Form 8-K

8-K — KEYCORP /NEW/

Accession: 0000091576-26-000020

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0000091576

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — key-20261020.htm (Primary)

EX-99.1 (a3q26earningsrelease.htm)

EX-99.2 (a3q26earningspresentatio.htm)

EX-99.3 (a3q26erex993.htm)

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8-K

8-K (Primary)

Filename: key-20261020.htm · Sequence: 1

key-20261020

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2026

KeyCorp

(Exact name of registrant as specified in its charter)

Ohio

001-11302

34-6542451

State or other jurisdiction of incorporation or organization: Commission File Number I.R.S. Employer Identification Number:

127 Public Square,

Cleveland,

Ohio

44114-1306

Address of principal executive offices: Zip Code:

(216) 689-3000

Registrant’s telephone number, including area code:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Shares, $1 par value

KEY

New York Stock Exchange

Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)

KEY PrI

New York Stock Exchange

Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series F)

KEY PrJ

New York Stock Exchange

Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series G)

KEY PrK

New York Stock Exchange

Depositary Shares (each representing a 1/40th interest in a share of Fixed Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H) KEY PrL

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition.

On October 20, 2026, KeyCorp issued a press release announcing its financial results for the three- and nine-month periods ended September 30, 2026 (the “Press Release”), and posted on its website its third quarter 2026 Supplemental Information Package (the “Supplemental Information Package”). The Press Release and Supplemental Information Package are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in the preceding paragraph, as well as Exhibit 99.1 and Exhibit 99.2 referenced therein, shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”).

KeyCorp’s Consolidated Balance Sheets and Consolidated Statements of Income (collectively, the “Financial Statements”), included as part of the Press Release, are filed as Exhibit 99.3 to this report. Exhibit 99.3 is deemed “filed” for purposes of Section 18 of the Exchange Act and, therefore, may be incorporated by reference in filings under the Securities Act.

Item 9.01     Financial Statements and Exhibits.

(d)    Exhibits

The following exhibits are furnished, or filed in the case of Exhibit 99.3, herewith:

99.1    Press Release, dated October 20, 2026, announcing financial results for the three- and nine-month period ended September 30, 2026

99.2    Supplemental Information Package reviewed during the conference call and webcast.

99.3    Financial Statements.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KEYCORP

(Registrant)

Date: October 20, 2026 /s/ Stacy L. Gilbert

By: Stacy L. Gilbert

Chief Accounting Officer

EX-99.1

EX-99.1

Filename: a3q26earningsrelease.htm · Sequence: 2

Document

KEYCORP REPORTS THIRD QUARTER 2026 NET INCOME OF $537 MILLION,

OR $0.51 PER DILUTED COMMON SHARE; DILUTED EPS INCREASED 24% YEAR-OVER-YEAR

Record revenue of $2.04 billion, up 8% year-over-year and 4% sequentially

Net interest margin of 2.95%, up 20 basis points year-over-year and 6 basis points sequentially

Deposit growth outpaced loan growth - average deposits increased $3.6 billion sequentially while average loans held for investment increased $1.5 billion

Investment banking and debt placement fees up 27% sequentially

Common Equity Tier 1 ratio of 11.1%(a); repurchased $320 million of common shares during the quarter

Generated a return on tangible common equity(b) exceeding 15%

CLEVELAND, October 20, 2026 - KeyCorp (NYSE: KEY) announced third quarter of 2026 net income from continuing operations attributable to Key common shareholders of $537 million, or $0.51 per diluted common share. For the second quarter of 2026, net income from continuing operations attributable to Key common shareholders was $472 million, or $0.44 per diluted common share. For the third quarter of 2025, KeyCorp reported net income from continuing operations attributable to Key common shareholders of $454 million, or $0.41 per diluted common share, or adjusted net income of $450 million, or $0.41 per diluted common share(b). The third quarter of 2025 included a $4 million after-tax benefit related to the updated FDIC special assessment(c).

Comments from Chairman and CEO, Chris Gorman

"Our third quarter results reflect the strength of Key's relationship-driven franchise, the disciplined execution of our strategy, and the momentum we are building across the business. We delivered record revenue and record pre-provision net revenue(b), while generating a return on tangible common equity exceeding 15%(b). These results reinforce our confidence in achieving and sustaining a return on tangible common equity of 15%+ by the end of 2027.

Our performance this quarter demonstrates the power of our balanced business model. Average deposit balances increased $3.6 billion sequentially, supporting continued net interest margin expansion. Our capital markets team delivered strong results with investment banking and debt placement fees increasing 27% sequentially. Concurrently, we maintained our disciplined approach to risk management, evidenced by broad-based improvement in credit quality metrics, including lower net charge-offs and nonperforming assets.

Client engagement remains strong, supported by a constructive economic environment and continued confidence among the businesses and communities we serve. We continue to see opportunities to deepen client relationships, capture additional share of wallet, and drive sustainable growth across the franchise. Key is well positioned to perform across a broad range of economic scenarios, supported by our solid capital levels, strong liquidity profile, and well-diversified business mix.

The ongoing investments we have made in teammates and technology are translating into stronger performance today while concurrently positioning us for greater value in the future. Looking ahead, we remain focused on executing with discipline, capturing the significant organic growth opportunities across our franchise, and delivering significant value for all our stakeholders."

(a)September 30, 2026 ratio is estimated.

(b)The table entitled “GAAP to Non-GAAP Reconciliations” in the attached financial supplement presents the computations of certain financial measures. The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

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

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 2

Selected Financial Highlights

Dollars in millions, except per share data Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Income (loss) from continuing operations attributable to Key common shareholders $ 537  $ 472  $ 454  13.8  % 18.3  %

Income (loss) from continuing operations attributable to Key common shareholders per common share — assuming dilution

0.51  0.44  0.41  15.9  24.4

Book value at period end 15.01  16.19  15.86  (7.3) (5.4)

Return on average tangible common equity from continuing operations (a)

15.11  % 12.89  % 12.51  % 222 bps 260 bps

Return on average total assets from continuing operations 1.21  1.08  1.04  13  17

Common Equity Tier 1 ratio (b)

11.1  11.2  11.8  (10) (70)

Net interest margin (TE) from continuing operations 2.95  2.89  2.75  6  20

(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)September 30, 2026 ratio is estimated.

TE = Taxable-equivalent

INCOME STATEMENT HIGHLIGHTS

Revenue

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Net interest income $ 1,300  $ 1,250  $ 1,184  4.0  % 9.8  %

Noninterest income 744  706  702  5.4  6.0

Total revenue 2,044  1,956  1,886  4.5  % 8.4  %

Taxable-equivalent adjustment 8  8  9  0.0  % (11.1) %

Total revenue (TE) (a)

$ 2,052  $ 1,964  $ 1,895  4.5  % 8.3  %

Net interest income (TE) (a)

$ 1,308  $ 1,258  $ 1,193  4.0  % 9.6  %

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

reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

TE = Taxable-equivalent

Taxable-equivalent net interest income was $1.31 billion for the third quarter of 2026 and the net interest margin was 2.95%. Compared to the third quarter of 2025, net interest income increased by $115 million, and the net interest margin increased by 20 basis points. These increases reflect a reduction in deposit costs as a result of declining interest rates and proactive deposit beta management, the reinvestment of proceeds from maturing low-yielding investment securities and fixed-rate swaps into higher yielding investments, an expanding balance sheet, and a continued strategic shift towards higher-yielding commercial and industrial loans. These benefits were partially offset by the impact of lower interest rates on repricing earning assets.

Compared to the second quarter of 2026, taxable-equivalent net interest income increased by $50 million, and the net interest margin increased by 6 basis points. These increases reflect growth in commercial and industrial loans and higher deposit balances, the reinvestment of proceeds from maturing low-yielding investment securities and fixed-rate swaps into higher-yielding investments, and the impact of higher interest rates on repricing earning assets. Additionally, net interest income benefited from one additional day in the third quarter of 2026 compared to the second quarter of 2026.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 3

Noninterest Income

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Investment banking and debt placement fees $ 214  $ 169  $ 184  26.6  % 16.3  %

Trust and investment services income 165  159  150  3.8  10.0

Cards and payments income 93  94  86  (1.1) 8.1

Service charges on deposit accounts 79  77  75  2.6  5.3

Corporate services income 72  80  72  (10.0) —

Commercial mortgage servicing fees 53  49  73  8.2  (27.4)

Corporate-owned life insurance income 35  33  35  6.1  —

Consumer mortgage income 14  17  14  (17.6) —

Operating lease income and other leasing gains 9  10  11  (10.0) (18.2)

Other income 9  15  8  (40.0) 12.5

Net securities gains (losses) 1  3  (6) (66.7) N/M

Total noninterest income $ 744  $ 706  $ 702  5.4  % 6.0  %

N/M = Not Meaningful

Compared to the third quarter of 2025, noninterest income increased by $42 million. The increase was driven by a $30 million increase in investment banking and debt placement fees, a $15 million increase in trust and investment services income, and a $7 million increase in cards and payments income. These were partially offset by a $20 million decrease in commercial mortgage servicing fees.

Compared to the second quarter of 2026, noninterest income increased by $38 million. The increase was driven by a $45 million increase in investment banking and debt placement fees, and a $6 million increase in trust and investment services income. These were partially offset by an $8 million decrease in corporate services income and a $6 million decrease in other income.

Noninterest Expense

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Personnel expense $ 815  $ 786  $ 742  3.7  % 9.8  %

Computer processing 116  108  105  7.4  10.5

Net occupancy 67  68  65  (1.5) 3.1

Business services and professional fees 46  46  44  —  4.5

Marketing 23  22  22  4.5  4.5

Equipment 21  22  20  (4.5) 5.0

Operating lease expense 6  7  9  (14.3) (33.3)

Other expense 151  158  170  (4.4) (11.2)

Total noninterest expense $ 1,245  $ 1,217  $ 1,177  2.3  % 5.8  %

Compared to the third quarter of 2025, noninterest expense increased by $68 million. The increase was predominantly driven by a $73 million increase in personnel expense primarily related to continued investments in people, employee benefits, and incentive compensation associated with noninterest income growth. These were partially offset by a $19 million decrease in other expense, despite a $5 million benefit associated with the updated FDIC special assessment in the third quarter of 2025.

Compared to the second quarter of 2026, noninterest expense increased by $28 million. The increase was predominantly driven by a $29 million increase in personnel expense, primarily related to incentive compensation and continued investments in people. These were partially offset by a $7 million decrease in other expense.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 4

BALANCE SHEET HIGHLIGHTS

Average Loans

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Commercial and industrial (a)

$ 64,421  $ 62,134  $ 56,571  3.7  % 13.9  %

Other commercial loans 18,656  18,844  18,826  (1.0) (0.9)

Total consumer loans 28,508  29,094  30,830  (2.0) (7.5)

Total loans $ 111,585  $ 110,072  $ 106,227  1.4  % 5.0  %

(a)Commercial and industrial average loan balances include $204 million, $209 million, and $214 million of assets from commercial credit cards at September 30, 2026, June 30, 2026, and September 30, 2025, respectively.

Average loans held for investment were $111.6 billion for the third quarter of 2026, an increase of $5.4 billion compared to the third quarter of 2025. Average commercial loans increased by $7.7 billion, driven by an increase in commercial and industrial loans. Average consumer loans declined by $2.3 billion, reflecting continued run-off across all consumer loan categories.

Compared to the second quarter of 2026, average loans held for investment increased by $1.5 billion. Average commercial loans increased $2.1 billion, 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 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Non-time deposits $ 139,125  $ 135,828  $ 135,135  2.4  % 3.0  %

Time deposits 12,050  11,749  15,239  2.6  (20.9)

Total deposits $ 151,175  $ 147,577  $ 150,374  2.4  % 0.5  %

Cost of total deposits 1.66  % 1.63  % 1.97  % 3 bps (31) bps

Average deposits totaled $151.2 billion for the third quarter of 2026, an increase of $801 million compared to the year-ago quarter, reflecting growth in demand deposits and money market deposits, partially offset by a decline in time deposits. The rate paid on interest-bearing deposits decreased 39 basis points to 2.04%, while the overall cost of deposits declined 31 basis points to 1.66%.

