Keycorp · NYSE:KEY
Keycorp — Non-Deal Roadshow (September 2025)
35 slides from Keycorp's roadshow presentation, September 2025
Slide 1: KeyCorp Investor Meetings: Europe
KeyCorp Investor Meetings: Europe September 2025 Chris Gorman Tim Schmidt Brian Mauney Chairman & Corporate Treasurer Director of Investor Relations Chief Executive Officer
Slide 2: KEY: Well-Positioned to Achieve Our Next Leg of Growth
Business & Strategy KEY: Well-Positioned to Achieve Our Next Leg of Growth Strong foundation positions Key to execute on its targeted scale strategy to deliver sound, profitable growth Strong Foundation Distinctive Business Model Positioned for Future ▪ Sticky, granular client deposit base ▪ Relatio
Slide 3: Regional Bank with National Reach and Scale
Business & Strategy Regional Bank with National Reach and Scale Business Mix Overview(2) Noninterest NII Income Consumer Commercial Consumer 36% 45% 55% Commercial 64% Average Average Retail footprint Out of footprint institutional and Loans Deposits (with a National middle market banking offices Di
Slide 4: Taking Stock of Our Progress and Path Forward
Business & Strategy Taking Stock of Our Progress and Path Forward 2020-2021 2022 2023 2024 2025 2026-2030 ▪ Effectively transitioned staff ▪ Hosted Investor Day to ▪ Quickly mobilized team to ▪ Decisively pivoted to ▪ On track to meet or exceed to a remote work outline targeted scale support clients
Slide 5: 1H25 Results
Business & Strategy 1H25 Results Differentiated Fee Driving New Businesses Focused Relationships Focused Risk Management Strengthening the on Targeted Scale on Primacy Excellence Balance Sheet +7% +5% 41bps 11.7% Noninterest Income Growth YoY Commercial Loan Growth YTD NCOs / Average Loans Common Eq
Slide 6: 1H25 Financials
Business & Strategy 1H25 Financials $ in millions, excluding per share metrics From continuing operations 1Q25 2Q25 1H25 vs. 1H24 Diluted EPS(1) $0.33 $0.35 $0.69 47% Net Interest Income (TE)(2) $1,105 $1,150 $2,255 26% Noninterest Income $668 $690 $1,358 7% Revenue (TE)(2) $1,773 $1,840 $3,613 18%
Slide 7: Strong Foundation Provides Opportunities For Growth
Business & Strategy Strong Foundation Provides Opportunities For Growth We have a relationship-focused business model with unique, targeted capabilities to best serve consumer and commercial clients Strong Consumer Foundation A Differentiated Full-Service Commercial Platform Regional Trillionaire ~2
Slide 8: NIM Benefits from Clearly Defined Tailwinds
Business & Strategy NIM Benefits from Clearly Defined Tailwinds Meaningfully narrowed gap to peers over the past year with clearly defined NII tailwinds that will narrow the gap further moving forward NIM Tailwinds and Outlook Actuals Projections Closed ~half the gap to peer median of 3.12% 3.25%+ 3
Slide 9: Sticky, Granular Deposit Base
Business & Strategy Sticky, Granular Deposit Base Proactive deposit beta management supported by relationship-based deposits Average Deposit Balances Deposit Franchise Highlights $ in billions +3% CAGR ▪ Client deposits up 2% year-over-year in 1H25 despite $145.0 $146.9 $144.1 $146.2 $148.0 $127.3 m
Slide 10: Improved Interest Rate Risk Management Framework
Business & Strategy Improved Interest Rate Risk Management Framework “Up 200” Net Interest Income Sensitivity Key Points Key vs. Peers1 ▪ Neutral position remains appropriate given current Middle macroeconomic and policy uncertainty quartiles “Up 200” Test Result ▪ Since adopting a new interest rate
Slide 11: Meaningful Investment Opportunities
Business & Strategy Meaningful Investment Opportunities Lean into our growth opportunities across Wealth Management, Payments, and Investment Banking 2025 Investment Themes Investment Focus Areas Capital Markets Positive Fee-Based ▪ Talent growth in strategic areas / industry verticals of focus Oper
Slide 12: Diversified Fee Business with High Revenue Contribution
Differentiated Fee Businesses Diversified Fee Business with High Revenue Contribution Key has demonstrated an ability to monetize commercial assets and relationships better than most regional banks Noninterest Income Revenue Contribution Noninterest Income as a % of Average Assets 2Q25 TTM(1) 2Q25 T
Slide 13: Relatively Outsized, Scaled Investment Banking Platform
Differentiated Fee Businesses Relatively Outsized, Scaled Investment Banking Platform Noninterest Income Contribution Highlights 2Q25 TTM (1) ▪ A broad set of sophisticated, scaled capabilities built up over two decades, combined with a unique, targeted industry verticals approach Service charges on
Slide 14: Wealth: A Valuable, Recurring Source of Fees and Deposits
Differentiated Fee Businesses Wealth: A Valuable, Recurring Source of Fees and Deposits Meaningful opportunity to penetrate existing Key mass affluent customers Noninterest Income Contribution Highlights 2Q25 TTM (1) ▪ Key Wealth Management segments: Key Private Client ($250k-$2MM investable assets)
Slide 15: Holistic Payments Platform with Growth Tailwinds
