KEY 8-K
Keycorp /New/ (KEY)
8-K
2026-01-20
For: 2026-01-15
View Original
Added on
April 10, 2026
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||
Date of Report (Date of earliest event reported): January 15, 2026
(Exact name of registrant as specified in its charter)
| State or other jurisdiction of incorporation or organization: | Commission File Number | I.R.S. Employer Identification Number: | ||||||||||||
| Address of principal executive offices: | Zip Code: | |||||||||||||
(216 ) 689-3000
Registrant’s telephone number, including area code:
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On January 20, 2026, KeyCorp issued a press release announcing its financial results for the three- and twelve-month periods ended December 31, 2025 (the “Press Release”), and posted on its website its fourth quarter 2025 Supplemental Information Package (the “Supplemental Information Package”). The Press Release and Supplemental Information Package are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.
The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).
KeyCorp’s Consolidated Balance Sheets and Consolidated Statements of Income (collectively, the “Financial Statements”), included as part of the Press Release, are filed as Exhibit 99.3 to this report. Exhibit 99.3 is deemed “filed” for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 15, 2026, each of Ruth Ann Gillis and Carlton Highsmith, directors of KeyCorp, informed the Board of Directors (the "Board") that they will retire from the Board effective upon the expiration of their current terms at KeyCorp's 2026 Annual Meeting of Shareholders (the "Annual Meeting"). On January 20, 2026, KeyCorp announced that the Board will nominate Antonio "Tony" DeSpirito and Christopher L. "Chris" Henson for election as independent directors at the Annual Meeting. Following the Annual Meeting, the size of the Board will remain at 14 directors.
Mr. DeSpirito, 57, has served in various executive positions at BlackRock, Inc. since August 2014. During his time at BlackRock, he has served as a Managing Director, as the Lead Portfolio Manager of the Equity Dividend Franchise (from August 2014 through December 2025), as the Chief Investment Officer for U.S. Fundamental Equities (from May 2016 through December 2025), and as the Global Chief Investment Officer of Fundamental Equities (from April 2023 through December 2025). Prior to his time at BlackRock, Mr. DeSpirito held various roles at Pzena Investment Management, including as a Managing Principal and Portfolio Manager, from 1996 to 2014. He also previously served as an attorney at Ropes & Gray LLP.
Mr. Henson, 64, served as the Head of Banking and Insurance of Truist Bank from 2019 until his retirement in September 2021. He joined Truist Financial Corporation’s predecessor BB&T’s executive management team in 2004 and served in various executive positions, including Chief Financial Officer and Chief Operating Officer, before being promoted to serve as President and Chief Operating Officer from 2016 to 2019. Mr. Henson has served on the Board of Directors of Hooker Furnishings Corporation (NASDAQ: HOFT) since October 2022.
Additional information about each of Messrs. DeSpirito and Henson will be included in KeyCorp’s Definitive Proxy Statement for the Annual Meeting.
Additionally, on January 20, 2026, KeyCorp announced that Todd Vasos has been appointed to the role of Lead Independent Director, effective immediately. Mr. Vasos succeeds Alexander M. “Sandy” Cutler, who will continue to serve as an independent director of the Board.
Item 8.01 Other Events.
On January 20, 2026, KeyCorp issued a press release announcing the updates to the Board described in Item 5.02 herein. A copy of the press release is attached hereto as Exhibit 99.4 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:
99.1 Press Release, dated January 20, 2026, announcing financial results for the three- and twelve-month periods ended December 31, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
| SIGNATURE | ||||||||
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | ||||||||
| KEYCORP | ||||||||
| (Registrant) | ||||||||
| Date: January 20, 2026 | /s/ Stacy L. Gilbert | |||||||
| By: Stacy L. Gilbert | ||||||||
| Chief Accounting Officer | ||||||||
KEYCORP REPORTS FOURTH QUARTER 2025 NET INCOME OF $474 MILLION,
OR $.43 PER DILUTED COMMON SHARE
Revenue of $2.0 billion; Record full year revenue of $7.5 billion, up 16% year-over-year adjusted for selected items(a),(b)
Pre-provision net revenue(b) increased $46 million quarter-over-quarter; Full year pre-provision net revenue increased 44% year-over-year adjusted for selected items(a),(b)
Net interest income increased 3% quarter-over-quarter, and net interest margin of 2.82% increased 7 bps
Nonperforming assets decreased 6% quarter-over-quarter; Net charge-offs decreased 3 bps to 39 bps
Common Equity Tier 1 ratio of 11.7%(c); Repurchased $200 million of common shares during the quarter
CLEVELAND, January 20, 2026 - KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $474 million, or $.43 per diluted common share, or adjusted net income of $458 million, or $.41 per diluted common share(b), for the fourth quarter of 2025. The fourth quarter of 2025 included a $16 million after-tax benefit related to the updated FDIC special assessment(a). For the third quarter of 2025, net income from continuing operations attributable to Key common shareholders was $454 million, or $.41 per diluted common share, or adjusted net income of $450 million, or $.41 per diluted common share(b). For the fourth quarter of 2024, KeyCorp reported a net loss from continuing operations attributable to Key common shareholders of $(279) million, or $(.28) per diluted common share, or adjusted net income of $378 million, or $.38 per diluted common share(b). Included in the fourth quarter of 2024 are after-tax charges of $(657) million, or $(.66) per diluted common share, related to the loss on the sale of securities(a), a $2 million after-tax charge related to the Scotiabank investment agreement valuation(a), and a $2 million after-tax benefit related to the updated FDIC special assessment(a).
Comments from Chairman and CEO, Chris Gorman
"Our strong fourth quarter and full-year results demonstrate the consistent and significant progress we are making on our path to achieving sustainable mid-to-high teens returns on tangible common equity. Fourth quarter revenue exceeded $2 billion, and full year revenue was a record, up 16% year-over-year(b). Full year results met or exceeded each of the financial targets we communicated at the beginning of the year. During the year, we generated approximately 1,200 basis points of adjusted operating leverage(b) and 280 basis points of adjusted fee-based operating leverage(b). Tangible book value per share grew 3% sequentially and 18% year-over-year.
In addition to driving greater return on capital, we remain committed to the return of capital. To this end, we resumed share repurchases at an accelerated pace, buying back $200 million of common shares in the fourth quarter while maintaining peer-leading capital ratios. Given our excess capital position and meaningful capital generation capabilities, we are well positioned to further increase our return of capital to our shareholders in 2026.
Looking forward, I am confident that we will deliver another year of strong organic revenue and earnings growth. Our strategic investments - particularly in front-line bankers and technology - continue to fuel organic growth and enhance our ability to deliver best-in-class capabilities and service to our clients. Business momentum remains strong. Assets under management reached a record $70 billion. Investment banking and debt placement fees recorded the second-best annual performance in our history, and pipelines remain elevated.
I am incredibly proud of our results, our continued momentum, and most importantly, the talented teammates behind our success. This morning, we announced changes to the composition of our Board which reflect strong leadership that will drive the next phase of value creation for Key. I remain confident that our focus, resilience, and dedication will continue to deliver value to the stakeholders we serve – our shareholders, our clients, and our communities.”
(a) See table on page 25 for more information on Selected Items Impact on Earnings.
(b) The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to "adjusted revenue", "pre-provision net revenue", "adjusted pre-provision net revenue", "adjusted noninterest income", "adjusted noninterest expense", "adjusted total operating leverage”, "adjusted fee-based operating leverage”, "adjusted net income”, and “adjusted earnings per share". The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c) December 31, 2025 ratio is estimated
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 2
| Selected Financial Highlights | |||||||||||||||||||||||
| Dollars in millions, except per share data | Change 4Q25 vs. | ||||||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | |||||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | 474 | $ | 454 | $ | (279) | 4.4 % | % | N/M | ||||||||||||||
Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution | .43 | .41 | (.28) | 4.9 | N/M | ||||||||||||||||||
| Book value at period end | 16.27 | 15.86 | 14.21 | 2.6 | 14.5 % | % | |||||||||||||||||
Return on average tangible common equity from continuing operations (a) | 12.43 % | % | 12.51 % | % | (9.69)% | % | (8) bps | N/M | |||||||||||||||
| Return on average total assets from continuing operations | 1.08 | 1.04 | (.52) | 4 | 160 bps | ||||||||||||||||||
Common Equity Tier 1 ratio (b) | 11.7 | 11.8 | 11.9 | (10) | (20) | ||||||||||||||||||
| Net interest margin (TE) from continuing operations | 2.82 | 2.75 | 2.41 | 7 | 41 | ||||||||||||||||||
(a)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(b)December 31, 2025 ratio is estimated.
TE = Taxable Equivalent, N/M = Not Meaningful
| INCOME STATEMENT HIGHLIGHTS | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Net interest income (TE) | $ | 1,223 | $ | 1,193 | $ | 1,061 | 2.5 % | % | 15.3 % | % | ||||||||||
| Noninterest income | 782 | 702 | (196) | 11.4 | N/M | |||||||||||||||
| Total revenue (TE) | $ | 2,005 | $ | 1,895 | $ | 865 | 5.8 % | % | 131.8 % | % | ||||||||||
TE = Taxable Equivalent, N/M = Not Meaningful
Taxable-equivalent net interest income was $1.22 billion for the fourth quarter of 2025 and the net interest margin was 2.82%. Compared to the fourth quarter of 2024, net interest income increased by $162 million, and the net interest margin increased by 41 basis points. These increases primarily reflect lower deposit costs, the reinvestment of proceeds from maturing low-yielding investment securities, swaps and fixed-rate loans into higher-yielding investments, and the repositioning of the available-for-sale portfolio during the fourth quarter of 2024. Additionally, the balance sheet composition shifted to reflect a more favorable mix of higher-yielding commercial and industrial loans and an improved funding mix as lower-cost deposits increased while wholesale borrowings declined. These benefits were partially offset by the impact of lower interest rates on variable-rate earning assets.
Compared to the third quarter of 2025, taxable-equivalent net interest income increased by $30 million, and the net interest margin increased by 7 basis points. These increases were driven by lower deposit costs, an improved funding mix as lower-cost deposit balances increased while wholesale borrowings declined, and a shift in the balance sheet composition to a more favorable mix of higher-yielding commercial and industrial loans. These benefits were partially offset by the impact of lower interest rates on variable-rate earning assets.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 3
| Noninterest Income | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Trust and investment services income | $ | 156 | $ | 150 | $ | 142 | 4.0 % | % | 9.9 % | % | ||||||||||
| Investment banking and debt placement fees | 243 | 184 | 221 | 32.1 | 10.0 | |||||||||||||||
| Cards and payments income | 84 | 86 | 85 | (2.3) | (1.2) | |||||||||||||||
| Service charges on deposit accounts | 78 | 75 | 65 | 4.0 | 20.0 | |||||||||||||||
| Corporate services income | 81 | 72 | 69 | 12.5 | 17.4 | |||||||||||||||
| Commercial mortgage servicing fees | 68 | 73 | 68 | (6.8) | — | |||||||||||||||
| Corporate-owned life insurance income | 40 | 35 | 36 | 14.3 | 11.1 | |||||||||||||||
| Consumer mortgage income | 16 | 14 | 16 | 14.3 | — | |||||||||||||||
| Operating lease income and other leasing gains | 9 | 11 | 15 | (18.2) | (40.0) | |||||||||||||||
| Other income | 7 | 8 | (5) | (12.5) | N/M | |||||||||||||||
| Net securities gains (losses) | — | (6) | (908) | N/M | N/M | |||||||||||||||
| Total noninterest income | $ | 782 | $ | 702 | $ | (196) | 11.4 % | % | N/M | |||||||||||
N/M = Not Meaningful
Compared to the fourth quarter of 2024, noninterest income increased by $978 million. The increase was primarily driven by the impact of a $915 million loss on the sale of securities as part of the strategic repositioning of the portfolio in the fourth quarter of 2024. Adjusted noninterest income(a) grew 8% primarily driven by a $22 million increase in investment banking and debt placement fees, a $12 million increase in corporate services income, and continued momentum in trust and investment services and commercial payments.
Compared to the third quarter of 2025, noninterest income increased by $80 million. The increase was driven by a $59 million increase in investment banking and debt placement fees reflective of higher merger and acquisition advisory fees as well as commercial debt placement fees, a $9 million increase in corporate services income, and a $6 million increase in trust and investment services income.
| Noninterest Expense | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Personnel expense | $ | 790 | $ | 742 | $ | 734 | 6.5 % | % | 7.6 % | % | ||||||||||
| Net occupancy | 69 | 65 | 67 | 6.2 | 3.0 | |||||||||||||||
| Computer processing | 106 | 105 | 107 | 1.0 | (.9) | |||||||||||||||
| Business services and professional fees | 61 | 44 | 55 | 38.6 | 10.9 | |||||||||||||||
| Equipment | 22 | 20 | 20 | 10.0 | 10.0 | |||||||||||||||
| Operating lease expense | 8 | 9 | 15 | (11.1) | (46.7) | |||||||||||||||
| Marketing | 28 | 22 | 33 | 27.3 | (15.2) | |||||||||||||||
| Other expense | 157 | 170 | 198 | (7.6) | (20.7) | |||||||||||||||
| Total noninterest expense | $ | 1,241 | $ | 1,177 | $ | 1,229 | 5.4 % | % | 1.0 % | % | ||||||||||
Compared to the fourth quarter of 2024, noninterest expense increased by $12 million. The increase was predominantly driven by a $56 million increase in personnel expense primarily related to incentive compensation associated with noninterest income growth, continued investments in people, and employee benefits. These were partially offset by a decrease in other expense related to a $21 million benefit associated with the updated FDIC special assessment.
Compared to the third quarter of 2025, noninterest expense increased by $64 million. The increase was predominantly driven by a $48 million increase in personnel expense, primarily related to incentive compensation associated with noninterest income growth, seasonally higher employee benefits, and continued investments in people. Business services and professional fees increased by $17 million due to technology-related investments and seasonality. These were partially offset by a decrease in other expense related to a $21 million benefit associated with the updated FDIC special assessment.
(a) The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations related to "adjusted noninterest income". The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 4
| BALANCE SHEET HIGHLIGHTS | ||||||||||||||||||||
| Average Loans | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
Commercial and industrial (a) | $ | 57,541 | $ | 56,571 | $ | 52,887 | 1.7 % | % | 8.8 % | % | ||||||||||
| Other commercial loans | 18,497 | 18,826 | 19,202 | (1.7) | (3.7) | |||||||||||||||
| Total consumer loans | 30,278 | 30,830 | 32,622 | (1.8) | (7.2) | |||||||||||||||
| Total loans | $ | 106,316 | $ | 106,227 | $ | 104,711 | 0.1 % | % | 1.5 % | % | ||||||||||
(a)Commercial and industrial average loan balances include $211 million, $214 million, and $216 million of assets from commercial credit cards at December 31, 2025, September 30, 2025, and December 31, 2024, respectively.
Average loans were $106.3 billion for the fourth quarter of 2025, an increase of $1.6 billion compared to the fourth quarter of 2024. Average commercial loans increased by $3.9 billion, primarily driven by a $4.7 billion increase in commercial and industrial loans, partially offset by modest reduction in commercial real estate loans. Average consumer loans declined by $2.3 billion, reflective of the intentional run-off of low-yielding loans, primarily consumer mortgages.
Compared to the third quarter of 2025, average loans increased by $89 million. Average commercial loans increased $641 million, primarily driven by an increase in commercial and industrial loans. Average consumer loans declined by $552 million, reflective of the intentional run-off of low-yielding loans.
| Average Deposits | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Non-time deposits | $ | 136,853 | $ | 135,135 | $ | 132,092 | 1.3 % | % | 3.6 % | % | ||||||||||
| Time deposits | 13,857 | 15,239 | 17,641 | (9.1) | (21.5) | |||||||||||||||
| Total deposits | $ | 150,710 | $ | 150,374 | $ | 149,733 | .2 % | % | .7 % | % | ||||||||||
| Cost of total deposits | 1.81 % | % | 1.97 % | % | 2.18 % | % | (16) bps | (37) bps | ||||||||||||
Average deposits totaled $150.7 billion for the fourth quarter of 2025, an increase of $977 million compared to the year-ago quarter, reflecting growth in commercial deposits.
Compared to the third quarter of 2025, average deposits increased by $336 million, driven by higher commercial client balances which offset a $1.3 billion decline in brokered CDs. The rate paid on interest-bearing deposits declined by 20 basis points, and the overall cost of deposits declined by 16 basis points to 1.81%.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 5
| ASSET QUALITY | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Net loan charge-offs | $ | 104 | $ | 114 | $ | 114 | (8.8)% | % | (8.8)% | % | ||||||||||
| Net loan charge-offs to average total loans | .39 % | % | .42 % | % | .43 % | % | (3) bps | (4) bps | ||||||||||||
| Nonperforming loans at period end | $ | 615 | $ | 658 | $ | 758 | (6.5)% | % | (18.9)% | % | ||||||||||
| Nonperforming assets at period end | 627 | 668 | 772 | (6.1) | (18.8) | |||||||||||||||
| Allowance for loan and lease losses | 1,427 | 1,444 | 1,409 | (1.2) | 1.3 | |||||||||||||||
| Allowance for credit losses | 1,740 | 1,736 | 1,699 | 0.2 | 2.4 | |||||||||||||||
| Provision for credit losses | 108 | 107 | 39 | 0.9 | N/M | |||||||||||||||
| Allowance for loan and lease losses to nonperforming loans | 232 % | % | 219 % | % | 186 % | % | N/M | N/M | ||||||||||||
| Allowance for credit losses to nonperforming loans | 283 | 264 | 224 | N/M | N/M | |||||||||||||||
N/M = Not Meaningful
Net loan charge-offs for the fourth quarter of 2025 totaled $104 million, or 0.39% of average total loans. These results compare to $114 million, or 0.43%, for the fourth quarter of 2024 and $114 million, or 0.42%, for the third quarter of 2025.
Key’s allowance for credit losses was $1.7 billion, or 1.63% of total period-end loans at December 31, 2025, compared to 1.63% at December 31, 2024, and 1.64% at September 30, 2025. A relatively stable reserve build of $4 million during the fourth quarter of 2025 was the result of the net impact of improving credit quality trends and resilient economic forecasts offset by growth in unfunded commitments.
