KEYCORP REPORTS SECOND QUARTER 2025 NET INCOME OF $387 MILLION, OR $.35 PER DILUTED COMMON SHARE

Revenue of $1.8 billion, up 21% year-over-year; Significant positive operating leverage on both a total and fee basis year-over-year Net interest income up 4% and net interest margin increased 8 bps quarter-over-quarter Period-end loans up $1.6 billion quarter-over-quarter; Commercial loans up $3.3 billion or 5% year-to-date Net charge-offs declined 8% quarter-over-quarter; Other credit metrics stable to improved , /PRNewswire/ -- KeyCorp (NYSE: KEY) today announced net income from continuing operations attributable to Key common shareholders of $387 million, or $.35 per diluted common share, for the second quarter of 2025. For the first quarter of 2025, net income from continuing operations attributable to Key common shareholders was $370 million, or $.33 per diluted common share. For the second quarter of 2024, KeyCorp reported net income from continuing operations attributable to Key common shareholders of $237 million, or $.25 per diluted common share, or adjusted net income of $241 million, or $.25 per diluted common share(a). Included in the second quarter of 2024 are $4 million, after-tax, of charges related to the FDIC special assessment(b). Comments from Chairman and CEO, Chris Gorman "Our second quarter results demonstrate continued strong momentum. Revenue was up 21% year-over-year driven by our clearly defined net interest income tailwinds and 10% growth in noninterest income, while expenses grew 7%. Sequentially, net interest income grew 4%. Credit quality continues to trend in a positive direction with overall credit migration improving for the sixth consecutive quarter. Business activity with clients and prospects continues to accelerate. Client deposits and relationship households were up 2% year-over-year while deposit costs were managed below 2%. Period end commercial loans grew $2.1 billion in the second quarter. Assets under management reached a record $64 billion. Investment banking pipelines remain at historically elevated levels. In the second quarter we raised over $30 billion of capital on behalf of our clients. Commercial payments-related fees grew high single digits year-over-year. We continue to make investments in people and technology that will drive future growth for our company. We remain on target to increase our front line bankers - investment bankers, middle market relationship managers, payments advisors, and wealth managers - by 10% in 2025. I am energized by our momentum as we win and take share in the marketplace. I remain confident that we will continue to execute against our compelling organic growth opportunities." (a) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "adjusted net income" and "adjusted earnings per share". The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons. (b) See table on page 24 for more information on Selected Items Impact on Earnings. Selected Financial Highlights Dollars in millions, except per share data Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Income (loss) from continuing operations attributable to Key common shareholders $ 387 $ 370 $ 237 4.6 % 63.3 % Income (loss) from continuing operations attributable to Key common shareholdersper common share — assuming dilution .35 .33 .25 6.1 40.0 Return on average tangible common equity from continuing operations (a) 11.09 % 11.24 % 10.39 % N/A N/A Return on average total assets from continuing operations .91 .88 .59 N/A N/A Common Equity Tier 1 ratio (b) 11.7 11.8 10.5 N/A N/A Book value at period end $ 15.32 $ 14.89 $ 13.09 2.9 17.0 Net interest margin (TE) from continuing operations 2.66 % 2.58 % 2.04 % N/A N/A (a) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons. (b) June 30, 2025 ratio is estimated. TE = Taxable Equivalent, N/A = Not Applicable INCOME STATEMENT HIGHLIGHTS Revenue Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Net interest income (TE) $ 1,150 $ 1,105 $ 899 4.1 % 27.9 % Noninterest income 690 668 627 3.3 10.0 Total revenue (TE) $ 1,840 $ 1,773 $ 1,526 3.8 % 20.6 % Taxable-equivalent net interest income was $1.15 billion for the second quarter of 2025 and the net interest margin was 2.66%. Compared to the second quarter of 2024, net interest income increased by $251 million, and the net interest margin increased by 62 basis points. These increases primarily reflect the impact of lower deposit costs, reinvestment of proceeds from maturing low-yielding investment securities, fixed-rate loans and swaps repricing into higher-yielding investments, the repositioning of the available-for-sale portfolio during the third and fourth quarters of 2024, and an improved funding mix as lower-cost deposits increased while wholesale borrowings declined. These benefits were partially offset by the impact of lower interest rates on variable-rate earning assets, and lower loan balances. Compared to the first quarter of 2025, taxable-equivalent net interest income increased by $45 million, and the net interest margin increased by 8 basis points. These increases were driven by a decline in funding costs, including interest-bearing deposit costs, the redeployment of maturing low-yielding investments and swaps into higher-yielding investments, and growth in commercial and industrial loans. Net interest income also benefited from one additional day in the second quarter of 2025 compared to the first quarter of 2025. Noninterest Income Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Trust and investment services income $ 146 $ 139 $ 139 5.0 % 5.0 % Investment banking and debt placement fees 178 175 126 1.7 41.3 Cards and payments income 85 82 85 3.7 — Service charges on deposit accounts 73 69 66 5.8 10.6 Corporate services income 76 65 68 16.9 11.8 Commercial mortgage servicing fees 70 76 61 (7.9) 14.8 Corporate-owned life insurance income 32 33 34 (3.0) (5.9) Consumer mortgage income 15 13 16 15.4 (6.3) Operating lease income and other leasing gains 14 9 21 55.6 (33.3) Other income 1 7 21 (85.7) (95.2) Net securities gains (losses) — — (10) — N/M Total noninterest income $ 690 $ 668 $ 627 3.3 % 10.0 % Compared to the second quarter of 2024, noninterest income increased by $63 million. The increase was driven by a $52 million increase in investment banking and debt placement fees reflecting higher syndications, commercial real estate, and equity issuance activity, and a $9 million increase in commercial mortgage servicing fees reflecting higher active special servicing balances. We also continued to see momentum across wealth management and commercial payments, which partially offset a $20 million decrease in other income and a $7 million decrease in operating lease income and other leasing gains. Compared to the first quarter of 2025, noninterest income increased by $22 million. The increase was driven by an $11 million increase in corporate services income reflecting higher loan, derivative and FX client activity, and a $7 million increase in trust and investment services income. The increase was partly offset by a $6 million decrease in commercial mortgage servicing fees. Noninterest Expense Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Personnel expense $ 705 $ 680 $ 636 3.7 % 10.8 % Net occupancy 69 67 66 3.0 4.5 Computer processing 107 107 101 — 5.9 Business services and professional fees 48 40 37 20.0 29.7 Equipment 21 20 20 5.0 5.0 Operating lease expense 10 11 17 (9.1) (41.2) Marketing 24 21 21 14.3 14.3 Other expense 170 185 181 (8.1) (6.1) Total noninterest expense $ 1,154 $ 1,131 $ 1,079 2.0 % 7.0 % Compared to the second quarter of 2024, noninterest expense increased by $75 million. The increase was primarily driven by a $69 million increase in personnel expense primarily related to incentive