Document

KEYCORP REPORTS SECOND QUARTER 2025 NET INCOME OF $387 MILLION,

OR $.35 PER DILUTED COMMON SHARE

Revenue of $1.8 billion, up 21% year-over-year; Significant positive operating leverage on both a total and fee basis year-over-year

Net interest income up 4% and net interest margin increased 8 bps quarter-over-quarter

Period-end loans up $1.6 billion quarter-over-quarter; Commercial loans up $3.3 billion or 5% year-to-date

Net charge-offs declined 8% quarter-over-quarter; Other credit metrics stable to improved

CLEVELAND, July 22, 2025 - KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $387 million, or $.35 per diluted common share, for the second quarter of 2025. For the first quarter of 2025, net income from continuing operations attributable to Key common shareholders was $370 million, or $.33 per diluted common share. For the second quarter of 2024, KeyCorp reported net income from continuing operations attributable to Key common shareholders of $237 million, or $.25 per diluted common share, or adjusted net income of $241 million, or $.25 per diluted common share(a). Included in the second quarter of 2024 are $4 million, after-tax, of charges related to the FDIC special assessment(b).

Comments from Chairman and CEO, Chris Gorman

"Our second quarter results demonstrate continued strong momentum. Revenue was up 21% year-over-year driven by our clearly defined net interest income tailwinds and 10% growth in noninterest income, while expenses grew 7%. Sequentially, net interest income grew 4%. Credit quality continues to trend in a positive direction with overall credit migration improving for the sixth consecutive quarter.

Business activity with clients and prospects continues to accelerate. Client deposits and relationship households were up 2% year-over-year while deposit costs were managed below 2%. Period end commercial loans grew $2.1 billion in the second quarter. Assets under management reached a record $64 billion. Investment banking pipelines remain at historically elevated levels. In the second quarter we raised over $30 billion of capital on behalf of our clients. Commercial payments-related fees grew high single digits year-over-year.

We continue to make investments in people and technology that will drive future growth for our company. We remain on target to increase our front line bankers - investment bankers, middle market relationship managers, payments advisors, and wealth managers - by 10% in 2025.

I am energized by our momentum as we win and take share in the marketplace. I remain confident that we will continue to execute against our compelling organic growth opportunities.”

(a) The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures related to "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.

(b) See table on page 24 for more information on Selected Items Impact on Earnings.

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 2


Selected Financial Highlights

Dollars in millions, except per share data										Change 2Q25 vs.
	2Q25			1Q25			2Q24			1Q25		2Q24
Income (loss) from continuing operations attributable to Key common shareholders	$	387		$	370		$	237		4.6	%	63.3	%

Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution	.35			.33			.25			6.1		40.0

Return on average tangible common equity from continuing operations (a)	11.09		%	11.24		%	10.39		%	N/A		N/A

Return on average total assets from continuing operations	.91			.88			.59			N/A		N/A

Common Equity Tier 1 ratio (b)	11.7			11.8			10.5			N/A		N/A
Book value at period end	$	15.32		$	14.89		$	13.09		2.9		17.0
Net interest margin (TE) from continuing operations	2.66		%	2.58		%	2.04		%	N/A		N/A

(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)June 30, 2025 ratio is estimated.

TE = Taxable Equivalent, N/A = Not Applicable


INCOME STATEMENT HIGHLIGHTS

Revenue

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Net interest income (TE)	$	1,150	$	1,105	$	899	4.1	%	27.9	%
Noninterest income	690		668		627		3.3		10.0
Total revenue (TE)	$	1,840	$	1,773	$	1,526	3.8	%	20.6	%

TE = Taxable Equivalent

Taxable-equivalent net interest income was $1.15 billion for the second quarter of 2025 and the net interest margin was 2.66%. Compared to the second quarter of 2024, net interest income increased by $251 million, and the net interest margin increased by 62 basis points. These increases primarily reflect the impact of lower deposit costs, reinvestment of proceeds from maturing low-yielding investment securities, fixed-rate loans and swaps repricing into higher-yielding investments, the repositioning of the available-for-sale portfolio during the third and fourth quarters of 2024, 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, and lower loan balances.

Compared to the first quarter of 2025, taxable-equivalent net interest income increased by $45 million, and the net interest margin increased by 8 basis points. These increases were driven by a decline in funding costs, including interest-bearing deposit costs, the redeployment of maturing low-yielding investments and swaps into higher-yielding investments, and growth in commercial and industrial loans. Net interest income also benefited from one additional day in the second quarter of 2025 compared to the first quarter of 2025.

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 3


Noninterest Income

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Trust and investment services income	$	146	$	139	$	139	5.0	%	5.0	%
Investment banking and debt placement fees	178		175		126		1.7		41.3
Cards and payments income	85		82		85		3.7		—
Service charges on deposit accounts	73		69		66		5.8		10.6
Corporate services income	76		65		68		16.9		11.8
Commercial mortgage servicing fees	70		76		61		(7.9)		14.8
Corporate-owned life insurance income	32		33		34		(3.0)		(5.9)
Consumer mortgage income	15		13		16		15.4		(6.3)
Operating lease income and other leasing gains	14		9		21		55.6		(33.3)
Other income	1		7		21		(85.7)		(95.2)
Net securities gains (losses)	—		—		(10)		—		N/M
Total noninterest income	$	690	$	668	$	627	3.3	%	10.0	%

N/M = Not Meaningful

Compared to the second quarter of 2024, noninterest income increased by $63 million. The increase was driven by a $52 million increase in investment banking and debt placement fees reflecting higher syndications, commercial real estate, and equity issuance activity, and a $9 million increase in commercial mortgage servicing fees reflecting higher active special servicing balances. We also continued to see momentum across wealth management and commercial payments, which partially offset a $20 million decrease in other income and a $7 million decrease in operating lease income and other leasing gains.

Compared to the first quarter of 2025, noninterest income increased by $22 million. The increase was driven by an $11 million increase in corporate services income reflecting higher loan, derivative and FX client activity, and a $7 million increase in trust and investment services income. The increase was partly offset by a $6 million decrease in commercial mortgage servicing fees.


Noninterest Expense

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Personnel expense	$	705	$	680	$	636	3.7	%	10.8	%
Net occupancy	69		67		66		3.0		4.5
Computer processing	107		107		101		—		5.9
Business services and professional fees	48		40		37		20.0		29.7
Equipment	21		20		20		5.0		5.0
Operating lease expense	10		11		17		(9.1)		(41.2)
Marketing	24		21		21		14.3		14.3



Other expense	170		185		181		(8.1)		(6.1)
Total noninterest expense	$	1,154	$	1,131	$	1,079	2.0	%	7.0	%

Compared to the second quarter of 2024, noninterest expense increased by $75 million. The increase was primarily driven by a $69 million increase in personnel expense primarily related to incentive compensation associated with noninterest income growth, and continued investments in people. Business services and professional fees, and computer processing expenses increased primarily due to technology-related investments. These were partially offset by a $7 million decrease in operating lease expense.

Compared to the first quarter of 2025, noninterest expense increased by $23 million. The increase was primarily driven by a $25 million increase in personnel expense primarily related to incentive compensation associated with noninterest income growth, and continued investments in people. Higher business services and professional fees were driven by increases in technology-related investments. This was partially offset by a $15 million decrease in other expenses primarily due to lower fraud and other losses and FDIC insurance expense.

