蒙特利尔银行美股招股说明书(2025-12-19版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement isnot an offer to sell nor does it seek an offer to buy these notes in any 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 December 19, 2025Pricing Supplement dated December, 2025 (To Product Supplement No. ELN-1 dated March 25, 2025, Prospectus Supplement dated March 25, Bank of Montreal Senior Medium-Term Notes, Series K$ Capped Leveraged Buffered VanEck® Gold Miners ETF-LinkedNotes due The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (set on the trade date andexpected to be the second scheduled business day following the determination date) is based on the performance of the VanEck® Gold MinersETF as measured from the trade date to and including the determination date (expected to be within the range of 13 and 15 months followingthe trade date). closing price of the underlier on the trade date), the return on your notes will be positive and will equal the upside participation rate of 200% timesthe underlier return, subject to the maximum settlement amount (expected to be within the range of $1,370.60 and $1,434.80 for each$1,000 principal amount of your notes). If the final underlier level declines by up to 10.00% from the initial underlier level, you will receivethe principal amount of your notes. If the final underlier level declines by more than 10.00% from the initial underlier level, the return on yournotes will be negative and you will lose approximately 1.1111% of the principal amount of your notes for every 1% that the final underlier To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the finalunderlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal amount of your notes, you will receive an ●if the underlier return ispositive(the final underlier level isgreater thanthe initial underlier level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the upside participation ratetimes(c) the underlier return, subject to the maximum settlement amount;●if the underlier return iszeroornegativebutnot below-10.00% (the final underlier level isequal toorless thanthe initial underlierlevel, but not by more than 10.00%), $1,000; or●if the underlier return isnegativeand isbelow-10.00% (the final underlier level isless thanthe initial underlier level by more than10.00%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate of approximately 111.11%times(c) thesum of The notes will not be listed on any securities exchange and are designed to be held to maturity.The estimated initial value of the notes determined by us as of the trade date, which we refer to as the initial estimated value, is expected to be within the range of $958.20 and $988.20 per $1,000 principal amount of notes and will be less than the original issueprice. However, as discussed in more detail in this pricing supplement, the actual value of the notes at any time will reflect many The notes involve risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations”beginning on page PS-9 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectus supplement and page 9 of the prospectus. of Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your investment. The notes are not insured by theFederal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental 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 notes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus Per NoteTotal(1)BMO Capital Markets Corp. (“BMOCM”), our subsidiary, is the agent for the distribution of the notes. See “Supplemental Plan of Distribution” in this pricingsupplement for further information. BMO CAPITAL MARKETS Terms of the Notes Additional Information about the Issuer and the Notes You should read this pricing supplement together with product supplement no. ELN-1 dated March 25, 2025, the prospectussupplement dated March 25, 2025 and the prospectus dated March 25, 2025 for additional information about the notes. To the extentthat disclosure in this pricing supplement is inconsistent with the disclosure in the product supplement, prospectus supplement or Our Central Index Key, or CIK, on the SEC website is 927971. When we refer to “we,” “us” or “our” in this pricing supplement, weref