Bank Of Montreal · TSX:BMO
Bank Of Montreal — BMO Financial Group — Investor Day (March 2026)
178 slides from Bank Of Montreal's investor day presentation, Mar 26, 2026
Slide 1: BMO Investor Day
BMO Investor Day March 26, 2026 Elevating Returns and Accelerating Growth
Slide 2: Agenda
Agenda 8:00 AM Introduction Christine Viau, Head, Investor Relations Strategic Overview Darryl White, Chief Executive Officer U.S. Banking Aron Levine, Group Head and President, BMO U.S. Capital Markets Alan Tannenbaum, Group Head and CEO, BMO Capital Markets 9:30 AM Q&A Session Break 10:15 AM North
Slide 3: 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 4: Strategic Overview
Strategic Overview Darryl White Chief Executive Officer BMO Investor Day | March 26, 2026 4
Slide 5: Over our 209-year history we have built a purpose-driven, future-ready bank
Over our 209-year history we $36B $9B F2025 F2025 have built a purpose-driven, Revenue Net Income future-ready bank, the 8th $683B $976B Loans1 Deposits1 largest in North America $1.5T ~13MM Assets1 Clients1 BMO Investor Day | March 26, 2026 5
Slide 6: Executing a consistent and differentiated strategy to elevate returns and accelerate growth
Executing a consistent and differentiated strategy to elevate returns and accelerate growth Scale, integrated platforms, long-standing client relationships positioned to deliver sustainable returns • Commercial banking is our core earnings engine and a structural competitive advantage • Scaled U.S.
Slide 7: Our well diversified business positions us to profitably grow and deliver long-term value
Our well diversified business positions us to profitably grow and deliver long-term value F2025 Revenue $36B1 By business By geography By client International 6% Capital 20% Markets Wealth U.S. 42% Business 47% 15% Management U.S. 32% Banking Canada 52% Consumer 53% Canadian 33% P&C BMO Investor Day
Slide 8: 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 Canadian P&BB Ten 2025 Digital Top 5 Top 10 Commercial lender Leadin
Slide 9: Our full-relationship Commercial banking franchise is a differentiated advantage
Our full-relationship Commercial banking franchise is a differentiated advantage Scaled North American platform Distinctive capabilities Our advantaged Commercial mix … Local-led coverage model F2025 Commercial Revenue 56K $10B anchoring every client relationship % of total bank3 Clients F2025 reven
Slide 10: Longstanding U.S. presence, growing the business into a key differentiator
Longstanding U.S. presence, growing the business into a key differentiator U.S. franchise is diversified and Long history of organic and inorganic growth fueling expansion a significant contributor to BMO 1818 1984 2011 2023 2025 First U.S. Scaled presence US$481B Office Harris Bank M&I Bank Bank of
Slide 11: Our U.S. franchise is now positioned to unlock its full earnings potential
Our U.S. franchise is now positioned to unlock its full earnings potential Scale to compete Unified organizational structure Improving ROE2 vs. U.S. peers3 U.S. Banks by assets1 BMO U.S. Banking Return on Equity Category I: Peer Avg3 4 % U.S. GSIBs U.S. Personal U.S. U.S. Category III: & Business Co
Slide 12: We have transformed our bank over the past 5 years
We have transformed our bank over the past 5 years Portfolio Optimization Strategic M&A Digital Transformation Winning Culture and Talent • Divested non-core assets • Accelerated U.S. scale and • Intentional and focused • Winning Culture: positioning with Bank of the scaling of our technology Improv
Slide 13: Delivered a step-change improvement in performance
Delivered a step-change improvement in performance Revenue Growth PPPT Growth4 NIAT Growth % % % 9.1 8.3 8.6 10.9 8.8 12.2 11.4 Adjusted1,2 5.3 Adjusted1,2 Adjusted1 2.1 F2015-F2020 F2020-F2025 F2020-F2025 F2015-F2020 F2020-F2025 F2020-F2025 F2015-F2020 F2020-F2025 F2020-F2025 Peers3 Peers3 Peers3 R
Slide 14: What we said: committed to elevating our ROE to 15%+
What we said: At the end of F2024, we committed to elevating our ROE to 15%+ Return on Equity Medium-term targets 15%+ 14.1% U.S. Banking ROE of 12% Sustained positive Adjusted1 9.8% operating leverage F2025 ROE improvement = 150bps (#1 vs. Peers2) PCL Impaired normalization F’24 Peer F2024 Peer2 F’
Slide 15: What we did: Delivered #1 ROE improvement and #1 earnings growth
What we did: Delivered #1 ROE improvement and #1 earnings growth through disciplined execution ROE EPS ($) #1 ROE growth vs. Peers1 +180 bps #1 EPS growth vs. Peers1 13.1% +21% 0.7% 3.69 +150 bps Severance +26% $0.21 Impact3 Severance Impact3 12.4% Adjusted2 11.3% 11.3% Adjusted2 12.16 3.48 9.8% 9.6
Slide 16: 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 World-class client Digital-first, AI-powered Effective resource experience, grounded solutions for value and deployment and in One Client ad
Slide 17: One Client is our unified, client-centric approach
Growing Innovating Optimizing 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 clie
Slide 18: Commercial franchise strengthens our ability to realize One Client value
Growing Innovating Optimizing BMO’s differentiated Commercial franchise strengthens our ability to realize unique One Client value Commercial clients are a compelling One Client opportunity with deep revenue pools Providing integrated of M&A deals by The advisory, financing, Company trading, and ris
Slide 19: Our technology foundation delivers business value and supports AI expansion
Growing Innovating Optimizing Our technology foundation delivers business value and supports AI expansion Track record of monetizing technology investments Cloud Infrastructure ~60% Run applications and of eligible applications B2C3 Personal & Business Banking North American digital sales units Pers
Slide 20: Applying this same value-driven approach to AI with clear priorities
Growing Innovating Optimizing Applying this same value-driven approach to AI with clear priorities AI Priorities Our approach Personalizing Leverage our data in advanced models to Leveraging our client personalize the client experience and Delivering value for today experiences optimize decisioning
Slide 21: We are making strong progress in delivering value from AI
Growing Innovating Optimizing We are making strong progress in delivering value from AI Leveraging AI to drive business value Personalizing our client experiences Augmenting our teams Drove ~$85MM in annualized revenue in F2025 through Scaled AI usage to 2,000+ software developers, targeting persona
Slide 22: Executing on priority areas for revenue and efficiency impact
Growing Innovating Optimizing Executing on priority areas for revenue and efficiency impact Drive revenue growth by leveraging AI-powered client conversations, offers, and front-office capacity creation Enhance technology delivery by deploying AI-enabled documentation, development, testing, deployme
Slide 23: Continuously optimizing to deliver higher returns
Growing Innovating Optimizing Continuously optimizing to deliver higher returns Capital Credit Cost Redeployed $5B in capital Reduced PCL Impaired from Delivered consistent positive since F2020, reinvesting in Q4’24 peak operating leverage and higher-return opportunities efficiency improvements BMO
Slide 24: Track record of effective capital optimization
Growing Innovating Optimizing Track record of effective capital optimization Divested or exited non-core businesses and portfolios Redeployment priorities Private Bank Asia Run-off of low-ROE portfolios and Strategic organic growth in core select clients across businesses markets EMEA asset manageme
