Slide 1: KeyCorp Second Quarter 2026 Earnings Review
KeyCorp Second Quarter 2026 Earnings Review July 21, 2026 Chris Gorman Chairman and Chief Executive Officer Clark Khayat Chief Financial Officer
Slide 2: 2Q26 Results
2Q26 Results Differentiated Fee Businesses Client and Prospect Momentum +8% $74Bn +3% +3% Collective growth of priority Record assets under Period-end C&I loan Relationship household fee-based businesses management(2) growth QoQ growth YoY 1H26 vs. 1H25(1) Risk Management Excellence Strong Capital P
Slide 3: Financial Review
Financial Review
Slide 4: 2Q26 Highlights
2Q26 Highlights $ in millions, excluding per share metrics • EPS of $0.44, up 26% YoY From continuing operations, • Revenue(1),(2) up 7% YoY unless otherwise noted Reported QoQ Δ YoY Δ ◦ Net interest income(1),(2) up 9% YoY and 2% QoQ EPS $0.44 — 26 % ◦ NIM(1) of 2.89%, up 2 bps QoQ Net interest inc
Slide 5: Loans
Loans $ in billions Average Loans Versus Prior Quarter $105.7 $106.2 $106.3 $107.7 $110.1 • Average loans up $2.3Bn (+2.2%), driven by: $31.4 $30.8 $30.3 $29.7 $29.1 ◦ Higher average commercial loans (+3.7%), driven by an increase in C&I(1) loans (+5.0%) 5.51% 5.51% 5.41% 5.35% 5.35% ◦ Partially off
Slide 6: Deposits
6 Deposits $ in billions Average Deposits Versus Prior Quarter $150.7 • Average deposits up $278MM (+0.2%), driven by: $147.4 $150.4 $147.3 $147.6 ◦ Higher average noninterest-bearing deposits (+2.3%) $55.9 $58.5 $60.5 $58.9 $58.9 ◦ Partially offset by a decline in demand deposits (-0.8%) 1.99% 1.97
Slide 7: Net Interest Income / Net Interest Margin
Net Interest Income / Net Interest Margin $ in millions +9% NII Walk(1) $1,258 $1,223 $1,230 $8 $1,258 $11 $1,193 $13 $1,230 $(3) $1,150 +2% 2.87% 2.89% 1Q26 Loan growth & Securities & Day count Rate impacts & 2Q26 2.82% balance sheet swaps beta 2.75% mix management 2.66% NIM Walk(1) 3 bps 2.89% 2.8
Slide 8: Noninterest Income
Noninterest Income $ in millions 2Q26 QoQ Δ YoY Δ Noninterest Income Trend Trust and investment services $159 1% 9% +2% $782 $723 $706 Investment banking and debt placement $169 (14) % (5) % $690 $702 Cards and payments $94 9% 11 % Service charges on deposits $77 — 5% 2Q25 3Q25 4Q25 1Q26 2Q26 Corpor
Slide 9: Noninterest Expense
Noninterest Expense $ in millions 2Q26 QoQ Δ YoY Δ Noninterest Expense Trend Personnel expense $786 6% 11 % $1,241 $1,217 $1,154 $1,177 $(21)(1) $1,181 $(5)(1) $440 $472 $438 $431 Net occupancy $68 — (1) % $449 Computer processing $108 (3) % 1% $742 $790 $743 $786 $705 Business services and professi
Slide 10: Credit Quality
Credit Quality Net Charge-Offs (NCOs) & Provision for Credit Losses Delinquencies to Period-End Total Loans $ in millions From continuing operations 0.39% 0.42% 0.39% 0.38% 0.42% 0.25% 0.24% 0.21% $138 0.14% 0.12% $102 $114 $107 $104 $108 $101 $106 $115 $92 0.10% 0.13% 0.09% 0.08% 0.07% 2Q25 3Q25 4Q
Slide 11: Capital
Capital Common Equity Tier 1 Walk(1) Tangible Common Equity Ratio(2) 31 bps 11.4% 2 bps 11.2% 8.1% 8.4% 8.0% (22) bps 7.8% 7.7% (20) bps (15) bps 1Q26 1Q26 Net income RWA Share Dividends Other 2Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 available to repurchases common Common Equity Tier 1 Ratio Share Repurch
Slide 12: 2026 Outlook
2026 Outlook FY2026 (vs. FY2025) $ in millions, unless otherwise stated On an operating basis 4Q27 Targets(1) Revenue(1),(2) up 7 – 8% (previously ~7%) (FY25 baseline: $7,513) 3.25%+ / 15%+ Net interest income(1),(2) up 9 – 11% (previously up 9 – 10%) NIM and ROTCE (FY25 baseline: $4,671) 4Q exit ra
Slide 13: Appendix
Appendix
Slide 14: Balance Sheet Management Detail
Balance Sheet Management Detail Fixed-Rate Asset Repricing Tailwinds – 3Q26 to 2027 $ in billions 3Q26 4Q26 2H26 1Q27 2Q27 3Q27 4Q27 2027 Projected receive-fixed swaps maturities $2.2 $1.9 $4.1 $2.0 $2.7 $2.6 $3.4 $10.7 Weighted-average rate received (%) 2.82% 2.73% 2.78% 2.89% 2.62% 2.63% 3.67% 3.0
Slide 15: Hedging Strategy Opportunity
Hedging Strategy Opportunity $ in billions, ending balances Receive-fixed asset swaps(1) 2Q26 ALM Hedge Actions • Executed $3.0Bn of spot-starting receive-fixed $43.5 swaps and $3.3Bn of forward-starting receive-fixed $41.4 $39.5 $39.5 swaps in 2Q26 with W.A. receive-fixed rates of $37.5 $34.8 3.8%
Slide 16: Credit Quality by Portfolio
Credit Quality by Portfolio Allowance for Credit Losses (ACL) NCOs to Average Loans(1),(2) $ in millions $1,743 $1,736 $1,740 $1,745 $1,722 3.98% 1.64% 1.64% 1.63% 1.60% 1.56% 1.02% 0.48% 0.46% N/M 0.05% — 2Q25 3Q25 4Q25 1Q26 2Q26 (0.01)% (3) C&I CRE Comm'l Resi mtg Home Credit Other ACL ACL to peri
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net interest income (GAAP) $ 1,250 $ 1,222 $ 1,215 $ 1,184 $ 1,141 Add: Taxable-equivalent adjustment 8 8 8 9 9 Net interest income TE (non-GAAP) (A) $ 1,258 $ 1,230 $ 1,223 $ 1,193 $ 1,150 Net income (l
Slide 18: Selected Items Impact on Earnings
Selected Items Impact on Earnings Selected Items Impact on Earnings $ in millions, except per share amounts After-tax at marginal rate(1) Quarter to date results Pretax(1) Amount Net Income EPS(2)(4) Three months ended June 30, 2026 No items $ — $ — $ — Three months ended March 31, 2026 No items — —
Slide 19: Forward-looking Statements and Additional Information
Forward-looking Statements and Additional Information This presentation 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 c