Jefferies Financial Group Inc. · NYSE:JEF
Jefferies Financial — Investor Day (October 2026)
73 slides from Jefferies Financial's investor day presentation, Oct 19, 2026
Slide 1: 2026 Investor Meeting
2026Investor Meeting October 19, 2026
Slide 2: Important Disclosures
Important Disclosures 2 Forward Looking Statements. Certain statements contained herein may constitute “forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act
Slide 3: 2026 Investor Meeting Agenda
9:00 AM Jefferies Overview Rich Handler, CEO Brian Friedman, President 9:20 AM Financial Review Matt Larson, CFO 9:40 AM Investment Banking Andrea Lee, Co-Head of Global Investment Banking Raphael Bejarano, Global Head of Investment Banking John Miller, Global Head of Investment Banking 10:00 AM Equ
Slide 4: Jefferies Overview
JefferiesOverviewRich Handler, CEOBrian Friedman, President 4
Slide 5: A Unique Wall Street Firm
Global Footprint We have best-in-class people and serve many of the largest and most important clients across every significant country and economic area. Unique Cultureand Operating Model Our flat, nimble and entrepreneurial culture is built to create the best experience for our clients and the bes
Slide 6: Driving Long-Term Growth
Driving Long-Term Growth * This chart, presented from time to time, seeks to reflect how management contemplates Jefferies’ progression. Over the periods presented, Jefferies has gone through various transformative changes including, but not limited to, the combination of Leucadia National Corporati
Slide 7: Accelerating Our Momentum [From 2024 Investor Meeting]
Accelerating Our Momentum [From 2024 Investor Meeting] 7 Top 5 Global Investment Banking Firm Positioned for another step-change… Peer Leading Market Share Growth Strong Capital to Support Growth Increased Breadth & Depth of Coverage Subdued Market Set to Rebound In 2019 we were…. $10B Total Shareho
Slide 8: Accelerating Our Momentum
Accelerating Our Momentum 8 $8.1B Net Revenues (1)(7) Today we are… $937M Net Earnings (10) $11B Total Shareholders’ Equity (12) 13.1% Adjusted ROTE (11) #5 M&A & ECM (9) In 2019 we were…. With Validation in Our Results In LTM Q3’24 we were… 376 Investment Banking MDs (8) $10B Total Shareholders’ Eq
Slide 9: 2026+ Focused on Execution and Realization [From 2025 Investor Meeting]
2026+ Focused on Execution and Realization [From 2025 Investor Meeting] 9 2nd Highest Investment Banking Net Revenues (1) $3.6B LTM Q3’25 Record LTM Equities Revenues (1) $1.8B LTM Q3’25 Record Global Equities Cash Market Share (2) 5.0% Q2’25 Keep Driving Our Position as a Leading Wall Street Firm R
Slide 10: 2026 Focused on Execution and Realization
2026 Focused on Execution and Realization 10 2nd Highest Investment Banking Net Revenues (1) $3.6B LTM Q3’25 Record LTM Equities Revenues (1) $1.8B LTM Q3’25 Record Global Equities Cash Market Share (2) 5.0% Q2’25 Record LTM Investment Banking Net Revenues (1) Record LTM Advisory Revenues (1) Record
Slide 11: Focused on Executing and Realizing Our Platform's Potential
Focused on Executing and Realizing Our Platform’s Potential 11 Fixed Income Complexity Creates Opportunity Collaboration With Investment Banking Expands and Broadens Our Business Investment Banking Mid-Market Sell Side Private Equity Large-Cap Private Equity M&A Corporate M&A Global ECM Franchise Eq
Slide 12: Translating to EPS Growth
Translating to EPS Growth 12 Human Capital Largely at Scale, Leading to Productivity Gains Continuing to Scale and Leverage Our Operating Expenses Sales of Tessellis and Stratos Eliminating Losses Tech / AI to Drive Productivity in Revenue and Expenses
Slide 13: Financial Review
Financial ReviewMatt Larson, CFO 13
Slide 14: Financial Highlights
Financial Highlights Our Continued Growth is Supported by our Solid Financial Foundation $8.5B ▲119% SINCE 2019 NET REVENUES, LTM Q3’26 $0.9B ▲123% SINCE 2019 (1) NET EARNINGS TO ALL SHAREHOLDERS, LTM Q3’26 13.1% ▲726bps SINCE 2019 (1) ROTE TO ALL SHAREHOLDERS CONTINUING OPS (2) LTM Q3’26 (3) Revenu
Slide 15: Durable, High-Quality Revenues Driving Sustainable Growth
+119% Durable, High-Quality Revenues Driving Sustainable Growth Net Revenues by Type (1) ($ Billions) 87% NET REVENUE GROWTH DRIVEN BY INVESTMENT BANKINGFEES AND COMMISSIONS Fee-based revenues and client businesses drive our revenue growth, supporting the quality and durability of our earnings CLIEN
Slide 16: Investment Banking & Capital Markets Segment Profitability
Investment Banking & Capital Markets Segment Profitability Incremental YTD YoY Incremental Margin Platform Maturation and Market Position Improved competitive advantage has generated meaningful market share gains and record LTM net revenues – driving profitability Operating Leverage from Multi-Year
Slide 17: Investment Banking & Capital Markets Segment Profitability (Cont'd)
Investment Banking & Capital Markets Segment Profitability (Cont’d) Adjusted non-comp expense (4) $1.7B 2023 $1.3B Adjusted net revenues (3) $7.3B 2023 $4.2B RATIO IMPROVEMENT 24% Of adjusted net revenues (3), LTM Q3’26 vs. 30% as of 2023 ~20% Reduction in adjusted non-comp ratio (1), LTM Q3’26 vs.
