For Immediate Release

Jefferies Financial Group Inc. (NYSE: JEF)

January 7, 2026

Q4 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 February 27, 2026 to record holders of Jefferies common shares on February 17, 2026.

Management Comments

Financial Summary (Unaudited)

$ in thousands			Three Months Ended									Year Ended
			November 30,  2025			August 31,  2025			November 30,  2024			November 30,  2025			November 30,  2024
Net revenues by source:
Advisory			$	634,203		$	655,578		$	596,707		$	2,145,421		$	1,811,634
Equity underwriting			339,799			181,205			191,218			771,890			799,804
Debt underwriting			215,757			249,525			171,456			870,007			689,227
Other investment banking13			(1,784)			49,017			27,443			2,981			144,122
Total Investment Banking			1,187,975			1,135,325			986,824			3,790,299			3,444,787
Equities13			485,869			486,695			410,768			1,907,866			1,592,793
Fixed income			206,045			236,687			240,922			909,869			1,166,761
Total Capital Markets			691,914			723,382			651,690			2,817,735			2,759,554
Total Investment Banking and Capital Markets Net revenues5			1,879,889			1,858,707			1,638,514			6,608,034			6,204,341
Asset management fees and revenues6			15,602			15,916			13,752			140,914			103,488
Investment return			65,018			68,026			101,762			177,814			212,209
Allocated net interest4			(21,130)			(18,550)			(15,104)			(76,045)			(62,135)
Other investments, inclusive of net interest			127,508			111,490			214,340			467,533			550,107
Total Asset Management Net revenues			186,998			176,882			314,750			710,216			803,669
Other			1,966			11,843			3,338			25,501			26,793
Total Net revenues by source			$	2,068,853		$	2,047,432		$	1,956,602		$	7,343,751		$	7,034,803
Non-interest expenses:
Compensation and benefits			$	1,080,779		$	1,083,510		$	981,626		$	3,860,255		$	3,659,588
Compensation ratio14			52.2		%	52.9		%	50.2		%	52.6		%	52.0		%
Non-compensation expenses			$	734,866		$	632,107		$	670,114		$	2,612,507		$	2,369,669
Non-compensation ratio14			35.5		%	30.9		%	34.2		%	35.6		%	33.7		%
Total Non-interest expenses			$	1,815,645		$	1,715,617		$	1,651,740		$	6,472,762		$	6,029,257
Net earnings from continuing operations before income taxes			$	253,208		$	331,815		$	304,862		$	870,989		$	1,005,546
Income tax expense			$	37,537		$	89,311		$	86,117		$	184,570		$	293,194
Income tax rate			14.8		%	26.9		%	28.2		%	21.2		%	29.2		%
Net earnings from continuing operations			$	215,671		$	242,504		$	218,745		$	686,419		$	712,352
Net (losses) earnings from discontinued operations, net of income taxes			(4,374)			—			5,155			(4,374)			3,667
Net losses attributable to noncontrolling interests			(3,738)			(10,041)			(8,262)			(28,430)			(27,364)
Preferred stock dividends			24,145			28,559			26,416			79,684			74,110
Net earnings attributable to common shareholders			$	190,890		$	223,986		$	205,746		$	630,791		$	669,273

Highlights

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Amounts herein pertaining to November 30, 2025 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Annual Report on Form 10-K with the Securities and Exchange Commission (“SEC”). More information on our results of operations for the year ended November 30, 2025 will be provided upon filing our Annual Report on Form 10-K with the SEC, which we expect to file on or about January 28, 2026.

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.

Adjusted Net Earnings Attributable to Common Shareholders and Adjusted Earnings Per Share Reconciliation

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, Return on adjusted tangible shareholders' equity from continuing operations and Adjusted 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 9 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 10 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 10 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, revenue from strategic affiliated asset managers where we are entitled to portions their operating revenues and income based on our ownership interests in the affiliates.

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 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.

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

15.Adjusted net earnings attributable to common shareholders (a non-GAAP financial measure) excludes the $30.0 million expense ($22.6 million, net of tax) related to a loss associated with our investment in Point Bonita in the current quarter. Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts.