross loans increased by 1% and average deposits increased by 3%.

Capital Markets(1)

TABLE 11(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Net interest income (teb) (2) 580 729 389 2,482 1,731Non-interest revenue 1,239 1,047 1,211 4,965 4,785Total revenue (teb) (2) 1,819 1,776 1,600 7,447 6,516Provision for credit losses on impaired loans 37 33 203 133 367Provision (recovery of provision) for credit losses on performing loans (39) 23 8 68 2Total provision (recovery of provision) for credit losses (PCL) (2) 56 211 201 369Non-interest expense 1,122 1,139 1,087 4,616 4,278Income before income taxes 699 581 302 2,630 1,869Provision for income taxes (teb) (2) 178 143 51 653 377Reported net income 521 438 251 1,977 1,492Dividends on preferred shares and distributions on other equity instruments 10 11 10 41 37Net income available to common shareholders 511 427 241 1,936 1,455Acquisition and integration costs (3) – – 2 – 15Amortization of acquisition-related intangible assets (4) 11 4 17 22 31Adjusted net income 532 442 270 1,999 1,538Adjusted net income available to common shareholders 522 431 260 1,958 1,501Adjusted non-interest expense 1,107 1,134 1,061 4,586 4,216Key Performance MetricsGlobal Markets revenue 1,035 1,053 938 4,599 3,898Investment and Corporate Banking revenue 784 723 662 2,848 2,618Return on equity (%) (5) (6) 14.4 12.5 7.3 14.0 11.0Adjusted return on equity (%) (5) (6) 14.7 12.6 7.8 14.2 11.4Operating leverage (teb) (%) 10.5 (2.1) (6.4) 6.4 1.9Adjusted operating leverage (teb) (%) 9.4 (2.2) (4.3) 5.5 2.6Efficiency ratio (teb) (%) 61.7 64.1 67.9 62.0 65.7Adjusted efficiency ratio (teb) (%) 60.9 63.8 66.3 61.6 64.7PCL on impaired loans-to-average net loans and acceptances (%) (6) 0.18 0.16 0.99 0.16 0.44Average assets 548,583 514,826 505,558 551,491 468,963Average gross loans and acceptances 85,586 82,668 82,397 84,273 83,024U.S. Business Select Financial Data (US$ in millions)Total revenue (teb) 635 641 567 2,654 2,286Non-interest expense 417 422 394 1,662 1,599Reported net income 168 151 43 678 350Adjusted non-interest expense 414 419 391 1,651 1,580Adjusted net income 170 153 45 686 364Average assets 187,111 181,423 179,813 192,595 157,876Average gross loans and acceptances 33,067 32,582 31,713 32,088 31,795(1) Adjusted results and ratios are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.(2) Net interest income, total revenue and the provision for income taxes are presented on a taxable equivalent basis (teb) and are reflected in the ratios. Teb amounts of $2 million in Q4-2025, Q3-2025 and Q4-2024; and $6million for YTD-2025 and $22million for YTD-2024 are offset in Corporate Services. Beginning January1,2024, we treated certain Canadian dividends as non-deductible for tax purposes, due to legislation that was enacted in the third quarter of fiscal2024. As a result, we no longer report this revenue on a taxable equivalent basis.(3) Clearpool and Radicle pre-tax acquisition and integration costs, recorded in non-interest expense.(4) Amortization of acquisition-related intangible assets and any impairments, recorded in non‑interest expense. Q4-2025 and Q4-2024 included an impairment related to Radicle of $10 million and $18 million, respectively.(5) Return on equity is based on allocated capital. Effective fiscal 2025, the capital allocation rate increased to 12.0% of risk-weighted assets, compared with 11.5% in fiscal 2024. For further information, refer to the Non-GAAP and Other Financial Measures section.(6) Return on equity and PCL ratios are presented on an annualized basis.

Q4 2025 vs. Q4 2024

Capital Markets reported net income was $521million, an increase of $270million or108% from the prior year.

