蒙特利尔银行美股招股说明书(2025-10-30版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanyingproduct supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities inany jurisdiction where the offer or sale is not permitted. Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-285508 Subject To Completion, dated October 30, 2025PRICING SUPPLEMENT dated November , 2025(To Product Supplement No. WF1 dated March 25, 2025,Prospectus Supplement dated March 25, 2025and Prospectus dated March 25, 2025)Bank of Montreal Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature andContingent Downside Principal at Risk Securities Linked to the Common Stock of lululemon athletica inc. due December 2, 2026 nUnlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at stated maturity and are subject topotential automatic call prior to stated maturity upon the terms described below. Whether the securities pay a contingent coupon, whether the securities are automaticallycalled prior to stated maturity and, if they are not automatically called, whether you receive the face amount of your securities at stated maturity, will depend, in each case,on the closing value of the Underlier on the relevant calculation daynContingent Coupon.The securities will pay a contingent coupon on a monthly basis until the earlier of stated maturity or automatic call if, and only if, the closing value of the Underlier on the calculation day for that month is greater than or equal to the coupon threshold value. If the closing value of the Underlier on a calculation day isless than the coupon threshold value, you will not receive any contingent coupon on the related contingent coupon payment date. However, if the closing value of theUnderlier on one or more calculation days is less than the coupon threshold value and, on a subsequent calculation day, the closing value of the Underlier on thatsubsequent calculation day is greater than or equal to the coupon threshold value, the securities will pay the contingent coupon payment due for that subsequent calculationday plus all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). If the closing value of the Underlier is less than the couponthreshold value on every calculation day, you will not receive any contingent coupons throughout the entire term of the securities. The coupon threshold value is equal to60% of the starting value. The contingent coupon rate will be determined on the pricing date and will be at least 16.30% per annumnAutomatic Call.If the closing value of the Underlier on any of the monthly calculation days scheduled to occur from February 2026 to October 2026, inclusive, is greater than or equal to the starting value, the securities will be automatically called for the face amount plus a final contingent coupon payment and any previously unpaidcontingent coupon paymentsnPotential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the face amount at stated maturity if, and only if, the closing value of the Underlier on the final calculation day is greater than or equal to the downside threshold value. If the closing value of the Underlier on the finalcalculation day is less than the downside threshold value, you will lose more than 40%, and possibly all, of the face amount of your securities. The downside thresholdvalue is equal to 60% of the starting valuenIf the securities are not automatically called prior to stated maturity, you will have full downside exposure to the Underlier from the starting value if the closing value on the final calculation day is less than the downside threshold value, but you will not participate in any appreciation of the Underlier and will not receive any dividends onthe UnderliernAll payments on the securities are subject to our credit risk, and you will have no ability to pursue the Underlier for payment; if Bank of Montreal defaults on its obligations, you could lose some or all of your investmentnNo exchange listing; designed to be held to maturity or automatic call On the date of this preliminary pricing supplement, the estimated initial value of the securities is $980.40 per security. The estimated initial value of the securities at pricing maydiffer from this value but will not be less than $930.00 per security. However, as discussed in more detail in this pricing supplement, the actual value of the securities at any time willreflect many factors and cannot be predicted with accuracy. See “Estimated Value of the Securities” in this pricing supplement.The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt secur