Slide 1: Third Quarter 2025 Earnings Review
KeyCorp Third Quarter 2025 Earnings Review October 16, 2025 Chris Gorman Chairman and Chief Executive Officer Clark Khayat Chief Financial Officer
Slide 2: 3Q25 Results
3Q25 Results Differentiated Fee Strong Client Balance Sheet Businesses Focused Growth and Risk Management Management from a on Targeted Scale Relationship Depth Excellence Position of Strength +8% +2% 42bps +5% Noninterest Income Growth YoY(1) Client Deposits YoY and NCOs / Average Loans Commercial
Slide 3: Medium-Term Targets Reflect Clearly Defined Tailwinds
Medium-Term Targets Reflect Clearly Defined Tailwinds Driven by balance sheet growth and optimization, continued momentum across priority based fee businesses, and ongoing expense discipline Return on Tangible Common Equity(1) Net Interest Margin (TE) 3.25%+ 3.25% 15.0%+ 15.0% ~3.00% 3.00% 2.75% 12.
Slide 4: Financial Review
Financial Review
Slide 5: 3Q25 Highlights
3Q25 Highlights $ in millions, excluding per share metrics From continuing operations, unless otherwise noted ▪ EPS of $0.41, up 17% QoQ and up 37% YoY(1) Reported QoQ YoY(1) ▪ Revenue up 3% QoQ and up 17% YoY(1) – Net interest income up 4% QoQ, driven by strong EPS $ 0.41 17 % 37 % client deposit p
Slide 6: Average Loans
Average Loans $ in billions vs. Prior Quarter $106.2 $104.7 $104.4 $105.7 $106.2 ▪ Average loans up $512MM – Increase in average commercial loans (+1.5%) Consumer $33.2 $32.6 $32.0 $31.4 $30.8 primarily driven by an increase in C&I loans – Partially offset by a decline in total consumer loans $73.1
Slide 7: Average Deposits
Average Deposits $ in billions vs. Prior Quarter ▪ Average deposits up 2% $147.8 $149.7 $148.5 $147.4 $150.4 Other(1) – Driven by growth in seasonally higher commercial deposits Commercial $58.7 $59.7 $57.4 $55.9 $58.5 – Consumer deposits excluding CDs increased ~1% Total deposit cost 2.39% ▪ Total
Slide 8: Net Interest Income and Margin (TE)
Net Interest Income and Margin (TE)(1) From continuing operations, $ in millions NII Walk (TE) +24% $7 $1,193 $1,193 $8 $5 $3 $1,150 $20 $1,105 $1,150 $1,061 $964 +4% 2Q25 Balance Beta Mgmt & Fixed-Rate Swap Day Count & 3Q25 Sheet Mix Rate Securities Maturities Other 2.66% 2.75% Impacts Repricing 2.
Slide 9: Noninterest Income
Noninterest Income Illustrative, not drawn to scale; $ in millions vs. Prior Year +8%(1) ▪ Adjusted noninterest income(1) up $53MM $690 $702 $649(1) $649 (+8%), excluding the loss on the sale of securities of $918MM in 3Q24 As reported: – Investment banking and debt placement $(269) fees up $13MM (+
Slide 10: Noninterest Expense
Noninterest Expense $ in millions % change vs. Prior Quarter QoQ YoY ▪ Noninterest expense increase of $23MM (~2%) – Driven by personnel expense (+$37MM), $1,177 +2% +7% $1,154 $(5)(2) primarily related to incentive compensation $1,094 $(6)(2) associated with strong fee generation and continued inve
Slide 11: Credit Quality
Credit Quality Net Charge-offs (NCOs) & Provision for Credit Losses Delinquencies to Period-End Total Loans $ in millions From continuing operations 0.27% 0.58% 0.25% 0.24% 0.43% 0.43% 0.39% 0.42% 0.20% 0.17% $154 $138 $95 $114 $110 $118 $102 $114 $107 0.16% $39 0.10% 0.09% 0.08% 0.07% 3Q24 4Q24 1Q2
Slide 12: Capital
