Slide 1: Fourth Quarter 2025 Earnings Review
KeyCorp Fourth Quarter 2025 Earnings Review January 20, 2026 Chris Gorman Chairman and Chief Executive Officer Clark Khayat Chief Financial Officer
Slide 2: Delivering Value to Our Shareholders - Strong Positioning for the Future
Delivering Value to Our Shareholders - Strong Positioning for the Future Taking Action to Capital Position Strong Leadership to Building Momentum in Execute Substantial Facilitates Accelerated Drive Next Phase of 2025 and Beyond ROTCE Growth Plan Share Repurchases Value Creation +16% +23% 15%+ 16 –
Slide 3: Delivering on Our 2025 Guidance
Delivering on Our 2025 Guidance FY2025(1) (vs. FY2024) $ in millions, unless otherwise stated Ranges are shown on an operating basis FY2025 (vs. FY2024) Actuals Met or Exceeded Average Loans down 2 – 5% down ~2% Ending Loans Flat vs. YE 2024 up +2% PE Commercial Loans up 2 – 4% up +6% Net Interest I
Slide 4: Financial Review
Financial Review
Slide 5: 4Q25 Highlights
4Q25 Highlights $ in millions, excluding per share metrics From continuing operations, unless otherwise noted Reported QoQ Δ YoY Δ ▪ EPS of $0.43; or $0.41 on an adjusted basis, up 8% YoY(1) (1) (1) EPS $0.43 — 8% ▪ Adjusted revenue up 12% YoY(1) and up 6% QoQ – Net interest income(3) up 3% QoQ, dri
Slide 6: FY 2025 Highlights
FY 2025 Highlights $ in millions, excluding per share metrics From continuing operations, unless otherwise noted 2025 FY25 vs ▪ Reported EPS of $1.52, or $1.50 on an adjusted basis(2) Reported FY24 ▪ Net interest income(2) up 23%, reflecting lower deposit costs, EPS $1.52 29% (1) improved funding mi
Slide 7: Average Loans
Average Loans $ in billions vs. Prior Quarter $104.7 $104.4 $105.7 $106.2 $106.3 ▪ Average loans up slightly – Increase in average commercial loans (+0.9%), Consumer $32.6 $32.0 $31.4 $30.8 $30.3 primarily driven by an increase in C&I loans (+1.7%) – Partially offset by a decline in total consumer l
Slide 8: Average Deposits
Average Deposits vs. Prior Quarter $ in billions ▪ Average deposits increased $336MM $149.7 $148.5 $147.4 $150.4 $150.7 Other(1) – Client deposits up $1.6Bn, driven by growth in commercial – Brokered CDs declined by $1.3Bn Commercial $59.7 $57.4 $55.9 $58.5 $60.4 – Consumer deposits were flat 2.18%
Slide 9: Net Interest Income and Margin (TE)
Net Interest Income and Margin (TE)(1) From continuing operations, $ in millions NII Walk (TE) +15% $1,223 $12 $4 $1,223 $1,193 $18 $1,150 $1,193 $1,105 $(4) $1,061 +3% 3Q25 Balance Sheet Rate Impacts & Fixed-Rate Swap 4Q25 Mix Deposit Cost Securities Maturities & 2.75% 2.82% 2.58% 2.66% Management
Slide 10: Noninterest Income
Noninterest Income Illustrative, not drawn to scale; $ in millions vs. Prior Year +8%(1) ▪ Adjusted noninterest income(1) up $60MM $782 $722(1) $722 $702 (+8%), excluding the loss on the sale of securities and Scotiabank valuation agreement of $918MM in 4Q24 As reported: $(196) – Investment banking
Slide 11: Noninterest Expense
Noninterest Expense % change $ in millions vs. Prior Year QoQ YoY ▪ Higher personnel expense primarily related to Reported Total $1,241 +5% +1% continued investments in people, incentive $1,229 $(3)(1) $1,177 $(21)(1) +2% Adjusted(2) compensation associated with strong noninterest $(5)(1) income gro
Slide 12: 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% 0.25% 0.24% 0.43% 0.43% 0.42% 0.20% 0.21% 0.39% 0.39% $138 $114 $110 $118 $102 $114 $107 $104 $108 $39 0.10% 0.09% 0.08% 0.09% 0.07% 4Q24 1Q25 2Q
Slide 13: Capital
Capital Common Equity Tier 1 Ratio(1) Marked Common Equity Tier 1 Ratio(1),(2) ~(20)bps ~60bps 11.9% 11.8% 11.7% 11.8% 11.7% 10.3% 10.3% 9.7% 9.9% 10.0% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Tangible Common Equity Ratio(2) Projected AOCI Impacts $ in billions ~140bps AOCI Position Forwar
Slide 14: 2026 Outlook
2026 Outlook FY2026 (vs.FY2025) 4Q27 Targets(1) $ in millions, unless otherwise stated Ranges are shown on an operating basis With limited execution risk Revenue (TE)(1) up ~7% (FY25 baseline: $7,513) 3.25%+ / 15%+ Net Interest Income (TE)(1) up 8 – 10% NIM and ROTCE (FY25 baseline: $4,671) 4Q exit