compensation associated with noninterest income growth, and continued investments in people. Business services and professional fees, and computer processing expenses increased primarily due to technology-related investments. These were partially offset by a $7 million decrease in operating lease expense. Compared to the first quarter of 2025, noninterest expense increased by $23 million. The increase was primarily driven by a $25 million increase in personnel expense primarily related to incentive compensation associated with noninterest income growth, and continued investments in people. Higher business services and professional fees were driven by increases in technology-related investments. This was partially offset by a $15 million decrease in other expenses primarily due to lower fraud and other losses and FDIC insurance expense. BALANCE SHEET HIGHLIGHTS Average Loans Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Commercial and industrial (a) $ 55,604 $ 53,746 $ 54,599 3.5 % 1.8 % Other commercial loans 18,708 18,619 20,500 .5 (8.7) Total consumer loans 31,403 31,989 33,862 (1.8) (7.3) Total loans $ 105,715 $ 104,354 $ 108,961 1.3 % (3.0) % (a) Commercial and industrial average loan balances include $218 million, $213 million, and $218 million of assets from commercial credit cards at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Average loans were $105.7 billion for the second quarter of 2025, a decrease of $3.2 billion compared to the second quarter of 2024. Average commercial loans declined by $787 million, primarily driven by a decrease in commercial real estate loans. Average consumer loans declined by $2.5 billion, reflective of broad-based declines across all loan categories. Compared to the first quarter of 2025, average loans increased by $1.4 billion. Average commercial loans increased $1.9 billion, primarily driven by an increase in commercial and industrial loans. Average consumer loans declined by $586 million, reflective of the intentional run-off of low-yielding loans. Average Deposits Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Non-time deposits $ 131,845 $ 131,917 $ 128,161 (.1) % 2.9 % Time deposits 15,601 16,625 16,019 (6.2) (2.6) Total deposits $ 147,446 $ 148,542 $ 144,180 (.7) % 2.3 % Cost of total deposits 1.99 % 2.06 % 2.28 % N/A N/A Average deposits totaled $147.4 billion for the second quarter of 2025, an increase of $3.3 billion compared to the year-ago quarter, reflecting growth in consumer deposits. Compared to the first quarter of 2025, average deposits decreased by $1.1 billion, driven by a reduction in higher-cost commercial client balances and retail CDs. The rate paid on interest-bearing deposits declined by 9 basis points, and the overall cost of deposits declined by 7 basis points to 1.99%. ASSET QUALITY Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Net loan charge-offs $ 102 $ 110 $ 91 (7.3) % 12.1 % Net loan charge-offs to average total loans .39 % .43 % .34 % N/A N/A Nonperforming loans at period end $ 696 $ 686 $ 710 1.5 (2.0) Nonperforming assets at period end 707 700 727 1.0 (2.8) Allowance for loan and lease losses 1,446 1,429 1,547 1.2 (6.5) Allowance for credit losses 1,743 1,707 1,833 2.1 (4.9) Provision for credit losses 138 118 100 16.9 38.0 Allowance for loan and lease losses to nonperforming loans 208 % 208 % 218 % N/A N/A Allowance for credit losses to nonperforming loans 250 249 258 N/A N/A Key's provision for credit losses was $138 million, compared to $100 million in the second quarter of 2024 and $118 million in the first quarter of 2025. The increase from the year-ago quarter reflects higher net loan charge-offs and a larger reserve build. The increase from the prior quarter reflects a larger reserve build, partially offset by lower net charge-offs. This quarter, Key added $36 million to its allowance for credit losses to account for recent loan growth, changes in loan mix, and some deterioration in the macroeconomic outlook. Net loan charge-offs for the second quarter of 2025 totaled $102 million, or 0.39% of average total loans. These results compare to $91 million, or 0.34%, for the second quarter of 2024 and $110 million, or 0.43%, for the first quarter of 2025. Key's allowance for credit losses was $1.7 billion, or 1.64% of total period-end loans at June 30, 2025, compared to 1.71% at June 30, 2024, and 1.63% at March 31, 2025. At June 30, 2025, Key's nonperforming loans totaled $696 million, which represented 0.65% of period-end portfolio loans. These results compare to 0.66% at June 30, 2024, and 0.65% at March 31, 2025. Nonperforming assets at June 30, 2025, totaled $707 million, and represented 0.66% of period-end portfolio loans and OREO and other nonperforming assets. These results compare to 0.68% at June 30, 2024, and 0.67% at March 31, 2025. CAPITAL Key's estimated risk-based capital ratios, included in the following table, continued to exceed all "well-capitalized" regulatory benchmarks at June 30, 2025. Capital Ratios 6/30/2025 3/31/2025 6/30/2024 Common Equity Tier 1 (a) 11.7 % 11.8 % 10.5 % Tier 1 risk-based capital (a) 13.4 13.5 12.2 Total risk-based capital (a) 15.7 16.0 14.7 Tangible common equity to tangible assets (b) 7.8 7.4 5.2 Leverage (a) 10.3 10.2 9.1 (a) June 30, 2025 ratio is estimated. As of January 1, 2025, the CECL optional transition provision had been fully phased-in. Amounts prior to January 1, 2025, reflect Key's election to adopt the CECL optional transition provision. (b) The table entitled "GAAP to Non-GAAP Reconciliations" in the attached financial supplement presents the computations of certain financial measures related to "tangible common equity." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons. Key's regulatory capital position remained strong in the second quarter of 2025. As shown in the preceding table, at June 30, 2025, Key's estimated Common Equity Tier 1 and Tier 1 risk-based capital ratios stood at 11.7% and 13.4%, respectively. Summary of Changes in Common Shares Outstanding In thousands Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Shares outstanding at beginning of period 1,111,986 1,106,786 942,776 .5 % 17.9 % Shares issued under employee compensation plans (net of cancellations andreturns) 467 5,200 424 (91.0) 10.1 Shares outstanding at end of period 1,112,453 1,111,986 943,200 — % 17.9 % Key declared a dividend in May of 2025 of $.205 per common share, payable in the second quarter of 2025. LINE OF BUSINESS RESULTS The following table shows the contribution made by each major business segment to Key's taxable-equivalent revenue from continuing operations and income (loss) from continuing operations attributable to Key for the periods presented. For more detailed financial information pertaining to each business segment, see the tables at the end of this release. Major Business Segments Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Revenue from continuing operations (TE) Consumer Bank $ 912 $ 871 $ 758 4.7 % 20.3 % Commercial Bank 974 942 768 3.4 26.8 Other (a) (46) (40) 0 (15.0) N/M Total $ 1,840 $ 1,773 $ 1,526 3.8 % 20.6 % Income (loss) from continuing operations attributable to Key Consumer Bank $ 122 $ 116 $ 59 5.2 % 106.8 % Commercial Bank 349 321 206 8.7 69.4 Other (a) (48) (31) 8 (54.8) (700.0) Total $ 423 $ 406 $ 273 4.2 % 54.9 % (a) Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Corporate treasury includes realized gains and losses from transactions associated with Key's investment securities portfolio. