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BMO's Third Quarter 2025 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2025, is available online at , on the Canadian Securities Administrators' website at , and on the EDGAR section of the U.S.听Securities and Exchange Commission's website at .

Financial Results Highlights

Third Quarter 2025 compared with Third Quarter 2024:

鈥⑻� Reported net income¹ of $2,330 million, an increase of 25% from $1,865 million; adjusted net income¹ of $2,399 million, an increase of 21% from $1,981 million
鈥⑻� Reported earnings per share (EPS)² of $3.14, an increase of 26% from $2.48; adjusted EPS^{1, 2} of $3.23, an increase of 22% from $2.64
鈥⑻� Provision for credit losses (PCL) of $797 million, compared with $906 million
鈥⑻� Reported return on equity (ROE) of 11.6%, compared with 10.0%; adjusted ROE¹ of 12.0%, compared with 10.6%
鈥⑻� Common Equity Tier 1 (CET1) Ratio³ of 13.5%, compared with 13.0%

Year-to-Date 2025 compared with Year-to-Date 2024:

鈥⑻� Reported net income¹ of $6,430 million, an increase of 28% from $5,023 million; adjusted net income¹ of $6,734 million, an increase of 14% from $5,907 million
鈥⑻� Reported EPS² of $8.47, an increase of 29% from $6.57; adjusted EPS^{1, 2} of $8.89, an increase of 14% from $7.78
鈥⑻� PCL of $2,862 million, compared with $2,238 million
鈥⑻� Reported ROE of 10.5%, compared with 9.0%; adjusted ROE¹ of 11.1%, compared with 10.7%

TORONTO, Aug. 26, 2025 /PRNewswire/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced financial results for the third quarter ended July 31, 2025. Reported net income was $2,330听million and reported EPS was $3.14, an increase from $1,865听million and $2.48 in the prior year. Adjusted net income was $2,399听million and adjusted EPS was $3.23, an increase from $1,981听million and $2.64 in the prior year.

"BMO delivered another quarter of strong earnings growth, with solid revenue performance and good expense management. Disciplined execution against each of our ROE rebuild strategies is driving tangible results through consistent positive operating leverage, improving credit performance and strengthening profitability, especially across our U.S. businesses," said Darryl White, Chief Executive Officer, BMO Financial Group.

"We continue to invest to drive sustainable growth across our businesses, including our recently announced acquisition of Burgundy Asset Management Ltd., adding talent and advancing digital and AI capabilities to deliver a differentiated client experience. We're leveraging our strong balance sheet to support client growth, while returning excess capital to our shareholders," concluded Mr. White.

Concurrent with the release of results, BMO announced a fourth quarter听2025 dividend of $1.63 per common share, unchanged from the prior quarter and an increase of $0.08 辞谤听5% from the prior year. The quarterly dividend of $1.63 per common share is equivalent to an annual dividend of $6.52听per common share.

On August听26,听2025, we announced our intention to terminate our existing normal course issuer bid (NCIB) to purchase for cancellation up to听20听million common shares, and establish a new NCIB to purchase for cancellation up to听30听million common shares, subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange. As of August听22,听2025, the bank had repurchased听15.7听million shares. The existing NCIB will be terminated prior to commencing purchases under the new NCIB. Once approvals are obtained, the timing and amount of purchases under the new NCIB will be at management's discretion, based on factors such as market conditions and capital levels.

On June听19,听2025, we announced the signing of a definitive agreement to acquire Burgundy Asset Management Ltd., a leading independent wealth manager in Canada. This acquisition will expand BMO's wealth management and financial planning capabilities focused on high-net-worth and ultra-high-net-worth individuals, families, and institutions. The transaction is expected to close by the end of calendar听2025, subject to customary closing conditions, including regulatory approvals.

Third 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.

