Keycorp · NYSE:KEY
Keycorp — Keycorp /New/ — Non-Deal Roadshow (September 2025)
35 slides from Keycorp's roadshow presentation, Sep 26, 2025
Slide 1: KeyCorp Investor Meetings: Europe September 2025
KeyCorp Investor Meetings: Europe September 2025 Brian Mauney Director of Investor Relations Chris Gorman Chairman & Chief Executive Officer Tim Schmidt Corporate Treasurer
Slide 2: KEY: Well-Positioned to Achieve Our Next Leg of Growth
Strong Foundation ▪ Sticky, granular client deposit base ▪ Leading capital and liquidity positions among our peers ▪ Risk management excellence: ‒ Low-to-moderate risk profile ‒ 10-year average(1) NCO ratio of 29bps ▪ Highly engaged & talented teammates Distinctive Business Model ▪ Relationship-base
Slide 3: Regional Bank with National Reach and Scale
(1) As of 6/30/2025; (2) As a percent of 2Q25 year-to-date segment results, excluding the Other segment Regional Bank with National Reach and Scale Business Mix Overview(2) Retail footprint (with a National Digital Bank Reach) Assets $185Bn Deposits $147Bn KEY Highlights(1) Loans $106Bn Branches 943
Slide 4: Taking Stock of Our Progress and Path Forward
Taking Stock of Our Progress and Path Forward 2020-2021 2022 2023 2024 2025 2026-2030 ▪ Quickly mobilized team to support clients & prospects through unprecedented times ▪ Fortified balance sheet – grew and strengthened relationships, deposits and capital, while reducing RWAs by $14Bn ▪ Simplified a
Slide 5: 1H25 Results
(1) As of 6/30/2025; (2) As of 2Q25; (3) Adjusted for unrealized AFS Securities and Pension losses, non-GAAP measure: see appendix for reconciliation +7% Noninterest Income Growth YoY $64Bn In Assets Under Management(1) Differentiated Fee Businesses Focused on Targeted Scale +5% Commercial Loan Grow
Slide 6: 1H25 Financials
Note: Totals may not foot due to rounding (1) 1H24 excludes $34MM related to the FDIC special assessment. See slide 34 for breakout on Selected Items Impact on Earnings; (2) Non-GAAP measure: see appendix for reconciliation 6 Business & Strategy 1H25 Financials $ in millions, excluding per share met
Slide 7: Strong Foundation Provides Opportunities For Growth
Business & Strategy (1) Change in total population from 2024 through 2029 2016-2019 Avg Annual Growth 2020-2024 Avg Annual Growth population growth in Key’s Western markets vs. non-footprint states over the next 4 years(1) ~2x of new households in 2025 are under the age of 45 60% We have a relations
Slide 8: NIM Benefits from Clearly Defined Tailwinds
2.02% 2.66% 3.00% 1Q24 AFS repositioning & BNS … Organic growth 2Q25 4Q25 4Q26 Medium-Term Target NIM Benefits from Clearly Defined Tailwinds 8 NIM Tailwinds and Outlook Business & Strategy 1Q24 AFS securities repositioning & BNS investment Organic growth 5 23 bps 41 bps $ in billions 2H25 2026 2027
Slide 9: Sticky, Granular Deposit Base
Sticky, Granular Deposit Base 9 (1) Other includes treasury brokered deposits and other deposits; (2) Cumulative beta indexed to 3Q24 through 2Q25; (3) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits as of 6/30/25 Average Depos
Slide 10: Improved Interest Rate Risk Management Framework
“Down 200” Net Interest Income Sensitivity Key vs. Peers1 Improved Interest Rate Risk Management Framework Middle quartiles ▪ Neutral position remains appropriate given current macroeconomic and policy uncertainty ▪ Since adopting a new interest rate risk management framework in early 2024, the ALCO
Slide 11: Positive Fee-Based Operating Leverage while Continuing to Invest
Capital Markets ▪ Talent growth in strategic areas / industry verticals of focus ▪ Simplify and streamline our credit and portfolio management infrastructure ▪ Expand on our differentiated capabilities (e.g., affordable housing, unitranche funds) Wealth Management ▪ Increase the size of client facin
Slide 12: Diversified Fee Business with High Revenue Contribution