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. TE = Taxable Equivalent; N/M = Not Meaningful Consumer Bank Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Summary of operations Net interest income (TE) $ 676 $ 646 $ 523 4.6 % 29.3 % Noninterest income 236 225 235 4.9 .4 Total revenue (TE) 912 871 758 4.7 20.3 Provision for credit losses 55 43 33 27.9 66.7 Noninterest expense 696 675 648 3.1 7.4 Income (loss) before income taxes (TE) 161 153 77 5.2 109.1 Allocated income taxes (benefit) and TE adjustments 39 37 18 5.4 116.7 Net income (loss) attributable to Key $ 122 $ 116 $ 59 5.2 % 106.8 % Average balances Loans and leases $ 36,137 $ 36,819 $ 39,174 (1.9) % (7.8) % Total assets 39,156 39,806 42,008 (1.6) (6.8) Deposits 88,002 88,306 85,397 (.3) 3.1 Assets under management at period end $ 64,244 $ 61,053 $ 57,602 5.2 % 11.5 % Additional Consumer Bank Data Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Noninterest income Trust and investment services income $ 119 $ 113 $ 112 5.3 % 6.3 % Service charges on deposit accounts 35 33 34 6.1 2.9 Cards and payments income 61 57 61 7.0 — Consumer mortgage income 14 13 16 7.7 (12.5) Other noninterest income 7 9 12 (22.2) (41.7) Total noninterest income $ 236 $ 225 $ 235 4.9 % .4 % Average deposit balances Money market deposits $ 34,524 $ 33,533 $ 30,229 3.0 % 14.2 % Demand deposits 22,784 22,771 22,291 .1 2.2 Savings deposits 4,406 4,392 4,791 .3 (8.0) Time deposits 11,910 13,320 13,039 (10.6) (8.7) Noninterest-bearing deposits 14,378 14,290 15,047 .6 (4.4) Total deposits $ 88,002 $ 88,306 $ 85,397 (.3) % 3.1 % Other data Branches 943 945 946 Automated teller machines 1,166 1,176 1,199 Consumer Bank Summary of Operations (2Q25 vs. 2Q24) Key's Consumer Bank recorded net income attributable to Key of $122 million for the second quarter of 2025, compared to $59 million for the year-ago quarter Taxable-equivalent net interest income increased by $153 million, or 29.3%, compared to the second quarter of 2024 Average loans and leases decreased $3.0 billion, or 7.8%, from the second quarter of 2024, driven by broad-based declines across all loan categories Average deposits increased $2.6 billion, or 3.1%, from the second quarter of 2024, driven by growth in money market deposits and demand deposits Provision for credit losses increased $22 million compared to the second quarter of 2024, primarily driven by changes in reserve levels due to deterioration in the economic outlook Noninterest income increased $1 million from the year-ago quarter, driven by an increase in trust and investment services income, partially offset by a decrease in consumer mortgage income Noninterest expense increased $48 million from the year-ago quarter, primarily driven by higher support and overhead expense Commercial Bank Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Summary of operations Net interest income (TE) $ 556 $ 534 $ 411 4.1 % 35.3 % Noninterest income 418 408 357 2.5 17.1 Total revenue (TE) 974 942 768 3.4 26.8 Provision for credit losses 84 75 87 12.0 (3.4) Noninterest expense 449 462 431 (2.8) 4.2 Income (loss) before income taxes (TE) 441 405 250 8.9 76.4 Allocated income taxes and TE adjustments 92 84 44 9.5 109.1 Net income (loss) attributable to Key $ 349 $ 321 $ 206 8.7 % 69.4 % Average balances Loans and leases $ 69,087 $ 67,056 $ 69,248 3.0 % (0.2) % Loans held for sale 707 754 522 (6.2) 35.4 Total assets 78,486 76,707 78,328 2.3 0.2 Deposits 55,886 57,436 57,360 (2.7) % (2.6) % Additional Commercial Bank Data Dollars in millions Change 2Q25 vs. 2Q25 1Q25 2Q24 1Q25 2Q24 Noninterest income Trust and investment services income $ 26 $ 26 $ 27 — % (3.7) % Investment banking and debt placement fees 179 175 126 2.3 42.1 Cards and payments income 21 21 21 — — Service charges on deposit accounts 38 35 31 8.6 22.6 Corporate services income 68 60 61 13.3 11.5 Commercial mortgage servicing fees 70 76 61 (7.9) 14.8 Operating lease income and other leasing gains 15 8 21 87.5 (28.6) Other noninterest income 1 7 9 (85.7) (88.9) Total noninterest income $ 418 $ 408 $ 357 2.5 % 17.1 % Commercial Bank Summary of Operations (2Q25 vs. 2Q24) Key's Commercial Bank recorded net income attributable to Key of $349 million for the second quarter of 2025 compared to $206 million for the year-ago quarter Taxable-equivalent net interest income increased by $145 million, or 35.3%, compared to the second quarter of 2024 Average loan and lease balances decreased $161 million, or 0.2%, compared to the second quarter of 2024, driven by a decline in commercial real estate loans and commercial lease financing Average deposit balances decreased $1.5 billion compared to the second quarter of 2024, driven by a reduction in higher-cost client balances Provision for credit losses decreased $3 million compared to the second quarter of 2024, driven by a lower reserve build as changes in the portfolio mix offset economic deterioration, as well as lower net loan charge-offs Noninterest income increased $61 million compared to the second quarter of 2024, primarily driven by an increase in investment banking and debt placement fees and commercial mortgage servicing fees Noninterest expense increased $18 million compared to the second quarter of 2024, driven by higher support and overhead expense ******************************************* KeyCorp's roots trace back 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $185 billion at June 30, 2025. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts. Forward-looking statements usually can be identified by the use of words such as "goal," "objective," "plan," "expect," "assume," "anticipate," "intend," "project," "believe," "estimate," or other words of similar meaning. Forward-looking statements provide our current expectations or forecasts of future events, circumstances, results, or aspirations. Forward-looking statements, by their nature, are subject to assumptions, risks and uncertainties, many of which are outside of our control. Our actual results may differ materially from those set forth in our forward-looking statements. There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2024 and in KeyCorp's subsequent SEC filings, all of which have been or will be filed with the Securities and Exchange Commission (the "SEC") and are or will be available on Key's website (www.key.com/ir) and on the SEC's website (www.sec.gov). These factors may include, among others, adverse changes in credit quality trends, declining asset prices, a worsening of the U.S. economy due to financial, political, or other shocks, the extensive regulation of the U.S. financial services industry, the soundness of other financial institutions, and the impact of changes in the interest rate environment. Any forward-looking statements made by us or on our behalf speak only as of the date they are made and we do not undertake any obligation to update any forward-looking statement to reflect the impact of subsequent events or circumstances. A live Internet broadcast of KeyCorp's conference call to discuss quarterly results and currently anticipated earnings trends and to answer analysts' questions can be accessed through the Investor Relations section at https://www.key.com/ir at 9:00 a.m. ET, on July 22, 2025. A replay of the call will be available on our website through July 22, 2026. For up-to-date company information, media contacts, and facts and figures about Key's lines of business, visit our Media Newsroom at https://www.key.com/newsroom. ***** KeyCorpSecond Quarter 2025Financial 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 Basis of Presentation Use of Non-GAAP Financial MeasuresThis 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 DataCertain 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 EquivalentThe 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 EquivalentCertain 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. Financial Highlights (Dollars in millions, except per share amounts) Three months ended 6/30/2025 3/31/2025 6/30/2024 Summary of operations