At December 31, 2025, Key’s nonperforming loans totaled $615 million, which represented 0.58% of period-end portfolio loans. These results compare to 0.73% at December 31, 2024, and 0.62% at September 30, 2025. Nonperforming assets at December 31, 2025, totaled $627 million, and represented 0.59% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.74% at December 31, 2024, and 0.63% at September 30, 2025.
CAPITAL
Key’s estimated risk-based capital ratios, included in the following table, continued to exceed all “well-capitalized” regulatory benchmarks at December 31, 2025.
| Capital Ratios | |||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | |||||||||
Common Equity Tier 1 (a) | 11.7 % | % | 11.8 % | % | 11.9 % | % | |||||
Tier 1 risk-based capital (a) | 13.4 | 13.5 | 13.7 | ||||||||
Total risk-based capital (a) | 15.6 | 15.8 | 16.2 | ||||||||
Tangible common equity to tangible assets (b) | 8.4 | 8.1 | 7.0 | ||||||||
Leverage (a) | 10.5 | 10.4 | 10.0 | ||||||||
(a)December 31, 2025 ratio is estimated. As of January 1, 2025, the CECL optional transition provision had been fully phased-in. Amounts prior to January 1, 2025, reflect Key's election to adopt the CECL optional transition provision.
(b)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to “tangible common equity.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
Key's regulatory capital position remained strong in the fourth quarter of 2025. As shown in the preceding table, at December 31, 2025, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.7% and 13.4%, respectively.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 6
| Summary of Changes in Common Shares Outstanding | |||||||||||||||||||||||
| In thousands | Change 4Q25 vs. | ||||||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | |||||||||||||||||||
| Shares outstanding at beginning of period | 1,112,952 | 1,112,453 | 991,251 | — | 12.3 % | % | |||||||||||||||||
| Share repurchases | (11,109) | — | — | N/M | N/M | ||||||||||||||||||
| Shares issued under employee compensation plans (net of cancellations and returns) | 558 | 499 | 493 | 11.8 % | % | 13.2 | |||||||||||||||||
| Shares issued under Scotiabank investment agreement | — | — | 115,042 | — | N/M | ||||||||||||||||||
| Shares outstanding at end of period | 1,102,401 | 1,112,952 | 1,106,786 | (.9)% | % | (.4)% | % | ||||||||||||||||
N/M = Not Meaningful
During the fourth quarter of 2025, Key declared a dividend of $.205 per common share. The reduction in share count was driven by $200 million of common shares repurchased.
LINE OF BUSINESS RESULTS
The following table shows the contribution made by each major business segment to Key’s taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release.
| Major Business Segments | |||||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | ||||||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | |||||||||||||||||||
| Revenue from continuing operations (TE) | |||||||||||||||||||||||
| Consumer Bank | $ | 948 | $ | 935 | $ | 865 | 1.4 % | % | 9.6 % | % | |||||||||||||
| Commercial Bank | 1,109 | 1,014 | 1,001 | 9.4 | 10.8 | ||||||||||||||||||
Other (a) | (52) | (54) | (1,001) | 3.7 | 94.8 | ||||||||||||||||||
| Total | $ | 2,005 | $ | 1,895 | $ | 865 | 5.8 % | % | 131.8 % | % | |||||||||||||
| Income (loss) from continuing operations attributable to Key | |||||||||||||||||||||||
| Consumer Bank | $ | 137 | $ | 152 | $ | 83 | (9.9)% | % | 65.1 % | % | |||||||||||||
| Commercial Bank | 410 | 367 | 381 | 11.7 | 7.6 | ||||||||||||||||||
Other (a) | (38) | (29) | (708) | (31.0) | 94.6 | ||||||||||||||||||
| Total | $ | 509 | $ | 490 | $ | (244) | 3.9 % | % | 308.6 % | % | |||||||||||||
(a)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represent the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Corporate treasury includes realized gains and losses from transactions associated with Key's investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.
TE = Taxable Equivalent
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 7
| Consumer Bank | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Summary of operations | ||||||||||||||||||||
| Net interest income (TE) | $ | 696 | $ | 691 | $ | 632 | .7 % | % | 10.1 % | % | ||||||||||
| Noninterest income | 252 | 244 | 233 | 3.3 | 8.2 | |||||||||||||||
| Total revenue (TE) | 948 | 935 | 865 | 1.4 | 9.6 | |||||||||||||||
| Provision for credit losses | 32 | 40 | 43 | (20.0) | (25.6) | |||||||||||||||
| Noninterest expense | 735 | 695 | 713 | 5.8 | 3.1 | |||||||||||||||
| Income (loss) before income taxes (TE) | 181 | 200 | 109 | (9.5) | 66.1 | |||||||||||||||
| Allocated income taxes (benefit) and TE adjustments | 44 | 48 | 26 | (8.3) | 69.2 | |||||||||||||||
| Net income (loss) attributable to Key | $ | 137 | $ | 152 | $ | 83 | (9.9)% | % | 65.1 % | % | ||||||||||
| Average balances | ||||||||||||||||||||
| Loans and leases | $ | 34,683 | $ | 35,363 | $ | 37,567 | (1.9)% | % | (7.7)% | % | ||||||||||
| Total assets | 37,731 | 38,374 | 40,563 | (1.7) | (7.0) | |||||||||||||||
| Deposits | 87,738 | 87,692 | 87,476 | .1 | .3 | |||||||||||||||
| Assets under management at period end | $ | 69,964 | $ | 67,855 | $ | 61,361 | 3.1 % | % | 14.0 % | % | ||||||||||
TE = Taxable Equivalent
| Additional Consumer Bank Data | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Trust and investment services income | $ | 128 | $ | 124 | $ | 115 | 3.2 % | % | 11.3 % | % | ||||||||||
| Service charges on deposit accounts | 38 | 36 | 32 | 5.6 | 18.8 | |||||||||||||||
| Cards and payments income | 60 | 61 | 61 | (1.6) | (1.6) | |||||||||||||||
| Consumer mortgage income | 16 | 14 | 17 | 14.3 | (5.9) | |||||||||||||||
| Other noninterest income | 10 | 9 | 8 | 11.1 | 25.0 | |||||||||||||||
| Total noninterest income | $ | 252 | $ | 244 | $ | 233 | 3.3 % | % | 8.2 % | % | ||||||||||
| Average deposit balances | ||||||||||||||||||||
| Money market deposits | $ | 35,390 | $ | 35,278 | $ | 31,968 | .3 % | % | 10.7 % | % | ||||||||||
| Demand deposits | 22,879 | 22,604 | 22,442 | 1.2 | 1.9 | |||||||||||||||
| Savings deposits | 4,177 | 4,291 | 4,391 | (2.7) | (4.9) | |||||||||||||||
| Time deposits | 11,061 | 11,113 | 13,979 | (.5) | (20.9) | |||||||||||||||
| Noninterest-bearing deposits | 14,231 | 14,406 | 14,696 | (1.2) | (3.2) | |||||||||||||||
| Total deposits | $ | 87,738 | $ | 87,692 | $ | 87,476 | .1 % | % | .3 % | % | ||||||||||
| Other data | ||||||||||||||||||||
| Branches | 940 | 942 | 943 | |||||||||||||||||
| Automated teller machines | 1,120 | 1,152 | 1,182 | |||||||||||||||||
Consumer Bank Summary of Operations (4Q25 vs. 4Q24)
•Key's Consumer Bank recorded net income attributable to Key of $137 million for the fourth quarter of 2025, compared to $83 million for the year-ago quarter
•Taxable-equivalent net interest income increased by $64 million, or 10.1%, compared to the fourth quarter of 2024
•Average loans and leases decreased $2.9 billion, or 7.7%, from the fourth quarter of 2024, driven by intentional run-off of low-yielding loans
•Average deposits increased $262 million, or 0.3%, from the fourth quarter of 2024. The increase was driven by growth in money market deposits, offset by a decrease in time deposits
•Provision for credit losses decreased $11 million compared to the fourth quarter of 2024 driven by lower charge-offs and the impacts from ongoing loan run-off
•Noninterest income increased $19 million from the year-ago quarter, primarily driven by higher trust and investment services income
•Noninterest expense increased $22 million from the year-ago quarter, primarily driven by higher support and overhead expense
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 8
| Commercial Bank | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Summary of operations | ||||||||||||||||||||
| Net interest income (TE) | $ | 616 | $ | 587 | $ | 537 | 4.9 % | % | 14.7 % | % | ||||||||||
| Noninterest income | 493 | 427 | 464 | 15.5 | 6.3 | |||||||||||||||
| Total revenue (TE) | 1,109 | 1,014 | 1001 | 9.4 | 10.8 | |||||||||||||||
| Provision for credit losses | 73 | 68 | (3) | 7.4 | N/M | |||||||||||||||
| Noninterest expense | 512 | 482 | 515 | 6.2 | (.6) | |||||||||||||||
| Income (loss) before income taxes (TE) | 524 | 464 | 489 | 12.9 | 7.2 | |||||||||||||||
| Allocated income taxes and TE adjustments | 114 | 97 | 108 | 17.5 | 5.6 | |||||||||||||||
| Net income (loss) attributable to Key | $ | 410 | $ | 367 | $ | 381 | 11.7 % | % | 7.6 % | % | ||||||||||
| Average balances | ||||||||||||||||||||
| Loans and leases | $ | 71,104 | $ | 70,326 | $ | 66,691 | 1.1 % | % | 6.6 % | % | ||||||||||
| Loans held for sale | 1,140 | 1,224 | 1,247 | (6.9) | (8.6) | |||||||||||||||
| Total assets | 80,357 | 79,733 | 76,433 | 0.8 | 5.1 | |||||||||||||||
| Deposits | 60,436 | 58,483 | 59,687 | 3.3 | 1.3 | |||||||||||||||
TE = Taxable Equivalent, N/M = Not Meaningful
| Additional Commercial Bank Data | ||||||||||||||||||||
| Dollars in millions | Change 4Q25 vs. | |||||||||||||||||||
| 4Q25 | 3Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Trust and investment services income | $ | 28 | $ | 26 | $ | 27 | 7.7 % | % | 3.7 % | % | ||||||||||
| Investment banking and debt placement fees | 244 | 183 | 220 | 33.3 | 10.9 | |||||||||||||||
| Cards and payments income | 22 | 21 | 20 | 4.8 | 10.0 | |||||||||||||||
| Service charges on deposit accounts | 39 | 37 | 32 | 5.4 | 21.9 | |||||||||||||||
| Corporate services income | 75 | 69 | 67 | 8.7 | 11.9 | |||||||||||||||
| Commercial mortgage servicing fees | 67 | 73 | 67 | (8.2) | — | |||||||||||||||
| Operating lease income and other leasing gains | 9 | 10 | 15 | (10.0) | (40.0) | |||||||||||||||
| Other noninterest income | 9 | 8 | 16 | 12.5 | (43.8) | |||||||||||||||
| Total noninterest income | $ | 493 | $ | 427 | $ | 464 | 15.5 % | % | 6.3 % | % | ||||||||||
Commercial Bank Summary of Operations (4Q25 vs. 4Q24)
•Key's Commercial Bank recorded net income attributable to Key of $410 million for the fourth quarter of 2025, compared to $381 million for the year-ago quarter
•Taxable-equivalent net interest income increased by $79 million, or 14.7%, compared to the fourth quarter of 2024
•Average loan and lease balances increased $4.4 billion, or 6.6%, compared to the fourth quarter of 2024, driven by an increase in commercial and industrial loans
•Average deposit balances increased $749 million compared to the fourth quarter of 2024, driven by higher client deposits
•Provision for credit losses increased $76 million compared to the fourth quarter of 2024, driven by higher loan balances and commitments
•Noninterest income increased $29 million compared to the fourth quarter of 2024, primarily driven by an increase in investment banking and debt placement fees and corporate services income
•Noninterest expense decreased $3 million compared to the fourth quarter of 2024, primarily driven by a decrease in other direct noninterest expense
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 9
*******************************************
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $184 billion at December 31, 2025.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 10
| CONTACTS: | |||||
| ANALYSTS | MEDIA | ||||
| Brian Mauney | Susan Donlan | ||||
| 216.689.0521 | 216.471.3133 | ||||
| [email protected] | [email protected] | ||||
| Hannah Lewallen | Beth Strauss | ||||
| 216.471.4856 | 216.471.2787 | ||||
| [email protected] | [email protected] | ||||
| Johnny Li | |||||
| 216.689.4221 | |||||
| [email protected] | |||||
| INVESTOR RELATIONS: | KEY MEDIA NEWSROOM: | ||||
| www.key.com/ir | www.key.com/newsroom | ||||
| This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as “goal,” “objective,” “plan,” “expect,” “assume,” “anticipate,” “intend,” “project,” “believe,” “estimate,” or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2024 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the “SEC”) and are or will be available on Key’s website (www.key.com/ir) and on the SEC’s website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances. | ||
A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts’ questions can be accessed through the Investor Relations section at https://www.key.com/ir at 8:00 a.m. ET, on January 20, 2026. A replay of the call will be available on our website through January 20, 2027.
For up-to-date company information, media contacts, and facts and figures about Key’s lines of business, visit our Media Newsroom at https://www.key.com/newsroom.
*****
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 11
KeyCorp
Fourth Quarter 2025
Financial Supplement
| Page | |||||
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 12
Basis of Presentation
Use of Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management
believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, or conference call slides related to this document, all of which can be found on Key’s website (www.key.com/ir).
Forward-Looking Non-GAAP Financial Measures
From time to time Key may discuss forward-looking non-GAAP financial measures. Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Key is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.
Annualized Data
Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized”
basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.
Taxable Equivalent
The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt loans, and certain lease assets, on a common basis that facilitates comparison of results to peers.
Earnings Per Share Equivalent
Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 13
| Financial Highlights | |||||||||||||||||
| (Dollars in millions, except per share amounts) | |||||||||||||||||
| Three months ended | |||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | |||||||||||||||
| Summary of operations | |||||||||||||||||
| Net interest income (TE) | $ | 1,223 | $ | 1,193 | $ | 1,061 | |||||||||||
| Noninterest income | 782 | 702 | (196) | ||||||||||||||
Total revenue (TE) | 2,005 | 1,895 | 865 | ||||||||||||||
| Provision for credit losses | 108 | 107 | 39 | ||||||||||||||
| Noninterest expense | 1,241 | 1,177 | 1,229 | ||||||||||||||
| Income (loss) from continuing operations attributable to Key | 509 | 490 | (244) | ||||||||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | (1) | — | ||||||||||||||
| Net income (loss) attributable to Key | 510 | 489 | (244) | ||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | 474 | 454 | (279) | ||||||||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | (1) | — | ||||||||||||||
| Net income (loss) attributable to Key common shareholders | 475 | 453 | (279) | ||||||||||||||
| Per common share | |||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | .43 | $ | .41 | $ | (.28) | |||||||||||
| Income (loss) from discontinued operations, net of taxes | — | — | — | ||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .43 | .41 | (.28) | ||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution | .43 | .41 | (.28) | ||||||||||||||
| Income (loss) from discontinued operations, net of taxes — assuming dilution | — | — | — | ||||||||||||||
Net income (loss) attributable to Key common shareholders — assuming dilution (a) | .43 | .41 | (.28) | ||||||||||||||
| Cash dividends declared | .205 | .205 | .205 | ||||||||||||||
| Book value at period end | 16.27 | 15.86 | 14.21 | ||||||||||||||
| Tangible book value at period end | 13.77 | 13.38 | 11.70 | ||||||||||||||
| Market price at period end | 20.64 | 18.69 | 17.14 | ||||||||||||||
| Performance ratios | |||||||||||||||||
| From continuing operations: | |||||||||||||||||
| Return on average total assets | 1.08 % | % | 1.04 % | % | (.52)% | % | |||||||||||
| Return on average common equity | 10.51 | 10.49 | (7.80) | ||||||||||||||
Return on average tangible common equity (b) | 12.43 | 12.51 | (9.69) | ||||||||||||||
| Net interest margin (TE) | 2.82 | 2.75 | 2.41 | ||||||||||||||
Cash efficiency ratio (b) | 61.6 | 61.8 | 141.3 | ||||||||||||||
| From consolidated operations: | |||||||||||||||||
| Return on average total assets | 1.08 % | % | 1.04 % | % | (.52)% | % | |||||||||||
| Return on average common equity | 10.54 | 10.47 | (7.80) | ||||||||||||||
Return on average tangible common equity (b) | 12.46 | 12.48 | (9.69) | ||||||||||||||
| Net interest margin (TE) | 2.81 | 2.74 | 2.41 | ||||||||||||||
Loan to deposit (c) | 72.5 | 71.0 | 70.3 | ||||||||||||||
| Capital ratios at period end | |||||||||||||||||
| Key shareholders’ equity to assets | 11.1 % | % | 10.7 % | % | 9.7 % | % | |||||||||||
| Key common shareholders’ equity to assets | 9.7 | 9.4 | 8.4 | ||||||||||||||
Tangible common equity to tangible assets (b) | 8.4 | 8.1 | 7.0 | ||||||||||||||
Common Equity Tier 1 (d) | 11.7 | 11.8 | 11.9 | ||||||||||||||
Tier 1 risk-based capital (d) | 13.4 | 13.5 | 13.7 | ||||||||||||||
Total risk-based capital (d) | 15.6 | 15.8 | 16.2 | ||||||||||||||
Leverage (d) | 10.5 | 10.4 | 10.0 | ||||||||||||||
Asset quality — from continuing operations | |||||||||||||||||
Net loan charge-offs | $ | 104 | $ | 114 | $ | 114 | |||||||||||
Net loan charge-offs to average loans | .39 % | % | .42 % | % | .43 % | % | |||||||||||
Allowance for loan and lease losses | $ | 1,427 | $ | 1,444 | $ | 1,409 | |||||||||||
Allowance for credit losses | 1,740 | 1,736 | 1,699 | ||||||||||||||
Allowance for loan and lease losses to period-end loans | 1.34 % | % | 1.36 % | % | 1.35 % | % | |||||||||||
Allowance for credit losses to period-end loans | 1.63 | 1.64 | 1.63 | ||||||||||||||
| Allowance for loan and lease losses to nonperforming loans | 232 | 219 | 186 | ||||||||||||||
| Allowance for credit losses to nonperforming loans | 283 | 264 | 224 | ||||||||||||||
| Nonperforming loans at period-end | $ | 615 | $ | 658 | $ | 758 | |||||||||||
| Nonperforming assets at period-end | 627 | 668 | 772 | ||||||||||||||
| Nonperforming loans to period-end portfolio loans | .58 % | % | .62 % | % | .73 % | % | |||||||||||
| Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | .59 | .63 | .74 | ||||||||||||||
Trust assets | |||||||||||||||||
| Assets under management | $ | 69,964 | $ | 67,855 | $ | 61,361 | |||||||||||
Other data | |||||||||||||||||
Average full-time equivalent employees | 17,396 | 17,414 | 16,810 | ||||||||||||||
Branches | 940 | 942 | 944 | ||||||||||||||
Taxable-equivalent adjustment | $ | 8 | $ | 9 | $ | 10 | |||||||||||
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 14
| Financial Highlights (continued) | |||||||||||
| (Dollars in millions, except per share amounts) | |||||||||||
| Twelve months ended | |||||||||||
| 12/31/2025 | 12/31/2024 | ||||||||||
| Summary of operations | |||||||||||
| Net interest income (TE) | $ | 4,671 | $ | 3,810 | |||||||
| Noninterest income | 2,842 | 809 | |||||||||
| Total revenue (TE) | 7,513 | 4,619 | |||||||||
| Provision for credit losses | 471 | 335 | |||||||||
| Noninterest expense | 4,703 | 4,545 | |||||||||
| Income (loss) from continuing operations attributable to Key | 1,828 | (163) | |||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | 2 | |||||||||
| Net income (loss) attributable to Key | 1,829 | (161) | |||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | 1,685 | (306) | |||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | 2 | |||||||||
| Net income (loss) attributable to Key common shareholders | 1,686 | (304) | |||||||||
| Per common share | |||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | 1.53 | $ | (.32) | |||||||
| Income (loss) from discontinued operations, net of taxes | — | — | |||||||||
Net income (loss) attributable to Key common shareholders (a) | 1.53 | (.32) | |||||||||
| Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution | 1.52 | (.32) | |||||||||
| Income (loss) from discontinued operations, net of taxes — assuming dilution | — | — | |||||||||
Net income (loss) attributable to Key common shareholders — assuming dilution (a) | 1.52 | (.32) | |||||||||
| Cash dividends paid | .82 | .82 | |||||||||
| Performance ratios | |||||||||||
| From continuing operations: | |||||||||||
| Return on average total assets | .98 % | % | (.09)% | % | |||||||
| Return on average common equity | 9.92 | (2.37) | |||||||||
Return on average tangible common equity (b) | 11.85 | (3.03) | |||||||||
| Net interest margin (TE) | 2.69 | 2.16 | |||||||||
Cash efficiency ratio (b) | 62.3 | 97.8 | |||||||||
| From consolidated operations: | |||||||||||
| Return on average total assets | .98 % | % | (.09)% | % | |||||||
| Return on average common equity | 9.92 | (2.36) | |||||||||
Return on average tangible common equity (b) | 11.85 | (3.01) | |||||||||
| Net interest margin (TE) | 2.69 | 2.16 | |||||||||
| Asset quality — from continuing operations | |||||||||||
| Net loan charge-offs | $ | 430 | $ | 440 | |||||||
| Net loan charge-offs to average total loans | .41 % | % | .41 % | % | |||||||
| Other data | |||||||||||
| Average full-time equivalent employees | 17,226 | 16,753 | |||||||||
| Taxable-equivalent adjustment | $ | 35 | $ | 45 | |||||||
(a)Earnings per share may not foot due to rounding.