Slide 25: Strong credit performance track record through the cycle
Growing Innovating Optimizing Strong credit performance track record through the cycle Track record of credit Normalizing PCLs outperformance Continued risk 35-year Average PCL Impaired PCL Impaired ratio1, bps management actions ratio1,2, bps -10bps ->10bps Maintain a proactive and -12 bps strong w
Slide 26: Maintaining disciplined expense approach and investing for growth
Growing Innovating Optimizing Maintaining disciplined expense approach and investing for growth Top-tier efficiency improvement (F2020-F2025) Efficiency ratio Driving efficiency while reinvesting in our businesses % Developed a robust efficiency model over the -400 bps past 5 years … • Streamlined f
Slide 27: Elevating and sustaining returns across businesses
Elevating and sustaining returns across businesses Q1’26 ROE F2028 ROE Targets Adjusted1 Reported Canadian P&C 22.7% 22.6% 25%+ Wealth Management 35.7% 33.1% 40%+ U.S. Banking 8.5% 7.9% 12% Capital Markets 16.8% 16.7% 15%+ Total Bank 12.4% 12.1% Severance Impact2 0.7% 15%+ Total Bank 13.1% Expect to
Slide 28: Clear path to elevating returns and accelerating growth
Clear path to elevating returns and accelerating growth Commercial banking is our core differentiated advantage, driving Medium-term objectives1 full client relationships for all lines of business 15%+ Return on Equity U.S. franchise is positioned to unlock its full earnings potential 18%+ Return on
Slide 29: Our leadership team
Our leadership team Presenting Executive Committee Attending Executive Committee Aron Levine Darrel Hackett U.S. Banking Group Head and President, BMO U.S. Chief Executive Officer, BMO Financial Corp. Alan Tannenbaum Capital Markets Group Head and CEO, BMO Capital Markets Mona Malone Chief Administr
Slide 30: U.S. Banking
U.S. Banking Built to win with scale, discipline and differentiation Aron Levine Group Head and President, BMO U.S. All figures in US$ unless otherwise specified BMO Investor Day | March 26, 2026 30
Slide 31: U.S. Banking: Built to win with scale, discipline and differentiation
U.S. Banking: Built to win with scale, discipline and differentiation Distinctive strengths Our strategic priorities • Top 10 commercial banking franchise1 with industry • Leverage strengths to deepen relationships leading treasury, payments, and capital markets • Add talent and densify network to a
Slide 32: A leading U.S. franchise and a strategic differentiator for BMO
A leading U.S. franchise and a strategic differentiator for BMO Diversified platform Commercial Personal Private Banking & Business Wealth Banking $8.2B $3.6B $170B $158B 10% 7% 8% F2025 Revenue Adjusted PPPT1 Deposits2 Loans2 (Reported $3.3B) 23% 35% 47% Top 10 850+ 12K ~40% U.S. commercial Financi
Slide 33: Established brand in Midwest and building in the West
Established brand in Midwest and building in the West Driving brand awareness1… Chicago Milwaukee Los Angeles California 8 in 10 2025 2023 Pre-launch 3 in 10 … and brand consideration2 California Gen Pop - 27% 11% Mass Affluent - 34% 2023 2025 Pre-launch3 BMO Investor Day | March 26, 2026 33
Slide 34: We took deliberate actions to optimize our balance sheet and improve returns
We took deliberate actions to optimize our balance sheet and improve returns Strategic • Optimized portfolio: Non-core exits to improve returns and focus on full relationships actions taken … • Enhanced deposit mix: Run-off of high-cost deposits focusing on growth of core operating accounts • Credit
Slide 35: Clear path to 12% ROE
Clear path to 12% ROE Return on Equity 12% ~1% Medium-term targets ~(1%) Mid-single digit Adjusted1 8% Revenue CAGR ~4% from PPPT2 F2025 New client Deepening Operational Net RWA Normalized F2028 ~10% PPPT2 CAGR growth client efficiency growth PCL and capital Target Reported 7% relationships optimiza
Slide 36: Accelerating growth through our strategic priorities
Accelerating growth through our strategic priorities Growing & Innovating for Optimizing deepening client business value performance relationships • Expand share in key • Improve client delivery and • Attract and develop leading segments and efficiency through targeted talent geographies digital-fir
Slide 37: Our integrated client model serves the full spectrum of needs
Growing Innovating Optimizing Our integrated client model serves the full spectrum of needs for businesses and consumers Businesses Consumers Commercial Business Personal Premier Services Private Wealth Banking Banking Banking (Banking & Investments) 22K clients 265K clients 2.5MM clients 1.2MM clie
Slide 38: Top-tier commercial franchise with a scaled and diversified platform
Growing Innovating Optimizing Top-tier commercial franchise with a scaled and diversified platform … Deep expertise across diverse sectors and specialties #8 U.S. Commercial & Industrial lender1 Other Diversified #9 U.S. Commercial Real Estate lender1 Industry Industries Verticals4 Food & 800 Frontl
Slide 39: Clear opportunities to drive balance sheet and client growth
Growing Innovating Optimizing … with clear opportunities to drive balance sheet and client growth Increased alignment to fully Boost talent and expand Drive Emerging Middle Market leverage industry strength frontlines to enhance acquisition funnel Medium-term target Frontline bankers, # EMM2 clients
Slide 40: Grow fee penetration through a client centric model
Growing Innovating Optimizing Grow fee penetration by bringing BMO’s full suite of solutions through a client centric model Financing Meeting client needs through the lifecycle with solutions tailored solutions and in-market decisioning Medium-term target Treasury & Award-winning platform delivering
Slide 41: Scalable Treasury & Payment Solutions platforms
Growing Innovating Optimizing Scalable Treasury & Payment Solutions platforms and products tailored to meet client needs Increasing complexity of needs Business Banking Emerging Middle Market Core Middle Market Medium-term target Simple, intuitive client experience powered Comprehensive Treasury & P
Slide 42: Integrated solutions with Capital Markets to serve clients through their lifecycle
Growing Innovating Optimizing Integrated solutions with Capital Markets to serve clients through their lifecycle Established One Client partnership with Recent enhancements to accelerate results Medium-term targets Capital Markets to fully serve client needs • Unified U.S. M&A platform across Capita
Slide 43: Our integrated client model serves the full spectrum of needs
Growing Innovating Optimizing Our integrated client model serves the full spectrum of needs for businesses and consumers Businesses Consumers Commercial Business Personal Premier Services Private Wealth Banking Banking Banking (Banking & Investments) 22K clients 265K clients 2.5MM clients 1.2MM clie
Slide 44: Attractive footprint with leading market positions in the Midwest
Growing Innovating Optimizing Attractive footprint with leading market positions in the Midwest and positive momentum in the West WA WI 20 of top 50 deposit markets served1 MN OR Markets we are in vs. rest of U.S.2: IA NV 40%+ higher retail deposits per branch UT CO IL IN CA AZ 10%+ higher income pe
Slide 45: Growth opportunity across major U.S. markets
Growing Innovating Optimizing Growth opportunity across major U.S. markets … Established strength in core Midwest markets … … with significant upside in key West markets Strong local positions in branch share, focused community Highly attractive markets with opportunity to improve & brand activation
Slide 46: Strategic densification and enhanced client experience