Net interest income (TE) $ 1,150 $ 1,105 $ 899 Noninterest income 690 668 627 Total revenue (TE) 1,840 1,773 1,526 Provision for credit losses 138 118 100 Noninterest expense 1,154 1,131 1,079 Income (loss) from continuing operations attributable to Key 423 406 273 Income (loss) from discontinued operations, net of taxes 2 (1) 1 Net income (loss) attributable to Key 425 405 274 Income (loss) from continuing operations attributable to Key common shareholders 387 370 237 Income (loss) from discontinued operations, net of taxes 2 (1) 1 Net income (loss) attributable to Key common shareholders 389 369 238 Per common share Income (loss) from continuing operations attributable to Key common shareholders $ .35 $ .34 $ .25 Income (loss) from discontinued operations, net of taxes — — — Net income (loss) attributable to Key common shareholders (a) .35 .34 .25 Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution .35 .33 .25 Income (loss) from discontinued operations, net of taxes — assuming dilution — — — Net income (loss) attributable to Key common shareholders — assuming dilution (a) .35 .33 .25 Cash dividends declared .205 .205 .205 Book value at period end 15.32 14.89 13.09 Tangible book value at period end 12.83 12.40 10.13 Market price at period end 17.42 15.99 14.21 Performance ratios From continuing operations: Return on average total assets .91 % .88 % .59 % Return on average common equity 9.26 9.30 7.96 Return on average tangible common equity (b) 11.09 11.24 10.39 Net interest margin (TE) 2.66 2.58 2.04 Cash efficiency ratio (b) 62.4 63.5 70.2 From consolidated operations: Return on average total assets .91 % .88 % .59 % Return on average common equity 9.31 9.28 7.99 Return on average tangible common equity (b) 11.15 11.21 10.43 Net interest margin (TE) 2.66 2.58 2.04 Loan to deposit (c) 72.9 70.2 74.0 Capital ratios at period end Key shareholders' equity to assets 10.5 % 10.1 % 7.9 % Key common shareholders' equity to assets 9.2 8.8 6.6 Tangible common equity to tangible assets (b) 7.8 7.4 5.2 Common Equity Tier 1 (d) 11.7 11.8 10.5 Tier 1 risk-based capital (d) 13.4 13.5 12.2 Total risk-based capital (d) 15.7 16.0 14.7 Leverage (d) 10.3 10.2 9.1 Asset quality — from continuing operations Net loan charge-offs $ 102 $ 110 $ 91 Net loan charge-offs to average loans .39 % .43 % .34 % Allowance for loan and lease losses $ 1,446 $ 1,429 $ 1,547 Allowance for credit losses 1,743 1,707 1,833 Allowance for loan and lease losses to period-end loans 1.36 % 1.36 % 1.44 % Allowance for credit losses to period-end loans 1.64 1.63 1.71 Allowance for loan and lease losses to nonperforming loans 208 208 218 Allowance for credit losses to nonperforming loans 250 249 258 Nonperforming loans at period-end $ 696 $ 686 $ 710 Nonperforming assets at period-end 707 700 727 Nonperforming loans to period-end portfolio loans .65 % .65 % .66 % Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets .66 .67 .68 Trust assets Assets under management $ 64,244 $ 61,053 $ 57,602 Other data Average full-time equivalent employees 17,105 16,989 16,646 Branches 943 945 946 Taxable-equivalent adjustment $ 9 $ 9 $ 12 Financial Highlights (continued) (Dollars in millions, except per share amounts) Six months ended 6/30/2025 6/30/2024 Summary of operations Net interest income (TE) $ 2,255 $ 1,785 Noninterest income 1,358 1,274 Total revenue (TE) 3,613 3,059 Provision for credit losses 256 201 Noninterest expense 2,285 2,222 Income (loss) from continuing operations attributable to Key 829 492 Income (loss) from discontinued operations, net of taxes 1 1 Net income (loss) attributable to Key 830 493 Income (loss) from continuing operations attributable to Key common shareholders 757 420 Income (loss) from discontinued operations, net of taxes 1 1 Net income (loss) attributable to Key common shareholders 758 421 Per common share Income (loss) from continuing operations attributable to Key common shareholders $ .69 $ .45 Income (loss) from discontinued operations, net of taxes — — Net income (loss) attributable to Key common shareholders (a) .69 .45 Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution .69 .45 Income (loss) from discontinued operations, net of taxes — assuming dilution — — Net income (loss) attributable to Key common shareholders — assuming dilution (a) .69 .45 Cash dividends paid .41 .41 Performance ratios From continuing operations: Return on average total assets .90 % .53 % Return on average common equity 9.28 7.00 Return on average tangible common equity (b) 11.16 9.12 Net interest margin (TE) 2.62 2.03 Cash efficiency ratio (b) 63.0 72.1 From consolidated operations: Return on average total assets .90 % .53 % Return on average common equity 9.29 7.02 Return on average tangible common equity (b) 11.18 9.14 Net interest margin (TE) 2.62 2.03 Asset quality — from continuing operations Net loan charge-offs $ 212 $ 172 Net loan charge-offs to average total loans .41 % .31 % Other data Average full-time equivalent employees 17,047 16,699 Taxable-equivalent adjustment 18 23 (a) Earnings per share may not foot due to rounding. (b) The table entitled "GAAP to Non-GAAP Reconciliations" starting on page 14 of this supplement presents the computations of certain financial measures related to "tangible common equity" and "cash efficiency." The table reconciles the GAAP performance measures to the corresponding non-GAAP measures, which provides a basis for period-to-period comparisons. (c) Represents period-end consolidated total loans and loans held for sale divided by period-end consolidated total deposits. (d) June 30, 2025, ratio is estimated. As of January 1, 2025, the CECL optional transition provision had been fully phased-in. Amounts prior to January 1, 2025, reflect Key's election to adopt the CECL optional transition provision. GAAP to Non-GAAP Reconciliations(Dollars in millions) The table below presents certain non-GAAP financial measures related to "tangible common equity," "return on average tangible common equity," "pre-provision net revenue," "adjusted pre-provision net revenue," "cash efficiency ratio," "adjusted taxable-equivalent revenue," "noninterest expense adjusted for selected items," "adjusted income (loss) available from continuing operations attributable to Key common shareholders," and "diluted earnings per share - adjusted." The tangible common equity ratio and the return on average tangible common equity ratio have been a focus for some investors, and management believes these ratios may assist investors in analyzing Key's capital position without regard to the effects of intangible assets and preferred stock. The table also shows the computation for pre-provision net revenue and adjusted pre-provision net revenue, which are not formally defined by GAAP. Management believes that eliminating the effects of the provision for credit losses makes it easier to analyze the results by presenting them on a more comparable basis. Further, management believes that adjusting pre-provision net revenue for significant or unusual items that management does not consider indicative of ongoing financial performance provides a greater understanding of ongoing operations and enhances comparability of results with prior periods. The cash efficiency ratio is a ratio of two non-GAAP performance measures. As such, there is no directly comparable GAAP performance measure. The cash efficiency ratio performance measure removes the impact of Key's intangible asset amortization from the calculation. Management believes this ratio provides greater consistency and comparability between Key's results and those of its peer banks. Additionally, this ratio is used by analysts and investors as they develop earnings forecasts and peer bank analysis. Noninterest expense adjusted for selected items is a non-GAAP measure in that it excludes significant or unusual items that management does not consider indicative of ongoing financial performance. Management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods. Adjusted income (loss) available from continuing operations attributable to Key common shareholders (or "adjusted net income") and diluted earnings per share - adjusted (or "adjusted earnings per share") are non-GAAP in that these measures exclude significant or unusual items, net of tax, that management does not consider indicative of ongoing financial performance . Management believes these measures provide investors with useful information to gain a better understanding of ongoing operations and enhance comparability of results with prior periods. