Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 6/6 · 22/10/2026
Moat31
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · Cross-selling and servicing scale provide franchise strengths, but similar competing products, falling entry barriers and price competition leave structural protection weak.
durability · 1/4 · Existing relationships and sector expertise are valuable, but durable exclusion or customer lock-in is unestablished. Competitors can enter markets with similar products.
customer dependency · 2/4 · Commercial cross-selling, operating-account balances and 90% middle-market payments penetration demonstrate embedded engagement. They do not establish inability to switch or dependence on Key alone.
erosion resilience · 1/4 · Household growth and payments momentum coexist with lower entry barriers, substantial personnel-cost growth and a 30% decline in servicing fees. Evidence of protection against erosion is fragile.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Total deposit costs fell to 1.63% in second-quarter 2026, down 36 basis points year over year, while client deposits grew 1.4%. This demonstrates favorable funding pricing, but mix and market-rate changes contributed; relative pricing superiority is unproven.
retention · 2/4 · Household growth, client-deposit growth and extensive commercial cross-selling indirectly demonstrate ongoing demand and engagement. Net growth does not measure attrition or retention after adverse pricing.
margin resilience · 2/4 · First-half pre-provision revenue increased to $1.519 billion from $1.328 billion despite expense growth. Asset repricing, funding mix and lower deposit costs contributed, limiting attribution to pricing power; personnel expense rose 10.4%.
contractual freedom · 2/4 · Observed deposit repricing and variable-rate commitments show some flexibility. Predetermined loan terms and customer termination or repricing options constrain discretion; broad unilateral fee-setting rights are not established.
Prévisibilité53
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 11.27
- positiveEarningsShare
- 80.00
- netMarginStdDev
- 53.67
Solidité financière63
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · Estimated June 2026 CET1 of 11.17% exceeded the 7.70% requirement including stress buffer; total capital of 14.82% exceeded 11.20%, and leverage of 10.32% exceeded 4.00%. These demonstrate meaningful regulatory cushions, tempered by declining ratios and securities losses excluded through the AOCI opt-out.
liquidity funding · 2/4 · Operating-account relationships, a 73% loan-to-deposit ratio, deposit growth and $5.3 billion of parent liquidity support funding flexibility. Year-end uninsured deposits were $66.2 billion, borrowings increased during the first half, and quantified consolidated stress liquidity is missing. Parent obligation coverage is management's projection.
asset liability risk · 2/4 · Second-quarter charge-offs were 0.42%, while nonperforming loans rose to 0.73% and allowance coverage declined to 1.56%. Reserve releases, securities losses and customer repricing options show continuing credit and interest-rate exposure; these outcomes are mixed rather than evidence of severe impairment.
earnings resilience · 3/4 · GAAP common earnings remained positive across five disclosed quarters; first-half earnings rose to $959 million from $758 million, with higher pre-provision revenue. Recent resilience is demonstrated, but repricing benefits and reserve releases limit inference across a severe downturn.
Allocation du capital50
Qualitative bank assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · First-half return on average tangible common equity from continuing operations improved to 13.0% from 11.2%. This non-GAAP denominator excludes intangible assets and preferred stock; persistent superior returns on total equity or economic capital are unestablished.
distributions and buffers · 2/4 · Actual repurchases totaled $389 million in the first quarter and $341 million in the second. Earnings, parent liquidity and $797 million of bank dividend capacity support distributions, but capital ratios declined and the capital walk shows dividends and repurchases consuming buffers. Complete shareholder-dividend coverage is unavailable.
dilution and cost · 2/4 · Common shares outstanding fell by 15 million in the second quarter after employee-plan issuance offsets, demonstrating net share reduction. First-half incentive and stock-based compensation increased to $366 million from $326 million; the combined category does not isolate equity compensation expense.
investment discipline · 2/4 · The approximately $10 billion securities repositioning contributed to improved income, and banker investments accompanied client and payments growth. Personnel costs rose materially, while technology spending plans and future return targets remain prospective. Complete investment costs and attributable returns are missing.
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Repositioning contributed to income improvement and management executed repurchases while maintaining regulatory buffers. Capital ratios nevertheless declined with growth and distributions; full repositioning costs and total distribution coverage are absent.
incentive alignment · 2/4 · Variable and multiyear pay, ownership guidelines and greater use of preset financial measures support alignment. The 63% say-on-pay result and concerns about special awards temper the assessment; actual executive holdings and compliance are missing.
execution · 3/4 · Reported client and fee-business growth is supported by higher first-half GAAP common earnings and pre-provision revenue. This demonstrates recent execution, although servicing fees weakened and management's claim of meeting every target is not independently reconstructed.
governance · 3/4 · Independent standing committees, substantive Lead Director powers and implemented compensation changes demonstrate meaningful oversight practices. Shareholder dissatisfaction is contrary evidence; exceptional governance effectiveness is not established.
