# EDGAR Filing Document

**Accession Number:** 0000927971
**File Stem:** 0001193125-25-307968
**Filing Date:** 2025-12
**Character Count:** 135577
**Document Hash:** ba00f58c688b130685fb948b2f3ae465
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307968.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307968

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251204

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF MONTREAL /CAN/
- **CENTRAL INDEX KEY:** 0000927971
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13354
- **FILM NUMBER:** 251549160

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1
- **BUSINESS PHONE:** 000-000-0000

**MAIL ADDRESS:**
- **STREET 1:** 1 FIRST CANADIAN PLACE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1A1

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**Report of Foreign Private Issuer** 

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of: December, 2025 Commission File Number: 001-13354

## BANK OF MONTREAL
**(Name of Registrant)** 

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| | |
|:---|:---|
| 100 King Street West |  |
| 1 First Canadian Place | 129 rue Saint-Jacques |
| Toronto, Ontario | Montreal, Quebec |
| Canada, M5X 1A1 | Canada, H2Y 1L6 |
| *(Executive Offices)* | *(Head Office)* |

---

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐ Form 40-F ☒

**<u>INCORPORATION BY REFERENCE</u>**

The information contained in this Form 6-K and any exhibits hereto shall be deemed filed with the Securities and Exchange Commission ("SEC") solely for purposes of incorporation by reference into and as part of the following registration statements of the registrant on file with and declared effective by the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Registration Statement – Form F-3 – File No. 333-214934

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Registration Statement – Form F-3 – File No. 333-285508

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Registration Statement – Form S-8 – File No. 333-191591

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Registration Statement – Form S-8 – File No. 333-180968

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Registration Statement – Form S-8 – File No. 333-177579

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Registration Statement – Form S-8 – File No. 333-177568

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Registration Statement – Form S-8 – File No. 333-176479

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Registration Statement – Form S-8 – File No. 333-175413

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Registration Statement – Form S-8 – File No. 333-175412

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Registration Statement – Form S-8 – File No. 333-113096

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Registration Statement – Form S-8 – File No. 333-14260

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Registration Statement – Form S-8 – File No. 33-92112

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Registration Statement – Form S-8 – File No. 333-207739

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Registration Statement – Form S-8 – File No. 333-237522

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Registration Statement – Form S-8 – File No. 333-276007

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit | Description of Exhibit |
| 99.1 | **Press Release** – Fourth Quarter 2025 Earnings Release |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | BANK OF MONTREAL | BANK OF MONTREAL |
|  | By: | /s/ Tayfun Tuzun |
|  | Name: | Tayfun Tuzun |
|  | Title: | Chief Financial Officer |
| **Date**: December 4, 2025 | By: | /s/ Pascale Elharrar |
|  | Name: | Pascale Elharrar |
|  | Title: | Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g25479g1203060820478.jpg)

BMO Financial Group Reports Fourth Quarter and Fiscal 2025 Results

Fourth Quarter 2025 Earnings Release

BMO's 2025 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 income<sup>1</sup> of $2,295 million,
compared with $2,304 million; adjusted net income<sup>1</sup> of $2,514 million, an increase of 63% from $1,542 million

• Reported earnings per share (EPS)<sup>2</sup> of $2.97, an
increase of 1% from $2.94; adjusted EPS<sup>1, 2</sup> 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 ROE<sup>1</sup>of 11.8%, compared with 7.4%

• Common Equity Tier 1 (CET1) Ratio<sup>3</sup>
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

Fiscal 2025 compared with Fiscal 2024:

• Reported net income<sup>1</sup> of $8,725 million, an
increase of 19% from $7,327 million; adjusted net income<sup>1</sup> of $9,248 million, an increase of 24% from $7,449 million

• Reported EPS<sup>2</sup> of $11.44, an increase
of 20% from $9.51; adjusted EPS<sup>1, 2</sup>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 ROE<sup>1</sup>of 11.3%, compared with 9.8%

**Toronto, December 4, 2025** – BMO Financial Group (TSX:BMO) (NYSE:BMO) reported net income for fiscal 2025 was $8,725 million, compared with $7,327 million in the prior year, and EPS<sup>2</sup> of $11.44, compared with $9.51. Reported ROE was 10.6%, compared with 9.7% in fiscal 2024. Adjusted net income for fiscal 2025 was $9,248 million and adjusted EPS was $12.16, an increase from $7,449 million and $9.68, respectively, in the prior year. Adjusted ROE was 11.3%, compared with 9.8% in fiscal 2024.

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

"Fiscal 2025 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 enter 2026 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 quarter 2026 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. The quarterly dividend of $1.67 per common share is equivalent to an annual dividend of $6.68 per common share. During the quarter, we purchased for cancellation 8.0 million common shares under the normal course issuer bid.

**Caution** 

The 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.

BMO Financial Group Fourth Quarter 2025 Earnings Release<sub>1</sub>

------

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 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. 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 $752 million, relatively unchanged from the prior year, and adjusted net income was $800 million, an increase of $35 million or 5%. Results reflected a 7% increase in revenue, primarily driven by higher net interest income due to both higher margins and balance growth, partially offset by higher expenses and a higher provision for credit losses.

**U.S. Banking** 

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

On a U.S. dollar basis, reported net income was $582 million, an increase of $372 million from the prior year, and adjusted net income was $627 million, an increase of $365 million. Results reflected a 3% increase in revenue, driven by higher non-interest revenue and net interest income, lower expenses and a lower provision for credit losses.

**Wealth Management** 

Reported net income was $383 million, an increase of $82 million or 27% from the prior year, and adjusted net income was $384 million, an increase of $83 million or 28%. Wealth and Asset Management reported net income was $304 million, an increase of $56 million or 23%, 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 $79 million, an increase of $26 million or 48% from the prior year, primarily due to favourable market movements in the current year and business growth.

**Capital Markets** 

Reported net income was $521 million, an increase of $270 million from the prior year, and adjusted net income was $532 million, an increase of $262 million or 97%. 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 $168 million, compared with reported net income of $721 million in the prior year, with the change reflecting a reversal of a legal provision in the prior year. Adjusted net loss was $73 million, compared with adjusted net loss of $147 million, with the change driven by higher treasury-related revenue, partially offset by higher expenses.

**Capital** 

BMO's Common Equity Tier 1 (CET1) Ratio was 13.3% as at October 31, 2025, a decrease from 13.5% at the end of the third quarter of 2025, 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.

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| | |
|:---|:---|
| **2** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

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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 fiscal 2026 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's 2025 Annual 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's 2025 Annual 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.

BMO Financial Group Fourth Quarter 2025 Earnings Release<sub>3</sub>

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Financial Highlights

**TABLE 1** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | Q3-2025 | Q4-2024 | **Fiscal 2025** | Fiscal 2024 |
|  **Summary Income Statement** (1) |  |  |  |  |  |
|  Net interest income | **5496** | 5496 | 5438 | **21487** | 19468 |
|  Non-interest revenue | **3845** | 3492 | 3519 | **14787** | 13327 |
|  Revenue | **9341** | 8988 | 8957 | **36274** | 32795 |
|  Provision for credit losses on impaired loans | **750** | 773 | 1107 | **3147** | 3066 |
|  Provision for credit losses on performing loans | **5** | 24 | 416 | **470** | 695 |
|  Total provision for credit losses (PCL) | **755** | 797 | 1523 | **3617** | 3761 |
|  Non-interest expense | **5556** | 5105 | 4427 | **21107** | 19499 |
|  Provision for income taxes | **735** | 756 | 703 | **2825** | 2208 |
|  Net income | **2295** | 2330 | 2304 | **8725** | 7327 |
|  Net income attributable to non-controlling interest in subsidiaries | **7** | 3 | 3 | **16** | 9 |
|  Dividends on preferred shares and distributions on other equity instruments | **163** | 66 | 152 | **436** | 386 |
|  Net income available to common shareholders | **2125** | 2261 | 2149 | **8273** | 6932 |
|  Adjusted net income | **2514** | 2399 | 1542 | **9248** | 7449 |
|  Adjusted net income available to common shareholders | **2344** | 2330 | 1387 | **8796** | 7054 |
|  **Common Share Data** ($, except as noted) (1) |  |  |  |  |  |
|  Basic earnings per share | **2.98** | 3.14 | 2.95 | **11.46** | 9.52 |
|  Diluted earnings per share | **2.97** | 3.14 | 2.94 | **11.44** | 9.51 |
|  Adjusted diluted earnings per share | **3.28** | 3.23 | 1.90 | **12.16** | 9.68 |
|  Book value per share | **111.57** | 108.29 | 104.40 | **111.57** | 104.40 |
|  Closing share price | **174.23** | 152.94 | 126.88 | **174.23** | 126.88 |
|  Number of common shares outstanding (in millions) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | **708.9** | 716.3 | 729.5 | **708.9** | 729.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average basic | **713.3** | 719.5 | 729.4 | **721.9** | 727.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average diluted | **715.1** | 720.8 | 730.1 | **723.3** | 728.5 |
|  Market capitalization ($ millions) | **123513** | 109552 | 92563 | **123513** | 92563 |
|  Dividends declared per common share | **1.63** | 1.63 | 1.55 | **6.44** | 6.12 |
|  Dividend yield (%) | **3.7** | 4.3 | 4.9 | **3.7** | 4.8 |
|  Dividend payout ratio (%) | **54.7** | 51.9 | 52.6 | **56.2** | 64.3 |
|  Adjusted dividend payout ratio (%) | **49.6** | 50.3 | 81.5 | **52.8** | 63.1 |
|  **Financial Measures and Ratios** (%) (1) (2) |  |  |  |  |  |
|  Return on equity | **10.7** | 11.6 | 11.4 | **10.6** | 9.7 |
|  Adjusted return on equity | **11.8** | 12.0 | 7.4 | **11.3** | 9.8 |
|  Return on tangible common equity | **14.4** | 15.6 | 15.6 | **14.3** | 13.5 |
|  Adjusted return on tangible common equity | **15.4** | 15.6 | 9.7 | **14.7** | 13.1 |
|  Efficiency ratio | **59.5** | 56.8 | 49.4 | **58.2** | 59.5 |
|  Adjusted efficiency ratio | **56.7** | 55.8 | 58.3 | **56.3** | 58.6 |
|  Operating leverage | **(21.2)** | 4.2 | 29.8 | **2.4** | 19.8 |
|  Adjusted operating leverage | **3.0** | 2.9 | 2.4 | **4.3** | 1.6 |
|  Net interest margin on average earning assets | **1.67** | 1.69 | 1.70 | **1.65** | 1.58 |
|  Adjusted net interest margin, excluding trading net interest income, and trading and insurance assets | **2.06** | 1.99 | 1.91 | **1.99** | 1.85 |
|  Effective tax rate | **24.24** | 24.52 | 23.37 | **24.45** | 23.16 |
|  Adjusted effective tax rate | **23.60** | 24.54 | 21.71 | **24.32** | 22.91 |
|  Total PCL-to-average net loans and acceptances | **0.44** | 0.47 | 0.91 | **0.53** | 0.57 |
|  PCL on impaired loans-to-average net loans and acceptances | **0.44** | 0.45 | 0.66 | **0.46** | 0.47 |
|  **Balance Sheet and Other Information** (as at, $ millions, except as noted) |  |  |  |  |  |
|  Assets | **1476802** | 1431553 | 1409647 | **1476802** | 1409647 |
|  Average earning assets | **1304278** | 1287815 | 1272939 | **1305072** | 1235830 |
|  Gross loans and acceptances | **682922** | 682750 | 682731 | **682922** | 682731 |
|  Net loans and acceptances | **677872** | 677585 | 678375 | **677872** | 678375 |
|  Deposits | **976202** | 955363 | 982440 | **976202** | 982440 |
|  Common shareholders' equity | **79095** | 77567 | 76163 | **79095** | 76163 |
|  Total risk-weighted assets (3) | **437945** | 430134 | 420838 | **437945** | 420838 |
|  Assets under administration | **864891** | 810244 | 770584 | **864891** | 770584 |
|  Assets under management | **506661** | 464182 | 422701 | **506661** | 422701 |
|  **Capital and Liquidity Measures** (%) (3) |  |  |  |  |  |
|  Common Equity Tier 1 Ratio | **13.3** | 13.5 | 13.6 | **13.3** | 13.6 |
|  Tier 1 Capital Ratio | **15.0** | 15.5 | 15.4 | **15.0** | 15.4 |
|  Total Capital Ratio | **17.3** | 17.8 | 17.6 | **17.3** | 17.6 |
|  Leverage Ratio | **4.3** | 4.5 | 4.4 | **4.3** | 4.4 |
|  TLAC Ratio | **29.7** | 29.5 | 29.3 | **29.7** | 29.3 |
|  Liquidity Coverage Ratio | **132** | 130 | 132 | **132** | 132 |
|  Net Stable Funding Ratio | **117** | 118 | 117 | **117** | 117 |
|  **Foreign Exchange Rates** ($) |  |  |  |  |  |
|  As at Canadian/U.S. dollar | **1.4016** | 1.3847 | 1.3909 | **1.4016** | 1.3909 |
|  Average Canadian/U.S. dollar | **1.3887** | 1.3730 | 1.3641 | **1.4029** | 1.3591 |