Compared to the second quarter of 2026, average deposits increased by $3.6 billion. The increase was primarily driven by growth in demand deposits and money market deposits, as well as an increase in noninterest-bearing deposits. The rate paid on interest-bearing deposits increased 3 basis points, and the overall cost of deposits increased 3 basis points.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 5

ASSET QUALITY

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Net loan charge-offs $ 89  $ 115  $ 114  (22.6) % (21.9) %

Net loan charge-offs to average total loans 0.32  % 0.42  % 0.42  % (10) bps (10) bps

Nonperforming loans at period end $ 618  $ 809  $ 658  (23.6) % (6.1) %

Nonperforming loans to period-end portfolio loans 0.55  % 0.73  % 0.62  % (18) bps (7) bps

Nonperforming assets at period end $ 627  $ 818  $ 668  (23.3) % (6.1) %

Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets 0.55  % 0.74  % 0.63  % (19) bps (8) bps

Allowance for loan and lease losses $ 1,398  $ 1,445  $ 1,444  (3.3) % (3.2) %

Allowance for credit losses 1,694  1,722  1,736  (1.6) % (2.4) %

Allowance for credit losses to period-end loans 1.50  % 1.56  % 1.64  % (6) bps (14) bps

Provision for credit losses $ 61  $ 92  $ 107  (33.7) % (43.0) %

Allowance for loan and lease losses to nonperforming loans 226  % 179  % 219  % N/M N/M

Allowance for credit losses to nonperforming loans 274  213  264  N/M N/M

N/M = Not Meaningful

Net loan charge-offs for the third quarter of 2026 totaled $89 million, or 0.32% of average total loans. These results compare to $114 million, or 0.42%, for the third quarter of 2025, and $115 million, or 0.42%, for the second quarter of 2026.

Key’s allowance for credit losses was $1.7 billion, or 1.50% of total period-end loans at September 30, 2026, compared to 1.64% at September 30, 2025, and 1.56% at June 30, 2026. Provision for credit losses were $61 million, compared to $107 million for the third quarter of 2025, and $92 million for the second quarter of 2026.

At September 30, 2026, Key’s nonperforming loans totaled $618 million, which represented 0.55% of period-end portfolio loans. These results compare to 0.62% at September 30, 2025, and 0.73% at June 30, 2026. Nonperforming assets at September 30, 2026, totaled $627 million, and represented 0.55% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.63% at September 30, 2025, and 0.74% at June 30, 2026.

CAPITAL

Key’s estimated risk-based capital ratios, included in the following table, continued to exceed all “well-capitalized” regulatory benchmarks at September 30, 2026.

Capital Ratios

9/30/2026 6/30/2026 9/30/2025

Common Equity Tier 1 (a)

11.1  % 11.2  % 11.8  %

Tier 1 risk-based capital (a)

12.3  12.8  13.5

Total risk-based capital (a)

14.3  14.9  15.8

Tangible common equity to tangible assets (b)

6.9  7.7  8.1

Leverage (a)

9.9  10.3  10.4

(a)September 30, 2026 ratio is estimated.

(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 third quarter of 2026. As shown in the preceding table, at September 30, 2026, Key’s estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.1% and 12.3%, respectively.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 6

Summary of Changes in Common Shares Outstanding

In thousands Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Shares outstanding at beginning of period 1,072,035  1,087,293  1,112,453  (1.4) % (3.6) %

Share repurchases (14,184) (15,531) —  (8.7) N/M

Shares issued/reissued under employee compensation plans (net of cancellations and returns) 325  273  499  19.0  (34.9)

Shares outstanding at end of period 1,058,176  1,072,035  1,112,952  (1.3) % (4.9) %

N/M = Not Meaningful

During the third quarter of 2026, Key declared a dividend of $.205 per common share. Shares outstanding decreased 1.3% from the second quarter of 2026, driven by $320 million of common share repurchases.

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 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Revenue from continuing operations (TE)

Consumer Bank $ 1,049  $ 1,010  $ 991  3.9  % 5.9  %

Commercial Bank 1,201  1,108  1,115  8.4  7.7

Other (a)

(198) (154) (211) (28.6) 6.2

Total $ 2,052  $ 1,964  $ 1,895  4.5  % 8.3  %

Income (loss) from continuing operations attributable to Key

Consumer Bank $ 211  $ 210  $ 208  0.5  % 1.4  %

Commercial Bank 516  423  440  22.0  17.3

Other (a)

(148) (125) (158) (18.4) 6.3

Total $ 579  $ 508  $ 490  14.0  % 18.2  %

(a)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represent the unallocated portion of nonearning assets of corporate support functions. Other also includes the residual net impact of our internal funds transfer pricing methodology, which arise from centrally managed interest rate activities and asset-liability repricing differences. Corporate treasury includes realized gains and losses from transactions associated with Key's investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

TE = Taxable-equivalent

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 7

Consumer Bank

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Summary of operations

Net interest income (TE) $ 793  $ 757  $ 748  4.8  % 6.0  %

Noninterest income 256  253  243  1.2  5.3

Total revenue (TE) 1,049  1,010  991  3.9  5.9

Provision for credit losses 55  26  40  111.5  37.5

Noninterest expense 716  707  677  1.3  5.8

Income (loss) before income taxes (TE) 278  277  274  0.4  1.5

Allocated income taxes (benefit) and TE adjustments 67  67  66  —  1.5

Net income (loss) attributable to Key $ 211  $ 210  $ 208  0.5  % 1.4  %

Average balances

Loans and leases $ 32,596  $ 33,287  $ 35,377  (2.1) % (7.9) %

Total assets 35,952  36,690  38,421  (2.0) (6.4)

Deposits 87,367  87,430  87,718  (0.1) (0.4)

Assets under management at period end $ 74,453  $ 74,204  $ 67,855  0.3  % 9.7  %

TE = Taxable-equivalent

Additional Consumer Bank Data

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Noninterest income

Trust and investment services income $ 139  $ 135  $ 124  3.0  % 12.1  %

Service charges on deposit accounts 34  33  36  3.0  (5.6)

Cards and payments income 60  60  60  —  —

Consumer mortgage income 14  16  14  (12.5) —

Other noninterest income 9  9  9  —  —

Total noninterest income $ 256  $ 253  $ 243  1.2  % 5.3  %

Average deposit balances

Money market deposits $ 36,874  $ 36,116  $ 35,278  2.1  % 4.5  %

Demand deposits 22,540  22,861  22,607  (1.4) (0.3)

Savings deposits 4,143  4,238  4,291  (2.2) (3.4)

Time deposits 9,539  10,102  11,110  (5.6) (14.1)

Noninterest-bearing deposits 14,271  14,113  14,432  1.1  (1.1)

Total deposits $ 87,367  $ 87,430  $ 87,718  (0.1) % (0.4) %

Other data

Branches 935  939  942

Automated teller machines 1,088  1,107  1,152

Consumer Bank Summary of Operations (3Q26 vs. 3Q25)

•Key's Consumer Bank recorded net income attributable to Key of $211 million for the third quarter of 2026, compared to $208 million for the year-ago quarter

•Taxable-equivalent net interest income increased by $45 million, or 6.0%

•Average loans and leases decreased $2.8 billion, or 7.9%, reflective of the continued run-off across all consumer loan categories

•Average deposits decreased $351 million, or 0.4%, driven by lower time deposits, partially offset by an increase in money market deposits

•Provision for credit losses increased $15 million, primarily reflecting a reserve build as a result of economic conditions

•Noninterest income increased $13 million, primarily driven by higher trust and investment services income

•Noninterest expense increased $39 million, primarily driven by an increase in personnel expense

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 8

Commercial Bank

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Summary of operations

Net interest income (TE) $ 748  $ 697  $ 686  7.3  % 9.0  %

Noninterest income 453  411  429  10.2  5.6

Total revenue (TE) 1,201  1,108  1,115  8.4  7.7

Provision for credit losses 8  67  68  (88.1) (88.2)

Noninterest expense 529  504  486  5.0  8.8

Income (loss) before income taxes (TE) 664  537  561  23.6  18.4

Allocated income taxes and TE adjustments 148  114  121  29.8  22.3

Net income (loss) attributable to Key $ 516  $ 423  $ 440  22.0  % 17.3  %

Average balances

Loans and leases $ 78,556  $ 76,238  $ 70,328  3.0  % 11.7  %

Loans held for sale 1,425  936  1,224  52.2  16.4

Total assets 89,221  85,769  79,859  4.0  11.7

Deposits 60,718  58,895  58,524  3.1  3.7

TE = Taxable-equivalent

Additional Commercial Bank Data

Dollars in millions Change 3Q26 vs.

3Q26 2Q26 3Q25 2Q26 3Q25

Noninterest income

Investment banking and debt placement fees $ 214  $ 169  $ 184  26.6  % 16.3  %

Trust and investment services income 26  24  26  8.3  —

Cards and payments income 28  29  21  (3.4) 33.3

Service charges on deposit accounts 45  44  38  2.3  18.4

Corporate services income 70  78  70  (10.3) —

Commercial mortgage servicing fees 52  49  73  6.1  (28.8)

Operating lease income and other leasing gains 9  10  10  (10.0) (10.0)

Other noninterest income 9  8  7  12.5  28.6

Total noninterest income $ 453  $ 411  $ 429  10.2  % 5.6  %

Commercial Bank Summary of Operations (3Q26 vs. 3Q25)

•Key's Commercial Bank recorded net income attributable to Key of $516 million for the third quarter of 2026, compared to $440 million from the year-ago quarter

•Taxable-equivalent net interest income increased by $62 million, or 9.0%

•Average loan and lease balances increased $8.2 billion, or 11.7%, driven by an increase in commercial and industrial loans

•Average deposit balances increased $2.2 billion, reflecting higher client deposit balances

•Provision for credit losses decreased $60 million, driven by a reserve release reflective of portfolio changes and lower net charge-offs

•Noninterest income increased $24 million, primarily driven by higher investment banking and debt placement fees, and service charges on deposit accounts

•Noninterest expense increased $43 million, driven by an increase in personnel expense

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 9

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

KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $193 billion at September 30, 2026.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,100 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 10

CONTACTS:

ANALYSTS MEDIA

Troy Gates Susan Donlan

216.689.3244 216.471.3133

Troy_Gates@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

646.551.8917

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, 2025 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the “SEC”) and are or will be available on Key’s website (www.key.com/ir) and on the SEC’s website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances.

A live Internet broadcast of KeyCorp’s conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts’ questions can be accessed through the Investor Relations section at https://www.key.com/ir at 8:00 a.m. ET, on October 20, 2026. A replay of the call will be available on our website through October 20, 2027.

For up-to-date company information, media contacts, and facts and figures about Key’s lines of business, visit our Media Newsroom at https://www.key.com/newsroom.

*****

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 11

KeyCorp

Third Quarter 2026

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 Third Quarter 2026 Results

October 20, 2026

Page 12

Basis of Presentation

Use of Non-GAAP Financial Measures

This document contains GAAP financial measures and non-GAAP financial measures where management

believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, or conference call slides related to this document, all of which can be found on Key’s website (www.key.com/ir).

Forward-Looking Non-GAAP Financial Measures

From time to time Key may discuss forward-looking non-GAAP financial measures. Key is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Key is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.

Annualized Data

Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized”

basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.

Taxable-Equivalent

The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt loans, and certain lease assets, on a common basis that facilitates comparison of results to peers.

