Jefferies Financial Group Inc. · NYSE:JEF
Jefferies Financial — Investor Day (October 2025)
70 slides from Jefferies Financial's investor day presentation, Oct 16, 2025
Slide 1: 2025 Investor Meeting
2025 Investor Meeting Jefferies Financial Group Inc. OCTOBER 16 TH , 2025
Slide 2: Important Disclosures
Important Disclosures 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 o
Slide 3: 2025 Investor Meeting Agenda
2025 Investor Meeting Agenda 9:00 AM Jefferies Rich Handler, CEO Overview Brian Friedman, President 9:20 AM Financial Review Matt Larson, CFO 9:40 AM Investment Raphael Bejarano, Global Head of Investment Banking Banking John Miller, Global Head of Investment Banking Andrea Lee, Co-Head of Global In
Slide 4: Jefferies Overview
Jefferies Overview Rich Handler, CEO Brian Friedman, President 4
Slide 5: Unique Wall Street Firm
Unique Focused on Favorable Exceptional Wall Street Execution and “Normal” Opportunities Firm Realization Environment for Continued Growth 5
Slide 6: We are Driven to Deliver for Our Clients
Jefferies is Unique: A Pure-Play Global Investment Banking & Capital Markets Firm Investment Banking | Capital Markets | Alternative Asset Management We are Driven Differentiated Approach Unmatched Sector Expertise Global Footprint to Deliver for Flat and nimble traditional Wall Street culture, with
Slide 7: We think in decades; we are on pace to more than double last decade’s results
We think in decades; we are on pace to more than double last decade’s results NET REVENUES NET EARNINGS ($ MILLIONS) ($ MILLIONS) $4,647 $35,230 $27,185 $2,394 $11,285 $635 $3,594 $352 1990s 2000s 2010s 2020-Q3'25 1990s 2000s 2010s 2020-Q3'25 *This chart, presented from time to time, seeks to reflec
Slide 8: Focused on Execution and Realization
Focused on Execution and Realization We have continually invested in and developed our core businesses; we have momentum in our results 2025 2026+ 2nd Highest $3.6B Keep Driving Our Position Investment Banking Net Revenues (1) LTM Q3’25 as a Leading Wall Street Firm Record LTM $2.1B Realize Maturati
Slide 9: Momentum Ramping Up
Momentum Ramping Up Q3’25 portends momentum in market activity… ...offering a glimpse into our potential forward momentum in Investment Banking Global Investment Banking Market Size (1) Global Investment Banking Market Share (1) ($ Billions / Dealogic) (Dealogic) +30bps 4.1% +115bps 3.8% +20% $74 2.
Slide 10: Exceptional Opportunities for Continued Growth
Exceptional Opportunities for Continued Growth Continue to Recruit Best-in-Class Talent Leverage Strategic Partnerships Further Expand Product Offering to Further Serve our Clients Continue to Expand Coverage Enhance Technology & Infrastructure 10
Slide 11: Jefferies & SMBC: Productive Launch
Jefferies & SMBC: Productive Launch # of Alliance Related Deals Delivering deeply complementary global investment banking and corporate banking capabilities to our clients +96% Broad Global Lending Seamless Client Coverage Presence Execution 2023A 2024 2025A Full-service suite of product capabilitie
Slide 12: Jefferies & SMBC: Advancing Our Alliance – September 2025 Announcement
Jefferies & SMBC: Advancing Our Alliance – September 2025 Announcement SMBC to Increase Equity Ownership in Jefferies from 14.5% to up to 20% in the Open Market (1) Japan Equities Joint Venture Expanded Joint Sponsor Coverage $2.5B in New Credit Facilities Our shared goal is to be the #1 institution
Slide 13: Diversified Asset Management Offering
Diversified Asset Management Offering EVOLVING ASSET CLASS MIX EXPANDING ASSET MANAGEMENT PORTFOLIO Total Select Asset Management Revenue (1) Aggregate NAV-Equivalent AUM (2) ($ Millions) ($ Billions) Other Credit Platform +$3B $31 LTM $28 Q3'25 $23 $141 $189 $354 Q4'24 Q3'25 2024 $45 $107 $164 $316
Slide 14: Unique Wall Street Firm
Unique Focused on Favorable Exceptional Wall Street Execution and “Normal” Opportunities Firm Realization Environment for Continued Growth 14
Slide 15: Financial Review