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 4


BALANCE SHEET HIGHLIGHTS

Average Loans

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Commercial and industrial (a)	$	55,604	$	53,746	$	54,599	3.5	%	1.8	%
Other commercial loans	18,708		18,619		20,500		.5		(8.7)
Total consumer loans	31,403		31,989		33,862		(1.8)		(7.3)
Total loans	$	105,715	$	104,354	$	108,961	1.3	%	(3.0)	%

(a)Commercial and industrial average loan balances include $218 million, $213 million, and $218 million of assets from commercial credit cards at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

Average loans were $105.7 billion for the second quarter of 2025, a decrease of $3.2 billion compared to the second quarter of 2024. Average commercial loans declined by $787 million, primarily driven by a decrease in commercial real estate loans. Average consumer loans declined by $2.5 billion, reflective of broad-based declines across all loan categories.

Compared to the first quarter of 2025, average loans increased by $1.4 billion. Average commercial loans increased $1.9 billion, primarily driven by an increase in commercial and industrial loans. Average consumer loans declined by $586 million, reflective of the intentional run-off of low-yielding loans.


Average Deposits

Dollars in millions										Change 2Q25 vs.
	2Q25			1Q25			2Q24			1Q25		2Q24
Non-time deposits	$	131,845		$	131,917		$	128,161		(.1)	%	2.9	%

Time deposits	15,601			16,625			16,019			(6.2)		(2.6)
Total deposits	$	147,446		$	148,542		$	144,180		(.7)	%	2.3	%

Cost of total deposits	1.99		%	2.06		%	2.28		%	N/A		N/A

N/A = Not Applicable

Average deposits totaled $147.4 billion for the second quarter of 2025, an increase of $3.3 billion compared to the year-ago quarter, reflecting growth in consumer deposits.

Compared to the first quarter of 2025, average deposits decreased by $1.1 billion, driven by a reduction in higher-cost commercial client balances and retail CDs. The rate paid on interest-bearing deposits declined by 9 basis points, and the overall cost of deposits declined by 7 basis points to 1.99%.

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 5


ASSET QUALITY

Dollars in millions										Change 2Q25 vs.
	2Q25			1Q25			2Q24			1Q25		2Q24
Net loan charge-offs	$	102		$	110		$	91		(7.3)	%	12.1	%
Net loan charge-offs to average total loans	.39		%	.43		%	.34		%	N/A		N/A
Nonperforming loans at period end	$	696		$	686		$	710		1.5		(2.0)
Nonperforming assets at period end	707			700			727			1.0		(2.8)
Allowance for loan and lease losses	1,446			1,429			1,547			1.2		(6.5)
Allowance for credit losses	1,743			1,707			1,833			2.1		(4.9)
Provision for credit losses	138			118			100			16.9		38.0

Allowance for loan and lease losses to nonperforming loans	208		%	208		%	218		%	N/A		N/A
Allowance for credit losses to nonperforming loans	250			249			258			N/A		N/A

N/A = Not Applicable

Key's provision for credit losses was $138 million, compared to $100 million in the second quarter of 2024 and $118 million in the first quarter of 2025. The increase from the year-ago quarter reflects higher net loan charge-offs and a larger reserve build. The increase from the prior quarter reflects a larger reserve build, partially offset by lower net charge-offs. This quarter, Key added $36 million to its allowance for credit losses to account for recent loan growth, changes in loan mix, and some deterioration in the macroeconomic outlook.

Net loan charge-offs for the second quarter of 2025 totaled $102 million, or 0.39% of average total loans. These results compare to $91 million, or 0.34%, for the second quarter of 2024 and $110 million, or 0.43%, for the first quarter of 2025. Key’s allowance for credit losses was $1.7 billion, or 1.64% of total period-end loans at June 30, 2025, compared to 1.71% at June 30, 2024, and 1.63% at March 31, 2025.

At June 30, 2025, Key’s nonperforming loans totaled $696 million, which represented 0.65% of period-end portfolio loans. These results compare to 0.66% at June 30, 2024, and 0.65% at March 31, 2025. Nonperforming assets at June 30, 2025, totaled $707 million, and represented 0.66% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.68% at June 30, 2024, and 0.67% at March 31, 2025.

CAPITAL

Key’s estimated risk-based capital ratios, included in the following table, continued to exceed all “well-capitalized” regulatory benchmarks at June 30, 2025.


Capital Ratios

	6/30/2025		3/31/2025		6/30/2024
Common Equity Tier 1 (a)	11.7	%	11.8	%	10.5	%

Tier 1 risk-based capital (a)	13.4		13.5		12.2
Total risk-based capital (a)	15.7		16.0		14.7
Tangible common equity to tangible assets (b)	7.8		7.4		5.2
Leverage (a)	10.3		10.2		9.1

(a)June 30, 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 second quarter of 2025. As shown in the preceding table, at June 30, 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 Second Quarter 2025 Results

July 22, 2025

Page 6


Summary of Changes in Common Shares Outstanding

In thousands					Change 2Q25 vs.
		2Q25	1Q25	2Q24	1Q25		2Q24
Shares outstanding at beginning of period		1,111,986	1,106,786	942,776	.5	%	17.9	%

Shares issued under employee compensation plans (net of cancellations and returns)		467	5,200	424	(91.0)		10.1

	Shares outstanding at end of period	1,112,453	1,111,986	943,200	—	%	17.9	%

Key declared a dividend in May of 2025 of $.205 per common share, payable in the second quarter of 2025.

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 2Q25 vs.
		2Q25		1Q25		2Q24		1Q25		2Q24
Revenue from continuing operations (TE)
Consumer Bank		$	912	$	871	$	758	4.7	%	20.3	%
Commercial Bank		974		942		768		3.4		26.8
Other (a)		(46)		(40)		0		(15.0)		N/M


	Total	$	1,840	$	1,773	$	1,526	3.8	%	20.6	%

Income (loss) from continuing operations attributable to Key
Consumer Bank		$	122	$	116	$	59	5.2	%	106.8	%
Commercial Bank		349		321		206		8.7		69.4
Other (a)		(48)		(31)		8		(54.8)		(700.0)


	Total	$	423	$	406	$	273	4.2	%	54.9	%

(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 represents 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; N/M = Not Meaningful

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 7


Consumer Bank

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Summary of operations
Net interest income (TE)	$	676	$	646	$	523	4.6	%	29.3	%
Noninterest income	236		225		235		4.9		.4
Total revenue (TE)	912		871		758		4.7		20.3
Provision for credit losses	55		43		33		27.9		66.7
Noninterest expense	696		675		648		3.1		7.4
Income (loss) before income taxes (TE)	161		153		77		5.2		109.1
Allocated income taxes (benefit) and TE adjustments	39		37		18		5.4		116.7
Net income (loss) attributable to Key	$	122	$	116	$	59	5.2	%	106.8	%

Average balances
Loans and leases	$	36,137	$	36,819	$	39,174	(1.9)	%	(7.8)	%
Total assets	39,156		39,806		42,008		(1.6)		(6.8)
Deposits	88,002		88,306		85,397		(.3)		3.1