Diversified Fee Business with High Revenue Contribution 12 Noninterest Income as a % of Average Assets 0.81% 1.03% 1.04% 1.09% 1.21% 1.36% 1.38% 1.45% 1.46% 1.61% 1.69% Peer 3 Peer 7 Peer 9 Peer 2 Peer 4 Peer 8 Peer 1 Peer 10 Peer 5 Peer 6 Peer Median = 1.28% Differentiated Fee Businesses 22% 27% 27
Slide 13: Relatively Outsized, Scaled Investment Banking Platform
Differentiated Fee Businesses Relatively Outsized, Scaled Investment Banking Platform 13 27% 21% 12% 11% 10% 10% 9% Noninterest Income Contribution Investment banking & debt placement 2Q25 TTM (1) Trust and investment services Cards and payments Service charges on deposit accounts Corporate services
Slide 14: Wealth: A Valuable, Recurring Source of Fees and Deposits
Wealth: A Valuable, Recurring Source of Fees and Deposits 14 2Q25 TTM (1) Highlights Assets Under Management $44 $56 $51 $55 $61 $64 2020 2021 2022 2023 2024 2Q25 +9% CAGR ▪ Key Wealth Management segments: Key Private Client ($250k-$2MM investable assets), Key Private Bank ($2-10MM), Family Wealth (
Slide 15: Full Suite of Commercial Payments Capabilities
Full Suite of Commercial Payments Capabilities TRADITIONAL CAPABILITIES EMERGING CAPABILITIES Core Treasury Liquidity Card & Merchant Foreign Exchange Embedded Banking Automation Virtual Ledgering Supported by Deep Industry Vertical Expertise Holistic Payments Platform with Growth Tailwinds 15 (1) “
Slide 16: Leading, Differentiated CRE Servicing and Origination Platforms
▪ CRE servicing is a good source of escrow deposits and fees - Commercial mortgage servicing fees up 25% in 1H25 - Strong performance supported by continued stress in certain areas of CRE (Office, Retail, Sunbelt multifamily markets) ▪ Special servicing balances were a record $260Bn at 6/30; Active
Slide 17: Strong Credit Quality
0.24% 0.29% 0.24% 0.26% 0.46% 0.43% 0.18% 0.14% 0.21% 0.41% 0.41% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Strong Credit Quality 17 (1) 1H25 reflects annualized NCO Ratio; (2) For 2015-2024; (3) Loan data based on 6/30/2025 ending balances 53% 16% 2% 18% 6% 5% 1% Diversified Loan Portf
Slide 18: Diversified C&I Portfolio
Finance, 21% Consumer Goods and Services, 14% Utilities, 14% Real Estate, 14% Business Services, 6% Healthcare, 5% Auto, 4% Materials & Extraction, 4% Oil & Gas, 4% Other, 15% 2Q25 18 Note: Graphs may not foot due to rounding (1) As reported in KeyCorp’s Form 10-Q for the quarter ended June 30, 2025
Slide 19: High-quality CRE portfolio
19 Note: NOORE = Nonowner-occupied real estate (Commercial Real Estate); Data as of 6/30/2025 (1) Other NOORE includes Diversified, Industrial, Land & Residential, Retail, Senior Housing, Student Housing, Lodging, Medical Office, Self Storage, Skilled Nursing, and Other; (2) Reflects annualized NCO
Slide 20: High-quality, mostly secured consumer portfolio
20 Note: Data as of 6/30/2025, totals may not foot due to rounding (1) Consumer unsecured consists of student loans, consumer credit card, and other consumer unsecured loans; (2) Excludes stale or unavailable FICO scores, which is 2% of the consumer portfolio; (3) Reflects annualized NCO Ratio High-
Slide 21: Capital Management
7.0% 7.1% 7.3% 8.6% 9.7% 9.9% 10.0% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 5.1% 5.0% 5.2% 6.2% 7.0% 7.4% 7.8% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 10.0% 10.3% 10.5% 10.8% 11.9% 11.8% 11.7% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Capital Management (1) As of January 1, 2025, the CECL optional transition provisi
Slide 22: Our Capital Ratios Compare Favorably to Most Peers
Note: Peers include CFG, CMA, FITB, HBAN, MTB, PNC, RF, TFC, USB, and ZION (1) Non-GAAP measure: see appendix for reconciliation Top quartile CET1 capital ratios both as reported and on a ‘marked’ basis 22 11.1% 10.0% 9.5% 9.4% 9.3% 9.2% 9.0% 8.9% 8.9% 8.6% 7.9% Peer 4 Peer 10 Peer 2 Peer 5 Peer 7 P