Canadian P&C
Reported net income was $867听尘颈濒濒颈辞苍, a decrease of $47听尘颈濒濒颈辞苍 辞谤听5% from the prior year, and adjusted net income was $870听尘颈濒濒颈辞苍, a decrease of $50听尘颈濒濒颈辞苍 辞谤听5%. Results reflected a听6% increase in revenue, primarily driven by higher net interest income due to balance growth and higher net interest margin, more than offset by higher expenses and a higher provision for credit losses.

U.S. P&C
Reported net income was $709听尘颈濒濒颈辞苍, an increase of $239听尘颈濒濒颈辞苍 辞谤听51% from the prior year, and adjusted net income was $769听尘颈濒濒颈辞苍, an increase of $230听尘颈濒濒颈辞苍 辞谤听42%.

On a U.S. dollar basis, reported net income was $516听尘颈濒濒颈辞苍, an increase of $172听尘颈濒濒颈辞苍 辞谤听50% from the prior year, and adjusted net income was $560听尘颈濒濒颈辞苍, an increase of $165听尘颈濒濒颈辞苍 辞谤听42%. Results reflected a听3% increase in revenue, driven by higher net interest income听and non-interest revenue, lower expenses and a lower provision for credit losses.

BMO Wealth Management
Reported net income was $436听尘颈濒濒颈辞苍, an increase of $74听尘颈濒濒颈辞苍 辞谤听20% from the prior year, and adjusted net income was $441听尘颈濒濒颈辞苍, an increase of $77听尘颈濒濒颈辞苍 辞谤听21%. Wealth and Asset Management reported net income was $341听尘颈濒濒颈辞苍, an increase of $41听尘颈濒濒颈辞苍 辞谤听14%, reflecting higher revenue due to the impact of stronger global markets and net sales, as well as strong growth in loan and deposit balances, partially offset by higher expenses. Insurance net income was $95听尘颈濒濒颈辞苍, an increase of $33听尘颈濒濒颈辞苍 辞谤听53% from the prior year, due to听a gain on the sale of a non-strategic portfolio of insurance contracts.

BMO Capital Markets
Reported net income was $438听尘颈濒濒颈辞苍, an increase of $49听尘颈濒濒颈辞苍 辞谤听13% from the prior year, and adjusted net income was $442听尘颈濒濒颈辞苍, an increase of $48听尘颈濒濒颈辞苍 辞谤听12%. Results reflected higher revenue in both Global Markets听and Investment and Corporate Banking, higher expenses听and a lower provision for credit losses.

Corporate Services
Reported net loss was $120听尘颈濒濒颈辞苍, compared with reported net loss of $270听尘颈濒濒颈辞苍 in the prior year, and adjusted net loss was $123听尘颈濒濒颈辞苍, compared with adjusted net loss of $236听尘颈濒濒颈辞苍. The lower net loss was driven by higher revenue,听partially offset by higher expenses.

Credit Quality
Total provision for credit losses was $797听尘颈濒濒颈辞苍, compared with a provision of $906听尘颈濒濒颈辞苍 in the prior year. The provision for credit losses on impaired loans was $773听尘颈濒濒颈辞苍, a decrease of $55听尘颈濒濒颈辞苍, largely due to lower provisions in U.S. Commercial Banking and BMO Capital Markets, partially offset by higher provisions in Canadian Commercial Banking and Canadian unsecured consumer lending. There was a $24听尘颈濒濒颈辞苍 provision for credit losses on performing loans, compared with a $78听尘颈濒濒颈辞苍 provision in the prior year. The provision for credit losses on performing loans in the current quarter reflected an improvement in the macro-economic scenarios, as well as lower balances in certain portfolios, which were more than offset by the impact of uncertainty in credit conditions and portfolio credit migration.

Refer to the Critical Accounting Estimates and Judgments section of BMO's听2024 Annual Report and Note听4 of the audited annual consolidated financial statements for further information on the allowance for credit losses as at October听31,听2024.

Capital
BMO's Common Equity Tier听1 (CET1) Ratio was听13.5% as at July 31, 2025, relatively unchanged from听the second quarter of听2025, as internal capital generation was offset by the impact of the purchase of common shares for cancellation under BMO's normal course issuer bid and higher source currency risk-weighted assets.