Assets under management at period end	$	64,244	$	61,053	$	57,602	5.2	%	11.5	%

TE = Taxable Equivalent


Additional Consumer Bank Data

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Noninterest income
Trust and investment services income	$	119	$	113	$	112	5.3	%	6.3	%
Service charges on deposit accounts	35		33		34		6.1		2.9
Cards and payments income	61		57		61		7.0		—
Consumer mortgage income	14		13		16		7.7		(12.5)
Other noninterest income	7		9		12		(22.2)		(41.7)
Total noninterest income	$	236	$	225	$	235	4.9	%	.4	%

Average deposit balances
Money market deposits	$	34,524	$	33,533	$	30,229	3.0	%	14.2	%
Demand deposits	22,784		22,771		22,291		.1		2.2
Savings deposits	4,406		4,392		4,791		.3		(8.0)

Time deposits	11,910		13,320		13,039		(10.6)		(8.7)
Noninterest-bearing deposits	14,378		14,290		15,047		.6		(4.4)
Total deposits	$	88,002	$	88,306	$	85,397	(.3)	%	3.1	%






Other data
Branches	943		945		946
Automated teller machines	1,166		1,176		1,199

Consumer Bank Summary of Operations (2Q25 vs. 2Q24)

•Key's Consumer Bank recorded net income attributable to Key of $122 million for the second quarter of 2025, compared to $59 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $153 million, or 29.3%, compared to the second quarter of 2024

•Average loans and leases decreased $3.0 billion, or 7.8%, from the second quarter of 2024, driven by broad-based declines across all loan categories

•Average deposits increased $2.6 billion, or 3.1%, from the second quarter of 2024, driven by growth in money market deposits and demand deposits

•Provision for credit losses increased $22 million compared to the second quarter of 2024, primarily driven by changes in reserve levels due to deterioration in the economic outlook

•Noninterest income increased $1 million from the year-ago quarter, driven by an increase in trust and investment services income, partially offset by a decrease in consumer mortgage income

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 8

•Noninterest expense increased $48 million from the year-ago quarter, primarily driven by higher support and overhead expense


Commercial Bank

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Summary of operations
Net interest income (TE)	$	556	$	534	$	411	4.1	%	35.3	%
Noninterest income	418		408		357		2.5		17.1
Total revenue (TE)	974		942		768		3.4		26.8
Provision for credit losses	84		75		87		12.0		(3.4)
Noninterest expense	449		462		431		(2.8)		4.2
Income (loss) before income taxes (TE)	441		405		250		8.9		76.4
Allocated income taxes and TE adjustments	92		84		44		9.5		109.1


Net income (loss) attributable to Key	$	349	$	321	$	206	8.7	%	69.4	%

Average balances
Loans and leases	$	69,087	$	67,056	$	69,248	3.0	%	(0.2)	%
Loans held for sale	707		754		522		(6.2)		35.4
Total assets	78,486		76,707		78,328		2.3		0.2
Deposits	55,886		57,436		57,360		(2.7)	%	(2.6)	%

TE = Taxable Equivalent


Additional Commercial Bank Data

Dollars in millions							Change 2Q25 vs.
	2Q25		1Q25		2Q24		1Q25		2Q24
Noninterest income
Trust and investment services income	$	26	$	26	$	27	—	%	(3.7)	%
Investment banking and debt placement fees	179		175		126		2.3		42.1
Cards and payments income	21		21		21		—		—
Service charges on deposit accounts	38		35		31		8.6		22.6
Corporate services income	68		60		61		13.3		11.5
Commercial mortgage servicing fees	70		76		61		(7.9)		14.8
Operating lease income and other leasing gains	15		8		21		87.5		(28.6)
Other noninterest income	1		7		9		(85.7)		(88.9)
Total noninterest income	$	418	$	408	$	357	2.5	%	17.1	%

Commercial Bank Summary of Operations (2Q25 vs. 2Q24)

•Key's Commercial Bank recorded net income attributable to Key of $349 million for the second quarter of 2025 compared to $206 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $145 million, or 35.3%, compared to the second quarter of 2024

•Average loan and lease balances decreased $161 million, or 0.2%, compared to the second quarter of 2024, driven by a decline in commercial real estate loans and commercial lease financing

•Average deposit balances decreased $1.5 billion compared to the second quarter of 2024, driven by a reduction in higher-cost client balances

•Provision for credit losses decreased $3 million compared to the second quarter of 2024, driven by a lower reserve build as changes in the portfolio mix offset economic deterioration, as well as lower net loan charge-offs

•Noninterest income increased $61 million compared to the second quarter of 2024, primarily driven by an increase in investment banking and debt placement fees and commercial mortgage servicing fees

•Noninterest expense increased $18 million compared to the second quarter of 2024, driven by higher support and overhead expense

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 9

*******************************************

KeyCorp's roots trace back 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 $185 billion at June 30, 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 1,000 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 is Member FDIC.

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 10


CONTACTS:

ANALYSTS			MEDIA
Brian Mauney			Susan Donlan
216.689.0521			216.471.3133
Brian_Mauney@KeyBank.com			Susan_E_Donlan@KeyBank.com

Hannah Lewallen			Beth Strauss
216.471.4856			216.471.2787
Hannah_Lewallen@KeyBank.com			Beth_A_Strauss@KeyBank.com

Johnny Li
216.689.4221
Johnny_Li@KeyBank.com

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 9:00 a.m. ET, on July 22, 2025. A replay of the call will be available on our website through July 22, 2026.

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 Second Quarter 2025 Results

July 22, 2025

Page 11

KeyCorp

Second Quarter 2025

Financial Supplement


Page
12			Basis of Presentation
13			Financial Highlights
15			GAAP to Non-GAAP Reconciliation
17			Consolidated Balance Sheets
18			Consolidated Statements of Income
19			Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
21			Noninterest Expense
21			Personnel Expense
21			Loan Composition
21			Loans Held for Sale Composition
22			Summary of Changes in Loans Held for Sale
22			Summary of Loan and Lease Loss Experience From Continuing Operations
23			Asset Quality Statistics From Continuing Operations
23			Summary of Nonperforming Assets and Past Due Loans From Continuing Operations
23			Summary of Changes in Nonperforming Loans From Continuing Operations
24			Line of Business Results
24			Selected Items Impact on Earnings

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

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 Second Quarter 2025 Results

July 22, 2025

Page 13


Financial Highlights
(Dollars in millions, except per share amounts)
			Three months ended
			6/30/2025			3/31/2025			6/30/2024
Summary of operations
	Net interest income (TE)		$	1,150		$	1,105		$	899
	Noninterest income		690			668			627
		Total revenue (TE)	1,840			1,773			1,526
	Provision for credit losses		138			118			100
	Noninterest expense		1,154			1,131			1,079
	Income (loss) from continuing operations attributable to Key		423			406			273
	Income (loss) from discontinued operations, net of taxes		2			(1)			1
	Net income (loss) attributable to Key		425			405			274

	Income (loss) from continuing operations attributable to Key common shareholders		387			370			237
	Income (loss) from discontinued operations, net of taxes		2			(1)			1
	Net income (loss) attributable to Key common shareholders		389			369			238
Per common share
	Income (loss) from continuing operations attributable to Key common shareholders		$	.35		$	.34		$	.25
	Income (loss) from discontinued operations, net of taxes		—			—			—
	Net income (loss) attributable to Key common shareholders (a)		.35			.34			.25