Total revenue was $1,819million, an increase of $219million or14% from the prior year. Global Markets revenue increased $97million or10%, primarily due to higher equities trading revenueand higher debt and equity issuances,partially offset by lower interest rate trading revenue.Investment and Corporate Banking revenue increased $122million or18%, primarily due to higher Canadian underwriting and advisory fee revenue and lower markdowns on fair value loans.

Total recovery of the provision for credit losses was $2million, compared with a $211million provision in the prior year. The provision for credit losses on impaired loans was $37million, a decrease of $166million from the prior year. There was a $39million recovery on performing loans in the current quarter, compared with a $8million provision in the prior year.

Non-interest expense was $1,122million, an increase of $35million or3% from the prior year, primarily driven by higher performance-based compensation.

Average gross loans and acceptances of $85.6billion increased $3.2billion or4% from the prior year.

Q4 2025 vs. Q3 2025

Reported net income increased $83million or19% from the prior quarter.

Total revenue increased $43million or2% from the prior quarter. Global Markets revenue decreased $18million or2%, primarily due to lower interest rateand commodities trading revenue, partially offset by higher equities trading revenue. Investment and Corporate Banking revenue increased $61million or8%, primarily due to higher underwriting revenueand higher gains on investments.

Total recovery of the provision for credit losses was $2million, compared with a $56million provision in the prior quarter. The provision for credit losses on impaired loans was $37million, an increase of $4million from the prior quarter. There was a $39million recovery on performing loans in the current quarter, compared with a $23million provision in the prior quarter.

Non-interest expense decreased $17million or1% from the prior quarter, driven by lower employee-related expenses, including the impact of timing on performance-based compensation, partially offset by higher operating costs.

Average gross loans and acceptances increased $2.9billion or4% from the prior quarter.

Corporate Services (1)

TABLE 12(Canadian $ in millions, except as noted) Q4-2025 Q3-2025 Q4-2024 Fiscal 2025 Fiscal 2024Net interest income before segment teb offset (46) (160) 362 (660) (532)Segment teb offset (10) (10) (11) (39) (58)Net interest income (teb) (56) (170) 351 (699) (590)Non-interest revenue 159 111 118 479 20Total revenue (teb) 103 (59) 469 (220) (570)Provision for credit losses on impaired loans 3 9 13 44 73Provision (recovery of provision) for credit losses on performing loans (18) (7) (11) (45) (34)Total provision (recovery of provision) for credit losses (15) 2 2 (1) 39Non-interest expense 366 118 (502) 816 350Income (loss) before income taxes (248) (179) 969 (1,035) (959)Provision for (recovery of) income taxes (teb) (80) (59) 248 (297) (260)Reported net income (loss) (168) (120) 721 (738) (699)Dividends on preferred shares and distributions on other equity instruments 125 27 115 282 244Net income (loss) attributable to non-controlling interest in subsidiaries – 1 2 2 7Net income (loss) available to common shareholders (293) (148) 604 (1,022) (950)Acquisition and integration costs (2) 2 1 13 9 97Impact of divestitures 102 – – 102 -Legal provision/reversal (including related interest expense and legal fees) – – (870) – (834)Impact of loan portfolio sale – – – – 136FDIC special assessment (9) (4) (11) (14) 357Impact of alignment of accounting policies – – – 70 -Adjusted net loss (73) (123) (147) (571) (943)Adjusted net loss available to common shareholders (198) (151) (264) (855) (1,194)Adjusted total revenue (teb) (3) 103 (59) (120) (220) (953)Adjusted non-interest expense 274 122 89 626 333U.S. Business Select Financial Data (US$ in millions)Total revenue – (12) 460 (15) 401Total provision for (recovery of) credit losses (3) (1) (2) (2) 3Non-interest expense 174 60 (436) 348 47Provision for (recovery of) income taxes (teb) (37) (23) 221 (107) 74Reported net income (loss) (134) (48) 677 (254) 277Adjusted total revenue – (12) 24 (15) 118Adjusted non-interest expense 108 62 – 246 36Adjusted net income (loss) (66) (50) 35 (160) 96(1) Adjusted results are on a non-GAAP basis and are discussed in the Non-GAAP and Other Financial Measures section.(2) Acquisition and integration costs/reversal related to the acquisition of Bank of the West, recorded in non-interest expense.(3) Segment taxable equivalent basis (teb) offset amounts recorded in net interest income, total revenue and provision for (recovery of) income taxes: $10 million in both Q4-2025 and Q3-2025 and $11million in Q4-2024; and $39million for YTD-2025 and $58million for YTD-2024.