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(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.

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| | |
|:---|:---|
| **4** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

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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's 2025 Annual Management's Discussion and Analysis dated December 4, 2025 for the period ended October 31, 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's 2025 Annual MD&A, which is available online at www.bmo.com/investorrelations and 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.

BMO Financial Group Fourth Quarter 2025 Earnings Release<sub>5</sub>

------

• 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** <sup>(1)</sup>

**TABLE 2** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | Q3-2025 | Q4-2024 | **Fiscal 2025** | Fiscal 2024 |
|  **Reported Results** |  |  |  |  |  |
|  Net interest income | **5496** | 5496 | 5438 | **21487** | 19468 |
|  Non-interest revenue | **3845** | 3492 | 3519 | **14787** | 13327 |
|  Revenue | **9341** | 8988 | 8957 | **36274** | 32795 |
|  Provision for credit losses | **755** | 797 | 1523 | **3617** | 3761 |
|  Non-interest expense | **5556** | 5105 | 4427 | **21107** | 19499 |
|  Income before income taxes | **3030** | 3086 | 3007 | **11550** | 9535 |
|  Provision for income taxes | **735** | 756 | 703 | **2825** | 2208 |
|  Net income | **2295** | 2330 | 2304 | **8725** | 7327 |
|  Dividends on preferred shares and distributions on other equity instruments | **163** | 66 | 152 | **436** | 386 |
|  Net income attributable to non-controlling interest in subsidiaries | **7** | 3 | 3 | **16** | 9 |
|  Net income available to common shareholders | **2125** | 2261 | 2149 | **8273** | 6932 |
|  Diluted EPS ($) | **2.97** | 3.14 | 2.94 | **11.44** | 9.51 |
|  **Adjusting Items Impacting Revenue (Pre-tax)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal provision/reversal (including related interest expense and legal fees) | **–** |  | 589 | **–** | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of loan portfolio sale | **–** | – | – | **–** | (164) |
|  Impact of adjusting items on revenue (pre-tax) | **–** | – | 589 | **–** | 383 |
|  **Adjusting Items Impacting Non-Interest Expense (Pre-tax)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs | **(4)** | (5) | (35) | **(17)** | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets (2) | **(168)** | (93) | (124) | **(476)** | (450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of divestitures | **(102)** |  |  | **(102)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal provision/reversal (including related interest expense and legal fees) | **–** |  | 594 | **–** | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDIC special assessment | **12** | 5 | 14 | **19** | (476) |
| &nbsp;&nbsp;&nbsp;&nbsp; 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) | 1038 | **(672)** | (127) |
|  **Adjusting Items Impacting Revenue (After-tax)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal provision/reversal (including related interest expense and legal fees) | **–** |  | 433 | **–** | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of loan portfolio sale | **–** | – | – | **–** | (136) |
|  Impact of adjusting items on revenue (after-tax) | **–** | – | 433 | **–** | 265 |
|  **Adjusting Items Impacting Non-Interest Expense (After-tax)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs | **(3)** | (4) | (27) | **(13)** | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets (2) | **(123)** | (69) | (92) | **(352)** | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of divestitures | **(102)** |  |  | **(102)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal provision/reversal (including related interest expense and legal fees) | **–** |  | 437 | **–** | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDIC special assessment | **9** | 4 | 11 | **14** | (357) |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 Results** |  |  |  |  |  |
|  Net interest income | **5496** | 5496 | 4849 | **21487** | 18921 |
|  Non-interest revenue | **3845** | 3492 | 3519 | **14787** | 13491 |
|  Revenue | **9341** | 8988 | 8368 | **36274** | 32412 |
|  Provision for credit losses | **755** | 797 | 1523 | **3617** | 3761 |
|  Non-interest expense | **5294** | 5012 | 4876 | **20435** | 18989 |
|  Income before income taxes | **3292** | 3179 | 1969 | **12222** | 9662 |
|  Provision for income taxes | **778** | 780 | 427 | **2974** | 2213 |
|  Net income | **2514** | 2399 | 1542 | **9248** | 7449 |
|  Net income available to common shareholders | **2344** | 2330 | 1387 | **8796** | 7054 |
|  Diluted 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.

---

| | |
|:---|:---|
| **6** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

**Summary of Reported and Adjusted Results by Operating Segment** 

**TABLE 3** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Canadian P&C** | **U.S. Banking** | **Wealth<br>Management** | **Capital**<br> **Markets** | **Corporate<br>Services** | **Total Bank** | **U.S. Operations** (1)<br>(US$ in millions) |
|  **Q4-2025** |  |  |  |  |  |  |  |
|  Reported net income (loss) | **752** | **807** | **383** | **521** | **(168)** | **2295** | **616** |
|  Dividends on preferred shares and distributions on other equity instruments | **11** | **15** | **2** | **10** | **125** | **163** | **3** |
|  Net income attributable to non-controlling interest in subsidiaries |  | **7** |  |  |  | **7** | **5** |
|  Net income (loss) available to common shareholders | **741** | **785** | **381** | **511** | **(293)** | **2125** | **608** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs |  |  | **1** |  | **2** | **3** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets | **48** | **64** |  | **11** |  | **123** | **47** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of divestitures |  |  |  |  | **102** | **102** | **73** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of FDIC special assessment | – | – | – | – | **(9)** | **(9)** | **(6)** |
|  Adjusted net income (loss) (2) | **800** | **871** | **384** | **532** | **(73)** | **2514** | **731** |
|  Adjusted net income (loss) available to common shareholders (2) | **789** | **849** | **382** | **522** | **(198)** | **2344** | **723** |
|  **Q3-2025** |  |  |  |  |  |  |  |
|  Reported net income (loss) | 867 | 767 | 378 | 438 | (120) | 2330 | 661 |
|  Dividends on preferred shares and distributions on other equity instruments | 12 | 15 | 1 | 11 | 27 | 66 | 3 |
|  Net income (loss) attributable to non-controlling interest in subsidiaries |  | 2 |  |  | 1 | 3 | 3 |
|  Net income (loss) available to common shareholders | 855 | 750 | 377 | 427 | (148) | 2261 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs |  |  | 3 |  | 1 | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets | 3 | 62 |  | 4 |  | 69 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of FDIC special assessment | – | – | – | – | (4) | (4) | (3) |
|  Adjusted net income (loss) (2) | 870 | 829 | 381 | 442 | (123) | 2399 | 706 |
|  Adjusted net income (loss) available to common shareholders (2) | 858 | 812 | 380 | 431 | (151) | 2330 | 700 |
|  **Q4-2024** |  |  |  |  |  |  |  |
|  Reported net income (loss) | 750 | 281 | 301 | 251 | 721 | 2304 | 930 |
|  Dividends on preferred shares and distributions on other equity instruments | 11 | 14 | 2 | 10 | 115 | 152 | 5 |
|  Net income (loss) attributable to non-controlling interest in subsidiaries |  | 1 |  |  | 2 | 3 | 2 |
|  Net income (loss) available to common shareholders | 739 | 266 | 299 | 241 | 604 | 2149 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs | 12 |  |  | 2 | 13 | 27 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets | 3 | 72 |  | 17 |  | 92 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal provision/reversal (including related interest expense and legal fees) |  |  |  |  | (870) | (870) | (643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of FDIC special assessment | – | – | – | – | (11) | (11) | (8) |
|  Adjusted net income (loss) (2) | 765 | 353 | 301 | 270 | (147) | 1542 | 342 |
|  Adjusted net income (loss) available to common shareholders (2) | 754 | 338 | 299 | 260 | (264) | 1387 | 335 |
|  **Fiscal 2025** |  |  |  |  |  |  |  |
|  Reported net income (loss) | **3295** | **2810** | **1381** | **1977** | **(738)** | **8725** | **2431** |
|  Dividends on preferred shares and distributions on other equity instruments | **46** | **61** | **6** | **41** | **282** | **436** | **12** |
|  Net income attributable to non-controlling interest in subsidiaries |  | **14** |  |  | **2** | **16** | **12** |
|  Net income (loss) available to common shareholders | **3249** | **2735** | **1375** | **1936** | **(1022)** | **8273** | **2407** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs |  |  | **4** |  | **9** | **13** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets | **58** | **272** |  | **22** |  | **352** | **200** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of divestitures |  |  |  |  | **102** | **102** | **73** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of FDIC special assessment |  |  |  |  | **(14)** | **(14)** | **(10)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of alignment of accounting policies | – | – | – | – | **70** | **70** | **25** |
|  Adjusted net income (loss) (2) | **3353** | **3082** | **1385** | **1999** | **(571)** | **9248** | **2725** |
|  Adjusted net income (loss) available to common shareholders (2) | **3307** | **3007** | **1379** | **1958** | **(855)** | **8796** | **2701** |

---

(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.