	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution		.35			.33			.25
	Income (loss) from discontinued operations, net of taxes — assuming dilution		—			—			—
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)		.35			.33			.25

	Cash dividends declared		.205			.205			.205
	Book value at period end		15.32			14.89			13.09
	Tangible book value at period end		12.83			12.40			10.13
	Market price at period end		17.42			15.99			14.21
Performance ratios
	From continuing operations:
	Return on average total assets		.91		%	.88		%	.59		%
	Return on average common equity		9.26			9.30			7.96
	Return on average tangible common equity (b)		11.09			11.24			10.39
	Net interest margin (TE)		2.66			2.58			2.04
	Cash efficiency ratio (b)		62.4			63.5			70.2
	From consolidated operations:
	Return on average total assets		.91		%	.88		%	.59		%
	Return on average common equity		9.31			9.28			7.99
	Return on average tangible common equity (b)		11.15			11.21			10.43
	Net interest margin (TE)		2.66			2.58			2.04
	Loan to deposit (c)		72.9			70.2			74.0
Capital ratios at period end
	Key shareholders’ equity to assets		10.5		%	10.1		%	7.9		%
	Key common shareholders’ equity to assets		9.2			8.8			6.6
	Tangible common equity to tangible assets (b)		7.8			7.4			5.2
	Common Equity Tier 1 (d)		11.7			11.8			10.5
	Tier 1 risk-based capital (d)		13.4			13.5			12.2
	Total risk-based capital (d)		15.7			16.0			14.7
	Leverage (d)		10.3			10.2			9.1
Asset quality — from continuing operations
	Net loan charge-offs		$	102		$	110		$	91
	Net loan charge-offs to average loans		.39		%	.43		%	.34		%
	Allowance for loan and lease losses		$	1,446		$	1,429		$	1,547
	Allowance for credit losses		1,743			1,707			1,833
	Allowance for loan and lease losses to period-end loans		1.36		%	1.36		%	1.44		%
	Allowance for credit losses to period-end loans		1.64			1.63			1.71
	Allowance for loan and lease losses to nonperforming loans		208			208			218
	Allowance for credit losses to nonperforming loans		250			249			258
	Nonperforming loans at period-end		$	696		$	686		$	710
	Nonperforming assets at period-end		707			700			727
	Nonperforming loans to period-end portfolio loans		.65		%	.65		%	.66		%
	Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets		.66			.67			.68
Trust assets
	Assets under management		$	64,244		$	61,053		$	57,602


Other data
	Average full-time equivalent employees		17,105			16,989			16,646
	Branches		943			945			946
	Taxable-equivalent adjustment		$	9		$	9		$	12

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 14



Financial Highlights (continued)
(Dollars in millions, except per share amounts)
		Six months ended
		6/30/2025			6/30/2024
Summary of operations
	Net interest income (TE)	$	2,255		$	1,785
	Noninterest income	1,358			1,274
	Total revenue (TE)	3,613			3,059
	Provision for credit losses	256			201
	Noninterest expense	2,285			2,222
	Income (loss) from continuing operations attributable to Key	829			492
	Income (loss) from discontinued operations, net of taxes	1			1
	Net income (loss) attributable to Key	830			493

	Income (loss) from continuing operations attributable to Key common shareholders	757			420
	Income (loss) from discontinued operations, net of taxes	1			1
	Net income (loss) attributable to Key common shareholders	758			421

Per common share
	Income (loss) from continuing operations attributable to Key common shareholders	$	.69		$	.45
	Income (loss) from discontinued operations, net of taxes	—			—
	Net income (loss) attributable to Key common shareholders (a)	.69			.45

	Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution	.69			.45
	Income (loss) from discontinued operations, net of taxes — assuming dilution	—			—
	Net income (loss) attributable to Key common shareholders — assuming dilution (a)	.69			.45

	Cash dividends paid	.41			.41

Performance ratios
	From continuing operations:
	Return on average total assets	.90		%	.53		%
	Return on average common equity	9.28			7.00
	Return on average tangible common equity (b)	11.16			9.12
	Net interest margin (TE)	2.62			2.03
	Cash efficiency ratio (b)	63.0			72.1

	From consolidated operations:
	Return on average total assets	.90		%	.53		%
	Return on average common equity	9.29			7.02
	Return on average tangible common equity (b)	11.18			9.14
	Net interest margin (TE)	2.62			2.03

Asset quality — from continuing operations
	Net loan charge-offs	$	212		$	172
	Net loan charge-offs to average total loans	.41		%	.31		%

Other data
	Average full-time equivalent employees	17,047			16,699

Taxable-equivalent adjustment		18			23

(a)Earnings per share may not foot due to rounding.

(b)The table entitled “GAAP to Non-GAAP Reconciliations” starting on page 14 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)June 30, 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 Second Quarter 2025 Results

July 22, 2025

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,” “pre-provision net revenue," "adjusted pre-provision net revenue," “cash efficiency ratio," "adjusted taxable-equivalent revenue," "noninterest expense adjusted for selected items," "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.

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.

Noninterest expense adjusted for selected items is a non-GAAP measure in that it 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.

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.

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.


	Three months ended									Six months ended
	6/30/2025			3/31/2025			6/30/2024			6/30/2025			6/30/2024
Tangible common equity to tangible assets at period-end
Key shareholders’ equity (GAAP)	$	19,484		$	19,003		$	14,789
Less: Intangible assets	2,770			2,774			2,793
Preferred Stock (a)	2,446			2,446			2,446
Tangible common equity (non-GAAP)	$	14,268		$	13,783		$	9,550
Total assets (GAAP)	$	185,499		$	188,691		$	187,450
Less: Intangible assets	2,770			2,774			2,793
Tangible assets (non-GAAP)	$	182,729		$	185,917		$	184,657
Tangible common equity to tangible assets ratio (non-GAAP)	7.81		%	7.41		%	5.17		%




Average tangible common equity
Average Key shareholders' equity (GAAP)	$	19,268		$	18,632		$	14,474		$	18,952		$	14,561
Less: Intangible assets (average)	2,772			2,777			2,796			2,774			2,798
Preferred stock (average)	2,500			2,500			2,500			2,500			2,500
Average tangible common equity (non-GAAP)	$	13,996		$	13,355		$	9,178		$	13,678		$	9,263
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)	$	387		$	370		$	237		$	757		$	420


Average tangible common equity (non-GAAP)	13,996			13,355			9,178			13,678			9,263

Return on average tangible common equity from continuing operations (non-GAAP)	11.09		%	11.24		%	10.39		%	11.16		%	9.12		%

Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)	$	389		$	369		$	238		$	758		$	421
Average tangible common equity (non-GAAP)	13,996			13,355			9,178			13,678			9,263

Return on average tangible common equity consolidated (non-GAAP)	11.15		%	11.21		%	10.43		%	11.18		%	9.14		%
Pre-provision net revenue
Net interest income (GAAP)	$	1,141		$	1,096		$	887		$	2,237		$	1,762
Plus: Taxable-equivalent adjustment	9			9			12			18			23
Noninterest income (GAAP)	690			668			627			1,358			1,274
Less: Noninterest expense (GAAP)	1,154			1,131			1,079			2,285			2,222
Pre-provision net revenue from continuing operations (non-GAAP)	$	686		$	642		$	447		$	1,328		$	837
Adjusted pre-provision net revenue
Pre-provision net revenue from continuing operations (non-GAAP)	$	686		$	642		$	447		$	1,328		$	837
Plus: Selected items(b)	—			—			5			—			34
Adjusted pre-provision net revenue from continuing operations (non-GAAP)	$	686		$	642		$	452		$	1,328		$	871