Q4 2025 vs. Q4 2024

Corporate Services reported net loss was $168million, compared with reported net income of $721million in the prior year, with the change reflecting a reversal of legal provision in the prior yearand a write-down of goodwill related to the announced sale of branches in certain U.S. markets.

Adjusted net loss was $73million, compared with adjusted net loss of $147million in the prior year, with the change driven by higher treasury-related revenue, partially offset by higher expenses.

Q4 2025 vs. Q3 2025

Reported net loss was $168million, compared with reported net loss of $120million in the prior quarter, and adjusted net loss was $73million, compared with adjusted net loss of $123million in the prior quarter.

The increase in reported net loss included the write-down of goodwill noted above. The lower adjusted net loss reflected higher treasury-related revenue, partially offset by higher expenses.

Consolidated Statement of Income

(Unaudited) (Canadian $ in millions, except as noted) For the three months ended For the twelve months ended October 31, July 31, October 31, October 31, October 31, 2025 2025 2024 2025 2024Interest, Dividend and Fee IncomeLoans $ 9,531 $ 9,594 $ 10,223 $ 38,747 $ 40,069Securities 3,835 3,929 3,966 15,862 15,038Securities borrowed or purchased under resale agreements 1,519 1,540 1,775 6,072 6,843Deposits with banks 633 679 900 2,856 4,035 15,518 15,742 16,864 63,537 65,985Interest ExpenseDeposits 6,855 7,008 8,768 29,255 34,580Securities sold but not yet purchased and securities lent or sold under repurchase agreements 2,274 2,227 2,344 9,064 8,907Subordinated debt 112 118 118 456 456Other liabilities 781 893 196 3,275 2,574 10,022 10,246 11,426 42,050 46,517Net Interest Income 5,496 5,496 5,438 21,487 19,468Non-Interest RevenueSecurities commissions and fees 320 286 288 1,169 1,106Deposit and payment service charges 446 447 420 1,791 1,626Trading revenues 557 406 696 2,584 2,377Lending fees 329 327 338 1,342 1,464Card fees 204 207 201 831 847Investment management and custodial fees 620 589 544 2,339 2,056Mutual fund revenues 403 376 347 1,495 1,324Underwriting and advisory fees 455 453 352 1,703 1,399Securities gains, other than trading 114 49 57 287 200Foreign exchange gains, other than trading 68 65 67 271 263Insurance service results 118 89 42 421 340Insurance investment results 39 29 72 124 105Share of profit in associates and joint ventures 83 45 50 175 207Other revenues 89 124 45 255 13 3,845 3,492 3,519 14,787 13,327Total Revenue 9,341 8,988 8,957 36,274 32,795Provision for Credit Losses 755 797 1,523 3,617 3,761Non-Interest ExpenseEmployee compensation 2,978 2,955 2,694 12,018 10,872Premises and equipment 1,215 1,081 1,062 4,468 4,117Amortization of intangible assets 290 278 280 1,152 1,112Advertising and business development 224 198 227 806 837Communications 79 82 89 342 388Professional fees 219 172 177 678 583Association, clearing and annual regulator fees 70 71 103 302 321Other 481 268 (205) 1,341 1,269 5,556 5,105 4,427 21,107 19,499Income Before Provision for Income Taxes 3,030 3,086 3,007 11,550 9,535Provision for income taxes 735 756 703 2,825 2,208Net Income $ 2,295 $ 2,330 $ 2,304 $ 8,725 $ 7,327Attributable to:Bank shareholders $ 2,288 $ 2,327 $ 2,301 $ 8,709 $ 7,318Non-controlling interest in subsidiaries 7 3 3 16 9Net Income $ 2,295 $ 2,330 $ 2,304 $ 8,725 $ 7,327Earnings Per Common Share (Canadian $)Basic $ 2.98 $ 3.14 $ 2.95 $ 11.46 $ 9.52Diluted 2.97 3.14 2.94 11.44 9.51Dividends per common share 1.63 1.63 1.55 6.44 6.12