Preuves
• Average loans up $2.3Bn (+2.2%), driven by: ◦ Higher average commercial loans (+3.7%), driven by an increase in C&I(1) loans (+5.0%) ◦ Partially offset by a decline in total consumer loans (-1.9%), reflective of the intentional run-off of low-yielding loans Sequential Change in Ending Balances by Type • ~70% variable rate, or 33% after adjusting for loans swapped to a fixed rate; loan yields would have been 5.45% excluding the impact from hedges(5) • ~91% of commercial loans are made to clients who do additional business with Key(6) • ~57% of the C&I portfolio is investment grade; Consumer book has a 766 weighted average FICO at origination • C&I line utilization: 31.1% (down ~50 bps from 1Q26, due to higher commitments) $109.2 $2.1 $(0.1) $(0.2) $(0.3) $(0.2) $110.4 3/31/26 C&I CRE Comm'l lease Residential mortgage Other consumer 6/30/26 Note: Graphs may not foot due to rounding (1) Commercial and industrial average balances include $209 million of assets from commercial credit cards; (2) Loan balances include $208 million of commercial credit card balances at 6/30/2026; (3) CRE includes real estate – commercial mortgage and real estate – construction; (4) Other Consumer includes home equity loans, credit cards, and other consumer loans; (5) Non-GAAP measure: see appendix for reconciliation; (6) Defined as capital markets, payments or deposits $ in billions $105.7 $106.2 $106.3 $107.7 $110.1 $74.3 $75.4 $76.0 $78.1 $81.0 $31.4 $30.8 $30.3 $29.7 $29.1 5.51% 5.51% 5.41% 5.35% 5.35% Commercial Consumer Loan Yield 2Q25 3Q25 4Q25 1Q26 2Q26 Versus Prior Quarter Portfolio Highlights Loans Average Loans (4) (3)(2) 5
Loans / portfolio highlights · Dépôt 21/07/2026
• Average deposits up $278MM (+0.2%), driven by: ◦ Higher average noninterest-bearing deposits (+2.3%) ◦ Partially offset by a decline in demand deposits (-0.8%) • Total deposit costs declined by 2 bps, with total interest-bearing deposit costs stable at 2.01% ◦ Cumulative down interest-bearing deposit beta: ~56%(3) Treasury / other • Client deposits up 1.4% year-over-year • Noninterest-bearing deposits were 19% of total deposits, or 24% including hybrids • Commercial deposit balances driven by relationship clients ◦ 82% of balances within an operating account ◦ 96% from clients with an operating account • Loan-to-deposit ratio: 73%(4) 2Q26 Interest-Bearing Mix 38% 17%7% 30% 8% 1% 41% 29% 19% 8% 3% Time deposits Savings Noninterest- bearing IB demand Consumer ex term products MMDA Managed commercial Indexed commercial Wealth Consumer term products(2) 24% including hybrid accounts $147.4 $150.4 $150.7 $147.3 $147.6 $88.0 $87.7 $87.7 $87.8 $87.4 $55.9 $58.5 $60.5 $58.9 $58.9 1.99% 1.97% 1.81% 1.65% 1.63% Consumer Commercial Other Total Deposit Cost 2Q25 3Q25 4Q25 1Q26 2Q26 2Q26 Product Mix 6Deposits 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 Average Deposits $ in billions (1) Versus Prior Quarter Deposit Franchise Highlights 6
Deposits / operating accounts, pricing and funding mix · Dépôt 21/07/2026
1H25(1) $74Bn Record assets under management(2) +3% Relationship household growth YoY 42 bps NCOs / average loans 9.8% Marked CET1 ratio(3) (1) Priority fee-based businesses include Wealth, Investment Banking, and Commercial Payments; (2) As of 6/30/2026; (3) Non-GAAP measure: see appendix for reconciliation +3% Period-end C&I loan growth QoQ 1.56% Allowance for credit losses / period-end loans $1.3Bn 2026 planned share repurchases ($341MM repurchased in 2Q26) Client and Prospect Momentum Strong Capital PositionRisk Management Excellence Differentiated Fee Businesses 5 Strong business momentum is driving continued progress toward our long-term financial targets
Second-quarter results / relationship household growth · Dépôt 25/09/2026
Some of our competitors are larger and may have more financial resources, while some of our competitors enjoy fewer regulatory constraints and may have lower cost structures.
