Keycorp · NYSE:KEY
Keycorp — Non-Deal Roadshow (September 2026)
30 slides from Keycorp's roadshow presentation, September 2026
Slide 1: KeyCorp Investor Meetings: Europe
KeyCorp Investor Meetings: Europe September 2026 Chris Gorman Chairman & Chief Executive Officer Tim Schmidt Corporate Treasurer Troy Gates Director of Investor Relations
Slide 2: KEY: Well-Positioned to Achieve Our Next Leg of Growth
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 ▪ Relationship-based model fo
Slide 3: National Reach and Scale
National Reach and Scale Business Mix Overview(3) Noninterest NII income Consumer Commercial Consumer 38% 48% 52% Commercial 62% Average Average Retail footprint (includes Commercial Bank and Institutional Bank presence) loans deposits Commercial & Institutional Bank presence Middle market presence
Slide 4: Taking Stock of Our Progress and Path Forward
Taking Stock of Our Progress and Path Forward 2024 2025 2026 2027-2030 • Decisively pivoted to • Met or exceeded all • Making meaningful progress playing offense – grew financial targets… delivered towards 15%+ ROTCE Disciplined balance relationships, deposits, record revenue target by 4Q27 sheet gr
Slide 5: 2Q26 Results
2Q26 Results Strong business momentum is driving continued progress toward our long-term financial targets 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 ma
Slide 6: 1H26 Financials
1H26 Financials $ in millions, excluding per share metrics From continuing operations 1Q26 2Q26 1H26 vs. 1H25 Diluted EPS $0.44 $0.44 $0.88 28% Net interest income(1),(2) $1,230 $1,258 $2,488 10% Noninterest income $723 $706 $1,429 5% Revenue(1),(2) $1,953 $1,964 $3,917 8% Noninterest expense $1,181
Slide 7: Strong Foundation Provides Opportunities For Growth
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 Retail & Wealth Regional Trillionaire Capabi
Slide 8: NIM Benefits from Clearly Defined Tailwinds
NIM Benefits from Clearly Defined Tailwinds Clearly defined NII tailwinds, including $30bn of low-rate swaps, securities, and residential mortgages repricing through 2027 NIM Tailwinds and Outlook Closed ~2/3 of the gap to Actuals Projections ~3.2% peer median 3.25%+ 66 bps 2.89% 3.00 - 3.05% 2.02%
Slide 9: Sticky, Granular Deposit Base
Sticky, Granular Deposit Base Proactive deposit beta management enabled by relationship-based deposits Average Deposit Balances Deposit Franchise Highlights $ in billions • 2Q26 client deposits up 1.4% year-over-year $145.0 $146.9 $146.2 $149.3 $147.4 ◦ 3Q26 average client deposits on pace to outgro
Slide 10: Meaningful Continued Investment Opportunities
Meaningful Continued Investment Opportunities Lean into our growth opportunities across Wealth Management, Payments, and Investment Banking 2026 Investment Themes Investment Focus Areas Capital Markets • Talent growth in strategic areas / industry verticals of focus Compound our fee-based • Simplify
Slide 11: Diversified Fee Business with High Revenue Contribution
Diversified Fee Business with High Revenue Contribution Noninterest Income Revenue Contribution 2Q26 TTM(1) 42% 38% 37% 34% 33% 30% 30% Peer Median = 30% 29% 29% 27% 22% Peer 6 Peer 10 Peer 5 Peer 8 Peer 2 Peer 1 Peer 7 Peer 4 Peer 9 Peer 3 11 Note: Peers include CFG, FCNCA, FITB, HBAN, MTB, PNC, RF
Slide 12: Scaled Investment Banking Platform
Scaled Investment Banking Platform Noninterest Income Contribution Highlights 2Q26 TTM • A broad set of sophisticated, scaled capabilities developed over two decades, combined with a unique, targeted industry verticals approach Commercial • Integrated teams that deliver the whole bank – “Left lead”
Slide 13: Wealth: A Valuable, Recurring Source of Fees and Deposits
Wealth: A Valuable, Recurring Source of Fees and Deposits Meaningful opportunity to penetrate existing mass affluent customers Noninterest Income Contribution Highlights 2Q26 TTM • Mass affluent strategy targets underserved clients (less than 10% currently penetrated) Commercial ◦ Key Private Client