Consolidated Statement of Comprehensive Income

(Unaudited) (Canadian $ in millions) For the three months ended For the twelve months ended October 31, July 31, October 31, October 31, October 31, 2025 2025 2024 2025 2024Net Income $ 2,295 $ 2,330 $ 2,304 $ 8,725 $ 7,327Other Comprehensive Income (Loss), net of taxesItems that will subsequently be reclassified to net incomeNet change in unrealized gains (losses) on fair value through OCI debt securitiesUnrealized gains (losses) on fair value through OCI debt securities arising during the period (1) 147 178 (150) 308 217Reclassification to earnings of (gains) during the period (2) (33) (11) (19) (65) (83) 114 167 (169) 243 134Net change in unrealized gains (losses) on derivatives designated as cash flow hedgesGains (losses) on derivatives designated as cash flow hedges arising during the period (3) 853 (1,051) 212 995 2,512Reclassification to earnings of losses on derivatives designated as cash flow hedgesduring the period (4) 254 272 314 1,051 1,417 1,107 (779) 526 2,046 3,929Net gains on translation of net foreign operationsUnrealized gains on translation of net foreign operations 784 282 531 473 287Unrealized (losses) on hedges of net foreign operations (5) (208) (74) (120) (76) (100) 576 208 411 397 187Items that will not be subsequently reclassified to net incomeNet unrealized gains (losses) on fair value through OCI equity securities arising during the period (6) – – – (11) 9Net gains (losses) on remeasurement of pension and other employee future benefit plans (7) 88 55 (123) 137 (69)Net gains (losses) on remeasurement of own credit risk on financial liabilitiesdesignated at fair value (8) 10 (313) 43 (245) (633) 98 (258) (80) (119) (693)Total Other Comprehensive Income (Loss), net of taxes 1,895 (662) 688 2,567 3,557Total Comprehensive Income $ 4,190 $ 1,668 $ 2,992 $ 11,292 $ 10,884Attributable to:Bank shareholders $ 4,183 $ 1,665 $ 2,989 $ 11,276 $ 10,875Non-controlling interest in subsidiaries 7 3 3 16 9Total Comprehensive Income $ 4,190 $ 1,668 $ 2,992 $ 11,292 $ 10,884(1) Net of income tax (provision) recovery of $(52) million, $(66) million, $55 million for the three months ended and $(113) million and $(79) million for the twelve months ended, respectively.(2) Net of income tax provision of $12 million, $3 million, $7 million for the three months ended and $23 million and $31 million for the twelve months ended, respectively.(3) Net of income tax (provision) recovery of $(324) million, $409 million, $(82) million for the three months ended and $(365) million and $(966) million for the twelve months ended, respectively.(4) Net of income tax (recovery) of $(96) million, $(102) million, $(118) million for the three months ended and $(397) million and $(536) million for the twelve months ended, respectively.(5) Net of income tax recovery of $80 million, $28 million, $47 million for the three months ended and $29 million and $38 million for the twelve months ended, respectively.(6) Net of income tax (provision) recovery of $nil million, $nil million, $1 million for the three months ended and $4 million and $(3) million for the twelve months ended, respectively.(7) Net of income tax (provision) recovery of $(34) million, $(22) million, $21 million for the three months ended and $(53) million and $(1) million for the twelve months ended, respectively.(8) Net of income tax (provision) recovery of $(4) million, $118 million, $(16) million for the three months ended and $92 million and $242 million for the twelve months ended, respectively.

