蒙特利尔银行美股招股说明书(2025-11-05版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying productsupplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. Subject To Completion, dated November 5, 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 Leveraged Upside Participation and ContingentDownside Principal at Risk Securities Linked to the Common Stock of Starbucks Corporation due November 17, 2028nLinked to the common stock of Starbucks Corporation (the “Underlier”) nUnlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity and are subject to potential automatic call uponthe terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount,will depend, in each case, on the performance of the Underlier.nAutomatic Call.If the closing value of the Underlier on the call date occurring approximately one year after issuance is greater than or equal to the starting value, the securities will be automatically called for the face amount plus a call premium of at least 23.10% of the face amount (to be determined on the pricingdate)nMaturity Payment Amount.If the securities are not automatically called, you will receive a maturity payment amount that could be greater than, equal to or If the ending value is greater than the starting value, you will receive the face amount plus a positive return equal to 150% of the percentage increase in thevalue of the Underlier from the starting valueIf the ending value is less than the starting value but not by more than 25%, you will receive the face amountIf the ending value is less than the starting value by more than 25%, you will have full downside exposure to the decrease in the value of the Underlierfrom the starting value, and you will lose more than 25%, and possibly all, of the face amount of your securitiesnInvestors may lose a significant portion or all of the face amount nIf the securities are automatically called, the positive return on the securities will be limited to the call premium, and you will not participate in any appreciationof the Underlier, which may be significant. If the securities are automatically called, you will no longer have the opportunity to participate in any appreciation ofthe Underlier at the upside participation ratenAll payments on the securities are subject to the credit risk of Bank of Montreal, and you will have no ability to pursue the Underlier for payment; if Bank ofMontreal defaults on its obligations, you could lose some or all of your investmentnNo periodic interest payments or dividendsnNo 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 $962.30 per security. The estimated initial value of the securities atpricing may differ from this value but will not be less than $912.00 per security. However, as discussed in more detail in this pricing supplement, the actual value ofthe securities at any time will reflect 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 securities. See “Selected Risk Considerations” beginning on page PRS-8 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of theprospectus supplement and page 9 of the prospectus.The securities are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the securities are subject to the credit risk of Bank of Montreal. The securities are not bail-inable notes and are not subject to conversion into our common shares or the common shares of any of our affiliates under subsection39.2(2.3) of the Canada Deposit Insurance Corporation Act.Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Anyrepresentation to the contrary is a criminal offense. (1)Wells Fargo Securities, LLC is the agent for the distribution of the securities and is acting as principal. See “Terms of the Securities—Agent” and “EstimatedValue of the Securities” in this pricing supplement for further information.(2)In respect of cert