Growing Innovating Optimizing … through strategic densification and enhanced client experience Proven playbook to win … … to leverage in West markets: Strong local position and scaled presence across the franchise in IL & WI LA area 220 360 320 +150 financial centres financial centres financial So
Slide 47: Grow quality core deposits through targeted acquisition initiatives
Growing Innovating Optimizing Grow quality core deposits through targeted acquisition initiatives and adding specialists Key growth drivers: Mass Affluent focus: Leverage established Premier Services platform to fully serve segment Medium-term targets A substantial untapped opportunity … Mass Afflue
Slide 48: Seamlessly deliver advice and guidance on Real Financial Progress
Growing Innovating Optimizing Seamlessly deliver advice and guidance on Real Financial Progress Bringing together best of human and digital Competitive capabilities … … with key enhancements coming in F2026 Leading mobile ~70% digital engagement Revamped mobile onboarding to banking app drive primac
Slide 49: Scale wealth through accelerated frontline growth and platform modernization
Growing Innovating Optimizing Scale wealth through accelerated frontline growth and platform modernization Platform serving the full wealth Strategic priorities to scale profitably Medium-term targets spectrum positioned for scale • Attract and add top talent to drive client Investment Private Famil
Slide 50: Accelerate technology and data modernization to leverage scale
Growing Innovating Optimizing Accelerate technology and data modernization to leverage scale Frontline technology modernization MyWealth client portal Streamlined digital platform for assisted Deliver a differentiated and seamless channel sales and service Private Wealth client experience Expected i
Slide 51: Advance AI to enhance client delivery and drive productivity
Growing Innovating Optimizing Advance AI to enhance client delivery and drive productivity & efficiency Where we are building value for today Prospect and lead generation engine (‘AIM’1) Focus areas to build value for Personalizing • Growth opportunity identification and bespoke insights to enable t
Slide 52: Power execution with talent and Winning Culture
Growing Innovating Optimizing Power execution with talent and Winning Culture Highly attractive to industry talent Robust training & development programs Proven leadership Strengthening bench 25+ years in average U.S. industry experience 400+ producers 150+ high potential trained through colleagues
Slide 53: Cost discipline to deliver run rate efficiencies
Growing Innovating Optimizing Cost discipline to deliver run rate efficiencies and fuel investments in priority areas Non-Interest Expense $B Low-single digit CAGR Medium-term target Adjusted1 4.6 4.6 F2024 F2025 Cost Volume Tech & data Densify with F2028 Low 50s savings & talent investments De Novo
Slide 54: Balancing risk and return
Growing Innovating Optimizing Balancing risk and return Medium-term targets Drive prudent and balanced growth within risk appetite PCL Impaired ratio1, bps 59 45 Mid-30s Credit Operations Enhanced client selection for consistent Strong non-financial risk management F2024 F2025 Target origination qua
Slide 55: U.S. Banking: Key takeaways
U.S. Banking: Key takeaways Medium-term targets Unified U.S. franchise to meet client needs 12% ROE Clearly defined opportunity to leverage scale for growth Mid-single digit Revenue CAGR Leadership and talent in place to drive execution ~10% PPPT1 CAGR Deliver growth within risk appetite High confid
Slide 56: Capital Markets
Capital Markets Scaling a leading North American franchise Alan Tannenbaum Group Head & CEO, BMO Capital Markets BMO Investor Day | March 26, 2026 56
Slide 57: Capital Markets: Scaling a leading North American franchise
Capital Markets: Scaling a leading North American franchise Distinctive strengths Our strategic priorities • Premier Canadian investment bank • Deepening client relationships across our businesses anchored in consistently top ranked with strong market comprehensive coverage and proven execution shar
Slide 58: A leading North American franchise with a well-diversified business
A leading North American franchise with a well-diversified business Strength through revenue diversification Product $7.4B $2.9B $549B $103B 35% 26% 24% 15% F2025 Adjusted PPPT1 Assets2 Deposits2 Fixed Income, Currency Equities Corporate Investment Revenue (Reported $2.8B ) & Commodities Banking Ban
Slide 59: Strong track record of profitable revenue growth while optimizing RWA
With a strong track record of driving profitable revenue growth, while optimizing RWA Revenue PPPT1 Risk-Weighted Assets3 Growth Outcomes $B, CAGR $B, CAGR $B, CAGR F2025 +7% +7% +6% +2% +2% 7.4 2.9 107.5 14.3% 97.4 Adjusted2 ROE 2.1 5.4 (Reported 14.1%) Adjusted2 6.93% Revenue/RWA F2020 F2025 F2020
Slide 60: Investments in key businesses have created differentiated strengths
Investments in key businesses have resulted in growth and created differentiated strengths Proven track record Metals & Mining TPS Capabilities Institutional Electronic Agency CMBS Issuance2 Revenue, $MM Revenue, $MM Equities U.S. Market Share, % Revenue, $MM 2.0x 2.1x 2.7x 2.7x 2.4x F2020 F2025 F20
Slide 61: Strategy focused on profitable revenue growth with strong ROE
Our strategy is focused on delivering profitable revenue growth with strong ROE PPPT1 Growth $B High-single +31% digit Medium-term targets 15%+ 2.9 ROE Adjusted2 High-single digit PPPT1 CAGR F2025 Global Markets Investment Optimizing F2028 & Corporate Performance Target Reported 2.8 Banking <58% Eff
Slide 62: Accelerating growth through our strategic priorities
Accelerating growth through our strategic priorities Growing & Innovating for Optimizing deepening client business value performance relationships • Prioritizing partner clients • Disciplined expansion in • Disciplined performance and products and asset classes risk management across our • Leveragin
Slide 63: Capital Markets Clients
Growing Innovating Optimizing Deepening client relationships across our businesses anchored in comprehensive coverage and best in class execution Treasury & Payment Solutions Corporate & Direct Lending Corporates Mergers & Acquisitions Global Markets Equity Capital Markets Debt Capital Markets Canad
Slide 64: Well positioned to capitalize on megatrends
Growing Innovating Optimizing Well positioned to capitalize on megatrends that are driving investment and growth Infrastructure/AI Commodities Energy Bespoke risk and World’s Best Metals & Top ranked in Canadian financing solutions for Mining Investment Bank energy M&A3 long-duration infrastructure
Slide 65: Metals & Mining spotlight
Growing Innovating Optimizing Metals & Mining spotlight: Fully scaled and integrated business, a blueprint for market leadership Deep sector expertise #1 market share in M&A and Decades of Metals, Mining, and Critical Financing businesses Metals & Mining Revenue Minerals sector expertise, highlighte
Slide 66: Commercial Bank partnership: One Client approach
Growing Innovating Optimizing Commercial Bank partnership: Coordinating coverage, insights, and sector execution to deepen relationships through a unified One Client approach Leverage strong partnership with One Client Revenue1 Middle Market M&A Commercial Bank in Canada & U.S. to $B deepen coverage
Slide 67: U.S. scale through transformation
Growing Innovating Optimizing U.S. scale through transformation and well positioned to further capture market wallet share in select businesses U.S. Capital Markets today Strategically grew the U.S. franchise Well positioned for further growth U.S. CM Revenue leveraging capabilities built • Position