Differentiated Fee Businesses Holistic Payments Platform with Growth Tailwinds Delivering one of the broadest platforms of banking and software-based capabilities in the market Commercial Payments Financials Meaningful Growth Opportunities Fees (MM) Deposits (Bn) Core Treasury 71 +60% 60 TM Fees / C
Slide 16: Leading, Differentiated CRE Servicing and Origination Platforms
Differentiated Fee Businesses Leading, Differentiated CRE Servicing and Origination Platforms National CRE servicing business is an “off-us”, countercyclical business that gives us unique insights into the U.S. CRE market Noninterest Income Contribution Highlights 2Q25 TTM (1) ▪ CRE servicing is a g
Slide 17: Strong Credit Quality
Credit Quality Strong Credit Quality Improved credit risk profile with strategic exits (e.g., indirect auto and vendor finance) and growth in targeted client segments Net Loan Charge-offs(1) As a % of average total loans 0.46% 0.43% 0.41% 0.41% 0.24% 0.29% 0.24% 0.26% 10-year average(2): 0.18% 0.21%
Slide 18: C&I Portfolio
Credit Quality C&I Portfolio Diversified C&I Portfolio C&I Portfolio Highlights C&I Loans Balance by Industry As a % of 2Q25 period-end loans As a % of 2Q25 period-end C&I loans ▪ Predominantly multi-relationship customers – over 90% of outstandings are to clients with more than one product at Key (
Slide 19: Commercial Real Estate Portfolio
Credit Quality Commercial Real Estate Portfolio High-quality CRE portfolio has relatively limited office exposure and is diversified by property type and geography CRE Loan Portfolio Composition Nonowner-occupied Portfolio Highlights As a % of 2Q25 period-end loans Office Highlights ▪ ~13% of total
Slide 20: Consumer Portfolio
Credit Quality Consumer Portfolio High-quality, mostly secured portfolio with low loss history Loan Portfolio Composition Consumer Portfolio Highlights As a % of 2Q25 period-end loans ▪ Consumer credit trends remain healthy and stable As a % Total Loans - Weighted average consumer FICO of 790 Reside
Slide 21: Well Managed Capital
Capital Management Well Managed Capital Common Equity Tier 1 Ratio(1) Marked Common Equity Tier 1(2) Target operating range: 9.5% - 10% ~170bps 11.9% 11.8% 11.7% ~300bps 10.3% 10.5% 10.8% 10.0% 9.7% 9.9% 10.0% 8.6% 7.0% 7.1% 7.3% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25
Slide 22: Our Capital Ratios Compare Favorably to Most Peers
Capital Management Our Capital Ratios Compare Favorably to Most Peers Top quartile CET1 capital ratios both as reported and on a ‘marked’ basis CET1 Marked CET1(1) 2Q25 2Q25 Peer 1 11.9% Peer 4 11.1% 11.7% 10.0% Peer 2 11.0% Peer 10 9.5% Peer 3 11.0% Peer 2 9.4% Peer 4 11.0% Peer 5 9.3% Peer 5 10.7%
Slide 23: 2025 Outlook
Business & Financial Outlook 2025 Outlook FY2025 (vs. FY2024) $ in millions, unless otherwise stated 2024 Baseline Ranges are shown on an operating basis Average Loans $107.7Bn down 1 – 3% (previously down 2 – 5%) Ending Loans $104.3Bn up ~2% vs. YE 2024 (previously Flat vs. YE 2024) PE Commercial L
Slide 24: Positioned for the Future
Business & Financial Outlook Positioned for the Future Productively deploy Disciplined balance sheet Compound our current fee Maintain expense excess capital (current growth and optimization advantage discipline while investing and future) ▪ Positioned to grow high-quality, ▪ Scaling investment bank
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 Inflation remains farther from the Federal Re
Slide 27: U.S. Labor Market Conditions Are Slowing, but Not Cracking
U.S. Labor Market Conditions Are Slowing, but Not Cracking Federal Reserve Chair Powell characterized the recent monetary policy rate cut as “insurance” against labor market weakness Monthly nonfarm payroll gains have Broader measures of unemployment are Job openings have declined from their been sl
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: Hedging Strategy Opportunity
Hedging Strategy Opportunity $ in billions; ending balances 2Q25 ALM Hedge Actions ▪ Executed $1.0B of forward-starting receive-fixed swaps that begin accruing from 3Q25 to 4Q25 with a weighted average receive rate of 3.6% Forward-Starting Swaps as of 6/30 ▪ Forward-starting cash flow hedges of $14.
Slide 30: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ 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 $ 1,10
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ 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 $
Slide 32: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ 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 $ 72
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 CET1 – AOCI Impact(1) Common Equity Tier 1 (A) $ 16,774 $ 16,549 $ 16,489 $ 15,043 $ 14,893 $ 14,821 $ 14,894 Add: AFS and Pension accumulated other Comprehensive (2,476) (2,601) (3,032) (3,118) (4,530) (4,608) (4,573
Slide 34: 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 June 30, 2025 No items $ — $ — $ — Three months ended March 31, 2025 No items — —
Slide 35: 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