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although these non-GAAP financial measures are frequently used by investors to evaluate a company, they have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analyses of results as reported under GAAP. Three months ended Six months ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Tangible common equity to tangible assets at period-end Key shareholders' equity (GAAP) $ 19,484 $ 19,003 $ 14,789 Less: Intangible assets 2,770 2,774 2,793 Preferred Stock (a) 2,446 2,446 2,446 Tangible common equity (non-GAAP) $ 14,268 $ 13,783 $ 9,550 Total assets (GAAP) $ 185,499 $ 188,691 $ 187,450 Less: Intangible assets 2,770 2,774 2,793 Tangible assets (non-GAAP) $ 182,729 $ 185,917 $ 184,657 Tangible common equity to tangible assets ratio (non-GAAP) 7.81 % 7.41 % 5.17 % Average tangible common equity Average Key shareholders' equity (GAAP) $ 19,268 $ 18,632 $ 14,474 $ 18,952 $ 14,561 Less: Intangible assets (average) 2,772 2,777 2,796 2,774 2,798 Preferred stock (average) 2,500 2,500 2,500 2,500 2,500 Average tangible common equity (non-GAAP) $ 13,996 $ 13,355 $ 9,178 $ 13,678 $ 9,263 Return on average tangible common equity from continuing operations Net income (loss) from continuing operations attributable to Key common shareholders (GAAP) $ 387 $ 370 $ 237 $ 757 $ 420 Average tangible common equity (non-GAAP) 13,996 13,355 9,178 13,678 9,263 Return on average tangible common equity from continuing operations (non-GAAP) 11.09 % 11.24 % 10.39 % 11.16 % 9.12 % Return on average tangible common equity consolidated Net income (loss) attributable to Key common shareholders (GAAP) $ 389 $ 369 $ 238 $ 758 $ 421 Average tangible common equity (non-GAAP) 13,996 13,355 9,178 13,678 9,263 Return on average tangible common equity consolidated (non-GAAP) 11.15 % 11.21 % 10.43 % 11.18 % 9.14 % Pre-provision net revenue Net interest income (GAAP) $ 1,141 $ 1,096 $ 887 $ 2,237 $ 1,762 Plus: Taxable-equivalent adjustment 9 9 12 18 23 Noninterest income (GAAP) 690 668 627 1,358 1,274 Less: Noninterest expense (GAAP) 1,154 1,131 1,079 2,285 2,222 Pre-provision net revenue from continuing operations (non-GAAP) $ 686 $ 642 $ 447 $ 1,328 $ 837 Adjusted pre-provision net revenue Pre-provision net revenue from continuing operations (non-GAAP) $ 686 $ 642 $ 447 $ 1,328 $ 837 Plus: Selected items(b) — — 5 — 34 Adjusted pre-provision net revenue from continuing operations (non-GAAP) $ 686 $ 642 $ 452 $ 1,328 $ 871 GAAP to Non-GAAP Reconciliations (continued) (Dollars in millions) Three months ended Six months ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Cash efficiency ratio Noninterest expense (GAAP) $ 1,154 $ 1,131 $ 1,079 $ 2,285 $ 2,222 Less: Intangible asset amortization 5 5 7 10 15 Noninterest expense less intangible asset amortization (non-GAAP) $ 1,149 $ 1,126 $ 1,072 $ 2,275 $ 2,207 Net interest income (GAAP) $ 1,141 $ 1,096 $ 887 $ 2,237 $ 1,762 Plus: Taxable-equivalent adjustment 9 9 12 18 23 Net interest income TE (non-GAAP) 1,150 1,105 899 2,255 1,785 Noninterest income (GAAP) 690 668 627 1,358 1,274 Total taxable-equivalent revenue (non-GAAP) $ 1,840 $ 1,773 $ 1,526 $ 3,613 $ 3,059 Cash efficiency ratio (non-GAAP) 62.4 % 63.5 % 70.2 % 63.0 % 72.1 % Noninterest expense adjusted for selected items Noninterest expense (GAAP) $ 1,154 $ 1,131 $ 1,079 $ 2,285 $ 2,222 Plus: Selected items(b) — — (5) — (34) Noninterest expense adjusted for selected items (non-GAAP) $ 1,154 $ 1,131 $ 1,074 $ 2,285 $ 2,188 Adjusted income (loss) available from continuing operations attributable to Key common shareholders Income (loss) from continuing operations attributable to Key common shareholders (GAAP) $ 387 $ 370 $ 237 $ 757 $ 420 Plus: Selected items (net of tax)(b) — — 4 — 26 Adjusted income (loss) available from continuing operations attributable to Key common shareholders (non-GAAP) $ 387 $ 370 $ 241 $ 757 $ 446 Diluted earnings per common share (EPS) - adjusted Diluted EPS from continuing operations attributable to Key common shareholders (GAAP) $ .35 $ .33 $ .25 $ .69 $ .45 Plus: EPS impact of selected items(b) — — — — .02 Diluted EPS from continuing operations attributable to Key common shareholders - adjusted (non-GAAP) $ .35 $ .33 $ .25 $ .69 $ .47 (a) Net of capital surplus. (b) Additional detail provided in Selected Items table on page 24. GAAP = U.S. generally accepted accounting principles Consolidated Balance Sheets (Dollars in millions) 6/30/2025 3/31/2025 6/30/2024 Assets Loans $ 106,389 $ 104,809 $ 107,078 Loans held for sale 530 811 517 Securities available for sale 40,669 40,751 37,460 Held-to-maturity securities 6,914 7,160 7,968 Trading account assets 1,374 1,296 1,219 Short-term investments 11,564 15,349 15,536 Other investments 1,058 1,050 1,259 Total earning assets 168,498 171,226 171,037 Allowance for loan and lease losses (1,446) (1,429) (1,547) Cash and due from banks 1,766 1,909 1,326 Premises and equipment 599 602 631 Goodwill 2,752 2,752 2,752 Other intangible assets 18 22 41 Corporate-owned life insurance 4,423 4,404 4,382 Accrued income and other assets 8,654 8,958 8,532 Discontinued assets 235 247 296 Total assets $ 185,499 $ 188,691 $ 187,450 Liabilities Deposits in domestic offices: Interest-bearing deposits $ 119,230 $ 122,283 $ 117,570 Noninterest-bearing deposits 27,675 28,454 28,150 Total deposits 146,905 150,737 145,720 Federal funds purchased and securities sold under repurchase agreements 20 22 25 Bank notes and other short-term borrowings 2,754 2,328 5,292 Accrued expense and other liabilities 4,273 4,209 4,755 Long-term debt 12,063 12,392 16,869 Total liabilities 166,015 169,688 172,661 Equity Preferred stock 2,500 2,500 2,500 Common shares 1,257 1,257 1,257 Capital surplus 5,971 5,946 6,185 Retained earnings 14,886 14,724 15,706 Treasury stock, at cost (2,629) (2,637) (5,715) Accumulated other comprehensive income (loss) (2,501) (2,787) (5,144) Key shareholders' equity 19,484 19,003 14,789 Total liabilities and equity $ 185,499 $ 188,691 $ 187,450 Common shares outstanding (000) 1,112,453 1,111,986 943,200 Consolidated Statements of Income (Dollars in millions, except per share amounts) Three months ended Six months ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Interest income Loans $ 1,443 $ 1,401 $ 1,524 $ 2,844 $ 3,062 Loans held for sale 11 14 8 25 22 Securities available for sale 411 392 259 803 491 Held-to-maturity securities 61 63 73 124 148 Trading account assets 16 17 16 33 30 Short-term investments 157 174 192 331 334 Other investments 8 9 16 17 33 Total interest income 2,107 2,070 2,088 4,177 4,120 Interest expense Deposits 730 753 817 1,483 1,599 Federal funds purchased and securities sold under repurchase agreements 4 1 1 5 2 Bank notes and other short-term borrowings 34 27 51 61 97 Long-term debt 198 193 332 391 660 Total interest expense 966 974 1,201 1,940 2,358 Net interest income 1,141 1,096 887 2,237 1,762 Provision for credit losses 138 118 100 256 201 Net interest income after