Slide 23: 2025 Outlook
(1) Represents a forward-looking Non-GAAP measure: Refer to slide 2, "Forward-Looking Statements and Additional Information," for more information.; (2) Non-GAAP measure: Adjusted noninterest income for 2024 excludes $1,836MM from losses on sale of securities and the Scotiabank investment agreement
Slide 24: Key Takeaways
24 ▪ Positioned to grow high-quality, low-cost deposits that fuel relationship-driven loan growth ▪ Effectively manage risks across the entire company to maintain safety and soundness and maximize profitability ▪ Scaling investment banking, wealth, and payments for the benefit of clients and shareho
Slide 25: Appendix
Appendix
Slide 26: Enduring Inflation, Softening Labor Market May Challenge Monetary Policy
Enduring Inflation, Softening Labor Market May Challenge Monetary Policy In the near term, Federal Reserve may need to choose between a policy that lowers inflation or bolsters the labor market PCE inflation has begun to show moderate passthrough effects from higher tariffs with goods inflation risi
Slide 27: U.S. Labor Market Conditions Are Slowing, but Not Cracking
U.S. Labor Market Conditions Are Slowing, but Not Cracking Monthly nonfarm payroll gains have been slowing steadily Broader measures of unemployment are rising Job openings have declined from their pandemic peak, leading to a “low hire, low fire” labor market Source: Bureau of Labor Statistics Sourc
Slide 28: Credit Investors and Rating Agencies Note Our Positive Momentum
Credit Investors and Rating Agencies Note Our Positive Momentum Higher capital, increased profitability, improved liquidity, solid asset quality and enhanced risk management have contributed to our tighter debt credit spreads, positive credit rating outlook, and credit rating upgrades U.S. corporate
Slide 29: ALM Hedge Actions and Forward-Starting Swaps
29 (1) Portfolio as of 6/30/2025, includes already executed forward starting swaps; (2) AFS securities swapped to floating rate $ in billions 6/30/2025 Debt Hedges $10.8 Securities Hedges(2) $9.4 Floor Spreads $3.3 Other Hedge Positions ▪ Executed $1.0B of forward-starting receive-fixed swaps that b
Slide 30: GAAP to Non-GAAP Reconciliation
30 ($ in millions) 2Q25 1Q25 2Q24 1Q24 1H25 1H24 Taxable-equivalent net interest income and revenue Net interest income (GAAP) $ 1,141 $ 1,096 $ 887 $ 875 $ 2,237 $ 1,762 Plus: Taxable-equivalent adjustment 9 9 12 11 18 23 Net interest income TE (non-GAAP) $ 1,150 $ 1,105 $ 899 $ 876 $ 2,255 $ 1,785
Slide 31: GAAP to Non-GAAP Reconciliation: Cash Efficiency Ratio
31 ($ in millions) 2Q25 1Q25 2Q24 1Q24 1H25 1H24 Cash efficiency ratio Noninterest expense (GAAP) $ 1,154 $ 1,131 $ 1,079 $ 1,143 $ 2,285 $ 2,222 Less: Intangible asset amortization 5 5 7 8 10 15 Noninterest expense less intangible asset amortization (non-GAAP) $ 1,149 $ 1,126 $ 1,072 $ 1,135 $ 2,27
Slide 32: GAAP to Non-GAAP Reconciliation
32 ($ in millions) 2Q25 1Q25 4Q24 3Q24 2Q25 TTM Noninterest income adjusted for selected items Noninterest income (GAAP) $ 690 $ 668 $ (196) $ (269) $ 893 Plus: Selected items(1) - - 918 918 1,836 Noninterest income adjusted for selected items (non-GAAP) $ 690 $ 668 $ 722 $ 649 $ 2,729 Net interest
Slide 33: CET1 – AOCI Impact
(1) Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension. Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Eq
Slide 34: Selected Items Impact on Earnings
(1) Favorable (unfavorable) impact.; (2) After-tax loss on sale of securities for the three months ended September 30, 2024 adjusted to reflect impact of GAAP accounting for income taxes in interim periods, with related adjustments recorded in the fourth quarter of 2024.; (3) Impact to EPS reflected
Slide 35: Forward-looking Statements and Additional Information
Forward-looking Statements and Additional Information 35 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