(b)The table entitled “GAAP to Non-GAAP Reconciliations” starting on page 15 of this supplement presents the computations of certain financial measures related to “tangible common equity” and “cash efficiency.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.
(c)Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.
(d)December 31, 2025, ratio is estimated. As of January 1, 2025, the CECL optional transition provision had been fully phased-in. Amounts prior to January 1, 2025, reflect Key's election to adopt the CECL optional transition provision.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 15
GAAP to Non-GAAP Reconciliations
(Dollars in millions)
The table below presents certain non-GAAP financial measures related to “tangible common equity,” “return on average tangible common equity,” "adjusted return on average tangible common equity," “pre-provision net revenue," "adjusted pre-provision net revenue," “cash efficiency ratio," "adjusted taxable-equivalent revenue," "adjusted noninterest income," "adjusted noninterest expense," "adjusted income (loss) available from continuing operations attributable to Key common shareholders," and "diluted earnings per share - adjusted."
The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Adjusted return on average tangible common equity excludes significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
The table also shows the computation for pre-provision net revenue and adjusted pre-provision net revenue, which are not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis. Further, management believes that adjusting pre-provision net revenue for significant or unusual items that management does not consider indicative of ongoing financial performance provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key’s intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key’s results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis. The adjusted cash efficiency ratio excludes significant or unusual items that management does not consider indicative of ongoing financial performance
Adjusted taxable-equivalent revenue or adjusted revenue is a non-GAAP measure in that it adjusts revenue for certain tax-exempt instruments and selected items. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable instruments. Additionally, management believes adjusting for the selected items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of the financial impacts related to those selected items.
Adjusted noninterest income and adjusted noninterest expense are non-GAAP measures in that they exclude significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes these measures provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.
Adjusted income (loss) available from continuing operations attributable to Key common shareholders (or “adjusted net income”) and diluted earnings per share - adjusted (or "adjusted earnings per share") are non-GAAP in that these measures exclude significant or unusual items, net of tax, that management does not consider indicative of ongoing financial performance . Management believes these measures provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.
Adjusted operating leverage and fee-based adjusted operating leverage are non-GAAP performance measure in that it utilizes revenue on a tax-equivalent basis and adjusts revenue and expense for significant and unusual items. Management utilizes this measurement in analyzing performance and believes that adjusting for significant and unusual items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods.
Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 16
| Three months ended | Twelve months ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | ||||||||||||||||
| Tangible common equity to tangible assets at period-end | ||||||||||||||||||||
| Key shareholders’ equity (GAAP) | $ | 20,381 | $ | 20,102 | $ | 18,176 | ||||||||||||||
| Less: Intangible assets | 2,760 | 2,765 | 2,779 | |||||||||||||||||
Preferred Stock (a) | 2,446 | 2,446 | 2,446 | |||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 15,175 | $ | 14,891 | $ | 12,951 | ||||||||||||||
| Total assets (GAAP) | $ | 184,381 | $ | 187,409 | $ | 187,168 | ||||||||||||||
| Less: Intangible assets | 2,760 | 2,765 | 2,779 | |||||||||||||||||
| Tangible assets (non-GAAP) | $ | 181,621 | $ | 184,644 | $ | 184,389 | ||||||||||||||
| Tangible common equity to tangible assets ratio (non-GAAP) | 8.36 % | % | 8.06 % | % | 7.02 % | % | ||||||||||||||
| Average tangible common equity | ||||||||||||||||||||
| Average Key shareholders' equity (GAAP) | $ | 20,388 | $ | 19,664 | $ | 16,732 | $ | 19,493 | $ | 15,408 | ||||||||||
| Less: Intangible assets (average) | 2,762 | 2,767 | 2,783 | 2,769 | 2,793 | |||||||||||||||
| Preferred stock (average) | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | |||||||||||||||
| Average tangible common equity (non-GAAP) | $ | 15,126 | $ | 14,397 | $ | 11,449 | $ | 14,224 | $ | 10,115 | ||||||||||
| Return on average tangible common equity from continuing operations | ||||||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders (GAAP) | $ | 474 | $ | 454 | $ | (279) | $ | 1,685 | $ | (306) | ||||||||||
| Average tangible common equity (non-GAAP) | 15,126 | 14,397 | 11,449 | 14,224 | 10,115 | |||||||||||||||
| Return on average tangible common equity from continuing operations (non-GAAP) | 12.43 % | % | 12.51 % | % | (9.69)% | % | 11.85 % | % | (3.03)% | % | ||||||||||
| Adjusted return on average tangible common equity from continuing operations | ||||||||||||||||||||
| Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP) | $ | 458 | $ | 450 | $ | 378 | $ | 1,665 | $ | 1,109 | ||||||||||
| Adjusted return on average tangible common equity from continuing operations excluding notable items (non-GAAP) | 12.01 % | % | 12.40 % | % | 13.13 % | % | 11.71 % | % | 10.96 % | % | ||||||||||
| Return on average tangible common equity consolidated | ||||||||||||||||||||
| Net income (loss) attributable to Key common shareholders (GAAP) | $ | 475 | $ | 453 | $ | (279) | $ | 1,686 | $ | (304) | ||||||||||
| Average tangible common equity (non-GAAP) | 15,126 | 14,397 | 11,449 | 14,224 | 10,115 | |||||||||||||||
| Return on average tangible common equity consolidated (non-GAAP) | 12.46 % | % | 12.48 % | % | (9.69)% | % | 11.85 % | % | (3.01)% | % | ||||||||||
| Pre-provision net revenue | ||||||||||||||||||||
| Net interest income (GAAP) | $ | 1,215 | $ | 1,184 | $ | 1,051 | $ | 4,636 | $ | 3,765 | ||||||||||
| Plus: Taxable-equivalent adjustment | 8 | 9 | 10 | 35 | 45 | |||||||||||||||
| Noninterest income (GAAP) | 782 | 702 | (196) | 2,842 | 809 | |||||||||||||||
| Less: Noninterest expense (GAAP) | 1,241 | 1,177 | 1,229 | 4,703 | 4,545 | |||||||||||||||
| Pre-provision net revenue from continuing operations (non-GAAP) | $ | 764 | $ | 718 | $ | (364) | $ | 2,810 | $ | 74 | ||||||||||
| Adjusted pre-provision net revenue | ||||||||||||||||||||
| Pre-provision net revenue from continuing operations (non-GAAP) | $ | 764 | $ | 718 | $ | (364) | $ | 2,810 | $ | 74 | ||||||||||
Plus: Selected items(b) | (21) | (5) | 915 | (26) | 1,858 | |||||||||||||||
| Adjusted pre-provision net revenue from continuing operations (non-GAAP) | $ | 743 | $ | 713 | $ | 551 | $ | 2,784 | $ | 1,932 | ||||||||||
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 17
| GAAP to Non-GAAP Reconciliations (continued) | ||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | ||||||||||||||||
| Cash efficiency ratio and Adjusted cash efficiency ratio | ||||||||||||||||||||
| Noninterest expense (GAAP) | $ | 1,241 | $ | 1,177 | $ | 1,229 | $ | 4,703 | $ | 4,545 | ||||||||||
| Less: Intangible asset amortization | 5 | 5 | 7 | 20 | 29 | |||||||||||||||
| Noninterest expense less intangible asset amortization (non-GAAP) | $ | 1,236 | $ | 1,172 | $ | 1,222 | $ | 4,683 | $ | 4,516 | ||||||||||
Plus: Selected items (b) | 21 | 5 | 3 | 26 | (25) | |||||||||||||||
| Adjusted noninterest expense less intangible asset amortization (non-GAAP) | $ | 1,257 | $ | 1,177 | $ | 1,225 | $ | 4,709 | $ | 4,491 | ||||||||||
| Net interest income (GAAP) | $ | 1,215 | $ | 1,184 | $ | 1,051 | $ | 4,636 | $ | 3,765 | ||||||||||
| Plus: Taxable-equivalent adjustment | 8 | 9 | 10 | 35 | 45 | |||||||||||||||
| Net interest income TE (non-GAAP) | 1,223 | 1,193 | 1,061 | 4,671 | 3,810 | |||||||||||||||
| Noninterest income (GAAP) | 782 | 702 | (196) | 2,842 | 809 | |||||||||||||||
| Total taxable-equivalent revenue (non-GAAP) | $ | 2,005 | $ | 1,895 | $ | 865 | $ | 7,513 | $ | 4,619 | ||||||||||
Plus: Selected items (b) | — | — | 918 | — | 1,833 | |||||||||||||||
| Adjusted taxable-equivalent revenue (non-GAAP) | $ | 2,005 | $ | 1,895 | $ | 1,783 | $ | 7,513 | $ | 6,452 | ||||||||||
| Cash efficiency ratio (non-GAAP) | 61.6 % | % | 61.8 % | % | 141.3 % | % | 62.3 % | % | 97.8 % | % | ||||||||||
| Adjusted cash efficiency ratio (non-GAAP) | 62.7 % | % | 62.1 % | % | 68.8 % | % | 62.7 % | % | 69.6 % | % | ||||||||||
| Adjusted taxable-equivalent revenue | ||||||||||||||||||||
| Noninterest income (GAAP) | $ | 782 | $ | 702 | $ | (196) | $ | 2,842 | $ | 809 | ||||||||||
Plus: Selected items(b) | — | — | 918 | — | 1,836 | |||||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 782 | $ | 702 | $ | 722 | $ | 2,842 | $ | 2,645 | ||||||||||
| Net interest income TE (non-GAAP) | 1,223 | 1,193 | 1,061 | 4,671 | 3,810 | |||||||||||||||
| Total adjusted taxable-equivalent revenue (non-GAAP) | $ | 2,005 | $ | 1,895 | $ | 1,783 | $ | 7,513 | $ | 6,455 | ||||||||||
| Adjusted noninterest expense | ||||||||||||||||||||
| Noninterest expense (GAAP) | $ | 1,241 | $ | 1,177 | $ | 1,229 | $ | 4,703 | $ | 4,545 | ||||||||||
Plus: Selected items(b) | 21 | 5 | 3 | 26 | (25) | |||||||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 1,262 | $ | 1,182 | $ | 1,232 | $ | 4,729 | $ | 4,520 | ||||||||||
| Adjusted income (loss) available from continuing operations attributable to Key common shareholders | ||||||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders (GAAP) | $ | 474 | $ | 454 | $ | (279) | $ | 1,685 | $ | (306) | ||||||||||
Plus: Selected items (net of tax)(b) | (16) | (4) | 657 | (20) | 1,415 | |||||||||||||||
| Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP) | $ | 458 | $ | 450 | $ | 378 | $ | 1,665 | $ | 1,109 | ||||||||||
| Diluted earnings per common share (EPS) - adjusted | ||||||||||||||||||||
| Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) | $ | .43 | $ | .41 | $ | (.28) | $ | 1.52 | $ | (.32) | ||||||||||
Plus: EPS impact of selected items(b) | (.01) | — | .66 | (.02) | 1.48 | |||||||||||||||
Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP)(c) | $ | .41 | $ | .41 | $ | .38 | $ | 1.50 | $ | 1.16 | ||||||||||
| Adjusted operating leverage and fee based adjusted operating leverage | ||||||||||||||||||||
| Adjusted noninterest income (non-GAAP) | $ | 2,842 | $ | 2,645 | ||||||||||||||||
| Adjusted noninterest income YoY Growth (A) | 7.45 % | % | ||||||||||||||||||
| Adjusted taxable-equivalent revenue (non-GAAP) | $ | 7,513 | 6,455 | |||||||||||||||||
| Adjusted taxable-equivalent revenue YoY Growth (B) | 16.39 % | % | ||||||||||||||||||
| Adjusted noninterest expense (non-GAAP) | $ | 4,729 | 4,520 | |||||||||||||||||
| Adjusted noninterest expense YoY Growth (C) | 4.62 % | % | ||||||||||||||||||
| Adjusted operating leverage (B - C) | 11.77 % | % | ||||||||||||||||||
| Adjusted fee-based operating leverage (A - C) | 2.82 % | % | ||||||||||||||||||
(a)Net of capital surplus.
(b)Additional detail provided in Selected Items table on page 25.
(c)Earnings per share may not foot due to rounding.