sual us| |. i | el label AT Financial Fe ererr Review Jefferies 1s
Slide 16: Momentum
Momentum NET NON-COMPENSATION ROTE TO ALL SHAREHOLDERS REVENUES EXPENSES FROM CONTINUING OPS (1) $7.2B LTM Q3’25 +86% 2019: $3.9B $2.6B +42% 2019: $1.8B 10.3% +440bps LTM Q3’25 (2) 2019: 5.9% LTM Q3’25 Executing Our Fees & Commissions Strong Capital Base Growth Strategy Driving Revenue & Risk Manage
Slide 17: Low-Risk Fee-Based Revenue Driving Growth
Low-Risk Fee-Based Revenue Driving Growth We continue to direct our business mix …powered by momentum in our towards low-risk fee-based revenues… Investment Banking and Capital Markets franchises Net Revenues by Type (1) Net Revenues (1) ($ Millions) ($ Billions) Other AM Fees +116% +91% Commissions
Slide 18: Balance Sheet Growth Driven by Client-Related Balances
Balance Sheet Growth Driven by Client-Related Balances Our growth in Total Assets continues to be aligned with supporting our clients’ evolving needs... Total Assets ($ Billions) $69 $49 Client Facilitation & Hedging Activity Growth of Our Prime Services Business 2019 Q3'25 …while not compromising o
Slide 19: Expenses Aligned with Business Growth
Expenses Aligned with Business Growth Expense growth …primarily by increased volumes facilitating revenue growth… in our Equities business… LTM Q3’25 vs. 2019 LTM Q3’25 vs. 2019 +137% +111% +86% +42% Non-Compensation Expenses Net Revenues BC&E Equities Net Revenues (1) …enabled by investments in our
Slide 20: Technology: Fueling Growth & Enabling the Firm of the Future
Technology: Fueling Growth & Enabling the Firm of the Future Transformation Enterprise Solutions Technology Accelerants A.I. Changing how employees operate by 50% of IT leveraging Expanding capabilities through giving them tools to automate daily accelerators to achieve traditional machine learning
Slide 21: Business Review
Business Review Jefferies =
Slide 22: Investment Banking
BUSINESS REVIEW Investment Banking 22
Slide 23: Jefferies Has Established Itself as One of the World’s Leading Global Investment Banks
Jefferies Has Established Itself as One of the World’s Leading Global Investment Banks 369 Investment Banking MDs (1) #6 23 #8 Operating Countries from #10 6 #17 8 6th 6th Global M&A (2) Globally in Investment Banking (2) 6th LTM Global ECM (2) 2010 2015 2020 2020 Q3 2025 See pages 60-69 at the back
Slide 24: Our Unique Culture and Sustained Investment Have Driven Long-Term Growth
Our Unique Culture and Sustained Investment Have Driven Long-Term Growth Investment Banking Net Revenues & Rank (1)(2) ($ Billions) $4.7 $3.6 $3.4 $2.9 $2.5 $2.3 $1.7 #6 #6 #8 #8 #8 #8 #9 FY19 FY20 FY21 FY22 FY23 FY24 LTM Q3 2025 See pages 60-69 at the back of this presentation for endnotes. 24
Slide 25: We Serve the World’s Largest Companies on Their Most Important Transactions
We Serve the World’s Largest Companies on Their Most Important Transactions September 2025 September 2025 August 2025 August 2025 July 2025 June 2025 June 2025 June 2025 Pending FinTech TMT FinTech Finance Healthcare Industrials Energy Healthcare $8,000,000,000 $906,000,000 $22,650,000,000 $1,277,00
Slide 26: 2025 Fee Wallet Increased by 11%; Sponsor Activity Yet to Return to Growth
2025 Fee Wallet Increased by 11%; Sponsor Activity Yet to Return to Growth Global Wallet ex. China and Japan (1) ($ Billions) OVERALL 11% CORPORATES 15% SPONSORS 4% FY24 vs. FY25 (1) FY24 vs. FY25 (1) FY24 vs. FY25 (1) $96 $59 $45 $37 $66 $59 $59 $39 $40 $39 $57 $51 $34 $32 $46 $20 $21 $19 $17
Slide 27: Jefferies is the Largest Pure-Play Global Investment Banking Firm
Jefferies is the Largest Pure-Play Global Investment Banking Firm LTM Global Rankings Advisory, ECM & DCM ($ Billions) RANKING Δ LTM MULTIPLE 2019 MULTIPLE OF RANK LTM REVENUE SINCE 2019 OF JEF REVENUE JEF REVENUE 1 JP Morgan (1) $9.9 2.8x 4.9x 2 Goldman Sachs (1) $8.8 2.5x 4.4x 3 Bank of Amer
Slide 28: Jefferies is a Global Leader in Advisory