Slide 18: Strategic Balance Sheet Growth, With Leverage Below Peers
Q3’26 Tangible Gross Leverage Ratio (1) Peer Average (2) 16.3x Jefferies 9.1x Strategic Balance Sheet Growth, With Leverage Below Peers Level 3 Assets remain limited, at approximately 3% of Financial Instruments Owned BALANCE SHEET GROWTH SINCE 2019 RISK DISCIPLINE 82% Increase in total assets large
Slide 19: We Continue to Return Meaningful Capital to Shareholders
We Continue to Return Meaningful Capital to Shareholders See pages 54-68 at the back of this presentation for endnotes. 19 Total Capital Returned (1)(2) Since 11/30/18 Capital Returned as % of Tangible Book Value Since 11/30/18 Reduction in Fully Diluted Shares Outstanding Since 11/30/18 $6.4B 79%
Slide 20: Jefferies AI Strategy Built on Ensuring Measurable Value
Jefferies AI Strategy Built on Ensuring Measurable Value Accelerating value creation at every level of the Firm, driven by business-led use cases Growing the enterprise AI platform with top-tier models and targeted customization Advancing at scale through engineering and development across key areas
Slide 21: Investment Banking Business Review
Investment Banking Business Review 21
Slide 22: Jefferies is One of the World's Leading Investment Banks
Jefferies is One of the World’s Leading Investment Banks 22 YTDSeptember 2026 8 6 2010 #17 2015 2020 2020 #10 #8 #6 376 Investment Banking MDs (1) 6th Globally in Investment Banking (2) 5th Global M&A (2) 6th Global ECM (2) Countries Operating in 24 See pages 54-68 at the back of this presentation f
Slide 23: Our Offering is Unique: A Global, Pure Play Investment Banking Firm
Our Offering is Unique: A Global, Pure Play Investment Banking Firm 23 Since 2020, we have transformed Jefferies to a tier-1 global investment bank Leading talent across every IB sub-vertical, and across sales, trading and research People SMBC and MassMutual partnerships allow us to provide scaled l
Slide 24: Our Share Gains Have Outstripped Our Leading Global Competitors
Our Share Gains Have Outstripped Our Leading Global Competitors Global Top 6 (M&A, ECM & LevFin) Fee Share – FY YTD Sep 30, 2026 (1) Share Change (bps) vs 2019 (1) 24 See pages 54-68 at the back of this presentation for endnotes.