GAAP = U.S. generally accepted accounting principles; TE = Taxable Equivalent
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 18
| Consolidated Balance Sheets | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | |||||||||||||||
| Assets | |||||||||||||||||
| Loans | $ | 106,541 | $ | 105,902 | $ | 104,260 | |||||||||||
| Loans held for sale | 1,077 | 998 | 797 | ||||||||||||||
| Securities available for sale | 39,596 | 40,456 | 37,707 | ||||||||||||||
| Held-to-maturity securities | 8,622 | 7,509 | 7,395 | ||||||||||||||
| Trading account assets | 1,061 | 972 | 1,283 | ||||||||||||||
| Short-term investments | 10,163 | 13,334 | 17,504 | ||||||||||||||
| Other investments | 949 | 921 | 1,041 | ||||||||||||||
| Total earning assets | 168,009 | 170,092 | 169,987 | ||||||||||||||
| Allowance for loan and lease losses | (1,427) | (1,444) | (1,409) | ||||||||||||||
| Cash and due from banks | 1,287 | 1,938 | 1,743 | ||||||||||||||
| Premises and equipment | 628 | 606 | 614 | ||||||||||||||
| Goodwill | 2,752 | 2,752 | 2,752 | ||||||||||||||
| Other intangible assets | 8 | 13 | 27 | ||||||||||||||
| Corporate-owned life insurance | 4,432 | 4,428 | 4,394 | ||||||||||||||
| Accrued income and other assets | 8,481 | 8,803 | 8,797 | ||||||||||||||
| Discontinued assets | 211 | 221 | 263 | ||||||||||||||
| Total assets | $ | 184,381 | $ | 187,409 | $ | 187,168 | |||||||||||
| Liabilities | |||||||||||||||||
| Deposits in domestic offices: | |||||||||||||||||
| Interest-bearing deposits | $ | 121,100 | $ | 122,425 | $ | 120,132 | |||||||||||
| Noninterest-bearing deposits | 27,613 | 28,340 | 29,628 | ||||||||||||||
| Total deposits | 148,713 | 150,765 | 149,760 | ||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | 13 | 10 | 14 | ||||||||||||||
| Bank notes and other short-term borrowings | 1,071 | 1,339 | 2,130 | ||||||||||||||
| Accrued expense and other liabilities | 4,286 | 4,276 | 4,983 | ||||||||||||||
| Long-term debt | 9,917 | 10,917 | 12,105 | ||||||||||||||
| Total liabilities | 164,000 | 167,307 | 168,992 | ||||||||||||||
| Equity | |||||||||||||||||
| Preferred stock | 2,500 | 2,500 | 2,500 | ||||||||||||||
| Common shares | 1,257 | 1,257 | 1,257 | ||||||||||||||
| Capital surplus | 6,035 | 6,002 | 6,038 | ||||||||||||||
| Retained earnings | 15,359 | 15,111 | 14,584 | ||||||||||||||
| Treasury stock, at cost | (2,810) | (2,619) | (2,733) | ||||||||||||||
| Accumulated other comprehensive income (loss) | (1,960) | (2,149) | (3,470) | ||||||||||||||
| Key shareholders’ equity | 20,381 | 20,102 | 18,176 | ||||||||||||||
| Total liabilities and equity | $ | 184,381 | $ | 187,409 | $ | 187,168 | |||||||||||
| Common shares outstanding (000) | 1,102,401 | 1,112,952 | 1,106,786 | ||||||||||||||
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 19
| Consolidated Statements of Income | ||||||||||||||||||||||||||
| (Dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | ||||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||
| Loans | $ | 1,439 | $ | 1,466 | $ | 1,448 | $ | 5,749 | $ | 6,026 | ||||||||||||||||
| Loans held for sale | 18 | 18 | 20 | 61 | 60 | |||||||||||||||||||||
| Securities available for sale | 388 | 408 | 353 | 1,599 | 1,142 | |||||||||||||||||||||
| Held-to-maturity securities | 76 | 64 | 66 | 264 | 284 | |||||||||||||||||||||
| Trading account assets | 12 | 11 | 16 | 56 | 61 | |||||||||||||||||||||
| Short-term investments | 137 | 156 | 214 | 624 | 792 | |||||||||||||||||||||
| Other investments | 8 | 8 | 15 | 33 | 62 | |||||||||||||||||||||
| Total interest income | 2,078 | 2,131 | 2,132 | 8,386 | 8,427 | |||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||
| Deposits | 688 | 748 | 821 | 2,919 | 3,307 | |||||||||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | 4 | 4 | 1 | 13 | 4 | |||||||||||||||||||||
| Bank notes and other short-term borrowings | 9 | 14 | 24 | 84 | 164 | |||||||||||||||||||||
| Long-term debt | 162 | 181 | 235 | 734 | 1,187 | |||||||||||||||||||||
| Total interest expense | 863 | 947 | 1,081 | 3,750 | 4,662 | |||||||||||||||||||||
| Net interest income | 1,215 | 1,184 | 1,051 | 4,636 | 3,765 | |||||||||||||||||||||
| Provision for credit losses | 108 | 107 | 39 | 471 | 335 | |||||||||||||||||||||
| Net interest income after provision for credit losses | 1,107 | 1,077 | 1,012 | 4,165 | 3,430 | |||||||||||||||||||||
| Noninterest income | ||||||||||||||||||||||||||
| Trust and investment services income | 156 | 150 | 142 | 591 | 557 | |||||||||||||||||||||
| Investment banking and debt placement fees | 243 | 184 | 221 | 780 | 688 | |||||||||||||||||||||
| Cards and payments income | 84 | 86 | 85 | 337 | 331 | |||||||||||||||||||||
| Service charges on deposit accounts | 78 | 75 | 65 | 295 | 261 | |||||||||||||||||||||
| Corporate services income | 81 | 72 | 69 | 294 | 275 | |||||||||||||||||||||
| Commercial mortgage servicing fees | 68 | 73 | 68 | 287 | 258 | |||||||||||||||||||||
| Corporate-owned life insurance income | 40 | 35 | 36 | 140 | 138 | |||||||||||||||||||||
| Consumer mortgage income | 16 | 14 | 16 | 58 | 58 | |||||||||||||||||||||
| Operating lease income and other leasing gains | 9 | 11 | 15 | 43 | 76 | |||||||||||||||||||||
| Other income | 7 | 8 | (5) | 23 | 23 | |||||||||||||||||||||
| Net securities gains (losses) | — | (6) | (908) | (6) | (1,856) | |||||||||||||||||||||
| Total noninterest income | 782 | 702 | (196) | 2,842 | 809 | |||||||||||||||||||||
| Noninterest expense | ||||||||||||||||||||||||||
| Personnel | 790 | 742 | 734 | 2,917 | 2,714 | |||||||||||||||||||||
| Net occupancy | 69 | 65 | 67 | 270 | 266 | |||||||||||||||||||||
| Computer processing | 106 | 105 | 107 | 425 | 414 | |||||||||||||||||||||
| Business services and professional fees | 61 | 44 | 55 | 193 | 174 | |||||||||||||||||||||
| Equipment | 22 | 20 | 20 | 83 | 80 | |||||||||||||||||||||
| Operating lease expense | 8 | 9 | 15 | 38 | 63 | |||||||||||||||||||||
| Marketing | 28 | 22 | 33 | 95 | 94 | |||||||||||||||||||||
| Other expense | 157 | 170 | 198 | 682 | 740 | |||||||||||||||||||||
| Total noninterest expense | 1,241 | 1,177 | 1,229 | 4,703 | 4,545 | |||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 648 | 602 | (413) | 2,304 | (306) | |||||||||||||||||||||
| Income taxes (benefit) | 139 | 112 | (169) | 476 | (143) | |||||||||||||||||||||
| Income (loss) from continuing operations | 509 | 490 | (244) | 1,828 | (163) | |||||||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | (1) | — | 1 | 2 | |||||||||||||||||||||
| Net income (loss) | $ | 510 | $ | 489 | $ | (244) | $ | 1,829 | $ | (161) | ||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | 474 | $ | 454 | $ | (279) | $ | 1,685 | $ | (306) | ||||||||||||||||
| Net income (loss) attributable to Key common shareholders | 475 | 453 | (279) | 1,686 | (304) | |||||||||||||||||||||
| Per common share | ||||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | .43 | $ | .41 | $ | (.28) | $ | 1.53 | $ | (.32) | ||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .43 | .41 | (.28) | 1.53 | (.32) | |||||||||||||||||||||
| Per common share — assuming dilution | ||||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | .43 | $ | .41 | $ | (.28) | $ | 1.52 | $ | (.32) | ||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .43 | .41 | (.28) | 1.52 | (.32) | |||||||||||||||||||||
| Cash dividends declared per common share | $ | .205 | $ | .205 | $ | .205 | $ | .820 | $ | .820 | ||||||||||||||||
| Weighted-average common shares outstanding (000) | 1,095,171 | 1,100,830 | 986,829 | 1,098,558 | 949,561 | |||||||||||||||||||||
Effect of common share options and other stock awards(b) | 11,152 | 9,845 | — | 9,436 | — | |||||||||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (c) | 1,106,323 | 1,110,675 | 986,829 | 1,107,994 | 949,561 | |||||||||||||||||||||
(a)Earnings per share may not foot due to rounding.
(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(c)Assumes conversion of common share options and other stock awards, as applicable.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 20
| Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations | ||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
| Fourth Quarter 2025 | Third Quarter 2025 | Fourth Quarter 2024 | ||||||||||||||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||||||||||||
| Balance | Interest (a) | Rate (a) | Balance | Interest (a) | Rate (a) | Balance | Interest (a) | Rate (a) | ||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||
Loans: (b), (c) | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial (d) | $ | 57,541 | $ | 851 | 5.88 % | % | $ | 56,571 | $ | 858 | 6.02 % | % | $ | 52,887 | $ | 817 | 6.15 % | % | ||||||||||||||||||||
| Real estate — commercial mortgage | 13,356 | 198 | 5.91 | 13,697 | 208 | 6.02 | 13,343 | 202 | 6.01 | |||||||||||||||||||||||||||||
| Real estate — construction | 2,839 | 48 | 6.71 | 2,744 | 48 | 6.96 | 3,033 | 55 | 7.23 | |||||||||||||||||||||||||||||
| Commercial lease financing | 2,302 | 21 | 3.73 | 2,385 | 22 | 3.62 | 2,826 | 24 | 3.51 | |||||||||||||||||||||||||||||
| Total commercial loans | 76,038 | 1,118 | 5.84 | 75,397 | 1,136 | 5.98 | 72,089 | 1,098 | 6.07 | |||||||||||||||||||||||||||||
| Real estate — residential mortgage | 18,853 | 157 | 3.33 | 19,140 | 160 | 3.34 | 19,990 | 166 | 3.32 | |||||||||||||||||||||||||||||
| Home equity loans | 5,780 | 80 | 5.47 | 5,934 | 84 | 5.65 | 6,445 | 93 | 5.75 | |||||||||||||||||||||||||||||
| Other consumer loans | 4,715 | 61 | 5.15 | 4,825 | 63 | 5.17 | 5,256 | 67 | 5.08 | |||||||||||||||||||||||||||||
| Credit cards | 930 | 31 | 13.24 | 931 | 32 | 13.50 | 931 | 34 | 14.36 | |||||||||||||||||||||||||||||
| Total consumer loans | 30,278 | 329 | 4.33 | 30,830 | 339 | 4.38 | 32,622 | 360 | 4.40 | |||||||||||||||||||||||||||||
| Total loans | 106,316 | 1,447 | 5.41 | 106,227 | 1,475 | 5.51 | 104,711 | 1,458 | 5.55 | |||||||||||||||||||||||||||||
| Loans held for sale | 1,234 | 18 | 5.84 | 1,291 | 18 | 5.81 | 1,327 | 20 | 6.05 | |||||||||||||||||||||||||||||
Securities available for sale (b), (e) | 39,785 | 388 | 3.67 | 40,310 | 408 | 3.77 | 37,952 | 353 | 3.38 | |||||||||||||||||||||||||||||
Held-to-maturity securities (b) | 8,056 | 76 | 3.78 | 7,168 | 64 | 3.59 | 7,541 | 66 | 3.50 | |||||||||||||||||||||||||||||
| Trading account assets | 961 | 12 | 4.79 | 922 | 11 | 4.61 | 1,215 | 16 | 4.98 | |||||||||||||||||||||||||||||
| Short-term investments | 13,603 | 137 | 4.01 | 13,463 | 156 | 4.60 | 17,575 | 214 | 4.83 | |||||||||||||||||||||||||||||
Other investments (e) | 935 | 8 | 3.09 | 966 | 8 | 3.29 | 1,045 | 15 | 5.72 | |||||||||||||||||||||||||||||
| Total earning assets | 170,890 | 2,086 | 4.79 | 170,347 | 2,140 | 4.92 | 171,366 | 2,142 | 4.87 | |||||||||||||||||||||||||||||
| Allowance for loan and lease losses | (1,435) | (1,443) | (1,486) | |||||||||||||||||||||||||||||||||||
| Accrued income and other assets | 17,562 | 18,234 | 17,308 | |||||||||||||||||||||||||||||||||||
| Discontinued assets | 215 | 227 | 268 | |||||||||||||||||||||||||||||||||||
| Total assets | $ | 187,232 | $ | 187,365 | $ | 187,456 | ||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||
| Money market deposits | $ | 42,442 | $ | 246 | 2.30 % | % | $ | 41,953 | $ | 265 | 2.51 % | % | $ | 40,676 | $ | 283 | 2.77 % | % | ||||||||||||||||||||
| Demand deposits | 61,541 | 319 | 2.06 | 60,597 | 346 | 2.26 | 57,653 | 341 | 2.35 | |||||||||||||||||||||||||||||
| Savings deposits | 4,358 | 1 | .05 | 4,478 | 1 | .05 | 4,635 | 1 | .07 | |||||||||||||||||||||||||||||
| Time deposits | 13,857 | 122 | 3.48 | 15,239 | 136 | 3.54 | 17,641 | 196 | 4.43 | |||||||||||||||||||||||||||||
| Total interest-bearing deposits | 122,198 | 688 | 2.23 | 122,267 | 748 | 2.43 | 120,605 | 821 | 2.71 | |||||||||||||||||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | 413 | 4 | 3.80 | 368 | 4 | 4.32 | 84 | 1 | 3.99 | |||||||||||||||||||||||||||||
| Bank notes and other short-term borrowings | 1,072 | 9 | 3.23 | 1,372 | 14 | 3.91 | 1,832 | 24 | 5.19 | |||||||||||||||||||||||||||||
Long-term debt (f) | 10,274 | 162 | 6.27 | 11,071 | 181 | 6.53 | 13,984 | 235 | 6.70 | |||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 133,957 | 863 | 2.56 | 135,078 | 947 | 2.78 | 136,505 | 1,081 | 3.15 | |||||||||||||||||||||||||||||
| Noninterest-bearing deposits | 28,512 | 28,107 | 29,128 | |||||||||||||||||||||||||||||||||||
| Accrued expense and other liabilities | 4,160 | 4,289 | 4,823 | |||||||||||||||||||||||||||||||||||
Discontinued liabilities (f) | 215 | 227 | 268 | |||||||||||||||||||||||||||||||||||
| Total liabilities | $ | 166,844 | $ | 167,701 | $ | 170,724 | ||||||||||||||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||||||||||||||
| Total equity | $ | 20,388 | $ | 19,664 | $ | 16,732 | ||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 187,232 | $ | 187,365 | $ | 187,456 | ||||||||||||||||||||||||||||||||
| Interest rate spread (TE) | 2.23 % | % | 2.14 % | % | 1.72 % | % | ||||||||||||||||||||||||||||||||
| Net interest income (TE) and net interest margin (TE) | $ | 1,223 | 2.82 % | % | $ | 1,193 | 2.75 % | % | $ | 1,061 | 2.41 % | % | ||||||||||||||||||||||||||
TE adjustment (b) | 8 | 9 | 10 | |||||||||||||||||||||||||||||||||||
| Net interest income, GAAP basis | $ | 1,215 | $ | 1,184 | $ | 1,051 | ||||||||||||||||||||||||||||||||
(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, calculated using a matched funds transfer pricing methodology.
(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024.
(c)For purposes of these computations, nonaccrual loans are included in average loan balances.
(d)Commercial and industrial average balances include $211 million, $214 million, and $216 million of assets from commercial credit cards for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively.
(e)Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $42.1 billion, $43.1 billion, and $41.8 billion for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. Yield based on the fair value of securities available for sale was 3.90%, 4.05%, and 3.73% for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively.
(f)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key’s matched funds transfer pricing methodology to discontinued operations.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 21
| Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations | ||||||||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||||
| Twelve months ended December 31, 2025 | Twelve months ended December 31, 2024 | |||||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | |||||||||||||||||||||||
| Balance | Interest (a) | Rate (a) | Balance | Interest (a) | Rate (a) | |||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
Loans: (b), (c) | ||||||||||||||||||||||||||
Commercial and industrial (d) | $ | 55,877 | $ | 3,347 | 5.99 % | % | $ | 53,951 | $ | 3,378 | 6.26 % | % | ||||||||||||||
| Real estate — commercial mortgage | 13,358 | 798 | 5.97 | 14,080 | 873 | 6.20 | ||||||||||||||||||||
| Real estate — construction | 2,840 | 195 | 6.87 | 3,042 | 227 | 7.48 | ||||||||||||||||||||
| Commercial lease financing | 2,465 | 88 | 3.61 | 3,087 | 105 | 3.41 | ||||||||||||||||||||
| Total commercial loans | 74,540 | 4,428 | 5.94 | 74,160 | 4,583 | 6.18 | ||||||||||||||||||||
| Real estate — residential mortgage | 19,291 | 644 | 3.34 | 20,382 | 674 | 3.31 | ||||||||||||||||||||
| Home equity loans | 6,012 | 336 | 5.59 | 6,729 | 398 | 5.92 | ||||||||||||||||||||
| Other consumer loans | 4,892 | 250 | 5.11 | 5,519 | 278 | 5.04 | ||||||||||||||||||||
| Credit cards | 925 | 126 | 13.55 | 934 | 138 | 14.78 | ||||||||||||||||||||
| Total consumer loans | 31,120 | 1,356 | 4.35 | 33,564 | 1,488 | 4.43 | ||||||||||||||||||||
| Total loans | 105,660 | 5,784 | 5.47 | 107,724 | 6,071 | 5.64 | ||||||||||||||||||||
| Loans held for sale | 1,029 | 61 | 5.97 | 979 | 60 | 6.11 | ||||||||||||||||||||
Securities available for sale (b), (e) | 40,034 | 1,599 | 3.73 | 37,127 | 1,142 | 2.71 | ||||||||||||||||||||
Held-to-maturity securities (b) | 7,386 | 264 | 3.58 | 7,980 | 284 | 3.56 | ||||||||||||||||||||
| Trading account assets | 1,108 | 56 | 5.02 | 1,175 | 61 | 5.16 | ||||||||||||||||||||
| Short-term investments | 14,355 | 624 | 4.35 | 14,846 | 792 | 5.33 | ||||||||||||||||||||
Other investments (e) | 963 | 33 | 3.38 | 1,177 | 62 | 5.25 | ||||||||||||||||||||
| Total earning assets | 170,535 | 8,421 | 4.86 | 171,008 | 8,472 | 4.81 | ||||||||||||||||||||
| Allowance for loan and lease losses | (1,426) | (1,515) | ||||||||||||||||||||||||
| Accrued income and other assets | 17,655 | 17,322 | ||||||||||||||||||||||||
| Discontinued assets | 233 | 296 | ||||||||||||||||||||||||
| Total assets | $ | 186,997 | $ | 187,111 | ||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Money market deposits | $ | 42,247 | $ | 1,062 | 2.52 % | % | $ | 39,525 | $ | 1,146 | 2.90 % | % | ||||||||||||||
| Other demand deposits | 59,203 | 1,284 | 2.17 | 56,130 | 1,402 | 2.50 | ||||||||||||||||||||
| Savings deposits | 4,518 | 4 | .05 | 5,010 | 7 | .14 | ||||||||||||||||||||
| Time deposits | 15,323 | 569 | 3.72 | 16,497 | 752 | 4.56 | ||||||||||||||||||||
| Total interest-bearing deposits | 121,291 | 2,919 | 2.41 | 117,162 | 3,307 | 2.82 | ||||||||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | 325 | 13 | 4.12 | 103 | 4 | 4.35 | ||||||||||||||||||||
| Bank notes and other short-term borrowings | 1,996 | 84 | 4.20 | 2,984 | 164 | 5.49 | ||||||||||||||||||||
Long-term debt (f) | 11,298 | 734 | 6.50 | 17,279 | 1,187 | 6.87 | ||||||||||||||||||||
| Total interest-bearing liabilities | 134,910 | 3,750 | 2.78 | 137,528 | 4,662 | 3.39 | ||||||||||||||||||||
| Noninterest-bearing deposits | 27,985 | 28,993 | ||||||||||||||||||||||||
| Accrued expense and other liabilities | 4,376 | 4,886 | ||||||||||||||||||||||||
Discontinued liabilities (f) | 233 | 296 | ||||||||||||||||||||||||
| Total liabilities | $ | 167,504 | $ | 171,703 | ||||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||
| Total equity | $ | 19,493 | $ | 15,408 | ||||||||||||||||||||||
| Total liabilities and equity | $ | 186,997 | $ | 187,111 | ||||||||||||||||||||||
| Interest rate spread (TE) | 2.08 % | % | 1.42 % | % | ||||||||||||||||||||||
| Net interest income (TE) and net interest margin (TE) | $ | 4,671 | 2.69 % | % | $ | 3,810 | 2.16 % | % | ||||||||||||||||||
TE adjustment (b) | 35 | 45 | ||||||||||||||||||||||||
| Net interest income, GAAP basis | $ | 4,636 | $ | 3,765 | ||||||||||||||||||||||
(a)Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, calculated using a matched funds transfer pricing methodology.
