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KEYCORP /NEW/

For the period ended Sep 30, 2025. Filed Nov 4, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 4, 2025

KEY$21.34-0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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GAAP to Non-GAAP Reconciliations

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, nor as a substitute for analyses

of results as reported under GAAP.

The tangible common equity ratio and the return on tangible common equity ratio have been a focus for some investors, and management believes that these ratios may assist investors in analyzing Key’s capital position without regard to the effects of intangible assets and preferred stock. Since analysts and banking regulators may assess our capital adequacy using tangible common equity, we believe it is useful to enable investors to assess our capital adequacy on these same bases.

Three months ended · Nine months ended
Dollars in millions · 9/30/2025 · 6/30/2025 · 3/31/2025 · 12/31/2024 · 9/30/2024 · 9/30/2025 · 9/30/2024
Tangible common equity to tangible assets at period-end
Key shareholders’ equity (GAAP)$20,102$19,484$19,003$18,176$16,852
Less:Intangible assets2,7652,7702,7742,7792,786
Preferred Stock (a)2,4462,4462,4462,4462,446
Tangible common equity (non-GAAP)$14,891$14,268$13,783$12,951$11,620
Total assets (GAAP)$187,409$185,499$188,691$187,168$189,763
Less:Intangible assets2,7652,7702,7742,7792,786
Tangible assets (non-GAAP)$184,644$182,729$185,917$184,389$186,977
Tangible common equity to tangible assets ratio (non-GAAP)8.1%7.8%7.4%7.0%6.2%
Average tangible common equity
Average Key shareholders’ equity (GAAP)$19,664$19,268$18,632$16,732$15,759$19,193$14,963
Less:Intangible assets (average)2,7672,7722,7772,7832,7892,7722,796
Preferred Stock (average)2,5002,5002,5002,5002,5002,5002,500
Average tangible common equity (non-GAAP)$14,397$13,996$13,355$11,449$10,470$13,921$9,667
Return on average tangible common equity from continuing operations
Net income (loss) from continuing operations attributable to Key common shareholders (GAAP)$454$387$370$(279)$(447)$1,211$(27)
Average tangible common equity (non-GAAP)14,39713,99613,35511,44910,47013,9219,667
Return on average tangible common equity from continuing operations (non-GAAP)12.5%11.1%11.2%(9.7)%(17.0)%11.63%(0.37)%
Return on average tangible common equity consolidated
Net income (loss) attributable to Key common shareholders (GAAP)$453$389$369$(279)$(446)$1,211$(25)
Average tangible common equity (non-GAAP)14,39713,99613,35511,44910,47013,9219,667
Return on average tangible common equity consolidated (non-GAAP)12.5%11.1%11.2%(9.7)%(16.9)%11.63%(0.35)%
Pre-provision net revenue
Net interest income (GAAP)$1,184$1,141$1,096$1,051$952$3,421$2,714
Plus:Taxable-equivalent adjustment99910122735
Noninterest income702690668(196)(269)2,0601,005
Less:Noninterest expense1,1771,1541,1311,2291,0943,4623,316
Pre-provision net revenue from continuing operations (non-GAAP)$718$686$642$(364)$(399)$2,046$438

(a)Net of capital surplus.

Adjusted noninterest expense and adjusted noninterest income are non-GAAP measures in that they are adjusted to exclude the impact of significant or unusual items. Management believes adjusting for significant or unusual 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.

Three months ended · Nine months ended
Dollars in millions · 9/30/2025 · 6/30/2025 · 3/31/2025 · 12/31/2024 · 9/30/2024 · 9/30/2025 · 9/30/2024
Adjusted noninterest expense
Noninterest expense (GAAP)$1,177$1,154$1,131$1,229$1,094$3,462$3,316
Adjustments:
FDIC special assessment (other expense)5——365(28)
Adjusted noninterest expense (non-GAAP)$1,182$1,154$1,131$1,232$1,100$3,467$3,288
Adjusted noninterest income
Noninterest income (GAAP)$702$690$668$(196)$(269)$2,060$1,005
Adjustments:
Loss on sale of securities for securities repositioning———915918—918
Scotiabank investment agreement valuation (other income)———3———
Adjusted noninterest income (non-GAAP)$702$690$668$722$649$2,060$1,923
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.