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
2025Investor Meeting October 16th, 2025 Jefferies Financial Group Inc.
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: 2025 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 Raphael Bejarano, Global Head of Investment Banking John Miller, Global Head of Investment Banking Andrea Lee, Co-Head of Global Investment Banking 10:00 AM Equ
Slide 4: Jefferies Overview
JefferiesOverviewRich Handler, CEOBrian Friedman, President 4
Slide 5: Exceptional Opportunities for Continued Growth
5 Exceptional Opportunities for Continued Growth Favorable “Normal” Environment Focused on Execution and Realization Unique Wall Street Firm
Slide 6: We are Driven to Deliver for Our Clients
We are Driven to Deliver for Our Clients Jefferies is Unique: A Pure-Play Global Investment Banking & Capital Markets Firm 6 Investment Banking | Capital Markets | Alternative Asset Management Flat and nimble traditional Wall Street culture, with senior-led teams providing unmatched insight and exec
Slide 7: We think in decades; 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 *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 limite
Slide 8: 2026+ Focused on Execution and Realization
2026+ Focused on Execution and Realization 8 2nd Highest Investment Banking Net Revenues (1) $3.6B LTM Q3’25 Record LTM Equities Revenues $1.8B LTM Q3’25 Record Global Equities Cash Market Share (2) 5.0% Q2’25 Keep Driving Our Position as a Leading Wall Street Firm Realize Maturation of Platform Con
Slide 9: Q3'25 portends momentum in market activity
Q3’25 portends momentum in market activity… Momentum Ramping Up Economic tailwinds are building, pointing to a sustained rebound ahead… …aligning well with our strongest market position ever across our franchises 9 ...offering a glimpse into our potential forward momentum in Investment Banking +20%
Slide 10: Exceptional Opportunities for Continued Growth
Exceptional Opportunities for Continued Growth 10 Further Expand Product Offering to Further Serve our Clients Leverage Strategic Partnerships Enhance Technology & Infrastructure Continue to Expand Coverage Continue to Recruit Best-in-Class Talent
Slide 11: Jefferies & SMBC: Productive Launch
Jefferies & SMBC: Productive Launch 11 Broad Client Coverage Full-service suite of product capabilities across advisory and financing needs Global Lending Presence Truly large-scale credit capacity across all categories of lending Seamless Execution Highly integrated across the full range of our cli
Slide 12: Jefferies & SMBC: Advancing Our Alliance – September 2025 Announcement
12 Jefferies & SMBC: Advancing Our Alliance – September 2025 Announcement Our shared goal is to be the #1 institutional Japanese equities and ECM franchise Early Success In 2024, we launched joint coverage of selected large sponsor clients. Since launch: >4x Increase in Jefferies’ M&A and ECM Market
Slide 13: Diversified Asset Management Offering
Diversified Asset Management Offering PLATFORM Pacific Way CREDIT OTHER EXPANDING ASSET MANAGEMENT PORTFOLIO Aggregate NAV-Equivalent AUM (2) ($ Billions) +$3B EVOLVING ASSET CLASS MIX Total Select Asset Management Revenue (1) ($ Millions) CAGR:+14% 13 See pages 60-69 at the back of this presentatio
Slide 14: Exceptional Opportunities for Continued Growth
14 Exceptional Opportunities for Continued Growth Favorable “Normal” Environment Focused on Execution and Realization Unique Wall Street Firm
Slide 15: Financial Review
Financial Review 15
Slide 16: Fees & Commissions Driving Revenue
Fees & Commissions Driving Revenue Revenue Growth from Low-Risk Fee-Based Revenue Sources Momentum 16 NET REVENUES NON-COMPENSATION EXPENSES ROTE TO ALL SHAREHOLDERS from Continuing Ops (1) $7.2BLTM Q3’25 +86%2019: $3.9B $2.6BLTM Q3’25 +42%2019: $1.8B 10.3%LTM Q3’25 (2) +440bps2019: 5.9% Executing O
Slide 17: Net Revenues by Type
Net Revenues by Type (1) ($ Millions) 17 Net Revenues (1) ($ Billions) +116% +91% 82% of Revenue Growth Low-Risk Fee-Based Revenue Driving Growth 2019 Investment Banking Commissions Other LTM Q3’25 AM Fees We continue to direct our business mix towards low-risk fee-based revenues… …powered by moment