(b)Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the twelve months ended December 31, 2025, and December 31, 2024, respectively.
(c)For purposes of these computations, nonaccrual loans are included in average loan balances.
(d)Commercial and industrial average balances include $214 million and $215 million of assets from commercial credit cards for the twelve months ended December 31, 2025, and December 31, 2024, respectively.
(e)Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $42.9 billion and $42.2 billion for the twelve months ended December 31, 2025, and December 31, 2024, respectively. Yield based on the fair value of securities available for sale was 3.99% and 3.08% for the twelve months ended December 31, 2025, and December 31, 2024, respectively.
(f)A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key’s matched funds transfer pricing methodology to discontinued operations.
TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 22
| Noninterest Expense | ||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | ||||||||||||||||
Personnel (a) | $ | 790 | $ | 742 | $ | 734 | $ | 2,917 | $ | 2,714 | ||||||||||
| Net occupancy | 69 | 65 | 67 | 270 | 266 | |||||||||||||||
| Computer processing | 106 | 105 | 107 | 425 | 414 | |||||||||||||||
| Business services and professional fees | 61 | 44 | 55 | 193 | 174 | |||||||||||||||
| Equipment | 22 | 20 | 20 | 83 | 80 | |||||||||||||||
| Operating lease expense | 8 | 9 | 15 | 38 | 63 | |||||||||||||||
| Marketing | 28 | 22 | 33 | 95 | 94 | |||||||||||||||
| Other expense | 157 | 170 | 198 | 682 | 740 | |||||||||||||||
| Total noninterest expense | $ | 1,241 | $ | 1,177 | $ | 1,229 | $ | 4,703 | $ | 4,545 | ||||||||||
Average full-time equivalent employees (b) | 17,396 | 17,414 | 16,810 | 17,226 | 16,753 | |||||||||||||||
(a)Additional detail provided in Personnel Expense table below.
(b)The number of average full-time equivalent employees has not been adjusted for discontinued operations.
| Personnel Expense | ||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | ||||||||||||||||
| Salaries and contract labor | $ | 446 | $ | 437 | $ | 418 | $ | 1,715 | $ | 1,609 | ||||||||||
| Incentive and stock-based compensation | 205 | 190 | 197 | 721 | 661 | |||||||||||||||
| Employee benefits | 131 | 112 | 119 | 460 | 442 | |||||||||||||||
| Severance | 8 | 3 | — | 21 | 2 | |||||||||||||||
| Total personnel expense | $ | 790 | $ | 742 | $ | 734 | $ | 2,917 | $ | 2,714 | ||||||||||
| Loan Composition | ||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Change 12/31/2025 vs. | ||||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 9/30/2025 | 12/31/2024 | ||||||||||||||||
Commercial and industrial (a), (b) | $ | 57,688 | $ | 56,791 | $ | 52,909 | 1.6 % | % | 9.0 % | % | ||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Commercial mortgage | 13,707 | 13,378 | 13,310 | 2.5 | 3.0 | |||||||||||||||
| Construction | 2,844 | 2,817 | 2,936 | 1.0 | (3.1) | |||||||||||||||
| Total commercial real estate loans | 16,551 | 16,195 | 16,246 | 2.2 | 1.9 | |||||||||||||||
Commercial lease financing (b) | 2,270 | 2,333 | 2,736 | (2.7) | (17.0) | |||||||||||||||
| Total commercial loans | 76,509 | 75,319 | 71,891 | 1.6 | 6.4 | |||||||||||||||
| Real estate — residential mortgage | 18,732 | 19,008 | 19,886 | (1.5) | (5.8) | |||||||||||||||
| Home equity loans | 5,703 | 5,863 | 6,358 | (2.7) | (10.3) | |||||||||||||||
| Other consumer loans | 4,644 | 4,779 | 5,167 | (2.8) | (10.1) | |||||||||||||||
| Credit cards | 953 | 933 | 958 | 2.1 | (.5) | |||||||||||||||
| Total consumer loans | 30,032 | 30,583 | 32,369 | (1.8) | (7.2) | |||||||||||||||
Total loans (c), (d) | $ | 106,541 | $ | 105,902 | $ | 104,260 | .6 % | % | 2.2 % | % | ||||||||||
(a)Loan balances include $205 million, $212 million, and $212 million of commercial credit card balances at December 31, 2025, September 30, 2025, and December 31, 2024, respectively.
(b)Commercial and industrial includes receivables held as collateral for a secured borrowing of $211 million at December 31, 2024. Commercial lease financing includes receivables held as collateral for a secured borrowing of $1 million, $1 million, and $3 million at December 31, 2025, September 30, 2025, and December 31, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables.
(c)Total loans exclude loans of $205 million at December 31, 2025, $216 million at September 30, 2025, and $257 million at December 31, 2024, related to the discontinued operations of the education lending business.
(d)Accrued interest of $459 million, $472 million, and $456 million at December 31, 2025, September 30, 2025, and December 31, 2024, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
| Loans Held for Sale Composition | ||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Change 12/31/2025 vs. | ||||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 9/30/2025 | 12/31/2024 | ||||||||||||||||
| Commercial and industrial | $ | 167 | $ | 130 | $ | 88 | 28.5 % | % | 89.8 % | % | ||||||||||
| Real estate — commercial mortgage | 761 | 806 | 616 | (5.6) | 23.5 | |||||||||||||||
| Real estate — residential mortgage | 149 | 62 | 93 | 140.3 | 60.2 | |||||||||||||||
| Total loans held for sale | $ | 1,077 | $ | 998 | $ | 797 | 7.9 % | % | 35.1 % | % | ||||||||||
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 23
| Summary of Changes in Loans Held for Sale | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | |||||||||||||
| Balance at beginning of period | $ | 998 | $ | 530 | $ | 811 | $ | 797 | $ | 1,058 | |||||||
| New originations | 3,356 | 3,471 | 1,806 | 1,840 | 2,915 | ||||||||||||
| Transfers from (to) held to maturity, net | (35) | — | (71) | 6 | — | ||||||||||||
| Loan sales | (3,232) | (2,956) | (2,012) | (1,695) | (3,039) | ||||||||||||
| Loan draws (payments), net | (10) | (42) | (1) | (138) | (136) | ||||||||||||
| Valuation and other adjustments | — | (5) | (3) | 1 | (1) | ||||||||||||
| Balance at end of period | $ | 1,077 | $ | 998 | $ | 530 | $ | 811 | $ | 797 | |||||||
| Summary of Loan and Lease Loss Experience From Continuing Operations | ||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | ||||||||||||||||
| Average loans outstanding | $ | 106,316 | $ | 106,227 | $ | 104,711 | $ | 105,660 | $ | 107,724 | ||||||||||
| Allowance for loan and lease losses at the beginning of the period | $ | 1,444 | $ | 1,446 | $ | 1,494 | $ | 1,409 | $ | 1,508 | ||||||||||
| Loans charged off: | ||||||||||||||||||||
| Commercial and industrial | 69 | 87 | 84 | 312 | 363 | |||||||||||||||
| Real estate — commercial mortgage | 25 | 27 | 18 | 94 | 40 | |||||||||||||||
| Real estate — construction | — | — | — | — | — | |||||||||||||||
| Total commercial real estate loans | 25 | 27 | 18 | 94 | 40 | |||||||||||||||
| Commercial lease financing | 4 | — | 1 | 6 | 7 | |||||||||||||||
| Total commercial loans | 98 | 114 | 103 | 412 | 410 | |||||||||||||||
| Real estate — residential mortgage | 1 | — | 1 | 2 | 3 | |||||||||||||||
| Home equity loans | 1 | — | — | 2 | 2 | |||||||||||||||
| Other consumer loans | 14 | 15 | 15 | 56 | 64 | |||||||||||||||
| Credit cards | 10 | 11 | 12 | 45 | 47 | |||||||||||||||
| Total consumer loans | 26 | 26 | 28 | 105 | 116 | |||||||||||||||
| Total loans charged off | 124 | 140 | 131 | 517 | 526 | |||||||||||||||
| Recoveries: | ||||||||||||||||||||
| Commercial and industrial | 7 | 21 | 12 | 57 | 58 | |||||||||||||||
| Real estate — commercial mortgage | 6 | — | — | 7 | 2 | |||||||||||||||
| Real estate — construction | — | — | — | — | — | |||||||||||||||
| Total commercial real estate loans | 6 | — | — | 7 | 2 | |||||||||||||||
| Commercial lease financing | — | — | — | — | 5 | |||||||||||||||
| Total commercial loans | 13 | 21 | 12 | 64 | 65 | |||||||||||||||
| Real estate — residential mortgage | 1 | 1 | 1 | 4 | 5 | |||||||||||||||
| Home equity loans | 1 | — | — | 3 | 2 | |||||||||||||||
| Other consumer loans | 2 | 2 | 2 | 8 | 8 | |||||||||||||||
| Credit cards | 3 | 2 | 2 | 8 | 6 | |||||||||||||||
| Total consumer loans | 7 | 5 | 5 | 23 | 21 | |||||||||||||||
| Total recoveries | 20 | 26 | 17 | 87 | 86 | |||||||||||||||
| Net loan charge-offs | (104) | (114) | (114) | (430) | (440) | |||||||||||||||
| Provision (credit) for loan and lease losses | 87 | 112 | 29 | 448 | 341 | |||||||||||||||
| Allowance for loan and lease losses at end of period | $ | 1,427 | $ | 1,444 | $ | 1,409 | $ | 1,427 | $ | 1,409 | ||||||||||
| Liability for credit losses on lending-related commitments at beginning of period | $ | 292 | $ | 297 | $ | 280 | $ | 290 | $ | 296 | ||||||||||
| Provision (credit) for losses on lending-related commitments | 21 | (5) | 10 | 23 | (6) | |||||||||||||||
| Other | — | — | — | — | — | |||||||||||||||
Liability for credit losses on lending-related commitments at end of period (a) | $ | 313 | $ | 292 | $ | 290 | $ | 313 | $ | 290 | ||||||||||
| Total allowance for credit losses at end of period | $ | 1,740 | $ | 1,736 | $ | 1,699 | $ | 1,740 | $ | 1,699 | ||||||||||
| Net loan charge-offs to average total loans | .39 % | % | .42 % | % | .43 % | % | .41 % | % | .41 % | % | ||||||||||
| Allowance for loan and lease losses to period-end loans | 1.34 | 1.36 | 1.35 | 1.34 | 1.35 | |||||||||||||||
| Allowance for credit losses to period-end loans | 1.63 | 1.64 | 1.63 | 1.63 | 1.63 | |||||||||||||||
| Allowance for loan and lease losses to nonperforming loans | 232 | 219 | 186 | 232 | 186 | |||||||||||||||
| Allowance for credit losses to nonperforming loans | 283 | 264 | 224 | 283 | 224 | |||||||||||||||
| Discontinued operations — education lending business: | ||||||||||||||||||||
| Loans charged off | $ | 1 | $ | 1 | $ | 1 | $ | 3 | $ | 4 | ||||||||||
| Recoveries | — | 1 | — | 1 | 1 | |||||||||||||||
| Net loan charge-offs | $ | (1) | $ | — | $ | (1) | $ | (2) | $ | (3) | ||||||||||
(a)Included in "Accrued expense and other liabilities" on the balance sheet.
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 24
| Asset Quality Statistics From Continuing Operations | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | |||||||||||||
| Net loan charge-offs | $ | 104 | $ | 114 | $ | 102 | $ | 110 | $ | 114 | |||||||
| Net loan charge-offs to average total loans | .39 % | % | .42 % | % | .39 % | % | .43 % | % | .43 % | % | |||||||
| Allowance for loan and lease losses | $ | 1,427 | $ | 1,444 | $ | 1,446 | $ | 1,429 | $ | 1,409 | |||||||
Allowance for credit losses (a) | 1,740 | 1,736 | 1,743 | 1,707 | 1,699 | ||||||||||||
| Allowance for loan and lease losses to period-end loans | 1.34 % | % | 1.36 % | % | 1.36 % | % | 1.36 % | % | 1.35 % | % | |||||||
| Allowance for credit losses to period-end loans | 1.63 | 1.64 | 1.64 | 1.63 | 1.63 | ||||||||||||
| Allowance for loan and lease losses to nonperforming loans | 232 | 219 | 208 | 208 | 186 | ||||||||||||
| Allowance for credit losses to nonperforming loans | 283 | 264 | 250 | 249 | 224 | ||||||||||||
| Nonperforming loans at period end | $ | 615 | $ | 658 | $ | 696 | $ | 686 | $ | 758 | |||||||
| Nonperforming assets at period end | 627 | 668 | 707 | 700 | 772 | ||||||||||||
| Nonperforming loans to period-end portfolio loans | .58 % | % | .62 % | % | .65 % | % | .65 % | % | .73 % | % | |||||||
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | .59 | .63 | .66 | .67 | .74 | ||||||||||||
(a)Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments.
| Summary of Nonperforming Assets and Past Due Loans From Continuing Operations | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| 12/31/2025 | 9/30/2025 | 6/30/2025 | 3/31/2025 | 12/31/2024 | |||||||||||||
| Commercial and industrial | $ | 256 | $ | 253 | $ | 280 | $ | 288 | $ | 322 | |||||||
| Real estate — commercial mortgage | 157 | 214 | 226 | 206 | 243 | ||||||||||||
| Real estate — construction | — | — | — | — | — | ||||||||||||
| Total commercial real estate loans | 157 | 214 | 226 | 206 | 243 | ||||||||||||
| Commercial lease financing | 7 | — | — | — | — | ||||||||||||
| Total commercial loans | 420 | 467 | 506 | 494 | 565 | ||||||||||||
| Real estate — residential mortgage | 104 | 98 | 95 | 94 | 92 | ||||||||||||
| Home equity loans | 80 | 82 | 84 | 87 | 89 | ||||||||||||
| Other Consumer loans | 4 | 4 | 4 | 4 | 5 | ||||||||||||
| Credit cards | 7 | 7 | 7 | 7 | 7 | ||||||||||||
| Total consumer loans | 195 | 191 | 190 | 192 | 193 | ||||||||||||
Total nonperforming loans (a) | 615 | 658 | 696 | 686 | 758 | ||||||||||||
| OREO | 9 | 10 | 11 | 14 | 14 | ||||||||||||
| Nonperforming loans held for sale | 3 | — | — | — | — | ||||||||||||
| Total nonperforming assets | $ | 627 | $ | 668 | $ | 707 | $ | 700 | $ | 772 | |||||||
| Accruing loans past due 90 days or more | $ | 99 | $ | 110 | $ | 74 | $ | 86 | $ | 90 | |||||||
| Accruing loans past due 30 through 89 days | 220 | 254 | 266 | 281 | 206 | ||||||||||||
| Nonperforming assets from discontinued operations — education lending business | 2 | 2 | 2 | 1 | 2 | ||||||||||||
| Nonperforming loans to period-end portfolio loans | .58 % | % | .62 % | % | .65 % | % | .65 % | % | .73 % | % | |||||||
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets | .59 | .63 | .66 | .67 | .74 | ||||||||||||
| Summary of Changes in Nonperforming Loans From Continuing Operations | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | |||||||||||||
| Balance at beginning of period | $ | 658 | $ | 696 | $ | 686 | $ | 758 | $ | 728 | |||||||
| Loans placed on nonaccrual status | 248 | 210 | 233 | 170 | 309 | ||||||||||||
| Charge-offs | (124) | (140) | (127) | (126) | (131) | ||||||||||||
| Loans sold | (7) | (13) | — | — | (13) | ||||||||||||
| Payments | (124) | (68) | (74) | (57) | (111) | ||||||||||||
| Transfers to OREO | (1) | (1) | (1) | (2) | (2) | ||||||||||||
| Loans returned to accrual status | (35) | (26) | (21) | (57) | (22) | ||||||||||||
| Balance at end of period | $ | 615 | $ | 658 | $ | 696 | $ | 686 | $ | 758 | |||||||
KeyCorp Reports Fourth Quarter 2025 Results
January 20, 2026
Page 25
| Line of Business Results | ||||||||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||||
| Change 4Q25 vs. | ||||||||||||||||||||||||||
| 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||||||
| Consumer Bank | ||||||||||||||||||||||||||
| Summary of operations | ||||||||||||||||||||||||||
| Total revenue (TE) | $ | 948 | $ | 935 | $ | 912 | $ | 872 | $ | 865 | 1.4 % | % | 9.6 % | % | ||||||||||||
| Provision for credit losses | 32 | 40 | 55 | 43 | 43 | (20.0) | (25.6) | |||||||||||||||||||
| Noninterest expense | 735 | 695 | 696 | 676 | 713 | 5.8 | 3.1 | |||||||||||||||||||
| Net income (loss) attributable to Key | 137 | 152 | 122 | 116 | 83 | (9.9) | 65.1 | |||||||||||||||||||
| Average loans and leases | 34,683 | 35,363 | 36,137 | 36,819 | 37,567 | (1.9) | (7.7) | |||||||||||||||||||
| Average deposits | 87,738 | 87,692 | 88,002 | 88,306 | 87,476 | .1 | .3 | |||||||||||||||||||
| Net loan charge-offs | 49 | 49 | 40 | 52 | 63 | — | (22.2) | |||||||||||||||||||
| Net loan charge-offs to average total loans | .56 % | % | .55 % | % | .44 % | % | .57 % | % | .67 % | % | 1.8 | (16.4) | ||||||||||||||
| Nonperforming assets at period end | $ | 201 | $ | 197 | $ | 196 | $ | 201 | $ | 201 | 2.0 | — | ||||||||||||||
| Return on average allocated equity | 18.87 % | % | 20.19 % | % | 16.20 % | % | 15.15 % | % | 10.24 % | % | (6.5) | 84.3 | ||||||||||||||
| Commercial Bank | ||||||||||||||||||||||||||
| Summary of operations | ||||||||||||||||||||||||||
| Total revenue (TE) | $ | 1,109 | $ | 1,014 | $ | 974 | $ | 942 | $ | 1001 | 9.4 % | % | 10.8 % | % | ||||||||||||
| Provision for credit losses | 73 | 68 | 84 | 75 | (3) | 7.4 | N/M | |||||||||||||||||||
| Noninterest expense | 512 | 482 | 449 | 462 | 515 | 6.2 | (.6) | |||||||||||||||||||
| Net income (loss) attributable to Key | 410 | 367 | 349 | 321 | 381 | 11.7 | 7.6 | |||||||||||||||||||
| Average loans and leases | 71,104 | 70,326 | 69,087 | 67,056 | 66,691 | 1.1 | 6.6 | |||||||||||||||||||
| Average loans held for sale | 1,140 | 1,224 | 707 | 754 | 1,247 | (6.9) | (8.6) | |||||||||||||||||||
| Average deposits | 60,436 | 58,483 | 55,886 | 57,436 | 59,687 | 3.3 | 1.3 | |||||||||||||||||||
| Net loan charge-offs | 53 | 64 | 62 | 57 | 52 | (17.2) | 1.9 | |||||||||||||||||||
| Net loan charge-offs to average total loans | .30 % | % | .36 % | % | .36 % | % | .34 % | % | .31 % | % | (16.7) | (3.2) | ||||||||||||||
| Nonperforming assets at period end | $ | 426 | $ | 471 | $ | 511 | $ | 499 | $ | 571 | (9.6) | (25.4) | ||||||||||||||
| Return on average allocated equity | 16.33 % | % | 14.87 % | % | 14.45 % | % | 13.80 % | % | 15.62 % | % | 9.8 | 4.5 | ||||||||||||||
TE = Taxable Equivalent; N/M = Not Meaningful
| Selected Items Impact on Earnings | ||||||||||||||
| (Dollars in millions, except per share amounts) | ||||||||||||||
Pretax(a) | After-tax at marginal rate(a) | |||||||||||||
| Quarter to date results | Amount | Net Income | EPS(c), (e) | |||||||||||
| Three months ended December 31, 2025 | ||||||||||||||
FDIC special assessment (other expense)(d) | $ | 21 | $ | 16 | $ | 0.01 | ||||||||
| Three months ended September 30, 2025 | ||||||||||||||
FDIC special assessment (other expense)(d) | 5 | 4 | — | |||||||||||
| Three months ended June 30, 2025 | ||||||||||||||
| No items | — | — | — | |||||||||||
| Three months ended March 31, 2025 | ||||||||||||||
| No items | — | — | — | |||||||||||
| Three months ended December 31, 2024 | ||||||||||||||
Loss on sale of securities(b) | (915) | (657) | (0.66) | |||||||||||
| Scotiabank investment agreement valuation (other income) | (3) | (2) | — | |||||||||||
FDIC special assessment (other expense)(d) | 3 | 2 | — | |||||||||||
| Three months ended September 30, 2024 | ||||||||||||||
Loss on sale of securities(b) | (918) | (737) | (0.77) | |||||||||||
FDIC special assessment (other expense)(d) | 6 | 5 | — | |||||||||||
| Three months ended June 30, 2024 | ||||||||||||||
FDIC special assessment (other expense)(d) | (5) | (4) | — | |||||||||||
| Three months ended March 31, 2024 | ||||||||||||||
FDIC special assessment (other expense)(d) | (29) | (22) | (0.02) | |||||||||||
| Year to date results | ||||||||||||||
| Twelve months ended December 31, 2025 | ||||||||||||||
FDIC special assessment (other expense)(d) | $ | 26 | $ | 20 | $ | 0.02 | ||||||||
| Twelve months ended December 31, 2024 | ||||||||||||||
| Loss on sale of securities | (1,833) | (1,394) | (1.45) | |||||||||||
| Scotiabank investment agreement valuation (other income) | (3) | (2) | — | |||||||||||
FDIC special assessment (other expense)(d) | (25) | (19) | (0.02) | |||||||||||
(a)Favorable (unfavorable) impact.