Jefferies is a Global Leader in Advisory LTM Global Rankings Advisory ($ Billions) RANKING Δ LTM MULTIPLE 2019 MULTIPLE OF RANK LTM REVENUE SINCE 2019 OF JEF REVENUE JEF REVENUE 1 Goldman Sachs (1) $4.3 2.1x 4.2x 2 JP Morgan (1) $3.5 1.7x 3.1x 3 Evercore (2) $2.7 1.3x 2.2x 4 Morgan Stanley (
Slide 29: We are Established as a Leader in M&A in Each of our Key Markets
We are Established as a Leader in M&A in Each of our Key Markets AMER (62% of Total) (1) EMEA (27% of Total) (1) APAC - EX CHINA & JAPAN (6% of Total) (1) 4.3% 4.8% 4.6% 4.4% 2.6% 2.0% 2.5% 1.2% 1.5% 0.7% 0.0% 0.3% 0.6% 0.1% 0.0% 0.0% 0.2% 0.2% FY00 FY05 FY10 FY15 FY20 YTD 2025 FY00 FY05 FY10 FY15 F
Slide 30: Jefferies and SMBC: One Seamless Global Team
Jefferies and SMBC: One Seamless Global Team Deeply complementary global investment banking and corporate banking capabilities SMBC Provides Powerful Lending Capabilities and a Leading Japan Investment Banking Presence to Jefferies and Our Clients Investment Grade Leveraged Finance Pre-IPO Financing
Slide 31: Our Differentiated Approach Will Continue to Drive Outsized Growth
Our Differentiated Approach Will Continue to Drive Outsized Growth Significant market share growth since 2015 indicates that our approach is working. Jefferies is Growing Global (+140bps), Americas (+90bps), EMEA (+220bps) and APAC (+320bps) (1) In the past three years alone, we’ve accelerated Globa
Slide 32: Equities
BUSINESS REVIEW Equities Jefferies
Slide 33: Record Net Revenues
Record Net Revenues On pace to achieve record annual results for the second consecutive year 137% Equities Net Revenues (1) LTM Q3’25 growth vs. 2019 ($ Millions) 71% growth vs. 2022 $1,833 $1,593 7 of our top 8 quarters recorded since $1,294 Americas start of 2024 $1,061 $1,129 $1,139 $1,070 Americ
Slide 34: Milestone Rankings, Market Share, and Client Breadth
Milestone Rankings, Market Share, and Client Breadth Equities Research Best-in-class Advisory, Distribution, and Solution Capabilities Differentiated research, top-ranked global stock coverage TOP RANKED GLOBAL STOCK COVERAGE (6) US Electronic Trading (1)(2) Broader Client Footprint (5) 3,757 #1 Glo
Slide 35: Three Pillars to Drive Strategic Growth
Three Pillars to Drive Strategic Growth Growing and Globalizing Existing Businesses Equities Net Revenues (1) ($ Millions) $1,833 International is now 42% of global revenue, Grow Existing Businesses and Continue International 1 Globalizing the Franchise, while Deepening and up from 34% in 2019 $772
Slide 36: Three Pillars to Drive Strategic Growth
Three Pillars to Drive Strategic Growth Expanding our Addressable Market Expans ion Focus Areas Expanded TAM (1) ~$65B – 75B Grow Existing Businesses and Continue 1 Globalizing the Franchise, while Deepening and Prime Services Broadening our Client Footprint Derivatives Current TAM (1) ~$15B – 20B E
Slide 37: Three Pillars to Drive Strategic Growth
Three Pillars to Drive Strategic Growth Market Share and Revenue Momentum Grow Existing Businesses and Continue Global Cash Market Share (1) 1 Globalizing the Franchise, while Deepening and Broadening our Client Footprint Our market share gains since 2019 represent ~$600M of commission growth 2025 4
Slide 38: Joint Venture with SMBC in Japan Equities
Joint Venture with SMBC in Japan Equities The combination of our Japan Equities businesses strengthens our partnership and is consistent with our focus to grow and globalize our franchise, while deepening and Domestic Client Coverage + Global Client Coverage & Sector Expertise broadening our client
Slide 39: Fixed Income
BUSINESS REVIEW Fixed Income 39
Slide 40: Resilient Net Revenues
Resilient Net Revenues Navigating a challenging market environment with focus on geographical diversification and higher margin solution businesses Fixed Income Net Revenues (1) ($ Millions) Underperformance vs FY24 mostly in Q2’25 with $1,341 rebound in Q3’25 $1,167 Trading environment remains chal
Slide 41: Diversifying Our Revenues and Distribution across Regions
