スティーフルフィナンシャルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2025

STIFEL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware

001-09305

43-1273600

(State of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

501 N. Broadway, St. Louis, Missouri 63102-2188

(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered

Common Stock, $0.15 par value per share	SF	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B	SF-PB	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C	SF-PC	New York Stock Exchange
Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D	SF-PD	New York Stock Exchange

5.20% Senior Notes due 2047	SFB	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 23, 2025, Stifel Financial Corp. (the “Company”) reported its financial results for the quarter ended March 31, 2025. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company’s Financial Supplement for the quarter ended March 31, 2025, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, April 23, 2025, at 9:30 a.m. Eastern time, the Company will hold a conference call to discuss its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Description

99.1		Press release dated April 23, 2025.
99.2		Financial Supplement for the quarter ended March 31, 2025.
99.3		Financial Results Presentation dated April 23, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


		STIFEL FINANCIAL CORP. (Registrant)

Date: April 23, 2025	By:	/s/ James M. Marischen
	Name:	James M. Marischen
	Title:	Chief Financial Officer

EX-99.1 2 d857347dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Stifel Reports First Quarter 2025 Results

ST. LOUIS, MO, April 23, 2025 – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.26 billion for the three months ended March 31, 2025, compared with $1.16 billion a year ago. Net income available to common shareholders was $43.7 million, or $0.39 per diluted common share, compared with $154.3 million, or $1.40 per diluted common share for the first quarter of 2024. Non-GAAP net income available to common shareholders was $54.2 million, or $0.49 per diluted common share for the first quarter of 2025.

Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Our net revenue of $1.26 billion marks the highest first-quarter revenue in our history, with year-over-year growth across all revenue lines. The investments we’ve made in our business and our focus on delivering valued advice drove growth in both our Global Wealth Management and Institutional Group — despite the headwinds from market volatility and a significant legal charge. We remain optimistic about long-term growth, emphasizing the resilience of U.S. financial markets and the value our advice-driven model delivers during periods of uncertainty.”

Highlights

The Company reported net revenues of $1.26 billion, the third best quarter in its history, driven by higher asset management revenues, investment banking revenues, transactional revenues, and net interest income.

Non-GAAP net income available to common shareholders of $0.49 per diluted common share was negatively impacted by elevated provisions for legal matters of $1.16 per diluted common share (after-tax).

Record asset management revenues, up 11% over the year-ago quarter.

Advisory revenues increased 15% over the year-ago quarter.

Capital raising revenues increased 6% over the year-ago quarter.

Client assets of $485.9 billion, up 4% over the year-ago quarter.

Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors.

Non-GAAP pre-tax margin of 6% was negatively impacted by elevated provisions for legal matters.

Annualized return on tangible common equity (ROTCE) (5) of 6%.

Tangible book value per common share (7) of $33.31, up 9% from prior year.



Financial Summary (Unaudited)

(000s)	1Q 2025	1Q 2024

GAAP Financial Highlights:



Net revenues	$1,255,469	$1,163,038

Net income (1)	$43,672	$154,255

Diluted EPS (1)	$0.39	$1.40

Comp. ratio	58.3%	58.4%

Non-comp. ratio	36.7%	22.8%

Pre-tax margin	5.0%	18.8%

Non-GAAP Financial Highlights:

Net revenues	$1,255,455	$1,163,038

Net income (1) (2)	$54,236	$163,346

Diluted EPS (1) (2)	$0.49	$1.49

Comp. ratio (2)	58.0%	58.0%

Non-comp. ratio (2)	35.9%	22.2%

Pre-tax margin (3)	6.1%	19.8%

ROCE (4)	4.4%	14.3%

ROTCE (5)	6.2%	20.9%

Global Wealth Management (assets and loans in millions)

Net revenues	$850,559	$790,500

Pre-tax net income	$126,405	$290,748

Total client assets	$485,860	$467,697

Fee-based client assets	$189,693	$177,108

Bank loans (6)	$21,241	$19,484

Institutional Group

Net revenues	$384,929	$351,376

Equity	$236,192	$206,417

Fixed Income	$148,737	$144,959

Pre-tax net income	$27,431	$37,109

Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations Global Wealth Management reported net revenues of $850.6 million for the three months ended March 31, 2025 compared with $790.5 million during the first quarter of 2024.

LOGO

Global Wealth Management

Pre-tax net income was $126.4 million compared with $290.7 million in the first quarter of 2024.

Highlights

Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors, with total trailing 12 month production of $11.7 million.

Client assets of $485.9 billion, up 4% over the year-ago quarter.

Fee-based client assets of $189.7 billion, up 7% over the year-ago quarter.

Net revenues increased 8% from a year ago:

Transactional revenues increased 3% over the year-ago quarter reflecting an increase in client activity.

Asset management revenues increased 11% over the year-ago quarter reflecting higher asset values and net new asset growth.

Net interest income increased 4% over the year-ago quarter driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.

Total Expenses:

Compensation expense as a percentage of net revenues increased to 49.6% primarily as a result of higher compensable revenues.

Provision for credit losses was primarily impacted by an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.

Non-compensation operating expenses as a percentage of net revenues increased to 35.5% primarily as a result of higher litigation-related expenses.



Summary Results of Operations

(000s)	1Q 2025	1Q 2024

Net revenues	$850,559	$790,500

Transactional revenues	186,395	181,753

Asset management	409,506	367,450

Net interest income	245,534	236,269

Investment banking	5,908	4,280

Other income	3,216	748

Total expenses	$724,154	$499,752

Compensation expense	422,293	389,536

Provision for credit losses	12,020	4,968

Non-comp. opex	289,841	105,248

Pre-tax net income	$126,405	$290,748

Compensation ratio	49.6%	49.3%

Non-compensation ratio	35.5%	13.9%

Pre-tax margin	14.9%	36.8%

Stifel Financial Corp. | Page 2

LOGO

Institutional Group

Institutional Group reported net revenues of $384.9 million for the three months ended March 31, 2025 compared with $351.4 million during the first quarter of 2024. Pre-tax net income was $27.4 million compared with $37.1 million in the first quarter of 2024.

Highlights

Investment banking revenues increased 11% from a year ago:

Advisory revenues increased 15% from the year-ago quarter driven by higher levels of completed advisory transactions.

Fixed income capital raising revenues decreased 9% from the year-ago quarter primarily driven by lower bond issuances.

Equity capital raising revenues increased 22% over the year-ago quarter driven by higher volumes.

Fixed income transactional revenues increased 1% from a year ago:

Fixed income transactional revenues were impacted by increased activity in securitized products, partially offset by lower levels of activity in credit products.

Equity transactional revenues increased 10% from a year ago:

Equity transactional revenues increased from the year-ago quarter primarily driven by increased client activity amid a more volatile trading environment.

Total Expenses:

Compensation expense as a percentage of net revenues increased to 65.6% primarily as a result of higher fixed compensation expenses in our international operations.

Non-compensation operating expenses as a percentage of net revenues decreased to 27.3% from the year-ago quarter primarily as a result of higher revenues.