Slide 68: Distributing North American content internationally
Growing Innovating Optimizing Distributing our North American content and products internationally, strongly placed for continued international market share growth Capital Markets International today Growing revenue contributor to CM Focusing across our growth vectors • Growing contributor to Capita
Slide 69: Global Markets: Driving growth through disciplined expansion
Growing Innovating Optimizing Global Markets: Driving growth through disciplined expansion in select products and asset classes Extensive coverage across asset With focus on high-impact classes and geographies growth vectors Build on our strong Canadian Equity Medium-term targets Prime Brokerage 13%
Slide 70: Investment and Corporate Banking: Deepening client partnerships
Growing Innovating Optimizing Investment and Corporate Banking: Deepening client partnerships through a seamless cross border, sector focused strategy Expanded coverage across sectors Opportunities for increased and geographies market share Healthcare Medium-term targets Food Consumer & Retail Drive
Slide 71: Leveraging AI to drive business growth and operational excellence
Growing Innovating Optimizing Leveraging AI to drive business growth and operational excellence Where we are building value for today Delivering client value Focus areas to build value for Personalizing tomorrow our client • Turned client, market and trade data into targeted experiences content & in
Slide 72: Actively optimizing our loan book to drive higher-quality returns
Growing Innovating Optimizing Actively optimizing our loan book to drive higher-quality returns Diversified loan book Actively recycling the portfolio Authorizations1 Canadian High Real Estate Diversified Non- 23% Return Investment 30% 13% Investment Clients 15% Grade Grade +7% Energy up +7% 12% Pow
Slide 73: Capital Markets: Key takeaways
Capital Markets: Key takeaways Medium-term targets Integrated North American platform with global reach, leveraging our Commercial Bank partnership and unified One Client approach 15%+ Sector leadership that scales, building depth first, then ROE deliberate expansion High-single digit Disciplined pr
Slide 74: North American Treasury & Payment Solutions
North American Treasury & Payment Solutions Driving value for business clients, unlocking returns Sharon Haward-Laird Group Head, Canadian Commercial Banking & North American Integrated Solutions, and Co-Head Canadian Personal & Commercial Banking BMO Investor Day | March 26, 2026 74
Slide 75: Treasury & Payment Solutions: Driving value for business clients
Treasury & Payment Solutions: Driving value for business clients, unlocking returns Distinctive strengths Our strategic priorities • Unified North American product and digital platforms, • Deepen client relationships through connected, deeply embedded with all B2B businesses across BMO digital-first
Slide 76: Strategic capability, fully integrated with each North American B2B business
Strategic capability, fully integrated with each of our North American B2B businesses 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 Trad
Slide 77: Industry leader at the forefront of payments innovation
Industry leader at the forefront of payments innovation… Foundational capabilities Industry recognition² • Enterprise Payments Hub with integrated U.S. & Canadian wire platform, Real Time payments & ISO 20022 enabled rails • Seamless integration with North American Lending platforms First North Amer
Slide 78: Fueling deeper client relationships, enterprise funding, and stable fee revenue
… fueling deeper client relationships, enterprise funding, and stable fee revenue F2025 Revenue across businesses 50% 50% 138K+ 350K+ $68T Business Business Banking $4.3B 15% $1.4B Banking Small, Medium & Large Digital Banking users Annual payments1 processed Corporate Corporate 17% 20% Enterprise c
Slide 79: Continuing to invest into digital & AI-led connected experiences
Continuing to invest into digital & AI-led connected experiences to extend our advantage Recent investments provide differentiated, leading capabilities … … and a flywheel for next-gen solutions Integrated Liquidity & Treasury: Virtual Accounts, Tokenized Assets solution Canadian & Integrated Smart
Slide 80: Innovation in action: tokenized assets offering
Innovation in action: Partnering with our clients on a tokenized assets offering Clients need always-on BMO to partner with Financial Market Infrastructures liquidity & settlement (FMIs) to introduce tokenized assets Value proposition Growing client need for 24/7 Our Financial institution clients wi
Slide 81: Strong 5-year momentum with opportunity to increase penetration
Strong 5-year momentum, with opportunity to further increase penetration & product use Deposits¹ +11% Track record & medium-term targets $B, CAGR Deepening our client relationships, and extending product usage 315 Improved TPS Penetration in B2B Segments¹ core 184 deposit mix Medium & Large Enterpri
Slide 82: Canadian Commercial Banking
Canadian Commercial Banking Leading franchise primed for durable growth Sharon Haward-Laird Group Head, Canadian Commercial Banking & North American Integrated Solutions, and Co-Head Canadian Personal & Commercial Banking BMO Investor Day | March 26, 2026 82
Slide 83: Commercial Banking: Leading franchise primed for durable growth
Commercial Banking: Leading franchise primed for durable growth Distinctive strengths Our strategic priorities • 2nd largest Commercial bank in Canada1; Top-5 North • Expand coverage and allocate capital in priority American Commercial franchise with U.S. Commercial2 segments and sectors, in key Can
Slide 84: A leading Commercial Banking franchise
A leading Commercial Banking franchise Award-winning client service and solutions4 Best Commercial Bank for $3.5B 30% $120B $104B 11 consecutive years F2025 Revenue Efficiency Ratio Loans1 Deposits1 Model Bank Award for 34K+ ~1,800 #2 #3 Payments Innovation Clients2 Sales FTE2 Lending Market Deposit
Slide 85: Broad advisory coverage and deep sector expertise across Commercial segments
Broad advisory coverage and deep sector expertise across Commercial segments … Mid-Market Core Commercial Typically serving >$1MM-10MM lending needs Typically serving >$10MM lending needs Business Simple, intuitive, digital-led solutions and Tailored products and services, with Corporate Banking loc
Slide 86: Well-diversified loan portfolio across sectors and geographies
… leading to a well-diversified loan portfolio across sectors and geographies Other3 Prairies Other2 Commercial Atlantic Real Estate 2% 7% Ontario 7% 29% 38% Alberta $120B 10% By industry Commercial By region Loans1 8% 15% 13% Retail & Quebec Wholesale Auto 10% 12% 23% Agriculture Services British C
Slide 87: Differentiators that power our success
Differentiators that power our success and deliver consistent client value Unique Sector North American Deep, loyal client coverage model expertise scale relationships Local teams anchor every Deep sector-based subject Advisory expertise as a client relationship matter experts from across Top-5 Nort
Slide 88: Strong track record of growing house bank relationships
Strategic focus and a strong track record of growing house bank relationships … Our strategic focus areas F2022-F2025 key outcomes Winning full client relationships and driving high quality deposit growth #1 Total & Operating Deposit Growth1 Driving accelerated fee growth throughout the bank from ou
Slide 89: Strong growth over past five years with top-tier efficiency