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 16


GAAP to Non-GAAP Reconciliations (continued)
(Dollars in millions)
	Three months ended									Six months ended
	6/30/2025			3/31/2025			6/30/2024			6/30/2025			6/30/2024













































Cash efficiency ratio
Noninterest expense (GAAP)	$	1,154		$	1,131		$	1,079		$	2,285		$	2,222
Less: Intangible asset amortization	5			5			7			10			15
Noninterest expense less intangible asset amortization (non-GAAP)	$	1,149		$	1,126		$	1,072		$	2,275		$	2,207



Net interest income (GAAP)	$	1,141		$	1,096		$	887		$	2,237		$	1,762
Plus: Taxable-equivalent adjustment	9			9			12			18			23
Net interest income TE (non-GAAP)	1,150			1,105			899			2,255			1,785
Noninterest income (GAAP)	690			668			627			1,358			1,274
Total taxable-equivalent revenue (non-GAAP)	$	1,840		$	1,773		$	1,526		$	3,613		$	3,059



Cash efficiency ratio (non-GAAP)	62.4		%	63.5		%	70.2		%	63.0		%	72.1		%












Noninterest expense adjusted for selected items
Noninterest expense (GAAP)	$	1,154		$	1,131		$	1,079		$	2,285		$	2,222
Plus: Selected items(b)	—			—			(5)			—			(34)
Noninterest expense adjusted for selected items (non-GAAP)	$	1,154		$	1,131		$	1,074		$	2,285		$	2,188
Adjusted income (loss) available from continuing operations attributable to Key common shareholders
Income (loss) from continuing operations attributable to Key common shareholders (GAAP)	$	387		$	370		$	237		$	757		$	420
Plus: Selected items (net of tax)(b)	—			—			4			—			26
Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP)	$	387		$	370		$	241		$	757		$	446
Diluted earnings per common share (EPS) - adjusted
Diluted EPS from continuing operations attributable to Key common shareholders (GAAP)	$	.35		$	.33		$	.25		$	.69		$	.45
Plus: EPS impact of selected items(b)	—			—			—			—			.02
Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP)	$	.35		$	.33		$	.25		$	.69		$	.47

(a)Net of capital surplus.

(b)Additional detail provided in Selected Items table on page 24.

GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 17


Consolidated Balance Sheets
(Dollars in millions)

			6/30/2025		3/31/2025		6/30/2024
Assets
	Loans		$	106,389	$	104,809	$	107,078
	Loans held for sale		530		811		517
	Securities available for sale		40,669		40,751		37,460
	Held-to-maturity securities		6,914		7,160		7,968
	Trading account assets		1,374		1,296		1,219
	Short-term investments		11,564		15,349		15,536
	Other investments		1,058		1,050		1,259
		Total earning assets	168,498		171,226		171,037
	Allowance for loan and lease losses		(1,446)		(1,429)		(1,547)
	Cash and due from banks		1,766		1,909		1,326
	Premises and equipment		599		602		631
	Goodwill		2,752		2,752		2,752
	Other intangible assets		18		22		41
	Corporate-owned life insurance		4,423		4,404		4,382
	Accrued income and other assets		8,654		8,958		8,532
	Discontinued assets		235		247		296
		Total assets	$	185,499	$	188,691	$	187,450

Liabilities
	Deposits in domestic offices:





		Interest-bearing deposits	$	119,230	$	122,283	$	117,570
		Noninterest-bearing deposits	27,675		28,454		28,150
		Total deposits	146,905		150,737		145,720
	Federal funds purchased and securities sold under repurchase agreements		20		22		25
	Bank notes and other short-term borrowings		2,754		2,328		5,292
	Accrued expense and other liabilities		4,273		4,209		4,755
	Long-term debt		12,063		12,392		16,869
		Total liabilities	166,015		169,688		172,661

Equity
	Preferred stock		2,500		2,500		2,500
	Common shares		1,257		1,257		1,257
	Capital surplus		5,971		5,946		6,185
	Retained earnings		14,886		14,724		15,706
	Treasury stock, at cost		(2,629)		(2,637)		(5,715)
	Accumulated other comprehensive income (loss)		(2,501)		(2,787)		(5,144)
		Key shareholders’ equity	19,484		19,003		14,789


Total liabilities and equity			$	185,499	$	188,691	$	187,450

Common shares outstanding (000)			1,112,453		1,111,986		943,200

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 18


Consolidated Statements of Income
(Dollars in millions, except per share amounts)
			Three months ended						Six months ended
			6/30/2025		3/31/2025		6/30/2024		6/30/2025		6/30/2024
Interest income
	Loans		$	1,443	$	1,401	$	1,524	$	2,844	$	3,062
	Loans held for sale		11		14		8		25		22
	Securities available for sale		411		392		259		803		491
	Held-to-maturity securities		61		63		73		124		148
	Trading account assets		16		17		16		33		30
	Short-term investments		157		174		192		331		334
	Other investments		8		9		16		17		33
		Total interest income	2,107		2,070		2,088		4,177		4,120
Interest expense
	Deposits		730		753		817		1,483		1,599
	Federal funds purchased and securities sold under repurchase agreements		4		1		1		5		2
	Bank notes and other short-term borrowings		34		27		51		61		97
	Long-term debt		198		193		332		391		660
		Total interest expense	966		974		1,201		1,940		2,358
Net interest income			1,141		1,096		887		2,237		1,762
Provision for credit losses			138		118		100		256		201
Net interest income after provision for credit losses			1,003		978		787		1,981		1,561
Noninterest income
	Trust and investment services income		146		139		139		285		275
	Investment banking and debt placement fees		178		175		126		353		296
	Cards and payments income		85		82		85		167		162
	Service charges on deposit accounts		73		69		66		142		129
	Corporate services income		76		65		68		141		137
	Commercial mortgage servicing fees		70		76		61		146		117
	Corporate-owned life insurance income		32		33		34		65		66
	Consumer mortgage income		15		13		16		28		30
	Operating lease income and other leasing gains		14		9		21		23		45
	Other income		1		7		21		8		30
	Net securities gains (losses)		—		—		(10)		—		(13)
		Total noninterest income	690		668		627		1,358		1,274
Noninterest expense
	Personnel		705		680		636		1,385		1,310
	Net occupancy		69		67		66		136		133
	Computer processing		107		107		101		214		203
	Business services and professional fees		48		40		37		88		78
	Equipment		21		20		20		41		40
	Operating lease expense		10		11		17		21		34
	Marketing		24		21		21		45		40



	Other expense		170		185		181		355		384
		Total noninterest expense	1,154		1,131		1,079		2,285		2,222
Income (loss) from continuing operations before income taxes			539		515		335		1,054		613
	Income taxes (benefit)		116		109		62		225		121
Income (loss) from continuing operations			423		406		273		829		492
	Income (loss) from discontinued operations, net of taxes		2		(1)		1		1		1
Net income (loss)			$	425	$	405	$	274	$	830	$	493