BMO Financial Group Fourth Quarter 2025 Earnings Release<sub>7</sub>

------

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

**TABLE 3** (Continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Canadian P&C** | **U.S. Banking** | **Wealth<br>Management** | **Capital**<br> **Markets** | **Corporate<br>Services** | **Total Bank** | **U.S. Operations** (1)<br>(US$ in millions) |
|  **Fiscal 2024** |  |  |  |  |  |  |  |
|  Reported net income (loss) | 3457 | 2010 | 1067 | 1492 | (699) | 7327 | 2112 |
|  Dividends on preferred shares and distributions on other equity instruments | 42 | 57 | 6 | 37 | 244 | 386 | 20 |
|  Net income attributable to non-controlling interest in subsidiaries |  | 2 |  |  | 7 | 9 | 7 |
|  Net income (loss) available to common shareholders | 3415 | 1951 | 1061 | 1455 | (950) | 6932 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs | 17 |  |  | 15 | 97 | 129 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets | 13 | 290 |  | 31 |  | 334 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal provision/reversal (including related interest expense and legal fees) |  |  |  |  | (834) | (834) | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of loan portfolio sale |  |  |  |  | 136 | 136 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of FDIC special assessment | – | – | – | – | 357 | 357 | 263 |
|  Adjusted net income (loss) (2) | 3487 | 2300 | 1067 | 1538 | (943) | 7449 | 2159 |
|  Adjusted net income (loss) available to common shareholders (2) | 3445 | 2241 | 1061 | 1501 | (1194) | 7054 | 2132 |

---

See 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** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | Q3-2025 | Q4-2024 | **Fiscal 2025** | Fiscal 2024 |
|  Reported net income | **2295** | 2330 | 2304 | **8725** | 7327 |
|  Net income attributable to non-controlling interest in subsidiaries | **7** | 3 | 3 | **16** | 9 |
|  Net income attributable to bank shareholders | **2288** | 2327 | 2301 | **8709** | 7318 |
|  Dividends on preferred shares and distributions on other equity instruments | **163** | 66 | 152 | **436** | 386 |
|  Net income available to common shareholders (A) | **2125** | 2261 | 2149 | **8273** | 6932 |
|  After-tax amortization of acquisition-related intangible assets | **123** | 69 | 92 | **352** | 334 |
|  Net income available to common shareholders after adjusting for amortization of acquisition-related intangible assets (B) | **2248** | 2330 | 2241 | **8625** | 7266 |
|  After-tax impact of other adjusting items (1) | **96** | – | (854) | **171** | (212) |
|  Adjusted net income available to common shareholders (C) | **2344** | 2330 | 1387 | **8796** | 7054 |
|  Average common shareholders' equity (D) | **78511** | 77048 | 74992 | **78126** | 71817 |
|  Goodwill | **(16716)** | (16536) | (16435) | **(16886)** | (16385) |
|  Acquisition-related intangible assets | **(2171)** | (2234) | (2512) | **(2329)** | (2642) |
|  Net of related deferred tax liabilities | **882** | 935 | 934 | **953** | 960 |
|  Average tangible common equity (E) | **60506** | 59213 | 56979 | **59864** | 53750 |
|  Return on equity (%) (= A/D) (2) | **10.7** | 11.6 | 11.4 | **10.6** | 9.7 |
|  Adjusted return on equity (%) (= C/D) (2) | **11.8** | 12.0 | 7.4 | **11.3** | 9.8 |
|  Return on tangible common equity (%) (= B/E) (2) | **14.4** | 15.6 | 15.6 | **14.3** | 13.5 |
|  Adjusted 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.

---

| | |
|:---|:---|
| **8** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

**Return on Equity by Operating Segment** <sup>(1)</sup> 

**TABLE 5** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Canadian P&C** | **U.S. Banking** | **Wealth<br>Management** | **Capital<br>Markets** | **Corporate<br>Services** | **Total Bank** | **U.S. Operations** (2)<br>(US$ in millions) |
|  **Q4-2025** |  |  |  |  |  |  |  |
|  **Reported** |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | **741** | **785** | **381** | **511** | **(293)** | **2125** | **608** |
|  Total average common equity | **16938** | **36458** | **3049** | **14076** | **7990** | **78511** | **32235** |
|  Return on equity (%) | **17.4** | **8.5** | **49.7** | **14.4** | **na** | **10.7** | **7.5** |
|  **Adjusted** (3) |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | **789** | **849** | **382** | **522** | **(198)** | **2344** | **723** |
|  Total average common equity | **16938** | **36458** | **3049** | **14076** | **7990** | **78511** | **32235** |
|  Return on equity (%) | **18.5** | **9.2** | **49.9** | **14.7** | **na** | **11.8** | **8.9** |
|  **Q3-2025** |  |  |  |  |  |  |  |
|  **Reported** |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | 855 | 750 | 377 | 427 | (148) | 2261 | 655 |
|  Total average common equity | 16764 | 36298 | 2992 | 13586 | 7408 | 77048 | 32462 |
|  Return on equity (%) | 20.2 | 8.2 | 49.9 | 12.5 | na | 11.6 | 8.0 |
|  **Adjusted** (3) |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | 858 | 812 | 380 | 431 | (151) | 2330 | 700 |
|  Total average common equity | 16764 | 36298 | 2992 | 13586 | 7408 | 77048 | 32462 |
|  Return on equity (%) | 20.3 | 8.9 | 50.3 | 12.6 | na | 12.0 | 8.6 |
|  **Q4-2024** |  |  |  |  |  |  |  |
|  **Reported** |  |  |  |  |  |  |  |
|  Net income available to common shareholders | 739 | 266 | 299 | 241 | 604 | 2149 | 923 |
|  Total average common equity | 16237 | 35191 | 2961 | 13242 | 7361 | 74992 | 31818 |
|  Return on equity (%) | 18.1 | 3.1 | 40.3 | 7.3 | na | 11.4 | 11.5 |
|  **Adjusted** (3) |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | 754 | 338 | 299 | 260 | (264) | 1387 | 335 |
|  Total average common equity | 16237 | 35191 | 2961 | 13242 | 7361 | 74992 | 31818 |
|  Return on equity (%) | 18.5 | 3.9 | 40.3 | 7.8 | na | 7.4 | 4.2 |
|  **Fiscal 2025** |  |  |  |  |  |  |  |
|  **Reported** |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | **3249** | **2735** | **1375** | **1936** | **(1022)** | **8273** | **2407** |
|  Total average common equity | **16744** | **37075** | **3028** | **13786** | **7493** | **78126** | **32512** |
|  Return on equity (%) | **19.4** | **7.4** | **45.4** | **14.0** | **na** | **10.6** | **7.4** |
|  **Adjusted** (3) |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | **3307** | **3007** | **1379** | **1958** | **(855)** | **8796** | **2701** |
|  Total average common equity | **16744** | **37075** | **3028** | **13786** | **7493** | **78126** | **32512** |
|  Return on equity (%) | **19.8** | **8.1** | **45.6** | **14.2** | **na** | **11.3** | **8.3** |
|  **Fiscal 2024** |  |  |  |  |  |  |  |
|  **Reported** |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | 3415 | 1951 | 1061 | 1455 | (950) | 6932 | 2085 |
|  Total average common equity | 15986 | 35100 | 2905 | 13172 | 4654 | 71817 | 31782 |
|  Return on equity (%) | 21.4 | 5.6 | 36.5 | 11.0 | na | 9.7 | 6.6 |
|  **Adjusted** (3) |  |  |  |  |  |  |  |
|  Net income (loss) available to common shareholders | 3445 | 2241 | 1061 | 1501 | (1194) | 7054 | 2132 |
|  Total average common equity | 15986 | 35100 | 2905 | 13172 | 4654 | 71817 | 31782 |
|  Return 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 How BMO 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 applicable

Certain comparative figures have been reclassified to conform with the current period's presentation.

**Caution** 

This Non-GAAP and Other Financial Measures section contains forward-looking statements. Please refer to the Caution Regarding Forward-Looking Statements.

BMO Financial Group Fourth Quarter 2025 Earnings Release<sub>9</sub>

------

Foreign Exchange

**TABLE 6** 

---

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

---

Adjusted 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 equivalents of BMO's U.S. operations results that are denominated in U.S. dollars increased in the fourth quarter of fiscal 2025, relative to the third quarter of fiscal 2025 and increased relative to the fourth quarter of fiscal 2024, 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 fiscal 2025 and fiscal 2024. 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's 2025 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 $2,295 million, a decrease of $9 million from the prior year, and adjusted net income was $2,514 million, an increase of $972 million or 63%. 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 revenue and a lower provision 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 $35 million or 1% from the prior quarter, and adjusted net income increased $115 million or 5%. 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 by higher 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.

---

| | |
|:---|:---|
| **10** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

Revenue

**Q4 2025 vs. Q4 2024** 

Reported and adjusted revenue was $9,341 million, an increase of $384 million or 4% from the prior year on a reported basis, and an increase of $973 million or 12% 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 $5,496 million, relatively unchanged from the prior year on a reported basis due to the item noted above, and increased $647 million or 13% on an adjusted basis, driven by higher 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 $124 million, an increase of $179 million from the prior year.

BMO's overall reported net interest margin of 1.67% decreased 3 basis points from the prior year. Adjusted net interest margin, excluding trading-related net interest income and trading and insurance assets was 2.06%, an increase of 15 basis points, primarily due to higher deposit margins and higher net interest income in Corporate Services.

Reported and adjusted non-interest revenue was $3,845 million, an increase of $326 million or 9% 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 $557 million decreased $139 million from the prior year, offset in net interest income.

**Q4 2025 vs. Q3 2025** 

Reported and adjusted revenue increased $353 million or 4% 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 $201 million from the prior quarter, partially offset in non-interest revenue.

BMO's overall reported net interest margin decreased 2 basis 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 increased 7 basis points, primarily due to higher net interest income and lower low-yielding assets in Corporate Services, and higher deposit margins.