Diversifying Our Revenues and Distribution across Regions Improving Diversification and Revenue Mix Strengthening Our Cross-Border Distribution in Key Regions EMEA + APAC > ¼ of revenues (1) Distribution in MENA (2) Distribution in APAC (3) +72% 1.3x +477% 27% 25% 21% 2016-2019 2020-2024 9M 2025 201
Slide 42: Idea-Driven & Solution-Oriented Approach
Idea-Driven & Solution-Oriented Approach BEST-IN-CLASS SERVICE FOCUS ON QUALITY (1) ~65 Top 3 Dealer Relationships Most Helpful Traders U.S. EM Credit Top 3 Global EM Credit 1st Dedicated Desk Strategists and Economists covering over 120 unique U.S. Distressed Top 5 U.S. Distressed Debt Top 5 sector
Slide 43: Ongoing Commitment to be the “Partner of Choice” for our Clients
Ongoing Commitment to be the “Partner of Choice” for our Clients INCREASING MARKET PENETRATION DEEPENING CLIENT RELATIONSHIPS STRONG COMPETITIVE POSITIONING Change in Sales Revenues with Global Core # Number of Clients >$1M in Annual Global Fixed Income Change in Sales Revenue with Global Credit Cli
Slide 44: Delivering Value through Collaboration
Delivering Value through Collaboration Collaboration Global Fixed Income Sales Activity Outside across Regions and 40% ofBusinesses our revenues are derived from Global with integrated leadership 2x of Core Product Team since 2019 Products Trade Volume Electronic Voice ETF PT US High Yield 9M'25 A
Slide 45: Strengthening Origination through Synergies with Investment Banking
Strengthening Origination through Synergies with Investment Banking CONSUMER LOANS ABS (1) EURO CLO (2) US LEVERAGED FINANCE (3) #1 DEALS 22 #1 14.3% MARKET SHARE #3 US LEFT LEAD LBO 6.2% MARKET SHARE IN LTM Q3’25 SINCE 2022 IN 9M’25 IN 9M’25 SINCE 2020 MUNICIPALS (2) GLOBAL CLO (2) #5 6.4% 6.6% LON
Slide 46: Conclusions
Conclusions 1 We continue to progress our overall client franchise by focusing on quality share over simple market share 2 We leverage our global insight advantage and top tier execution capabilities to drive higher value solution- oriented trades 3 We are excited about our growth in the European, M
Slide 47: Asset Management
BUSINESS REVIEW Asset Management 47
Slide 48: Leucadia Asset Management – Overview
Leucadia Asset Management – Overview Our alternative asset management platform offers an innovative range of investment strategies to predominantly institutional clients through directly owned and affiliated managers • Platform constructed to achieve an efficient use of capital • We are committed to
Slide 49: Strategy in Action
Strategy in Action Since 2019, Jefferies has... • Growth in fee participation “acquired” via Limited Partner investments • Increased management fee revenue has yielded positive results despite volatile markets by 2.4x (1) • In the last twelve months, achieved management fees of $57 million, • Expand
Slide 50: Evolving Asset Classes
Evolving Asset Classes • Our platform and credit strategies have delivered consistent and steady upward-trending revenue performance • Gradual decline in other assets reflects our intentional reallocation of resources toward less-volatile strategies Total Select Asset Management Revenue (1) (2022 vs
Slide 51: Performance Profile
Performance Profile HedgeIndex Multi- LAM (2) Total Select Asset Management Revenue (1) Strategy Main Index (2019 vs LTM Q3’25) YTD Aug’25 (9 month) 5.8% 7.0% $ Millions LTM Q3’25 13.2% 7.5% 3-Year Total Return 47.6% 26.1% $381 $354 $316 Total Investment Return (2019 vs LTM Q3’25) $283 $ Millions $2
Slide 52: Fee Growth
Fee Growth • Long term goal is stability and growth of fee revenue, as evidenced by increased management fee revenue • In the last twelve months, $62 million of the $139 million total fees are from revenue share or profit share participation, which are associated with low direct costs +456% +4985% $
Slide 53: Capital Efficiency
Capital Efficiency • We look to recycle capital to support new strategies • Optimizing stable cash utilization, while broadening diversification, mitigates risk dependency on investment return Recycled Capital (1) (2019 to Q3’25) $ Billions $3.5 $(1.3) $1.6 $(1.7) $1.0 FYE 2019 New Investments Activ