Capital Common Equity Tier 1(1) Marked Common Equity Tier 1(1),(2) ~100bps ~170bps 11.9% 11.8% 11.7% 11.8% 10.3% 10.8% 9.7% 9.9% 10.0% 8.6% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Tangible Common Equity Ratio(2) Projected AOCI Impacts (Forward Curve) $ in billions ~190bps AOCI Position For
Slide 13: 2025 Outlook
2025 Outlook FY2025 (vs. FY2024) 2024 Baseline Ranges are shown on an operating basis $ in millions, unless otherwise stated Average Loans $107.7Bn down 1 – 3% Ending Loans $104.3Bn up ~2% vs. YE 2024 PE Commercial Loans $71.9Bn up ~5% Net Interest Income (TE) (1) $3,810 up ~22% (previously up 20 -
Slide 14: Appendix
Appendix
Slide 15: Balance Sheet Management Detail
Balance Sheet Management Detail Fixed-rate Asset Repricing Tailwinds – 4Q25 to 2027 $ in billions 4Q25 1Q26 2Q26 3Q26 4Q26 2026 2027 Projected receive-fixed swaps maturities $1.4 $2.8 $2.2 $2.2 $1.9 $9.1 $9.7 Weighted-average rate received (%) 1.96% 2.63% 2.95% 2.82% 2.73% 2.78% 2.97% Projected fixe
Slide 16: Hedging Strategy Opportunity
Hedging Strategy Opportunity $ in billions; ending balances 3Q25 ALM Hedge Actions ▪ No ALM hedging actions taken in 3Q25 Forward Starting Swaps as of 9/30 Receive-fixed ▪ Forward-starting cash flow hedges of $8.7Bn – WA receive Asset Swaps(1) rate: 3.9% – $6.5Bn starting in 4Q25 (3.8% WA receive ra
Slide 17: Credit Quality by Portfolio
Credit Quality by Portfolio Allowance for Credit Losses (ACL) NCOs to Average Loans (%)(1),(2) $1,774 $1,699 $1,707 $1,743 $1,736 4.00% 1.68% 1.63% 1.63% 1.64% 1.64% 0.65% 0.98% 0.46% 0.03% 3Q24 4Q24 1Q25 2Q25 3Q25 (0.01)% (0.04)% (3), (4) C&I CRE Comm'l Resi Mtg Home Credit Other ACL ACL to Period-
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 3Q25 2Q25 3Q24 Tangible common equity to tangible assets at period end Key shareholders’ equity (GAAP) $ 20,102 $ 19,484 $ 16,852 Less: Intangible assets 2,765 2,770 2,786 Preferred stock(1) 2,446 2,446 2,446 Tangible common equity (non-GAAP) $ 14,891 $
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 3Q25 2Q25 3Q24 Pre-provision net revenue Net interest income (GAAP) $ 1,184 $ 1,141 $ 952 Plus: Taxable-equivalent adjustment 9 9 12 Noninterest income (GAAP) 702 690 (269) Less: Noninterest expense (GAAP) 1,177 1,154 1,094 Pre-provision net revenue from
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 3Q25 2Q25 3Q24 Adjusted taxable-equivalent revenue Noninterest income (GAAP) $ 702 $ 690 $ (269) Plus: Selected Items(1) — — 918 Adjusted noninterest income (non-GAAP) $ 702 $ 690 $ 649 Net interest income TE (non-GAAP) 1,193 1,150 964 Total adjusted tax
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation CET1 – AOCI Impact(1) ($ in millions) 3Q25 2Q25 1Q25 4Q24 3Q24 Common Equity Tier 1 (A) $ 17,050 $ 16,774 $ 16,549 $ 16,489 $ 15,043 Add: AFS and Pension accumulated other Comprehensive income (loss) (2,176) (2,476) (2,601) (3,032) (3,118) Marked Common Equity Tier 1
Slide 22: Selected Items Impact on Earnings
Selected Items Impact on Earnings Selected Items Impact on Earnings $ in millions, except per share amounts Pretax(1) After-tax at marginal rate(1) Quarter to date results Amount Net Income EPS(3)(5) Three months ended September 30, 2025 FDIC special assessment (other expense)(4) $ 5 $ 4 $ — Three m
Slide 23: Forward-looking Statements and Additional Information
Forward-looking Statements and Additional Information This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, KeyCorp’s expectations or predictions of future financial or business performance or