Keycorp · NYSE:KEY
Keycorp — Debt Investor Presentation (May 2026)
42 slides from Keycorp's debt investor presentation, May 5, 2026
Slide 1: KeyCorp U.S. Banks Fixed Income Investor Symposium
KeyCorp U.S. Banks Fixed Income Investor Symposium May 5 - 6, 2026 Tim Schmidt Corporate Treasurer Rao Surapaneni Head of Capital & Liquidity Brian Mauney Director, Investor Relations
Slide 2: 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
Slide 3: Table of Contents
Table of Contents 04 Business and Financial Review Recent financial results, business conditions, and outlook 13 Liquidity and Funding Deposit developments, funding plan and sources, liquidity portfolio, debt issuance and credit spread performance 22 Interest Rate Risk Management Balance sheet devel
Slide 4: Business and Financial Review
Business and Financial Review
Slide 5: Our Strategic Framework
Business Review Our Strategic Framework Our strategic priorities serve our core business strategy elements—relationships and primacy, targeted scale and stakeholder focus Our Strategy Our Strategic Priorities Relationships and Primacy Grow Fee Revenue Platforms Focusing on deep, full-service relatio
Slide 6: We Delivered on Our 2025 Guidance
Financial Review We Delivered 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
Slide 7: 2026 Outlook
Financial Review 2026 Outlook FY2026 (vs. FY2025) $ in millions, unless otherwise stated Ranges are shown on an operating basis 4Q27 Targets(1) Revenue(1),(2) (FY25 baseline: $7,513) up ~7% 3.25%+ / 15%+ NIM and ROTCE Net interest income(1),(2) up 9 – 10% (previously up 8 – 10%) (FY25 baseline: $4,6
Slide 8: Economic Expansion Remains Intact, Despite Inflation Headwinds
Economic Conditions Economic Expansion Remains Intact, Despite Inflation Headwinds Inflation Expectations Remain Anchored Strong Liquid Asset and Net Worth Growth Support Consumers Core Spending Trends Appear Stable Labor Market Conditions Do Not Look Recessionary Sources: Federal Reserve Bank of Cl
Slide 9: 1Q26 Results
Financial Review 1Q26 Results Differentiated Fee Client and Prospect Risk Management Commitment to Businesses Momentum Excellence Return of Capital +12% +3% 38 bps $1.3Bn Collective growth of priority Commercial client growth YoY NCOs / average loans Planned share repurchases in 2026, fee-based busi
Slide 10: 1Q26 Highlights
Financial Results 1Q26 Highlights $ in millions, excluding per share metrics From continuing operations, unless otherwise noted • EPS of $0.44, up 33% YoY Reported QoQ Δ YoY Δ • Revenue(1),(2) up 10% YoY (5) ─ Net interest income(1),(2) up 11% YoY and 1% QoQ EPS $0.44 7% 33% ─ NIM(1) of 2.87%, up 5
Slide 11: Net Interest Income and Net Interest Margin
Financial Results Net Interest Income and Net Interest Margin $ in millions; from continuing operations NII Walk(1) +11% +1% 4Q25 1Q26 NIM Walk(1) (1) (1)) Note: NII and NIM walks may not foot due to rounding 1. Net interest income and net interest margin on a taxable equivalent basis, a non-GAAP me
Slide 12: Noninterest Income
Financial Results Noninterest Income $ in millions; illustrative, not drawn to scale vs. Prior Year +8% • Noninterest income up $55MM (+8%) ─ Investment banking & debt placement fees up $22MM (+13%), reflecting higher merger and acquisition advisory fees, commercial mortgage debt placement activity,
Slide 13: Liquidity and Funding
Liquidity and Funding
Slide 14: We Significantly Strengthened Our Liquidity and Funding Profiles
Liquidity and Funding We Significantly Strengthened Our Liquidity and Funding Profiles Robust Liquidity Levels Less Reliance on Market Funds Liquid Asset Portfolio as a % of Total Assets Market Funds to Tangible Banking Assets 22.7% 14.3% -7.1ppt +1.9ppt 7.2% 20.8% YE2023 YE2025 YE2023 YE2025 14
Slide 15: We Remixed Our Liquid Asset Portfolio to Enhance Liquidity
Liquidity We Remixed Our Liquid Asset Portfolio to Enhance Liquidity Key Points Liquid Asset Portfolio $41.3Bn $45.2Bn Liquid Asset Portfolio objectives: 1. Store of liquidity Cash 20% ($9.3Bn) 2. Interest rate risk management tool 3. Source of earnings Cash 26% ($10.7Bn) Interest rate risk manageme