Slide 25: We Rank 5th in Global Advisory and 5th in Global ECM
We Rank 5th in Global Advisory and 5th in Global ECM 25 LTM Q3’26 Global Rankings Advisory & ECM ($ Billions) Rank Advisory Ecm Total Revenue Ranking Δ Since 2019 2026 Multiple of TOTAL JEF Revenue 2019 Multiple of TOTAL JEF Revenue 1 Goldman Sachs (2) $5.9 $2.7 $8.6 2.2x 4.1x 2 JP Morgan (2) $4
Slide 26: Jefferies & SMBC: Early Days of Advancing Our Alliance
+27% +71% +314% +618% Jefferies & SMBC: Early Days of Advancing Our Alliance Jefferies Revenues # of Completed Transactions Strategic Partnership Delivering Tangible Results While Establishing A Foundation For The Next Phase Largest Sponsors (1) >3x market share growth across five original jointly c
Slide 27: Building Our Foundations
Building Our Foundations 27 Our investment banking franchise today is built on four core pillars Prior to 2019, our investment banking franchise was predominantly built around mid-market sell-side M&A and ECM, with a disproportionate focus on sponsors This decade, we have prioritized expanding our f
Slide 28: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation 28 Mid-Market Sell-Side Private Equity 1 3 Corporate M&A 2 Large-Cap Private Equity M&A 4 Global ECM Franchise #2 5 places since 2019 7.5% up 320bps since 2019 Mid-market sell-side PE M&A under $1B Record Fee share YTD (1) (1) See pages 54-68 at
Slide 29: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation 29 Mid-Market Sell-Side Private Equity 1 4 Global ECM Franchise 2 Large-Cap Private Equity M&A 3 Corporate M&A #3 5 places since 2019 20%+ 2025 & 2026 YTD PE M&A over $1B CV market Share (1) (2) See pages 54-68 at the back of this presentation for
Slide 30: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation 30 Mid-Market Sell-Side Private Equity 1 4 Global ECM Franchise 2 Large-Cap Private Equity M&A 3 Corporate M&A #8 10 places since 2019 3.5% 240bps since 2019 Corporate M&A over $1B Fee Share (1) (1) See pages 54-68 at the back of this presentatio
Slide 31: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation 31 Mid-Market Sell-Side Private Equity 1 2 Large-Cap Private Equity M&A 4 Global ECM Franchise 3 Corporate M&A #6 2 places since 2019 12 out of 17 $1B+ U.S. IPOs year to date Global ecm ranking bookrunner on (1) See pages 54-68 at the back of this
Slide 32: These Pillars Have Driven Long-Term Growth in Revenue, Share and Position
These Pillars Have Driven Long-Term Growth in Revenue, Share and Position 32 Total Wallet ($B): $50.9 $56.8 $96.6 $58.7 $46.1 $59.5 $72.5 $83.5 #8 3.2% #8 3.5% #8 3.2% #8 2.8% #8 3.9% #6 3.7% #6 4.2% #9 2.7% Investment Banking Net Revenues & Rank / Share (1)(2) ($ Billions) 2019 2020 2021 2022 2023
Slide 33: Equities Business Review
BUSINESS REVIEW Equities Jefferies =
Slide 34: Record Net Revenues & Profitability
Record Net Revenues & Profitability On pace to achieve record annual results Equities Net Revenues (1) ($ Millions) 34% 44% LTM Q3‘26 International revenue represents a record % of global revenue 17% CAGR International Americas 112% LTM Q3’26 growth vs. 2022 193% growth vs. 2019 ~5.2% Global Cash Ma
Slide 35: Three Pillars to Drive Strategic Growth
THREE PILLARS TO DRIVE STRATEGIC GROWTH 1 Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and Broadening our Client Footprint 2 Expand our Total Addressable Market by Building Client-Requested Capabilities and Higher-Margin Businesses 3 Continue Significant Market Sh
Slide 36: Grow Existing Businesses and Continue Globalizing the Franchise
Initiative Grow Existing Businesses and Continue Globalizing the Franchise, While Deepening and Broadening our Client Footprint Grow & Globalize International is now 44% of global S&T revenue, up from 40% in 2022 and 34% in 2019 86% of our Top 250 clients trade across all regions ($ Millions) Our in
Slide 37: Expand Our Total Addressable Market
Initiative Expand our Total Addressable Market by Building Client-Requested Capabilities and Higher-Margin Businesses Expand Our Total Addressable Market We have momentum in the businesses that align with our strategic initiatives and expand our TAM. These businesses serve as the engine for our futu
Slide 38: Continue Significant Market Share Gains and Revenue Momentum
Initiative Continue Significant Market Share Gains (1) and Revenue Momentum Gain Market Share We have demonstrated sustainable Cash share gains. Our goal is to efficiently and profitably continue this trend. #3 #3 H1’26 38 See pages 54-68 at the back of this presentation for endnotes.
