Bank Of Montreal · TSX:BMO
Bank Of Montreal — BMO Financial Group — Investor Presentation (August 2026)
64 slides from Bank Of Montreal's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026
Slide 2: Caution Regarding Forward-Looking Statements
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 Ex
Slide 3: About BMO
About BMO Established in 1817, BMO Financial Group is a highly diversified financial services provider and is the 8th largest in North America1 $1.5 trillion $703 billion $1.0 trillion ~13 million Total Assets2 Loans2 Deposits2 customers globally3 Operating Segments Canadian Personal & Commercial Ba
Slide 4: Our Purpose
Our Purpose For a Thriving Economy For a Sustainable Future For Stronger Communities Provide access to capital and Be our clients’ lead partner in Act as a catalyst for progress in valuable financial advice their pursuit of energy and the communities we serve climate resilience • Named one of the Wo
Slide 5: Reasons to invest in BMO
Reasons to invest in BMO Diversified and Strong foundation that Award-winning Long-standing competitively delivers long-term technology and innovation commitment to positioned businesses value for shareholders sustainability that deliver resilient and robust earnings • Premium commercial banking • W
Slide 6: Competitively differentiated by market positioning and proven capabilities
Competitively differentiated by market positioning and proven capabilities Advantaged Business Mix Differentiated Capabilities Flagship Commercial Established U.S. Top-Tier Winning Business Franchise Businesses Digital Capabilities Ten 2025 Digital Top 5 Top 10 Canadian P&BB Commercial lender Banker
Slide 7: Diversified business mix with strong, resilient revenue
Diversified business mix with strong, resilient revenue Diversified by business Diversified by geography Diversified by client % of Reported Revenue2 – LTM Q3’26 % of Net Income – LTM Q3’26 % of Reported Revenue2,3 – LTM Q3’26 Canadian Personal U.S. Banking & Commercial 30% Reported Adjusted1 Busine
Slide 8: Delivering long-term shareholder returns
Delivering long-term shareholder returns Medium-Term Financial Objectives1,2 Earnings Per Share ($) 12.16 Growth Y/Y EPS Growth 7% to 10% 11.44 9.51 9.68 Return on Equity 15% or more +26% Adjusted1 Return on Tangible Common Equity 18% or more Operating Leverage 2% or more +20% Reported Capital Capit
Slide 9: Focused on three priorities to achieve our medium-term objectives
Focused on three priorities to achieve our medium-term objectives Growing & Innovating for Optimizing deepening client business value performance relationships • Strong deposit-led client growth in • Official launch of BMO Blue Rewards • Executing efficiency program, Canadian P&BB; integrated World
Slide 10: Executing on our commitments: Elevating returns and accelerating growth
Executing on our commitments: Elevating returns and accelerating growth Total Bank ROE (%) Earnings Per Share ($) +370 +200 +27% +22% bps bps 13.5% 14.0% 13.5% $11.32 0.2% 11.3% 12.0% 9.8% Severance $8.89 12.9% $0.21 12.4% Impact3 Severance 12.9% 12.4% Impact3 $3.96 Adjusted1 $3.67 Adjusted1 $3.23 1
Slide 11: Our U.S. franchise is positioned to unlock its full earnings potential
Our U.S. franchise is positioned to unlock its full earnings potential U.S. franchise is diversified and Scale to compete Improving ROTCE7 vs. U.S. peers5 a significant contributor to BMO U.S. banks by assets3 Category I: Return on Tangible Common Equity7 4 U.S. GSIBs US$502B 41% Category III: 8 (%)
Slide 12: Proven strength in Commercial Banking with advantaged market share
Proven strength in Commercial Banking with advantaged market share Premium commercial banking Distinctive capabilities Commercial Banking Revenue as % of franchise and top 5 commercial Operating Segment Revenue5 – LTM Q3’26 lender1 in North America Canadian Local-led coverage model anchoring every C
Slide 13: Treasury & Payment Solutions: Driving value for business clients