provision for credit losses 1,003 978 787 1,981 1,561 Noninterest income Trust and investment services income 146 139 139 285 275 Investment banking and debt placement fees 178 175 126 353 296 Cards and payments income 85 82 85 167 162 Service charges on deposit accounts 73 69 66 142 129 Corporate services income 76 65 68 141 137 Commercial mortgage servicing fees 70 76 61 146 117 Corporate-owned life insurance income 32 33 34 65 66 Consumer mortgage income 15 13 16 28 30 Operating lease income and other leasing gains 14 9 21 23 45 Other income 1 7 21 8 30 Net securities gains (losses) — — (10) — (13) Total noninterest income 690 668 627 1,358 1,274 Noninterest expense Personnel 705 680 636 1,385 1,310 Net occupancy 69 67 66 136 133 Computer processing 107 107 101 214 203 Business services and professional fees 48 40 37 88 78 Equipment 21 20 20 41 40 Operating lease expense 10 11 17 21 34 Marketing 24 21 21 45 40 Other expense 170 185 181 355 384 Total noninterest expense 1,154 1,131 1,079 2,285 2,222 Income (loss) from continuing operations before income taxes 539 515 335 1,054 613 Income taxes (benefit) 116 109 62 225 121 Income (loss) from continuing operations 423 406 273 829 492 Income (loss) from discontinued operations, net of taxes 2 (1) 1 1 1 Net income (loss) $ 425 $ 405 $ 274 $ 830 $ 493 Income (loss) from continuing operations attributable to Key common shareholders $ 387 $ 370 $ 237 $ 757 $ 420 Net income (loss) attributable to Key common shareholders 389 369 238 758 421 Per common share Income (loss) from continuing operations attributable to Key common shareholders $ .35 $ .34 $ .25 $ .69 $ .45 Income (loss) from discontinued operations, net of taxes — — — — — Net income (loss) attributable to Key common shareholders (a) .35 .34 .25 .69 .45 Per common share — assuming dilution Income (loss) from continuing operations attributable to Key common shareholders $ .35 $ .33 $ .25 $ .69 $ .45 Income (loss) from discontinued operations, net of taxes — — — — — Net income (loss) attributable to Key common shareholders (a) .35 .33 .25 .69 .45 Cash dividends declared per common share $ .205 $ .205 $ .205 $ .410 $ .410 Weighted-average common shares outstanding (000) 1,100,033 1,096,654 931,726 1,098,453 930,776 Effect of common share options and other stock awards(b) 7,177 9,486 6,761 8,331 7,040 Weighted-average common shares and potential common shares outstanding (000) (c) 1,107,210 1,106,140 938,487 1,106,784 937,816 (a) Earnings per share may not foot due to rounding. (b) For periods ended in a loss from continuing operations attributable to Key common shareholders, anti-dilutive instruments have been excluded from the calculation of diluted earnings per share. (c) Assumes conversion of common share options and other stock awards, as applicable. Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations (Dollars in millions) Second Quarter 2025 First Quarter 2025 Second Quarter 2024 Average Yield/ Average Yield/ Average Yield/ Balance Interest (a) Rate (a) Balance Interest (a) Rate (a) Balance Interest (a) Rate (a) Assets Loans: (b), (c) Commercial and industrial (d) $ 55,604 $ 838 6.04 % $ 53,746 $ 800 6.04 % $ 54,599 $ 860 6.34 % Real estate — commercial mortgage 13,311 200 6.02 13,061 192 5.96 14,287 217 6.10 Real estate — construction 2,873 50 6.95 2,905 49 6.87 3,020 56 7.51 Commercial lease financing 2,524 22 3.59 2,653 23 3.52 3,193 28 3.46 Total commercial loans 74,312 1,110 5.99 72,365 1,064 5.96 75,099 1,161 6.22 Real estate — residential mortgage 19,446 162 3.34 19,737 165 3.33 20,515 169 3.30 Home equity loans 6,091 86 5.63 6,248 86 5.60 6,817 102 5.98 Other consumer loans 4,946 63 5.09 5,087 63 5.01 5,597 70 5.00 Credit cards 920 31 13.44 917 32 14.04 933 34 14.63 Total consumer loans 31,403 342 4.36 31,989 346 4.35 33,862 375 4.44 Total loans 105,715 1,452 5.51 104,354 1,410 5.47 108,961 1,536 5.66 Loans held for sale 770 11 5.72 815 14 6.70 599 8 5.42 Securities available for sale (b), (e) 40,714 411 3.76 39,321 392 3.70 36,764 259 2.42 Held-to-maturity securities (b) 7,038 61 3.46 7,274 63 3.46 8,123 73 3.59 Trading account assets 1,259 16 5.32 1,296 17 5.20 1,231 16 5.38 Short-term investments 13,489 157 4.67 15,211 174 4.63 13,729 192 5.62 Other investments (e) 1,015 8 3.41 935 9 3.73 1,234 16 5.19 Total earning assets 170,000 2,116 4.90 169,206 2,079 4.86 170,641 2,100 4.77 Allowance for loan and lease losses (1,424) (1,401) (1,534) Accrued income and other assets 18,224 18,285 17,476 Discontinued assets 239 254 305 Total assets $ 187,039 $ 186,344 $ 186,888 Liabilities Money market deposits $ 42,586 $ 276 2.60 % $ 42,007 $ 275 2.65 % $ 39,364 $ 290 2.97 % Demand deposits 57,155 309 2.17 57,460 310 2.19 54,629 340 2.50 Savings deposits 4,631 1 .06 4,610 1 .06 5,189 2 .19 Time deposits 15,601 144 3.70 16,625 167 4.09 16,019 185 4.64 Total interest-bearing deposits 119,973 730 2.44 120,702 753 2.53 115,201 817 2.85 Federal funds purchased and securities sold under repurchase agreements 415 4 4.28 100 1 3.94 124 1 4.76 Bank notes and other short-term borrowings 3,288 34 4.27 2,273 27 4.74 3,617 51 5.57 Long-term debt (f) 12,088 198 6.55 11,779 193 6.61 19,219 332 6.91 Total interest-bearing liabilities 135,764 966 2.86 134,854 974 2.92 138,161 1,201 3.49 Noninterest-bearing deposits 27,473 27,840 28,979 Accrued expense and other liabilities 4,295 4,764 4,969 Discontinued liabilities (f) 239 254 305 Total liabilities $ 167,771 $ 167,712 $ 172,414 Equity Total equity $ 19,268 $ 18,632 $ 14,474 Total liabilities and equity $ 187,039 $ 186,344 $ 186,888 Interest rate spread (TE) 2.04 % 1.94 % 1.28 % Net interest income (TE) and net interest margin (TE) $ 1,150 2.66 % $ 1,105 2.58 % $ 899 2.04 % TE adjustment (b) 9 9 12 Net interest income, GAAP basis $ 1,141 $ 1,096 $ 887 (a) Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, calculated using a matched funds transfer pricing methodology. (b) Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024. (c) For purposes of these computations, nonaccrual loans are included in average loan balances. (d) Commercial and industrial average balances include $218 million, $213 million, and $218 million of assets from commercial credit cards for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. (e) Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $43.8 billion, $42.7 billion, and $42.8 billion for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Yield based on the fair value of securities available for sale was 4.03%, 3.99%, and 2.82% for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. (f) A portion of long-term debt and the related interest expense is allocated to discontinued liabilities as a result of applying Key's matched funds transfer pricing methodology to discontinued operations. TE = Taxable Equivalent, GAAP = U.S. generally accepted accounting principles. Consolidated Average Balance Sheets, and Net Interest Income and Yields/Rates From Continuing Operations (Dollars in millions) Six months ended June 30, 2025 Six months ended June 30, 2024 Average Yield/ Average Yield/ Balance Interest (a) Rate (a) Balance Interest (a) Rate (a) Assets Loans: (b), (c) Commercial and industrial (d) $ 54,680 $ 1,638 6.04 % $ 54,909 $ 1,714 6.28 % Real estate — commercial mortgage 13,187 392 5.99 14,562 446 6.16 Real estate — construction 2,889 99 6.91 3,030 113 7.51 Commercial lease financing 2,588 46 3.55 3,269 55 3.34 Total commercial loans 73,344 2,175 5.98 75,770 2,328 6.18 Real estate — residential mortgage 19,591 327 3.34 20,664 340 3.30 Home equity loans 6,169 172 5.62 6,921 206 5.98 Other consumer loans 5,016 126 5.05 5,699 142 5.00 Credit cards 919 62 13.74 943 69 14.78 Total consumer loans 31,695 687 4.35 34,227 757 4.44 Total loans 105,039 2,862 5.49 109,997 3,085 5.64 Loans