(b)After-tax loss on sale of securities for the three months ended September 30, 2024 adjusted to reflect impact of GAAP accounting for income taxes in interim periods, with related adjustments recorded in the fourth quarter of 2024.
(c)Impact to EPS reflected on a fully diluted basis.
(d)In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC.
(e)Earnings per share may not foot due to rounding.
KeyCorp Fourth Quarter 2025 Earnings Review January 20, 2026 Chris Gorman Chairman and Chief Executive Officer Clark Khayat Chief Financial Officer
8 out of 14 new Directors over the past 6 years(5) +26% 2025 total shareholder return, #2 rank amongst peers(2) ROTCE targets with limited execution risk $1.2Bn+ Planned share repurchases in 2026 10.3% 4Q25 marked CET1 ratio, above 9.5–10% long-term target(4) $200MM 4Q25 share buybacks, ~2x initial target Delivering Value to Our Shareholders - Strong Positioning for the Future 2 TE = Taxable equivalent Note: (1) Reflects comparison of adjusted metrics, where applicable. Non-GAAP measure: see appendix for reconciliation and slide 27 for breakout of Selected Items Impact on Earnings; (2) Peers include CFG, FITB, HBAN, MTB, PNC, RF, TFC, USB, and ZION; (3) Represents a forward-looking Non-GAAP measure: Refer to slide 28, "Forward-Looking Statements and Additional Information," for more information; (4) Adjusted for unrealized AFS Securities and Pension losses and non-GAAP measure: see slide 26 for reconciliation; (5) Subject to shareholder election at the 2026 annual meeting Building Momentum in 2025 and Beyond +16% Revenue (TE)(1) YoY growth +23% Net interest income (TE) YoY growth +11.8% 2025 operating leverage(1) Taking Action to Execute Substantial ROTCE Growth Plan Continued meaningful NIM expansion in 2026 and 2027 High single-digit growth in priority fee areas with controlled expense growth 15%+ by 4Q27(3) 16 – 19% Long-term(3) Capital Position Facilitates Accelerated Share Repurchases 2 new Independent Directors to join Board(5) Strong Leadership to Drive Next Phase of Value Creation New Lead Independent Director
Delivering on Our 2025 Guidance FY2025(1) (vs. FY2024) Ranges are shown on an operating basis (1) 2025 guidance as of January 21, 2025; (2) Reflects comparison of adjusted metrics, where applicable. Non-GAAP measure: see appendix for reconciliation and slide 27 for breakout of Selected Items Impact on Earnings $ in millions, unless otherwise stated down 2 – 5% Flat vs. YE 2024 up 2 – 4% up ~20% 10%+ 4Q25 vs. 4Q24 2.70%+ in 4Q25 up 5%+ up 3 – 5% 40 – 45 bps Adjusted Noninterest Income(2) Adjusted Noninterest Expense(2) NCOs to Average Loans FY2025 (vs. FY2024) Actuals down ~2% up +2% up +6% Net Interest Income (TE) Net Interest Margin Average Loans Ending Loans PE Commercial Loans up +23% +15% 4Q25 vs. 4Q24 2.82% in 4Q25 up +7.5% up 4.6% 41 bps Met or Exceeded 3
Financial Review
Adjusted Noninterest Expense $1,262(2) ▪ EPS of $0.43; or $0.41 on an adjusted basis, up 8% YoY(1) ▪ Adjusted revenue up 12% YoY(1) and up 6% QoQ – Net interest income(3) up 3% QoQ, driven by lower deposit costs and balance sheet optimization – NIM of 2.82% up 7 bps QoQ – Noninterest income up 8% YoY(1) ▪ Adjusted noninterest expenses up 2% YoY(1) ▪ Credit quality metrics broadly improved QoQ across NCOs, NPLs, criticized loans, and delinquencies – Loan loss provision of $108MM; ACL build of $4MM ▪ CET1 ratio at 11.7%(2) – Marked CET1 ratio of 10.3%(2),(3), flat QoQ ▪ Tangible book value per common share increased 18% YoY ▪ Repurchased $200MM of common stock 4Q25 Highlights $ in millions, excluding per share metrics From continuing operations, unless otherwise noted Reported QoQ Δ YoY Δ EPS $0.43 — 8% Net Interest Income (TE) (3) $1,223 3% 15% Noninterest Income $782 11% 8% Revenue (TE) (3) $2,005 6% 12% Noninterest Expense $1,241 7% 2% Provision for Credit Losses $108 1% N/M CET1(2) 11.7% (11) bps (22) bps Cash Efficiency Ratio(3) 61.6% 58 bps (613) bps ROTCE(3) 12.4% (39) bps N/M Tangible Book Value per Common Share $13.77 3% 18% 5 N/M = Not Meaningful (1) Reflects comparison of adjusted metrics. Non-GAAP measure: see appendix for reconciliation and slide 27 for breakout of Selected Items Impact on Earnings; (2) 12/31/2025 ratio is estimated (3) Non- GAAP measure: see appendix for reconciliation and slide 27 for breakout of Selected Items Impact on Earnings Adjusted EPS $0.41(3); Adjusted Noninterest Expense: $1,262(3) (1) (1) (1) (1) (1) (1) (1) (1) (1)
▪ Reported EPS of $1.52, or $1.50 on an adjusted basis(2) ▪ Net interest income(2) up 23%, reflecting lower deposit costs, improved funding mix, and recycling from low-yielding consumer mortgages into relationship-based commercial loans ▪ Adjusted noninterest income up 7.5%(1), driven by strong growth in investment banking and debt placement fees, deposit service charges, trust and investment services, and commercial mortgage servicing fees ▪ Adjusted expenses up 4.6%(1), reflecting incremental investments in bankers and technology, and higher incentive compensation associated with strong revenue performance ▪ Adjusted total operating leverage of ~12% and adjusted fee- based operating leverage of ~3% on a YoY(1) basis ▪ Net charge-offs to average loans stable compared to year- ago levels FY 2025 Highlights $ in millions, excluding per share metrics From continuing operations, unless otherwise noted 2025 Reported FY25 vs FY24 EPS $1.52 29% Net Interest Income (TE) (2) $4,671 23% Noninterest Income $2,842 7% Revenue (TE) (2) $7,513 16% Noninterest Expense $4,703 5% Provision for Credit Losses $471 41% NCOs to Average Loans 41 bps — Average Loans $105,660 (2)% Ending Loans $106,541 2% PE Commercial Loans $76,509 6% 6 (1) Reflects comparison of adjusted metrics, where applicable. Non-GAAP measure: see appendix for reconciliation and slide 27 for breakout of Selected Items Impact on Earnings; (2) Non-GAAP measure: see appendix for reconciliation Adjusted EPS $1.50(2); Adjusted Noninterest Expense: $4,729(2) (1) (1) (1) (1)
$105.9 $0.9 $0.4 $(0.1) $(0.3) $(0.3) $106.5 9/30/25 C&I CRE Comm'l Lease Residential Mortgage Other Consumer 12/31/25 ▪ ~67% variable rate, or 32% after adjusting for loans swapped to a fixed rate; loan yields would have been 5.69% in fourth quarter 2025 excluding the impact from hedges(3) ▪ ~90% of commercial loans are made to clients who do additional business with Key(4) ▪ ~55% of the C&I portfolio is investment grade; Consumer book has a 763 weighted average FICO at origination ▪ C&I line utilization: 30% in 4Q25 (down ~100 bps from 3Q25), driven by an increase in commitments ▪ Average loans up slightly – Increase in average commercial loans (+0.9%), primarily driven by an increase in C&I loans (+1.7%) – Partially offset by a decline in total consumer loans (-1.8%), reflective of the intentional run-off of low- yielding consumer mortgages vs. Prior Quarter Portfolio Highlights Note: Graphs may not foot due to rounding (1) CRE includes real estate – commercial mortgage and real estate – construction; (2) Other Consumer includes home equity loans, credit cards, and other consumer loans; (3) Non-GAAP measure: see appendix for reconciliation; (4) Defined as capital markets, payments or deposits Average Loans Consumer Commercial Loan Yield $ in billions QoQ Ending Balances by Type 7 $104.7 $104.4 $105.7 $106.2 $106.3 $72.1 $72.4 $74.3 $75.4 $76.0 $32.6 $32.0 $31.4 $30.8 $30.3 5.55% 5.47% 5.51% 5.51% 5.41% 4Q24 1Q25 2Q25 3Q25 4Q25 9/ 5 /31/25CRE(1) (2) consu er
▪ Average deposits increased $336MM – Client deposits up $1.6Bn, driven by growth in commercial – Brokered CDs declined by $1.3Bn – Consumer deposits were flat ▪ Total deposit costs declined by 16 bps, with total interest- bearing deposit costs declining 20 bps – Cumulative down interest-bearing deposit beta: ~51%(3) 36% 17%7% 31% 7% 2% 41% 28% 19% 9% 3% vs. Prior Quarter Deposit Franchise Highlights ▪ Full-year average client deposits increased 2% compared to full-year 2024 ▪ Average NIB deposits grew 1% sequentially, stable at 19% of total deposits – NIB deposits including hybrids: 24% of total deposits ▪ Commercial deposit balances driven by relationship clients – 81% from clients with a core operating account – 96% from clients with an operating account ▪ Loan-to-deposit ratio: 72%(4) 4Q25 Product Mix Time deposits Savings Noninterest- bearing IB Demand 4Q25 Interest-Bearing Mix Consumer ex term products 21% MMDA Managed Commercial Indexed Commercial Wealth Average Deposits Consumer Other(1) Commercial Total deposit cost Consumer term products(2) Note: Graphs may not foot due to rounding (1) Other includes treasury brokered deposits and other deposits; (2) Includes MMDA promos and retail CDs; (3) Cumulative beta indexed to 3Q24; (4) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits 24% including hybrid accounts Treasury / Other 8 $149.7 $148.5 $147.4 $150.4 $150.7 $87.5 $88.3 $88.0 $87.7 $87.7 $59.7 $57.4 $55.9 $58.5 $60.4 2.18% 2.06% 1.99% 1.97% 1.81% 4Q24 1Q25 2Q25 3Q25 4Q25 $ in billions
$1,193 $18 $12 $4 $(4) $1,223 Balance Sheet Mix Rate Impacts & Deposit Cost Management Fixed-Rate Securities Repricing Swap Maturities & Starts $1,061 $1,105 $1,150 $1,193 $1,223 2.41% 2.58% 2.66% 2.75% 2.82% Net Interest Income (TE) Net Interest Margin (TE) 4Q24 1Q25 2Q25 3Q25 4Q25 TE = Taxable equivalent; Note: NII and NIM walks may not foot due to rounding (1) Non-GAAP measure: see appendix for reconciliation Net Interest Income and Margin (TE)(1) +3% +15% NII Walk (TE) NIM Walk (TE) 9 2.75% 4 bps 3 bps 1 bp (1) bp 2.82% Balance Sheet Mix Rate Impacts & Deposit Cost Management Fixed-Rate Securities Repricing Swap Maturities & Starts From continuing operations, $ in millions 3Q25 4Q25 3Q25 4Q25
$722 $702 $782 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 QoQ YoY Investment Banking & Debt Placement $221 $184 $243 32% 10% Trust & Investment Services $142 $150 $156 4% 10% Cards & Payments $85 $86 $84 (2)% (1)% Corporate Services $69 $72 $81 13% 17% Service Charges on Deposits $65 $75 $78 4% 20% Commercial Mortgage Servicing $68 $73 $68 (7)% — Other(2) $(846) $62 $72 16% N/M (1) Reflects comparison of adjusted metrics. Non-GAAP measure: see appendix for reconciliation and slide 27 for breakout of Selected Items Impact on Earnings; (2) Other includes Corporate-Owned Life Insurance Income, Consumer Mortgage Income, Operating Lease Income and Other Leasing Gains, Net Securities gains (losses), and Other Income Noninterest Income Noninterest Income Detail % change vs. Prior Year ▪ Adjusted noninterest income(1) up $60MM (+8%), excluding the loss on the sale of securities and Scotiabank valuation agreement of $918MM in 4Q24 – Investment banking and debt placement fees up $22MM (+10%), reflecting higher debt issuance activity – Trust and investment services fees were up $14MM (+10%), reflecting higher market levels and positive net flows ▪ Record $70Bn AUM – Corporate services fees increased $12MM (+17%), driven by higher client FX and derivatives fees, and higher loan commitments – Service charges on deposit increased $13MM (+20%), due to continued momentum in commercial payments 10 Illustrative, not drawn to scale; $ in millions As reported: $(196) Reported results include $918MM pretax loss on selected items(1) (1) +8%(1)
$1,229 $1,177 $1,241 $734 $742 $790 $498 $440 $472 4Q24 3Q25 4Q25 ▪ Higher personnel expense primarily related to continued investments in people, incentive compensation associated with strong noninterest income growth, and higher benefits expenses ▪ Partially offset by a decrease in non-personnel expense reflecting the FDIC special assessment benefit, lower charitable contributions, and other miscellaneous expenses (5)% Personnel Non-personnel (2) YoY +8% +1% QoQ +7% +6% +5% $ in millions Noninterest Expense vs. Prior Quarter % change vs. Prior Year (1) See slide 27 for breakout of Selected Items Impact on Earnings; (2) Excludes selected items, See slide 27 for breakout of Selected Items Impact on Earnings 11 $(5)(1) $(21)(1)$(3)(1) 4Q25 Notable Expenses ▪ ~$30MM higher than typical expenses across professional fees, claims expenses, benefits costs, state taxes, and other elevated expenses Reported Total ▪ Higher personnel expense reflects an increase in incentive compensation and seasonally higher employee benefits ▪ Non-personnel increase reflects tech related investments, seasonality, and other elevated expenses, partially offset by the FDIC special assessment benefit +2% Adjusted(2)
0.20% 0.27% 0.25% 0.24% 0.21% 0.09% 0.08% 0.07% 0.10% 0.09% 30-89 days delinquent 90+ days delinquent 4Q24 1Q25 2Q25 3Q25 4Q25 $6,337 $6,265 $6,062 $5,871 $5,373 6.1% 6.0% 5.7% 5.5% 5.0% Criticized Outstandings Criticized Outstandings to Period-end Total Loans 4Q24 1Q25 2Q25 3Q25 4Q25 $772 $700 $707 $668 $627 0.74% 0.67% 0.66% 0.63% 0.59% NPAs NPA Ratio 4Q24 1Q25 2Q25 3Q25 4Q25 (1) Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets; (2) Loan and lease outstandings $ in millions Net Charge-Offs (NCOs) & Provision for Credit Losses Delinquencies to Period-End Total Loans Criticized Outstandings(2) to Period-End Total Loans From continuing operations; $ in millions; Nonperforming Asset (NPA) Ratio(1) $ in millions Credit Quality From continuing operations 12 $114 $110 $102 $114 $104 $39 $118 $138 $107 $108 0.43% 0.43% 0.39% 0.42% 0.39% NCOs Provision for credit losses NCOs to Average Loans 4Q24 1Q25 2Q25 3Q25 4Q25 (1)
$(2.2) $(2.0) $(1.9) $(1.5) $(1.9) $(1.8) $(1.7) $(1.3) ~4% capital accretion 9.7% 9.9% 10.0% 10.3% 10.3% 4Q24 1Q25 2Q25 3Q25 4Q25 11.9% 11.8% 11.7% 11.8% 11.7% 4Q24 1Q25 2Q25 3Q25 4Q25 7.0% 7.4% 7.8% 8.1% 8.4% 4Q24 1Q25 2Q25 3Q25 4Q25 $ in billions Tangible Common Equity Ratio(2) Common Equity Tier 1 Ratio(1) Projected AOCI Impacts (1) 12/31/2025 ratio is estimated. As of January 1, 2025, the CECL optional transition provision had been fully phased-in. Amounts prior to January 1, 2025, reflect Key's election to adopt the CECL optional transition provision; (2) Non-GAAP measure: see appendix for reconciliation; (3) Projected AOCI assumes ~50bps of rate cuts in 2026, no cuts in 2027, 2-to-5 year UST rates ~90 bps steeper in 2026 and 2027; (4) Rates held at 12/31/2025 levels Capital ~23% capital accretion Forward Rates(3) AOCI Position 9/30/25 12/31/27 12/31/27 AFS AOCI Other AOCI Marked Common Equity Tier 1 Ratio(1),(2) 12/31/25 ~(20)bps ~9% ~140bps ~60bps 13 Flat Rates(4)
2026 Outlook 14 $ in millions, unless otherwise stated FY2026 (vs.FY2025) Ranges are shown on an operating basis Revenue (TE)(1) (FY25 baseline: $7,513) up ~7% Net Interest Income (TE)(1) (FY25 baseline: $4,671) up 8 – 10% Net Interest Margin 4Q exit rate: 3.00 – 3.05% On ~$170Bn Average Earning Assets Noninterest Income (FY25 baseline: $2,842) up 3 – 4% Noninterest Income on an Adjusted Basis(1) (FY25 baseline: $2,495)(2) up 5 – 6%(2) Adjusted Noninterest Expense(1) (FY25 baseline: $4,729)(3) up 3 – 4% Average Loans (FY25 baseline: $105.7Bn) up 1 – 2% Average Commercial Loans (FY25 baseline: $74.5Bn) up ~5% NCOs to Average Loans 40 – 45 bps Tax Rate GAAP Tax-Rate: ~22% Tax-equivalent Effective Rate(4): ~23% (1) Represents a forward-looking Non-GAAP measure: Refer to slide 28, "Forward-Looking Statements and Additional Information," for more information; (2) Excluding commercial mortgage servicing fees, operating lease income, other leasing gains, other income and net securities gains (losses); (3) Non-GAAP measure: Adjusted noninterest expense for 2025 excludes a $26MM benefit from the FDIC special assessment. See slide 27 for breakout of Selected Items Impact on Earnings; (4) Reflects the estimated full year taxable-equivalent adjustment 4Q27 Targets(1) With limited execution risk 3.25%+ / 15%+ NIM and ROTCE 16 – 19% ROTCE 9.5 – 10% Marked CET1 Long-Term Targets(1)
