KeyCorp UBS Financial Services Conference February 9, 2026 Ken Gavrity Head of the Commercial Bank
Commercial Bank (1) Source: BCG Global Payments Report 2025; (2) FY2022 - FY2025 • ~5K customers across 30 markets • Serving clients $10MM - $1B revenue • Total addressable market: 200K+ U.S. middle market businesses • ~$7Tn annual payments volume • Holistic platform, vertical expertise • Total addressable market: 3-4% North America annual payments industry growth(1) 2 Total Revenue 2025 Total Average Deposits 2025 Supporting Clients Across Industries & Geographies Meaningful Contributor to KEY Earnings & Returns ~$58Bn Commercial Deposits ~$2.1Bn Commercial Payments & Middle Market Growth & Returns Avg ROE across our Middle Market business(2) Commercial Payments Revenue CAGR over last 5 years~17-20% ~9% Middle Market Commercial Payments
National Middle Market Presence Established Middle Market Presence, Significant Growth Opportunities 3 Middle Market Presence in 11 of the Top 20 MSAs 2024 2025 +9% Supporting clients’ capital and operating needs … with a holistic, integrated offering Payments & Deposits Wealth LendingCapital Markets National Reach, Growing in Top MSAs Commercial & Institutional Bank Presence Middle Market Presence in a Top 20 MSA(1) Key Clients (no Commercial / Inst. Presence) 2024 2025 +54% ~98% Deposits attached to an operating account 2024 2025 Clients Period-End Middle Market C&I Loan Balances Middle Market Loan Pipelines +4% (1) Top 20 MSAs ranked by number of Middle Market companies
Fintech partnerships Holistic Payments Platform with Growth Tailwinds Delivering One of the Broadest Platforms of Banking & Software-based Capabilities in the Market 4 (1) Gross payments fees exclude prepaid card fees; (2) Cumulative beta indexed to 3Q24; (3) Compared to 2024 TRADITIONAL CAPABILITIES INNOVATIVE CAPABILITIES Core Treasury Liquidity Card & Merchant Foreign Exchange Automation Embedded Banking Strategic Focus Areas o Continue primacy focus to grow the core operating deposit base o Increasing our product investment o Continued scaling of embedded banking business 2019 2020 2021 2022 2023 2024 2025 ~2x 90% Payments penetration of Middle Market clients Embedded banking revenue and fee growth in 2025(3) Gross Payments Fees(1) Meaningful Growth Trends …with Strong Tailwinds from Suite of Capabilities +8% CAGR Full Suite of Commercial Payment Capabilities, Continuing to Invest in Growth ~70% Cumulative commercial deposit beta(2)
$36.4 $58.1 2019 2025 $13.4 $18.3 2019 2025 Commercial Banking: Continued Progress $823MM $1.04Bn 2019 2025 Revenue(1) Deposits +26% +37% (1) Excludes the allocated impact of securities portfolio and swaps; (2) Gross payments fees exclude prepaid card fees 2019 2025 Deposits Gross Fees(2) +60% Middle Market Commercial Payments +57% 5 FER Merchant Other $’s in billions $’s in billions 88% Operating Deposits Operating Non-operating
Target: ~10% growth in bankers Growing Bankers Deposit Growth Growth Strategies Target: Double-digit improvements in banker productivity and cost to serve Driving Scalability and Productivity Target: High single-digit to low double-digit growth in commercial payments fees Investing in the Platform Investing in Strategic Areas to Scale the Business Loan GrowthContinuing to Build our Brand of Expertise and Service 6 • Attractive banker-friendly model • Team hire strategy, adding scale in existing markets and targeting select MSAs for expansion • Growing our own talent funnel • Continued focus on self-service adoption, AI, and automation across servicing • Increasing portfolio management capabilities and efficiency • Driving productivity in the sales funnel • Digital refresh across core platforms driving engagement and monetization • Continue to scale embedded banking • Investing in our analytics and data foundation
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