Earnings Per Share Equivalent

Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 13

Financial Highlights

(Dollars in millions, except per share amounts)

Three months ended

9/30/2026 6/30/2026 9/30/2025

Summary of operations

Net interest income (TE) $ 1,308  $ 1,258  $ 1,193

Noninterest income 744  706  702

Total revenue (TE)

2,052  1,964  1,895

Provision for credit losses 61  92  107

Noninterest expense 1,245  1,217  1,177

Income (loss) from continuing operations attributable to Key 579  508  490

Income (loss) from discontinued operations, net of taxes —  1  (1)

Net income (loss) attributable to Key 579  509  489

Income (loss) from continuing operations attributable to Key common shareholders 537  472  454

Income (loss) from discontinued operations, net of taxes —  1  (1)

Net income (loss) attributable to Key common shareholders 537  473  453

Per common share

Income (loss) from continuing operations attributable to Key common shareholders $ 0.51  $ 0.44  $ 0.41

Income (loss) from discontinued operations, net of taxes —  —  —

Net income (loss) attributable to Key common shareholders (a)

0.51  0.44  0.41

Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution 0.51  0.44  0.41

Income (loss) from discontinued operations, net of taxes — assuming dilution —  —  —

Net income (loss) attributable to Key common shareholders — assuming dilution (a)

0.51  0.44  0.41

Cash dividends declared 0.205  0.205  0.205

Book value at period end 15.01  16.19  15.86

Tangible book value at period end 12.35  13.62  13.38

Market price at period end 20.07  23.05  18.69

Performance ratios

From continuing operations:

Return on average total assets 1.21  % 1.08  % 1.04  %

Return on average common equity 12.61  10.85  10.49

Return on average tangible common equity (b)

15.11  12.89  12.51

Net interest margin (TE) 2.95  2.89  2.75

Cash efficiency ratio (b)

60.6  61.9  61.8

From consolidated operations:

Return on average total assets 1.20  % 1.08  % 1.04  %

Return on average common equity 12.61  10.87  10.47

Return on average tangible common equity (b)

15.11  12.91  12.48

Net interest margin (TE) 2.95  2.89  2.74

Loan to deposit (c)

74.3  73.0  71.0

Capital ratios at period end

Key shareholders’ equity to assets 9.2  % 10.3  % 10.7  %

Key common shareholders’ equity to assets 8.2  9.1  9.4

Tangible common equity to tangible assets (b)

6.9  7.7  8.1

Common Equity Tier 1 (d)

11.1  11.2  11.8

Tier 1 risk-based capital (d)

12.3  12.8  13.5

Total risk-based capital (d)

14.3  14.9  15.8

Leverage (d)

9.9  10.3  10.4

Asset quality — from continuing operations

Net loan charge-offs

$ 89  $ 115  $ 114

Net loan charge-offs to average loans

0.32  % 0.42  % 0.42  %

Allowance for loan and lease losses

$ 1,398  $ 1,445  $ 1,444

Allowance for credit losses

1,694  1,722  1,736

Allowance for loan and lease losses to period-end loans

1.24  % 1.31  % 1.36  %

Allowance for credit losses to period-end loans

1.50  1.56  1.64

Allowance for loan and lease losses to nonperforming loans 226  179  219

Allowance for credit losses to nonperforming loans 274  213  264

Nonperforming loans at period-end $ 618  $ 809  $ 658

Nonperforming assets at period-end 627  818  668

Nonperforming loans to period-end portfolio loans 0.55  % 0.73  % 0.62  %

Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets 0.55  0.74  0.63

Trust assets

Assets under management $ 74,453  $ 74,204  $ 67,855

Other data

Average full-time equivalent employees

17,700  17,517  17,414

Branches

935  939  942

Taxable-equivalent adjustment

$ 8  $ 8  $ 9

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

(b)The table entitled “GAAP to Non-GAAP Reconciliations” starting on page 15 of this supplement presents the computations of certain financial measures related to “tangible common equity” and “cash efficiency.” The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons.

(c)Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits.

(d)September 30, 2026, ratio is estimated.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 14

Financial Highlights (continued)

(Dollars in millions, except per share amounts)

Nine months ended

9/30/2026 9/30/2025

Summary of operations

Net interest income (TE) $ 3,796  $ 3,448

Noninterest income 2,173  2,060

Total revenue (TE) 5,969  5,508

Provision for credit losses 259  363

Noninterest expense 3,643  3,462

Income (loss) from continuing operations attributable to Key 1,609  1,319

Income (loss) from discontinued operations, net of taxes 1  —

Net income (loss) attributable to Key 1,610  1,319

Income (loss) from continuing operations attributable to Key common shareholders 1,495  1,211

Income (loss) from discontinued operations, net of taxes 1  —

Net income (loss) attributable to Key common shareholders 1,496  1,211

Per common share

Income (loss) from continuing operations attributable to Key common shareholders $ 1.39  $ 1.10

Income (loss) from discontinued operations, net of taxes —  —

Net income (loss) attributable to Key common shareholders (a)

1.39  1.10

Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution 1.39  1.09

Income (loss) from discontinued operations, net of taxes — assuming dilution —  —

Net income (loss) attributable to Key common shareholders — assuming dilution (a)

1.39  1.09

Cash dividends paid 0.62  0.62

Performance ratios

From continuing operations:

Return on average total assets 1.14  % 0.94  %

Return on average common equity 11.48  9.70

Return on average tangible common equity (b)

13.65  11.63

Net interest margin (TE) 2.91  2.66

Cash efficiency ratio (b)

60.9  62.6

From consolidated operations:

Return on average total assets 1.14  % 0.94  %

Return on average common equity 11.49  9.70

Return on average tangible common equity (b)

13.66  11.63

Net interest margin (TE) 2.90  2.66

Asset quality — from continuing operations

Net loan charge-offs $ 305  $ 326

Net loan charge-offs to average total loans 0.37  % 0.41  %

Other data

Average full-time equivalent employees 17,562  17,169

Taxable-equivalent adjustment 24  27

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

(b)The following table entitled “GAAP to Non-GAAP Reconciliations” 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.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 15

GAAP to Non-GAAP Reconciliations

(Dollars in millions)

The table below presents certain non-GAAP financial measures defined and described below.

The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Adjusted return on average tangible common equity excludes significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.

The table also shows the computation for pre-provision net revenue and adjusted pre-provision net revenue, which are not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis. Further, management believes that adjusting pre-provision net revenue for significant or unusual items that management does not consider indicative of ongoing financial performance provides a greater understanding of ongoing operations and enhances comparability of results with prior periods.

The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key’s intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key’s results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis. The adjusted cash efficiency ratio excludes significant or unusual items that management does not consider indicative of ongoing financial performance

Adjusted taxable-equivalent revenue or adjusted revenue is a non-GAAP measure in that it adjusts revenue for certain tax-exempt instruments and selected items. The interest income earned on certain earning assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. To provide more meaningful comparisons of net interest income, we use interest income on a taxable-equivalent basis by increasing the interest income earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable instruments. Additionally, management believes adjusting for the selected items provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of the financial impacts related to those selected items.

Adjusted noninterest income and adjusted noninterest expense are non-GAAP measures in that they exclude significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes these measures provide 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.

Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension. The marked CET1 ratio differs from the defined CET1 regulatory capital ratio by including the impact of AFS and pension accumulated other comprehensive income (loss) (AOCI) amounts in the calculation of the capital ratio. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed may be considered non-GAAP financial measures. Management believes this measure provides useful information in light of the potential for change in the regulatory capital framework.

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 Nine months ended

9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Net interest income (GAAP) $ 1,300  $ 1,250  $ 1,184  $ 3,772  $ 3,421

Add: Taxable-equivalent adjustment 8  8  9  24  27

Net interest income TE (non-GAAP) (A) $ 1,308  $ 1,258  $ 1,193  $ 3,796  $ 3,448

Net income (loss) attributable to Key common shareholders (GAAP) (B) $ 537  $ 473  $ 453  $ 1,496  $ 1,211

Average Key shareholders' equity (GAAP) $ 19,307  $ 19,947  $ 19,664  $ 19,878  $ 19,193

Less: Average intangible assets 2,796  2,756  2,767  2,770  2,772

Average preferred stock 2,409  2,500  2,500  2,469  2,500

Average tangible common equity (non-GAAP) (C) $ 14,102  $ 14,691  $ 14,397  $ 14,639  $ 13,921

Key shareholders' equity (GAAP) $ 17,809  $ 19,798  $ 20,102

Less: Intangible assets 2,814  2,755  2,765

Preferred stock (a)

1,927  2,446  2,446

Tangible common equity (non-GAAP) (D) $ 13,068  $ 14,597  $ 14,891

Total assets (GAAP) $ 193,102  $ 191,317  $ 187,409

Less: Intangible assets 2,814  2,755  2,765

Tangible assets (non-GAAP) (E) $ 190,288  $ 188,562  $ 184,644

Tangible common equity to tangible assets ratio (non-GAAP) (D/E) 6.87  % 7.74  % 8.06  %

Return on average tangible common equity consolidated (non-GAAP) (B/C) 15.11  % 12.91  % 12.48  % 13.66  % 11.63  %

Common equity tier 1 (F) $ 17,037  $ 17,016  $ 17,050

Add: AFS and Pension AOCI (loss) (3,224) (2,154) (2,176)

Marked common equity tier 1 (non-GAAP) (G) (b)

$ 13,813  $ 14,862  $ 14,874

Risk-weighted assets (H) (c)

$ 153,761  $ 152,068  $ 144,428

Common equity tier 1 ratio (F/H) (c)

11.1  % 11.2  % 11.8  %

Marked CET1 ratio (non-GAAP) (G/H) (b)(c)

9.0  9.8  10.3

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 16

GAAP to Non-GAAP Reconciliations (continued)

(Dollars in millions)

Three months ended Nine months ended

9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I) $ 537  $ 472  $ 454  $ 1,495  $ 1,211

Plus: Selected items (net of tax) (d)

—  —  (4) —  (4)

Net income (loss) from continuing operations attributable to Key common shareholders, excluding selected items (non-GAAP) (J) $ 537  $ 472  $ 450  $ 1,495  $ 1,207

Return on average tangible common equity from continuing operations (non-GAAP) (I/C) 15.11  % 12.89  % 12.51  % 13.65  % 11.63  %

Adjusted return on average tangible common equity from continuing operations excluding selected items (non-GAAP) (J/C) 15.11  12.89  12.40  13.65  11.59

Noninterest income (GAAP) (K) $ 744  $ 706  $ 702  $ 2,173  $ 2,060

Plus: Selected items (d)

—  —  —  —  —

Adjusted noninterest income (non-GAAP) (L) $ 744  $ 706  $ 702  $ 2,173  $ 2,060

Noninterest expense (GAAP) (M) $ 1,245  $ 1,217  $ 1,177  $ 3,643  $ 3,462

Less: Intangible asset amortization 2  2  5  6  15

Noninterest expense less intangible asset amortization (non-GAAP) (N) $ 1,243  $ 1,215  $ 1,172  $ 3,637  $ 3,447

Plus: Selected items (d) (O)

—  —  5  —  5

Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P) $ 1,243  $ 1,215  $ 1,177  $ 3,637  $ 3,452

Adjusted noninterest expense (non-GAAP) (M+O) $ 1,245  $ 1,217  $ 1,182  $ 3,643  $ 3,467

Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q) $ 2,052  $ 1,964  $ 1,895  $ 5,969  $ 5,508

Total adjusted taxable-equivalent revenue (non-GAAP) (A+L) 2,052  1,964  1,895  5,969  5,508

Cash efficiency ratio (non-GAAP) (N/Q) 60.58  % 61.86  % 61.85  % 60.93  % 62.58  %

Adjusted cash efficiency ratio (non-GAAP) (P/Q) 60.58  61.86  62.11  60.93  62.67

Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M) $ 807  $ 747  $ 718  $ 2,326  $ 2,046

Plus: Selected items (d)

—  —  (5) —  (5)

Adjusted pre-provision net revenue from continuing operations (non-GAAP) $ 807  $ 747  $ 713  $ 2,326  $ 2,041

Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $ 0.51  $ 0.44  $ 0.41  $ 1.39  $ 1.09

Plus: EPS impact of selected items (d)

—  —  —  —  —

Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) (e)

$ 0.51  $ 0.44  $ 0.41  $ 1.39  $ 1.09

(a)Net of capital surplus.

(b)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.

(c)Amounts and ratios as of September 30, 2026 are estimated.

