Slide 1: Financial Presentation
BMO Financial Group Financial Presentation For the Quarter Ended April 30, 2026 May 27, 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: Overview
Overview Darryl White Chief Executive Officer Q2 2026 Financial Presentation 3
Slide 4: Strong performance, double digit PPPT growth and positive operating leverage
Strong performance, double digit PPPT2 growth and positive operating leverage Driving sustainable growth and shareholder value Q2 2026 Highlights EPS Y/Y Net Income Y/Y • Adjusted1 EPS up 40% Y/Y (reported up 41%) Adjusted1 $3.67 ↑40% Adjusted1 $2.7B ↑34% • PPPT2 up 16% Y/Y Reported $3.53 ↑41% Repor
Slide 5: Executing on our commitments: Elevating returns and accelerating growth
Executing on our commitments: Elevating returns and accelerating growth Continued momentum on ROE and earnings growth • Building on peer-leading2 ROE and EPS Total Bank ROE (%) +200 +370 improvement in F2025 bps bps • Continuing momentum in Q2'26 driven by: 13.3% 13.1% 13.5% 11.3% 0.4% 0.7% 9.8% Sev
Slide 6: Strong execution across our diversified businesses driving revenue growth
Strong execution across our diversified businesses driving revenue growth Canadian P&C U.S. Banking Wealth Management Capital Markets Revenue ($MM) Revenue (teb1, US$MM) Revenue ($MM) Revenue (teb1, $MM) +5% +5% +21% +19% 2,953 3,097 1,530 2,114 1,983 2,084 221 1,263 122 1,779 838 870 202 95 792 627
Slide 7: Focused on three priorities to achieve our medium-term objectives
Focused on three priorities to achieve our medium-term objectives Growing & Innovating for Optimizing deepening client business value performance relationships • Significant growth in referral revenue in • Announced plans to introduce new • Announced strategic sale of Canada between Commercial and 2
Slide 8: Financial Overview
Financial Overview Rahul Nalgirkar Chief Financial Officer Q2 2026 Financial Presentation 8
Slide 9: Q2’26 – Financial Highlights
Q2’26 – Financial Highlights Continued momentum with strong PPPT1 growth, positive operating leverage and ROE expansion Y/Y Highlights: Reported Adjusted2 • Adjusted2 and reported net income up 34% ($MM) Q2’26 Y/Y Q/Q Q2’26 Y/Y Q/Q – Q2’26 adjusted2 net income excluded $70MM amortization of acquisit
Slide 10: Balance Sheet
Balance Sheet Sequential loan growth driven by higher Canadian and U.S. Commercial balances • Gross loans and acceptances down 1% Y/Y or up 1% Y/Y excluding the impact of the Average Gross Loans and Acceptances ($B) weaker U.S. dollar 686.4 679.7 681.2 679.4 680.7 8 00.0 – Higher Capital Markets bal
Slide 11: Net Interest Income
Net Interest Income Y/Y NII growth driven by margin expansion • NII ex. Global Markets up 4% Y/Y NII ($MM) and NIM ex. Global Markets and Insurance (%)1 12,2 00 11,7 00 11,2 00 – Higher net interest margin (NIM) 2.30 2.33 2.29 3 2.17 2.21 10,7 00 10,2 00 9,70 0 – Higher NII in Corporate Services 9,2
Slide 12: Non-Interest Revenue
Non-Interest Revenue Strong growth in wealth, trading and underwriting and advisory fees Non-Interest Revenue by Category1 ($MM) Y/Y Highlights: • Adjusted2 and reported non-interest revenue up 20%, up 24% excluding trading Reported 3,582 3,492 3,845 4,181 4,299 – Trading non-interest revenue up 8%
Slide 13: Non-Interest Expense
Non-Interest Expense Positive operating leverage and strong efficiency improvement with continued expense management Y/Y Highlights: Non-Interest Expenses ($MM) • Adjusted1 and reported expenses up 6% 6% Adjusted1 – Higher performance-based compensation contributed 5% to the increase 6% Reported 3%
Slide 14: Capital Position