Slide 15: Appendix
Appendix
Slide 16: Balance Sheet Management Detail
Balance Sheet Management Detail Fixed-Rate Asset Repricing Tailwinds – 1Q26 to 2027 $ in billions 1Q26 2Q26 3Q26 4Q26 2026 2027 Projected receive-fixed swaps maturities $2.8 $2.2 $2.2 $1.9 $9.1 $10.7 Weighted-average rate received (%) 2.63% 2.95% 2.82% 2.73% 2.78% 3.01% Projected fixed-rate loans ca
Slide 17: Hedging Strategy Opportunity
Hedging Strategy Opportunity $ in billions; ending balances 4Q25 ALM Hedge Actions ▪ Executed $3.0Bn of spot-starting receive-fixed swaps in 4Q25 with a W.A. receive rate of 3.4% and average maturity of 2.2 years Receive-fixed Asset Swaps(1) Forward-Starting Swaps as of 12/31 ▪ Forward-starting cash
Slide 18: Credit Quality by Portfolio
Credit Quality by Portfolio Allowance for Credit Losses (ACL) NCOs to Average Loans (%)(1),(2) $1,699 $1,707 $1,743 $1,736 $1,740 3.44% 1.63% 1.63% 1.64% 1.64% 1.63% 0.73% 0.96% 0.43% 0.46% 0.05% 4Q24 1Q25 2Q25 3Q25 4Q25 (0.01)% (3) C&I CRE Comm'l Resi Mtg Home Credit Other ACL ACL to Period-end Loa
Slide 19: Non-Depository Financial Institutions (NDFI) Portfolio
Non-Depository Financial Institutions (NDFI) Portfolio NDFI Portfolio Recent NDFI Outstandings Trends $ in billions $18.4Bn +5% 4% Subscription Unitranche: $17.5 $17.7 $17.7 $18.2 $18.4 ▪ Differentiated capability driving growth 5% Other 5% ▪ Leverages off-balance sheet capital partnerships 16% Fina
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 4Q25 3Q25 4Q24 Tangible common equity to tangible assets at period end Key shareholders’ equity (GAAP) $ 20,381 $ 20,102 $ 18,176 Less: Intangible assets 2,760 2,765 2,779 Preferred stock(1) 2,446 2,446 2,446 Tangible common equity (non-GAAP) $ 15,175 $
Slide 21: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 4Q25 3Q25 4Q24 Pre-provision net revenue Net interest income (GAAP) $ 1,215 $ 1,184 $ 1,051 Plus: Taxable-equivalent adjustment 8 9 10 Noninterest income (GAAP) 782 702 (196) Less: Noninterest expense (GAAP) 1,241 1,177 1,229 Pre-provision net revenue fr
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 4Q25 3Q25 4Q24 Adjusted taxable-equivalent revenue Noninterest income (GAAP) $ 782 $ 702 $ (196) Plus: Selected Items(1) — — 918 Adjusted noninterest income (non-GAAP) $ 782 $ 702 $ 722 Net interest income TE (non-GAAP) 1,223 1,193 1,061 Total adjusted t
Slide 23: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions FY2025 FY2024 Average tangible common equity Average Key shareholders’ equity (GAAP) $ 19,493 $ 15,408 Less: Intangible assets (average) 2,769 2,793 Preferred stock (average) 2,500 2,500 Average tangible common equity (non-GAAP) $ 14,224 $ 10,115 Return
Slide 24: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions FY2025 FY2024 Cash efficiency ratio and Adjusted cash efficiency ratio Noninterest expense (GAAP) $ 4,703 $ 4,545 Less: Intangible asset amortization 20 29 Noninterest expense less intangible asset amortization (non-GAAP) $ 4,683 $ 4,516 Plus: Selected i
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions FY2025 FY2024 Adjusted noninterest expense Noninterest expense (GAAP) $ $ 4,703 4,545 Plus: Selected Items(1) 26 (25) Adjusted noninterest expense (non-GAAP) $ $ 4,729 4,520 Adjusted income (loss) available from continuing operations attributable to Key
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation CET1 – AOCI Impact(1) ($ in millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Common Equity Tier 1 (A) $ 17,146 $ 17,050 $ 16,774 $ 16,549 $ 16,489 Add: AFS and Pension accumulated other Comprehensive income (loss) (2,028) (2,176) (2,476) (2,601) (3,032) Marked Common Equity Tier 1
Slide 27: 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 December 31, 2025 FDIC special assessment (other expense)(4) $ 21 $ 16 $ 0.01 Thr
Slide 28: 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