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

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

GAAP = U.S. generally accepted accounting principles; TE = Taxable-equivalent

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 17

Consolidated Balance Sheets

(Dollars in millions)

9/30/2026 6/30/2026 9/30/2025

Assets

Loans $ 112,993  $ 110,430  $ 105,902

Loans held for sale 1,159  1,198  998

Securities available for sale 36,311  38,459  40,456

Held-to-maturity securities 9,612  9,515  7,509

Trading account assets 925  936  972

Short-term investments 12,973  12,416  13,334

Other investments 1,281  1,230  921

Total earning assets 175,254  174,184  170,092

Allowance for loan and lease losses (1,398) (1,445) (1,444)

Cash and due from banks 1,540  1,711  1,938

Premises and equipment 636  620  606

Goodwill 2,803  2,752  2,752

Other intangible assets 11  3  13

Corporate-owned life insurance 4,461  4,456  4,428

Accrued income and other assets 9,617  8,848  8,803

Discontinued assets 178  188  221

Total assets $ 193,102  $ 191,317  $ 187,409

Liabilities

Deposits in domestic offices:

Interest-bearing deposits $ 125,594  $ 122,196  $ 122,425

Noninterest-bearing deposits 28,220  30,893  28,340

Total deposits 153,814  153,089  150,765

Federal funds purchased and securities sold under repurchase agreements  49  5  10

Bank notes and other short-term borrowings 5,185  3,680  1,339

Accrued expense and other liabilities 4,772  3,778  4,276

Long-term debt 11,473  10,967  10,917

Total liabilities 175,293  171,519  167,307

Equity

Preferred stock 1,975  2,500  2,500

Common shares 1,257  1,257  1,257

Capital surplus 6,057  6,014  6,002

Retained earnings 16,194  15,873  15,111

Treasury stock, at cost (3,809) (3,492) (2,619)

Accumulated other comprehensive income (loss) (3,865) (2,354) (2,149)

Key shareholders’ equity 17,809  19,798  20,102

Total liabilities and equity $ 193,102  $ 191,317  $ 187,409

Common shares outstanding (000) 1,058,176  1,072,035  1,112,952

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 18

Consolidated Statements of Income

(Dollars in millions, except per share amounts)

Three months ended

Nine months ended

9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Interest income

Loans $ 1,511  $ 1,463  $ 1,466  $ 4,390  $ 4,310

Loans held for sale 22  15  18  51  43

Securities available for sale 373  367  408  1,110  1,211

Held-to-maturity securities 98  95  64  279  188

Trading account assets 12  10  11  33  44

Short-term investments 107  101  156  311  487

Other investments 10  8  8  23  25

Total interest income 2,133  2,059  2,131  6,197  6,308

Interest expense

Deposits 634  600  748  1,832  2,231

Federal funds purchased and securities sold under repurchase agreements 11  19  4  44  9

Bank notes and other short-term borrowings 25  35  14  80  75

Long-term debt 163  155  181  469  572

Total interest expense 833  809  947  2,425  2,887

Net interest income 1,300  1,250  1,184  3,772  3,421

Provision for credit losses 61  92  107  259  363

Net interest income after provision for credit losses 1,239  1,158  1,077  3,513  3,058

Noninterest income

Investment banking and debt placement fees 214  169  184  580  537

Trust and investment services income 165  159  150  481  435

Cards and payments income 93  94  86  273  253

Service charges on deposit accounts 79  77  75  233  217

Corporate services income 72  80  72  223  213

Commercial mortgage servicing fees 53  49  73  164  219

Corporate-owned life insurance income 35  33  35  102  100

Consumer mortgage income 14  17  14  44  42

Operating lease income and other leasing gains 9  10  11  27  34

Other income 9  15  8  42  16

Net securities gains (losses) 1  3  (6) 4  (6)

Total noninterest income 744  706  702  2,173  2,060

Noninterest expense

Personnel 815  786  742  2,344  2,127

Computer processing 116  108  105  335  319

Net occupancy 67  68  65  203  201

Business services and professional fees 46  46  44  128  132

Marketing 23  22  22  63  67

Equipment 21  22  20  62  61

Operating lease expense 6  7  9  20  30

Other expense 151  158  170  488  525

Total noninterest expense 1,245  1,217  1,177  3,643  3,462

Income (loss) from continuing operations before income taxes 738  647  602  2,043  1,656

Income taxes (benefit) 159  139  112  434  337

Income (loss) from continuing operations 579  508  490  1,609  1,319

Income (loss) from discontinued operations, net of taxes —  1  (1) 1  —

Net income (loss) $ 579  $ 509  $ 489  $ 1,610  $ 1,319

Income (loss) from continuing operations attributable to Key common shareholders $ 537  $ 472  $ 454  $ 1,495  $ 1,211

Net income (loss) attributable to Key common shareholders 537  473  453  1,496  1,211

Per common share

Income (loss) from continuing operations attributable to Key common shareholders $ 0.51  $ 0.44  $ 0.41  $ 1.39  $ 1.10

Income (loss) from discontinued operations, net of taxes —  —  —  —  —

Net income (loss) attributable to Key common shareholders (a)

0.51  0.44  0.41  1.39  1.10

Per common share — assuming dilution

Income (loss) from continuing operations attributable to Key common shareholders $ 0.51  $ 0.44  $ 0.41  $ 1.39  $ 1.09

Income (loss) from discontinued operations, net of taxes —  —  —  —  —

Net income (loss) attributable to Key common shareholders (a)

0.51  0.44  0.41  1.39  1.09

Cash dividends declared per common share $ 0.205  $ 0.205  $ 0.205  $ 0.615  $ 0.615

Weighted-average common shares outstanding (000) 1,054,951  1,071,229  1,100,830  1,070,808  1,099,520

Effect of common share options and other stock awards 9,315  8,779  9,845  9,395  8,864

Weighted-average common shares and potential common shares outstanding (000) (b)

1,064,266  1,080,008  1,110,675  1,080,203  1,108,384

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

(b)Assumes conversion of common share options and other stock awards, as applicable.

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 19

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations

(Dollars in millions)

Third Quarter 2026 Second Quarter 2026 Third Quarter 2025

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)

$ 64,421  $ 942  5.82  % $ 62,134  $ 896  5.78  % $ 56,571  $ 858  6.02  %

Real estate — commercial mortgage 13,781  201  5.80  13,911  197  5.68  13,697  208  6.02

Real estate — construction 2,938  48  6.49  2,816  46  6.53  2,744  48  6.96

Commercial lease financing 1,937  19  3.87  2,117  20  3.77  2,385  22  3.62

Total commercial loans 83,077  1,210  5.79  80,978  1,159  5.73  75,397  1,136  5.98

Real estate — residential mortgage 17,988  152  3.37  18,305  153  3.35  19,140  160  3.34

Home equity loans 5,330  72  5.37  5,470  73  5.33  5,934  84  5.65

Other consumer loans 4,278  56  5.20  4,410  57  5.18  4,825  63  5.17

Credit cards 912  29  12.94  909  29  12.67  931  32  13.50

Total consumer loans 28,508  309  4.33  29,094  312  4.29  30,830  339  4.38

Total loans 111,585  1,519  5.42  110,072  1,471  5.35  106,227  1,475  5.51

Loans held for sale 1,523  22  5.70  1,085  15  5.68  1,291  18  5.81

Securities available for sale (b), (e)

37,960  373  3.64  38,518  367  3.58  40,310  408  3.77

Held-to-maturity securities (b)

9,488  98  4.13  9,425  95  4.05  7,168  64  3.59

Trading account assets 795  12  5.78  797  10  5.30  922  11  4.61

Short-term investments 11,198  107  3.80  10,705  101  3.79  13,463  156  4.60

Other investments (e)

1,216  10  3.33  1,214  8  2.66  966  8  3.29

Total earning assets 173,765  2,141  4.82  171,816  2,067  4.75  170,347  2,140  4.92

Allowance for loan and lease losses (1,441) (1,442) (1,443)

Accrued income and other assets 18,295  17,926  18,234

Discontinued assets 182  192  227

Total assets $ 190,801  $ 188,492  $ 187,365

Liabilities

Money market deposits $ 43,996  $ 241  2.17  % $ 42,843  $ 225  2.11  % $ 41,953  $ 265  2.51  %

Demand deposits 62,773  293  1.85  61,013  280  1.84  60,597  346  2.26

Savings deposits 4,348  1  0.06  4,406  1  0.04  4,478  1  0.05

Time deposits 12,050  99  3.28  11,749  94  3.21  15,239  136  3.54

Total interest-bearing deposits 123,167  634  2.04  120,011  600  2.01  122,267  748  2.43

Federal funds purchased and securities sold under repurchase agreements 1,275  11  3.74  2,002  19  3.71  368  4  4.32

Bank notes and other short-term borrowings 3,233  25  3.10  4,179  35  3.33  1,372  14  3.91

Long-term debt (f)

11,198  163  5.77  10,694  155  5.84  11,071  181  6.53

Total interest-bearing liabilities 138,873  833  2.38  136,886  809  2.37  135,078  947  2.78

Noninterest-bearing deposits 28,008  27,566  28,107

Accrued expense and other liabilities 4,431  3,901  4,289

Discontinued liabilities (f)

182  192  227

Total liabilities $ 171,494  $ 168,545  $ 167,701

Equity

Total equity $ 19,307  $ 19,947  $ 19,664

Total liabilities and equity $ 190,801  $ 188,492  $ 187,365

Interest rate spread (TE) 2.44  % 2.38  % 2.14  %

Net interest income (TE) and net interest margin (TE) $ 1,308  2.95  % $ 1,258  2.89  % $ 1,193  2.75  %

TE adjustment (b)

8 8 9

Net interest income, GAAP basis $ 1,300  $ 1,250  $ 1,184

(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 September 30, 2026, June 30, 2026, and September 30, 2025.

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

(d)Commercial and industrial average balances include $204 million, $209 million, and $214 million of assets from commercial credit cards for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, 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 $40.8 billion, $41.0 billion, and $43.1 billion for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively. Yield based on the fair value of securities available for sale was 3.93%, 3.81%, and 4.05% for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, 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 Third Quarter 2026 Results

October 20, 2026

Page 20

Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations

(Dollars in millions)

Nine months ended September 30, 2026 Nine months ended September 30, 2025

Average Yield/ Average Yield/

Balance Interest (a) Rate (a) Balance Interest (a) Rate (a)

Assets

Loans: (b), (c)

Commercial and industrial (d)

$ 61,921  $ 2,681  5.78  % $ 55,317  $ 2,496  6.03  %

Real estate — commercial mortgage 13,864  596 5.75  13,359  600 6.00

Real estate — construction 2,853  139  6.51  2,840  147  6.92

Commercial lease financing 2,088  60  3.82  2,520  68  3.58

Total commercial loans 80,726  3,476  5.75  74,036  3,311  5.98

Real estate — residential mortgage 18,293  460  3.36  19,439  487  3.34

Home equity loans 5,468  219  5.35  6,090  256  5.63

Other consumer loans 4,415  171  5.18  4,951  189  5.09

Credit cards 910  88  12.95  923  94  13.66

Total consumer loans 29,086  938  4.31  31,403  1,026  4.36

Total loans 109,812  4,414  5.37  105,439  4,337  5.50

Loans held for sale 1,235  51  5.48  960  43  6.03

Securities available for sale (b), (e)

38,622  1,110  3.60  40,118  1,211  3.74

Held-to-maturity securities (b)

9,239  279  4.03  7,160  188  3.50

Trading account assets 818  33  5.34  1,158  44  5.08

Short-term investments 11,013  311  3.78  14,048  487  4.63

Other investments (e)

1,169  23  2.68  972  25  3.47

Total earning assets 171,908  6,221  4.76  169,855  6,335  4.89

Allowance for loan and lease losses (1,434) (1,423)

Accrued income and other assets 17,931  18,247

Discontinued assets 192  240

Total assets $ 188,597  $ 186,919

Liabilities

Money market deposits $ 43,195  $ 689  2.13  % $ 42,182  $ 816  2.59  %

Other demand deposits 61,759  852  1.85  58,416  965  2.21

Savings deposits 4,377  3  0.05  4,572  3  0.06

Time deposits 11,860  288  3.25  15,816  447  3.78

Total interest-bearing deposits 121,191  1,832  2.02  120,986  2,231  2.47

Federal funds purchased and securities sold under repurchase agreements 1,604  44  3.71  295  9  4.26

Bank notes and other short-term borrowings 3,335  80  3.22  2,308  75  4.35

Long-term debt (f)

10,697  469  5.85  11,643  572  6.57

Total interest-bearing liabilities 136,827  2,425  2.37  135,232  2,887  2.85

Noninterest-bearing deposits 27,506  27,807

Accrued expense and other liabilities 4,194  4,447

Discontinued liabilities (f)

192  240

Total liabilities $ 168,719  $ 167,726

Equity

Total equity $ 19,878  $ 19,193

Total liabilities and equity $ 188,597  $ 186,919

Interest rate spread (TE) 2.40  % 2.04  %

Net interest income (TE) and net interest margin (TE) $ 3,796  2.91  % $ 3,448  2.66  %

TE adjustment (b)

24 27

Net interest income, GAAP basis $ 3,772  $ 3,421

(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 nine months ended September 30, 2026, and September 30, 2025, respectively.