Summary Results of Operations

(000s)	1Q 2025	1Q 2024

Net revenues	$384,929	$351,376

Investment banking	232,034	209,669

Advisory	137,470	119,252

Fixed income capital raising	45,559	50,116

Equity capital raising	49,005	40,301

Fixed income transactional	89,345	88,654

Equity transactional	59,590	54,083

Other	3,960	(1,030)

Total expenses	$357,498	$314,267

Compensation expense	252,585	215,749

Non-comp. opex.	104,913	98,518

Pre-tax net income	$27,431	$37,109

Compensation ratio	65.6%	61.4%

Non-compensation ratio	27.3%	28.0%

Pre-tax margin	7.1%	10.6%

Stifel Financial Corp. | Page 3

LOGO

Other Matters

Highlights

The Company repurchased $210.9 million of its outstanding common stock during the first quarter, including $117.8 million in connection with net-share settlements under its equity compensation plan.

Weighted average diluted shares outstanding increased primarily as a result the increase in the Company’s share price, partially offset by an increase in share repurchases.

The Board of Directors declared a $0.46 quarterly dividend per share payable on March 17, 2025 to common shareholders of record on March 3, 2025.

The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on March 17, 2025 to shareholders of record on March 3, 2025.


	1Q 2025	1Q 2024

Common stock repurchases

Repurchases (000s)	$210,934	$159,348

Number of shares (000s)	2,029	2,254

Average price	$103.95	$70.71

Period end shares (000s)	103,078	102,649

Weighted average diluted shares outstanding (000s)	110,635	109,985

Effective tax rate	16.4%	25.2%

Stifel Financial Corp. (8)

Tier 1 common capital ratio	14.7%	14.3%

Tier 1 risk based capital ratio	17.6%	17.3%

Tier 1 leverage capital ratio	10.8%	10.6%

Tier 1 capital (MM)	$4,163	$3,911

Risk weighted assets (MM)	$23,661	$22,588

Average assets (MM)	$38,397	$37,018

Quarter end assets (MM)	$40,384	$38,258

Agency	Rating	Outlook

Fitch Ratings	BBB+	Stable

S&P Global Ratings	BBB	Stable

Stifel Financial Corp. | Page 4

Conference Call Information

Stifel Financial Corp. will host its first quarter 2025 financial results conference call on Wednesday, April 23, 2025, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 2769458. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Stifel Financial Corp. | Page 5

Summary Results of Operations (Unaudited)


	Three Months Ended

(000s, except per share amounts)	3/31/2025		3/31/2024		% Change		12/31/2024		% Change

Revenues:

Commissions		$ 193,670		$ 185,476		4.4		$ 203,786		(5.0)

Principal transactions		141,660		139,014		1.9		174,887		(19.0)

Investment banking		237,942		213,949		11.2		304,419		(21.8)

Asset management		409,541		367,476		11.4		405,825		0.9

Other income		10,581		4,950		113.8		3,294		221.2

Operating revenues		993,394		910,865		9.1		1,092,211		(9.0)

Interest revenue		475,632		506,828		(6.2)		500,661		(5.0)

Total revenues		1,469,026		1,417,693		3.6		1,592,872		(7.8)

Interest expense		213,557		254,655		(16.1)		228,190		(6.4)

Net revenues		1,255,469		1,163,038		7.9		1,364,682		(8.0)

Non-interest expenses:

Compensation and benefits		732,220		679,695		7.7		795,750		(8.0)

Non-compensation operating expenses		459,885		264,652		73.8		302,731		51.9

Total non-interest expenses		1,192,105		944,347		26.2		1,098,481		8.5

Income before income taxes		63,364		218,691		(71.0)		266,201		(76.2)

Provision for income taxes		10,372		55,116		(81.2)		22,196		(53.3)

Net income		52,992		163,575		(67.6)		244,005		(78.3)

Preferred dividends		9,320		9,320		0.0		9,320		0.0

Net income available to common shareholders		$ 43,672		$ 154,255		(71.7)		$ 234,685		(81.4)

Earnings per common share:

Basic		$0.42		$1.48		(71.6)		$2.26		(81.4)

Diluted		$0.39		$1.40		(72.1)		$2.09		(81.3)

Cash dividends declared per common share		$0.46		$0.42		9.5		$0.42		9.5

Weighted average number of common shares outstanding:

Basic		104,764		104,275		0.5		103,856		0.9

Diluted		110,635		109,985		0.6		112,089		(1.3)

Stifel Financial Corp. | Page 6

Non-GAAP Financial Measures (9)


	Three Months Ended
(000s, except per share amounts)	3/31/2025		3/31/2024

GAAP net income		$52,992		$163,575

Preferred dividend		9,320		9,320

Net income available to common shareholders		43,672		154,255



Non-GAAP adjustments:

Merger-related (10)		12,661		12,154

Provision for income taxes (11)		(2,097)		(3,063)

Total non-GAAP adjustments		10,564		9,091

Non-GAAP net income available to common shareholders		$54,236		$163,346



Weighted average diluted shares outstanding		110,635		109,985



GAAP earnings per diluted common share		$0.47		$1.48

Non-GAAP adjustments		0.10		0.09

Non-GAAP earnings per diluted common share		$0.57		$1.57



GAAP earnings per diluted common share available to common shareholders		$0.39		$1.40

Non-GAAP adjustments		0.10		0.09

Non-GAAP earnings per diluted common share available to common shareholders		$0.49		$1.49

GAAP to Non-GAAP Reconciliation (9)


	Three Months Ended
(000s)	3/31/2025		3/31/2024

GAAP compensation and benefits		$732,220		$679,695

As a percentage of net revenues		58.3%		58.4%

Non-GAAP adjustments:

Merger-related (10)		(4,056)		(5,533)

Non-GAAP compensation and benefits		$728,164		$674,162

As a percentage of non-GAAP net revenues		58.0%		58.0%

GAAP non-compensation expenses		$459,885		$264,652

As a percentage of net revenues		36.7%		22.8%

Non-GAAP adjustments:

Merger-related (10)		(8,619)		(6,621)

Non-GAAP non-compensation expenses		$451,266		$258,031

As a percentage of non-GAAP net revenues		35.9%		22.2%

Total merger-related expenses		$12,675		$12,154

Stifel Financial Corp. | Page 7

Footnotes

(1)

Represents available to common shareholders.

(2)

Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

(3)

Non-GAAP pre-tax margin is calculated by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”

(4)

Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

(5)

Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were $82.5 million and $73.9 million as of March 31, 2025 and 2024, respectively.

(6)

Includes loans held for sale.

(7)

Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.

(8)

Capital ratios are estimates at the time of the Company’s earnings release, April 23, 2025.

(9)

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

(10)

Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.