Capital Position Strong capital generation supporting shareholder returns and business growth Q/Q Highlights: Common Equity Tier 1 (CET1) Ratio1 • Q2’26 CET1 ratio1 of 13.0%, down from Q1’26 primarily reflecting: +30 bps – Internal capital generation More than offset by – 6 million common shares rep
Slide 15: Canadian Personal & Commercial Banking
Canadian Personal & Commercial Banking Solid PPPT2 growth with Y/Y margin expansion, higher operating deposits and retail investments revenue Y/Y Highlights: Reported Adjusted1 • Adjusted1 and reported net income up 15% ($MM) Q2’26 Y/Y Q/Q Q2’26 Y/Y Q/Q • Adjusted1 and reported PPPT2 up 5% Net inter
Slide 16: U.S. Banking
U.S. Banking Strong PPPT2 performance and margin expansion driving continued ROE progress, with building momentum in commercial loans Y/Y Highlights (U.S. Dollars): Reported Adjusted1 1 • Adjusted net income up 30% (reported up 37%) (US$MM) Q2’26 Y/Y Q/Q Q2’26 Y/Y Q/Q • Adjusted1 PPPT2 up 9% (report
Slide 17: Wealth Management
Wealth Management Strong performance driven by market appreciation and growth in client assets Y/Y Highlights: Reported Adjusted1 • Adjusted1 net income up 39% (reported up 34%) ($MM) Q2’26 Y/Y Q/Q Q2’26 Y/Y Q/Q – The acquisition of Burgundy increased revenue, expenses and AUM Wealth and Asset Manag
Slide 18: Capital Markets
Capital Markets Strong PPPT2 performance driven by equities trading activity and underwriting & advisory fees Y/Y Highlights: Reported Adjusted1 • Adjusted1 net income up 46% (reported up 47%) ($MM) Q2’26 Y/Y Q/Q Q2’26 Y/Y Q/Q • Adjusted1 and reported PPPT2 up 31% Global Markets 1,322 15% (8)% 1,322
Slide 19: Corporate Services
Corporate Services • Adjusted1 net loss of $86MM for the quarter, compared with net loss of $154MM in the prior year Reported Adjusted1 • Reported net loss of $110MM for the quarter, compared with reported net loss of ($MM) Q2 26 Q1 26 Q2 25 Q2 26 Q1 26 Q2 25 $157MM in the prior year Revenue (teb)2
Slide 20: Risk Overview
Risk Overview Piyush Agrawal Chief Risk Officer Q2 2026 Financial Presentation 20
Slide 21: Provision for Credit Losses
Provision for Credit Losses Stable provisions Q/Q • Q2’26 PCL ratio on Impaired Loans1 of 45 bps, stable Q/Q PCL on Impaired Loans ($MM) 46 45 44 44 45 Provisions for Credit Losses (PCL) 1 ,200 50 45 773 1 ,000 765 750 739 734 40 By Operating Segment 35 8 00 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 30 ($MM) 60
Slide 22: Allowance and Provision on Performing Loans
Allowance and Provision on Performing Loans Strong coverage on performing loans • $5 million provision for credit losses on performing loans primarily driven by the net Coverage Ratios impact of model changes, largely offset by positive migration and lower portfolio balances • Strong coverage on per
Slide 23: Gross Impaired Loans and Formations
Gross Impaired Loans and Formations Stable formations Q/Q • Gross impaired loans (GIL) ratio3 at 101 bps, down 1 bp Q/Q Formations ($MM) • B&G formations to watchlist continued to moderate 2,500 1,771 1,796 1,835 1,452 2,000 Formations Gross Impaired Loans 1,429 By Industry 1 ,500 501 485 563 ($MM,
Slide 24: Appendices
Appendices Q2 2026 Financial Presentation 24
Slide 25: Loan Portfolio Overview
Loan Portfolio Overview • Loan portfolio is well-diversified by product, industry and geography Gross Loans and Acceptances by Operating Segment Gross Loans & Acceptances By Industry ($B, As at Q2’26) Canada & Total % of U.S. Other1 BMO Total Residential Mortgages 162.1 31.7 193.8 28% Consumer Insta
Slide 26: Business and Government Portfolio Overview
Business and Government Portfolio Overview Portfolio Spotlights B&G Portfolio Industry Diversification Non-Bank Financial Institutions (NBFI) ($70.8B) • Well-diversified products with a common foundation of disciplined client selection, robust structuring, active management by specialized teams and