Treasury & Payment Solutions: Driving value for business clients, unlocking returns Strategic benefits Unified North American product and digital platforms, deeply embedded with all B2B businesses across BMO One digital platform, Liquidity Payables & FX Cards personalized for different client Trade
Slide 14: One Client is our unified, client-centric approach
One Client is our unified, client-centric approach to build deeper relationships BMO’s unified One Client approach Seamless client experiences across businesses and channels ONE CLIENT Shared priorities across businesses and teams to deliver Opportunity exceptional client experiences Data-driven 360
Slide 15: Continued progress driving value from AI
Continued progress driving value from AI Personalizing Augmenting Automating our client experiences our teams our business Leveraging data in advanced models to Embedding AI into everyday work across Driving scaled automation of routine tasks personalize the client experience and our bank to elevate
Slide 16: Strong risk culture and long-term track record of credit outperformance
Strong risk culture and long-term track record of credit outperformance Strong PCL Impaired performance through the cycle1 (bps) 80 70 60 50 Avg: 36 40 Avg: 48 30 20 10 0 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 3 BMO PCL Impaired (bps) Peer PCL Impaired (bps) BMO Historical A
Slide 17: Commitment to Sustainability
Commitment to Sustainability BMO’s sustainability and climate strategy and approach are key to advancing our commercial objectives, effectively managing risk, promoting efficiencies in our business and maintaining positive stakeholder relations. Our areas of focus include: Sustainability Environment
Slide 18: Q3'26 Highlights
Q3°26 Highlights BMO
Slide 19: Q3'26 – Financial Highlights
Q3’26 – Financial Highlights Continued momentum with double-digit PPPT1 growth, positive operating leverage and ROE expansion Y/Y Highlights: Reported Adjusted2 • Adjusted2 net income up 19% (reported down 25%) ($MM) Q3’26 Y/Y Q/Q Q3’26 Y/Y Q/Q – Q3’26 adjusted2 items included $973MM after-tax charg
Slide 20: Capital Position
Capital Position Strong capital generation supporting business growth and shareholder returns Q/Q Highlights: Common Equity Tier 1 (CET1) Ratio1 • Q3’26 CET1 ratio1 of 13.0%, unchanged from Q2’26 primarily reflecting: +33 bps – Internal capital generation Offset by – 3.8MM common shares repurchased
Slide 21: Net Interest Margin and Interest Rate Sensitivity
Net Interest Margin1 and Interest Rate Sensitivity NII ($MM) and NIM ex. Global Markets and Insurance2 (%) Earnings sensitivities over the next 12 months3 12,2 00 11,7 00 11,2 00 2.30 2.33 2.29 2.26 3.0 0 2.21 10,7 00 10,2 00 9,70 0 Q3’26 +25 bps -25 bps 9,20 0 +100 bps -100 bps +25 bps -25 bps Pre-
Slide 22: Operating Segments
Operating Segments BMO
Slide 23: Canadian Personal & Commercial Banking: Leading franchise primed for durable growth
Canadian Personal & Commercial Banking: Leading franchise primed for durable growth Distinctive Strengths Q3’26 Financial Highlights Personal & Business Banking Commercial Banking • Market-leading, high-quality deposit client • #2 market share for business loans1 Reported Adjusted2 growth supporting
Slide 24: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking Continued momentum in PPPT1 growth and lower PCL Net Income ($MM) and ROE (%) Reported Revenue ($MM) by Business Reported Revenue NII/NIR ($MM) and NIM (%) 2.90 2.88 2.90 2.84 2.84 19.9 22.7 21.5 22.9 18.1 3,258 3,257 3,076 3,102 3,097 3,258 3,097 3,257 3,076 3
Slide 25: U.S. Banking: Built to win with scale, discipline and differentiation
U.S. Banking: Built to win with scale, discipline and differentiation Distinctive Strengths Q3’26 Financial Highlights • Top 10 commercial banking franchise1 with industry-leading treasury, payments, and Reported Adjusted3 capital markets capabilities (US$MM) Q3’26 Y/Y Q3’26 Y/Y • Integrated model t