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. 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鈥慓AAP basis, as described below. We believe that these non鈥慓AAP 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 Third Quarter 2025 Management's Discussion and Analysis dated August听25,听2025 for the period ended July听31,听2025, is incorporated by reference into this document. For further details on the composition of our supplementary financial measures, refer to the Glossary of Financial Terms section of BMO's Third Quarter 2025 Report to Shareholders, which is available online at and at .

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鈥慽nterest expense, provision for credit losses and income taxes, as detailed in the following table. Adjusted results and measures presented in this document are non鈥慓AAP. Presenting results on both a reported basis 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 be reflective of ongoing business performance. As such, the presentation may facilitate readers' analysis of 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 because it measures the performance of businesses consistently, whether they were acquired or developed organically.

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

• Amortization of acquisition-related intangible assets and any impairments of $69 million ($93 million pre-tax) in Q3-2025, recorded in non-interest expense in the related operating group. Prior periods included $81 million ($109 million pre-tax) in Q2-2025, $79 million ($106 million pre-tax) in Q1-2025, $79 million ($107 million pre-tax) in Q3-2024 and Q2-2024, and $84 million ($112 million pre-tax) in Q1-2024.
• Acquisition and integration costs of $4 million ($5 million pre-tax) in Q3-2025, recorded in non-interest expense in the related operating group. Costs related to the announced acquisition of Burgundy Asset Management Ltd. were recorded in BMO Wealth Management, Bank of the West in Corporate Services, AIR Miles in Canadian P&C, and Radicle and Clearpool in BMO Capital Markets. Prior periods included a reversal of $1 million ($2 million pre-tax) in Q2-2025, and expenses of $7 million ($10 million pre-tax) in Q1-2025, $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.
• Impact of a partial reversal of a U.S. Federal Deposit Insurance Corporation (FDIC) special assessment of $4 million ($5 million pre-tax) in Q3-2025, recorded in non-interest expense in Corporate Services. Prior periods included a $4 million ($5 million pre-tax) expense in Q2-2025, a $5 million ($7 million pre-tax) partial reversal in Q1-2025, 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. Prior periods 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. For further information, refer to the Provisions and Contingent Liabilities section in Note 25 of the audited annual consolidated financial statements of BMO's 2024 Annual Report.
• 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 $69听尘颈濒濒颈辞苍 in the current quarter, compared with a decrease of $116听尘颈濒濒颈辞苍 in the prior year and a decrease of $84听尘颈濒濒颈辞苍 in the prior quarter. On a year-to-date basis, adjusting items in aggregate decreased net income by $304听尘颈濒濒颈辞苍 in the current year, compared with a decrease of $884听尘颈濒濒颈辞苍 in the prior year.

Non-GAAP and Other Financial Measures ⁽¹⁾

Summary of Reported and Adjusted Results by Operating Segment

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听2025 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 鈥� many of which are beyond our control and the effects of which can be difficult to predict 鈥� 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 more information, please refer to the discussion in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's听2024听Annual Report, and the Risk Management section in our Third Quarter听2025听Report to Shareholders, 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 of BMO's听2024听Annual Report, as updated in the Economic Developments and Outlook section in our Third Quarter听2025听Report to Shareholders, as well as in the Allowance for Credit Losses section of BMO's听2024听Annual Report, as updated in the Allowance for Credit Losses section in our Third Quarter听2025听Report to Shareholders. 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.

Investor and Media Information
Investor Presentation Materials
Interested parties are invited to visit BMO's website at to review the 2024听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 Tuesday, August 26, 2025, at 7:15 a.m. (ET). The call may be accessed by telephone at 416-340-2217 (from within Toronto) or 1-800-806-5484 (toll-free outside Toronto), entering Passcode: 9768240#. A replay of the conference call can be accessed until September 26,听2025, by calling 905-694-9451 (from within Toronto) or 1-800-408-3053 (toll-free outside Toronto) and entering Passcode: 5503651#.

A live webcast of the call can be accessed on our website at . A replay can also be accessed on the website.

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