Reported and adjusted non-interest revenue increased $353 million or 10% 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 $151 million from the prior quarter.

**Change in Net Interest Income, Average Earning Assets and Net Interest Margin** <sup>(1)</sup>

**TABLE 7** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net interest income** (teb) (2) | **Net interest income** (teb) (2) | **Net interest income** (teb) (2) | **Average earning assets** (3) | **Average earning assets** (3) | **Average earning assets** (3) | **Net interest margin**<br> (in basis points) | **Net interest margin**<br> (in basis points) | **Net interest margin**<br> (in basis points) |
| (Canadian $ in millions, except as noted) | **Q4-2025** | Q3-2025 | Q4-2024 | **Q4-2025** | Q3-2025 | Q4-2024 | **Q4-2025** | Q3-2025 | Q4-2024 |
|  Canadian P&C | **2464** | 2459 | 2304 | **344411** | 343805 | 334612 | **284** | 284 | 274 |
|  U.S. Banking | **2234** | 2221 | 2161 | **229046** | 230849 | 231451 | **387** | 382 | 372 |
|  All other operating segments and Corporate Services | **798** | 816 | 973 | **730821** | 713161 | 706876 | **na** | na | na |
|  Total reported | **5496** | 5496 | 5438 | **1304278** | 1287815 | 1272939 | **167** | 169 | 170 |
|  Total adjusted | **5496** | 5496 | 4849 | **1304278** | 1287815 | 1272939 | **167** | 169 | 152 |
|  Trading net interest income and trading and insurance assets | **124** | 325 | (55) | **271714** | 258972 | 249129 | **na** | na | na |
|  Total reported, excluding trading and insurance | **5372** | 5171 | 5493 | **1032564** | 1028843 | 1023810 | **206** | 199 | 213 |
|  Total adjusted, excluding trading and insurance | **5372** | 5171 | 4904 | **1032564** | 1028843 | 1023810 | **206** | 199 | 191 |
|  U.S. Banking (US$ in millions) | **1609** | 1617 | 1585 | **164942** | 168134 | 169670 | **387** | 382 | 372 |
|  | **Net interest income** (teb) (2) | **Net interest income** (teb) (2) | **Net interest income** (teb) (2) | **Average earning assets** (3) | **Average earning assets** (3) | **Average earning assets** (3) | **Net interest margin**<br> (in basis points) | **Net interest margin**<br> (in basis points) | **Net interest margin**<br> (in basis points) |
| (Canadian $ in millions, except as noted) | **Fiscal 2025** |  | Fiscal 2024 | **Fiscal 2025** |  | Fiscal 2024 | **Fiscal 2025** |  | Fiscal 2024 |
|  Canadian P&C | **9667** |  | 8852 | **342361** |  | 319518 | **282** |  | 277 |
|  U.S. Banking | **9017** |  | 8602 | **235855** |  | 230500 | **382** |  | 373 |
|  All other operating segments and Corporate Services | **2803** |  | 2014 | **726856** |  | 685812 | **na** |  | na |
|  Total reported | **21487** |  | 19468 | **1305072** |  | 1235830 | **165** |  | 158 |
|  Total adjusted | **21487** |  | 18921 | **1305072** |  | 1235830 | **165** |  | 153 |
|  Trading net interest income and trading and insurance assets | **783** |  | 169 | **264786** |  | 222149 | **na** |  | na |
|  Total reported, excluding trading and insurance | **20704** |  | 19299 | **1040286** |  | 1013681 | **199** |  | 190 |
|  Total adjusted, excluding trading and insurance | **20704** |  | 18752 | **1040286** |  | 1013681 | **199** |  | 185 |
|  U.S. Banking (US$ in millions) | **6427** |  | 6330 | **168096** |  | 169596 | **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's 2025 Annual 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 applicable

Certain comparative figures have been reclassified to conform with the current period's presentation.

BMO Financial Group Fourth Quarter 2025 Earnings Release<sub>11</sub>

------

Total Provision for Credit Losses

**Q4 2025 vs. Q4 2024** 

Total provision for credit losses was $755 million, compared with a provision of $1,523 million in the prior year. Total provision for credit losses as a percentage of average net loans and acceptances was 44 basis points, compared with 91 basis points in the prior year. The provision for credit losses on impaired loans was $750 million, a decrease of $357 million, 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 was 44 basis points, compared with 66 basis points in the prior year. There was a $5 million provision for credit losses on performing loans, compared with a $416 million 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 $42 million from the prior quarter, due to lower provisions on impaired and performing loans. The provision for credit losses on impaired loans decreased $23 million, 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 was 44 basis points, compared with 45 basis points in the prior quarter. There was a $5 million provision for credit losses on performing loans, compared with a $24 million provision in the prior quarter.

Impaired Loans

Total gross impaired loans and acceptances (GIL) were $7,091 million, an increase from $6,951 million in the prior quarter, driven by higher impaired loans in Canadian Commercial Banking. GIL as a percentage of gross loans and acceptances increased to 1.04% from 1.02% in the prior quarter.

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

Non-Interest Expense

**Q4 2025 vs. Q4 2024** 

Reported non-interest expense was $5,556 million, an increase of $1,129 million or 26% from the prior year, and adjusted non-interest expense was $5,294 million, an increase of $418 million or 9%.

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 costs and higher premises costs.

Reported efficiency ratio was 59.5%, compared with 49.4% in the prior year, and adjusted efficiency ratio was 56.7%, compared with 58.3%. Reported operating leverage was negative 21.2% and adjusted operating leverage was positive 3.0%.

**Q4 2025 vs. Q3 2025** 

Reported non-interest expense increased $451 million or 9% from the prior quarter, and adjusted non-interest expense increased $282 million or 6%.

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 $735 million, an increase of $32 million from the prior year, and a decrease of $21 million from the prior quarter. The reported effective tax rate was 24.2%, compared with 23.4% in the prior year and 24.5% in the prior quarter. The adjusted provision for income taxes was $778 million, an increase of $351 million from the prior year, and a decrease of $2 million from the prior quarter. The adjusted effective tax rate was 23.6%, compared with 21.7% in the prior year and 24.5% 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.

---

| | |
|:---|:---|
| **12** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

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Capital Management

BMO's Common Equity Tier 1 (CET1) Ratio was 13.3% as at October 31, 2025, a decrease from 13.5% at the end of the third quarter of 2025, 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 $58.3 billion as at October 31, 2025, an increase from $57.9 billion 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 $437.9 billion as at October 31, 2025, an increase from $430.1 billion 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 October 31, 2025, unchanged from July 31, 2025.

The bank's Tier 1 and Total Capital Ratios were 15.0% and 17.3%, respectively, as at October 31, 2025, compared with 15.5% and 17.8%, respectively, as at July 31, 2025. The Tier 1 and Total Capital Ratios were lower, due to the same factors noted above for the CET1 Ratio, as well as the announced redemption of $1,250 million 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 was 4.3% as at October 31, 2025, a decrease from 4.5% at the end of the third quarter of 2025, due to higher leverage exposures and lower Tier 1 Capital.

The bank's risk-based Total Loss Absorbing Capacity (TLAC) Ratio and TLAC Leverage Ratio were 29.7% and 8.5%, respectively, as at October 31, 2025, compared with 29.5% and 8.5%, 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 the 2025 Operating Segments Performance Review section of BMO's 2025 Annual MD&A.

**Canadian Personal and Commercial Banking (Canadian P&C)** <sup>(1)</sup> 

**TABLE 8** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4-2024 | **Fiscal 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2024 |
|  Net interest income | **2464** | 2459 | 2304 | **9667** | 8852 |
|  Non-interest revenue | **661** | 639 | 630 | **2595** | 2587 |
|  Total revenue | **3125** | 3098 | 2934 | **12262** | 11439 |
|  Provision for credit losses on impaired loans | **496** | 489 | 440 | **1952** | 1326 |
|  Provision for credit losses on performing loans | **153** | 76 | 138 | **412** | 333 |
|  Total provision for credit losses (PCL) | **649** | 565 | 578 | **2364** | 1659 |
|  Non-interest expense | **1442** | 1339 | 1319 | **5360** | 5005 |
|  Income before income taxes | **1034** | 1194 | 1037 | **4538** | 4775 |
|  Provision for income taxes | **282** | 327 | 287 | **1243** | 1318 |
|  Reported net income | **752** | 867 | 750 | **3295** | 3457 |
|  Dividends on preferred shares and distributions on other equity instruments | **11** | 12 | 11 | **46** | 42 |
|  Net income available to common shareholders | **741** | 855 | 739 | **3249** | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs (2) | **–** |  | 12 | **–** | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets (3) | **48** | 3 | 3 | **58** | 13 |
|  Adjusted net income | **800** | 870 | 765 | **3353** | 3487 |
|  Adjusted net income available to common shareholders | **789** | 858 | 754 | **3307** | 3445 |
|  Adjusted non-interest expense | **1374** | 1335 | 1299 | **5279** | 4964 |
|  **Key Performance Metrics** |  |  |  |  |  |
|  Personal and Business Banking revenue | **2222** | 2236 | 2117 | **8805** | 8231 |
|  Commercial Banking revenue | **903** | 862 | 817 | **3457** | 3208 |
|  Return on equity (%) (4) (5) | **17.4** | 20.2 | 18.1 | **19.4** | 21.4 |
|  Adjusted return on equity (%) (4) (5) | **18.5** | 20.3 | 18.5 | **19.8** | 21.5 |
|  Operating leverage (%) | **(2.7)** | 0.2 | 0.1 | **0.1** | 2.3 |
|  Adjusted operating leverage (%) | **0.7** | 0.0 | 1.1 | **0.9** | 2.7 |
|  Efficiency ratio (%) | **46.1** | 43.2 | 45.0 | **43.7** | 43.8 |
|  Adjusted efficiency ratio (%) | **44.0** | 43.1 | 44.3 | **43.1** | 43.4 |
|  PCL on impaired loans-to-average net loans and acceptances (%) (5) | **0.58** | 0.57 | 0.53 | **0.58** | 0.41 |
|  Net interest margin on average earning assets (%) | **2.84** | 2.84 | 2.74 | **2.82** | 2.77 |
|  Average earning assets | **344411** | 343805 | 334612 | **342361** | 319518 |
|  Average gross loans and acceptances | **342659** | 342077 | 332965 | **340635** | 324082 |
|  Average deposits | **312344** | 310564 | 312475 | **311886** | 301278 |

---

(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.

BMO Financial Group Fourth Quarter 2025 Earnings Release<sub>13</sub>

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(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 $752 million, relatively unchanged from the prior year, as revenue growth was offset by higher expenses and a higher provision for credit losses.