Appendix
(1) Yield is calculated on an amortized cost basis; (2) Based on 12/31/2025 period-end balances; chart may not foot due to rounding Loan Composition(2) $ in billions Average Total Investment Securities Fixed-Rate Asset Repricing Tailwinds – 1Q26 to 2027 Balance Sheet Management Detail 16 $45.5 $46.6 $47.8 $47.5 $47.8 $7.5 $7.3 $7.0 $7.2 $8.1 $38.0 $39.3 $40.7 $40.3 $39.8 3.40% 3.64% 3.71% 3.75% 3.69% Average HTM Securities Average AFS Securities Average Yield 4Q24 1Q25 2Q25 3Q25 4Q25 3M SOFR 11% Other 1% (1) $ in billions 1Q26 2Q26 3Q26 4Q26 2026 2027 Projected receive-fixed swaps maturities $2.8 $2.2 $2.2 $1.9 $9.1 $10.7 Weighted-average rate received (%) 2.63% 2.95% 2.82% 2.73% 2.78% 3.01% Projected fixed-rate loans cash flows / maturities $1.6 $1.7 $1.7 $1.6 $6.6 $6.6 Weighted-average rate received (%) 4.16% 4.17% 4.25% 4.36% 4.23% 4.63% Memo: Projected Residential Mortgages $0.5 $0.5 $0.6 $0.5 $2.1 $1.8 Memo: Weighted-average rate received (%) 3.45% 3.47% 3.49% 3.52% 3.48% 3.62% Projected fixed-rate investment securities cash flows / maturities $2.0 $2.3 $2.2 $2.2 $8.7 $8.5 Weighted-average rate received (%) 3.67% 3.94% 4.17% 4.12% 3.98% 4.04% Memo: Projected fixed-rate MBS cash flows / maturities $1.3 $1.6 $1.5 $1.4 $5.8 $5.5 Memo: Weighted-average rate received (%) 3.65% 3.60% 3.88% 3.85% 3.74% 3.86% 1M SOFR 21% O/N SOFR 27%Fixed 33% Prime 7%
Hedging Strategy Opportunity 17 $ in billions; ending balances 3.3% 3.4% 3.4% 3.4% 3.5% 3.5% 3.7% 1Q26 2Q26 3Q26 4Q26 YE26 YE27 $2.8 $2.2 $2.2 $1.9 $9.1 $10.7 2.6% 3.0% 2.8% 2.7% 2.8% 3.0% (1) Portfolio as of 12/31/2025, includes already executed forward-starting swaps; (2) AFS securities swapped to floating rate $Bn 12/31/2025 Debt Hedges $8.7 Securities Hedges(2) $10.2 Floor Spreads $2.5 Other Hedge Positions ▪ Executed $3.0Bn of spot-starting receive-fixed swaps in 4Q25 with a W.A. receive rate of 3.4% and average maturity of 2.2 years 4Q25 ALM Hedge Actions W.A. Receive- fixed Rate Receive-fixed Asset Swaps(1) ▪ Forward-starting cash flow hedges of $2.2Bn in 1Q26 – W.A. receive rate: 4.1% Forward-Starting Swaps as of 12/31 Maturing Swaps ($Bn) W.A. Receive-fixed Rate
291% 195% —% 64% 65% —% —% C&I CRE Comm'l Lease Resi Mtg Home Equity Credit Cards Other Consumer $1,699 $1,707 $1,743 $1,736 $1,740 1.63% 1.63% 1.64% 1.64% 1.63% ACL ACL to Period-end Loans 4Q24 1Q25 2Q25 3Q25 4Q25 6.19% 8.71% 6.02% 0.57% 1.49% 1.79% 0.33% C&I CRE Comm'l Lease Resi Mtg Home Equity Credit Cards Other Consumer 0.43% 0.46% 0.73% 0.05% 3.44% 0.96% (0.01)% C&I CRE Comm'l Lease Resi Mtg Home Equity Credit Cards Other Consumer Credit Quality by Portfolio (3) (4) N/M = Not Meaningful Note: All metrics are as of 12/31/2025 unless otherwise noted; (1) Net loan charge-off amounts are annualized in calculation; (2) Ratios calculated using unrounded figures and therefore may not foot to calculation using rounded figures presented in chart; (3) Commercial and industrial average balances include $211 million of assets from commercial credit cards; (4) Loan balances include $205 million of commercial credit card balances at December 31, 2025 NCOs to Average Loans (%)(1),(2) ↓ 44 bps QoQ 18 Allowance for Credit Losses (ACL) Allowance to NPLs (%)(2) Criticized Outstandings to Period-End Loans (%)(2) ↓ 250 bps QoQ N/M N/MN/M
(1) On a best efforts, re-stated basis to apply new regulatory guidance to prior period numbers REITs: ▪ Well-structured, mostly investment grade ▪ Diversified portfolio ▪ Avg LTV ~40% ▪ Avg FCCR of 3x 40% 30% 16% 5% 4Q25 Non-Depository Financial Institutions (NDFI) Portfolio 19 NDFI Portfolio $18.4Bn 5% Other Specialty Finance Lending (SFL): ▪ 98% investment grade ▪ De minimis historical losses ▪ Senior positions ▪ SSFA treatment in calculating RWAs Finance Co's / Insurance: ▪ Approx. 71% finance companies, 29% insurance ▪ 50% investment-grade Unitranche: ▪ Differentiated capability driving growth ▪ Leverages off-balance sheet capital partnerships SFL REITs Finance Co's / Insurance $17.5 $17.7 $17.7 $18.2 $18.4 $—4Q24 1Q25 2Q25 3Q25 4Q25 $ in billions Recent NDFI Outstandings Trends +5% Long-Term NDFI Approach 4% Subscription ▪ Disciplined client selection, supportable transparent structures, and laser focus on risk diversity ▪ High quality portfolio, largely managed in specialty areas ▪ NDFI portfolio is ~90% investment grade and has grown at a measured pace in recent years(1)
GAAP to Non-GAAP Reconciliation $ in millions 4Q25 3Q25 4Q24 Tangible common equity to tangible assets at period end Key shareholders’ equity (GAAP) $ 20,381 $ 20,102 $ 18,176 Less: Intangible assets 2,760 2,765 2,779 Preferred stock(1) 2,446 2,446 2,446 Tangible common equity (non-GAAP) $ 15,175 $ 14,891 $ 12,951 Total assets (GAAP) $ 184,381 $ 187,409 $ 187,168 Less: Intangible assets 2,760 2,765 2,779 Tangible assets (non-GAAP) $ 181,621 $ 184,644 $ 184,389 Tangible common equity to tangible assets ratio (non-GAAP) 8.36 % 8.06 % 7.02 % Average tangible common equity Average Key shareholders’ equity (GAAP) $ 20,388 $ 19,664 $ 16,732 Less: Intangible assets (average) 2,762 2,767 2,783 Preferred stock (average) 2,500 2,500 2,500 Average tangible common equity (non-GAAP) $ 15,126 $ 14,397 $ 11,449 Return on average tangible common equity from continuing operations Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) $ 474 $ 454 $ (279) Average tangible common equity (non-GAAP) $ 15,126 $ 14,397 $ 11,449 Return on average tangible common equity from continuing operations (non-GAAP) 12.43 % 12.51 % (9.69) % Adjusted return on average tangible common equity from continuing operations Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP) $ 458 $ 450 $ 378 Adjusted return on average tangible common equity from continuing operations excluding notable items (non-GAAP) 12.01 % 12.40 % 13.13 % Return on average tangible common equity consolidated Net income (loss) attributable to Key common shareholders (GAAP) $ 475 $ 453 $ (279) Average tangible common equity (non-GAAP) 15,126 14,397 11,449 Return on average tangible common equity consolidated (non-GAAP) 12.46 % 12.48 % (9.69) % (1) Net of capital surplus 20
$ in millions 4Q25 3Q25 4Q24 Pre-provision net revenue Net interest income (GAAP) $ 1,215 $ 1,184 $ 1,051 Plus: Taxable-equivalent adjustment 8 9 10 Noninterest income (GAAP) 782 702 (196) Less: Noninterest expense (GAAP) 1,241 1,177 1,229 Pre-provision net revenue from continuing operations (non-GAAP) $ 764 $ 718 $ (364) Adjusted pre-provision net revenue Pre-provision net revenue from continuing operations (non-GAAP) $ 764 $ 718 $ (364) Plus: Selected items(1) (21) (5) 915 Adjusted pre-provision net revenue from continuing operations (non-GAAP) $ 743 $ 713 $ 551 Cash efficiency ratio and Adjusted cash efficiency ratio Noninterest expense (GAAP) $ 1,241 $ 1,177 $ 1,229 Less: Intangible asset amortization 5 5 7 Noninterest expense less intangible asset amortization (non-GAAP) $ 1,236 $ 1,172 $ 1,222 Plus: Selected items(1) 21 5 3 Adjusted noninterest expense less intangible asset amortization (non-GAAP) 1,257 1,177 1,225 Net interest income (GAAP) $ 1,215 $ 1,184 $ 1,051 Plus: Taxable-equivalent adjustment 8 9 10 Net interest income TE (non-GAAP) $ 1,223 $ 1,193 $ 1,061 Noninterest income (GAAP) 782 702 (196) Total taxable-equivalent revenue (non-GAAP) $ 2,005 $ 1,895 $ 865 Plus: Selected items(1) — — 918 Adjusted taxable-equivalent revenue (non-GAAP) $ 2,005 $ 1,895 $ 1,783 Cash efficiency ratio (non-GAAP) 61.6 % 61.8 % 141.3 % Adjusted cash efficiency ratio (non-GAAP) 62.7 % 62.1 % 68.8 % (1) See slide 27 for breakout on Selected Items Impact on Earnings 21 GAAP to Non-GAAP Reconciliation
$ in millions 4Q25 3Q25 4Q24 Adjusted taxable-equivalent revenue Noninterest income (GAAP) $ 782 $ 702 $ (196) Plus: Selected Items(1) — — 918 Adjusted noninterest income (non-GAAP) $ 782 $ 702 $ 722 Net interest income TE (non-GAAP) 1,223 1,193 1,061 Total adjusted taxable-equivalent revenue (non-GAAP) $ 2,005 $ 1,895 $ 1,783 Adjusted noninterest expense Noninterest expense (GAAP) $ 1,241 $ 1,177 $ 1,229 Plus: Selected Items(1) 21 5 3 Adjusted noninterest expense (non-GAAP) $ 1,262 $ 1,182 $ 1,232 Adjusted income (loss) available from continuing operations attributable to Key common shareholders Income (loss) from continuing operations attributable to Key common shareholders (GAAP) $ 474 $ 454 $ (279) Plus: Selected Items (net of tax)(1) (16) (4) 657 Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP) $ 458 $ 450 $ 378 Diluted earnings per common share (EPS) - adjusted Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $ 0.43 $ 0.41 $ (0.28) Plus: EPS impact of selected items(1) (0.01) — 0.66 Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP)(2) $ 0.41 $ 0.41 $ 0.38 (1) See slide 27 for breakout on Selected Items Impact on Earnings; (2) Earnings per share may not foot due to rounding. 22 GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in millions FY2025 FY2024 Average tangible common equity Average Key shareholders’ equity (GAAP) $ 19,493 $ 15,408 Less: Intangible assets (average) 2,769 2,793 Preferred stock (average) 2,500 2,500 Average tangible common equity (non-GAAP) $ 14,224 $ 10,115 Return on average tangible common equity from continuing operations Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) $ 1,685 $ (306) Average tangible common equity (non-GAAP) $ 14,224 $ 10,115 Return on average tangible common equity from continuing operations (non-GAAP) 11.85 % (3.03) % Adjusted return on average tangible common equity from continuing operations Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP) $ 1,665 $ 1,109 Adjusted return on average tangible common equity from continuing operations excluding notable items (non-GAAP) 11.71 % 10.96 % Return on average tangible common equity consolidated Net income (loss) attributable to Key common shareholders (GAAP) $ 1,686 $ (304) Average tangible common equity (non-GAAP) 14,224 10,115 Return on average tangible common equity consolidated (non-GAAP) 11.85 % (3.01) % Pre-provision net revenue Net interest income (GAAP) $ 4,636 $ 3,765 Plus: Taxable-equivalent adjustment 35 45 Noninterest income (GAAP) 2,842 809 Less: Noninterest expense (GAAP) 4,703 4,545 Pre-provision net revenue from continuing operations (non-GAAP) $ 2,810 $ 74 Adjusted pre-provision net revenue Pre-provision net revenue from continuing operations (non-GAAP) $ 2,810 $ 74 Plus: Selected items(1) (26) 1,858 Adjusted pre-provision net revenue from continuing operations (non-GAAP) $ 2,784 $ 1,932 (1) Net of capital surplus 23
$ in millions FY2025 FY2024 Cash efficiency ratio and Adjusted cash efficiency ratio Noninterest expense (GAAP) $ 4,703 $ 4,545 Less: Intangible asset amortization 20 29 Noninterest expense less intangible asset amortization (non-GAAP) $ 4,683 $ 4,516 Plus: Selected items(1) 26 (25) Adjusted noninterest expense less intangible asset amortization (non-GAAP) 4,709 4,491 Net interest income (GAAP) $ 4,636 $ 3,765 Plus: Taxable-equivalent adjustment 35 45 Net interest income TE (non-GAAP) $ 4,671 $ 3,810 Noninterest income (GAAP) 2,842 809 Total taxable-equivalent revenue (non-GAAP) $ 7,513 $ 4,619 Plus: Selected items(1) — 1,833 Adjusted taxable-equivalent revenue (non-GAAP) $ 7,513 $ 6,452 Cash efficiency ratio (non-GAAP) 62.3 % 97.8 % Adjusted cash efficiency ratio (non-GAAP) 62.7 % 69.6 % Adjusted taxable-equivalent revenue Noninterest income (GAAP) $ 2,842 $ 809 Plus: Selected Items(1) — 1,836 Adjusted noninterest income (non-GAAP) $ 2,842 $ 2,645 Net interest income TE (non-GAAP) 4,671 3,810 Total adjusted taxable-equivalent revenue (non-GAAP) $ 7,513 $ 6,455 (1) See slide 27 for breakout on Selected Items Impact on Earnings 24 GAAP to Non-GAAP Reconciliation
$ in millions FY2025 FY2024 Adjusted noninterest expense Noninterest expense (GAAP) $ 4,703 $ 4,545 Plus: Selected Items(1) 26 (25) Adjusted noninterest expense (non-GAAP) $ 4,729 $ 4,520 Adjusted income (loss) available from continuing operations attributable to Key common shareholders Income (loss) from continuing operations attributable to Key common shareholders (GAAP) $ 1,685 $ (306) Plus: Selected Items (net of tax)(1) (20) 1,415 Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP) $ 1,665 $ 1,109 Diluted earnings per common share (EPS) - adjusted Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $ 1.52 $ (.32) Plus: EPS impact of selected items(1) (0.02) 1.48 Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) $ 1.50 $ 1.16 Adjusted operating leverage and fee-based adjusted operating leverage Adjusted noninterest income (non-GAAP) $ 2,842 $ 2,645 Adjusted noninterest income YoY Growth (A) 7.45 % Adjusted taxable-equivalent revenue (non-GAAP) $ 7,513 $ 6,455 Adjusted taxable-equivalent revenue YoY Growth (B) 16.39 % Adjusted noninterest expense (non-GAAP) $ 4,729 $ 4,520 Adjusted noninterest expense YoY Growth (C) 4.62 % Adjusted operating leverage (B - C) 11.77 % Fee based adjusted operating leverage (A - C) 2.82 % (1) See slide 27 for breakout on Selected Items Impact on Earnings 25 GAAP to Non-GAAP Reconciliation
CET1 – AOCI Impact(1) ($ in millions) 4Q25 3Q25 2Q25 1Q25 4Q24 Common Equity Tier 1 (A) $ 17,146 $ 17,050 $ 16,774 $ 16,549 $ 16,489 Add: AFS and Pension accumulated other Comprehensive income (loss) (2,028) (2,176) (2,476) (2,601) (3,032) Marked Common Equity Tier 1 (B) $ 15,118 $ 14,875 $ 14,298 $ 13,948 $ 13,457 Risk Weighted Assets (C) $ 146,581 $ 144,428 $ 143,105 $ 140,514 $ 138,296 Common Equity Tier 1 Ratio (A/C) 11.7 % 11.8 % 11.7 % 11.8 % 11.9 % Marked CET1 Ratio (B/C) 10.3 % 10.3 % 10.0 % 9.9 % 9.7 % (1) Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension. Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension, divided by risk weighted assets. We believe this non-GAAP measure provides useful information in light of the potential for change in the regulatory capital framework; (2) Loan Yields Excluding Impact from Hedges is a non-GAAP metric and is calculated by excluding losses realized on derivatives which hedge the interest rate risk of our loans. We believe this metric is meaningful as it provides information on loan yields excluding the impacts of hedge-related interest rate risk management programs Loan Yields Excluding Impact from Hedges(2) 4Q25 3Q25 2Q25 1Q25 4Q24 Loan Yield 5.4 % 5.5 % 5.5 % 5.5 % 5.6 % Subtract: Loan Yield Impact of Realized Hedge Gains/(Losses) (0.3) % (0.4) % (0.3) % (0.4) % (0.5) % Loan Yield Excluding Impact from Hedges 5.7 % 5.9 % 5.8 % 5.8 % 6.1 % 26 GAAP to Non-GAAP Reconciliation