Slide 39: Continued Execution – Further Growth
Continued Execution – Further Growth We have achieved consistent step changes in S&T revenue and are focused on delivering further growth through long-standing initiatives. Historical Base Step Change Achieved Further Growth Ahead S&T REVENUE LEVEL BUILT ON A FOUNDATION OF LONG-STANDING INITIATIVES
Slide 40: Global Collaboration
Global Collaboration ECM Cash Equities Derivatives Prime Services Research Corporate Access Japan Equity Client Coverage Japan ECM, Research & Corporate Access Capital, Liquidity, Balance Sheet Global Client Coverage & Sector Expertise Global Capabilities & Trading Technology Derivatives Solutions &
Slide 41: Fixed Income Business Review
Fixed Income Business Review 41
Slide 42: A diversified franchise creates resilient revenues through the cycle
A diversified franchise creates resilient revenues through the cycle Net Revenues 42 Fixed Income Net Revenues (1) ($ Millions) Strong foundations for 2027 See pages 54-68 at the back of this presentation for endnotes.
Slide 43: A Deliberately Focused Fixed Income Franchise
A Deliberately Focused Fixed Income Franchise 43 Our Business Model Our Key Businesses Leveraged Finance US Municipals Asset-Based and Consumer Finance Emerging Markets Investment Grade Highly Experienced Teams Deep Client Relationships World Class Research Differentiated and Actionable Insights Cre
Slide 44: Service Quality – Independent Surveys
Service Quality – Independent Surveys (1) 44 #2 US Distressed Debt #4 US EM Credit #5 EMEA ABS #4 US Distressed Debt #4 US Par Loans #5 EMEA Par Loans #5* EMEA ABS/CLO #2 US EM Credit #2 US Par Loans #3 EMEA ABS #4 US Distressed Debt #5 US Distressed Debt #5 US Par Loans #5 US Lev Credit 1st EU CLO
Slide 45: Asset Management Business Review
Asset Management Business Review 45
Slide 46: Overview of Asset Management
Jefferies Credit Partners (“JCP”) (1) October 2026: JefAM launched as a single point of connection to our diversified global alternatives capabilities, combining the marketing teams of Leucadia Asset Management (“LAM”) and Jefferies Credit Partners (“JCP”) Direct lending strategy focused on first li
Slide 47: Jefferies Asset Management (JefAM)
Enables us to further leverage synergies across Jefferies’ global platform, strengthen strategic initiatives, and cultivate deeper institutional relationships – enhancing the client experience Broader Jefferies Alignment Reflects our broader efforts to combine private credit and insurance solutions
Slide 48: Jefferies Pending Acquisition of Hildene/SILAC
Jefferies Pending Acquisition of Hildene/SILAC Hildene Capital Management SILAC’s Platform & Business Model Well-diversified portfolio that can be enhanced through the appropriate addition of certain alternatives Underwriting Providing annuity products and investing premiums received from policyhold
Slide 49: Jefferies Credit Partners
Source opportunities through Jefferies Financial Group partnership Leading global investment bank with ~1,900 bankers and a 20-year credit investing track record Momentum through differentiated access to deal flow; with JCP investment activity increasing 20% YoY as of June 2026 (1) OriginationAdvant
Slide 50: Capital Raising Update
Capital Raising Update Capital Raised (1) ($ Billions) JefAM global integrated Marketing & Investor Relations team includes ~50 professionals Our unified sales and marketing efforts have contributed to significant AUM growth; JefAM Team has raised over $7.0 billion in LTM Q3’26 (1) Continued focus o
Slide 51: Appendix A
Appendix AData Related to Slide 6 51
Slide 52: Appendix A - Data Related to Decades Slide
Appendix A - Data Related to Decades Slide Predecessor (2) Successor (2) JG (5) JFG (5) 12.1% - Net Revenue CAGR (6) 14.4% - Net Earnings (Losses) CAGR (6) Net Revenues (1)(4) ($ Billions) Net Earnings (Losses) (1)(4)(7) ($ Millions) (3) (3) 52 Footnotes on slide 53.