(11)

Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. | Page 8

EX-99.2 3 d857347dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

First Quarter 2025 Earnings Results


Quarterly Financial Supplement		Page



Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Consolidated Results of Operations		4

Consolidated Financial Summary		5

Consolidated Financial Information and Metrics		6

Regulatory Capital		7

Global Wealth Management - Summary Results of Operations		8

Global Wealth Management - Statistical Information		9

Institutional Group - Summary Results of Operations		11

Stifel Bancorp - Financial Information and Credit Metrics		12

Stifel Bancorp - Loan and Investment Portfolio		13

Loans and Lending Commitments - Allowance for Credit Losses		14

Consolidated Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 1 of 19

LOGO

Consolidated Financial Highlights


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Net revenues	$	1,255,469	$	1,163,038		7.9	%	$	1,364,682		(8.0	%)
Net income	$	52,992	$	163,575		(67.6	%)	$	244,005		(78.3	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	43,672	$	154,255		(71.7	%)	$	234,685		(81.4	%)
Earnings per diluted common share	$	0.47	$	1.48		(68.2	%)	$	2.18		(78.4	%)
Earnings per diluted common share available to common shareholders	$	0.39	$	1.40		(72.1	%)	$	2.09		(81.3	%)
Non-GAAP financial summary (1):
Net revenues	$	1,255,455	$	1,163,038		7.9	%	$	1,364,721		(8.0	%)
Net income	$	63,556	$	172,666		(63.2	%)	$	259,030		(75.5	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	54,236		163,346		(66.8	%)		249,710		(78.3	%)
Earnings per diluted common share	$	0.57	$	1.57		(63.7	%)	$	2.32		(75.4	%)
Earnings per diluted common share available to common shareholders	$	0.49	$	1.49		(67.1	%)	$	2.23		(78.0	%)

Weighted average number of common shares outstanding:
Basic		104,764		104,275		0.5	%		103,856		0.9	%
Diluted		110,635		109,985		0.6	%		112,089		(1.3	%)
Period end common shares outstanding		103,078		102,649		0.4	%		102,171		0.9	%
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.42		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 2 of 19

LOGO

GAAP Consolidated Results of Operations



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Revenues:
Commissions	$	193,670	$	185,476		4.4	%	$	203,786		(5.0	%)
Principal transactions		141,660		139,014		1.9	%		174,887		(19.0	%)

Transactional revenues		335,330		324,490		3.3	%		378,673		(11.4	%)
Capital raising		100,472		94,697		6.1	%		114,507		(12.3	%)
Advisory		137,470		119,252		15.3	%		189,912		(27.6	%)

Investment banking		237,942		213,949		11.2	%		304,419		(21.8	%)
Asset management		409,541		367,476		11.4	%		405,825		0.9	%
Other income		10,581		4,950		113.8	%		3,294		221.2	%

Operating revenues		993,394		910,865		9.1	%		1,092,211		(9.0	%)
Interest revenue		475,632		506,828		(6.2	%)		500,661		(5.0	%)

Total revenues		1,469,026		1,417,693		3.6	%		1,592,872		(7.8	%)
Interest expense		213,557		254,655		(16.1	%)		228,190		(6.4	%)

Net revenues		1,255,469		1,163,038		7.9	%		1,364,682		(8.0	%)

Non-interest expenses:
Compensation and benefits		732,220		679,695		7.7	%		795,750		(8.0	%)
Occupancy and equipment rental		90,766		88,712		2.3	%		94,213		(3.7	%)
Communication and office supplies		49,513		47,367		4.5	%		49,965		(0.9	%)
Commissions and floor brokerage		16,806		15,767		6.6	%		16,434		2.3	%
Provision for credit losses		12,020		5,268		128.2	%		11,893		1.1	%
Investment banking expenses		8,547		7,729		10.6	%		8,822		(3.1	%)
Other operating expenses		282,233		99,809		182.8	%		121,404		132.5	%

Total non-interest expenses		1,192,105		944,347		26.2	%		1,098,481		8.5	%
Income before income taxes		63,364		218,691		(71.0	%)		266,201		(76.2	%)
Provision for income taxes		10,372		55,116		(81.2	%)		22,196		(53.3	%)

Net income		52,992		163,575		(67.6	%)		244,005		(78.3	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	43,672	$	154,255		(71.7	%)	$	234,685		(81.4	%)

Earnings per common share:
Basic	$	0.42	$	1.48		(71.6	%)	$	2.26		(81.4	%)
Diluted	$	0.39	$	1.40		(72.1	%)	$	2.09		(81.3	%)
Weighted average number of common shares outstanding:
Basic		104,764		104,275		0.5	%		103,856		0.9	%
Diluted		110,635		109,985		0.6	%		112,089		(1.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.42		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 3 of 19

LOGO

Non-GAAP Consolidated Results of Operations (1)



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Revenues:
Commissions	$	193,670	$	185,476		4.4	%	$	203,786		(5.0	%)
Principal transactions		141,660		139,014		1.9	%		174,887		(19.0	%)

Transactional revenues		335,330		324,490		3.3	%		378,673		(11.4	%)
Capital raising		100,472		94,697		6.1	%		114,507		(12.3	%)
Advisory		137,470		119,252		15.3	%		189,912		(27.6	%)

Investment banking		237,942		213,949		11.2	%		304,419		(21.8	%)
Asset management		409,541		367,476		11.4	%		405,825		0.9	%
Other income		10,567		4,950		113.5	%		3,333		217.0	%

Operating revenues		993,380		910,865		9.1	%		1,092,250		(9.1	%)
Interest revenue		475,632		506,828		(6.2	%)		500,661		(5.0	%)

Total revenues		1,469,012		1,417,693		3.6	%		1,592,911		(7.8	%)
Interest expense		213,557		254,655		(16.1	%)		228,190		(6.4	%)

Net revenues		1,255,455		1,163,038		7.9	%		1,364,721		(8.0	%)

Non-interest expenses:
Compensation and benefits		728,164		674,162		8.0	%		791,539		(8.0	%)
Occupancy and equipment rental		90,535		88,665		2.1	%		94,168		(3.9	%)
Communication and office supplies		49,336		47,364		4.2	%		49,880		(1.1	%)
Commissions and floor brokerage		16,806		15,767		6.6	%		16,434		2.3	%
Provision for credit losses		12,020		5,268		128.2	%		11,893		1.1	%
Investment banking expenses		8,547		7,729		10.6	%		8,822		(3.1	%)
Other operating expenses		274,022		93,238		193.9	%		109,394		150.5	%

Total non-interest expenses		1,179,430		932,193		26.5	%		1,082,130		9.0	%
Income before income taxes		76,025		230,845		(67.1	%)		282,591		(73.1	%)
Provision for income taxes		12,469		58,179		(78.6	%)		23,561		(47.1	%)

Net income		63,556		172,666		(63.2	%)		259,030		(75.5	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	54,236	$	163,346		(66.8	%)	$	249,710		(78.3	%)

Earnings per common share:
Basic	$	0.52	$	1.57		(66.9	%)	$	2.40		(78.3	%)
Diluted	$	0.49	$	1.49		(67.1	%)	$	2.23		(78.0	%)
Weighted average number of common shares outstanding:
Basic		104,764		104,275		0.5	%		103,856		0.9	%
Diluted		110,635		109,985		0.6	%		112,089		(1.3	%)
Cash dividends declared per common share	$	0.46	$	0.42		9.5	%	$	0.42		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 4 of 19

LOGO

Consolidated Financial Summary


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Net revenues:
Global Wealth Management	$	850,559		$	790,500			7.6	%	$	865,209			(1.7	%)
Institutional Group		384,929			351,376			9.5	%		478,335			(19.5	%)
Other		19,981			21,162			(5.6	%)		21,138			(5.5	%)

Total net revenues	$	1,255,469		$	1,163,038			7.9	%	$	1,364,682			(8.0	%)
Operating expenses:
Global Wealth Management	$	724,154		$	499,752			44.9	%	$	548,891			31.9	%
Institutional Group		357,498			314,267			13.8	%		382,654			(6.6	%)
Other		110,453			130,328			(15.2	%)		166,936			(33.8	%)