… resulting in strong growth over past five years, while maintaining top-tier efficiency Loans1 Deposits1 Revenue Efficiency Ratio $B, CAGR $B, CAGR $B, CAGR % -500 bps +7% +11% +9% 120 104 3.5 35 30 85 2.3 59 F’20 F2020 F’25 F2025 F’20 F2020 F’25 F2025 F’20 F2020 F’25 F2025 F2020 F2025 #2 loan shar
Slide 90: Delivering robust medium-term financial performance
Our strategy is focused on delivering robust medium-term financial performance Medium-term targets Mid-to-high Mid-single single digit Low-30s digit Efficiency Ratio, % Revenue CAGR Loans & Deposits CAGR BMO Investor Day | March 26, 2026 90
Slide 91: Accelerating growth through our strategic priorities
Accelerating growth through our strategic priorities Growing & Innovating for Optimizing deepening client business value performance relationships • Strategically growing • Transforming our lending • Enhancing our returns through coverage where Canada is capabilities to drive faster disciplined exec
Slide 92: Strategically investing in growing sectors and geographies of Canada
Growing Innovating Optimizing Strategically investing in growing sectors and geographies of Canada’s economy Strong track record of growth in strategic markets and sectors Other focus areas Greater Toronto High growth markets • Canada’s largest market, with opportunity to grow BMO’s share #5 → #2 •
Slide 93: Scaling our leading digital-led Mid-Market segment
Growing Innovating Optimizing Scaling our leading digital-led Mid-Market segment Proven differentiators that drive outsized growth Continued momentum Award-winning digital and self-serve capabilities that enable Double-digit client growth with rapid self-serve clients to focus on growing their busin
Slide 94: One Client: Bringing full scale banking to our clients
Growing Innovating Optimizing One Client: Bringing full scale banking to our clients, driving enterprise growth Business Banking Capital Markets Win through intersection of sector strengths Medium-term targets ~30% of new Commercial Canadian $500MM clients annually F2025 revenue from Commercial Comm
Slide 95: Transforming our lending capabilities to drive faster speed-to-market
Growing Innovating Optimizing Transforming our lending capabilities to drive faster speed-to-market Key pillars of our transformation journey in progress Medium-term targets Streamlining products and processes for faster underwriting • Standardized products, tailored to segments • Simplified financi
Slide 96: Leveraging AI to accelerate client growth
Growing Innovating Optimizing Leveraging AI to accelerate client growth, while unlocking frontline capacity Where we are building value for today Focus areas to build value for Client growth opportunities & insights (‘AIM’1) tomorrow Personalizing • Growth opportunity identification and bespoke insi
Slide 97: Enhancing returns through disciplined execution and capital allocation
Growing Innovating Optimizing Enhancing our returns through disciplined execution and strategic capital allocation Medium-term targets Extending our proven track record of disciplined returns PCL Impaired ratio1 ~20 bps bps improvement 50 Improve visibility and predictability of client cash flows to
Slide 98: Canadian Commercial Banking: Key takeaways
Canadian Commercial Banking: Key takeaways Premium Commercial franchise in Canada with deep, long- standing client relationships, and a well-diversified portfolio Medium-term targets Deep sector expertise coupled with local presence, national scale, Mid-to-high single digit and leading treasury mana
Slide 99: Canadian Personal & Business Banking
Canadian Personal & Business Banking Real financial progress at scale Mat Mehrotra Group Head, Canadian Personal and Business Banking, and Co-Head Canadian Personal & Commercial Banking BMO Investor Day | March 26, 2026 99
Slide 100: Canadian Personal & Business Banking: Real financial progress at scale
Canadian Personal & Business Banking: Real financial progress at scale Distinctive strengths Our strategic priorities • Market-leading, high quality deposit client growth • Sustain top-tier deposit-led net client growth supporting Wealth and Commercial client flow • Continue to drive full relationsh
Slide 101: Canadian P&BB is a critical business to BMO Financial Group
Canadian P&BB is a critical business to BMO Financial Group Robust, high quality client growth … 1.6x higher Above growth rate benchmark of P&BB clients vs. front book primacy6 $8.7B 50% $223B $208B Canadian population (F2020-F2025)5 F2025 Revenue Efficiency Ratio Loans1 Deposits1 ONE CLIENT … drivi
Slide 102: Transformed the business over the last 5 years
Transformed the business over the last 5 years … Leading client acquisition … Efficient growth engine Market-recognized digital leadership Net account growth1 Total sales units (core, investments and (%) insurance products) by channel3 1.7x digital sales6 vs. F2019 1.5x 2x Financial Centre: 8% CAGR
Slide 103: Competitively-differentiated value proposition
… and built a competitively-differentiated value proposition We have brought our “Real Financial Progress” value proposition Result has been strong gains in client to life since its launch in 2019 consideration and perception … Digital Products Our +9pp increase in client association of BMO with Exp
Slide 104: Strong absolute and relative financial performance
Strong absolute and relative financial performance Revenue Efficiency Deposits1 Loans1 $B, CAGR % $B, CAGR $B, CAGR +10% -500 bps +6% +7% +7% +6% +9% 55 208 223 8.7 50 156 159 5.5 F2020 F’20 F2025 F’25 F2020 F’20 F2025 F’25 F2020 F’20 F2025 F’25 F2020 F’20 F2025 F’25 Consistent gains in retail opera
Slide 105: Delivering robust medium-term financial performance
Our strategy is focused on delivering robust medium-term financial performance Medium-term targets Above-market Mid-single digit growth Mid-40s Operating deposits Efficiency Ratio, % Revenue CAGR % Mutual funds Home financing BMO Investor Day | March 26, 2026 105
Slide 106: Accelerating growth through our strategic priorities
Accelerating growth through our strategic priorities Growing & Innovating for Optimizing deepening client business value performance relationships • Sustain top-tier deposit-led net • Accelerate digital leadership in • Drive sustainable efficiency gains client growth sales, experience, and engagemen
Slide 107: Sustaining our market-leading personal client growth
Growing Innovating Optimizing Sustaining our market-leading personal client growth Track record of market leading net Key growth drivers to accelerate momentum client growth Net new clients BMO share of digital acquisition4 Medium-term Robust, +70% Leading digital target deposit-led1 sales … +5pp ne
Slide 108: Strong progress driving client primacy
Growing Innovating Optimizing Strong progress driving client primacy, with additional upside on share of wallet Client primacy a critical driver of performance1 Good momentum Continued share of wallet upside 2.5x Primary clients hold more products … -11 pp Share of wallet4 Reduction in clients that
Slide 109: Largest opportunity to deepen relationships is through investments
Growing Innovating Optimizing Largest opportunity to deepen client relationships is through investments Significant opportunity for investments Building on strong momentum to accelerate share of wallet Past momentum Future focus Medium-term targets Mutual Funds Share of Wallet (%)1 Growing investmen
Slide 110: Good momentum and continued upside in home financing