(1) Favorable (unfavorable) impact; (2) After-tax loss on sale of securities for the three months ended September 30, 2024 adjusted to reflect impact of GAAP accounting for income taxes in interim periods, with related adjustments recorded in the fourth quarter of 2024; (3) Impact to EPS reflected on a fully diluted basis; (4) In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC; (5) Earnings per share may not foot due to rounding. 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 December 31, 2025 FDIC special assessment (other expense)(4) $ 21 $ 16 $ 0.01 Three months ended September 30, 2025 FDIC special assessment (other expense)(4) 5 4 — Three months ended June 30, 2025 No items — — — Three months ended March 31, 2025 No items — — — Three months ended December 31, 2024 Loss on sale of securities(2) (915) (657) (0.66) Scotiabank investment agreement valuation (other income) (3) (2) — FDIC special assessment (other expense)(4) 3 2 — Three months ended September 30, 2024 Loss on sale of securities(2) (918) (737) (0.77) FDIC special assessment (other expense)(4) 6 5 — Three months ended June 30, 2024 FDIC special assessment (other expense)(4) (5) (4) — Three months ended March 31, 2024 FDIC special assessment (other expense)(4) (29) (22) (0.02) Year to date results Twelve months ended December 31, 2025 FDIC special assessment (other expense)(4) $ 26 $ 20 $ 0.02 Twelve months ended December 31, 2024 Loss on sale of securities (1,833) (1,394) (1.45) Scotiabank investment agreement valuation (other income) (3) (2) — FDIC special assessment (other expense)(4) (25) (19) (0.02) 27 Selected Items Impact on Earnings
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 conditions. Forward-looking statements are typically identified by words such as “believe,” “seek,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible,” “potential,” “strategy,” “opportunities,” or “trends,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are based on assumptions that involve risks and uncertainties, which are subject to change based on various important factors (some of which are beyond KeyCorp’s control). Actual results may differ materially from current projections. Actual outcomes may differ materially from those expressed or implied as a result of the factors described under “Forward-looking Statements” and “Risk Factors” in KeyCorp’s Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent filings of KeyCorp with the Securities and Exchange Commission (the “SEC”). Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding KeyCorp, please refer to our SEC filings available at www.key.com/ir. Non-GAAP Measures. This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the appendix to this presentation, the financial supplement, or the press release related to this presentation, all of which can be found on Key’s website (www.key.com/ir). Forward-Looking Non-GAAP Measures. From time to time we may discuss forward-looking non-GAAP financial measures. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results. Annualized Data. Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Taxable Equivalent. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of peers. Earnings Per Share Equivalent. Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent. GAAP: Generally Accepted Accounting Principles Forward-looking Statements and Additional Information 28
Exhibit 99.3
| Consolidated Balance Sheets | |||||||||||||||||
| (dollars in millions) | |||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | |||||||||||||||
| Assets | |||||||||||||||||
| Loans | $ | 106,541 | $ | 105,902 | $ | 104,260 | |||||||||||
| Loans held for sale | 1,077 | 998 | 797 | ||||||||||||||
| Securities available for sale | 39,596 | 40,456 | 37,707 | ||||||||||||||
| Held-to-maturity securities | 8,622 | 7,509 | 7,395 | ||||||||||||||
| Trading account assets | 1,061 | 972 | 1,283 | ||||||||||||||
| Short-term investments | 10,163 | 13,334 | 17,504 | ||||||||||||||
| Other investments | 949 | 921 | 1,041 | ||||||||||||||
| Total earning assets | 168,009 | 170,092 | 169,987 | ||||||||||||||
| Allowance for loan and lease losses | (1,427) | (1,444) | (1,409) | ||||||||||||||
| Cash and due from banks | 1,287 | 1,938 | 1,743 | ||||||||||||||
| Premises and equipment | 628 | 606 | 614 | ||||||||||||||
| Goodwill | 2,752 | 2,752 | 2,752 | ||||||||||||||
| Other intangible assets | 8 | 13 | 27 | ||||||||||||||
| Corporate-owned life insurance | 4,432 | 4,428 | 4,394 | ||||||||||||||
| Accrued income and other assets | 8,481 | 8,803 | 8,797 | ||||||||||||||
| Discontinued assets | 211 | 221 | 263 | ||||||||||||||
| Total assets | $ | 184,381 | $ | 187,409 | $ | 187,168 | |||||||||||
| Liabilities | |||||||||||||||||
| Deposits in domestic offices: | |||||||||||||||||
| Interest-bearing deposits | 121,100 | 122,425 | 120,132 | ||||||||||||||
| Noninterest-bearing deposits | 27,613 | 28,340 | 29,628 | ||||||||||||||
| Total deposits | 148,713 | 150,765 | 149,760 | ||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | 13 | 10 | 14 | ||||||||||||||
| Bank notes and other short-term borrowings | 1,071 | 1,339 | 2,130 | ||||||||||||||
| Accrued expense and other liabilities | 4,286 | 4,276 | 4,983 | ||||||||||||||
| Long-term debt | 9,917 | 10,917 | 12,105 | ||||||||||||||
| Total liabilities | 164,000 | 167,307 | 168,992 | ||||||||||||||
| Equity | |||||||||||||||||
| Preferred stock | 2,500 | 2,500 | 2,500 | ||||||||||||||
| Common shares | 1,257 | 1,257 | 1,257 | ||||||||||||||
| Capital surplus | 6,035 | 6,002 | 6,038 | ||||||||||||||
| Retained earnings | 15,359 | 15,111 | 14,584 | ||||||||||||||
| Treasury stock, at cost | (2,810) | (2,619) | (2,733) | ||||||||||||||
| Accumulated other comprehensive income (loss) | (1,960) | (2,149) | (3,470) | ||||||||||||||
| Total equity | 20,381 | 20,102 | 18,176 | ||||||||||||||
| Total liabilities and equity | $ | 184,381 | $ | 187,409 | $ | 187,168 | |||||||||||
| Common shares outstanding (000) | 1,102,401 | 1,112,952 | 1,106,786 | ||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||||||||
| (dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||||||||||||
| 12/31/2025 | 9/30/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 | ||||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||
| Loans | $ | 1,439 | $ | 1,466 | $ | 1,448 | $ | 5,749 | $ | 6,026 | ||||||||||||||||
| Loans held for sale | 18 | 18 | 20 | 61 | 60 | |||||||||||||||||||||
| Securities available for sale | 388 | 408 | 353 | 1,599 | 1,142 | |||||||||||||||||||||
| Held-to-maturity securities | 76 | 64 | 66 | 264 | 284 | |||||||||||||||||||||
| Trading account assets | 12 | 11 | 16 | 56 | 61 | |||||||||||||||||||||
| Short-term investments | 137 | 156 | 214 | 624 | 792 | |||||||||||||||||||||
| Other investments | 8 | 8 | 15 | 33 | 62 | |||||||||||||||||||||
| Total interest income | 2,078 | 2,131 | 2,132 | 8,386 | 8,427 | |||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||
| Deposits | 688 | 748 | 821 | 2,919 | 3,307 | |||||||||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | 4 | 4 | 1 | 13 | 4 | |||||||||||||||||||||
| Bank notes and other short-term borrowings | 9 | 14 | 24 | 84 | 164 | |||||||||||||||||||||
| Long-term debt | 162 | 181 | 235 | 734 | 1,187 | |||||||||||||||||||||
| Total interest expense | 863 | 947 | 1,081 | 3,750 | 4,662 | |||||||||||||||||||||
| Net interest income | 1,215 | 1,184 | 1,051 | 4,636 | 3,765 | |||||||||||||||||||||
| Provision for credit losses | 108 | 107 | 39 | 471 | 335 | |||||||||||||||||||||
| Net interest income after provision for credit losses | 1,107 | 1,077 | 1,012 | 4,165 | 3,430 | |||||||||||||||||||||
| Noninterest income | ||||||||||||||||||||||||||
| Trust and investment services income | 156 | 150 | 142 | 591 | 557 | |||||||||||||||||||||
| Investment banking and debt placement fees | 243 | 184 | 221 | 780 | 688 | |||||||||||||||||||||
| Service charges on deposit accounts | 78 | 75 | 65 | 295 | 261 | |||||||||||||||||||||
| Operating lease income and other leasing gains | 9 | 11 | 15 | 43 | 76 | |||||||||||||||||||||
| Corporate services income | 81 | 72 | 69 | 294 | 275 | |||||||||||||||||||||
| Cards and payments income | 84 | 86 | 85 | 337 | 331 | |||||||||||||||||||||
| Corporate-owned life insurance income | 40 | 35 | 36 | 140 | 138 | |||||||||||||||||||||
| Consumer mortgage income | 16 | 14 | 16 | 58 | 58 | |||||||||||||||||||||
| Commercial mortgage servicing fees | 68 | 73 | 68 | 287 | 258 | |||||||||||||||||||||
| Other income | 7 | 8 | (5) | 23 | 23 | |||||||||||||||||||||
| Net securities gains (losses) | — | (6) | (908) | (6) | (1,856) | |||||||||||||||||||||
| Total noninterest income | 782 | 702 | (196) | 2,842 | 809 | |||||||||||||||||||||
| Noninterest expense | ||||||||||||||||||||||||||
| Personnel | 790 | 742 | 734 | 2,917 | 2,714 | |||||||||||||||||||||
| Net occupancy | 69 | 65 | 67 | 270 | 266 | |||||||||||||||||||||
| Computer processing | 106 | 105 | 107 | 425 | 414 | |||||||||||||||||||||
| Business services and professional fees | 61 | 44 | 55 | 193 | 174 | |||||||||||||||||||||
| Equipment | 22 | 20 | 20 | 83 | 80 | |||||||||||||||||||||
| Operating lease expense | 8 | 9 | 15 | 38 | 63 | |||||||||||||||||||||
| Marketing | 28 | 22 | 33 | 95 | 94 | |||||||||||||||||||||
| Intangible asset amortization | — | — | — | — | — | |||||||||||||||||||||
| Other expense | 157 | 170 | 198 | 682 | 740 | |||||||||||||||||||||
| Total noninterest expense | 1,241 | 1,177 | 1,229 | 4,703 | 4,545 | |||||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 648 | 602 | (413) | 2,304 | (306) | |||||||||||||||||||||
| Income taxes | 139 | 112 | (169) | 476 | (143) | |||||||||||||||||||||
| Income (loss) from continuing operations | 509 | 490 | (244) | 1,828 | (163) | |||||||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | (1) | — | 1 | 2 | |||||||||||||||||||||
| Net income (loss) | 510 | 489 | (244) | 1,829 | (161) | |||||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||||||||
| Net income (loss) attributable to Key | $ | 510 | $ | 489 | $ | (244) | $ | 1,829 | $ | (161) | ||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | 474 | $ | 454 | $ | (279) | $ | 1,685 | $ | (306) | ||||||||||||||||
| Net income (loss) attributable to Key common shareholders | 475 | 453 | (279) | 1,686 | (304) | |||||||||||||||||||||
| Per common share | ||||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | .43 | $ | .41 | $ | (.28) | $ | 1.53 | $ | (.32) | ||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .43 | .41 | (.28) | 1.53 | (.32) | |||||||||||||||||||||
| Per common share — assuming dilution | ||||||||||||||||||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | .43 | $ | .41 | $ | (.28) | $ | 1.52 | $ | (.32) | ||||||||||||||||
| Income (loss) from discontinued operations, net of taxes | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) attributable to Key common shareholders (a) | .43 | .41 | $ | (.28) | 1.52 | (.32) | ||||||||||||||||||||
| Cash dividends declared per common share | $ | .205 | $ | .205 | $ | .205 | $ | .82 | $ | .82 | ||||||||||||||||
| Weighted-average common shares outstanding (000) | 1,095,171 | 1,100,830 | 986,829 | 1,098,558 | 949,561 | |||||||||||||||||||||
Effect of common share options and other stock awards (b) | 11,152 | 9,845 | — | 9,436 | — | |||||||||||||||||||||
Weighted-average common shares and potential common shares outstanding (000) (c) | 1,106,323 | 1,110,675 | 986,829 | 1,107,994 | 949,561 | |||||||||||||||||||||
(a)Earnings per share may not foot due to rounding.
(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.
(c)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.
Exhibit 99.4
KeyCorp Board of Directors Update
Antonio DeSpirito and Christopher Henson to be nominated for election at 2026 Annual Meeting
Todd Vasos appointed Lead Independent Director
Carlton Highsmith and Ruth Ann Gillis to retire at 2026 Annual Meeting
CLEVELAND — January 20, 2026 /PRNewswire/ — KeyCorp (NYSE: KEY) today announced several changes to its Board of Directors, reaffirming the Board’s commitment to strong corporate governance and long-term shareholder value creation.
The Board will nominate Antonio “Tony” DeSpirito and Christopher L. “Chris” Henson for election as directors at KeyCorp’s 2026 Annual Meeting of Shareholders (the “Annual Meeting”). Their additions follow a comprehensive search process led by the Nominating and Corporate Governance Committee, with the assistance of a leading independent search firm, as part of the Board’s ongoing commitment to ensure its composition reflects the appropriate balance of experience and fresh perspectives in support of the Company’s strategy. Following the additions of Mr. DeSpirito and Mr. Henson, the Board will have added eight new directors over the past six years.
“Tony and Chris are outstanding additions whose experience and capabilities are directly aligned with KeyCorp’s priorities,” said Chris Gorman, Chairman and Chief Executive Officer of KeyCorp (the “Company”). “They bring expertise across capital markets, banking operations and financial oversight, as well as track records of value creation. They will further strengthen the Board as the Company continues to execute its strategy to drive disciplined growth, enhanced profitability and shareholder value.”
The Board also announced that Todd Vasos has been appointed to the role of Lead Independent Director. Mr. Vasos succeeds Alexander M. “Sandy” Cutler, who will continue to serve as an independent director.
Mr. Gorman added, “Sandy has been a steady and principled presence in the boardroom, providing independent oversight as KeyCorp transformed and navigated periods of significant industry change. We will continue to benefit from his contributions as an independent director. Todd has been an excellent contributor to the Board, and I look forward to working even more closely with him as our Lead Independent Director.”
Mr. Vasos said, “I am honored to step into the role of Lead Independent Director. I look forward to working closely with my fellow directors and management to provide strong independent oversight and support the execution of the Company’s strategy.”
Additionally, Carlton Highsmith and Ruth Ann Gillis have announced they will retire from the Board, effective at the Annual Meeting.
Mr. Gorman said, “Carlton and Ruth Ann have each made meaningful contributions to KeyCorp through their thoughtful leadership and deep expertise, and we thank them for their years of dedicated service.”
Exhibit 99.4
Following these changes, the size of the Board will remain at 14 directors. As part of its commitment to strong corporate governance, the Nominating and Corporate Governance Committee will continue to evaluate opportunities to enhance the Board’s composition in support of the Company’s strategy.
ABOUT ANTONIO DESPIRITO
Antonio “Tony” DeSpirito has been a Managing Director at BlackRock, Inc. and served as Global Chief Investment Officer for Fundamental Equities. He brings deep expertise in public markets, capital allocation and long-term value creation, shaped by decades of experience leading long-term-oriented equity investment strategies. His experience brings a long-term investor perspective informed by public-markets experience.
ABOUT CHRISTOPHER HENSON
Christopher L. “Chris” Henson is a former senior banking executive with extensive experience leading large financial institutions. He most recently served as Senior Executive Vice President and Head of Banking and Insurance at Truist Financial Corporation and previously served as President and Chief Operating Officer and Chief Financial Officer of BB&T Corporation. His experience across operations, finance, risk management and large-scale integration will further strengthen the Board’s oversight of banking operations and risk management capabilities.
ABOUT KEYCORP
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $184 billion at December 31, 2025.
Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.
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Investor Relations: Brian Mauney, 216.689.0521, [email protected]
Media: Susan Donlan, 216.471.3133, [email protected]