Total operating expenses	$	1,192,105		$	944,347			26.2	%	$	1,098,481			8.5	%
Operating contribution:
Global Wealth Management	$	126,405		$	290,748			(56.5	%)	$	316,318			(60.0	%)
Institutional Group		27,431			37,109			(26.1	%)		95,681			(71.3	%)
Other		(90,472	)		(109,166	)		(17.1	%)		(145,798	)		(37.9	%)

Income before income taxes	$	63,364		$	218,691			(71.0	%)	$	266,201			(76.2	%)
Financial ratios (change in bps):
Compensation and benefits		58.3	%		58.4	%		(10	)		58.3	%		—
Non-compensation operating expenses		36.7	%		22.8	%		1,390			22.2	%		1,450
Income before income taxes		5.0	%		18.8	%		(1,380	)		19.5	%		(1,450	)
Effective tax rate		16.4	%		25.2	%		(880	)		8.3	%		810


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 5 of 19

LOGO

Consolidated Financial Information and Metrics




	As of and for the Three Months Ended
(Unaudited, 000s, except per share data)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Financial Information:
Total assets	$	40,383,727		$	38,258,280			5.6	%	$	39,895,540			1.2	%
Total shareholders’ equity	$	5,538,186		$	5,273,941			5.0	%	$	5,686,770			(2.6	%)
Total common equity	$	4,853,186		$	4,588,941			5.8	%	$	5,001,770			(3.0	%)
Goodwill and intangible assets	$	(1,503,358	)	$	(1,515,588	)		(0.8	%)	$	(1,508,792	)		(0.4	%)
DTL on goodwill and intangible assets	$	83,367		$	74,841			11.4	%	$	81,569			2.2	%

Tangible common equity	$	3,433,195		$	3,148,194			9.1	%	$	3,574,547			(4.0	%)
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (2)	$	47.08		$	44.71			5.3	%	$	48.95			(3.8	%)
Tangible book value per common share (2)	$	33.31		$	30.67			8.6	%	$	34.99			(4.8	%)
Return on common equity (3)		3.5	%		13.5	%					18.9	%
Non-GAAP return on common equity (1)(3)		4.4	%		14.3	%					20.1	%
Return on tangible common equity (4)		5.0	%		19.7	%					26.6	%
Non-GAAP return on tangible common equity (1)(4)		6.2	%		20.9	%					28.3	%
Pre-tax margin on net revenues		5.0	%		18.8	%					19.5	%
Non-GAAP pre-tax margin on net revenues (1)		6.1	%		19.8	%					20.7	%
Effective tax rate		16.4	%		25.2	%					8.3	%
Non-GAAP effective tax rate (1)		16.4	%		25.2	%					8.3	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 6 of 19

LOGO

Regulatory Capital (5)



	As of and for the Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,478,477		$	3,225,964			7.8	%	$	3,645,786			(4.6	%)
Tier 1 capital	$	4,163,477		$	3,910,964			6.5	%	$	4,330,786			(3.9	%)
Risk-weighted assets	$	23,661,099		$	22,588,330			4.7	%	$	23,741,574			(0.3	%)
Common equity tier 1 capital ratio		14.7	%		14.3	%					15.4	%
Tier 1 risk based capital ratio		17.6	%		17.3	%					18.2	%
Tier 1 leverage capital ratio		10.8	%		10.6	%					11.4	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,373,088		$	1,242,565			10.5	%	$	1,366,711			0.5	%
Tier 1 capital	$	1,373,088		$	1,242,565			10.5	%	$	1,366,711			0.5	%
Risk-weighted assets	$	12,374,083		$	11,502,316			7.6	%	$	12,334,731			0.3	%
Common equity tier 1 capital ratio		11.1	%		10.8	%					11.1	%
Tier 1 risk based capital ratio		11.1	%		10.8	%					11.1	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	780,209		$	838,002			(6.9	%)	$	768,652			1.5	%
Tier 1 capital	$	780,209		$	838,002			(6.9	%)	$	768,652			1.5	%
Risk-weighted assets	$	5,962,444		$	5,663,726			5.3	%	$	5,920,599			0.7	%
Common equity tier 1 capital ratio		13.1	%		14.8	%					13.0	%
Tier 1 risk based capital ratio		13.1	%		14.8	%					13.0	%
Tier 1 leverage capital ratio		7.1	%		7.2	%					7.1	%
Stifel Net Capital:
Net capital	$	294,100		$	446,400			(34.1	%)	$	449,500			(34.6	%)
Excess net capital	$	271,400		$	421,100			(35.5	%)	$	425,500			(36.2	%)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 7 of 19

LOGO

Global Wealth Management - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Revenues:
Commissions	$	125,826		$	121,217			3.8	%	$	136,805			(8.0	%)
Principal transactions		60,569			60,536			0.1	%		63,759			(5.0	%)

Transactional revenues		186,395			181,753			2.6	%		200,564			(7.1	%)
Asset management		409,506			367,450			11.4	%		405,800			0.9	%
Net interest		245,534			236,269			3.9	%		254,337			(3.5	%)
Investment banking (6)		5,908			4,280			38.0	%		5,198			13.7	%
Other income		3,216			748			329.9	%		(690	)		566.1	%

Net revenues		850,559			790,500			7.6	%		865,209			(1.7	%)
Non-interest expenses:
Compensation and benefits		422,293			389,536			8.4	%		419,466			0.7	%
Non-compensation operating expenses		301,861			110,216			173.9	%		129,425			133.2	%

Total non-interest expenses		724,154			499,752			44.9	%		548,891			31.9	%

Income before income taxes	$	126,405		$	290,748			(56.5	%)	$	316,318			(60.0	%)


As a percentage of net revenues (change in bps):
Compensation and benefits		49.6	%		49.3	%		30			48.5	%		110
Non-compensation operating expenses		35.5	%		13.9	%		2,160			14.9	%		2,060
Income before income taxes		14.9	%		36.8	%		(2,190	)		36.6	%		(2,170	)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 8 of 19

LOGO

Global Wealth Management - Statistical Information



	As of and for the Three Months Ended
(Unaudited, 000s, except financial advisors)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Financial advisors (including independent contractors) (7)		2,340			2,356			(0.7	%)		2,342			(0.1	%)
Total client assets	$	485,860,000		$	467,697,000			3.9	%	$	501,402,000			(3.1	%)
Fee-based client assets	$	189,693,000		$	177,108,000			7.1	%	$	192,705,000			(1.6	%)
Transactional assets	$	296,167,000		$	290,589,000			1.9	%	$	308,697,000			(4.1	%)
Secured client lending (8)	$	3,239,000		$	3,353,000			(3.4	%)	$	3,214,000			0.8	%
Asset Management Revenue (000s):
Private Client Group (9)	$	345,357		$	299,027			15.5	%	$	343,154			0.6	%
Asset Management		38,520			36,205			6.4	%		39,281			(1.9	%)
Third-party Bank Sweep Program		11,783			18,314			(35.7	%)		8,706			35.3	%
Other (10)		13,881			13,930			(0.4	%)		14,684			(5.5	%)

Total asset management revenues	$	409,541		$	367,476			11.4	%	$	405,825			0.9	%
Fee-based Assets (millions):
Private Client Group (9)	$	166,035		$	155,144			7.0	%	$	168,206			(1.3	%)
Asset Management		41,136			39,214			4.9	%		42,110			(2.3	%)
Elimination (11)		(17,478	)		(17,250	)		1.3	%		(17,611	)		(0.8	%)

Total fee-based assets	$	189,693		$	177,108			7.1	%	$	192,705			(1.6	%)
Third-party Bank Sweep Program	$	828		$	1,172			(29.4	%)	$	1,609			(48.5	%)
ROA (bps) (12):
Private Client Group (9)		82.1			82.2						82.3
Asset Management		37.4			36.9						37.3
Third-party Bank Sweep Program		400.0			478.5						398.4


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 9 of 19

LOGO

Global Wealth Management - Statistical Information (Cont.)



