For Immediate Release

Jefferies Financial Group Inc. (NYSE: JEF)

September 29, 2025

Q3 Financial Highlights

Quarterly Cash Dividend

The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on November 26, 2025 to record holders of Jefferies common shares on November 17, 2025.

Management Comments

Financial Summary (Unaudited)

$ in thousands			Three Months Ended									Nine Months Ended
			August 31,  2025			May 31,  2025			August 31,  2024			August 31,  2025			August 31,  2024
Net revenues by source:
Advisory			$	655,578		$	457,860		$	592,462		$	1,511,218		$	1,214,927
Equity underwriting			181,205			122,366			150,096			432,091			608,586
Debt underwriting			249,525			205,363			183,078			654,250			517,771
Other investment banking14			49,017			(19,282)			17,930			4,765			116,679
Total Investment Banking			1,135,325			766,307			943,566			2,602,324			2,457,963
Equities14			486,695			526,244			387,342			1,421,997			1,182,025
Fixed income			236,687			177,911			289,183			703,824			925,838
Total Capital Markets			723,382			704,155			676,525			2,125,821			2,107,863
Total Investment Banking and Capital Markets Net revenues5			1,858,707			1,470,462			1,620,091			4,728,145			4,565,826
Asset management fees and revenues6			15,916			20,766			13,261			125,312			89,736
Investment return			68,026			50,404			(40,135)			112,796			110,447
Allocated net interest4			(18,550)			(19,144)			(16,016)			(54,915)			(47,031)
Other investments, inclusive of net interest13			111,490			102,595			101,902			340,025			335,767
Total Asset Management Net revenues			176,882			154,621			59,012			523,218			488,919
Other			11,843			9,364			4,449			23,535			23,455
Total Net revenues by source			$	2,047,432		$	1,634,447		$	1,683,552		$	5,274,898		$	5,078,200
Non-interest expenses:
Compensation and benefits			$	1,083,510		$	854,839		$	889,098		$	2,779,476		$	2,677,962
Compensation ratio15			52.9		%	52.3		%	52.8		%	52.7		%	52.7		%
Non-compensation expenses			$	632,107		$	644,707		$	541,767		$	1,877,641		$	1,699,555
Non-compensation ratio15			30.9		%	39.4		%	32.2		%	35.6		%	33.5		%
Total Non-interest expenses			$	1,715,617		$	1,499,546		$	1,430,865		$	4,657,117		$	4,377,517
Net earnings from continuing operations before income taxes			$	331,815		$	134,901		$	252,687		$	617,781		$	700,683
Income tax expense			$	89,311		$	43,506		$	78,011		$	147,033		$	207,077
Income tax rate			26.9		%	32.3		%	30.9		%	23.8		%	29.6		%
Net earnings from continuing operations			$	242,504		$	91,395		$	174,676		$	470,748		$	493,606
Net earnings (losses) from discontinued operations, net of income taxes			—			—			6,363			—			(1,488)
Net losses attributable to noncontrolling interests			(10,041)			(7,668)			(6,874)			(24,692)			(19,102)
Preferred stock dividends			28,559			11,046			20,785			55,528			48,501
Net earnings attributable to common shareholders			$	223,986		$	88,017		$	167,128		$	439,912		$	462,719

Highlights

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Amounts herein pertaining to August 31, 2025 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). More information on our results of operations for the three and nine months ended August 31, 2025 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about October 9, 2025.

This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” "would," or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).

Consolidated Statements of Earnings (Unaudited)

Financial Data and Metrics (Unaudited)

Components of Numerators and Denominators for Earnings Per Common Share

Non-GAAP Reconciliations

The following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.

Return on Adjusted Tangible Equity Reconciliation

Adjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation

Reconciliation of book value (shareholders' equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:

Notes

1.Return on adjusted tangible shareholders' equity and Return on adjusted tangible shareholders' equity from continuing operations represent non-GAAP financial measures and are based on full year or annualized amounts. Refer to schedule on page 8 for a reconciliation to U.S. GAAP amounts.

2.Shares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as common shares outstanding plus preferred shares, restricted stock units, stock options and other shares. Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts.

3.Adjusted tangible book value per fully diluted share (a non-GAAP financial measure) is defined as adjusted tangible book value (a non-GAAP financial measure) divided by shares outstanding on a fully diluted basis (a non-GAAP financial measure). Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts.

4.Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to present direct Asset Management revenues. We believe that aggregating Allocated net interest would obscure the revenue results by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods.

5.Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement.

6.Asset management fees and revenues include management and performance fees from funds and accounts managed by us as well as our share of fees received by affiliated asset management companies with which we have revenue and profit share arrangements, as well as earnings on our ownership interest in affiliated asset managers.

7.Number of trading loss days is calculated based on trading activities in our Investment Banking and Capital Markets and Asset Management business segments, excluding certain Other investments.

8.VaR estimates the potential loss in value of trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value-at-Risk" in Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended November 30, 2024.

9.Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned.

10.Tangible shareholders' equity (a non-GAAP financial measure) is defined as shareholders' equity less Intangible assets and goodwill. We believe that tangible shareholders' equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible shareholders' equity, making these ratios meaningful for investors.

11.Leverage ratio equals total assets divided by total equity.

12.Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and intangible assets divided by tangible shareholders' equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio.

13.Beginning in fiscal 2024, we now refer to "Merchant banking" as “Other investments” in our Asset Management reportable segment.

14.Beginning in the fourth quarter of 2024, revenues from corporate equity derivative transactions historically included within Other investment banking net revenues were reclassified to Equities net revenues as the underlying business has matured and has started to generate meaningful revenues. Prior year amounts have been revised to conform to this reclassification change to the current year reporting.

15.Compensation ratio equals total compensation expense divided by total net revenues. Non-compensation ratio equals total non-compensation expense divided by total net revenues.