held for sale 792 25 6.23 744 22 5.86 Securities available for sale (b), (e) 40,021 803 3.73 36,926 491 2.29 Held-to-maturity securities (b) 7,156 124 3.46 8,273 148 3.58 Trading account assets 1,277 33 5.26 1,171 30 5.30 Short-term investments 14,345 331 4.65 11,986 334 5.61 Other investments (e) 975 17 3.57 1,235 33 5.29 Total earning assets 169,605 4,195 4.88 170,332 4,143 4.72 Allowance for loan and lease losses (1,413) (1,519) Accrued income and other assets 18,254 17,412 Discontinued assets 246 317 Total assets $ 186,692 $ 186,542 Liabilities Money market deposits $ 42,298 $ 551 2.63 % $ 38,512 $ 554 2.89 % Other demand deposits 57,307 619 2.18 55,383 697 2.53 Savings deposits 4,620 2 .06 5,221 3 .13 Time deposits 16,110 311 3.90 15,225 345 4.55 Total interest-bearing deposits 120,335 1,483 2.49 114,341 1599 2.81 Federal funds purchased and securities sold under repurchase agreements 258 5 4.22 115 2 4.42 Bank notes and other short-term borrowings 2,784 61 4.47 3,471 97 5.60 Long-term debt (f) 11,934 391 6.58 19,378 660 6.81 Total interest-bearing liabilities 135,311 1,940 2.89 137,305 2,358 3.45 Noninterest-bearing deposits 27,655 29,189 Accrued expense and other liabilities 4,528 5,170 Discontinued liabilities (f) 246 317 Total liabilities $ 167,740 $ 171,981 Equity Total equity 18,952 14,561 Total liabilities and equity $ 186,692 $ 186,542 Interest rate spread (TE) 1.99 % 1.27 % Net interest income (TE) and net interest margin (TE) $ 2,255 2.62 % $ 1,785 2.03 % TE adjustment (b) 18 23 Net interest income, GAAP basis $ 2,237 $ 1,762 (a) Results are from continuing operations. Interest excludes the interest associated with the liabilities referred to in (f) below, calculated using a matched funds transfer pricing methodology. (b) Interest income on tax-exempt securities and loans has been adjusted to a taxable-equivalent basis using the statutory federal income tax rate of 21% for the six months ended June 30, 2025, and June 30, 2024, respectively. (c) For purposes of these computations, nonaccrual loans are included in average loan balances. (d) Commercial and industrial average balances include $216 million and $214 million of assets from commercial credit cards for the six months ended June 30, 2025, and June 30, 2024, respectively. (e) Yield presented is calculated on the basis of amortized cost excluding fair value hedge basis adjustments. The average amortized cost for securities available for sale was $43.2 billion and $42.8 billion for the six months ended June 30, 2025, and June 30, 2024, respectively. Yield based on the fair value of securities available for sale was 4.01% and 2.66% for the six months ended June 30, 2025, and June 30, 2024, respectively. (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 Noninterest Expense (Dollars in millions) Three months ended Six months ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Personnel (a) $ 705 $ 680 $ 636 $ 1,385 $ 1,310 Net occupancy 69 67 66 136 133 Computer processing 107 107 101 214 203 Business services and professional fees 48 40 37 88 78 Equipment 21 20 20 41 40 Operating lease expense 10 11 17 21 34 Marketing 24 21 21 45 40 Other expense 170 185 181 355 384 Total noninterest expense $ 1,154 $ 1,131 $ 1,079 $ 2,285 $ 2,222 Average full-time equivalent employees (b) 17,105 16,989 16,646 17,047 16,699 (a) Additional detail provided in Personnel Expense table below. (b) The number of average full-time equivalent employees has not been adjusted for discontinued operations. Personnel Expense (Dollars in millions) Three months ended Six months ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Salaries and contract labor $ 427 $ 405 $ 394 $ 832 $ 783 Incentive and stock-based compensation 168 158 143 326 302 Employee benefits 108 109 98 217 224 Severance 2 8 1 10 1 Total personnel expense $ 705 $ 680 $ 636 $ 1,385 $ 1,310 Loan Composition (Dollars in millions) Change 6/30/2025 vs. 6/30/2025 3/31/2025 6/30/2024 3/31/2025 6/30/2024 Commercial and industrial (a)(b) $ 56,058 $ 54,378 $ 53,129 3.1 % 5.5 % Commercial real estate: Commercial mortgage 13,862 13,239 14,218 4.7 (2.5) Construction 2,830 2,929 3,077 (3.4) (8.0) Total commercial real estate loans 16,692 16,168 17,295 3.2 (3.5) Commercial lease financing (b) 2,472 2,576 3,101 (4.0) (20.3) Total commercial loans 75,222 73,122 73,525 2.9 2.3 Real estate — residential mortgage 19,330 19,622 20,380 (1.5) (5.2) Home equity loans 6,023 6,154 6,729 (2.1) (10.5) Other consumer loans 4,881 5,000 5,514 (2.4) (11.5) Credit cards 933 911 930 2.4 .3 Total consumer loans 31,167 31,687 33,553 (1.6) (7.1) Total loans (c), (d) $ 106,389 $ 104,809 $ 107,078 1.5 % (.6) % (a) Loan balances include $220 million, $218 million, and $217 million of commercial credit card balances at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. (b) Commercial and industrial includes receivables held as collateral for a secured borrowing of $192 million at March 31, 2025 and $285 million at June 30, 2024. Commercial lease financing includes receivables held as collateral for a secured borrowing of $2 million, $2 million, and $5 million at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Principal reductions are based on the cash payments received from these related receivables. (c) Total loans exclude loans of $230 million at June 30, 2025, $243 million at March 31, 2025, and $291 million at June 30, 2024, related to the discontinued operations of the education lending business. (d) Accrued interest of $465 million, $448 million, and $502 million at June 30, 2025, March 31, 2025, and June 30, 2024, respectively, presented in "other assets" on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table. Loans Held for Sale Composition (Dollars in millions) Change 6/30/2025 vs. 6/30/2025 3/31/2025 6/30/2024 3/31/2025 6/30/2024 Commercial and industrial $ 158 $ 252 $ 72 (37.3) % 119.4 % Real estate — commercial mortgage 290 473 354 (38.7) (18.1) Real estate — residential mortgage 82 86 91 (4.7) (9.9) Total loans held for sale $ 530 $ 811 $ 517 (34.6) % 2.5 % Summary of Changes in Loans Held for Sale (Dollars in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Balance at beginning of period $ 811 $ 797 $ 1,058 $ 517 $ 228 New originations 1,806 1,840 2,915 2,473 1,532 Transfers from (to) held to maturity, net (71) 6 — (16) (1) Loan sales (2,012) (1,695) (3,039) (1,889) (1,234) Loan draws (payments), net (1) (138) (136) (28) (7) Valuation and other adjustments (3) 1 (1) 1 (1) Balance at end of period $ 530 $ 811 $ 797 $ 1,058 $ 517 Summary of Loan and Lease Loss Experience From Continuing Operations (Dollars in millions) Three months ended Six months ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Average loans outstanding $ 105,715 $ 104,354 $ 108,961 $ 105,039 $ 109,997 Allowance for loan and lease losses at the beginning of the period $ 1,429 $ 1,409 $ 1,542 $ 1,409 $ 1,508 Loans charged off: Commercial and industrial 94 62 86 156 148 Real estate — commercial mortgage 6 36 10 42 15 Real estate — construction — — — — — Total commercial real estate loans 6 36 10 42 15 Commercial lease financing 2 — 6 2 6 Total commercial loans 102 98 102 200 169 Real estate — residential mortgage — 1 1 1 2 Home equity loans — 1 — 1 1 Other consumer loans 13 14 16 27 32 Credit cards 12 12 12 24 24 Total consumer loans 25 28 29 53 59 Total loans charged off 127 126 131 253 228 Recoveries: Commercial and industrial 19 10 31 29 39 Real estate — commercial mortgage 1 — 1 1 1 Real estate — construction — — — — — Total commercial real estate loans 1 — 1 1 1 Commercial lease financing — — 3 — 5 Total commercial loans 20 10 35 30 45 Real estate — residential mortgage 1 1 1 2 3 Home equity loans 1 1 — 2 1 Other consumer loans 2 2 2 4 4 Credit cards 1 2 2 3 3 Total consumer