Total revenue was $3,125 million, an increase of $191 million or 7% from the prior year. Net interest income increased $160 million or 7%, due to both higher net interest margin and higher balances. Non-interest revenue increased $31 million or 5%, 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 of 2.84% increased 10 basis 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 $105 million or 5% and Commercial Banking revenue increased $86 million or 11%, both due to higher net interest income and non-interest revenue.

Total provision for credit losses was $649 million, an increase of $71 million from the prior year. Total provision for credit losses as a percentage of average net loans and acceptances was 76 basis points, compared with 69 basis points. The provision for credit losses on impaired loans was $496 million, an increase of $56 million, 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 was 58 basis points, compared with 53 basis points. There was a $153 million provision for credit losses on performing loans in the current quarter, compared with a $138 million provision in the prior year.

Non-interest expense was $1,442 million, an increase of $123 million or 9% 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 $9.7 billion or 3% from the prior year to $342.7 billion. Personal and Business Banking balances increased 3%, primarily reflecting growth in residential mortgages. Commercial Banking balances increased 4% and credit card balances decreased 4%. Average deposits were $312.3 billion, relatively unchanged from the prior year as strong growth in operating deposits was offset by lower term deposits. Personal and Business Banking deposits decreased 2%, and Commercial Banking deposits increased 3%.

**Q4 2025 vs. Q3 2025** 

Reported net income decreased $115 million or 13% from the prior quarter.

Total revenue increased $27 million or 1% from the prior quarter. Net interest income increased $5 million, due to higher deposit balances. Non-interest revenue increased $22 million 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 of 2.84% was relatively unchanged from the prior quarter, with higher deposit margins offset by a change in product mix.

Personal and Business Banking revenue decreased $14 million or 1%, primarily due to lower net interest income. Commercial Banking revenue increased $41 million or 5%, due to higher non-interest revenue and higher net interest income.

Total provision for credit losses increased $84 million from the prior quarter. Total provision for credit losses as a percentage of average net loans and acceptances was 76 basis points, compared with 66 basis points. The provision for credit losses on impaired loans increased $7 million, 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 was 58 basis points, compared with 57 basis points. There was a $153 million provision for credit losses on performing loans in the current quarter, primarily due to uncertainty in credit conditions, compared with a $76 million provision in the prior quarter.

Non-interest expense increased $103 million or 8% 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%.

---

| | |
|:---|:---|
| **14** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

**U.S. Banking** <sup>(1)</sup> 

**TABLE 9** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4-2024 | **Fiscal 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2024 |
|  Net interest income (teb) (2) | **2234** | 2221 | 2161 | **9017** | 8602 |
|  Non-interest revenue | **641** | 609 | 574 | **2466** | 2209 |
|  Total revenue (teb) (2) | **2875** | 2830 | 2735 | **11483** | 10811 |
|  Provision for credit losses on impaired loans | **209** | 241 | 446 | **1010** | 1285 |
|  Provision (recovery of provision) for credit losses on performing loans | **(90)** | (70) | 276 | **33** | 392 |
|  Total provision for credit losses (PCL) | **119** | 171 | 722 | **1043** | 1677 |
|  Non-interest expense | **1719** | 1670 | 1709 | **6855** | 6690 |
|  Income before income taxes | **1037** | 989 | 304 | **3585** | 2444 |
|  Provision for income taxes (teb) (2) | **230** | 222 | 23 | **775** | 434 |
|  Reported net income | **807** | 767 | 281 | **2810** | 2010 |
|  Dividends on preferred shares and distributions on other equity instruments | **15** | 15 | 14 | **61** | 57 |
|  Net income attributable to non-controlling interest in subsidiaries | **7** | 2 | 1 | **14** | 2 |
|  Net income available to common shareholders | **785** | 750 | 266 | **2735** | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets (3) | **64** | 62 | 72 | **272** | 290 |
|  Adjusted net income | **871** | 829 | 353 | **3082** | 2300 |
|  Adjusted net income available to common shareholders | **849** | 812 | 338 | **3007** | 2241 |
|  Adjusted non-interest expense | **1634** | 1586 | 1613 | **6490** | 6300 |
|  Average earning assets | **229046** | 230849 | 231451 | **235855** | 230500 |
|  Average gross loans and acceptances | **218999** | 220558 | 219874 | **225104** | 219167 |
|  Average deposits | **236483** | 237189 | 243917 | **244795** | 237855 |
| (US$ equivalent in millions) |  |  |  |  |  |
|  Net interest income (teb) (2) | **1609** | 1617 | 1585 | **6427** | 6330 |
|  Non-interest revenue | **463** | 442 | 421 | **1759** | 1626 |
|  Total revenue (teb) (2) | **2072** | 2059 | 2006 | **8186** | 7956 |
|  Provision for credit losses on impaired loans | **151** | 175 | 328 | **719** | 943 |
|  Provision (recovery of provision) for credit losses on performing loans | **(65)** | (50) | 198 | **21** | 285 |
|  Total provision for credit losses | **86** | 125 | 526 | **740** | 1228 |
|  Non-interest expense | **1238** | 1217 | 1252 | **4886** | 4922 |
|  Income before income taxes | **748** | 717 | 228 | **2560** | 1806 |
|  Provision for income taxes (teb) (2) | **166** | 159 | 18 | **553** | 321 |
|  Reported net income | **582** | 558 | 210 | **2007** | 1485 |
|  Dividends on preferred shares and distributions on other equity instruments | **11** | 11 | 11 | **44** | 42 |
|  Net income attributable to non-controlling interest in subsidiaries | **5** | 2 | 1 | **10** | 2 |
|  Net income available to common shareholders | **566** | 545 | 198 | **1953** | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets (3) | **45** | 45 | 52 | **192** | 214 |
|  Adjusted net income | **627** | 603 | 262 | **2199** | 1699 |
|  Adjusted net income available to common shareholders | **611** | 590 | 250 | **2145** | 1655 |
|  Adjusted non-interest expense | **1178** | 1156 | 1182 | **4627** | 4635 |
|  **Key Performance Metrics** (US$ basis) |  |  |  |  |  |
|  Personal and Business Banking revenue | **753** | 743 | 696 | **2897** | 2801 |
|  Commercial Banking revenue | **1100** | 1107 | 1114 | **4458** | 4384 |
|  Private Wealth revenue | **219** | 209 | 196 | **831** | 771 |
|  Return on equity (%) (4) (5) | **8.5** | 8.2 | 3.1 | **7.4** | 5.6 |
|  Adjusted return on equity (%) (4) (5) | **9.2** | 8.9 | 3.9 | **8.1** | 6.4 |
|  Operating 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** | 61.9 |
|  Adjusted efficiency ratio (%) | **56.9** | 56.1 | 58.9 | **56.5** | 58.3 |
|  Net interest margin on average earning assets (%) | **3.87** | 3.82 | 3.72 | **3.82** | 3.73 |
|  PCL on impaired loans-to-average net loans and acceptances (%) (5) | **0.38** | 0.44 | 0.82 | **0.45** | 0.59 |
|  Average earning assets | **164942** | 168134 | 169670 | **168096** | 169596 |
|  Average gross loans and acceptances | **157706** | 160639 | 161182 | **160437** | 161261 |
|  Average deposits | **170295** | 172753 | 178811 | **174440** | 175004 |
|  Assets under administration (6) | **104368** | 103846 | 83450 | **104368** | 83450 |
|  Assets under management (6) | **83036** | 75884 | 69504 | **83036** | 69504 |

---

(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 $8 million in both Q4-2025 and Q3-2025, and $9 million in Q4-2024; and
$33 million for YTD-2025 and $36 million for YTD-2024 are offset in Corporate Services. On a source currency basis: US$6 million in Q4-2025, Q3-2025 and Q4-2024; and US$24 million for YTD-2025 and US$25 million 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.

---

| | |
|:---|:---|
| BMO Financial Group Fourth Quarter 2025 Earnings Release | **15** |

---

------

**Q4 2025 vs. Q4 2024** 

U.S. Banking <sup>(1)</sup> reported net income was $807 million, an increase of $526 million from $281 million in the prior year. The impact of the stronger U.S. dollar increased net income by 5%, and revenue and expenses by 2%, respectively. All amounts in the remainder of this section are presented on a U.S. dollar basis.

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

Total revenue was $2,072 million, an increase of $66 million or 3% from the prior year. Net interest income increased $24 million or 2%, due to higher net interest margin, partially offset by lower balances. Non-interest revenue increased $42 million or 10% from the prior year, primarily due to higher deposit fee revenue and wealth management fees. Net interest margin of 3.87% increased 15 basis points, primarily due to higher deposit margins driven by deposit optimization, partially offset by lower deposit balances.

Personal and Business Banking revenue increased $57 million or 9%, primarily due to higher net interest income. Commercial Banking revenue decreased $14 million or 1%, due to lower net interest income, partially offset by higher non-interest revenue. Private Wealth revenue increased $23 million or 12%.

Total provision for credit losses was $86 million, a decrease of $440 million from the prior year. Total provision for credit losses as a percentage of average net loans and acceptances was 22 basis points, compared with 131 basis points. The provision for credit losses on impaired loans was $151 million, a decrease of $177 million, 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 was 38 basis points, compared with 82 basis points. There was a $65 million recovery on performing loans in the current quarter, compared with a $198 million provision in the prior year.

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

Average gross loans and acceptances decreased $3.5 billion or 2% from the prior year to $157.7 billion. Commercial Banking balances decreased 5% reflecting balance sheet optimization initiatives, Personal and Business Banking balances increased 3% and Private Wealth balances increased 14%. Average total deposits decreased $8.5 billion or 5% from the prior year to $170.3 billion, driven by lower term deposits. Commercial Banking deposits decreased 4%, Personal and Business Banking deposits decreased 6% and Private Wealth deposits decreased 2%.

Assets under management increased $13.5 billion or 19% from the prior year to $83.0 billion, driven by stronger global markets and higher client assets. Assets under administration increased $20.9 billion or 25% to $104.4 billion, primarily driven by stronger global markets.

**Q4 2025 vs. Q3 2025** 

Reported net income increased $40 million or 5% from the prior quarter. The impact of the stronger U.S. dollar increased revenue, expenses and net income by 1%, respectively. All amounts in the remainder of this section are presented on a U.S. dollar basis.

Reported net income increased $24 million or 4% from the prior quarter.

Total revenue was relatively unchanged from the prior quarter. Net interest income decreased $8 million or 1%, due to lower balances, partially offset by higher net interest margin. Non-interest revenue increased $21 million or 4%, primarily due to higher wealth management fees and card-related revenue. Net interest margin increased 5 basis points, primarily due to higher deposit margins, partially offset by lower deposit balances.

