KeyCorp Updates FY2026 Guidance at Barclays Global Financial Services Conference

Executive Summary

On September 14, 2026, KeyCorp filed a Current Report on Form 8-K under Item 7.01 (Regulation FD Disclosure) in conjunction with its presentation at the Barclays Global Financial Services Conference led by CFO Clark Khayat. The presentation included updated FY2026 guidance metrics compared to previous targets.

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Key Guidance Updates (FY2026 vs. FY2025 Baseline)

• Total Revenue: Expected up ~8% on an operating basis (revised up from previously projected 7–8%).
• Net Interest Income (NII): Expected up 9%–11% (FY2025 baseline: $4,671M).
• Net Interest Margin (NIM): 4Q26 exit rate anticipated between 3.00% – 3.05%.
• Average Earning Assets: Projected to grow $1B – $2B from 2Q26 levels.
• Noninterest Income: Expected up 4%–5% (revised up from 3–4%); on an adjusted basis, up 6%–7% (revised from 5–6%).
• Adjusted Noninterest Expense: Expected up ~4% (previously 3–4%).
• Loan Growth: Average loans up 4%–5%; average commercial loans up 8%–10%.
• Credit Quality & Tax: Net charge-offs (NCOs) to average loans projected at 40–45 bps; GAAP tax rate expected at ~22% (tax-equivalent ~23%).

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Long-Term & 4Q27 Targets

• Return on Average Tangible Common Equity (ROTCE): Long-term target of 16%–19%.
• Target 4Q27 Metrics: NIM 3.25%+ and ROTCE 15%+.
• Capital: Marked CET1 target of 9.5%–10%.