	As of and for the Three Months Ended
(Unaudited, millions)	3/31/2025		3/31/2024		% Change			12/31/2024		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	16,424	$	15,561		5.5	%	$	17,115		(4.0	%)
Sweep Deposits		10,043		9,771		2.8	%		9,950		0.9	%
Direct Wealth Management Deposits at Stifel Bancorp		387		176		119.9	%		328		18.0	%

Total Stifel Bancorp Wealth Management Deposits		26,854		25,508		5.3	%		27,393		(2.0	%)
Other Bank Deposits		2,785		2,046		36.1	%		1,709		63.0	%

Total Stifel Bancorp Deposits	$	29,639	$	27,554		7.6	%	$	29,102		1.8	%

Short-term Treasuries (13)	$	7,218	$	7,698		(6.2	%)	$	7,753		(6.9	%)
Third-party Commercial Treasury Deposits (14)	$	2,900	$	1,295		123.9	%	$	3,199		(9.3	%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	26,854	$	25,508		5.3	%	$	27,393		(2.0	%)
Third-party Bank Sweep Program (14)		828		1,172		(29.4	%)		1,609		(48.5	%)
Third-party Treasury (14)		—		222		(100.0	%)		198		(100.0	%)
Other Sweep Cash		149		398		(62.6	%)		355		(58.0	%)
Money Market Mutual Funds		13,698		9,879		38.7	%		12,606		8.7	%

Total Wealth Management Cash	$	41,529	$	37,179		11.7	%	$	42,161		(1.5	%)

Client money market and insured product (15)	$	27,444	$	26,902		2.0	%	$	29,029		(5.5	%)
Third-party Deposits Available to Stifel Bancorp (14)	$	3,728	$	2,689		38.6	%	$	5,006		(25.5	%)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 10 of 19

LOGO

Institutional Group - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Revenues:
Commissions	$	67,844		$	64,259			5.6	%	$	66,981			1.3	%
Principal transactions		81,091			78,478			3.3	%		111,128			(27.0	%)

Transactional revenues		148,935			142,737			4.3	%		178,109			(16.4	%)
Capital raising		94,564			90,417			4.6	%		109,309			(13.5	%)
Advisory		137,470			119,252			15.3	%		189,912			(27.6	%)

Investment banking		232,034			209,669			10.7	%		299,221			(22.5	%)
Other income (16)		3,960			(1,030	)		484.5	%		1,005			294.0	%

Net revenues		384,929			351,376			9.5	%		478,335			(19.5	%)
Non-interest expenses:
Compensation and benefits		252,585			215,749			17.1	%		280,261			(9.9	%)
Non-compensation operating expenses		104,913			98,518			6.5	%		102,393			2.5	%

Total non-interest expenses		357,498			314,267			13.8	%		382,654			(6.6	%)

Income before income taxes	$	27,431		$	37,109			(26.1	%)	$	95,681			(71.3	%)


As a percentage of net revenues (change in bps):
Compensation and benefits		65.6	%		61.4	%		420			58.6	%		700
Non-compensation operating expenses		27.3	%		28.0	%		(70	)		21.4	%		590
Income before income taxes		7.1	%		10.6	%		(350	)		20.0	%		(1,290	)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 11 of 19

LOGO

Stifel Bancorp - Financial Information and Credit Metrics




(Unaudited, 000s)	3/31/2025			3/31/2024			% Change			12/31/2024			% Change
Stifel Bancorp Financial Information:
Total assets	$	32,100,614		$	29,800,815			7.7	%	$	31,378,704			2.3	%
Total shareholder’s equity	$	2,183,596		$	2,062,271			5.9	%	$	2,134,900			2.3	%
Total loans, net (includes loans held for sale)	$	21,241,400		$	19,484,389			9.0	%	$	21,310,776			(0.3	%)
Residential real estate		8,699,229			8,096,975			7.4	%		8,565,193			1.6	%
Commercial and industrial		3,678,411			3,541,770			3.9	%		4,062,029			(9.4	%)
Fund banking		3,659,294			3,129,642			16.9	%		3,854,222			(5.1	%)
Securities-based loans		2,404,960			2,302,250			4.5	%		2,389,593			0.6	%
Construction and land		1,206,876			1,167,300			3.4	%		1,242,002			(2.8	%)
Commercial real estate		472,550			655,355			(27.9%	)		518,923			(8.9	%)
Other		250,948			198,568			26.4	%		247,783			1.3	%
Loans held for sale		1,016,127			534,593			90.1	%		578,980			75.5	%
Investment securities	$	8,329,552		$	7,292,490			14.2	%	$	8,108,877			2.7	%
Available-for-sale securities, at fair value		1,613,304			1,499,982			7.6	%		1,584,598			1.8	%
Held-to-maturity securities, at amortized cost		6,716,248			5,792,508			15.9	%		6,524,279			2.9	%
Unrealized losses on available-for-sale securities		(141,910	)		(187,163	)		(24.2	%)		(170,111	)		(16.6	%)
Total deposits	$	29,639,272		$	27,554,411			7.6	%	$	29,102,227			1.8	%
Demand deposits (interest-bearing)		29,180,478			27,357,692			6.7	%		28,580,415			2.1	%
Demand deposits (non-interest-bearing)		432,368			196,717			119.8	%		318,229			35.9	%
Certificates of deposit		26,426			2			nm			203,583			(87.0	%)

Credit Metrics:
Allowance for credit losses	$	170,266		$	163,936			3.9	%	$	170,044			0.1	%
Allowance as a percentage of retained loans		0.83	%		0.86	%					0.81	%
Net charge-offs as a percentage of average loans		0.05	%		0.01	%					0.02	%
Total nonperforming assets	$	160,891		$	59,429			170.7	%	$	160,901			(0.0	%)
Nonperforming assets as a percentage of total assets		0.50	%		0.20	%					0.51	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 12 of 19

LOGO

Stifel Bancorp - Loan and Investment Portfolio




(Unaudited, millions)	3/31/2025		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	8,699		33	%	Financials	$	935	25	%
Securities-based loans		2,405		9	%	Industrials		777	21	%
Home equity lines of credit and other		251		1	%	Information technology		656	18	%

Total consumer		11,355		43	%	Consumer discretionary		359	10	%

Commercial and industrial		3,678		14	%	REITs		244	7	%
Fund banking		3,659		14	%	Materials		210	6	%
Construction and land		1,207		5	%	Communication services		144	4	%
Commercial real estate		473		2	%	Healthcare		131	4	%