Personal and Business Banking revenue increased $10 million or 1% from the prior quarter, due to higher net interest income, partially offset by lower non-interest revenue. Commercial Banking revenue decreased $7 million or 1%, due to lower net interest income, partially offset by higher non-interest revenue. Private Wealth revenue increased $10 million or 4%, due to higher non-interest revenue.

Total provision for credit losses decreased $39 million from the prior quarter. Total provision for credit losses as a percentage of average net loans and acceptances was 22 basis points, compared with 31 basis points. The provision for credit losses on impaired loans decreased $24 million, 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 was 38 basis points, compared with 44 basis points. There was a $65 million recovery on performing loans in the current quarter, compared with a $50 million recovery in the prior quarter.

Non-interest expense increased $21 million or 2% from the prior quarter, primarily due to higher operating and technology costs.

Average gross loans and acceptances decreased $2.9 billion or 2% from the prior quarter. Commercial Banking balances decreased 3%, Personal and Business Banking balances increased 1% and Private Wealth balances increased 2%. Average total deposits decreased $2.5 billion or 1% from the prior quarter. Commercial Banking deposits decreased 1%, Personal and Business Banking deposits decreased 2%, with Private Wealth deposit balances relatively unchanged.

Assets under management increased $7.2 billion or 9% from the prior quarter, driven by stronger global markets and higher client assets. Assets under administration increased $0.5 billion 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.

---

| | |
|:---|:---|
| **16** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

**Wealth Management** <sup>(1)</sup> 

**TABLE 10** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | Q3-2025 | Q4-2024 | **Fiscal 2025** | Fiscal 2024 |
|  Net interest income | **274** | 257 | 233 | **1020** | 873 |
|  Non-interest revenue | **1145** | 1086 | 986 | **4282** | 3726 |
|  Total revenue | **1419** | 1343 | 1219 | **5302** | 4599 |
|  Provision for credit losses on impaired loans | **5** | 1 | 5 | **8** | 15 |
|  Provision (recovery of provision) for credit losses on performing loans | **(1)** | 2 | 5 | **2** | 2 |
|  Total provision for credit losses (PCL) | **4** | 3 | 10 | **10** | 17 |
|  Non-interest expense | **907** | 839 | 814 | **3460** | 3176 |
|  Income before income taxes | **508** | 501 | 395 | **1832** | 1406 |
|  Provision for income taxes | **125** | 123 | 94 | **451** | 339 |
|  Reported net income | **383** | 378 | 301 | **1381** | 1067 |
|  Dividends on preferred shares and distributions on other equity instruments | **2** | 1 | 2 | **6** | 6 |
|  Net income available to common shareholders | **381** | 377 | 299 | **1375** | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs (2) | **1** | 3 | – | **4** | – |
|  Adjusted net income | **384** | 381 | 301 | **1385** | 1067 |
|  Adjusted net income available to common shareholders | **382** | 380 | 299 | **1379** | 1061 |
|  Adjusted non-interest expense | **905** | 835 | 814 | **3454** | 3176 |
|  **Key Performance Metrics** |  |  |  |  |  |
|  Wealth and Asset Management reported net income | **304** | 283 | 248 | **1065** | 831 |
|  Wealth and Asset Management adjusted net income | **305** | 286 | 248 | **1069** | 831 |
|  Insurance reported net income (loss) | **79** | 95 | 53 | **316** | 236 |
|  Return on equity (%) (3) (4) | **49.7** | 49.9 | 40.3 | **45.4** | 36.5 |
|  Adjusted return on equity (%) (3) (4) | **49.9** | 50.3 | 40.3 | **45.6** | 36.5 |
|  Efficiency ratio (%) | **63.9** | 62.5 | 66.8 | **65.3** | 69.1 |
|  Adjusted efficiency ratio (%) | **63.8** | 62.2 | 66.8 | **65.1** | 69.1 |
|  Operating leverage (%) | **5.0** | 7.2 | (2.8) | **6.3** | 1.6 |
|  Adjusted operating leverage (%) | **5.3** | 7.7 | (2.8) | **6.5** | 1.6 |
|  PCL on impaired loans-to-average net loans and acceptances (%) (4) | **0.06** | 0.02 | 0.07 | **0.03** | 0.05 |
|  Average assets | **53776** | 53484 | 51080 | **53224** | 49134 |
|  Average gross loans and acceptances | **30400** | 30079 | 29261 | **30003** | 28532 |
|  Average deposits | **54324** | 52908 | 46951 | **52359** | 45874 |
|  Assets under administration (5) | **282258** | 262354 | 245183 | **282258** | 245183 |
|  Assets under management | **390282** | 359109 | 326032 | **390282** | 326032 |

---

(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 $383 million, an increase of $82 million or 27% from the prior year. Wealth and Asset Management reported net income was $304 million, an increase of $56 million or 23%, and Insurance net income was $79 million, an increase of $26 million or 48%.

Total revenue was $1,419 million, an increase of $200 million or 16% from the prior year. Revenue in Wealth and Asset Management was $1,290 million, an increase of $158 million or 14%, primarily due to the impact of stronger global markets and net sales, strong growth in loan and deposit balances and higher brokerage transaction volumes. Insurance revenue was $129 million, an increase of $42 million or 48%, due to favourable market movements in the current quarter and business growth.

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

Non-interest expense was $907 million, an increase of $93 million or 11%, primarily due to higher employee-related expenses, including higher revenue-based costs.

Assets under management increased $64.3 billion or 20% from the prior year to $390.3 billion, and assets under administration increased $37.1 billion or 15% to $282.3 billion, both driven by stronger global markets and higher client assets. Average gross loans increased 4% and average deposits increased 16%.

**Q4 2025 vs. Q3 2025** 

Reported net income increased by $5 million or 2% from the prior quarter. Wealth and Asset Management reported net income increased $21 million or 8% from the prior quarter, and Insurance net income decreased $16 million or 17%.

Total revenue increased $76 million or 6% from the prior quarter. Revenue in Wealth and Asset Management increased $92 million or 8%, primarily due to the impact of stronger global markets and net sales, higher brokerage transaction volumes and good growth in loan and deposit balances. Insurance revenue decreased $16 million or 11%, 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 $1 million 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.

---

| | |
|:---|:---|
| BMO Financial Group Fourth Quarter 2025 Earnings Release | **17** |

---

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Non-interest expense increased $68 million or 8%, 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** <sup>(1)</sup> 

**TABLE 11** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3-2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4-2024 | **Fiscal 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2024 |
|  Net interest income (teb) (2) | **580** | 729 | 389 | **2482** | 1731 |
|  Non-interest revenue | **1239** | 1047 | 1211 | **4965** | 4785 |
|  Total revenue (teb) (2) | **1819** | 1776 | 1600 | **7447** | 6516 |
|  Provision for credit losses on impaired loans | **37** | 33 | 203 | **133** | 367 |
|  Provision (recovery of provision) for credit losses on performing loans | **(39)** | 23 | 8 | **68** | 2 |
|  Total provision (recovery of provision) for credit losses (PCL) | **(2)** | 56 | 211 | **201** | 369 |
|  Non-interest expense | **1122** | 1139 | 1087 | **4616** | 4278 |
|  Income before income taxes | **699** | 581 | 302 | **2630** | 1869 |
|  Provision for income taxes (teb) (2) | **178** | 143 | 51 | **653** | 377 |
|  Reported net income | **521** | 438 | 251 | **1977** | 1492 |
|  Dividends on preferred shares and distributions on other equity instruments | **10** | 11 | 10 | **41** | 37 |
|  Net income available to common shareholders | **511** | 427 | 241 | **1936** | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs (3) | **–** |  | 2 | **–** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquisition-related intangible assets (4) | **11** | 4 | 17 | **22** | 31 |
|  Adjusted net income | **532** | 442 | 270 | **1999** | 1538 |
|  Adjusted net income available to common shareholders | **522** | 431 | 260 | **1958** | 1501 |
|  Adjusted non-interest expense | **1107** | 1134 | 1061 | **4586** | 4216 |
|  **Key Performance Metrics** |  |  |  |  |  |
|  Global Markets revenue | **1035** | 1053 | 938 | **4599** | 3898 |
|  Investment and Corporate Banking revenue | **784** | 723 | 662 | **2848** | 2618 |
|  Return on equity (%) (5) (6) | **14.4** | 12.5 | 7.3 | **14.0** | 11.0 |
|  Adjusted return on equity (%) (5) (6) | **14.7** | 12.6 | 7.8 | **14.2** | 11.4 |
|  Operating leverage (teb) (%) | **10.5** | (2.1) | (6.4) | **6.4** | 1.9 |
|  Adjusted operating leverage (teb) (%) | **9.4** | (2.2) | (4.3) | **5.5** | 2.6 |
|  Efficiency ratio (teb) (%) | **61.7** | 64.1 | 67.9 | **62.0** | 65.7 |
|  Adjusted efficiency ratio (teb) (%) | **60.9** | 63.8 | 66.3 | **61.6** | 64.7 |
|  PCL on impaired loans-to-average net loans and acceptances (%) (6) | **0.18** | 0.16 | 0.99 | **0.16** | 0.44 |
|  Average assets | **548583** | 514826 | 505558 | **551491** | 468963 |
|  Average gross loans and acceptances | **85586** | 82668 | 82397 | **84273** | 83024 |
|  **U.S. Business Select Financial Data** (US$ in millions) |  |  |  |  |  |
|  Total revenue (teb) | **635** | 641 | 567 | **2654** | 2286 |
|  Non-interest expense | **417** | 422 | 394 | **1662** | 1599 |
|  Reported net income | **168** | 151 | 43 | **678** | 350 |
|  Adjusted non-interest expense | **414** | 419 | 391 | **1651** | 1580 |
|  Adjusted net income | **170** | 153 | 45 | **686** | 364 |
|  Average assets | **187111** | 181423 | 179813 | **192595** | 157876 |
|  Average gross loans and acceptances | **33067** | 32582 | 31713 | **32088** | 31795 |

---

(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 $6 million for YTD-2025 and $22 million for YTD-2024 are offset in Corporate Services. Beginning January 1, 2024, we treated certain Canadian dividends as non-deductible for tax purposes, due to legislation that was enacted in the third quarter of fiscal 2024. 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 $521 million, an increase of $270 million or 108% from the prior year.

Total revenue was $1,819 million, an increase of $219 million or 14% from the prior year. Global Markets revenue increased $97 million or 10%, primarily due to higher equities trading revenue and higher debt and equity issuances, partially offset by lower interest rate trading revenue. Investment and Corporate Banking revenue increased $122 million or 18%, 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 $2 million, compared with a $211 million provision in the prior year. The provision for credit losses on impaired loans was $37 million, a decrease of $166 million from the prior year. There was a $39 million recovery on performing loans in the current quarter, compared with a $8 million provision in the prior year.