loans 5 6 5 11 11 Total recoveries 25 16 40 41 56 Net loan charge-offs (102) (110) (91) (212) (172) Provision (credit) for loan and lease losses 119 130 96 249 211 Allowance for loan and lease losses at end of period $ 1,446 $ 1,429 $ 1,547 $ 1,446 $ 1,547 Liability for credit losses on lending-related commitments at beginning of period $ 278 $ 290 $ 281 $ 290 $ 296 Provision (credit) for losses on lending-related commitments 19 (12) 4 7 (10) Other — — 1 — — Liability for credit losses on lending-related commitments at end of period (a) $ 297 $ 278 $ 286 $ 297 $ 286 Total allowance for credit losses at end of period $ 1,743 $ 1,707 $ 1,833 $ 1,743 $ 1,833 Net loan charge-offs to average total loans .39 % .43 % .34 % .41 % .31 % Allowance for loan and lease losses to period-end loans 1.36 1.36 1.44 1.36 1.44 Allowance for credit losses to period-end loans 1.64 1.63 1.71 1.64 1.71 Allowance for loan and lease losses to nonperforming loans 208 208 218 208 218 Allowance for credit losses to nonperforming loans 250 249 258 250 258 Discontinued operations — education lending business: Loans charged off $ 1 $ 1 $ 1 $ 1 $ 2 Recoveries — — 1 — 1 Net loan charge-offs $ (1) $ (1) $ — $ (1) $ (1) (a) Included in "Accrued expense and other liabilities" on the balance sheet. Asset Quality Statistics From Continuing Operations (Dollars in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Net loan charge-offs $ 102 $ 110 $ 114 $ 154 $ 91 Net loan charge-offs to average total loans .39 % .43 % .43 % .58 % .34 % Allowance for loan and lease losses $ 1,446 $ 1,429 $ 1,409 $ 1,494 $ 1,547 Allowance for credit losses (a) 1,743 1,707 1,699 1,774 1,833 Allowance for loan and lease losses to period-end loans 1.36 % 1.36 % 1.35 % 1.42 % 1.44 % Allowance for credit losses to period-end loans 1.64 1.63 1.63 1.68 1.71 Allowance for loan and lease losses to nonperforming loans 208 208 186 205 218 Allowance for credit losses to nonperforming loans 250 249 224 244 258 Nonperforming loans at period end $ 696 $ 686 $ 758 $ 728 $ 710 Nonperforming assets at period end 707 700 772 741 727 Nonperforming loans to period-end portfolio loans .65 % .65 % .73 % .69 % .66 % Nonperforming assets to period-end portfolio loans plus OREO and othernonperforming assets .66 .67 .74 .70 .68 (a) Includes the allowance for loan and lease losses plus the liability for credit losses on lending-related commitments. Summary of Nonperforming Assets and Past Due Loans From Continuing Operations (Dollars in millions) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Commercial and industrial $ 280 $ 288 $ 322 $ 365 $ 358 Real estate — commercial mortgage 226 206 243 176 173 Real estate — construction — — — — — Total commercial real estate loans 226 206 243 176 173 Commercial lease financing — — — — 1 Total commercial loans 506 494 565 541 532 Real estate — residential mortgage 95 94 92 87 77 Home equity loans 84 87 89 90 91 Other Consumer loans 4 4 5 4 4 Credit cards 7 7 7 6 6 Total consumer loans 190 192 193 187 178 Total nonperforming loans (a) 696 686 758 728 710 OREO 11 14 14 13 17 Total nonperforming assets $ 707 $ 700 $ 772 $ 741 $ 727 Accruing loans past due 90 days or more $ 74 $ 86 $ 90 $ 166 $ 137 Accruing loans past due 30 through 89 days 266 281 206 184 282 Nonperforming assets from discontinued operations — education lending business 2 1 2 2 3 Nonperforming loans to period-end portfolio loans .65 % .65 % .73 % .69 % .66 % Nonperforming assets to period-end portfolio loans plus OREO and other nonperforming assets .66 .67 .74 .70 .68 Summary of Changes in Nonperforming Loans From Continuing Operations (Dollars in millions) 2Q25 1Q25 4Q24 3Q24 2Q24 Balance at beginning of period $ 686 $ 758 $ 728 $ 710 $ 658 Loans placed on nonaccrual status 233 170 309 271 317 Charge-offs (127) (126) (131) (167) (131) Loans sold — — (13) (32) (22) Payments (74) (57) (111) (37) (76) Transfers to OREO (1) (2) (2) (1) (1) Loans returned to accrual status (21) (57) (22) (16) (35) Balance at end of period $ 696 $ 686 $ 758 $ 728 $ 710 Line of Business Results (Dollars in millions) Change 2Q25 vs. 2Q25 1Q25 4Q24 3Q24 2Q24 1Q25 2Q24 Consumer Bank Summary of operations Total revenue (TE) $ 912 $ 871 $ 865 $ 800 $ 758 4.7 % 20.3 % Provision for credit losses 55 43 43 52 33 27.9 66.7 Noninterest expense 696 675 713 649 648 3.1 7.4 Net income (loss) attributable to Key 122 116 83 75 59 5.2 106.8 Average loans and leases 36,137 36,819 37,567 38,332 39,174 (1.9) (7.8) Average deposits 88,002 88,306 87,476 86,431 85,397 (.3) 3.1 Net loan charge-offs 40 52 63 54 45 (23.1) (11.1) Net loan charge-offs to average total loans .44 % .57 % .67 % .56 % .46 % (22.8) (4.3) Nonperforming assets at period end $ 196 $ 201 $ 201 $ 195 $ 190 (2.5) 3.2 Return on average allocated equity 16.20 % 15.15 % 10.24 % 9.01 % 6.98 % 6.9 132.1 Commercial Bank Summary of operations Total revenue (TE) $ 974 $ 942 $ 1,001 $ 866 $ 768 3.4 % 26.8 % Provision for credit losses 84 75 (3) 41 87 12.0 (3.4) Noninterest expense 449 462 515 444 431 (2.8) 4.2 Net income (loss) attributable to Key 349 321 381 299 206 8.7 69.4 Average loans and leases 69,087 67,056 66,691 67,452 69,248 3.0 (.2) Average loans held for sale 707 754 1,247 998 522 (6.2) 35.4 Average deposits 55,886 57,436 59,687 58,696 57,360 (2.7) (2.6) Net loan charge-offs 62 57 52 99 64 8.8 (3.1) Net loan charge-offs to average total loans .36 % .34 % .31 % .58 % .37 % 5.9 (2.7) Nonperforming assets at period end $ 511 $ 499 $ 571 $ 546 $ 537 2.4 (4.8) Return on average allocated equity 14.45 % 13.77 % 15.58 % 11.94 % 8.27 % 4.9 74.7 TE = Taxable Equivalent; N/M = Not Meaningful Selected Items Impact on Earnings (Dollars in millions, except per share amounts) Pretax(a) After-tax at marginal rate(a) Quarter to date results Amount Net Income EPS(c)(e) Three months ended June 30, 2025 No items $ — $ — $ — Three months ended March 31, 2025 No items — — — Three months ended December 31, 2024 Loss on sale of securities(b) (915) (657) (0.66) Scotiabank investment agreement valuation (other income) (3) (2) — FDIC special assessment (other expense)(d) 3 2 — Three months ended September 30, 2024 Loss on sale of securities(b) (918) (737) (0.77) FDIC special assessment (other expense)(d) 6 5 — Three months ended June 30, 2024 FDIC special assessment (other expense)(d) (5) (4) — Three months ended March 31, 2024 FDIC special assessment (other expense)(d) (29) (22) (0.02) Year to date results Six months ended June 30, 2025 No items $ — $ — $ — Six months ended June 30, 2024 FDIC special assessment (other expense)(d) (34) (26) (0.02) (a) Favorable (unfavorable) impact. (b) After-tax loss on sale of securities for the three months ended September 30, 2024 adjusted to reflect impact of GAAP accounting for income taxes in interim periods, with related adjustments recorded in the fourth quarter of 2024. (c) Impact to EPS reflected on a fully diluted basis. (d) In November 2023, the FDIC issued a final rule implementing a special assessment on insured depository institutions to recover the loss to the FDIC's deposit insurance fund (DIF) associated with protecting uninsured depositors following the 2023 closures of Silicon Valley Bank and Signature Bank. KeyCorp recorded the initial loss estimate related to the special assessment during the fourth quarter of 2023. Amounts reflected for the three-months ended March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024, represent adjustments from initial estimates based on quarterly invoices received from the FDIC. (e) Earnings per share may not foot due to rounding. 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KEYCORP REPORTS SECOND QUARTER 2025 NET INCOME OF $387 MILLION, OR $.35 PER DILUTED COMMON SHARE

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