Slide 27: Commercial Real Estate
Commercial Real Estate • Commercial Real Estate (CRE) portfolio at $77.2B, representing 11% of total gross loans CRE by Geography1 & acceptances Canada & Other U.S. • Well-managed with consistent and conservative underwriting standards; investment 57% 43% grade (46%), watchlist (4%) and impaired (1%
Slide 28: Canadian Consumer Portfolio Overview
Canadian Consumer Portfolio Overview • Total Canadian Consumer lending portfolio balances of $243.4B, representing 36% of total gross loans & acceptances – 90% of the portfolio is secured – 90+ day delinquency rate for the portfolio at 58 bps Personal Lending – Average FICO score for the portfolio r
Slide 29: Canadian Residential Secured Lending Portfolio Overview
Canadian Residential Secured Lending Portfolio Overview • Total Canadian residential-secured lending portfolio at $215.6B, representing 32% of total Residential-Secured Lending by Region gross loans & acceptances Revolving HELOC $111.3B $12 0.0B – Loan-to-Value (LTV)1 on uninsured of 58% 6% Amortizi
Slide 30: Canadian Mortgage Portfolio Profile
Canadian Mortgage Portfolio Profile • Renewal risk decreased significantly due to lower interest rates and Mortgage Maturity Schedule proactive customer outreach ($162.1B as at Q2’26) – Nearly half of mortgages renewed in Q2’26 experienced a payment decrease 50. 0 44.3 43.8 – Customers renewing at h
Slide 31: Trading-Related Net Revenue and Value-at-Risk
Trading-Related Net Revenue and Value-at-Risk February 1, 2026 to April 30, 2026 (pre-tax basis and in millions of Canadian dollars) 40 30 20 10 0 (10) (20) (30) (40) Daily Revenue Total Trading VaR Q2 2026 Financial Presentation 31
Slide 32: Driving business value through our AI priorities
Driving business value through our AI priorities Personalizing Augmenting Automating our client experiences our teams our business Leverage our data in advanced models Embed AI into everyday work across our Drive scaled automation of routine tasks to to personalize the client experience and bank to
Slide 33: Canadian Personal & Commercial Banking Performance
Canadian Personal & Commercial Banking Performance Net Income ($MM) and ROE (%) Reported Revenue ($MM) by Business Reported Revenue NII/NIR ($MM) and NIM (%) 2.90 2.88 2.83 2.84 2.84 18.5 19.9 22.7 21.5 18.1 3,258 3,097 3,258 2,953 3,076 3,102 3,102 3,097 2,953 3,076 19.8 22.6 21.4 735 18.5 16.9 594
Slide 34: U.S. Banking Performance
U.S. Banking Performance Net Income (US$MM) and ROE (%) Reported Revenue (teb2) (US$MM) by Business Reported Revenue NII2/NIR (US$MM) and NIM (%) 9.3 3.83 3.82 3.87 4.00 4.03 8.9 9.2 8.5 7.1 1,983 2,072 2,105 2,084 8.5 8.6 2,059 8.2 7.9 209 202 219 217 221 6.3 2,072 2,105 2,084 1,983 2,059 686 743 7
Slide 35: Wealth Management Performance
Wealth Management Performance Net Income ($MM) and ROE (%) Reported Revenue ($MM) by Business 52.2 52.0 43.2 41.3 35.7 51.8 51.7 43.2 39.8 33.1 444 1,442 1,500 1,530 428 1,365 392 395 399 400 380 1,263 128 122 352 86 86 129 320 320 79 79 95 145 95 95 79 59 59 79 1,313 1,372 1,408 320 321 342 358 1,1
Slide 36: Capital Markets Performance
Capital Markets Performance Net Income ($MM) and ROE (%) Reported Revenue (teb2) by Business ($MM) 16.8 16.7 14.8 2,212 2,114 12.6 12.7 16.7 16.6 14.5 1,779 1,776 1,819 772 792 12.5 12.6 627 721 782 657 660 638 641 525 536 1,440 434 437 442 446 1,152 1,322 1,055 1,037 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q
Slide 37: Asset Yields and Liabilities Costs
Asset Yields1 and Liabilities Costs2 Average Earning Assets ($B) and Yield1 (%) Average Liabilities ($B) and Costs2 (%) 4.91% 4.85% Yield on 4.72% Total Cost on 4.51% 4.59% 3.06% 3.01% Average 2.89% 2.78% Total 2.65% Earning Liabilities Assets 1,417 1,425 1,438 1,334 1,343 1,349 1,376 1,309 1,288 1,