Total commercial		9,017		35	%	Hotel, leisure, restaurants		112	3	%

Total loan portfolio		20,372		78	%	Consumer staples		76	2	%

Unfunded commitments		5,677		22	%

Total	$	26,049		100	%

						CLO by Major Sector
						High tech industries	$	682	10	%
Investment Portfolio						Banking, finance, insurance, & real estate		666	10	%
CLO	$	6,678		79	%	Services: business		630	9	%
Agency MBS		1,098		13	%	Healthcare & pharmaceuticals		592	9	%
Corporate bonds		465		5	%	Construction & building		318	5	%
SBA		91		1	%	Hotel, gaming, & leisure		313	5	%
Student loan ARS		70		1	%	Chemicals, plastics, & rubber		256	4	%
CMBS		67		1	%	Capital equipment		243	4	%
Other		3		0	%	Services: consumer		240	4	%

Total Portfolio	$	8,472		100	%	Telecommunications		228	3	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 13 of 19

LOGO

Loans and Lending Commitments - Allowance for Credit Losses



	March 31, 2025
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %	Q1 Provision
Residential real estate	$	8,699,229	$	11,173	0.13%	$	111
Commercial and industrial		3,678,411		92,292	2.51%		11,402
Fund banking		3,659,294		10,246	0.28%		(546	)
Securities-based loans		2,404,960		2,928	0.12%		11
Construction and land		1,206,876		13,250	1.10%		385
Commercial real estate		472,550		9,367	1.98%		1,309
Other		250,948		805	0.32%		(121	)

Loans held for investment, gross		20,372,268		140,061	0.69%		12,551
Loans held for sale		1,016,127

Total loans, gross		21,388,395
Lending-related commitments (unfunded)		5,676,513		30,205	0.53%		(531	)

Loans and lending-related commitments	$	27,064,908	$	170,266		$	12,020


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 14 of 19

LOGO

Consolidated Net Interest Income



	Three Months Ended
	March 31, 2025							March 31, 2024							December 31, 2024
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	2,467.1	$	26.3		4.27	%	$	4,060.3	$	54.3		5.35	%	$	2,892.8	$	35.3		4.88	%
Financial instruments owned		1,242.5		6.5		2.11	%		911.7		4.9		2.13	%		1,238.5		6.8		2.19	%
Margin balances		835.8		13.9		6.64	%		699.8		14.2		8.12	%		724.1		13.3		7.34	%
Investments:
Asset-backed securities		6,617.4		101.4		6.13	%		6,011.1		109.1		7.26	%		6,620.1		111.7		6.75	%
Mortgage-backed securities		1,117.2		8.7		3.09	%		916.5		5.2		2.29	%		1,079.7		7.9		2.94	%
Corporate fixed income securities		496.3		3.4		2.75	%		606.5		4.2		2.76	%		517.9		3.6		2.70	%
Other		4.8		—		2.62	%		4.7		—		2.55	%		4.7		—		2.55	%

Total investments		8,235.7		113.5		5.51	%		7,538.8		118.5		6.29	%		8,222.4		123.2		5.99	%
Loans:
Residential real estate		8,633.5		81.0		3.75	%		8,060.6		67.8		3.37	%		8,483.8		77.7		3.67	%
Commercial and industrial		4,113.5		75.5		7.34	%		3,527.5		81.3		9.21	%		3,977.0		80.4		8.09	%
Fund banking		3,798.2		66.4		7.00	%		3,418.8		67.8		7.94	%		3,606.1		67.9		7.53	%
Securities-based loans		2,387.8		36.5		6.12	%		2,297.1		41.6		7.25	%		2,320.4		38.1		6.57	%
Commercial real estate		498.4		8.2		6.54	%		658.3		11.9		7.20	%		551.1		10.1		7.30	%
Construction and land		1,216.6		21.8		7.16	%		1,099.9		22.9		8.34	%		1,260.1		24.3		7.73	%
Loans held for sale		589.0		11.2		7.62	%		489.3		9.0		7.36	%		499.4		10.4		8.30	%
Other		248.8		4.4		6.97	%		191.7		3.8		7.92	%		237.6		4.4		7.33	%

Total loans		21,485.8		305.0		5.68	%		19,743.2		306.1		6.20	%		20,935.5		313.3		5.99	%
Other interest-bearing assets		996.8		10.4		4.17	%		755.0		8.8		4.63	%		909.7		8.8		3.89	%

Total interest-bearing assets/interest income		35,263.7		475.6		5.40	%		33,708.8		506.8		6.01	%		34,923.0		500.7		5.73	%
Interest-bearing liabilities:
Senior notes		616.7		7.1		4.63	%		1,115.7		12.5		4.48	%		616.5		7.1		4.64	%
Deposits		28,622.8		193.1		2.70	%		27,607.8		230.1		3.33	%		28,535.1		208.4		2.92	%
Other interest-bearing liabilities		1,453.6		13.4		3.66	%		1,385.8		12.1		3.49	%		1,328.9		12.7		3.81	%

Total interest-bearing liabilities/interest expense	$	30,693.1		213.6		2.78	%	$	30,109.3		254.7		3.38	%	$	30,480.5		228.2		2.99	%

Net interest income/margin			$	262.0		2.97	%			$	252.1		2.99	%			$	272.5		3.12	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 15 of 19

LOGO

Stifel Bancorp Net Interest Income



	Three Months Ended
	March 31, 2025							March 31, 2024							December 31, 2024
(Unaudited, millions)	Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate			Average balance		Interest income/expense		Average interest rate
Interest-earning assets:
Cash and federal funds sold	$	1,512.8	$	17.4		4.60	%	$	2,845.9	$	39.6		5.56	%	$	1,870.0	$	24.1		5.16	%
Investments		8,235.7		113.5		5.51	%		7,538.8		118.5		6.29	%		8,222.4		123.2		5.99	%
Loans		21,485.8		305.0		5.68	%		19,743.2		306.1		6.20	%		20,935.5		313.3		5.99	%
Other interest-bearing assets		66.7		0.8		5.15	%		62.7		0.8		4.71	%		66.5		0.9		5.11	%

Total interest-bearing assets/interest income	$	31,301.0	$	436.7		5.58	%	$	30,190.6	$	465.0		6.16	%	$	31,094.4	$	461.5		5.94	%
Interest-bearing liabilities:
Deposits	$	28,622.8	$	193.1		2.70	%	$	27,607.8	$	230.1		3.33	%	$	28,535.1	$	208.4		2.92	%
Other interest-bearing liabilities		92.6		1.4		5.83	%		55.1		1.0		7.61	%		92.3		1.5		6.67	%

Total interest-bearing liabilities/interest expense	$	28,715.4		194.5		2.71	%	$	27,662.9		231.1		3.34	%	$	28,627.4		209.9		2.93	%

Net interest income/margin			$	242.2		3.10	%			$	233.9		3.10	%			$	251.6		3.24	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 16 of 19

LOGO

GAAP to Core Reconciliation


	Three Months Ended
(Unaudited, 000s)	3/31/2025			3/31/2024			Change			12/31/2024			Change
GAAP net revenues	$	1,255,469		$	1,163,038					$	1,364,682
Non-GAAP adjustments		(14	)		—						39

Non-GAAP net revenues		1,255,455			1,163,038						1,364,721

GAAP compensation and benefits expense		732,220			679,695						795,750
Merger-related and other (17)		(4,056	)		(5,533	)					(4,211	)

Non-GAAP compensation and benefits expense		728,164			674,162						791,539

GAAP non-compensation operating expenses		459,885			264,652						302,731
Merger-related and other (17)		(8,619	)		(6,621	)					(12,140	)

Non-GAAP non-compensation operating expenses		451,266			258,031						290,591

Total adjustments		(12,661	)		(12,154	)					(16,390	)