Business / competitor resources and cost structures · Dépôt 23/02/2026
The financial services industry has become more competitive as technology advances have lowered barriers to entry, enabling more companies, including nonbank companies, to provide financial services.
Business / technology lowering entry barriers · Dépôt 23/02/2026
Mergers and acquisitions have also led to increased concentration in the banking industry, placing added competitive pressure on Key’s core banking products and services as we see competitors enter some of our markets or offer similar products.
Business / competing similar products · Dépôt 23/02/2026
•“Option risk” is the exposure to a customer or counterparty’s ability to take advantage of the interest rate environment and terminate or reprice one of our assets, liabilities, or off-balance sheet instruments prior to 31 Table of contents contractual maturity.
Market risk / customer termination and repricing options · Dépôt 04/08/2026
Leading, Differentiated CRE Servicing and Origination Platforms Largest named special servicer in AUM(1)#1 #2 Affordable housing originator(3),(4) Master and special servicing market share(3)#2 New issuance market share(2)#1 National CRE servicing business is an “off-us”, countercyclical business that gives us unique insights into the U.S.
CRE servicing / industry rankings · Dépôt 25/09/2026
CRE market 15 Note: Graphs may not foot due to rounding (1) Mortgage Bankers Association (MBA, Year-end 2025; (2) YTD as of 8/24/2026; (3) For 2025; (4) Affordable housing finance includes construction and perm loan financing, but does not include equity originations YTD as of 8/24/2026 • CRE servicing is a stable, counter-cyclical source of fees and escrow deposits for Key • ~$736Bn off-balance sheet, national servicing portfolio provides unique insights into all aspects / geographies of CRE • Special servicing balances were a record $272Bn at 6/30; active special servicing portfolio of ~$10Bn down 13% YoY driven by resolution activity Leading CRE Industry Positions HighlightsNoninterest Income Contribution 2Q26 TTM 27% 21% 12% 11% 10% 9% 10% Investment banking & debt placement Trust and investment services Cards and payments Service charges on deposit accounts Corporate services Commercial mortgage servicing Other
CRE servicing / ranking dates, portfolio and fee contribution · Dépôt 25/09/2026
$690 $702 $782 $723 $706 2Q25 3Q25 4Q25 1Q26 2Q26 2Q26 QoQ Δ YoY Δ Trust and investment services $159 1 % 9 % Investment banking and debt placement $169 (14) % (5) % Cards and payments $94 9 % 11 % Service charges on deposits $77 — 5 % Corporate services $80 13 % 5 % Commercial mortgage servicing $49 (21) % (30) % Other(1) $78 7 % 26 % Total noninterest income $706 (2) % 2 % (1) Other includes Corporate-owned life insurance income, Consumer mortgage income, Operating lease income and other leasing gains, Net securities gains (losses), and Other income +2% Noninterest Income • Noninterest income down $17MM (-2%) vs prior quarter driven by: ◦ Lower investment banking and debt placement fees, and a decrease in commercial mortgage servicing fees • Noninterest income up $16MM (+2%) vs prior year driven by: ◦ Higher trust and investment services, reflecting higher market levels ◦ Continued momentum in commercial payments Highlights Noninterest Income Trend $ in millions 8
Noninterest income / fee-business outcomes · Dépôt 21/07/2026
These increases primarily reflect lower interest-bearing deposit costs, the reinvestment of proceeds from maturing low-yielding investment securities, fixed-rate loans, and swaps into higher-yielding investments, and the repositioning of the available-for-sale portfolio during the second half of 2024, which involved the sale and reinvestment of approximately $10.0 billion of lower-yielding mortgaged-backed securities into higher-yielding investments.