Consolidated Balance Sheet

(Unaudited) (Canadian $ in millions) As at October 31, October 31, 2025 2024AssetsCash and Cash Equivalents $ 67,484 $ 65,098Interest Bearing Deposits with Banks 2,838 3,640SecuritiesTrading 192,303 168,926Fair value through profit or loss 21,354 19,064Fair value through other comprehensive income 113,209 93,702Debt securities at amortized cost 96,610 115,188 423,476 396,880Securities Borrowed or Purchased Under Resale Agreements 129,421 110,907LoansResidential mortgages 196,033 191,080Consumer instalment and other personal 92,741 92,687Credit cards 12,649 13,612Business and government 380,788 384,993 682,211 682,372Allowance for credit losses (5,050) (4,356) 677,161 678,016Other AssetsDerivative instruments 57,151 47,253Customers' liability under acceptances 711 359Premises and equipment 6,252 6,249Goodwill 16,797 16,774Intangible assets 4,758 4,925Current tax assets 1,970 2,219Deferred tax assets 2,732 3,024Receivable from brokers, dealers and clients 43,167 31,916Other 42,884 42,387 176,422 155,106Total Assets $ 1,476,802 $ 1,409,647Liabilities and EquityDeposits $ 976,202 $ 982,440Other LiabilitiesDerivative instruments 58,729 58,303Acceptances 711 359Securities sold but not yet purchased 54,876 35,030Securities lent or sold under repurchase agreements 134,967 110,791Securitization and structured entities' liabilities 51,562 40,164Insurance-related liabilities 20,436 18,770Payable to brokers, dealers and clients 45,170 34,407Other 37,549 36,720 404,000 334,544Subordinated Debt 8,500 8,377Total Liabilities 1,388,702 1,325,361EquityPreferred shares and other equity instruments 8,956 8,087Common shares 23,359 23,921Contributed surplus 373 354Retained earnings 47,377 46,469Accumulated other comprehensive income 7,986 5,419Total shareholders' equity 88,051 84,250Non-controlling interest in subsidiaries 49 36Total Equity 88,100 84,286Total Liabilities and Equity $ 1,476,802 $ 1,409,647

Consolidated Statement of Changes in Equity

(Unaudited) (Canadian $ in millions) For the three months ended For the twelve months ended October 31, October 31, October 31, October 31, 2025 2024 2025 2024Preferred Shares and Other Equity InstrumentsBalance at beginning of period $ 9,156 $ 8,487 $ 8,087 $ 6,958Issued during the period – – 1,369 2,379Redeemed during the period (200) (400) (500) (1,250)Balance at end of period 8,956 8,087 8,956 8,087Common SharesBalance at beginning of period 23,554 23,911 23,921 22,941Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan – – – 905Issued under the Stock Option Plan 60 17 161 74Treasury shares sold (purchased) 8 (7) 7 1Purchased for cancellation (263) – (730) -Balance at end of period 23,359 23,921 23,359 23,921Contributed SurplusBalance at beginning of period 368 346 354 328Stock option expense, net of options exercised 4 6 14 15Net premium on sale of treasury shares 1 2 5 11Balance at end of period 373 354 373 354Retained EarningsBalance at beginning of period 47,554 45,451 46,469 44,006Net income attributable to bank shareholders 2,288 2,301 8,709 7,318Dividends on preferred shares and distributions payable on other equity instruments (163) (152) (436) (386)Dividends on common shares (1,155) (1,131) (4,630) (4,458)Equity issue expense – – (4) (11)Common shares purchased for cancellation (1,147) – (2,731) -Balance at end of period 47,377 46,469 47,377 46,469Accumulated Other Comprehensive (Loss) on Fair Value through OCI Securities, net of taxesBalance at beginning of period (203) (152) (321) (464)Unrealized gains (losses) on fair value through OCI debt securities arising during the period 147 (150) 308 217Unrealized gains (losses) on fair value through OCI equity securities arising during the period – – (11) 9Reclassification to earnings of (gains) during the period (33) (19) (65) (83)Balance at end of period (89) (321) (89) (321)Accumulated Other Comprehensive Income (Loss) on Cash Flow Hedges, net of taxesBalance at beginning of period (580) (2,045) (1,519) (5,448)Gains on derivatives designated as cash flow hedges arising during the period 853 212 995 2,512Reclassification to earnings of losses on derivatives designated as cash flow hedges during the period 254 314 1,051 1,417Balance at end of period 527 (1,519) 527 (1,519)Accumulated Other Comprehensive Income on Translation of Net Foreign Operations, net of taxesBalance at beginning of period 6,202 5,970 6,381 6,194Unrealized gains on translation of net foreign operations 784 531 473 287Unrealized (losses) on hedges of net foreign operations (208) (120) (76) (100)Balance at end of period 6,778 6,381 6,778 6,381Accumulated Other Comprehensive Income on Pension and Other EmployeeFuture Benefit Plans, net of taxesBalance at beginning of period 923 997 874 943Gains (losses) on remeasurement of pension and other employee future benefit plans 88 (123) 137 (69)Balance at end of period 1,011 874 1,011 874Accumulated Other Comprehensive Income (Loss) on Own Credit Risk on Financial LiabilitiesDesignated at Fair Value, net of taxesBalance at beginning of period (251) (39) 4 637Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value 10 43 (245) (633)Balance at end of period (241) 4 (241) 4Total Accumulated Other Comprehensive Income 7,986 5,419 7,986 5,419Total Shareholders' Equity 88,051 84,250 88,051 84,250Non-Controlling Interest in SubsidiariesBalance at beginning of period 42 31 36 28Net income attributable to non-controlling interest in subsidiaries 7 3 16 9Dividends to non-controlling interest in subsidiaries – – (3) (3)Other – 2 – 2Balance at end of period 49 36 49 36Total Equity $ 88,100 $ 84,286 $ 88,100 $ 84,286

