蒙特利尔银行美股招股说明书(2025-11-24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 PRICING SUPPLEMENT dated December , 2025(To Product Supplement No. WF1 dated March 25, 2025,Prospectus Supplement dated March 25, 2025 and Prospectus dated March 25, 2025) Senior Medium-Term Notes, Series KEquity Linked Securities Market Linked Securities—Contingent Fixed Return and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of IonQ, Inc., the Class A CommonStock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due December 17, 2026 nUnlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity.Instead, the securities providefor a maturity payment amount that may be greater than or less than the face amount of the securities, depending on the performance of thelowest performing Underlier from its starting value to its ending value.The lowest performing Underlier is the Underlier with the lowest nIf the value of the lowest performing Underlier increases, remains flat or decreases, but the decrease is not more than 40%, you will receivethe face amountplusa contingent fixed return of at least 45.20% (to be determined on the pricing date) of the face amountnIf the value of the lowest performing Underlier decreases by more than 40%, you will have full downside exposure to the decrease in the nAny positive return on the securities at maturity will be limited to the contingent fixed return, even if the ending value of the lowest performingUnderlier significantly exceeds its starting value; you will not participate in any appreciation of any UnderliernYour return on the securities will depend solely on the performance of the lowest performing Underlier. You will not benefit in any way from theperformance of the better performing Underliers. Therefore, you will be adversely affected if any Underlier performs poorly, even if the otherUnderliers perform favorably nAll payments on the securities are subject to the credit risk of Bank of Montreal, and you will have no ability to pursue any Underlier forpayment; if Bank of Montreal defaults on its obligations, you could lose some or all of your investment nNo exchange listing; designed to be held to maturity On the date of this preliminary pricing supplement, the estimated initial value of the securities is $956.70 per security. The estimated initial value of the securities atpricing may differ from this value but will not be less than $910.00 per security. However, as discussed in more detail in this pricing supplement, the actual value of thesecurities 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 RiskConsiderations” beginning on page PRS-8 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectussupplement 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. IfBank of Montreal defaults on its obligations, you could lose some or all of your investment. The securities are not insured by the Federal Deposit Insurance Corporation,the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency.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 subsection 39.2(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. Any representation to thecontrary is a criminal offense. consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. Market Linked Securities—Contingent Fixed Return and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of IonQ, Inc., the Class ACommon Stock of Meta Platforms, Inc. and the Common Stock of NVIDIA Corporation due December 17, 2026 Market Linked Securities—Contingent Fixe