Slide 26: U.S. Banking
U.S. Banking Continued ROE improvement with commercial loan growth, higher margins, and positive operating leverage Net Income (US$MM), ROE and ROTCE1 (%) Reported Revenue (teb2) (US$MM) by Business Reported Revenue NII2/NIR (US$MM) and NIM (%) 17.3 20.0 17.1 16.8 16.4 15.4 3.87 4.00 4.03 4.02 1 8.0
Slide 27: Wealth Management: A One Client catalyst, accelerating growth and elevating ROE
Wealth Management: A One Client catalyst, accelerating growth and elevating ROE Distinctive Strengths Q3’26 Financial Highlights • Strong, stable & scaled; diversified, high ROE business Reported Adjusted1 • World-class client experience, supporting clients in solving their most complex problems ($M
Slide 28: Wealth Management
Wealth Management Continued strong performance driven by higher markets and growth in client assets Net Income ($MM) and ROE (%) Reported Revenue ($MM) by Business 52.2 52.0 41.3 42.4 35.7 51.8 51.7 39.8 35.9 33.1 1,530 1,579 444 480 1,500 392 395 399 400 428 408 1,365 1,442 122 124 380 86 88 129 12
Slide 29: Capital Markets: Scaling a leading North American franchise
Capital Markets: Scaling a leading North American franchise Distinctive Strengths Q3’26 Financial Highlights • Premier Canadian investment bank consistently top-ranked with strong market share Reported Adjusted1 • Fully-integrated North American platform with depth of capabilities and strong client
Slide 30: Capital Markets
Capital Markets Continued PPPT1 performance driven by strong equities trading and debt underwriting activities Net Income ($MM) and ROE (%) Reported Revenue (teb3) by Business ($MM) 16.8 16.7 16.1 14.8 16.7 16.6 2,212 2,114 12.7 16.0 2,127 14.5 1,776 1,819 12.6 772 792 790 721 782 657 660 638 641 64
Slide 31: Risk Overview
Risk Overview BMO
Slide 32: Loan Portfolio Overview
Loan Portfolio Overview • Loan portfolio is well-diversified by product, industry and geography • Exposure to tariff impacted sectors is limited Gross Loans and Acceptances by Operating Segment – Wholesale borrowers most sensitive to tariffs4 represent less than 1% of total loans Gross Loans and Acc
Slide 33: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) Lower impaired provisions Q/Q • Q3’26 PCL ratio on impaired loans1 of 41 bps, decreased 4 bps Q/Q PCL on Impaired Loans ($MM) 45 44 44 45 Provisions for Credit Losses (PCL) 41 1 ,200 50 45 773 1 ,000 40 750 739 734 708 35 By Operating Segment 8 00 30 Q3’25 Q4’25 Q1’
Slide 34: Allowance and Provision on Performing Loans
Allowance and Provision on Performing Loans Strong coverage on performing loans • $14MM provision for credit losses on performing loans was driven by changes in the Coverage Ratios macroeconomic outlook, partially offset by improvement in portfolio credit quality • Strong coverage on performing loan
Slide 35: Gross Impaired Loans and Formations
Gross Impaired Loans and Formations Lower Gross Impaired Loans Q/Q • Gross impaired loans (GIL) ratio3 at 97 bps, down 4 bps Q/Q Formations ($MM) • B&G watchlist continued to moderate, down $1B Q/Q 2,500 1,796 1,835 1,452 1,452 2,000 Formations Gross Impaired Loans 1,429 By Industry 1 ,500 485 563 (
Slide 36: Business and Government Portfolio Overview
Business and Government Portfolio Overview B&G Portfolio Industry Diversification Portfolio Spotlights • B&G portfolio is well-diversified by industry and geography Non-Bank Financial Institutions (NBFI) ($77.4B) • 54% of portfolio is investment grade-rated • Well-diversified products with a common
Slide 37: Commercial Real Estate
Commercial Real Estate • Commercial Real Estate (CRE) portfolio of $79.9B represents 11% of total gross loans & CRE by Geography1 acceptances • Well-managed with consistent and conservative underwriting standards; investment grade (47%), watchlist (3%) and impaired (1%) • Portfolio is well-diversifi
Slide 38: Canadian Consumer Portfolio Overview