GAAP provision for income taxes		10,372			55,116						22,196
Merger-related and other (18)		2,097			3,063						1,365

Non-GAAP provision for income taxes		12,469			58,179						23,561

Financial ratios (change in bps):
Compensation and benefits		58.0	%		58.0	%		—			58.0	%		—
Non-compensation operating expenses		35.9	%		22.2	%		1,370			21.3	%		1,460
Income before income taxes		6.1	%		19.8	%		(1,370	)		20.7	%		(1,460	)
Effective tax rate		16.4	%		25.2	%		(880	)		8.3	%		810


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 17 of 19

LOGO

Footnotes


	(1)			Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
	(2)			Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
	(3)			Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
	(4)			Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $82.5 million, $73.9 million, and $80.3 million, as of March 31, 2025 and 2024, and December 31, 2024, respectively.
	(5)			Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 23, 2025.
	(6)			Includes capital raising and advisory revenues.
	(7)			Includes independent contractors of 119, 114, and 113 as of March 31, 2025 and 2024, and December 31, 2024, respectively.
	(8)			Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
	(9)			Includes Private Client Group and Trust Business.
	(10)			Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
	(11)			Asset management assets managed in Private Client Group or Trust accounts.
	(12)			Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks.
	(13)			Represents client assets in Treasury Securities with maturities of 52 weeks or less.
	(14)			During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.
	(15)			Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
	(16)			Includes net interest, asset management, and other income.
	(17)			Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
	(18)			Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 18 of 19

LOGO

Disclaimer and Legal Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s first quarter earnings release issued April 23, 2025.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2025 Earnings Release		Page 19 of 19

EX-99.3 4 d857347dex993.htm EX-99.3 EX-99.3

Exhibit 99.3 First Quarter 2025 Financial Results Presentation April 23, 2025 Quarterly Earnings Report

First Quarter Snapshot 1Q25 RESULTS millions, except per share and ratios NET REVENUE NET EARNINGS EPS 1Q25: GAAP & NON-GAAP $1,255 1Q25: GAAP $0.39 & NON-GAAP $0.49 1Q25: GAAP $44 & NON-GAAP $54 BOOK VALUE PER SHARE ANNUALIZED ROTCE* ANNUALIZED ROCE TBV $33.31 BV $47.08 1Q25:GAAP 3.5% & NON-GAAP 4.4% 1Q25:GAAP 5.0% & NON-GAAP 6.2% * Please see our definition of ROTCE in our first quarter 2025 earnings release HIGHLIGHTS Record First Quarter Added 36 Financial Advisors Net Revenue From B. Riley Financial Record First Quarter Net Revenue Highest Equity Transactional Global Wealth Management Revenue Since Fourth Quarter 2021 Record Asset Repurchased 2.0 million Management Revenue Common Shares Quarterly Earnings Report 1

First Quarter Operating Results Impact of Legal Operating Results ex. Legal Sequential Sequential millions 1Q25 Y/Y Change millions 1Q25 Y/Y Change Change Change Non-GAAP Pre-tax Income $76 Global Wealth Management $851 8% -2% Legal $180 Institutional 385 10% -20% Adjusted Pre-tax Income $256 Other 20 -6% -6% Adjusted Tax rate 25% Net revenue 1,255 8% -8% Adjusted Net Income to Common Shareholders $183 Compensation expense 728 8% -8% 1 Impact to EPS of Legal -$1.16 Operating expense 259 3% -7% 2 Non-GAAP EPS $0.49 12 128% 1% Provision for credit loss 3 Non-GAAP Operating expense ratio 34.7% 1330 bps 1460 bps Pre-tax pre-provision income 268 19% -9% Non-GAAP Pre-tax operating margin 6.1% -1370 bps -1460 bps Pre-tax income 256 15% -9% 4 Non-GAAP ROTCE 6.2% -1470 bps -2210 bps Taxes 64 36% 172% Net income 192 9% -26% REVENUE BRIDGE Preferred dividends 9 0% 0% $1,280 Net income available to common shareholders 183 10% -27% $5 $1,255 $1,260 $6 $10 $18 $1,240 Diluted EPS $1.65 10% -26% $54 $1,220 Compensation ratio 58.0% 0 bps 0 bps 3 Operating expense ratio 20.6% -10 bps 20 bps $1,200 Pre-tax operating margin 20.4% 0 bps -30 bps $1,180 $1,163 Book value per share $47.08 5% -4% $1,160 Tangible book value per share $33.31 9% -5% $1,140 4 ROTCE 26.8% 590 bps -150 bps $1,120 (1) Operating Expense = Non-Compensation Expense – Provision for Credit Loss (2) Provision for Credit Loss at bank subsidiary (3) Operating Expense Ratio excludes Provision for Credit Loss (4) Please see our definition of ROTCE in our first quarter earnings release Quarterly Earnings Report 2 millions

Wealth Management: Continues to Drive Growth CONSISTENT GROWTH $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Brokerage Asset Management & Service Fees Net Interest Investment Banking & Other *2025 GWM Net Revenue based on annualized results through 3/31/2025 RECRUITING DRIVES REVENUE GROWTH PERCENTAGE OF RECURRING REVENUE REMAINS HIGH $400 750 100% 700 $350 90% 650 22% 24% 24% 23% 34% 32% 32% 600 80% 33% 39% 46% $300 550 70% 500 60% $250 450 50% 400 $200 40% 78% 350 76% 76% 77% 66% 66% 66% 64% 30% 300 60% $150 53% 250 20% 200 $100 10% 150 0% 100 $50 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50 $- 0 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 Net Interest Income & Asset Management Fees Transactional & Investment Banking T-12 Cumulative Production Cumulative Gross FAs Quarterly Earnings Report 3 Net Revenue (millions) millions Financial Advisors

Variance to Consensus Estimates Commentary on Variance to Analyst Estimates First Quarter Results Variance to Consensus Estimates ■ Commissions & Principal Transactions: (in Millions, except diluted EPS and share data) 1Q25 1Q25 Mean % ∆ Revenues Operating* Analyst ■ Stronger Revenue from Institutional Equites Commissions + Principal transactions $335 $354 (5%) Investment banking $238 $228 4% ■ Lower Global Wealth Management & Institutional Asset management and service fees $410 $407 1% Fixed Income Net interest $262 $269 (3%) ■ Investment Banking: Net revenues $1,255 $1,269 (1%) ■ Stronger Advisory Revenue Non-interest expenses Compensation and benefits 728 735 (6%) ■ Stronger Equity Underwriting Revenue Compensation Ratio 58.0% 57.9% 10 bps ■ Net Interest Income Non-compensation expenses 451 280 (161%) ■ Lower Net Interest Margin Total non-interest expenses 1,179 1,015 (16%) Income before income taxes 76 254 (70%) ■ Non-compensation Expense: Provision for income taxes 12 62 80% ■ Includes $180 million of Legal Matters Tax Rate 16.4% 24.3% (790 bps) ■ Tax Rate: Net Income $64 $193 (67%) Diluted Operating EPS $0.49 $1.64 (70%) ■ Impact of Excess Tax Benefit in Stock-based After-tax EPS Impact of Legal Reserve** ($1.16) Compensation * Non-GAAP ** Impact of Legal Reserve calculated as legal reserves of $180 million, and adjusted tax rate of 25%, divided by the average diluted share count. Quarterly Earnings Report 4