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

(d)Commercial and industrial average balances include $206 million and $215 million of assets from commercial credit cards for the nine months ended September 30, 2026, and September 30, 2025, 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 $41.1 billion and $43.2 billion for the nine months ended September 30, 2026, and September 30, 2025, respectively. Yield based on the fair value of securities available for sale was 3.83% and 4.02% for the nine months ended September 30, 2026, and September 30, 2025, 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 Third Quarter 2026 Results

October 20, 2026

Page 21

Noninterest Expense

(Dollars in millions)

Three months ended Nine months ended

9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Personnel (a)

$ 815  $ 786  $ 742  $ 2,344  $ 2,127

Computer processing 116  108  105  335  319

Net occupancy 67  68  65  203  201

Business services and professional fees 46  46  44  128  132

Marketing 23  22  22  63  67

Equipment 21  22  20  62  61

Operating lease expense 6  7  9  20  30

Other expense 151  158  170  488  525

Total noninterest expense $ 1,245  $ 1,217  $ 1,177  $ 3,643  $ 3,462

Average full-time equivalent employees (b)

17,700  17,517  17,414  17,562  17,169

(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 Nine months ended

9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Salaries and contract labor $ 463  $ 448  $ 437  $ 1,350  $ 1,269

Incentive and stock-based compensation 212  194  190  578  516

Employee benefits 137  140  112  404  329

Severance 3  4  3  12  13

Total personnel expense $ 815  $ 786  $ 742  $ 2,344  $ 2,127

Loan Composition

(Dollars in millions)

Change 9/30/2026 vs.

9/30/2026 6/30/2026 9/30/2025 6/30/2026 9/30/2025

Commercial and industrial (a)

$ 66,073  $ 62,734  $ 56,791  5.3  % 16.3  %

Commercial real estate:

Commercial mortgage 13,816  13,941  13,378  (0.9) 3.3

Construction 2,919  2,896  2,817  0.8  3.6

Total commercial real estate loans 16,735  16,837  16,195  (0.6) 3.3

Commercial lease financing 1,914  1,997  2,333  (4.2) (18.0)

Total commercial loans 84,722  81,568  75,319  3.9  12.5

Real estate — residential mortgage 17,868  18,178  19,008  (1.7) (6.0)

Home equity loans 5,266  5,408  5,863  (2.6) (10.2)

Other consumer loans 4,213  4,349  4,779  (3.1) (11.8)

Credit cards 924  927  933  (0.3) (1.0)

Total consumer loans 28,271  28,862  30,583  (2.0) (7.6)

Total loans (b), (c)

$ 112,993  $ 110,430  $ 105,902  2.3  % 6.7  %

(a)Loan balances include $203 million, $208 million, and $212 million of commercial credit card balances at September 30, 2026, June 30, 2026, and September 30, 2025, respectively.

(b)Total loans exclude loans of $171 million at September 30, 2026, $182 million at June 30, 2026, and $216 million at September 30, 2025, related to the discontinued operations of the education lending business.

(c)Accrued interest of $464 million, $453 million, and $472 million at September 30, 2026, June 30, 2026, and September 30, 2025, 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 9/30/2026 vs.

9/30/2026 6/30/2026 9/30/2025 6/30/2026 9/30/2025

Commercial and industrial $ 586  $ 559  $ 130  4.8  % 350.8  %

Real estate — commercial mortgage 509  435  806  17.0  (36.8)

Real estate — residential mortgage 64  204  62  (68.6) 3.2

Total loans held for sale $ 1,159  $ 1,198  $ 998  (3.3) % 16.1  %

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 22

Summary of Changes in Loans Held for Sale

(Dollars in millions)

3Q26 2Q26 1Q26 4Q25 3Q25

Balance at beginning of period $ 1,198  $ 876  $ 1,077  $ 998  $ 530

New originations 2,525  2,099  2,034  3,356  3,471

Transfers from (to) held to maturity, net 33  34  (13) (35) —

Loan sales (2,577) (1,721) (2,201) (3,232) (2,956)

Loan draws (payments), net (22) (89) (25) (10) (42)

Valuation and other adjustments 2  (1) 4  —  (5)

Balance at end of period $ 1,159  $ 1,198  $ 876  $ 1,077  $ 998

Summary of Loan and Lease Loss Experience From Continuing Operations

(Dollars in millions)

Three months ended Nine months ended

9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Average loans outstanding $ 111,585  $ 110,072  $ 106,227  $ 109,812  $ 105,439

Allowance for loan and lease losses at the beginning of the period $ 1,445  $ 1,449  $ 1,446  $ 1,427  $ 1,409

Loans charged off:

Commercial and industrial 81  84  87  255  243

Real estate — commercial mortgage 11  20  27  32  69

Real estate — construction 1  —  —  1  —

Total commercial real estate loans 12  20  27  33  69

Commercial lease financing —  1  —  1  2

Total commercial loans 93  105  114  289  314

Real estate — residential mortgage 1  1  —  2  1

Home equity loans 1  —  —  2  1

Other consumer loans 16  14  15  45  42

Credit cards 10  11  11  31  35

Total consumer loans 28  26  26  80  79

Total loans charged off 121  131  140  369  393

Recoveries:

Commercial and industrial 18  9  21  37  50

Real estate — commercial mortgage 7  1  —  8  1

Real estate — construction —  —  —  —  —

Total commercial real estate loans 7  1  —  8  1

Commercial lease financing —  —  —  —  —

Total commercial loans 25  10  21  45  51

Real estate — residential mortgage 1  1  1  3  3

Home equity loans 1  —  —  2  2

Other consumer loans 3  3  2  8  6

Credit cards 2  2  2  6  5

Total consumer loans 7  6  5  19  16

Total recoveries 32  16  26  64  67

Net loan charge-offs (89) (115) (114) (305) (326)

Provision (credit) for loan and lease losses 42  111  112  276  361

Allowance for loan and lease losses at end of period $ 1,398  $ 1,445  $ 1,444  $ 1,398  $ 1,444

Liability for credit losses on lending-related commitments at beginning of period $ 277  $ 296  $ 297  $ 313  $ 290

Provision (credit) for losses on lending-related commitments 19  (19) (5) (17) 2

Liability for credit losses on lending-related commitments at end of period (a)

$ 296  $ 277  $ 292  $ 296  $ 292

Total allowance for credit losses at end of period $ 1,694  $ 1,722  $ 1,736  $ 1,694  $ 1,736

Net loan charge-offs to average total loans 0.32  % 0.42  % 0.42  % 0.37  % 0.41  %

Allowance for loan and lease losses to period-end loans 1.24  1.31  1.36  1.24  1.36

Allowance for credit losses to period-end loans 1.50  1.56  1.64  1.50  1.64

Allowance for loan and lease losses to nonperforming loans 226  179  219  226  219

Allowance for credit losses to nonperforming loans 274  213  264  274  264

Discontinued operations — education lending business:

Loans charged off $ 1  $ —  $ 1  $ 2  $ 2

Recoveries 1  —  1  1  1

Net loan charge-offs $ —  $ —  $ —  $ (1) $ (1)

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

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 23

Asset Quality Statistics From Continuing Operations

(Dollars in millions)

3Q26 2Q26 1Q26 4Q25 3Q25

Net loan charge-offs $ 89  $ 115  $ 101  $ 104  $ 114

Net loan charge-offs to average total loans 0.32  % 0.42  % 0.38  % 0.39  % 0.42  %

Allowance for loan and lease losses $ 1,398  $ 1,445  $ 1,449  $ 1,427  $ 1,444

Allowance for credit losses (a)

1,694  1,722  1,745  1,740  1,736

Allowance for loan and lease losses to period-end loans 1.24  % 1.31  % 1.33  % 1.34  % 1.36  %

Allowance for credit losses to period-end loans 1.50  1.56  1.60  1.63  1.64

Allowance for loan and lease losses to nonperforming loans 226  179  212  232  219

Allowance for credit losses to nonperforming loans 274  213  256  283  264

Nonperforming loans at period end $ 618  $ 809  $ 682  $ 615  $ 658

Nonperforming assets at period end 627  818  692  627  668

Nonperforming loans to period-end portfolio loans 0.55  % 0.73  % 0.62  % 0.58  % 0.62  %

Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets

0.55  0.74  0.63  0.59  0.63

(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)

9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025

Commercial and industrial $ 274  $ 358  $ 284  $ 256  $ 253

Real estate — commercial mortgage 154  256  190  157  214

Real estate — construction —  —  —  —  —

Total commercial real estate loans 154  256  190  157  214

Commercial lease financing 5  6  6  7  —

Total commercial loans 433  620  480  420  467

Real estate — residential mortgage 98  100  115  104  98

Home equity loans 77  79  76  80  82

Other consumer loans 4  4  4  4  4

Credit cards 6  6  7  7  7

Total consumer loans 185  189  202  195  191

Total nonperforming loans (a)

618  809  682  615  658

OREO 9  9  10  9  10

Nonperforming loans held for sale —  —  —  3  —

Total nonperforming assets $ 627  $ 818  $ 692  $ 627  $ 668

Accruing loans past due 90 days or more $ 79  $ 85  $ 153  $ 99  $ 110

Accruing loans past due 30 through 89 days 153  138  137  220  254

Nonperforming assets from discontinued operations — education lending business  1  1  2  2  2

Nonperforming loans to period-end portfolio loans 0.55  % 0.73  % 0.62  % 0.58  % 0.62  %

Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets

0.55  0.74  0.63  0.59  0.63

Summary of Changes in Nonperforming Loans From Continuing Operations

(Dollars in millions)

3Q26 2Q26 1Q26 4Q25 3Q25

Balance at beginning of period $ 809  $ 682  $ 615  $ 658  $ 696

Loans placed on nonaccrual status 165  365  253  248  210

Charge-offs (121) (131) (117) (124) (140)

Loans sold (28) (33) (2) (7) (13)

Payments (190) (38) (37) (124) (68)

Transfers to OREO (1) (1) (1) (1) (1)

Loans returned to accrual status (16) (35) (29) (35) (26)

Balance at end of period $ 618  $ 809  $ 682  $ 615  $ 658

KeyCorp Reports Third Quarter 2026 Results

October 20, 2026

Page 24

Line of Business Results

(Dollars in millions)

Change 3Q26 vs.