Slide 14: Holistic Payments Platform with Growth Tailwinds
Holistic Payments Platform with Growth Tailwinds Delivering one of the broadest platforms of banking & software-based capabilities in the market Full Suite of Commercial Payment Capabilities, Continuing to Invest in Growth TRADITIONAL CAPABILITIES INNOVATIVE CAPABILITIES Strategic Focus Areas • Cont
Slide 15: Leading, Differentiated CRE Servicing and Origination Platforms
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 2Q26 TTM • CRE servicing is a stable, counter-cyclical source of
Slide 16: Strong 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% 0.40% 0.29% 0.24% 0.26% 10-year average(2): 0.18% 0.21% 0.14% 0.30% 20
Slide 17: C&I Portfolio
C&I Portfolio High-quality (~57% investment grade) C&I portfolio diversified by product and industry C&I Loans are 57% of Total Period-end Loans Balance by Industry(1) as a % of C&I Loans Period-end loans as of 2Q26 • ~58% SFL (98% investment grade) (1) Other • ~33% loans to Insurance / high- Oil &
Slide 18: Commercial Real Estate Portfolio
Commercial Real Estate Portfolio High-quality CRE portfolio has limited credit exposure and is diversified by property type and geography CRE Loans are 15% of Total Period-end Loans CRE Portfolio Key Statistics 2Q25 1Q26 2Q26 Office Highlights • $0 nonowner-occupied construction NCO ratio(2) 0.15% 0
Slide 19: Consumer Portfolio
Consumer Portfolio High-quality, mostly secured portfolio with low loss history Consumer Loans are 26% of Total Period-end Loans Consumer NCO Ratio(2) 0.39% 0.41% 0.29% 0.26% 0.28% 0.27% 0.27% 0.27% 0.21% Residential mortgage 0.12% 0.19% 2018-2025 Avg. NCO ratio 16% 2018 2019 2020 2021 2022 2023 202
Slide 20: Leading Capital Position
Leading Capital Position Common Equity Tier 1 Ratio Share Repurchase Activity • Repurchased $341MM of common shares at an average price of $21.95 per share in the second quarter 11.9% 11.6% 11.7% 11.8% 11.8% 11.4% 11.2% • Expect to repurchase at least $1.3Bn in 2026 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q2
Slide 21: Our Capital Ratios Compare Favorably to Most Peers
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) 2Q26 2Q26 Peer 3 11.8% Peer 1 10.7% 11.2% Peer 4 10.2% Peer 2 10.9% 9.8% Peer 1 10.8% Peer 2 9.6% Peer 6 10.8% Peer 5 9.5% Peer 5 10.7% Peer 6 9.4% Peer 7
Slide 22: 2026 Outlook
2026 Outlook FY2026 (vs. FY2025) $ in millions, unless otherwise stated On an operating basis 4Q27 Targets(1) Revenue(1),(2) up ~8% (FY25 baseline: $7,513) 3.25%+ / 15%+ Net interest income(1),(2) up 9 – 11% NIM and ROTCE (FY25 baseline: $4,671) 4Q exit rate: 3.00 – 3.05% Net interest margin(2) Aver
Slide 23: Positioned for the Future
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 banking, • Focused on generating
Slide 24: Appendix
Appendix
Slide 25: U.S Economic Conditions Remain Resilient to Shocks, Inflation
U.S Economic Conditions Remain Resilient to Shocks, Inflation Real U.S. economic demand remains solid and steady Strong investment growth is driving economic expansion Inflation expectations have not strayed from the FOMC target Labor market conditions show no signs of stress 25 Sources: Bureau of E
Slide 26: 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 27: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 2Q26 1Q26 2Q25 1Q25 1H26 1H25 ($ in millions) Net interest income (GAAP) $ 1,250 $ 1,222 $ 1,141 $ 1,096 $ 2,472 $ 2,237 Add: Taxable-equivalent adjustment 8 8 9 9 16 18 Net interest income TE (non-GAAP) (A) $ 1,258 $ 1,230 $ 1,150 $ 1,105 $ 2,488 $ 2,255 Noninterest
Slide 28: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in millions) 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 CET1 – AOCI Impact(1) Common Equity Tier 1 (A) $ 17,016 $ 17,038 $ 17,195 $ 17,050 $ 16,774 $ 16,549 $ 16,489 Add: AFS and Pension accumulated other (2,154) (2,152) (2,028) (2,176) (2,476) (2,601) (3,032) Comprehensiv
Slide 29: 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 30: 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