Canadian Consumer Portfolio Overview • Total Canadian Consumer lending portfolio balances of $246.3B, representing 35% of total gross loans & acceptances – 90% of the portfolio is secured – 90+ day delinquency rate for the portfolio at 61 bps Personal Lending – Average FICO score for the portfolio r
Slide 39: Canadian Residential Secured Lending Portfolio Overview
Canadian Residential Secured Lending Portfolio Overview • Total Canadian residential-secured lending portfolio of $218.8B, representing 31% of total Residential-Secured Lending by Region gross loans & acceptances 120 .0 $113.5B Revolving HELOC – Composed of 75% mortgages and 25% HELOCs 6% Amortizing
Slide 40: Canadian Mortgage Portfolio Profile
Canadian Mortgage Portfolio Profile • Residential mortgage portfolio of $164.2B Mortgage Maturity Schedule – 24% insured – Loan-to-Value (LTV)1 on uninsured of 63% 60.0 53.2 – 63% of the mortgage portfolio has an effective remaining amortization of 25 years or less 42.3 50. 0 Variable Rate • 22% of
Slide 41: Economic and Housing Market Overview
Economic and Housing Market Overview
Slide 42: Economic outlook and indicators
Economic outlook and indicators1 Economic Indicators (%)1 Canada United States Eurozone 2025E1 2026E1 2027E1 2025E1 2026E1 2027E1 2025E1 2026E1 2027E1 GDP Growth 1.9 1.0 2.0 2.1 2.1 2.0 1.3 0.8 1.3 Inflation 2.1 2.7 2.1 2.7 3.3 2.3 2.1 2.8 2.2 Interest Rate (3mth Tbills) 2.6 2.3 2.3 4.2 3.8 3.7 2.2
Slide 43: Canadian economic overview
Canadian economic overview • Canada’s economy is well-diversified by sector Canadian GDP by Industry • Real GDP is expected to grow modestly in 2026 with support from expansionary fiscal Other 15% policies partly offset by slower population growth and weak business investment Financial Activities 21
Slide 44: Unemployment
Canadian economic overview • The unemployment rate has fallen to a two-year low of 6.4% in June due to an employment rebound and immigration curbs that have slowed growth in the labour force. A strengthening economy should reduce the unemployment rate modestly further in 2027 • Canadian CPI inflatio
Slide 45: Canadian housing market overview
Canadian housing market overview National sales are expected to rise Existing home sales rose for a fourth Benchmark prices rose in July for Sound lending standards across the modestly in the second half of consecutive month in July. Demand the first time since late 2024 but banking system and the p
Slide 46: Liquidity & Wholesale Funding Mix
Liquidity & Wholesale Funding Mix
Slide 47: BMO maintains a sizeable portfolio of high-quality liquid assets
BMO maintains a sizeable portfolio of high-quality liquid assets and meets all regulatory liquidity metrics • BMO has $391 billion in net unencumbered high quality liquid assets for the quarter Liquid Asset Mix (%) ended July 31, 2026. BMO’s liquid assets are primarily held in the Bank’s trading bus
Slide 48: Diversified wholesale term funding program
Diversified wholesale term funding program • BMO's wholesale funding principles seek to match the term of assets with the term of funding. Loans for example are funded Canada1 U.S.1 Europe, Australia & Asia1 with customer deposits and capital, with any difference funded with longer-term wholesale fu
Slide 49: Diversified capital base
Diversified capital base • BMO maintains a capital Capital Position1 (%) Total Loss Absorbing Capacity2 structure that provides CET1 different tiers of capital with TLAC Composition ($B)2 TLAC Ratio2 Additional Tier 1 prudent loss absorbency in line Tier 2 132.6 29.2% with regulatory requirements 17
Slide 50: BMO Legislative Covered Bond Programme
BMO Legislative Covered Bond Programme Cover Pool Summary as at July 31, 2026 • Canadian Registered Covered Bond Programs Legal Framework • Canadian National Housing Act (NHA) • Canadian uninsured residential Issuance Framework Current Collateral Pool • Canadian Registered Covered Bond Programs Guid
Slide 51: BMO Cover Pool Information