Global Wealth Management HIGHLIGHTS GLOBAL WEALTH MANAGEMENT REVENUE Sequential ■ Record First Quarter Net Revenue millions 1Q25 Y/Y Change Change ■ Record Quarterly Asset Management Revenue Transactional $186 3% -7% Asset Management 410 11% 1%■ Added 52 Financial Advisors, Including 9 Experienced with Total Trailing Twelve Month Production of $11.7 Net Interest 246 4% -4% million Investment Banking 6 38% 14% ■ Non-compensation Expense Impacted by Legal Other 3 nm nm Total Global Wealth Management Net $851 8% -2% Revenue Comp. Ratio 49.6% 30 bps 110 bps Non-Comp. Ratio 35.5% 2160 bps 2060 bps NET REVENUE & MARGIN Provision for credit loss $12 142% 1% Pre-tax Margin 14.9% -2190 bps -2170 bps 45% $900 $865 $851 Pre-tax Pre-provision Margin 16.3% -2120 bps -2160 bps $827 $850 $801 $791 40% $800 CLIENT ASSET METRICS $750 37.3% Sequential 35% $700 36.6% millions 1Q25 Y/Y 36.8% 35.6% Change 36.5% $650 Total Client Assets $485,860 4% -3% Fee-based Client Assets $189,693 7% -2% 30% $600 1Q24 2Q24 3Q24 4Q24 1Q25* Private Client Fee-based Client Assets $166,035 7% -1% Net Revenue Pre-tax Margin * Excludes impact of $180 mil. of legal expenses Quarterly Earnings Report 5 Margin Net Revenue (millions)

Strong Bank Fundamentals CLIENT CASH LEVELS IMPACTED BY SEASONALITY CONSISTENT BANK NIM AS RATES DECLINE $1,308 $1,305 7.00% $1,097 $1,092 6.00% $800 $771 $651 5.00% $505 $497 $368 $258 4.00% 3.24% 3.19% 3.17% 3.10% 3.10% 3.00% 2.00% ($623) 1.00% ($691) ($742) ($920) 0.00% 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Sweep Smart Rate Ticketed MMF Net Interest Margin Deposit Costs Asset Yields ALLOWANCE FOR CREDIT LOSSES / TOTAL LOANS ASSET GROWTH & SOLID NIM 3.50% $35,000,000 4.00% 3.00% 3.50% $30,000,000 3.00% 2.50% $25,000,000 2.50% 2.00% $20,000,000 2.00% $15,000,000 1.50% 1.50% 0.89% $10,000,000 0.88% 0.83% 0.85% 0.85% 1.00% 1.00% $5,000,000 0.50% 0.50% $0 0.00% 0.00% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q24 2Q24 3Q24 4Q24 1Q25 Investments Commercial Loans Consumer Loans Residential SBL CRE Construction C&I Unfunded / Other reserves* Total Reserve Ratio Cash & Other NIM Quarterly Earnings Report 6 millions Bank Assets (000s) Net Interest Margin

Institutional Group INSTITUTIONAL GROUP REVENUE HIGHLIGHTS Sequential millions 1Q25 Y/Y Change Change ■ Ranked #1 in Municipal Issuance in Number of Advisory $137 15% -28% Issues in 2025 with 13.2% Market Share Capital Raising $95 5% -14% Equity $49 22% 2% ■ Strong Investment Banking Contribution from Fixed Income $46 -9% -26% Transactional $149 4% -16% Financials Vertical Equity $60 10% 0% Fixed Income $89 1% -25%■ Highest Equity Transactional Revenue since Fourth Total Institutional Revenue* $385 10% -20% Quarter 2021. Comp. Ratio 65.6% 420 bps 700 bps Non-Comp. Ratio 27.3% -70 bps 590 bps Pre-tax Margin 7.1% -350 bps -1290 bps * Includes net interest, asset management, and other income INSTITUTIONAL GROUP NET REVENUE $500 $400 $300 $200 $100 $0 1Q24 2Q24 3Q24 4Q24 1Q25 Advisory Fees Capital Raising Brokerage Other * 2021 revenue based on annualized results through 9/30/2021 Quarterly Earnings Report 7 millions

Expenses Non-GAAP EXPENSE RATIOS NON-GAAP EXPENSES & PRE-TAX INCOME 65% 40% 35% millions 1Q25 1Q24 Y/Y Change 63% 30% 61% Compensation $728 $674 8% 25% 59% 20% Non-compensation Expense, $431 $245 76% 15% Ex. IB Gross Up & Credit Loss Provision 57% 58.0% 58.0% 58.0% 58.0% 58.0% 10% Credit Loss Provision & IB Gross Up $21 $13 58% 55% 5% Non-compensation $451 $258 75% 53% 0% 1Q24 2Q24 3Q24 4Q24 1Q25 Pre-tax Income $64 $173 -63% Non-compensation Operating Ratio Impact of Legal Accrual IB Gross up & Loan Loss Provision Compensation Ratio GAAP to Non-GAAP RECONCILIATION ANNUAL GAAP to Non-GAAP RESULTS $900 $800 (000s) 1Q25 $700 $600 GAAP Net Income $52,992 $500 $400 Preferred Dividend $9,320 $300 $200 Net Income available to common Shareholders $43,672 $100 $0 Non-GAAP After Tax Adjustments $10,564 2020 2021 2022 2023 2024 2025* Non-GAAP Net Income Available to Common $54,236 Shareholders GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments * For reconciliation of GAAP to non-GAAP expenses, refer to our first quarter 2025 earnings release. *2025 annual GAAP to non-GAAP results based on annualized results through 3/31/2025 Quarterly Earnings Report 8 millions Compensation Ratio Non-compensation Ratio

Capital Utilization HIGHLIGHTS FIRM-WIDE ASSETS & CAPITAL RATIOS $45,000 22.0% ■ Repurchased 900,000 Shares in Open Market $40,384 $39,896 20.0% $38,935 $40,000 $38,258 ■ Net Settled 1.1 million Shares tied to Equity-based $37,809 18.0% 18.2% Compensation 17.8% 17.9% $35,000 17.6% 16.0% 17.3% ■ 9.2 million Shares in Total Authorization 14.0% $30,000 12.0% ■ Total Assets Increased $488 million $25,000 11.4% 11.3% 10.0% 11.1% 10.8% 10.6% ■ Bank Funding Increased at CAGR of 10% Since 2020 $20,000 8.0% 1Q24 2Q24 3Q24 4Q24 1Q25 Assets Tier 1 Leverage Tier 1 Risk Based Capital $1,200,000 DEPLOYING EXCESS CAPITAL BANK FUNDING: A TRACK RECORD of GROWTH $1,000,000 $60,000 $50,000 $800,000 $40,000 $600,000 $30,000 $400,000 $20,000 $200,000 $10,000 $0 $0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 ($200,000) Bank Deposits Available Funding Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) *2024 Estimated Capital Generated based annualized 1Q24 Net Income plus current capital in excess of regulatory minimum. *2024 based on results through 3/31/2024 Quarterly Earnings Report 9 (000s) millions millions

Concluding Remarks Quarterly Earnings Report

First Quarter 2025 Financial Results Presentation April 23, 2025 Quarterly Earnings Report

Disclaimer Forward-Looking Statements This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions. All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Use of Non-GAAP Financial Measures The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure. Quarterly Earnings Report 12