Non-interest expense was $1,122 million, an increase of $35 million or 3% from the prior year, primarily driven by higher performance-based compensation.

Average gross loans and acceptances of $85.6 billion increased $3.2 billion or 4% from the prior year.

---

| | |
|:---|:---|
| **18** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

**Q4 2025 vs. Q3 2025** 

Reported net income increased $83 million or 19% from the prior quarter.

Total revenue increased $43 million or 2% from the prior quarter. Global Markets revenue decreased $18 million or 2%, primarily due to lower interest rate and commodities trading revenue, partially offset by higher equities trading revenue. Investment and Corporate Banking revenue increased $61 million or 8%, primarily due to higher underwriting revenue and higher gains on investments.

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

Non-interest expense decreased $17 million or 1% 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 $2.9 billion or 4% from the prior quarter.

**Corporate Services** <sup>(1)</sup> 

**TABLE 12** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Canadian $ in millions, except as noted) | **Q4-2025** | Q3-2025 | Q4-2024 | **Fiscal 2025** | Fiscal 2024 |
|  Net 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** | 20 |
|  Total revenue (teb) | **103** | (59) | 469 | **(220)** | (570) |
|  Provision for credit losses on impaired loans | **3** | 9 | 13 | **44** | 73 |
|  Provision (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)** | 39 |
|  Non-interest expense | **366** | 118 | (502) | **816** | 350 |
|  Income (loss) before income taxes | **(248)** | (179) | 969 | **(1035)** | (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** | 244 |
|  Net income (loss) attributable to non-controlling interest in subsidiaries | **–** | 1 | 2 | **2** | 7 |
|  Net income (loss) available to common shareholders | **(293)** | (148) | 604 | **(1022)** | (950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition and integration costs (2) | **2** | 1 | 13 | **9** | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of divestitures | **102** |  |  | **102** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal provision/reversal (including related interest expense and legal fees) | **–** |  | (870) | **–** | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of loan portfolio sale | **–** |  |  | **–** | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDIC special assessment | **(9)** | (4) | (11) | **(14)** | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact 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)** | (1194) |
|  Adjusted total revenue (teb) (3) | **103** | (59) | (120) | **(220)** | (953) |
|  Adjusted non-interest expense | **274** | 122 | 89 | **626** | 333 |
|  **U.S. Business Select Financial Data** (US$ in millions) |  |  |  |  |  |
|  Total revenue | **–** | (12) | 460 | **(15)** | 401 |
|  Total provision for (recovery of) credit losses | **(3)** | (1) | (2) | **(2)** | 3 |
|  Non-interest expense | **174** | 60 | (436) | **348** | 47 |
|  Provision for (recovery of) income taxes (teb) | **(37)** | (23) | 221 | **(107)** | 74 |
|  Reported net income (loss) | **(134)** | (48) | 677 | **(254)** | 277 |
|  Adjusted total revenue | **–** | (12) | 24 | **(15)** | 118 |
|  Adjusted non-interest expense | **108** | 62 | – | **246** | 36 |
|  Adjusted 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 $11 million in Q4-2024; and $39 million
for YTD-2025 and $58 million for YTD-2024.

**Q4 2025 vs. Q4 2024** 

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

Adjusted net loss was $73 million, compared with adjusted net loss of $147 million 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 $168 million, compared with reported net loss of $120 million in the prior quarter, and adjusted net loss was $73 million, compared with adjusted net loss of $123 million 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.

---

| | |
|:---|:---|
| BMO Financial Group Fourth Quarter 2025 Earnings Release | **19** |

---

------

Condensed Consolidated Financial Statements

## Consolidated Statement of Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) (Canadian $ in millions, except as noted) | For the three months ended | For the three months ended | For the three months ended | For the twelve months ended | For the twelve months ended |
|  | **October 31,<br>2025** | July 31,<br>2025 | October 31,<br>2024 | **October 31,<br>2025** | October 31,<br>2024 |
|  **Interest, Dividend and Fee Income** |  |  |  |  |  |
|  Loans | $**9531** | $9594 | $10223 | $**38747** | $40069 |
|  Securities | **3835** | 3929 | 3966 | **15862** | 15038 |
|  Securities borrowed or purchased under resale agreements | **1519** | 1540 | 1775 | **6072** | 6843 |
|  Deposits with banks | **633** | 679 | 900 | **2856** | 4035 |
|  | **15518** | 15742 | 16864 | **63537** | 65985 |
|  **Interest Expense** |  |  |  |  |  |
|  Deposits | **6855** | 7008 | 8768 | **29255** | 34580 |
|  Securities sold but not yet purchased and securities lent or sold under repurchase agreements | **2274** | 2227 | 2344 | **9064** | 8907 |
|  Subordinated debt | **112** | 118 | 118 | **456** | 456 |
|  Other liabilities | **781** | 893 | 196 | **3275** | 2574 |
|  | **10022** | 10246 | 11426 | **42050** | 46517 |
|  **Net Interest Income** | **5496** | 5496 | 5438 | **21487** | 19468 |
|  **Non-Interest Revenue** |  |  |  |  |  |
|  Securities commissions and fees | **320** | 286 | 288 | **1169** | 1106 |
|  Deposit and payment service charges | **446** | 447 | 420 | **1791** | 1626 |
|  Trading revenues | **557** | 406 | 696 | **2584** | 2377 |
|  Lending fees | **329** | 327 | 338 | **1342** | 1464 |
|  Card fees | **204** | 207 | 201 | **831** | 847 |
|  Investment management and custodial fees | **620** | 589 | 544 | **2339** | 2056 |
|  Mutual fund revenues | **403** | 376 | 347 | **1495** | 1324 |
|  Underwriting and advisory fees | **455** | 453 | 352 | **1703** | 1399 |
|  Securities gains, other than trading | **114** | 49 | 57 | **287** | 200 |
|  Foreign exchange gains, other than trading | **68** | 65 | 67 | **271** | 263 |
|  Insurance service results | **118** | 89 | 42 | **421** | 340 |
|  Insurance investment results | **39** | 29 | 72 | **124** | 105 |
|  Share of profit in associates and joint ventures | **83** | 45 | 50 | **175** | 207 |
|  Other revenues | **89** | 124 | 45 | **255** | 13 |
|  | **3845** | 3492 | 3519 | **14787** | 13327 |
|  **Total Revenue** | **9341** | 8988 | 8957 | **36274** | 32795 |
|  **Provision for Credit Losses** | **755** | 797 | 1523 | **3617** | 3761 |
|  **Non-Interest Expense** |  |  |  |  |  |
|  Employee compensation | **2978** | 2955 | 2694 | **12018** | 10872 |
|  Premises and equipment | **1215** | 1081 | 1062 | **4468** | 4117 |
|  Amortization of intangible assets | **290** | 278 | 280 | **1152** | 1112 |
|  Advertising and business development | **224** | 198 | 227 | **806** | 837 |
|  Communications | **79** | 82 | 89 | **342** | 388 |
|  Professional fees | **219** | 172 | 177 | **678** | 583 |
|  Association, clearing and annual regulator fees | **70** | 71 | 103 | **302** | 321 |
|  Other | **481** | 268 | (205) | **1341** | 1269 |
|  | **5556** | 5105 | 4427 | **21107** | 19499 |
|  **Income Before Provision for Income Taxes** | **3030** | 3086 | 3007 | **11550** | 9535 |
|  Provision for income taxes | **735** | 756 | 703 | **2825** | 2208 |
|  **Net Income** | $**2295** | $2330 | $2304 | $**8725** | $7327 |
|  Attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank shareholders | $**2288** | $2327 | $2301 | $**8709** | $7318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest in subsidiaries | **7** | 3 | 3 | **16** | 9 |
|  **Net Income** | $**2295** | $2330 | $2304 | $**8725** | $7327 |
|  **Earnings Per Common Share** (Canadian $) |  |  |  |  |  |
|  Basic | $**2.98** | $3.14 | $2.95 | $**11.46** | $9.52 |
|  Diluted | **2.97** | 3.14 | 2.94 | **11.44** | 9.51 |
|  Dividends per common share | **1.63** | 1.63 | 1.55 | **6.44** | 6.12 |

---

---

| | |
|:---|:---|
| **20** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

Condensed Consolidated Financial Statements

## Consolidated Statement of Comprehensive Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Unaudited) (Canadian $ in millions) | For the three months ended | For the three months ended | For the three months ended | For the twelve months ended | For the twelve months ended |
|  | **October 31,<br>2025** | July 31,<br>2025 | October 31,<br>2024 | **October 31,<br>2025** | October 31,<br>2024 |
|  **Net Income** | $**2295** | $2330 | $2304 | $**8725** | $7327 |
|  **Other Comprehensive Income (Loss), net of taxes** |  |  |  |  |  |
|  Items that will subsequently be reclassified to net income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gains (losses) on fair value through OCI debt securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains (losses) on fair value through OCI debt securities arising during the period (1) | **147** | 178 | (150) | **308** | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification to earnings of (gains) during the period (2) | **(33)** | (11) | (19) | **(65)** | (83) |
|  | **114** | 167 | (169) | **243** | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gains (losses) on derivatives designated as cash flow hedges |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) on derivatives designated as cash flow hedges arising during the period (3) | **853** | (1051) | 212 | **995** | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification to earnings of losses on derivatives designated as cash flow<br>hedges during the period (4) | **254** | 272 | 314 | **1051** | 1417 |
|  | **1107** | (779) | 526 | **2046** | 3929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gains on translation of net foreign operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains on translation of net foreign operations | **784** | 282 | 531 | **473** | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (losses) on hedges of net foreign operations (5) | **(208)** | (74) | (120) | **(76)** | (100) |
|  | **576** | 208 | 411 | **397** | 187 |
|  Items that will not be subsequently reclassified to net income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on fair value through OCI equity securities arising during the period (6) | **–** |  |  | **(11)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on remeasurement of pension and other employee future benefit plans (7) | **88** | 55 | (123) | **137** | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value (8) | **10** | (313) | 43 | **(245)** | (633) |
|  | **98** | (258) | (80) | **(119)** | (693) |
|  **Total Other Comprehensive Income (Loss), net of taxes** | **1895** | (662) | 688 | **2567** | 3557 |
|  **Total Comprehensive Income** | $**4190** | $1668 | $2992 | $**11292** | $10884 |
|  Attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank shareholders | $**4183** | $1665 | $2989 | $**11276** | $10875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest in subsidiaries | **7** | 3 | 3 | **16** | 9 |
|  **Total Comprehensive Income** | $**4190** | $1668 | $2992 | $**11292** | $10884 |

---

(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.