Slide 54: Capital Raising Update
Capital Raising Update Aggregate NAV-Equivalent AUM (1) • Global Marketing & Investor Relations team includes (2019 vs Q3’25) $ Billions $31 27 professionals (up >2x from 2020) ‒ Hired two new MDs (US and Asia), as well as an SVP in the Middle East to optimize client coverage in respective regions •
Slide 55: Our Platforms and Strategies
Our Platforms and Strategies ($ BILLIONS) STRATEGY AUM (1) INVESTED DESCRIPTION (2) Multi Manager $2.5 2020 Asia-focused multi-manager platform investing across equities, credit, fixed income/rates, and FX (2) Multi Manager Equities $2.4 2019 Market-neutral equity platform focused on fundamental and
Slide 56: Appendix A
Appendix A Data Related to Slide 7 56
Slide 57: Appendix A - Data Related to Decades Slide
Appendix A - Data Related to Decades Slide Net Revenues (1) (4) Predecessor (2) Successor (2) JG (5) JFG (5) ($ Millions) Investment Banking Fixed Income Equities Asset Management & Other $7,232 $5,439 $5,197 $2,177 $2,395 $1,205 $365 $617 $144 (3) Net Earnings (Losses) (1) (4) ($ Millions) $934 $87
Slide 58: Footnotes Related to Appendix A
Footnotes Related to Appendix A 1) 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 rep
Slide 59: Appendix B
Appendix B Endnotes Jefferies»
Slide 60: Endnotes
Endnotes These notes refer to page 8 (1) 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 business units based on use
Slide 61: Endnotes
Endnotes These notes refer to page 17 (1) 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 business units based on use
Slide 62: Endnotes
Endnotes These notes refer to page 27 (1) Source: As of LTM Q3’25 (2) Source: As of LTM Q2’25 These notes refer to page 28 (1) Source: As of LTM Q3’25 (2) Source: As of LTM Q2’25 These notes refer to page 29 (1) Source: Dealogic - YTD 2025 as of 8/31/25 These notes refer to page 31 (1) Source: Dealo
Slide 63: Endnotes
Endnotes These notes refer to page 34 (1) Source: 2024 Greenwich (2) Source: 2024 Extel (3) Source: 2025 Extel (4) Source: 1H25 Third Party Market Survey (5) Source: Internally sourced, FYTD 2025 through August (6) Source: Starmine August 2025 These notes refer to page 35 (1) Revenues are presented
Slide 64: Endnotes
Endnotes These notes refer to page 40 (1) 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 business units based on use
Slide 65: Endnotes
Endnotes These notes refer to page 45 (1) Consumer Loans sourced from Finsight, trailing 12 months through August 2025 (2) CLO and Municipals sourced from Bloomberg (3) US Lev Fin sourced from Dealogic. Rankings based on U.S. LBO for all Sponsor-backed US Left Lead Leveraged Buyout Transactions unde
Slide 66: Endnotes
Endnotes These notes refer to page 54 (1) AUM includes aggregate NAV and NAV-equivalent assets under management held by us and our affiliated asset managers as of each period end These notes refer to page 55 (1) AUM includes aggregate NAV and NAV-equivalent assets under management held by us and our
Slide 67: Appendix C
Appendix C non-GAAP Reconciliations 67
Slide 68: Reconciliation of Annualized return on adjusted tangible shareholders’ equity
Reconciliation of Annualized return on adjusted tangible shareholders’ equity (non-GAAP financial measure) ($ Thousands) Fiscal Year Three Months Three Months Three Months Three Months Ended Ended Ended Ended Ended 2019 November 30, 2024 February 28, 2025 May 31, 2025 August 31, 2025 Net earnings at
Slide 69: Reconciliation of Total Select Asset Management Revenues
Reconciliation of Total Select Asset Management Revenues (non-GAAP financial measure) ($ Millions) LTM 2019 2020 2021 2022 2023 2024 8/31/2025 Asset management fees and revenues (GAAP) $25 $27 $121 $89 $94 $103 $139 Investment return (GAAP) $102 $256 $260 $157 $154 $212 $215 Total Select Asset Manag
Slide 70: Jefferies
Jefferies
Jefferies Financial Group — Investor Day (October 2025) on 6ix