Slide 16: We Maintain Ample Contingent Liquidity
Liquidity We Maintain Ample Contingent Liquidity Key Points LCR Portfolio Composition by HQLA Categories $ in billions, as of 3/31/2026 • Our liquid asset portfolio (LAP) consists of cash and securities guaranteed by the U.S. Treasury, Level 1 assets U.S. government agency (Level 1 assets) or 25% Ca
Slide 17: Average Deposits
Funding Average Deposits $ in billions vs. Prior Quarter • Average deposits decreased 2.3% Other(1) ─ Client deposits down 1.2%, driven by seasonally lower commercial deposits Commercial ─ Brokered CDs declined by $1.6Bn ─ Consumer deposits were stable Total deposit cost • Total deposit costs declin
Slide 18: We Maintain Diverse Long-Term Funding Sources
Funding We Maintain Diverse Long-Term Funding Sources Main Takeaways Long-Term Funding Source Considerations • We maintain diverse funding sources to ensure funding Composite Score market access in a wide range of environments and High manage refinancing risk • Long-term debt issuance provides durab
Slide 19: Issuing Entities and Credit Ratings
Funding Issuing Entities and Credit Ratings Key Points KeyCorp (parent company) Senior debt ratings (Moody’s/S&P/Fitch): Baa2 (P)/BBB (S)/A- (S) • We have built out our funding curve with recent parent company issuances Primary funding uses: ─ $750 million 5.121% 6NC5 issued February 2025 • Debt and
Slide 20: Our Debt Credit Spreads Have Recorded Strong Performance
Funding Our Debt Credit Spreads Have Recorded Strong Performance KeyCorp 11NC10 debt credit spread Key Points New issue indications and actuals (bps) • Our debt credit spreads have recorded strong performance since 500 the 2023 banking sector stress, 450 reflecting KeyCorp’s stronger financial resul
Slide 21: We Maintain a Well-Managed Debt Maturity Schedule
Funding We Maintain a Well-Managed Debt Maturity Schedule Key Points Quarterly Maturity Schedule ($MM) KeyBank NA KeyCorp • Issued KeyCorp senior debt ($750MM 11NC10) at T+105bps in January • Managing modest debt maturities in 2026 ($600MM subordinated debt $1,300 maturing in May) $800 $750 $750 $60
Slide 22: Interest Rate Risk Management
Interest Rate Risk Management
Slide 23: Our Commercial-Focused Balance Sheet Is Naturally Asset Sensitive
IRR Management Our Commercial-Focused Balance Sheet Is Naturally Asset Sensitive With a mostly floating-rate commercial loan book and a material share of fixed-rate deposits, our business mix leans asset sensitive 1Q26 Avg. Loan and 1Q26 Avg. Loan 1Q26 Avg. Deposit Deposit Mix ($Bn) Composition Comp
Slide 24: Balance Sheet Management Detail
IRR Management Balance Sheet Management Detail Fixed-Rate Asset Repricing Tailwinds – 2Q26 to 2027 $ in billions 2Q26 3Q26 4Q26 2026(1) 2027 Projected receive-fixed swaps maturities $2.2 $2.2 $1.9 $6.3 $10.7 Weighted-average rate received (%) 2.95% 2.82% 2.73% 2.84% 3.01% Projected fixed-rate loans
Slide 25: We Hedge Our Interest Rate and Capital Risks
IRR Management We Hedge Our Interest Rate and Capital Risks Key Points Outstanding Swap Notional ($Bn) (1) • We use spot and forward-starting interest rate derivatives to manage risks Avg Rate: 3.2% 3.2% 3.2% 3.3% 3.5% 3.0% ─ Receive-fixed swaps primarily hedge floating-rate loans, which reduces the
Slide 26: Our ALCO Sets a Target Operating Range for NII Sensitivity
IRR Management Our ALCO Sets a Target Operating Range for NII Sensitivity Key Points NII Sensitivity: Down 200bps Ramp New IRR management framework • Since adopting a new interest rate risk management framework in early 2024, the Asset – Liability Committee (ALCO) directs Current Corporate Treasury
Slide 27: Our NII Sensitivity Is Low and More Neutral than Most Peers
IRR Management Our NII Sensitivity Is Low and More Neutral than Most Peers Key Points Up 200 NII Sensitivity – Key vs Peers(1) 4.0% • Currently, we are managing our balance sheet to a relatively neutral interest rate 3.0% Up 200bps Ramp Sensitivity risk position, in part because of 2.0% macroeconomi