BMO Cover Pool Information1 Delinquency Distribution Credit Score Distribution2 64.85% Current and less than 30-59 days 60-89 days 90+ days 30 days past due past due past due past due 99.28% 0.22% 0.13% 0.37% 13.82% 10.17% 2.63% 5.67% 1.14% 1.71% Score Less than 600 600 - 650 651 - 700 701 - 750 751
Slide 52: BMO Cover Pool Information
BMO Cover Pool Information Occupancy Type1 Covered Bond Maturity Profile2 Non-Owner 10 CAD ($B) Occupied 24.40% 8 USD 6 GBP 4 Euro Owner Occupied CHF 75.60% 2 0 F2026 F2027 F2028 F2029 F2030+ Mortgage Rate Type1 Covered Bond Outstanding by Currency3 USD 21.04% CHF Euro Variable 1.75% 46.33% Fixed 43
Slide 53: Appendix
Appendix BMO
Slide 54: Endnotes
Endnotes Slide 3 5. As at July 31, 2026; Peers includes The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of 1. Source: Bloomberg GICS screen of North American banks by total assets as at July 31, 2026 Canada, Royal Bank of Canada and the Toronto-Dominion Bank; S&P/TSX Compo
Slide 55: Endnotes
Endnotes Slide 19 Slide 29 4. U.S. Operations comprises reported and adjusted results recorded in U.S. Banking and our U.S. operations in Capital 3. Taxable equivalent basis (teb) amounts (Q3’26 $2MM; Q3’25 $2MM) are reflected in net interest income, total revenue, Markets and Corporate Services pro
Slide 56: Endnotes
Endnotes Slide 40 3. The Domestic Stability Buffer (DSB) can range from 0% to 3.0% of risk-weighted assets (RWA) and is currently 3.0% as of 1. Current average loan-to-value (LTV) is the ratio of outstanding mortgage balance to the original property value indexed July 31, 2026 using Teranet data. Po
Slide 57: Glossary
Glossary Adjusted Earnings and Measures High-Quality Liquid Assets (HQLA) Adjusted earnings and Measures are non-GAAP and exclude certain specified items from revenue, non-interest expense, High-Quality Liquid Assets (HQLA) High-Quality Liquid Assets (HQLA) are cash or assets that can be converted i
Slide 58: Glossary
Glossary Return on Assets (ROA) Tier 1 Capital Return on Assets (ROA) is calculated as net income, as a percentage of average assets Tier 1 Capital comprises CET1 Capital and Additional Tier 1 (AT1) Capital. AT1 Capital consists of preferred shares, limited recourse capital notes, less regulatory de
Slide 59: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements and ou
Slide 60: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reported and Adjusted Results and PPPT Reconciliations – Total Bank C$MM unless otherwise stated Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 YTD 2026 YTD 2025 F2025 F2024 Adjusting Items Net interest income 5,567 5,268 5,643 5,496 5,496 16,478 15,991 21,487 19,468 Non-interes
Slide 61: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reported and Adjusted Results, PPPT and Return on Equity Reconciliations – Operating Segments C$MM unless otherwise stated Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 C$MM unless otherwise stated Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Canadian Reported Revenue (A) 3,257 3,097 3,258 3,
Slide 62: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reported and Adjusted Results Reconciliations - Corporate Services and U.S. Operations C$MM unless otherwise stated Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 C$MM unless otherwise stated Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Corporate Reported Revenue (101) (33) (42) 103 (59) Total
Slide 63: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Return on Equity and Return on Tangible Common Equity Reconciliation C$MM unless otherwise stated Q3’26 Q2’26 Q3’25 YTD 2026 F2025 F2024 C$MM unless otherwise stated YTD 2026 F2025 F2024 Total Bank Reported Net Income 1,750 2,630 2,330 6,869 8,725 7,327 Total U.
Slide 64: Investor Relations
Investor Relations http://www.bmo.com/investorrelations E-mail: investor.relations@bmo.com Investor Presentation | August 2026 64
BMO Financial Group — Investor Presentation (August 2026) on 6ix