Income (loss) from continuing operations attributable to Key common shareholders			$	387	$	370	$	237	$	757	$	420
Net income (loss) attributable to Key common shareholders			389		369		238		758		421
Per common share
Income (loss) from continuing operations attributable to Key common shareholders			$	.35	$	.34	$	.25	$	.69	$	.45
Income (loss) from discontinued operations, net of taxes			—		—		—		—		—
Net income (loss) attributable to Key common shareholders (a)			.35		.34		.25		.69		.45
Per common share — assuming dilution
Income (loss) from continuing operations attributable to Key common shareholders			$	.35	$	.33	$	.25	$	.69	$	.45
Income (loss) from discontinued operations, net of taxes			—		—		—		—		—
Net income (loss) attributable to Key common shareholders (a)			.35		.33		.25		.69		.45

Cash dividends declared per common share			$	.205	$	.205	$	.205	$	.410	$	.410

Weighted-average common shares outstanding (000)			1,100,033		1,096,654		931,726		1,098,453		930,776
	Effect of common share options and other stock awards(b)		7,177		9,486		6,761		8,331		7,040
Weighted-average common shares and potential common shares outstanding (000) (c)			1,107,210		1,106,140		938,487		1,106,784		937,816

(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 Second Quarter 2025 Results

July 22, 2025

Page 19


Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Second Quarter 2025						First Quarter 2025						Second 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)	$	55,604	$	838	6.04	%	$	53,746	$	800	6.04	%	$	54,599	$	860	6.34	%
	Real estate — commercial mortgage	13,311		200		6.02		13,061		192		5.96		14,287		217		6.10
	Real estate — construction	2,873		50		6.95		2,905		49		6.87		3,020		56		7.51
	Commercial lease financing	2,524		22		3.59		2,653		23		3.52		3,193		28		3.46
	Total commercial loans	74,312		1,110		5.99		72,365		1,064		5.96		75,099		1,161		6.22
	Real estate — residential mortgage	19,446		162		3.34		19,737		165		3.33		20,515		169		3.30
	Home equity loans	6,091		86		5.63		6,248		86		5.60		6,817		102		5.98
	Other consumer loans	4,946		63		5.09		5,087		63		5.01		5,597		70		5.00
	Credit cards	920		31		13.44		917		32		14.04		933		34		14.63

	Total consumer loans	31,403		342		4.36		31,989		346		4.35		33,862		375		4.44
	Total loans	105,715		1,452		5.51		104,354		1,410		5.47		108,961		1,536		5.66
	Loans held for sale	770		11		5.72		815		14		6.70		599		8		5.42
	Securities available for sale (b), (e)	40,714		411		3.76		39,321		392		3.70		36,764		259		2.42
	Held-to-maturity securities (b)	7,038		61		3.46		7,274		63		3.46		8,123		73		3.59
	Trading account assets	1,259		16		5.32		1,296		17		5.20		1,231		16		5.38
	Short-term investments	13,489		157		4.67		15,211		174		4.63		13,729		192		5.62
	Other investments (e)	1,015		8		3.41		935		9		3.73		1,234		16		5.19
	Total earning assets	170,000		2,116		4.90		169,206		2,079		4.86		170,641		2,100		4.77
	Allowance for loan and lease losses	(1,424)						(1,401)						(1,534)
	Accrued income and other assets	18,224						18,285						17,476
	Discontinued assets	239						254						305
	Total assets	$	187,039					$	186,344					$	186,888
Liabilities
	Money market deposits	$	42,586	$	276	2.60	%	$	42,007	$	275	2.65	%	$	39,364	$	290	2.97	%
	Demand deposits	57,155		309		2.17		57,460		310		2.19		54,629		340		2.50
	Savings deposits	4,631		1		.06		4,610		1		.06		5,189		2		.19

	Time deposits	15,601		144		3.70		16,625		167		4.09		16,019		185		4.64
	Total interest-bearing deposits	119,973		730		2.44		120,702		753		2.53		115,201		817		2.85
	Federal funds purchased and securities sold under repurchase agreements	415		4		4.28		100		1		3.94		124		1		4.76
	Bank notes and other short-term borrowings	3,288		34		4.27		2,273		27		4.74		3,617		51		5.57
	Long-term debt (f)	12,088		198		6.55		11,779		193		6.61		19,219		332		6.91
	Total interest-bearing liabilities	135,764		966		2.86		134,854		974		2.92		138,161		1,201		3.49
	Noninterest-bearing deposits	27,473						27,840						28,979
	Accrued expense and other liabilities	4,295						4,764						4,969
	Discontinued liabilities (f)	239						254						305
	Total liabilities	$	167,771					$	167,712					$	172,414
Equity


	Total equity	$	19,268					$	18,632					$	14,474
	Total liabilities and equity	$	187,039					$	186,344					$	186,888
Interest rate spread (TE)						2.04	%					1.94	%					1.28	%
Net interest income (TE) and net interest margin (TE)				$	1,150	2.66	%			$	1,105	2.58	%			$	899	2.04	%
TE adjustment (b)				9						9						12
	Net interest income, GAAP basis			$	1,141					$	1,096					$	887

(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 June 30, 2025, March 31, 2025, and June 30, 2024.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $218 million, $213 million, and $218 million of assets from commercial credit cards for the three months ended June 30, 2025, March 31, 2025, and June 30, 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 $43.8 billion, $42.7 billion, and $42.8 billion for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Yield based on the fair value of securities available for sale was 4.03%, 3.99%, and 2.82% for the three months ended June 30, 2025, March 31, 2025, and June 30, 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 Second Quarter 2025 Results

July 22, 2025

Page 20



Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations
(Dollars in millions)
		Six months ended June 30, 2025						Six months ended June 30, 2024
		Average				Yield/		Average				Yield/
		Balance		Interest (a)		Rate (a)		Balance		Interest (a)		Rate (a)
Assets
	Loans: (b), (c)
	Commercial and industrial (d)	$	54,680	$	1,638	6.04	%	$	54,909	$	1,714	6.28	%
	Real estate — commercial mortgage	13,187		392		5.99		14,562		446		6.16
	Real estate — construction	2,889		99		6.91		3,030		113		7.51
	Commercial lease financing	2,588		46		3.55		3,269		55		3.34
	Total commercial loans	73,344		2,175		5.98		75,770		2,328		6.18
	Real estate — residential mortgage	19,591		327		3.34		20,664		340		3.30
	Home equity loans	6,169		172		5.62		6,921		206		5.98
	Other consumer loans	5,016		126		5.05		5,699		142		5.00
	Credit cards	919		62		13.74		943		69		14.78

	Total consumer loans	31,695		687		4.35		34,227		757		4.44
	Total loans	105,039		2,862		5.49		109,997		3,085		5.64
	Loans held for sale	792		25		6.23		744		22		5.86
	Securities available for sale (b), (e)	40,021		803		3.73		36,926		491		2.29
	Held-to-maturity securities (b)	7,156		124		3.46		8,273		148		3.58
	Trading account assets	1,277		33		5.26		1,171		30		5.30
	Short-term investments	14,345		331		4.65		11,986		334		5.61
	Other investments (e)	975		17		3.57		1,235		33		5.29
	Total earning assets	169,605		4,195		4.88		170,332		4,143		4.72
	Allowance for loan and lease losses	(1,413)						(1,519)
	Accrued income and other assets	18,254						17,412
	Discontinued assets	246						317
	Total assets	$	186,692					$	186,542
Liabilities
	Money market deposits	$	42,298	$	551	2.63	%	$	38,512	$	554	2.89	%
	Other demand deposits	57,307		619		2.18		55,383		697		2.53
	Savings deposits	4,620		2		.06		5,221		3		.13