Net interest income / deposit costs and securities repositioning · Dépôt 23/02/2026
41 Table of contents Three months ended Six months ended Dollars in millions 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Net interest income (GAAP) $ 1,250 $ 1,222 $ 1,215 $ 1,184 $ 1,141 $ 2,472 $ 2,237 Add: Taxable-equivalent adjustment 8 8 8 9 9 16 18 Noninterest income (GAAP) 706 723 782 702 690 1,429 1,358 Less: Noninterest expense (GAAP) 1,217 1,181 1,241 1,177 1,154 2,398 2,285 Pre-provision net revenue from continuing operations (non-GAAP) $ 747 $ 772 $ 764 $ 718 $ 686 $ 1,519 $ 1,328 Net income (loss) attributable to Key common shareholders (GAAP) $ 473 $ 486 $ 475 $ 453 $ 389 $ 959 $ 758 Average Key shareholders’ equity (GAAP) $ 19,947 $ 20,392 $ 20,388 $ 19,664 $ 19,268 $ 20,169 $ 18,952 Less: Intangible assets (average) 2,756 2,758 2,762 2,767 2,772 2,757 2,774 Preferred stock (average) 2,500 2,500 2,500 2,500 2,500 2,500 2,500 Average tangible common equity (non-GAAP) (A) $ 14,691 $ 15,134 $ 15,126 $ 14,397 $ 13,996 $ 14,912 $ 13,678 Key shareholders’ equity (GAAP) $ 19,798 $ 19,987 $ 20,381 $ 20,102 $ 19,484 Less: Intangible assets 2,755 2,757 2,760 2,765 2,770 Preferred stock (a) 2,446 2,446 2,446 2,446 2,446 Tangible common equity (non-GAAP) (B) $ 14,597 $ 14,784 $ 15,175 $ 14,891 $ 14,268 Total assets (GAAP) $ 191,317 $ 188,663 $ 184,381 $ 187,409 $ 185,499 Less: Intangible assets 2,755 2,757 2,760 2,765 2,770 Tangible assets (non-GAAP) (C) $ 188,562 $ 185,906 $ 181,621 $ 184,644 $ 182,729 Tangible common equity to tangible assets ratio (non-GAAP) (B/C) 7.7 % 8.0 % 8.4 % 8.1 % 7.8 % Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (D) $ 472 $ 486 $ 474 $ 454 $ 387 $ 958 $ 757 Return on average tangible common equity from continuing operations (non-GAAP) (D/A) 12.9 % 13.0 % 12.4 % 12.5 % 11.1 % 13.0 % 11.2 % (a)Net of capital surplus.
GAAP to non-GAAP reconciliations / earnings, capital and returns · Dépôt 04/08/2026
Noninterest Expense Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change Dollars in millions 2026 2025 2026 2025 Personnel $ 786 $ 705 11.5 % $ 1,529 $ 1,385 10.4 % Net occupancy 68 69 (1.4) 136 136 — Computer processing 108 107 0.9 219 214 2.3 Business services and professional fees 46 48 (4.2) 82 88 (6.8) Equipment 22 21 4.8 41 41 — Operating lease expense 7 10 (30.0) 14 21 (33.3) Marketing 22 24 (8.3) 40 45 (11.1) Other expense 158 170 (7.1) 337 355 (5.1) Total noninterest expense $ 1,217 $ 1,154 5.5 % $ 2,398 $ 2,285 4.9 % Personnel Personnel expense, the largest category of our noninterest expense, increased by $81 million, or 11.5%, for the three months ended June 30, 2026, compared to the same period one year ago.
Noninterest expense / personnel and total expenses · Dépôt 04/08/2026
Loan commitments provide for financing on predetermined terms as long as the client continues to meet specified criteria.
Commitments / predetermined financing terms · Dépôt 23/02/2026
These agreements generally carry variable rates of interest and have fixed expiration dates or termination clauses.