Growing Innovating Optimizing Good momentum and continued upside in home financing Continued upside in home financing Building on strong momentum to accelerate – a critical business to BMO Past momentum Future focus Medium-term targets Mortgage Share of Wallet (%)1 ~80% of clients become primary Mai
Slide 111: Driving sustainable Cards growth
Growing Innovating Optimizing Driving sustainable Cards growth with a focus on activating our premium segment Opportunity to accelerate premium1 growth Focus on new-to-bank and deeper penetration supported by a Medium-term targets Premium Cards balance mix2 strengthened value prop Meaningful upside
Slide 112: Continue to differentiate with an enhanced loyalty proposition
Growing Innovating Optimizing Continue to differentiate with an enhanced loyalty proposition Evolved AIR MILES into Blue Rewards, Strengthens our value proposition, accelerates growth of our client base offering Canadians strong, everyday value and an elevated experience Deeper relationships BMO cli
Slide 113: Strategic, high-performing Business Banking segment
Growing Innovating Optimizing Strategic, high-performing Business Banking segment supporting Commercial growth Attractive franchise leveraging Personal Banking and Actions to accelerate momentum Commercial Banking strengths Medium-term targets Past momentum Future focus ~500K 17% 18% Launched digita
Slide 114: Sustained track record of digital excellence
Growing Innovating Optimizing Sustained track record of digital excellence and value-creation Track record of digital progress and excellence … … recognized by the market Digital sales Meaningfully ~↑70% ↑80%+ grew digital Recognized Among Fast Company's list sales of World's Most Innovative Compani
Slide 115: Our goal: Accelerate leading digital sales and engagement
Growing Innovating Optimizing Our goal: Accelerate leading digital sales and engagement Digital sales Medium-term targets (by F2030) • Launch mobile-first sales journeys • Scale offer-led personalization 2x Digital sales1 • Translate strength to advice-based products +50% Mobile engagement Mobile en
Slide 116: Applying value-oriented digital approach to data and AI
Growing Innovating Optimizing Applying our value-oriented digital approach to capture the full potential of data and AI Where we are building value for today Client offers Personalizing • Personalized, AI-powered client offers Focus areas to build value for our client tomorrow • Delivered through om
Slide 117: Introducing LUMI Assistant
Growing Innovating Optimizing Introducing LUMI Assistant: accelerating value to clients and creating frontline capacity Q3’25 Launch Medium-term targets (by F2030) LUMI is a generative Initial scope of LUMI Cumulative 5yr benefits AI-enabled assistant • Access to 8,000+ critical policy and procedure
Slide 118: Sustainable efficiency gains through digitally enabled growth
Growing Innovating Optimizing Sustainable efficiency gains through digitally enabled growth and cost discipline Improved efficiency Driving efficient, digitally enabled growth Medium-term target Efficiency Digital and AI-powered business -5ppbps -500 55% 50% 2x +50% -50% digital sales mobile assiste
Slide 119: Strong portfolio fundamentals with upside as credit normalizes
Growing Innovating Optimizing Strong portfolio fundamentals with upside as credit performance normalizes Well-secured portfolio Credit performance expected to Consumer Loans ($B)1 Average FICO normalize 243 790 Drivers of improvement Consumer PCL Impaired ratio2 bps Improving macroeconomic Residenti
Slide 120: Canadian Personal and Business Banking: Key takeaways
Canadian Personal and Business Banking: Key takeaways Commitment to sustaining market-leading, deposit-led client Medium-term targets growth, underpinned by market differentiation Mid-single digit Positive momentum on client primacy, with meaningful upside in Revenue CAGR investments, home financing
Slide 121: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking BMO Investor Day | March 26, 2026 121
Slide 122: High-return franchise anchored in primary banking relationships
Canadian Personal & Commercial Banking: High-return franchise anchored in primary banking relationships Scaled client franchise in Canada with strong and stable Distinctive strengths deposits and lending Commercial Banking Personal & Business Banking Client scale, with robust growth Critical One Cli
Slide 123: Clear path to 25%+ ROE
Canadian Personal & Commercial Banking: Clear path to 25%+ ROE Return on Equity 25%+ Medium-term targets Personal 4%+ Mid-to-high single digit 3%+ ~(4%) PPPT1 CAGR Commercial 1%+ 2%+ Low-40s 19% Efficiency Ratio, % Low-40s PCL Impaired ratio2, bps F2025 Business RWA growth Operational Normalized F20
Slide 124: Wealth Management
Wealth Management A One Client catalyst, accelerating growth and elevating ROE Deland Kamanga Group Head, BMO Wealth Management BMO Investor Day | March 26, 2026 124
Slide 125: BMO Wealth Management: A One Client catalyst
BMO Wealth Management: A One Client catalyst, accelerating growth and elevating ROE Distinctive strengths Our strategic priorities • Strong, stable & scaled; diversified, high ROE business • Anchor in client success & relationships built on trust • World class client experience, supporting clients i
Slide 126: Innovative, purpose-built client solutions at scale
Delivering innovative, purpose-built client solutions through advised, digital and hybrid channels that operate at scale Private Wealth | Global Asset Management | BMO InvestorLine | Insurance Wealth Management revenue profile $5.4B $1.9B $672B 65% Private Wealth F2025 Revenue F2025 PPPT1 AUM/AUA Fe
Slide 127: Transformed the business over a 5+ year journey
Transformed the business, track record of significant outcomes over a 5+ year journey Select drivers of • Earned the trust across BMO partners to seamlessly work together for One Client transformation • Optimized the portfolio, including non-core exits, to improve returns and focus on distinctive cl
Slide 128: Strong financial performance anchored in client success
Strong financial performance anchored in client success and a world class experience Revenue PPPT2 AUM & AUA3 $B, CAGR $B, CAGR $B, CAGR +5% +8% +12% 5.4 1.9 672 4.3 1.3 386 390 Adjusted1 AUM 214 AUA 172 282 F2020 F2025 F2020 F2025 F2020 F2025 Reported 6.0 -2% 5.4 Loans4 Deposits4 Efficiency Ratio #
Slide 129: Delivering robust medium-term financial performance
Our strategy is focused on delivering robust medium-term financial performance Medium-term targets 10% 10% 40%+ AUM / AUA CAGR PPPT1 CAGR ROE Top-tier relative performance BMO Investor Day | March 26, 2026 129
Slide 130: Accelerating growth through our strategic priorities
Accelerating growth through our strategic priorities Growing & Innovating for Optimizing deepening client business value performance relationships • Capture significant value from • Strengthen our solutions • Drive client outcomes through money in motion advantage by leading in simplification and t
Slide 131: Solutions supporting clients across life's important transitions
Growing Innovating Optimizing Solutions designed to support our clients across life’s most important transitions Money in motion without historical precedent Intergenerational Transfer HNW Business Owners Women Investors Younger Investors >40% of U/HNW1 do not feel ~70% to transfer ownership in 39%
Slide 132: Opportunity to capture significant money in motion
Growing Innovating Optimizing As a One Client catalyst for BMO, opportunity to capture significant money in motion BMO Business Banking, Canadian Commercial BMO P&BB Personal Banking Clients Banking & Capital Markets Clients ~4.7MM individuals without a BMO Wealth ~600K business entities with 900K+