Slide 28: Capital Management
Capital Management
Slide 29: We Have a Strong, High-Quality Capital Base
Capital Management We Have a Strong, High-Quality Capital Base Common Equity Tier 1 Ratio(1) Capital Management ~(20)bps • We are currently operating at the top end of our 9.5%-10% Marked CET1 target range considering macroeconomic uncertainties and market volatility – Our 11.4% reported CET1 ratio
Slide 30: We Prudently Manage Our Capital Stack
Capital Management We Prudently Manage Our Capital Stack KeyCorp Preferred Stock Capital Stack Summary(1) • Par Value: $1,000 Series D • Dividend: 5.00% (NC10) • Convention: Fixed-to-float, resets to 3-mo term SOFR + 3.87% 18% • Current Outstanding: $525MM • Next Call Date: 9/15/26, quarterly therea
Slide 31: Our Capital Ratios Compare Favorably to Most Peers
Capital Management Our Capital Ratios Compare Favorably to Most Peers T T b ‘ k ’b Reported CET1 Marked CET1(1) 1Q26 1Q26 Peer 5 11.5% Peer 9 11.2% 11.4% Peer 7 10.4% Peer 9 10.8% 10.0% Peer 2 10.8% Peer 6 9.5% Peer 10 10.8% Peer 1 9.4% Peer 1 10.7% Peer 2 9.3% Peer 4 10.5% Peer 4 9.3% Peer 7 10.3%
Slide 32: Loan Portfolios and Asset Quality
Loan Portfolios and Asset Quality
Slide 33: Our Credit Portfolio Remains Well Managed
Asset Quality Our Credit Portfolio Remains Well Managed Net Charge-Offs (NCOs) & Provision for Credit Losses Delinquencies to Period-End Total Loans $ in millions From continuing operations Nonperforming Assets (NPAs) Ratio(1) Criticized Outstandings(2) to Period-End Total $ in millions $ in million
Slide 34: Average Loans
Loan Portfolio Average Loans $ in billions vs. Prior Quarter • Average loans up $1.4Bn (+1.3%) – Increase in average commercial loans (+2.7%), Consumer driven by an increase in C&I loans (+2.8%) and CRE loans (+3.1%) Commercial – Partially offset by a decline in total consumer loans (-2.0%), reflect
Slide 35: Loans to NDFI Including Private Credit
Loan Portfolio Loans to NDFI Including Private Credit $ in billions; preliminary data as of 1Q26 Call Report Reconciliation(1) Types of Private Credit Loans Subset Grade ~91% Investment Other private credit Equipment finance co's Real estate lenders Unitranche funds • 100% senior secured loans • Sub
Slide 36: C&I Portfolio
Loan Portfolio C&I Portfolio High quality C&I portfolio that is diversified by product and geography; ~55% investment grade C&I Loans as a % of Total Loans Balance by Industry(1) as a % of C&I Loans Period-end loans Period-end loans Other Finance (1) 15% 22% • ~57% SFL (98% investment grade) Oil & G
Slide 37: Commercial Real Estate Portfolio
Asset Quality Commercial Real Estate Portfolio High-quality CRE portfolio has relatively limited exposure and is diversified by property type and geography Nonowner-occupied Loan Portfolio Composition CRE Portfolio Key Statistics Period-end loans; As a % total loans Office Highlights 1Q25 4Q25 1Q26
Slide 38: Consumer Portfolio
Loan Portfolio Consumer Portfolio High-quality, mostly secured portfolio with low loss history Consumer Loans as a % of Total Loans Consumer NCO Ratio(3) Period-end loans Residential Mortgage 17% 0.39% 0.41% 0.27% 0.21% 0.19% 0.29% 0.26% 0.28% 0.27% 0.12% 2018-2025 Home Equity Avg. NCO Ratio 5% 2018
Slide 39: Appendix
Appendix
Slide 40: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 3/31/2026 12/31/2025 3/31/2025 Net interest income (GAAP) $ 1,222 $ 1,215 $ 1,096 Add: Taxable-equivalent adjustment 8 8 9 Net interest income TE (non-GAAP) (A) $ 1,230 $ 1,223 $ 1,105 Net income (loss) attributable to Key common shareholders (GAAP) (B)
Slide 41: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation CET1 – AOCI impact(1) ($ in millions) 1Q26 4Q25 3Q25 2Q25 1Q25 Common equity tier 1 (A) $ 17,038 $ 17,195 $ 17,051 $ 16,774 $ 16,549 Add: AFS and pension accumulated other comprehensive income (loss) (2,152) (2,027) (2,176) (2,476) (2,601) Marked common equity tier 1
Slide 42: 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(2)(4) Three months ended March 31, 2026 No items $ — $ — $ — Three months ended December 31, 2025 FDIC spe