3Q26 2Q26 1Q26 4Q25 3Q25 2Q26 3Q25

Consumer Bank

Summary of operations

Total revenue (TE) $ 1,049  $ 1,010  $ 978  $ 997  $ 991  3.9  % 5.9  %

Provision for credit losses 55  26  40  32  40  111.5  37.5

Noninterest expense 716  707  693  717  677  1.3  5.8

Net income (loss) attributable to Key 211  210  185  188  208  0.5  1.4

Average loans and leases 32,596  33,287  33,997  34,684  35,377  (2.1) (7.9)

Average deposits 87,367  87,430  87,796  87,738  87,718  (0.1) (0.4)

Net loan charge-offs 47  45  40  49  49  4.4  (4.1)

Net loan charge-offs to average total loans 0.57  % 0.54  % 0.48  % 0.56  % 0.55  % 5.6  3.6

Nonperforming assets at period end $ 248  $ 253  $ 270  $ 262  $ 266  (2.0) (6.8)

Return on average allocated equity 30.54  % 30.52  % 26.46  % 25.88  % 27.62  % 0.1  10.6

Commercial Bank

Summary of operations

Total revenue (TE) $ 1,201  $ 1,108  $ 1,119  $ 1,197  $ 1,115  8.4  % 7.7  %

Provision for credit losses 8  67  70  73  68  (88.1) (88.2)

Noninterest expense 529  504  475  517  486  5.0  8.8

Net income (loss) attributable to Key 516  423  451  472  440  22.0  17.3

Average loans and leases 78,556  76,238  73,146  71,107  70,328  3.0  11.7

Average loans held for sale 1,425  936  958  1,140  1,224  52.2  16.4

Average deposits 60,718  58,895  58,929  60,485  58,524  3.1  3.7

Net loan charge-offs 42  71  64  53  64  (40.8) (34.4)

Net loan charge-offs to average total loans 0.21  % 0.37  % 0.35  % 0.30  % 0.36  % (43.2) (41.7)

Nonperforming assets at period end $ 379  $ 565  $ 422  $ 365  $ 402  (32.9) (5.7)

Return on average allocated equity 19.45  % 16.40  % 18.10  % 18.85  % 17.87  % 18.6  8.8

TE = Taxable-equivalent

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(b), (d)

Three months ended September 30, 2026

No items $ —  $ —  $ —

Three months ended June 30, 2026

No items —  —  —

Three months ended March 31, 2026

No items —  —  —

Three months ended December 31, 2025

FDIC special assessment (other expense)(c)

21  16  0.01

Three months ended September 30, 2025

FDIC special assessment (other expense)(c)

5  4  —

Year to date results

Nine months ended September 30, 2026

No items $ —  $ —  $ —

Nine months ended September 30, 2025

FDIC special assessment (other expense)(c)

5  4  —

(a)Favorable (unfavorable) impact.

(b)Impact to EPS reflected on a fully diluted basis.

(c)In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC.

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

EX-99.2

EX-99.2

Filename: a3q26earningspresentatio.htm · Sequence: 3

a3q26earningspresentatio

KeyCorp Third Quarter 2026 Earnings Review October 20, 2026

+$3.6Bn Average deposit growth QoQ 55 bps NPAs / loans + OREO decreased 19 bps QoQ 3Q26 Results Reflect Continued Momentum +12% Collective growth of priority fee-based businesses(1) 3Q26 vs. 3Q25 +27% Investment banking & debt placement fee growth QoQ 32 bps NCOs / average loans decreased 10 bps QoQ 15%+ Return on tangible common equity(2) Note: Loan data reflects loans held for investment (1) Priority fee-based businesses include Wealth Management, Investment Banking, and Commercial Payments; (2) Non-GAAP measure: see appendix for reconciliation $1.3Bn 2026 planned share repurchases ($320MM repurchased in 3Q26) Deposit & Loan Momentum Return On and Return Of CapitalRisk Management Excellence Differentiated Fee Businesses 2 +5% Period-end C&I loan growth QoQ

Financial Review

$ in millions, excluding per share metrics From continuing operations, unless otherwise noted Reported QoQ Δ YoY Δ EPS $0.51 16 % 24 % Net interest income(1),(2) $1,308 4 % 10 % Noninterest income $744 5 % 6 % Revenue(1),(2) $2,052 4 % 8 % Noninterest expense $1,245 2 % 5 % Provision for credit losses $61 (34) % (43) % CET1(4) 11.1% ~(10) bps ~(70) bps Cash efficiency ratio(1) 60.6% (129) bps (154) bps ROTCE(1) 15.1% 222 bps 260 bps Tangible book value per common share $12.35 (9) % (8) % • EPS of $0.51, up 24% YoY • Record revenue of $2.04Bn, up 8% YoY; Taxable-equivalent revenue(1) of $2.05Bn ◦ Net interest income(1) up 10% YoY and 4% QoQ ◦ NIM(2) of 2.95%, up 20 bps YoY and 6 bps QoQ ◦ Noninterest income up 6% YoY, driven by strong growth across priority fee-based businesses • Noninterest expenses up 5% YoY, excluding a select item in 3Q25(3) • NCOs of 32 bps, down 10 bps both YoY and QoQ ◦ Provision for credit losses of $61MM; reserve release of $28MM • CET1 ratio of 11.1%(4) ◦ Marked CET1 ratio of 9.0%(1),(4) • ROTCE(1) of 15.1%, up 260 bps YoY • Repurchased $320MM of common stock (1) Non-GAAP measure: see appendix for reconciliation; (2) Taxable-equivalent basis; (3) Reflects comparison of adjusted metrics. Non-GAAP measure: see appendix for reconciliation; (4) 9/30/2026 ratio is estimated 3Q26 Highlights 4 (3) (3) (3) (3)

Strong C&I Performance Driving Loan Growth Average Loans $ in billions • Average loans up $1.5Bn (+1.4%), driven by: ◦ Higher C&I(1) loans (+3.7%) ◦ Partially offset by a decline in total consumer loans (-2.0%), reflective of the intentional run-off of low-yielding loans Sequential Change in Ending Balances by Type • ~71% variable rate, or 36% after adjusting for loans swapped to a fixed rate; loan yields would have been 5.52% excluding the impact from hedges(5) • ~57% of the C&I portfolio is investment grade; Consumer book has a 766 weighted average FICO at origination • C&I line utilization: 33.1% (up ~200 bps from 2Q26, reflecting client investments into their businesses) $110.4 $3.3 $(0.1) $(0.1) $(0.3) $(0.3) $113.0 6/30/26 C&I CRE Comm'l lease Residential mortgage Other consumer 9/30/26 Note: Loan data reflects loans held for investment; Graphs may not foot due to rounding (1) Commercial and industrial average balances include $204 million of assets from commercial credit cards; (2) Loan balances include $203 million of commercial credit card balances at 9/30/2026; (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 $106.2 $106.3 $107.7 $110.1 $111.6 $75.4 $76.0 $78.1 $81.0 $83.1 $30.8 $30.3 $29.7 $29.1 $28.5 5.51% 5.41% 5.35% 5.35% 5.42% Commercial Consumer Loan Yield 3Q25 4Q25 1Q26 2Q26 3Q26 Versus Prior Quarter Portfolio Highlights (4) (3)(2) 5

• Average deposits up $3.6Bn (+2.4%), driven by: ◦ Growth in demand deposits (+2.9%) and money market deposits (+2.7%), as well as an increase in noninterest-bearing deposits (+1.6%) • Total deposit costs increased by 3 bps, with total interest-bearing deposit costs increasing 3 bps to 2.04% 37% 16%6% 28% 10% 3% Treasury / other • Client deposits up 1.6% year-over-year and 1.9% sequentially • Noninterest-bearing deposits were 19% of total deposits, or 24% including hybrids • Commercial deposit balances driven by relationship clients ◦ 81% of balances within an operating account ◦ 95% from clients with an operating account • Loan-to-deposit ratio: 74%(3) 42% 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 $150.4 $150.7 $147.3 $147.6 $151.2 $87.7 $87.7 $87.8 $87.4 $87.4 $58.5 $60.5 $58.9 $58.9 $60.7 1.97% 1.81% 1.65% 1.63% 1.66% Consumer Commercial Other Total Deposit Cost 3Q25 4Q25 1Q26 2Q26 3Q26 3Q26 Product Mix Reflects average deposits 6Delivering Accelerated Client Deposit Growth 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) 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 3Q26 Interest-Bearing Mix Reflects average deposits

Net Interest Income Growth and Margin Expansion $1,193 $1,223 $1,230 $1,258 $1,308 2.75% 2.82% 2.87% 2.89% 2.95% Net interest income Net interest margin 3Q25 4Q25 1Q26 2Q26 3Q26 $1,258 $14 $13 $11 $8 $3 $1,308 Loan growth Funding optimization Securities & swap repricing Day count Yield/cost & other 2.89% 0 bps 3 bps 2 bps 0 bps 1 bp 2.95% Loan growth Funding optimization Securities & swap repricing Day count Yield/cost & other 2Q26 3Q26 2Q26 3Q26 (1))(1) +10% NIM Walk(1) NII Walk(1) +4% Note: NII and NIM walks may not foot due to rounding (1) Net interest income and net interest margin on a taxable-equivalent basis, and non-GAAP measure: see appendix for reconciliation 7 $ in millions

• Noninterest income up $38MM (+5%) vs prior quarter driven by: ◦ Higher investment banking and debt placement fees driven by higher M&A fees and syndications • Noninterest income up $42MM (+6%) vs prior year driven by: ◦ Higher investment banking and debt placement fees driven by higher M&A fees, and increased trust and investment services income $702 $782 $723 $706 $744 3Q25 4Q25 1Q26 2Q26 3Q26 3Q26 QoQ Δ YoY Δ Investment banking and debt placement $214 27 % 16 % Trust and investment services $165 4 % 10 % Cards and payments $93 (1) % 8 % Service charges on deposits $79 3 % 5 % Corporate services $72 (10) % — Commercial mortgage servicing $53 8 % (27) % Other(1) $68 (13) % 10 % Total noninterest income $744 5 % 6 % (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 Fee Growth Led by Investment Banking Highlights Noninterest Income Trend $ in millions 8

• Noninterest expense up $28MM (+2%) vs prior quarter driven by: ◦ Higher personnel expense due to incentive compensation and investments in teammates ◦ Continued investments in technology • Noninterest expense up $68MM (+6%) vs prior year driven by: ◦ Higher personnel expense related to continued investments in front- line bankers, employee benefits, and incentive compensation $1,177 $1,241 $1,181 $1,217 $1,245 $742 $790 $743 $786 $815 $440 $472 $438 $431 $430 Personnel Non-personnel Selected Items 3Q25 4Q25 1Q26 2Q26 3Q26 Expenses Remain Well Managed (2) (1) See slide 19 for breakout of "Selected Items Impact on Earnings"; (2) Reflects comparison of adjusted metrics. Non-GAAP measure: see appendix for reconciliation $(21)(1) 3Q26 QoQ Δ YoY Δ Personnel expense $815 4 % 10 % Computer processing $116 7 % 10 % Net occupancy $67 (1) % 3 % Business services and professional fees $46 — 5 % Marketing $23 5 % 5 % Equipment $21 (5) % 5 % Operating lease expense $6 (14) % (33) % Other expense $151 (4) % (11) % Total noninterest expense $1,245 2 % 6 % $(5)(1) Highlights Noninterest Expense Trend $ in millions 9 5% excluding a select item in 3Q25(2)

0.24% 0.21% 0.13% 0.12% 0.14% 0.10% 0.09% 0.14% 0.08% 0.07% 30-89 days delinquent 90+ days delinquent 3Q25 4Q25 1Q26 2Q26 3Q26 $5,871 $5,373 $5,370 $5,398 $5,553 5.5% 5.0% 4.9% 4.9% 4.9% Criticized assets Criticized assets ratio 3Q25 4Q25 1Q26 2Q26 3Q26 Note: Loan data reflects loans held for investment (1) Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets; (2) Criticized loan and lease outstandings to period-end total loans $668 $627 $692 $818 $627 0.63% 0.59% 0.63% 0.74% 0.55% NPAs NPA ratio 3Q25 4Q25 1Q26 2Q26 3Q26 $114 $104 $101 $115 $89$107 $108 $106 $92 $61 0.42% 0.39% 0.38% 0.42% 0.32% NCOs Provision for credit losses NCOs to average loans 3Q25 4Q25 1Q26 2Q26 3Q26 (1) Net Charge-Offs (NCOs) & Provision for Credit Losses $ in millions Nonperforming Assets (NPAs) Ratio(1) $ in millions Delinquencies to Period-End Total Loans From continuing operations Criticized Assets Ratio(2) $ in millions; from continuing operations Strong Credit Quality (2) 10

• Repurchased $320MM of common shares at an average price of $22.57 per share in the third quarter • Expect to repurchase $1.3Bn in 2026 8.1% 8.4% 8.0% 7.7% 6.9% 3Q25 4Q25 1Q26 2Q26 3Q26 Common Equity Tier 1 Ratio Tangible Common Equity Ratio(2) Disciplined Capital Management (1) 9/30/2026 ratio is estimated; (2) Non-GAAP measure: see appendix for reconciliation 11.8% 11.8% 11.4% 11.2% 11.1%10.3% 10.4% 10.0% 9.8% 9.0% Common Equity Tier 1 Ratio Marked Common Equity Tier 1 Ratio 3Q25 4Q25 1Q26 2Q26 3Q26 (1) (1),(2) 11.2% 35 bps (21) bps (14) bps (12) bps 11.1% 2Q26 Net income available to common Share repurchases Dividends RWA 3Q262Q26 3Q26 Common Equity Tier 1 Walk(1) Share Repurchase Activity 11