Slide 133: BMO InvestorLine digital investing drives One Client outcomes
Growing Innovating Optimizing BMO InvestorLine’s robust digital investing solutions drive substantial One Client outcomes Shared relationships since F20211: ONE CLIENT Great momentum ... +28% +24% Medium-term targets Total AUA: P&BB Personal BMO InvestorLine Private Wealth BMO InvestorLine BMO Inves
Slide 134: Financial Planning is a core competitive advantage
Growing Innovating Optimizing Financial Planning is a core competitive advantage in solving our clients’ most complex needs and accelerates One Client outcomes linked to money in motion Private Wealth Canada Client Promise: relationships built on trust #1 Private Bank in Canada • 15 consecutive year
Slide 135: Creating client and franchise value by delivering our Client Promise
Growing Innovating Optimizing Creating client and franchise value by delivering our Client Promise An exceptional platform for Advisors Amplifying outcomes 1 Strong brand & reputation Scaling Expanding our footprint to: Continuously modernizing Deliver more intergenerational platforms Plans to more
Slide 136: Global Asset Management and Insurance lead in innovation
Growing Innovating Optimizing Global Asset Management and Insurance lead in innovation, strengthening our solutions advantage % of BMO GAM AUM in Net Flows as % of Next closest quartile 1-2 (3 year)4 beginning AUM, F20255 Canadian peer Pioneer in new, winning solutions (e.g., ETFs, CDRs1); recognize
Slide 137: Clear client-centric priorities will accelerate profitable growth
Growing Innovating Optimizing Clear client-centric priorities in these businesses will accelerate profitable growth Medium-term targets Deliver a seamless client experience across all channels, One Client delivery supported by stronger data, insights and service enablement Top quartile in total net
Slide 138: AI complements our advisory model
Growing Innovating Optimizing AI is a powerful complement to our advisory model, creating capacity to deepen relationships Where we are building value for today Personalizing • Curating personalized needs-based offers with automated fulfillment; our client targeting ~10% uplift in personalized offer
Slide 139: Spotlight: driving value through AI and digital-first solutions
Growing Innovating Optimizing Spotlight: driving client and business value through AI and digital-first solutions today Rovr AI Digital assistant for Insurance advisors Insurance priorities: digital-first across channels Medium-term targets Retail • Seamless omnichannel, quote-to-apply 1.5x straight
Slide 140: Solidifying our foundation and investing for future readiness
Growing Innovating Optimizing Continuing to solidify our foundation and investing to ensure future readiness Simplifying & re-engineering Continuing to modernize technology; major multi-year program well underway Optimized resource allocation 40+ legacy systems to a new cloud platform to meet client
Slide 141: Wealth Management: Key takeaways
Wealth Management: Key takeaways Medium-term targets Differentiating through innovation and a world-class client experience grounded in trust 10% AUM/A CAGR One Client catalyst with value-add for every BMO client; significant source of profitable growth 10% PPPT1 CAGR Investing to drive value; AI as
Slide 142: Risk Overview
Risk Overview Strong risk management enabling ROE and profitable growth Piyush Agrawal Chief Risk Officer BMO Investor Day | March 26, 2026 142
Slide 143: Strong risk framework and capital discipline are the bank's foundation
Our strong risk framework and capital discipline are the bank’s foundation Strong capital and liquidity levels, and an integrated enterprise risk management approach across financial and non-financial risks underpins resiliency and sustainable growth Risk appetite integration in strategy and capital
Slide 144: Loan portfolio is well-diversified
Loan portfolio is well-diversified by business, product, industry and geography Other Business and Government Capital Markets Canadian Other Business and Government 8% Agriculture 8% Residential 13% Retail 3% Mortgages Agriculture 3% 32% Wholesale Trade 29% Residential Wholesale Trade 4% 4% Mortgage
Slide 145: Strong credit performance track record through the cycle
Strong credit performance track record through the cycle Strong PCL Impaired performance Robust performing allowance through the cycle1 (bps) coverage (bps) Actions taken to ensure consistent 80 80 credit performance 70 60 70 70 • Proactive and successful workout process 50 40 Avg: 48 60 • Agile por
Slide 146: Effective non-financial risk management supports a resilient bank
Effective non-financial risk management supports a resilient bank 40% 0.8x Reduction in operational Better than peer average operational losses over 5 years risk Internal Loss Multiplier1 Operational Resilience Information Data Third Party AI AML Technology Security Focused view of critical risks Fo
Slide 147: A disciplined approach to risk management
A disciplined approach to risk management Well-diversified and high-quality portfolio, supported by Risk performance supports: disciplined underwriting Strong and prudent allowance coverage reflecting forward- Lower credit volatility looking credit assessment Operational resilience reinforced throug
Slide 148: Financial Overview
Financial Overview Delivering 15%+ ROE: A clear and sustainable path Rahul Nalgirkar Chief Financial Officer BMO Investor Day | March 26, 2026 148
Slide 149: Creating shareholder value through a path to 15%+ ROE
Creating shareholder value through a clear and sustainable path to 15%+ ROE Strong progress in 2025 to elevate ROE and grow EPS Resilient balance sheet is the foundation of our strategy to elevate returns and accelerate growth Diversified revenue growth supports sustainable, through cycle ROE expans
Slide 150: Strong progress in 2025 to elevate ROE and grow EPS
Strong progress in 2025 to elevate ROE and grow EPS Year one delivered top-tier improvement in returns Return on Equity F2025 Y/Y Change2 13.1% Severance Adjusted1 Reported Adjusted1 Reported 0.7% impact6 ~(1.5)% 11.3% 12.4% Return on +150 bps +90 bps ~2.5% ~0.5% 11.3% 10.6% Equity #1 vs. peers Adju
Slide 151: Clear path to achieve and sustain ROE of 15%+
Clear path to achieve and sustain ROE of 15%+ Regular evaluation of risks and Return on Equity mitigants to deliver ROE path 15%+ Illustrative ROE sensitivity: ~0.5% ~(1.5)% ~1% ∆ In ROE ~4% Adjusted1 11.3% 10 bps change in PCL ~70 bps ratio ~2.5% 100 bps Core Operating Performance change in ~40 bps
Slide 152: U.S. Banking positioned to deliver 12% ROE
U.S. Banking structure and scale well-positioned to deliver 12% ROE U.S. Banking U.S. Operations3 Return on Equity Return on Tangible Common Equity4 18% 12% Adjusted1 13.4% ~(1)% ~1% ~4% Adjusted1 8.1% ~3% Core Operating Performance F2025 PPPT2 Net RWA Growth Normalized F2028 F2025 F2028 PCL & Capit
Slide 153: Resilient balance sheet is the foundation of our strategy
Resilient balance sheet is the foundation of our strategy to elevate returns and accelerate growth Gross Loans & Acceptances1 Customer Deposits1,2 Key Ratios3 - Q1’26 $B $B 60% 60% Liquidity 40% 40% Coverage Ratio 126% +8% CAGR +9% CAGR 683 715 Net Stable 4% Wealth Management Funding Ratio 116% 13%
Slide 154: Diversified revenue growth supports ROE expansion
Diversified revenue growth supports sustainable, through cycle ROE expansion Revenue Incremental Revenue Growth Key growth drivers $B F2025-F2028 U.S. Banking +6% CAGR Client acquisition and balance growth in priority markets Fee mix expansion through TPS, Private Wealth and Capital Markets 36 U.S.