Commitments / variable rates and termination clauses · Dépôt 23/02/2026
Client Momentum Strengthened existing relationships by supporting clients with our balance sheet and grew new relationships • Grew commercial clients by 2% and commercial loans by 6%, including C&I loans by 9% • Average client deposits and relationship households both grew by 2% • Raised nearly $140 billion on behalf of our clients while retaining 20% on our balance sheet Grew Differentiated Fee-Based Businesses Broad-based momentum in investment banking, wealth management, and commercial payments while increasing our front-line banker count by approximately 10% • Second best year in our history of investment banking and debt placement fees • Record assets under management of $70 billion as of December 31, 2025; third consecutive year of record sales production in mass affluent segment • Commercial payments fee-equivalent revenue grew 11% Delivered on Financial Commitments Met or exceeded each financial target communicated at the beginning of the year • Delivered full year record revenue, up 16% year-over-year (1), with net interest income up 23% and fees up 7.5% (1); Fourth quarter 2025 net interest income was 15% higher compared to the fourth quarter of 2024 • Grew pre-provision net revenue by 44% compared to 2024 (1) • Made substantial progress toward our commitment to achieve a 15%+ return on tangible common equity and 3.25%+ net interest margin by year-end 2027 (2) Strong Capital Position and Commenced More Meaningful Return of Capital Ended the year with peer-leading capital position; committed to more meaningful return of capital in 2026 • Common Equity Tier 1 (CET1) ratio of 11.8%; “Marked” CET1 ratio, which adjusts for unrealized available-for-sale securities and pension losses, of 10.4% • Repurchased $200 million shares in 4Q25; planned $1.2 billion+ of repurchases in 2026 Disciplined Risk Management Strong risk-management discipline with solid credit outcomes • Net charge-off ratio remained low at 41 bps in 2025 • Nonperforming assets, criticized loans, and delinquencies improved over the course of the year • High quality NDFI portfolio, approximately 90% investment grade with disciplined client selection; supportable, transparent structures; focus on risk diversity (1) Non-GAAP measure adjusted for selected items: refer to page 90 of KeyCorp’s Annual Report on Form 10-K filed on February 23, 2026, “GAAP to Non-GAAP Reconciliation” within Management’s Discussion and Analysis for reconciliations and see page 27 of our Fourth Quarter 2025 Earnings Release Supplemental Information Package attached as Exhibit 99.2 to Form 8-K filed on January 20, 2026, for breakout of Selected Items Impact on Earnings.
Proxy summary / reported 2025 business achievements · Dépôt 27/03/2026
What we heard What we did Overall appreciation for incentive compensation metric selection, rationale and alignment with long-term strategy Made targeted refinements, as reflected below Based on this positive feedback, we focused on making targeted refinements to our executive compensation plan design and provided additional disclosure where appropriate, rather than pursuing significant changes Concerns about the use of one-time awards in granting the Capital and Earnings Improvement Awards in 2024 No special awards were granted in 2025; one-time awards are not a regular component of our executive compensation program The awards granted in 2024 were driven by the unique circumstances and opportunity presented by the Scotiabank strategic minority investment 31 Table of Contents Compensation Discussion and Analysis What we heard What we did Preference for more emphasis on pre-set financial goals in annual incentive plan Revised the design of the KeyCorp Annual Incentive Plan to increase focus on achievement of pre-established financial measures Under the new, more formulaic structure, 70% of overall possible funding is now tied to absolute financial measures (versus 50% in 2024).
Compensation discussion / shareholder feedback and implemented changes · Dépôt 27/03/2026
86% of the average total target pay for our NEOs is delivered as variable pay tied to Key’s financial or share price performance, with 32% tied to annual performance and the remaining 54% tied to multi-year performance.
Compensation discussion / variable and multiyear target pay · Dépôt 27/03/2026
✓ Impose Robust Stock Ownership Guidelines ranging from six times base salary for our CEO to three times base salary for our other executive officers.
Compensation practices / executive ownership guidelines · Dépôt 27/03/2026
The result of 63% shareholder support is notably below our average of over 92% in the last five years (2020-2024), and we were eager to understand and address shareholder perspectives on our executive compensation program.
Compensation committee letter / say-on-pay results · Dépôt 27/03/2026
Among his specific responsibilities, the independent Lead Director: • presides at all meetings of the Board at which the Chairman is not present, including executive sessions of the independent directors held after each regularly scheduled Board meeting; • serves as liaison between the Chairman and the independent directors; • approves Board meeting schedules as well as meeting materials and agendas for each full Board meeting and executive sessions of independent directors; • has the authority to call meetings of the independent directors or the full Board at any time; • participates in discussions with major shareholders regarding governance matters as part of KeyCorp’s proactive shareholder engagement; • is in frequent contact with the Chairman with respect to major issues and strategic opportunities before KeyCorp, and any significant actions contemplated by KeyCorp are discussed with the Lead Director at an early stage; • advises on the retention of independent consultants to the Board; • interviews all candidates for election to the Board; • oversees changes to the composition of Board committees; • assists the Board and management in assuring compliance with applicable securities laws and fiduciary duties to shareholders; • oversees initiatives to implement enhancements to KeyCorp’s governance policies, including the Corporate Governance Guidelines; • serves as a focal point for independent Committee Chairs, providing guidance, coordination, and advice for the committees; • together with the Chair of the Compensation and Organization Committee, facilitates the evaluation of the performance of KeyCorp’s Chief Executive Officer; and • is available for additional duties as they may arise.
Board leadership / independent Lead Director responsibilities · Dépôt 27/03/2026
Each standing committee of the Board is chaired by an independent director and consists solely of independent directors.