$ in millions, unless otherwise stated FY2026 (vs. FY2025) On an operating basis Revenue(1),(2) (FY25 baseline: $7,513) up ~8% Net interest income(1),(2) (FY25 baseline: $4,671) up ~10% (previously up 9 – 11%) Net interest margin(2) 4Q exit rate: ~3.00% Average earning assets up $1.5Bn - $2Bn from 3Q26(3) Noninterest income (FY25 baseline: $2,842) up 4 – 5% Noninterest income on an adjusted basis(1) (FY25 baseline: $2,495)(4) up 6 – 7%(4) Adjusted noninterest expense(1) (FY25 baseline: $4,729)(5) up ~4% Average loans (FY25 baseline: $105.7Bn) up ~5% (previously up 4 – 5%) Average commercial loans (FY25 baseline: $74.5Bn) up ~10% (previously up 8 – 10%) NCOs to average loans 37 – 39 bps (previously 40 – 45 bps) Tax rate GAAP tax rate: ~22% Tax-equivalent effective rate(6): ~23% 16 – 19% ROTCE 9.5 – 10% Marked CET1 3.25%+ / 15%+ NIM and ROTCE Note: Loan data reflects loans held for investment (1) Represents a forward-looking non-GAAP measure: refer to slide 20, "Forward-Looking Statements and Additional Information", for more information; (2) Taxable-equivalent basis; (3) Excludes AFS securities mark; (4) Excluding Commercial mortgage servicing fees, Operating lease income, Other leasing gains, Other income and net securities gains (losses); (5) Non-GAAP measure: adjusted noninterest expense for 2025 excludes a $26MM benefit from the FDIC special assessment. See slide 19 for breakout of "Selected Items Impact on Earnings"; (6) Reflects the estimated full year taxable-equivalent adjustment 2026 Outlook Long-Term Targets(1) 4Q27 Targets(1) 12

Appendix

Loan Composition(2) $47.5 $47.8 $48.2 $47.9 $47.4 $7.2 $8.1 $8.8 $9.4 $9.5 $40.3 $39.8 $39.4 $38.5 $38.0 3.75% 3.69% 3.64% 3.67% 3.73% Average HTM securities Average AFS securities Average yield 3Q25 4Q25 1Q26 2Q26 3Q26 $ in billions 4Q26 1Q27 2Q27 3Q27 4Q27 2027 Projected receive-fixed swaps maturities $1.9 $2.0 $2.7 $2.6 $3.4 $10.7 Weighted-average rate received (%) 2.73% 2.89% 2.62% 2.63% 3.67% 3.01% Projected residential mortgages $0.4 $0.3 $0.4 $0.4 $0.4 $1.5 Weighted-average rate received (%) 3.48% 3.52% 3.54% 3.58% 3.62% 3.57% Projected fixed-rate investment securities cash flows / maturities $1.8 $1.9 $1.9 $2.1 $1.7 $7.7 Weighted-average rate received (%) 4.17% 3.87% 4.08% 4.09% 4.26% 4.07% Total low-yielding fixed-rate assets $4.1 $4.2 $5.0 $5.1 $5.5 $19.9 Weighted-average rate received (%) 3.43% 3.38% 3.25% 3.31% 3.85% 3.46% 26% 25% 12% 7% 29% 1% (1) Fixed-Rate Asset Repricing Tailwinds – 4Q26 through 2027 Average Total Investment Securities $ in billions Balance Sheet Management Detail Fixed Prime O/N SOFR 1M SOFR 3M SOFR Other (1) Yield is calculated on an amortized cost basis; (2) Based on 9/30/2026 period-end balances; chart may not foot due to rounding 14

• Executed $2.3Bn of spot-starting receive-fixed swaps and $6.8Bn of forward-starting receive-fixed swaps in 3Q26 with W.A. receive-fixed rates of 4.2% and 4.1%, respectively • Forward-starting cash flow hedges of $10.0Bn – W.A. receive-fixed rate: 4.0% ◦ $2.5Bn starting in 3Q27 (4.0% W.A. receive-fixed rate) ◦ $3.0Bn starting in 4Q27 (4.0% W.A. receive-fixed rate) ◦ $3.3Bn starting in 1Q28 (4.1% W.A. receive-fixed rate) ◦ $1.3Bn starting in 2Q28 (4.1% W.A. receive-fixed rate)3.5% 3.5% 3.6% 3.7% 3.8% 3.8% 3.8% 4Q26 1Q27 2Q27 3Q27 4Q27 YE27 $1.9 $2.0 $2.7 $2.6 $3.4 $10.7 2.7% 2.9% 2.6% 2.6% 3.7% 3.0% W.A. receive- fixed rate Maturing swaps W.A. receive-fixed rate Note: May not foot due to rounding (1) AFS securities swapped to floating rate Other Hedge Positions 9/30/2026 Debt hedges $8.9 Securities hedges(1) $9.2 Hedging Strategy Opportunity 3Q26 ALM Hedge ActionsReceive-Fixed Asset Swaps Includes forward-starting swaps and accruing portfolio as of 9/30/2026 $ in billions, ending balances $50.4 $48.5 $46.5 $43.8 $41.2 $37.8 $37.8 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 YE27 Forward-Starting Swaps as of 9/30/2026 15

Preferred Dividends 16 KeyCorp Preferred Stock Preferred Dividend Schedule(1) $ in millions 2Q26 3Q26 4Q26 Series D $6.6 $6.6 — Series D Call Premium — $5.9 — Series E $7.7 $7.7 $7.7 Series F $6.0 $6.0 $6.0 Series G $6.3 $6.3 $6.3 Series H $9.3 $9.3 $9.3 Total $36 $42 $29 Series E • Structure: Fixed-to-float perpetual noncumulative (PerpNC-10) • Outstanding: $500MM • Dividend: 6.125% until December 15, 2026 ◦ 3-mo term SOFR + 4.15% from December 15, 2026 • Callable Dates: December 15, 2026 (quarterly thereafter) Series F • Structure: Fixed-rate perpetual noncumulative (PerpNC-5) • Outstanding: $425MM • Dividend: 5.65% (fixed for life) • Callable Dates: December 15, 2026 (quarterly thereafter) Series G • Structure: Fixed-rate perpetual noncumulative (PerpNC-5) • Outstanding: $450MM • Dividend: 5.625% (fixed for life) • Callable Dates: December 15, 2026 (quarterly thereafter) Series H • Structure: Fixed-rate reset perpetual noncumulative (PerpNC-5) • Outstanding: $600MM • Dividend: 6.20% until December 15, 2027 ◦ 5-year Treasury rate + 3.132% from December 15, 2027 • Callable Dates: December 15, 2027 (quarterly thereafter) (1) Preferred dividends based on currently outstanding series of preferred shares and does not reflect potential future exercise of option to call

Allowance for Loan Losses to Non-Performing Loans(2) 288% 159% —% 82% 54% —% —% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer $1,736 $1,740 $1,745 $1,722 $1,694 1.64% 1.63% 1.60% 1.56% 1.50% ACL ACL to period-end loans 3Q25 4Q25 1Q26 2Q26 3Q26 5.60% 9.47% 2.76% 0.62% 1.51% 1.67% 0.31% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer 0.39% 0.10% 0.00% 3.60% 1.26% C&I CRE Comm'l lease Resi mtg Home equity Credit cards Other consumer (3) (5) N/M = Not Meaningful Note: Loan data reflects loans held for investment Note: All metrics are as of 9/30/2026 unless otherwise noted; (1) Net loan charge-off amounts are annualized in calculation; (2) Ratios calculated using unrounded figures and therefore may not foot to calculation using rounded figures presented in chart; (3) Commercial and industrial average balances include $204 million of assets from commercial credit cards; (4) Criticized loan and lease outstandings to period-end total loans; (5) Loan balances include $203 million of commercial credit card balances at 9/30/2026 N/M N/MN/M NCOs to Average Loans(1),(2) Criticized Asset Ratio(2),(4) Allowance for Credit Losses (ACL) $ in millions Credit Quality by Portfolio 17 (0.00)% (0.02)%

$ in millions 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net interest income (GAAP) $ 1,300 $ 1,250 $ 1,222 $ 1,215 $ 1,184 Add: Taxable-equivalent adjustment 8 8 8 8 9 Net interest income TE (non-GAAP) (A) $ 1,308 $ 1,258 $ 1,230 $ 1,223 $ 1,193 Net income (loss) attributable to Key common shareholders (GAAP) (B) $ 537 $ 473 $ 486 $ 475 $ 453 Average Key shareholders' equity (GAAP) $ 19,307 $ 19,947 $ 20,392 $ 20,388 $ 19,664 Less: Average intangible assets 2,796 2,756 2,758 2,762 2,767 Average preferred stock 2,409 2,500 2,500 2,500 2,500 Average tangible common equity (non-GAAP) (C) $ 14,102 $ 14,691 $ 15,134 $ 15,126 $ 14,397 Key shareholders' equity (GAAP) $ 17,809 $ 19,798 $ 19,987 $ 20,381 $ 20,102 Less: Intangible assets 2,814 2,755 2,757 2,760 2,765 Preferred stock (1) 1,927 2,446 2,446 2,446 2,446 Tangible common equity (non-GAAP) (D) $ 13,068 $ 14,597 $ 14,784 $ 15,175 $ 14,891 Total assets (GAAP) $ 193,102 $ 191,317 $ 188,663 $ 184,381 $ 187,409 Less: Intangible assets 2,814 2,755 2,757 2,760 2,765 Tangible assets (non-GAAP) (E) $ 190,288 $ 188,562 $ 185,906 $ 181,621 $ 184,644 Tangible common equity to tangible assets ratio (non-GAAP) (D/E) 6.87 % 7.74 % 7.95 % 8.36 % 8.06 % Return on average tangible common equity consolidated (non-GAAP) (B/C) 15.11 % 12.91 % 13.02 % 12.46 % 12.48 % Common equity tier 1 (F) $ 17,037 $ 17,016 $ 17,038 $ 17,195 $ 17,050 Add: AFS and Pension AOCI (loss) (3,224) (2,154) (2,152) (2,028) (2,176) Marked common equity tier 1 (non-GAAP) (G) (2) $ 13,813 $ 14,862 $ 14,886 $ 15,167 $ 14,874 Risk-weighted assets (H) (3) $153,761 $152,068 $149,338 $145,933 $144,428 Common equity tier 1 ratio (F/H) (3) 11.1 % 11.2 % 11.4 % 11.8 % 11.8 % Marked CET1 ratio (non-GAAP) (G/H) (2),(3) 9.0 % 9.8 % 10.0 % 10.4 % 10.3 % Income (loss) from continuing operations attributable to Key common shareholders (GAAP) (I) $ 537 $ 472 $ 486 $ 474 $ 454 Plus: Selected items (net of tax)(4) — — — (16) (4) Net income (loss) from continuing operations attributable to Key common shareholders, excluding selected items (non-GAAP) (J) $ 537 $ 472 $ 486 $ 458 $ 450 Return on average tangible common equity from continuing operations (non-GAAP) (I/C) 15.11 % 12.89 % 13.02 % 12.43 % 12.51 % Adjusted return on average tangible common equity from continuing operations excluding selected items (non-GAAP) (J/C) 15.11 % 12.89 % 13.02 % 12.01 % 12.40 % Noninterest income (GAAP) (K) $ 744 $ 706 $ 723 $ 782 $ 702 Plus: Selected items(4) — — — — — Adjusted noninterest income (non-GAAP) (L) $ 744 $ 706 $ 723 $ 782 $ 702 Noninterest expense (GAAP) (M) $ 1,245 $ 1,217 $ 1,181 $ 1,241 $ 1,177 Less: Intangible asset amortization 2 2 2 5 5 Noninterest expense less intangible asset amortization (non-GAAP) (N) $ 1,243 $ 1,215 $ 1,179 $ 1,236 $ 1,172 Plus: Selected items(4) (O) — — — 21 5 Adjusted noninterest expense less intangible asset amortization (non-GAAP) (P) $ 1,243 $ 1,215 $ 1,179 $ 1,257 $ 1,177 Adjusted noninterest expense (non-GAAP) (M+O) $ 1,245 $ 1,217 $ 1,181 $ 1,262 $ 1,182 Total taxable-equivalent revenue (non-GAAP) (A+K) = (Q) $ 2,052 $ 1,964 $ 1,953 $ 2,005 $ 1,895 Total adjusted taxable-equivalent revenue (non-GAAP) (A+L) 2,052 1,964 1,953 2,005 1,895 Cash efficiency ratio (non-GAAP) (N/Q) 60.58 % 61.86 % 60.37 % 61.65 % 61.85 % Adjusted cash efficiency ratio (non-GAAP) (P/Q) 60.58 % 61.86 % 60.37 % 62.69 % 62.11 % Pre-provision net revenue from continuing operations (non-GAAP) (A+K-M) $ 807 $ 747 $ 772 $ 764 $ 718 Plus: Selected items(4) — — — (21) (5) Adjusted pre-provision net revenue from continuing operations (non-GAAP) $ 807 $ 747 $ 772 $ 743 $ 713 Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $0.51 $0.44 $0.44 $0.43 $0.41 Plus: EPS impact of selected items (4) — — — (0.01) — Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) (5) $ 0.51 $ 0.44 $ 0.44 $ 0.41 $ 0.41 Loan yields excluding impact from hedges(6) Loan yield 5.42 % 5.35 % 5.35 % 5.41 % 5.51 % Less: Loan yield impact of realized hedge gains/(losses) (0.10) % (0.10) % (0.15) % (0.28) % (0.36) % Loan yield excluding impact from hedges 5.52 % 5.45 % 5.50 % 5.69 % 5.87 % (1) Net of capital surplus; (2) Under the current applicable regulatory capital rules, Key has made the AOCI opt out election, which enables us to exclude components of AOCI from regulatory capital, notably the AOCI relative to securities and pension. Marked CET1 ratio is a non-GAAP measure and is calculated based on Common Equity Tier 1 capital, inclusive of the AOCI impact from securities and pension, divided by risk weighted assets; (3) Amounts and ratios as of September 30, 2026 are estimated; (4) See slide 19 for breakout of "Selected Items Impact on Earnings"; (5) Earnings per share may not foot due to rounding; (6) Loan Yields Excluding Impact from Hedges is a non-GAAP metric and is calculated by excluding losses realized on derivatives which hedge the interest rate risk of our loans. We believe this metric is meaningful as it provides information on loan yields excluding the impacts of hedge-related interest rate risk management programs GAAP to Non-GAAP Reconciliation 18