Slide 155: Growing Net-Interest Income
Growing Net-Interest Income through balance sheet growth and margin optimization Net Interest Income Key Growth Levers $B Mid-single Balance Sheet Growth digit CAGR • Loan growth across businesses through client acquisition and expanded relationships • Deposit growth in priority markets and segments
Slide 156: Driving Non-Interest Revenue growth
Driving Non-Interest Revenue growth by growing and deepening client relationships Non-Interest Revenue Key Growth Levers $B Mid-single One Client digit CAGR • Commercial/P&BB Wealth: Capture greater share by converting Commercial and P&BB clients into Wealth relationships 15 • Commercial Capital
Slide 157: Building on cost discipline to enable reinvestment
Building on cost discipline to enable reinvestment and improve efficiency Non-Interest Expense $B Continued efficiency initiatives to ~4% CAGR +12% deliver positive operating leverage Structural cost savings in mid-and-back office 20 19 Accelerate automation through AI & Adjusted1 digital adoption F
Slide 158: Deliberate actions to deliver consistent credit performance
Deliberate actions taken to deliver consistent credit performance Improved performance drivers PCL Impaired ratio1 bps 47 Agile portfolio management actions, 46 proactive workout process, and selective de-risking Risk-informed capital optimization and Mid-30s allocation Integrated business strategie
Slide 159: Elevating returns will accelerate capital generation
Elevating returns will accelerate capital generation for deployment and distributions Organic Capital Generation1 Excess capital to be deployed across key priorities annual bps 125-135 88 Organic growth Mid-single digit loan growth 81 48 Selective Strategic opportunistic M&A inorganic growth F2023 F
Slide 160: Each business has a role in the path to 15%+ ROE
Each business has a role in the path to deliver 15%+ ROE Elevating returns Accelerating growth F2025 PPPT3 F2025 – F2028 Q1 F2026 ROE F2028 ROE Targets % of Total Bank PPPT3 CAGR Adjusted1 Reported Canadian P&C 22.7% 22.6% 25%+ 42% ~7% Wealth 35.7% 33.1% 40%+ 12% ~10% Management U.S. Banking 8.5% 7.
Slide 161: Building blocks to delivering 15%+ ROE and 18%+ ROTCE
Building blocks to delivering 15%+ ROE and 18%+ ROTCE Mid-30s 12% 8%+ <54% bps U.S. Banking ROE PPPT1 Growth Efficiency Ratio PCLs Impaired Ratio2 Resulting in low double digit EPS growth BMO Investor Day | March 26, 2026 161
Slide 162: Clear path to elevating returns and accelerating growth
Clear path to elevating returns and accelerating growth Commercial banking is BMO’s core differentiated advantage, driving fuller client relationships for all lines of business Advantaged Business Mix U.S. franchise is positioned to unlock its full earnings potential Flagship Established Commercial
Slide 163: Appendix & End Notes
Appendix & End Notes BMO Investor Day | March 26, 2026 163
Slide 164: Appendix: Managing and mitigating potential risks
Appendix: Managing and mitigating potential risks Economic assumptions Potential Risks (As at February 20, 20261) 2026 2027 2028 Real GDP Growth (%) Economic headwinds Interest rate changes Canada 1.4 2.2 2.0 U.S. 2.5 1.9 1.8 Regulatory changes Labour market shifts Unemployment Rate (%) Canada 6.5 6
Slide 165: Note to Users
Note to Users Medium-term targets in this presentation are generally defined as Fiscal 2028 unless otherwise stated, and performance is measured on an adjusted basis. These targets assume a normal business operating environment and credit cycle and have inherent risk and uncertainties and excludes t
Slide 166: Endnotes
Endnotes Strategic Overview Slide 9 Slide 12 1. Q4’25 average balances include Canadian Commercial Banking and U.S. 1. National Information Center: FRY-9C Reports December 31, 2025 and internal Slide 5 Commercial Banking in Canadian dollars. Loans represent gross loans and analysis 1. As at October
Slide 167: Endnotes
Endnotes Slide 15 on impaired loans as a percentage of average net loans and acceptances U.S. Banking 1. Peer group includes The Bank of Nova Scotia, Canadian Imperial Bank of 2. Historical averages are from F1990-F2025 Commerce, National Bank of Canada, Royal Bank of Canada and the Toronto- 3. Peer
Slide 168: Endnotes
Endnotes Slide 35 closed deals, announced but not yet closed deals, and mandated engagements Slide 52 1. Adjusted results are non-GAAP measures. Refer to Note to Users on slide 165 for 2. Global Markets fees from FX and rates products 1. BMO matches the industry leading benchmark score of 82%, based
Slide 169: Endnotes
Endnotes Capital Markets Slide 61 Slide 72 1. Pre-provision, pre-tax earnings (PPPT) is a non-GAAP measure. Refer to Note to 1. Authorizations as at fiscal year end October 31, 2025, geography split based on Slide 58 Users on slide 165 for more information, and reconciliation on slides 174-177 clien
Slide 170: Endnotes
Endnotes Canadian Commercial Banking Page 89 Canadian Personal & Business Banking and Canadian P&C Banking 1. Q4’20 and Q4’25 average balances. Loans represent gross loans and acceptances Page 83 2. Market share based on business loans, $1MM-$100MM. Source: Canadian Bankers Slide 101 1. Based on mar
Slide 171: Endnotes
Endnotes Slide 103 4. Ipsos, December 2025. Share of wallet for clients that consider BMO as their main 2. Based on loans $0-1MM, as at September 2025 (source: CBA); Peers includes The 1. BMO Net Promoter Score (NPS) survey financial institution. Represents % of client dollars captured by BMO Bank o
Slide 172: Endnotes
Endnotes Wealth Management 2. Pre-provision, pre-tax earnings (PPPT) is a non-GAAP measure. F2020 reported not include personal deposits with role players All rights in the information provided by Institutional Shareholder Services Canada Inc. results are calculated using revenue, net of CCPB. Refer
Slide 173: Endnotes
Endnotes Slide 136 the Toronto-Dominion Bank 2. Customer Deposits are operating and savings deposits, including term investment 1. CDR: Canadian Depositary Receipt: Canadian-dollar–traded security that represents certificates and retail structured deposits, primarily sourced through retail, ownershi
Slide 174: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reconciliation of Reported and Adjusted Results Reconciliation of Reported and Adjusted Results Net Income, Earnings Per Share (EPS), Return on Assets (ROA), and Return on Risk-Weighted Assets (RORWA) Revenue, Expenses, Pre-Provision, Pre-Tax Earnings (PPPT), Ef
Slide 175: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reconciliation of Reported and Adjusted Results Pre-Provision, Pre-Tax Earnings (PPPT), Expenses and Efficiency Ratio by Operating Segment (Canadian $ in millions unless otherwise stated) F2025 F20201 (Canadian $ in millions unless otherwise stated) Q4 25 Q4 24
Slide 176: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reconciliation of Reported and Adjusted Results Return on Equity (ROE) by Operating Segment (Canadian $ in millions unless otherwise stated) Q1 26 F2025 F2024 (Canadian $ in millions unless otherwise stated) Q1 26 F2025 U.S. Reported Net Income 539 2,007 1,485 C
Slide 177: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reconciliation of Reported and Adjusted Results Return on Equity (ROE) and Return on Tangible Common Equity (ROTCE) (Canadian $ in millions unless otherwise stated) Q1 26 Q1 25 F2025 F2024 (Canadian $ in millions unless otherwise stated) F2025 F2024 Total Report
Slide 178: Investor Relations
BMO Financial Group Investor Relations Contact Information bmo.com/investorrelations E-mail: investor.relations@bmo.com