	Time deposits	16,110		311		3.90		15,225		345		4.55
	Total interest-bearing deposits	120,335		1,483		2.49		114,341		1599		2.81
	Federal funds purchased and securities sold under repurchase agreements	258		5		4.22		115		2		4.42
	Bank notes and other short-term borrowings	2,784		61		4.47		3,471		97		5.60
	Long-term debt (f)	11,934		391		6.58		19,378		660		6.81
	Total interest-bearing liabilities	135,311		1,940		2.89		137,305		2,358		3.45
	Noninterest-bearing deposits	27,655						29,189
	Accrued expense and other liabilities	4,528						5,170
	Discontinued liabilities (f)	246						317
	Total liabilities	$	167,740					$	171,981
Equity


	Total equity	18,952						14,561
	Total liabilities and equity	$	186,692					$	186,542
Interest rate spread (TE)						1.99	%					1.27	%
Net interest income (TE) and net interest margin (TE)				$	2,255	2.62	%			$	1,785	2.03	%
TE adjustment (b)				18						23
	Net interest income, GAAP basis			$	2,237					$	1,762

(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 six months ended June 30, 2025, and June 30, 2024, respectively.

(c)For purposes of these computations, nonaccrual loans are included in average loan balances.

(d)Commercial and industrial average balances include $216 million and $214 million of assets from commercial credit cards for the six months ended June 30, 2025, and June 30, 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 $43.2 billion and $42.8 billion for the six months ended June 30, 2025, and June 30, 2024, respectively. Yield based on the fair value of securities available for sale was 4.01% and 2.66% for the six months ended June 30, 2025, and June 30, 2024, respectively.

TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 21


Noninterest Expense
(Dollars in millions)

	Three months ended						Six months ended
	6/30/2025		3/31/2025		6/30/2024		6/30/2025		6/30/2024
Personnel (a)	$	705	$	680	$	636	$	1,385	$	1,310
Net occupancy	69		67		66		136		133
Computer processing	107		107		101		214		203
Business services and professional fees	48		40		37		88		78
Equipment	21		20		20		41		40
Operating lease expense	10		11		17		21		34
Marketing	24		21		21		45		40



Other expense	170		185		181		355		384
Total noninterest expense	$	1,154	$	1,131	$	1,079	$	2,285	$	2,222


Average full-time equivalent employees (b)	17,105		16,989		16,646		17,047		16,699

(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						Six months ended
	6/30/2025		3/31/2025		6/30/2024		6/30/2025		6/30/2024
Salaries and contract labor	$	427	$	405	$	394	$	832	$	783
Incentive and stock-based compensation	168		158		143		326		302
Employee benefits	108		109		98		217		224
Severance	2		8		1		10		1
Total personnel expense	$	705	$	680	$	636	$	1,385	$	1,310


Loan Composition
(Dollars in millions)

							Change 6/30/2025 vs.
	6/30/2025		3/31/2025		6/30/2024		3/31/2025		6/30/2024
Commercial and industrial (a)(b)	$	56,058	$	54,378	$	53,129	3.1	%	5.5	%
Commercial real estate:
Commercial mortgage	13,862		13,239		14,218		4.7		(2.5)
Construction	2,830		2,929		3,077		(3.4)		(8.0)
Total commercial real estate loans	16,692		16,168		17,295		3.2		(3.5)
Commercial lease financing (b)	2,472		2,576		3,101		(4.0)		(20.3)
Total commercial loans	75,222		73,122		73,525		2.9		2.3
Real estate — residential mortgage	19,330		19,622		20,380		(1.5)		(5.2)
Home equity loans	6,023		6,154		6,729		(2.1)		(10.5)
Other consumer loans	4,881		5,000		5,514		(2.4)		(11.5)
Credit cards	933		911		930		2.4		.3

Total consumer loans	31,167		31,687		33,553		(1.6)		(7.1)
Total loans (c), (d)	$	106,389	$	104,809	$	107,078	1.5	%	(.6)	%

(a)Loan balances include $220 million, $218 million, and $217 million of commercial credit card balances at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

(b)Commercial and industrial includes receivables held as collateral for a secured borrowing of $192 million at March 31, 2025 and $285 million at June 30, 2024. Commercial lease financing includes receivables held as collateral for a secured borrowing of $2 million, $2 million, and $5 million at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables.

(c)Total loans exclude loans of $230 million at June 30, 2025, $243 million at March 31, 2025, and $291 million at June 30, 2024, related to the discontinued operations of the education lending business.

(d)Accrued interest of $465 million, $448 million, and $502 million at June 30, 2025, March 31, 2025, and June 30, 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 6/30/2025 vs.
	6/30/2025		3/31/2025		6/30/2024		3/31/2025		6/30/2024
Commercial and industrial	$	158	$	252	$	72	(37.3)	%	119.4	%
Real estate — commercial mortgage	290		473		354		(38.7)		(18.1)


Real estate — residential mortgage	82		86		91		(4.7)		(9.9)

Total loans held for sale	$	530	$	811	$	517	(34.6)	%	2.5	%

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 22


Summary of Changes in Loans Held for Sale
(Dollars in millions)

	2Q25		1Q25		4Q24		3Q24		2Q24
Balance at beginning of period	$	811	$	797	$	1,058	$	517	$	228
New originations	1,806		1,840		2,915		2,473		1,532
Transfers from (to) held to maturity, net	(71)		6		—		(16)		(1)
Loan sales	(2,012)		(1,695)		(3,039)		(1,889)		(1,234)
Loan draws (payments), net	(1)		(138)		(136)		(28)		(7)
Valuation and other adjustments	(3)		1		(1)		1		(1)
Balance at end of period	$	530	$	811	$	797	$	1,058	$	517


Summary of Loan and Lease Loss Experience From Continuing Operations
(Dollars in millions)

	Three months ended									Six months ended
	6/30/2025			3/31/2025			6/30/2024			6/30/2025			6/30/2024
Average loans outstanding	$	105,715		$	104,354		$	108,961		$	105,039		$	109,997


Allowance for loan and lease losses at the beginning of the period	$	1,429		$	1,409		$	1,542		$	1,409		$	1,508
Loans charged off:
Commercial and industrial	94			62			86			156			148

Real estate — commercial mortgage	6			36			10			42			15
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	6			36			10			42			15
Commercial lease financing	2			—			6			2			6
Total commercial loans	102			98			102			200			169
Real estate — residential mortgage	—			1			1			1			2
Home equity loans	—			1			—			1			1
Other consumer loans	13			14			16			27			32
Credit cards	12			12			12			24			24

Total consumer loans	25			28			29			53			59
Total loans charged off	127			126			131			253			228
Recoveries:
Commercial and industrial	19			10			31			29			39