(1) Favorable (unfavorable) impact; (2) Impact to EPS reflected on a fully diluted basis; (3) In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC’s deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected in this table represent adjustments from initial estimates based on quarterly invoices received from the FDIC; (4) Earnings per share may not foot due to rounding Selected Items Impact on Earnings $ in millions, except per share amounts After-tax at marginal rate(1) Quarter to date results Pretax(1) Amount Net Income EPS(2)(4) Three months ended September 30, 2026 No items $ — $ — $ — Three months ended June 30, 2026 No items — — — Three months ended March 31, 2026 No items — — — Three months ended December 31, 2025 FDIC special assessment (other expense)(3) 21 16 0.01 Three months ended September 30, 2025 FDIC special assessment (other expense)(3) 5 4 — Year to date results Nine months ended September 30, 2026 No items $ — $ — $ — Nine months ended September 30, 2025 FDIC special assessment (other expense)(3) 5 4 — Selected Items Impact on Earnings 19

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, KeyCorp’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “seek,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “plan,” “predict,” “project,” “forecast,” “guidance,” “goal,” “objective,” “prospects,” “possible,” “potential,” “strategy,” “opportunities,” or “trends,” by future conditional verbs such as “assume,” “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are based on assumptions that involve risks and uncertainties, which are subject to change based on various important factors (some of which are beyond KeyCorp’s control). Actual results may differ materially from current projections. Actual outcomes may differ materially from those expressed or implied as a result of the factors described under “Forward-looking Statements” and “Risk Factors” in KeyCorp’s Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent filings of KeyCorp with the Securities and Exchange Commission (the “SEC”). Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding KeyCorp, please refer to our SEC filings available at www.key.com/ir. Non-GAAP Measures. This presentation contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Key’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the appendix to this presentation, the financial supplement, or the press release related to this presentation, all of which can be found on Key’s website (www.key.com/ir). Forward-Looking Non-GAAP Measures. From time to time we may discuss forward-looking non-GAAP financial measures. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results. Annualized Data. Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. Taxable-Equivalent. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at the federal statutory rate. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of peers. Earnings Per Share Equivalent. Certain income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total consolidated earnings per share performance excluding the impact of such items. When the impact of certain income or expense items is disclosed separately, the after-tax amount is computed using the marginal tax rate, unless otherwise specified, with this then being the amount used to calculate the earnings per share equivalent. GAAP: Generally Accepted Accounting Principles Forward-looking Statements and Additional Information 20

EX-99.3

EX-99.3

Filename: a3q26erex993.htm · Sequence: 4

Document

Exhibit 99.3

Consolidated Balance Sheets

(dollars in millions)

9/30/2026 6/30/2026 9/30/2025

Assets

Loans $ 112,993  $ 110,430  $ 105,902

Loans held for sale 1,159  1,198  998

Securities available for sale 36,311  38,459  40,456

Held-to-maturity securities 9,612  9,515  7,509

Trading account assets 925  936  972

Short-term investments 12,973  12,416  13,334

Other investments 1,281  1,230  921

Total earning assets 175,254  174,184  170,092

Allowance for loan and lease losses (1,398) (1,445) (1,444)

Cash and due from banks 1,540  1,711  1,938

Premises and equipment 636  620  606

Goodwill 2,803  2,752  2,752

Other intangible assets 11  3  13

Corporate-owned life insurance 4,461  4,456  4,428

Accrued income and other assets 9,617  8,848  8,803

Discontinued assets 178  188  221

Total assets $ 193,102  $ 191,317  $ 187,409

Liabilities

Deposits in domestic offices:

Interest-bearing deposits 125,594  122,196  122,425

Noninterest-bearing deposits 28,220  30,893  28,340

Total deposits 153,814  153,089  150,765

Federal funds purchased and securities sold under repurchase agreements  49  5  10

Bank notes and other short-term borrowings 5,185  3,680  1,339

Accrued expense and other liabilities 4,772  3,778  4,276

Long-term debt 11,473  10,967  10,917

Total liabilities 175,293  171,519  167,307

Equity

Preferred stock 1,975  2,500  2,500

Common shares 1,257  1,257  1,257

Capital surplus 6,057  6,014  6,002

Retained earnings 16,194  15,873  15,111

Treasury stock, at cost (3,809) (3,492) (2,619)

Accumulated other comprehensive income (loss) (3,865) (2,354) (2,149)

Total equity 17,809  19,798  20,102

Total liabilities and equity $ 193,102  $ 191,317  $ 187,409

Common shares outstanding (000) 1,058,176  1,072,035  1,112,952

Consolidated Statements of Income

(dollars in millions, except per share amounts)

Three months ended Nine months ended

9/30/2026 6/30/2026 9/30/2025 9/30/2026 9/30/2025

Interest income

Loans $ 1,511  $ 1,463  $ 1,466  $ 4,390  $ 4,310

Loans held for sale 22  15  18  51  43

Securities available for sale 373  367  408  1,110  1,211

Held-to-maturity securities 98  95  64  279  188

Trading account assets 12  10  11  33  44

Short-term investments 107  101  156  311  487

Other investments 10  8  8  23  25

Total interest income 2,133  2,059  2,131  6,197  6,308

Interest expense

Deposits 634  600  748  1,832  2,231

Federal funds purchased and securities sold under repurchase agreements 11  19  4  44  9

Bank notes and other short-term borrowings 25  35  14  80  75

Long-term debt 163  155  181  469  572

Total interest expense 833  809  947  2,425  2,887

Net interest income 1,300  1,250  1,184  3,772  3,421

Provision for credit losses 61  92  107  259  363

Net interest income after provision for credit losses 1,239  1,158  1,077  3,513  3,058

Noninterest income

Trust and investment services income 165  159  150  481  435

Investment banking and debt placement fees 214  169  184  580  537

Service charges on deposit accounts 79  77  75  233  217

Operating lease income and other leasing gains 9  10  11  27  34

Corporate services income 72  80  72  223  213

Cards and payments income 93  94  86  273  253

Corporate-owned life insurance income 35  33  35  102  100

Consumer mortgage income 14  17  14  44  42

Commercial mortgage servicing fees 53  49  73  164  219

Other income 9  15  8  42  16

Net securities gains (losses) 1  3  (6) 4  (6)

Total noninterest income 744  706  702  2,173  2,060

Noninterest expense

Personnel 815  786  742  2,344  2,127

Net occupancy 67  68  65  203  201

Computer processing 116  108  105  335  319

Business services and professional fees 46  46  44  128  132

Equipment 21  22  20  62  61

Operating lease expense 6  7  9  20  30

Marketing 23  22  22  63  67

Other expense 151  158  170  488  525

Total noninterest expense 1,245  1,217  1,177  3,643  3,462

Income (loss) from continuing operations before income taxes 738  647  602  2,043  1,656

Income taxes 159  139  112  434  337

Income (loss) from continuing operations 579  508  490  1,609  1,319

Income (loss) from discontinued operations, net of taxes —  1  (1) 1  —

Net income (loss) 579  509  489  1,610  1,319

Less: Net income (loss) attributable to noncontrolling interests —  —  —  —  —

Net income (loss) attributable to Key $ 579  $ 509  $ 489  $ 1,610  $ 1,319

Income (loss) from continuing operations attributable to Key common shareholders $ 537  $ 472  $ 454  $ 1,495  $ 1,211

Net income (loss) attributable to Key common shareholders 537  473  453  1,496  1,211

Per common share

Income (loss) from continuing operations attributable to Key common shareholders $ .51  $ .44  $ .41  $ 1.39  $ 1.1

Income (loss) from discontinued operations, net of taxes —  —  —  —  —

Net income (loss) attributable to Key common shareholders (a)

.51  .44  .41  1.39  1.1

Per common share — assuming dilution

Income (loss) from continuing operations attributable to Key common shareholders $ .51  $ .44  $ .41  $ 1.39  $ 1.09

Income (loss) from discontinued operations, net of taxes —  —  —  —  —

Net income (loss) attributable to Key common shareholders (a)

.51  .44  $ .41  1.39  1.09

Cash dividends declared per common share $ .205  $ .205  $ .205  $ .615  $ .615

Weighted-average common shares outstanding (000) 1,054,951  1,071,229  1,100,830  1,070,808  1,099,520

Effect of common share options and other stock awards (b)

9,315  8,779  9,845  9,395  8,864

Weighted-average common shares and potential common shares outstanding (000) (c)

1,064,266  1,080,008  1,110,675  1,080,203  1,108,384

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

(b)For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share.

(c)Assumes conversion of common share options and other stock awards and/or convertible preferred stock, as applicable.

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Cover Page

Oct. 20, 2026

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Oct. 20, 2026

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KeyCorp

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OH

Entity File Number

001-11302

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34-6542451

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127 Public Square,

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Cleveland,

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OH

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44114-1306

City Area Code

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KEY

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Depositary Shares (each representing a 1/40th interest in a share of Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series E)

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Series F Preferred Stock

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

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Namespace Prefix:

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X

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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X

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

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dei_EntityIncorporationStateCountryCode

Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

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dei_EntityInformationLineItems

Namespace Prefix:

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Period Type:

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

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dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Balance Type:

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Period Type:

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X

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

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dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

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Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Namespace Prefix:

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Data Type:

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Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Data Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

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Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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X

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

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Balance Type:

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Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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- Details

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