Investor and Media Information

Investor Presentation Materials

Interested parties are invited to visit BMO's website at www.bmo.com/investorrelations to review the 2025Annual MD&A and audited annual consolidated financial statements, quarterly presentation materials and supplementary financial and regulatory information package.

Quarterly Conference Call and Webcast Presentations

Interested parties are also invited to listen to our quarterly conference call on Thursday, December 4, 2025, at 8:30 a.m. (ET). The call may be accessed by telephone at 647-495-7514 (from within Toronto) or 1-888-596-4144 (toll-free outside Toronto), entering Passcode: 89709#. A replay of the conference call can be accessed until January 4,2026, by calling 647-362-9199 (from within Toronto) or 1-800-770-2030 (toll-free outside Toronto) and entering Passcode: 89709#.

A live webcast of the call can be accessed on our website at www.bmo.com/investorrelations. A replay can also be accessed on the website.

Shareholder Dividend Reinvestment and Share Purchase For other shareholder information, please contactPlan (DRIP) Bank of MontrealCommon shareholders may elect to have their cash dividends reinvested in Shareholder Servicescommon shares of the bank, in accordance with the bank's DRIP. More Corporate Secretary's Departmentinformation about the Plan and how to enrol can be found at 1 First Canadian Place, 9th Floorwww.bmo.com/investorrelations. Toronto, Ontario M5X 1A1For dividend information, change in shareholder address Telephone: 416-867-6785or to advise of duplicate mailings, please contact E-mail: corp.secretary@bmo.comComputershare Trust Company of Canada For further information on this document, please contact320 Bay Street, 14th Floor Bank of MontrealToronto, Ontario M5H 4A6 Investor Relations DepartmentTelephone: 416-263-9200 P.O. Box 1, 1 First Canadian Place, 37th FloorFax: 1-888-453-0330 Toronto, Ontario M5X 1A1E-mail: service@computershare.com To review financial results and regulatory filings and disclosures online, please visit BMO's website atwww.bmo.com/investorrelations.BMO's 2025Annual MD&A, audited consolidated financial statements, annual information form and annual report on Form40-F (filed with theU.S.Securities and Exchange Commission) are available online at www.bmo.com/investorrelationsand at www.sedarplus.ca. Printed copies of the bank'scomplete2025 audited consolidated financial statements are available free of charge upon request at 416-867-6785 or corp.secretary@bmo.com .Annual Meeting 2026The next Annual Meetingof Shareholders will be held on Wednesday, April15,2026.

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