Board committees / independence · Dépôt 27/03/2026
Capital Components and Risk-Weighted Assets Dollars in millions June 30, 2026 December 31, 2025 COMMON EQUITY TIER 1 Key shareholders’ equity (GAAP) $ 19,798 $ 20,381 Less: Preferred Stock (a) 2,446 2,446 Common Equity Tier 1 capital before adjustments and deductions 17,352 17,935 Less: Goodwill, net of deferred taxes 2,548 2,556 Intangible assets, net of deferred taxes 3 7 Deferred tax assets 139 136 Net unrealized gains (losses) on available-for-sale securities, net of deferred taxes (1,919) (1,789) Accumulated gains (losses) on cash flow hedges, net of deferred taxes (200) 68 Amounts in AOCI attributed to pension and postretirement benefit costs, net of deferred taxes (235) (238) Total Common Equity Tier 1 capital $ 17,016 $ 17,195 TIER 1 CAPITAL Common Equity Tier 1 $ 17,016 $ 17,195 Additional Tier 1 capital instruments and related surplus 2,446 2,446 Less: Deductions — — Total Tier 1 capital $ 19,462 $ 19,641 TIER 2 CAPITAL Tier 2 capital instruments and related surplus $ 1,390 $ 1,522 Allowance for losses on loans and liability for losses on lending-related commitments (b) 1,725 1,747 Less: Deductions — — Total Tier 2 capital 3,115 3,269 Total risk-based capital $ 22,577 $ 22,910 RISK-WEIGHTED ASSETS (d) $ 152,317 $ 145,933 AVERAGE QUARTERLY TOTAL ASSETS $ 188,501 $ 187,035 CAPITAL RATIOS (d) Tier 1 risk-based capital 12.78 % 13.46 % Total risk-based capital 14.82 % 15.70 % Leverage (c) 10.32 % 10.50 % Common Equity Tier 1 11.17 % 11.78 % (a)Net of capital surplus.
Capital / estimated June 2026 regulatory ratios and components · Dépôt 04/08/2026
Ratios (including stress capital buffer)
Regulatory Minimum Requirement
Stress Capital Buffer (b)
Regulatory Minimum Stress Capital Buffer
June 30, 2026 (c)
4.50
3.20
7.70
Tier 1 Capital
6.00
3.20
9.20
Total Capital
8.00
3.20
11.20
Leverage (a)
4.00
4.00
(a)As a Category IV banking organization, KeyCorp is not subject to the 3% supplementary leverage ratio requirement.
Supervision and regulation / capital requirements including stress buffer · Dépôt 04/08/2026
At June 30, 2026, KeyCorp held $5.3 billion in cash and short-term investments, which we projected to be sufficient to meet our projected obligations, including the repayment of our maturing debt obligations for the periods prescribed by our risk tolerance.
Liquidity / parent cash and projected obligation coverage · Dépôt 04/08/2026
Figure 19. Estimated Uninsured Deposits
Dollars in billions
Uninsured deposits(a)
66.2
64.4
Total deposits
148.7
149.8
Uninsured % of Deposits
%
%
(a) Intercompany deposits and accrued interest excluded from uninsured deposits
12.8
12.4
As of December 31, 2025 and December 31, 2024, approximately $12.0 billion and $12.3 billion, respectively, of uninsured deposits were collateralized by government-backed securities.
Deposits / year-end estimated uninsured deposits · Dépôt 23/02/2026
2Q26
1Q26
2Q25
1Q26
2Q25
Net loan charge-offs
$
115
$
101
$
102
13.9
%
12.7
%
Net loan charge-offs to average total loans
0.42
%
0.38
%
0.39
%
4 bps
3 bps
Nonperforming loans at period end
$
809
$
682
$
696
18.6
%
16.2
%
Nonperforming loans to period-end portfolio loans
0.73
%
0.62
%
0.65
%
11 bps
8 bps
Nonperforming assets at period end
$
818
$
692
$
707
18.2
%
15.7
%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets
0.74
%
0.63
%
0.66
%
11 bps
8 bps
Allowance for loan and lease losses
$
1,445
$
1,449
$
1,446
(0.3)
%
(0.1)
%
Allowance for credit losses
1,722
1,745
1,743
(1.3)
%
(1.2)
%
Allowance for credit losses to period-end loans
1.56
%
1.60
%
1.64
%
(4) bps
(8) bps
Provision for credit losses
$
92
$
106
$
138
(13.2)
%
(33.3)
%
Allowance for loan and lease losses to nonperforming loans
179
%
212
%
208
%
N/M
N/M
Allowance for credit losses to nonperforming loans
213
256
250
N/M
N/M
N/M = Not Meaningful
Net loan charge-offs for the second quarter of 2026 totaled $115 million, or 0.42% of average total loans.