Slide 38: Interest Rate Sensitivity
Interest Rate Sensitivity • Earnings benefit/exposure to an incremental +/- 100 bps rate shock reflects a relatively • Long-term investment rates increased Q/Q; forecast remains higher than historical levels neutral position and continues to support NIM • BMO’s strategy emphasizes margin stability;
Slide 39: 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 the Act as a catalyst for progress in valuable financial advice transition to a net-zero world the communities we serve • Named one of the World’s Most E
Slide 40: Endnotes
Endnotes Slide 4 Slide 16 5. Allowance on Performing Loans (APL) ratio as at April 30, 2026 3. Taxable equivalent basis (teb) amounts (Q2’26 US$4MM; Q1’26 US$5MM; Q2’25 US$6MM) were recorded in net interest income revenue and provision for income taxes and reflected in the ratios, and offset in Corp
Slide 41: Endnotes
Endnotes Slide 29 Slide 38 1. Loan-to-value (LTV) is the ratio of outstanding mortgage balance or the HELOC authorization to the original property value 1. Sensitivities assume immediate and sustained parallel shift in interest rates and using a constant balance sheet except for indexed using Terane
Slide 42: Glossary
Glossary Adjusted Earnings and Measures Gross Impaired Loans and acceptances (GIL) ratio Adjusted earnings and measures are non-GAAP and exclude certain specified items from revenue, non-interest expense, Gross Impaired Loans (GIL) Ratio is calculated as gross impaired loans and acceptances as a per
Slide 43: Glossary
Glossary Return on Tangible Common Equity (ROTCE) Return on Tangible Common Equity (ROTCE) is a non-GAAP measure and calculated as net income available to common shareholders, adjusted for the amortization of acquisition-related intangible assets and any impairments, as a percentage of average tangi
Slide 44: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Results and measures in this document are presented on a generally accepted accounting principles (GAAP) basis. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our audited annual consolidated financial statements and ou
Slide 45: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reported and Adjusted Results and PPPT Reconciliations – Total Bank C$MM unless otherwise stated Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 YTD 2026 YTD 2025 F2025 F2024 Adjusting Items Net interest income 5,268 5,643 5,496 5,496 5,097 10,911 10,495 21,487 19,468 Non-interes
Slide 46: 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$MM unless otherwise stated Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 C$MM unless otherwise stated Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Canadian Reported Revenue (A) 3,097 3,258 3,102 3,
Slide 47: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Reported and Adjusted Results Reconciliations - Corporate Services and U.S. Operations C$MM unless otherwise stated Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 C$MM unless otherwise stated Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Corporate Reported Revenue (33) (42) 103 (59) (130) U.S.
Slide 48: Return on Equity and Return on Tangible Common Equity Reconciliation
Non-GAAP and Other Financial Measures Return on Equity and Return on Tangible Common Equity Reconciliation C$MM unless otherwise stated Q2’26 Q1’26 Q2’25 YTD 2026 F2025 F2024 C$MM unless otherwise stated YTD 2026 F2025 F2024 Total Bank Reported Net Income 2,630 2,489 1,962 5,119 8,725 7,327 U.S. Rep
Slide 49: BMO Investor Relations
BMO Investor Relations www.bmo.com/investorrelations E-mail: investor.relations@bmo.com Q2 2026 Financial Presentation 49