Key Financial Results and Metrics

1Strategic Updates and Business Highlights

Share Repurchases: $200 million repurchased in Q4, with plans for at least $300 million in Q1 2026 and $1.2 billion for the full year.

Investment in Technology: $100 million invested in technology focused on customer-facing capabilities.

Wealth Management: Assets under management reached a record $70 billion, with significant growth in the mass affluent segment.

Commercial Payments: Fee-equivalent revenue grew 11% in 2025, driven by investments in bankers and new geographies.

Board Changes: Two new directors nominated, enhancing governance and strategic capabilities.

2Forward Guidance and Outlook

2026 Revenue Growth: Expected to increase by about 7%, with NII growth of 8%-10% and non-interest income growth of 3%-4%.

Expense Growth: Anticipated to be 3%-4%, implying positive operating leverage.

Loan Growth: Projected at 1%-2% overall, with commercial loans expected to grow by about 5%.

Return on Tangible Common Equity (RoTCE): Aiming for 15%+ by year-end 2027, with potential to reach 16%-19% thereafter.

3Bad News, Challenges, or Points of Concern

Market Uncertainty: Concerns about macroeconomic conditions and geopolitical risks could impact growth and credit quality.

Loan Quality: While credit quality metrics improved, there are watch areas including consumer discretionary, healthcare, and agriculture.

Investment Banking Activity: While there is optimism for increased M&A activity, visibility beyond Q1 2026 remains limited, and past trends have shown muted activity.

4Notable Q&A Insights

Strategic Focus: CEO Chris Gorman emphasized organic growth in middle market, payments, and investment banking as key priorities.

Conservatism in Guidance: CFO Clark Khayat acknowledged a conservative outlook due to macro uncertainties, despite strong backlogs and hiring.

Commercial Loan Growth: There is potential for growth to accelerate beyond the 5% guidance as market conditions improve.

AI Investments: Gorman highlighted ongoing investments in AI and technology, with expectations for future efficiencies.

Credit Quality Monitoring: The management team is vigilant about potential risks in certain sectors while maintaining a positive outlook on overall credit quality. This summary encapsulates the essential financial performance, strategic initiatives, future expectations, and challenges faced by KeyCorp as discussed in the Q4 2025 earnings call.