Asset quality / charge-offs, nonperforming loans and allowances · Dépôt 21/07/2026
The provision for credit losses in the second quarter of 2026 reflected net loan charge-offs of $115 million and a net reserve release of $23 million, as the favorable impact of an improved commercial portfolio mix more than offset the effects of loan growth, credit migration, and economic uncertainty.
Provision for credit losses / charge-offs and reserve release · Dépôt 04/08/2026
($ in millions) 2Q26 1Q26 4Q25 3Q25 2Q25 1Q25 4Q24 CET1 – AOCI Impact(1) Common Equity Tier 1 (A) $ 17,016 $ 17,038 $ 17,195 $ 17,050 $ 16,774 $ 16,549 $ 16,489 Add: AFS and Pension accumulated other Comprehensive income (loss) (2,154) (2,152) (2,028) (2,176) (2,476) (2,601) (3,032) Marked Common Equity Tier 1 (B) $ 14,862 $ 14,886 $ 15,167 $ 14,874 $ 14,298 $ 13,948 $ 13,457 Risk Weighted Assets (C) $ 152,068 $ 149,338 $ 145,933 $ 144,428 $ 143,427 $ 142,478 $ 138,296 Common Equity Tier 1 Ratio (A/C) 11.2 % 11.4 % 11.8 % 11.8 % 11.7 % 11.6 % 11.9 % Marked CET1 Ratio (B/C) 9.8 % 10.0 % 10.4 % 10.3 % 10.0 % 9.8 % 9.7 % GAAP to Non-GAAP Reconciliation 28 (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.
Capital reconciliation / AOCI opt-out and marked CET1 · Dépôt 25/09/2026
During the first quarter of 2026, Key completed $389 million, or approximately 18 million shares, in share repurchases including $45 million, or approximately 2 million shares, from Scotiabank pursuant to our repurchase agreement described above.
Shareholders' equity / actual first-quarter repurchases · Dépôt 05/05/2026
During the second quarter of 2026, Key completed $341 million, or approximately 16 million shares, in share repurchases including $49 million, or approximately 2 million shares, from Scotiabank pursuant to our repurchase agreement described above.
Shareholders' equity / actual second-quarter repurchases · Dépôt 04/08/2026
As of June 30, 2026, KeyBank had regulatory capacity to pay $797 million in dividends to KeyCorp without prior regulatory approval.
Liquidity / bank dividend capacity · Dépôt 04/08/2026
Figure 7. Personnel Expense Dollars in millions Three Months Ended June 30, Percent Change Six Months Ended June 30, Percent Change 2026 2025 2026 2025 Salaries and contract labor $ 448 $ 427 4.9 % $ 887 $ 832 6.6 % Incentive and stock-based compensation (a) 194 168 15.5 366 326 12.3 Employee benefits 140 108 29.6 267 217 23.0 Severance 4 2 100.0 9 10 (10.0) Total personnel expense $ 786 $ 705 11.5 % $ 1,529 $ 1,385 10.4 % (a)Excludes directors’ stock-based compensation of $2 million and $2 million for the three months ended June 30, 2026, and June 30, 2025, respectively, and $3 million and $2 million for the six months ended June 30, 2026 and June 30, 2025, respectively, reported as “other expense” in Figure 6.
Personnel expense / incentive and stock-based compensation · Dépôt 04/08/2026
As shown in Figure 18 above, Common Shares outstanding decreased by 15 million shares during the second quarter of 2026, primarily attributed to shares repurchased in the open market partially offset by shares issued under employee compensation plans.