Real estate — commercial mortgage	1			—			1			1			1
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	1			—			1			1			1
Commercial lease financing	—			—			3			—			5
Total commercial loans	20			10			35			30			45
Real estate — residential mortgage	1			1			1			2			3
Home equity loans	1			1			—			2			1
Other consumer loans	2			2			2			4			4
Credit cards	1			2			2			3			3

Total consumer loans	5			6			5			11			11
Total recoveries	25			16			40			41			56
Net loan charge-offs	(102)			(110)			(91)			(212)			(172)
Provision (credit) for loan and lease losses	119			130			96			249			211

Allowance for loan and lease losses at end of period	$	1,446		$	1,429		$	1,547		$	1,446		$	1,547




Liability for credit losses on lending-related commitments at beginning of period	$	278		$	290		$	281		$	290		$	296
Provision (credit) for losses on lending-related commitments	19			(12)			4			7			(10)
Other	—			—			1			—			—
Liability for credit losses on lending-related commitments at end of period (a)	$	297		$	278		$	286		$	297		$	286

Total allowance for credit losses at end of period	$	1,743		$	1,707		$	1,833		$	1,743		$	1,833

Net loan charge-offs to average total loans	.39		%	.43		%	.34		%	.41		%	.31		%
Allowance for loan and lease losses to period-end loans	1.36			1.36			1.44			1.36			1.44
Allowance for credit losses to period-end loans	1.64			1.63			1.71			1.64			1.71
Allowance for loan and lease losses to nonperforming loans	208			208			218			208			218
Allowance for credit losses to nonperforming loans	250			249			258			250			258

Discontinued operations — education lending business:
Loans charged off	$	1		$	1		$	1		$	1		$	2
Recoveries	—			—			1			—			1
Net loan charge-offs	$	(1)		$	(1)		$	—		$	(1)		$	(1)

(a)Included in "Accrued expense and other liabilities" on the balance sheet.

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 23


Asset Quality Statistics From Continuing Operations
(Dollars in millions)
	2Q25			1Q25			4Q24			3Q24			2Q24
Net loan charge-offs	$	102		$	110		$	114		$	154		$	91
Net loan charge-offs to average total loans	.39		%	.43		%	.43		%	.58		%	.34		%
Allowance for loan and lease losses	$	1,446		$	1,429		$	1,409		$	1,494		$	1,547
Allowance for credit losses (a)	1,743			1,707			1,699			1,774			1,833
Allowance for loan and lease losses to period-end loans	1.36		%	1.36		%	1.35		%	1.42		%	1.44		%
Allowance for credit losses to period-end loans	1.64			1.63			1.63			1.68			1.71
Allowance for loan and lease losses to nonperforming loans	208			208			186			205			218
Allowance for credit losses to nonperforming loans	250			249			224			244			258
Nonperforming loans at period end	$	696		$	686		$	758		$	728		$	710
Nonperforming assets at period end	707			700			772			741			727
Nonperforming loans to period-end portfolio loans	.65		%	.65		%	.73		%	.69		%	.66		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.66			.67			.74			.70			.68

(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)
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024
Commercial and industrial	$	280		$	288		$	322		$	365		$	358

Real estate — commercial mortgage	226			206			243			176			173
Real estate — construction	—			—			—			—			—
Total commercial real estate loans	226			206			243			176			173
Commercial lease financing	—			—			—			—			1
Total commercial loans	506			494			565			541			532
Real estate — residential mortgage	95			94			92			87			77
Home equity loans	84			87			89			90			91
Other Consumer loans	4			4			5			4			4
Credit cards	7			7			7			6			6

Total consumer loans	190			192			193			187			178
Total nonperforming loans (a)	696			686			758			728			710
OREO	11			14			14			13			17


Total nonperforming assets	$	707		$	700		$	772		$	741		$	727
Accruing loans past due 90 days or more	$	74		$	86		$	90		$	166		$	137
Accruing loans past due 30 through 89 days	266			281			206			184			282
Nonperforming assets from discontinued operations — education lending business	2			1			2			2			3
Nonperforming loans to period-end portfolio loans	.65		%	.65		%	.73		%	.69		%	.66		%
Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets	.66			.67			.74			.70			.68


Summary of Changes in Nonperforming Loans From Continuing Operations
(Dollars in millions)
	2Q25		1Q25		4Q24		3Q24		2Q24
Balance at beginning of period	$	686	$	758	$	728	$	710	$	658
Loans placed on nonaccrual status	233		170		309		271		317

Charge-offs	(127)		(126)		(131)		(167)		(131)
Loans sold	—		—		(13)		(32)		(22)
Payments	(74)		(57)		(111)		(37)		(76)
Transfers to OREO	(1)		(2)		(2)		(1)		(1)


Loans returned to accrual status	(21)		(57)		(22)		(16)		(35)
Balance at end of period	$	696	$	686	$	758	$	728	$	710

KeyCorp Reports Second Quarter 2025 Results

July 22, 2025

Page 24


Line of Business Results
(Dollars in millions)

																Change 2Q25 vs.
	2Q25			1Q25			4Q24			3Q24			2Q24			1Q25		2Q24
Consumer Bank
Summary of operations
Total revenue (TE)	$	912		$	871		$	865		$	800		$	758		4.7	%	20.3	%
Provision for credit losses	55			43			43			52			33			27.9		66.7
Noninterest expense	696			675			713			649			648			3.1		7.4
Net income (loss) attributable to Key	122			116			83			75			59			5.2		106.8
Average loans and leases	36,137			36,819			37,567			38,332			39,174			(1.9)		(7.8)
Average deposits	88,002			88,306			87,476			86,431			85,397			(.3)		3.1
Net loan charge-offs	40			52			63			54			45			(23.1)		(11.1)
Net loan charge-offs to average total loans	.44		%	.57		%	.67		%	.56		%	.46		%	(22.8)		(4.3)
Nonperforming assets at period end	$	196		$	201		$	201		$	195		$	190		(2.5)		3.2
Return on average allocated equity	16.20		%	15.15		%	10.24		%	9.01		%	6.98		%	6.9		132.1


Commercial Bank
Summary of operations
Total revenue (TE)	$	974		$	942		$	1,001		$	866		$	768		3.4	%	26.8	%
Provision for credit losses	84			75			(3)			41			87			12.0		(3.4)
Noninterest expense	449			462			515			444			431			(2.8)		4.2
Net income (loss) attributable to Key	349			321			381			299			206			8.7		69.4
Average loans and leases	69,087			67,056			66,691			67,452			69,248			3.0		(.2)
Average loans held for sale	707			754			1,247			998			522			(6.2)		35.4
Average deposits	55,886			57,436			59,687			58,696			57,360			(2.7)		(2.6)
Net loan charge-offs	62			57			52			99			64			8.8		(3.1)
Net loan charge-offs to average total loans	.36		%	.34		%	.31		%	.58		%	.37		%	5.9		(2.7)
Nonperforming assets at period end	$	511		$	499		$	571		$	546		$	537		2.4		(4.8)
Return on average allocated equity	14.45		%	13.77		%	15.58		%	11.94		%	8.27		%	4.9		74.7

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 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
Six months ended June 30, 2025



No items	$	—	$	—	$	—


Six months ended June 30, 2024










FDIC special assessment (other expense)(d)	(34)		(26)		(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 for the three-months ended March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024, represent adjustments from initial estimates based on quarterly invoices received from the FDIC.

(e)Earnings per share may not foot due to rounding.