Keycorp · NYSE:KEY
Keycorp — Q3 2026 Earnings Presentation
20 slides from Keycorp's earnings presentation, Oct 20, 2026
Slide 1: KeyCorp Third Quarter 2026 Earnings Review
KeyCorp Third Quarter 2026 Earnings Review October 20, 2026
Slide 2: 3Q26 Results Reflect Continued Momentum
3Q26 Results Reflect Continued Momentum Differentiated Fee Businesses Deposit & Loan Momentum +12% +27% +$3.6Bn +5% Collective growth of priority Investment banking & debt Average deposit growth QoQ Period-end C&I loan fee-based businesses(1) placement fee growth QoQ growth QoQ 3Q26 vs. 3Q25 Risk Ma
Slide 3: Financial Review
Financial Review
Slide 4: 3Q26 Highlights
3Q26 Highlights $ in millions, excluding per share metrics • EPS of $0.51, up 24% YoY From continuing operations, unless otherwise noted Reported QoQ Δ YoY Δ • Record revenue of $2.04Bn, up 8% YoY; Taxable-equivalent (3) revenue(1) of $2.05Bn EPS $0.51 16 % 24 % ◦ Net interest income(1) up 10% YoY a
Slide 5: Strong C&I Performance Driving Loan Growth
Strong C&I Performance Driving Loan Growth $ in billions Average Loans Versus Prior Quarter $107.7 $110.1 $111.6 • Average loans up $1.5Bn (+1.4%), driven by: $106.2 $106.3 $29.7 $29.1 $28.5 $30.8 $30.3 ◦ Higher C&I(1) loans (+3.7%) ◦ Partially offset by a decline in total consumer loans (-2.0%), 5.
Slide 6: Delivering Accelerated Client Deposit Growth
6 Delivering Accelerated Client Deposit Growth $ in billions Average Deposits Versus Prior Quarter $150.4 $150.7 $147.3 $147.6 $151.2 • Average deposits up $3.6Bn (+2.4%), driven by: $58.5 $60.5 $58.9 $58.9 $60.7 ◦ Growth in demand deposits (+2.9%) and money market deposits (+2.7%), as well as an in
Slide 7: Net Interest Income Growth and Margin Expansion
Net Interest Income Growth and Margin Expansion $ in millions NII Walk(1) +10% $8 $3 $1,308 $11 $1,308 $13 $14 $1,258 $1,258 $1,223 $1,230 $1,193 +4% 2.95% 2.87% 2.89% 2Q26 Loan growth Funding Securities & Day count Yield/cost & 3Q26 2.82% optimization swap other 2.75% repricing NIM Walk(1) 2 bps 0
Slide 8: Fee Growth Led by Investment Banking
Fee Growth Led by Investment Banking $ in millions 3Q26 QoQ Δ YoY Δ Noninterest Income Trend Investment banking and debt placement $214 27 % 16 % $782 $744 $723 $706 Trust and investment services $165 4% 10 % $702 Cards and payments $93 (1) % 8% Service charges on deposits $79 3% 5% 3Q25 4Q25 1Q26 2
Slide 9: Expenses Remain Well Managed
Expenses Remain Well Managed $ in millions 3Q26 QoQ Δ YoY Δ Noninterest Expense Trend Personnel expense $815 4% 10 % $1,241 $1,217 $1,245 $1,177 $(21)(1) $1,181 $(5)(1) $440 $472 $438 $431 $430 Computer processing $116 7% 10 % Net occupancy $67 (1) % 3% $742 $790 $743 $786 $815 Business services and
Slide 10: Strong Credit Quality
Strong Credit Quality Net Charge-Offs (NCOs) & Provision for Credit Losses Delinquencies to Period-End Total Loans $ in millions From continuing operations 0.42% 0.39% 0.38% 0.42% 0.32% 0.24% 0.21% 0.14% 0.12% 0.14% $114 $107 $104 $108 $101 $106 $115 $92 $89 $61 0.10% 0.13% 0.09% 0.08% 0.07% 3Q25 4Q
Slide 11: Disciplined Capital Management
Disciplined Capital Management Common Equity Tier 1 Walk(1) Tangible Common Equity Ratio(2) 35 bps 11.2% 11.1% (21) bps 8.4% (14) bps (12) bps 8.1% 8.0% 7.7% 6.9% 2Q26 2Q26 Net income Share Dividends RWA 3Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 available to repurchases common Common Equity Tier 1 Ratio Sh
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 ~8% (FY25 baseline: $7,513) 3.25%+ / 15%+ Net interest income(1),(2) up ~10% (previously up 9 – 11%) NIM and ROTCE (FY25 baseline: $4,671) Net interest margin(2) 4Q exit ra
Slide 13: Appendix
Appendix
Slide 14: Balance Sheet Management Detail
Balance Sheet Management Detail Fixed-Rate Asset Repricing Tailwinds – 4Q26 through 2027 $ in billions 4Q26 1Q27 2Q27 3Q27 4Q27 2027 Projected receive-fixed swaps maturities $1.9 $2.0 $2.7 $2.6 $3.4 $10.7 Weighted-average rate received (%) 2.73% 2.89% 2.62% 2.63% 3.67% 3.01% Projected residential mo
Slide 15: Hedging Strategy Opportunity
Hedging Strategy Opportunity $ in billions, ending balances Receive-Fixed Asset Swaps 3Q26 ALM Hedge Actions Includes forward-starting swaps and accruing portfolio as of 9/30/2026 • Executed $2.3Bn of spot-starting receive-fixed swaps and $6.8Bn of forward-starting receive-fixed swaps in $50.4 3Q26
Slide 16: Preferred Dividends
Preferred Dividends KeyCorp Preferred Stock Preferred Dividend Schedule(1) • Structure: Fixed-to-float perpetual noncumulative (PerpNC-10) $ in millions 2Q26 3Q26 4Q26 • Outstanding: $500MM Series E • Dividend: 6.125% until December 15, 2026 Series D $6.6 $6.6 — ◦ 3-mo term SOFR + 4.15% from Decembe
Slide 17: Credit Quality by Portfolio
Credit Quality by Portfolio Allowance for Credit Losses (ACL) NCOs to Average Loans(1),(2) $ in millions $1,736 $1,740 $1,745 $1,722 $1,694 3.60% 1.64% 1.63% 1.60% 1.56% 1.50% 1.26% 0.39% 0.10% 0.00% 3Q25 4Q25 1Q26 2Q26 3Q26 (0.00)% (0.02)% (3) C&I CRE Comm'l Resi mtg Home Credit Other ACL ACL to pe
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net interest income (GAAP) $ 1,300 $ 1,250 $ 1,222 $ 1,215 $ 1,184 Add: Taxable-equivalent adjustment 8 8 8 8 9 Net interest income TE (non-GAAP) (A) $ 1,308 $ 1,258 $ 1,230 $ 1,223 $ 1,193 Net income (l
Slide 19: 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 September 30, 2026 No items $ — $ — $ — Three months ended June 30, 2026 No items
Slide 20: 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