Capital / net reduction in common shares outstanding · Dépôt 04/08/2026
• Repurchased $341MM of common shares at an average price of $21.95 per share in the second quarter • Expect to repurchase at least $1.3Bn in 2026 7.8% 8.1% 8.4% 8.0% 7.7% 2Q25 3Q25 4Q25 1Q26 2Q26 Common Equity Tier 1 Ratio Tangible Common Equity Ratio(2) Capital (1) 6/30/2026 ratio is estimated; (2) Non-GAAP measure: see appendix for reconciliation 11.7% 11.8% 11.8% 11.4% 11.2%10.0% 10.3% 10.4% 10.0% 9.8% Common Equity Tier 1 Ratio Marked Common Equity Tier 1 Ratio 2Q25 3Q25 4Q25 1Q26 2Q26 (1) (1),(2) 11.4% 31 bps (22) bps (20) bps (15) bps 2 bps 11.2% 1Q26 Net income available to common RWA Share repurchases Dividends Other 2Q261 6 2 6 Common Equity Tier 1 Walk(1) Share Repurchase Activity 11
Capital / effects of earnings, distributions and risk-weighted assets · Dépôt 21/07/2026
2024 2025 2026 2027-2030 • Decisively pivoted to playing offense – grew relationships, deposits, pipelines and AUM • Delivered on financial targets • $2.8Bn Scotiabank minority investment and subsequent repositioning of ~$10Bn AFS securities • Demonstrated momentum across strategic, fee-based businesses • Accelerated investments in people and technology • Peer-leading capital position at year-end • Met or exceeded all financial targets… delivered record revenue • Continued to evolve culture to one that is increasingly focused on client acquisition • Continued to drive strong momentum across differentiated fee businesses • Increased investments in front line bankers (+9%) and technology (+~$100MM) • Maintained peer leading capital position • Received a credit ratings upgrade from Fitch and a Positive outlook from Moody’s Disciplined balance sheet growth and optimization Maintain expense discipline while investing Compound our current fee advantage Productively deploy excess capital (current and future) • Making meaningful progress towards 15%+ ROTCE target by 4Q27 • Positive revisions to full- year NII, non-interest income, and loan guidance as the year has progressed • Continue to invest across the franchise in bankers, and ~$1Bn in technology • Expect to repurchase at least $1.3Bn of shares • May 2026: Board authorized up to $3Bn of share repurchases • Made changes to the composition of our Board of Directors • Received a credit ratings upgrade from Moody’s and a Positive outlook from S&P Taking Stock of Our Progress and Path Forward 4
Investor presentation / investments, strategic actions and future plans · Dépôt 25/09/2026
We compete by offering quality products and innovative services at competitive prices, and by maintaining our product and service offerings to keep pace with customer preferences and industry standards.
Business / competition on price and service · Dépôt 23/02/2026
Key competes with other providers of financial services, such as BHCs, commercial banks, savings associations, credit unions, mortgage banking companies, finance companies, mutual funds, insurance companies, investment management firms, private credit funds, investment banking firms, broker-dealers, financial technology companies, and other local, regional, national, and global institutions that offer financial services.
Business / generic competitor categories · Dépôt 23/02/2026
Fintech partnerships TRADITIONAL CAPABILITIES INNOVATIVE CAPABILITIES Core Treasury Liquidity Card & Merchant Foreign Exchange Automation Embedded Banking Strategic Focus Areas • Continue primacy focus to grow the core operating deposit base • Increasing our product investment • Continued scaling of embedded banking business ~2x 90% Payments penetration of Middle Market clients Embedded banking fee growth in 1H26(1) Full Suite of Commercial Payment Capabilities, Continuing to Invest in Growth Holistic Payments Platform with Growth Tailwinds Delivering one of the broadest platforms of banking & software-based capabilities in the market 14 (1) Compared to 1H25 12% YoY growth in gross payments fees in 2Q26 Meaningful Growth Trends with Strong Tailwinds from Suite of Capabilities
Commercial payments / penetration and fee growth · Dépôt 25/09/2026
Bank notes and other short-term borrowings
3,680
1,071
3,778
4,286
Long-term debt
10,967
9,917
Total liabilities
171,519
164,000
Common Shares, $1 par value; authorized 2,100,000,000 shares; issued 1,256,702,081 shares
Capital surplus
6,014
6,035
Retained earnings
15,873
15,359
Treasury stock, at cost (184,667,530 and 154,301,387 shares)
(3,492)
(2,810)
Accumulated other comprehensive income (loss)
(2,354)
(1,960)
Total equity
Total liabilities and equity
(a)Total loans held for sale include real estate — residential mortgage loans held for sale at fair value of $204 million at June 30, 2026, and $149 million at December 31, 2025.
Consolidated balance sheets / borrowings and treasury shares · Dépôt 04/08/2026
4,432
8,848
8,481
Discontinued assets
LIABILITIES
Deposits in domestic offices:
Interest-bearing deposits
122,196
121,100
Noninterest-bearing deposits
30,893
27,613
Total deposits
153,089
148,713
Federal funds purchased and securities sold under repurchase agreements
Consolidated balance sheets / June and December deposits · Dépôt 04/08/2026