Slide 53: Footnotes Related to Appendix A
Footnotes Related to Appendix A Net revenues and net earnings attributable to common shareholders presented herein represent the operations of Jefferies Group LLC for the periods from 1990 to the third quarter of fiscal 2022, and the measures presented are derived from the quarterly and annual repor
Slide 54: Appendix B Endnotes
Appendix B Endnotes Jefferies =
Slide 55: Jefferies Overview and Financial Review - Appendix Endnotes
Jefferies Overview and Financial Review - Appendix Endnotes 55
Slide 56: Jefferies Overview and Financial Review Endnotes
Jefferies Overview and Financial Review Endnotes These notes refer to page 6 (“Driving Long-Term Growth”) The run-rate calculation method for 2020–2029 (Q4’26–2029) uses annualized Q3’26 YTD results. These notes refer to page 7 (“Accelerating Our Momentum [From 2024 Investor Meeting]”) Net revenues
Slide 57: Jefferies Overview and Financial Review Endnotes
Jefferies Overview and Financial Review Endnotes These notes refer to page 8 (“Accelerating Our Momentum”) Net revenues include the sum of Total Investment Banking, Total Capital Markets, and Total Select Asset Management. Total Select Asset Management is a non-GAAP measure. See Appendix C for the n
Slide 58: Jefferies Overview and Financial Review Endnotes
Jefferies Overview and Financial Review Endnotes These notes refer to page 10 (“Focused on Execution and Realization”) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology
Slide 59: Jefferies Overview and Financial Review Endnotes
Jefferies Overview and Financial Review Endnotes These notes refer to page 17 (“Investment Banking & Capital Markets Segment Profitability (Cont’d)”) Adjusted non-comp ratio is a non-GAAP financial measure. Adjusted non-comp ratio equals Investment Banking and Capital Markets non-compensation expens
Slide 60: Investment Banking - Appendix Endnotes
Investment Banking - Appendix Endnotes 60
Slide 61: Investment Banking Endnotes
Investment Banking Endnotes These notes refer to page 22 (“Jefferies is One of the World’s Leading Investment Banks”) MD headcount as of October 1, 2026. Source: Dealogic Global ex-China and Japan. Data FY YTD through September 30, 2026, as of October 5, 2026. M&A, ECM & LevFin only. These notes ref
Slide 62: Investment Banking Endnotes
Investment Banking Endnotes These notes refer to page 29 (“Expanding Our Focus and Broadening Our Foundation”) Source: Dealogic Global ex-China and Japan. Data FY YTD through September 30, 2026, as of October 5, 2026. Internal estimate. These notes refer to page 30 (“Expanding Our Focus and Broadeni
Slide 63: Equities - Appendix Endnotes
Equities - Appendix Endnotes 63
Slide 64: Equities Endnotes
Equities Endnotes These notes refer to page 34 (“Record Net Revenues & Profitability”) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest e
Slide 65: Fixed Income - Appendix Endnotes
Fixed Income - Appendix Endnotes 65
Slide 66: Fixed Income Endnotes
Fixed Income Endnotes These notes refer to page 42 (“Net Revenues”) Revenues are presented net of allocations of interest income and interest expense. During the third quarter ended August 31, 2023, we refined our allocated net interest methodology to better reflect net interest expense across our b
Slide 67: Asset Management - Appendix Endnotes
Asset Management - Appendix Endnotes 67
Slide 68: Asset Management Endnotes
Asset Management Endnotes These notes refer to page 46 (“Overview of Asset Management”) Jefferies, through its 50% ownership in JFIN has an economic interest in Jefferies Credit Partners (JCP). The financial results attributable to 50% ownership are reported through Jefferies Investment Banking segm
Slide 69: Appendix C Non-GAAP Reconciliations
Appendix CNon-GAAP Reconciliations 69
Slide 70: Reconciliation of Annualized Return on Adjusted Tangible Shareholders' Equity
Fiscal Year Ended Nine Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended 2019 August 31, 2024 November 30, 2025 February 28, 2026 May 31, 2026 August 31, 2026 Net earnings attributable to common shareholders (GAAP) $959,593 $462,719 $190,890 $155,700 $226,234 $
Slide 71: Reconciliation of Tangible Assets, Tangible Equity and Tangible Gross Leverage Ratio
Reconciliation of Tangible Assets, Tangible Equity and Tangible Gross Leverage Ratio (non-GAAP financial measures) Note: The above table reconciles certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the dis
Slide 72: Reconciliation of Total Select Asset Management Revenues
Reconciliation of Total Select Asset Management Revenues(non-GAAP financial measure) Note: The above table reconciles certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed non-GAAP measures and a
Slide 73: Reconciliation of Adjusted Net Earnings
Reconciliation of Adjusted Net Earnings (non-GAAP financial measure) Note: The above table reconciles certain Jefferies Financial Group non-GAAP financial information to their respective U.S. GAAP measures. Jefferies Financial Group believes that the disclosed non-GAAP measures and any adjustments t
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