---

| | |
|:---|:---|
| BMO Financial Group Fourth Quarter 2025 Earnings Release | **21** |

---

------

Condensed Consolidated Financial Statements

## Consolidated Balance Sheet

---

| | | |
|:---|:---|:---|
| (Unaudited) (Canadian $ in millions) | As at | As at |
|  | **October 31,<br>2025** | October 31,<br>2024 |
|  **Assets** |  |  |
|  **Cash and Cash Equivalents** | $**67484** | $65098 |
|  **Interest Bearing Deposits with Banks** | **2838** | 3640 |
|  **Securities** |  |  |
|  Trading | **192303** | 168926 |
|  Fair value through profit or loss | **21354** | 19064 |
|  Fair value through other comprehensive income | **113209** | 93702 |
|  Debt securities at amortized cost | **96610** | 115188 |
|  | **423476** | 396880 |
|  **Securities Borrowed or Purchased Under Resale Agreements** | **129421** | 110907 |
|  **Loans** |  |  |
|  Residential mortgages | **196033** | 191080 |
|  Consumer instalment and other personal | **92741** | 92687 |
|  Credit cards | **12649** | 13612 |
|  Business and government | **380788** | 384993 |
|  | **682211** | 682372 |
|  Allowance for credit losses | **(5050)** | (4356) |
|  | **677161** | 678016 |
|  **Other Assets** |  |  |
|  Derivative instruments | **57151** | 47253 |
|  Customers' liability under acceptances | **711** | 359 |
|  Premises and equipment | **6252** | 6249 |
|  Goodwill | **16797** | 16774 |
|  Intangible assets | **4758** | 4925 |
|  Current tax assets | **1970** | 2219 |
|  Deferred tax assets | **2732** | 3024 |
|  Receivable from brokers, dealers and clients | **43167** | 31916 |
|  Other | **42884** | 42387 |
|  | **176422** | 155106 |
|  **Total Assets** | $**1476802** | $1409647 |
|  **Liabilities and Equity** |  |  |
|  **Deposits** | $**976202** | $982440 |
|  **Other Liabilities** |  |  |
|  Derivative instruments | **58729** | 58303 |
|  Acceptances | **711** | 359 |
|  Securities sold but not yet purchased | **54876** | 35030 |
|  Securities lent or sold under repurchase agreements | **134967** | 110791 |
|  Securitization and structured entities' liabilities | **51562** | 40164 |
|  Insurance-related liabilities | **20436** | 18770 |
|  Payable to brokers, dealers and clients | **45170** | 34407 |
|  Other | **37549** | 36720 |
|  | **404000** | 334544 |
|  **Subordinated Debt** | **8500** | 8377 |
|  **Total Liabilities** | **1388702** | 1325361 |
|  **Equity** |  |  |
|  Preferred shares and other equity instruments | **8956** | 8087 |
|  Common shares | **23359** | 23921 |
|  Contributed surplus | **373** | 354 |
|  Retained earnings | **47377** | 46469 |
|  Accumulated other comprehensive income | **7986** | 5419 |
|  Total shareholders' equity | **88051** | 84250 |
|  Non-controlling interest in subsidiaries | **49** | 36 |
|  **Total Equity** | **88100** | 84286 |
|  **Total Liabilities and Equity** | $**1476802** | $1409647 |

---

---

| | |
|:---|:---|
| **22** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

---

------

Condensed Consolidated Financial Statements

## Consolidated Statement of Changes in Equity

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Unaudited) (Canadian $ in millions) | For the three months ended | For the three months ended | For the twelve months ended | For the twelve months ended |
|  | **October 31,<br>2025** | October 31,<br>2024 | **October 31,<br>2025** | October 31,<br>2024 |
|  **Preferred Shares and Other Equity Instruments** |  |  |  |  |
|  Balance at beginning of period | $**9156** | $8487 | $**8087** | $6958 |
|  Issued during the period | **–** |  | **1369** | 2379 |
|  Redeemed during the period | **(200)** | (400) | **(500)** | (1250) |
|  Balance at end of period | **8956** | 8087 | **8956** | 8087 |
|  **Common Shares** |  |  |  |  |
|  Balance at beginning of period | **23554** | 23911 | **23921** | 22941 |
|  Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | **–** |  | **–** | 905 |
|  Issued under the Stock Option Plan | **60** | 17 | **161** | 74 |
|  Treasury shares sold (purchased) | **8** | (7) | **7** | 1 |
|  Purchased for cancellation | **(263)** | – | **(730)** | – |
|  Balance at end of period | **23359** | 23921 | **23359** | 23921 |
|  **Contributed Surplus** |  |  |  |  |
|  Balance at beginning of period | **368** | 346 | **354** | 328 |
|  Stock option expense, net of options exercised | **4** | 6 | **14** | 15 |
|  Net premium on sale of treasury shares | **1** | 2 | **5** | 11 |
|  Balance at end of period | **373** | 354 | **373** | 354 |
|  **Retained Earnings** |  |  |  |  |
|  Balance at beginning of period | **47554** | 45451 | **46469** | 44006 |
|  Net income attributable to bank shareholders | **2288** | 2301 | **8709** | 7318 |
|  Dividends on preferred shares and distributions payable on other equity instruments | **(163)** | (152) | **(436)** | (386) |
|  Dividends on common shares | **(1155)** | (1131) | **(4630)** | (4458) |
|  Equity issue expense | **–** |  | **(4)** | (11) |
|  Common shares purchased for cancellation | **(1147)** | – | **(2731)** | – |
|  Balance at end of period | **47377** | 46469 | **47377** | 46469 |
|  **Accumulated Other Comprehensive (Loss) on Fair Value through OCI Securities, net of taxes** |  |  |  |  |
|  Balance 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** | 217 |
|  Unrealized gains (losses) on fair value through OCI equity securities arising during the period | **–** |  | **(11)** | 9 |
|  Reclassification 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 taxes** |  |  |  |  |
|  Balance at beginning of period | **(580)** | (2045) | **(1519)** | (5448) |
|  Gains on derivatives designated as cash flow hedges arising during the period | **853** | 212 | **995** | 2512 |
|  Reclassification to earnings of losses on derivatives designated as cash flow hedges during the period | **254** | 314 | **1051** | 1417 |
|  Balance at end of period | **527** | (1519) | **527** | (1519) |
|  **Accumulated Other Comprehensive Income on Translation of Net Foreign Operations, net of taxes** |  |  |  |  |
|  Balance at beginning of period | **6202** | 5970 | **6381** | 6194 |
|  Unrealized gains on translation of net foreign operations | **784** | 531 | **473** | 287 |
|  Unrealized (losses) on hedges of net foreign operations | **(208)** | (120) | **(76)** | (100) |
|  Balance at end of period | **6778** | 6381 | **6778** | 6381 |
|  **Accumulated Other Comprehensive Income on Pension and Other Employee<br>Future Benefit Plans, net of taxes** |  |  |  |  |
|  Balance at beginning of period | **923** | 997 | **874** | 943 |
|  Gains (losses) on remeasurement of pension and other employee future benefit plans | **88** | (123) | **137** | (69) |
|  Balance at end of period | **1011** | 874 | **1011** | 874 |
|  **Accumulated Other Comprehensive Income (Loss) on Own Credit Risk on Financial Liabilities Designated at Fair Value, net of taxes** |  |  |  |  |
|  Balance at beginning of period | **(251)** | (39) | **4** | 637 |
|  Gains (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)** | 4 |
|  **Total Accumulated Other Comprehensive Income** | **7986** | 5419 | **7986** | 5419 |
|  **Total Shareholders' Equity** | **88051** | 84250 | **88051** | 84250 |
|  **Non-Controlling Interest in Subsidiaries** |  |  |  |  |
|  Balance at beginning of period | **42** | 31 | **36** | 28 |
|  Net income attributable to non-controlling interest in subsidiaries | **7** | 3 | **16** | 9 |
|  Dividends to non-controlling interest in subsidiaries | **–** |  | **(3)** | (3) |
|  Other | **–** | 2 | **–** | 2 |
|  Balance at end of period | **49** | 36 | **49** | 36 |
|  **Total Equity** | $**88100** | $84286 | $**88100** | $84286 |

---

---

| | |
|:---|:---|
| BMO Financial Group Fourth Quarter 2025 Earnings Release | **23** |

---

------

Investor and Media Information

Investor Presentation Materials

Interested parties are invited to visit BMO's website at www.bmo.com/investorrelations to review the 2025 Annual 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.

Media Relations Contact

John Fenton, Head, Public Relations, john.fenton@bmo.com, 416-867-3996

Investor Relations Contacts

Christine Viau, Head, Investor Relations, christine.viau@bmo.com, 416-867-6956

Bill Anderson, Managing Director, Investor Relations, bill2.anderson@bmo.com, 416-867-7834

**Shareholder Dividend Reinvestment and Share Purchase Plan (DRIP)** 

Common shareholders may elect to have their cash dividends reinvested in common shares of the bank, in accordance with the bank's DRIP. More information about the Plan and how to enrol can be found at www.bmo.com/investorrelations.

**For dividend information, change in shareholder address or to advise of duplicate mailings, please contact** 

Computershare Trust Company of Canada

320 Bay Street, 14<sup>th</sup> Floor

Toronto, Ontario M5H 4A6

Telephone: 416-263-9200

Fax: 1-888-453-0330

E-mail: service@computershare.com

**For other shareholder information, please contact** 

Bank of Montreal

Shareholder Services

Corporate Secretary's Department

1 First Canadian Place, 9<sup>th</sup> Floor

Toronto, Ontario M5X 1A1

Telephone: 416-867-6785

E-mail: corp.secretary@bmo.com

**For further information on this document, please contact** 

Bank of Montreal

Investor Relations Department

P.O. Box 1, 1 First Canadian Place, 37<sup>th</sup> Floor

Toronto, Ontario M5X 1A1

**To review financial results and regulatory filings and disclosures online, please visit BMO's website at** www.bmo.com/investorrelations.

BMO's 2025 Annual MD&A, audited consolidated financial statements, annual information form and annual report on Form 40-F (filed with the U.S. Securities and Exchange Commission) are available online at www.bmo.com/investorrelations and at www.sedarplus.ca. Printed copies of the bank's complete 2025 audited consolidated financial statements are available free of charge upon request at 416-867-6785 or corp.secretary@bmo.com.

Annual Meeting 2026

The next Annual Meeting of Shareholders will be held on Wednesday, April 15, 2026.® Registered trademark of Bank of Montreal

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| **24** | BMO Financial Group Fourth Quarter 2025 Earnings Release |

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