Slide 18: Balance Sheet Growth Driven by Client-Related Balances
Balance Sheet Growth Driven by Client-Related Balances 18 Level 3 Assets as a Percentage of Financial Instruments Owned $49 $69 Total Assets ($ Billions) Client Facilitation & Hedging Activity Growth of Our Prime Services Business Our growth in Total Assets continues to be aligned with supporting ou
Slide 19: Expenses Aligned with Business Growth
Expenses Aligned with Business Growth 19 +137% +111% …enabled by investments in our technology infrastructure to support our clients’ evolving needs Broader Prime Services & Derivative Capabilities Investments in Cyber, Cloud & A.I. Growth in Global E-Trading & Algo Businesses LTM Q3’25 vs. 2019 LTM
Slide 20: Technology: Fueling Growth & Enabling the Firm of the Future
Changing how employees operate by giving them tools to automate daily tasks and increase productivity Enterprise Solutions 50% of IT leveraging accelerators to achieve faster time to market Technology Accelerants Expanding capabilities through traditional machine learning and A.I. targeted solutions
Slide 21: Business Review
Business Review 21
Slide 22: Investment Banking Business Review
Investment Banking Business Review 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 LTM Q3 2025 8 6 2010 #17 2015 2020 2020 #10 #8 #6 369 Investment Banking MDs (1) 6th Globally in Investment Banking (2) 6th Global M&A (2) 6th Global ECM (2) Countries Operating from 23 23 See pages 60-69 at the b
Slide 24: Our Unique Culture and Sustained Investment Have Driven Long-Term Growth
Our Unique Culture and Sustained Investment Have Driven Long-Term Growth 24 Investment Banking Net Revenues & Rank (1)(2) ($ Billions) See pages 60-69 at the back of this presentation for endnotes.
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 Trusted Advisor To Major Global Companies And Sovereigns Sale of Canadian Insurance operations to Definity Financial Corporation Sole Financial Advisor May 2025 Finance $2,400,000,000 Acquisition of 20% stake in YES BANK Joi
Slide 26: 2025 Fee Wallet Increased by 11%; Sponsor Activity Yet to Return to Growth
2025 Fee Wallet Increased by 11%; Sponsor Activity Yet to Return to Growth 26 Global Wallet ex. China and Japan (1) ($ Billions) FY24 vs. FY25 (1) FY24 vs. FY25 (1) Corporates Sponsors Overall 11% 15% 4% FY24 vs. FY25 (1) See pages 60-69 at the back of this presentation for endnotes.
Slide 27: Jefferies is the Largest Pure-Play Global Investment Banking Firm
Jefferies is the Largest Pure-Play Global Investment Banking Firm 27 LTM Global Rankings Advisory, ECM & DCM ($ Billions) Rank LTM Revenue 1 JP Morgan (1) $9.9 2 Goldman Sachs (1) $8.8 3 Bank of America (2) $6.2 4 Morgan Stanley (2) $6.2 5 Citigroup (1) $4.3 6 Jefferies (1) $3.6 7 Barclays (2) $3.2
Slide 28: Jefferies is a Global Leader in Advisory
Jefferies is a Global Leader in Advisory 28 LTM Global Rankings Advisory ($ Billions) Rank LTM Revenue 1 Goldman Sachs (1) $4.3 2 JP Morgan (1) $3.5 3 Evercore (2) $2.7 4 Morgan Stanley (2) $2.4 5 Jefferies (1) $2.1 6 Lazard (2) $1.7 7 Bank of America (2) $1.7 8 Citigroup (1) $1.6 9 Moelis (2) $1.4
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 29 AMER (62% of Total) (1) EMEA (27% of Total) (1) APAC - EX CHINA & JAPAN (6% of Total) (1) SPONSOR (26% of Total) (1) CORPORATE (74% of Total) (1) Rankings 44 12 11 11 7 5 Rankings 132 41 30 15 13 7 Rankings - - 69 26 57 8 Rankings 4
Slide 30: Jefferies and SMBC: One Seamless Global Team
Jefferies and SMBC: One Seamless Global Team 30 Investment Grade Corporate Lending Bridge Loans • Term Loan A • Acquisition Finance Leveraged Finance Balance Sheet Capacity for Larger Underwrites Pre-IPO Financing Revolvers • Term Loans• Margin Loans Fund Finance Subscription Lines • NAV Facilities•
Slide 31: Our Differentiated Approach Will Continue to Drive Outsized Growth
Our Differentiated Approach Will Continue to Drive Outsized Growth With 131% Revenue growth since 2019, we are closing the gap with leading global competitors who’ve seen lower gains: Peer group (+16%) and market average (+19%) (2) Material Upside Exists In the past three years alone, we’ve accelera
Slide 32: Business Review: Equities
BUSINESS REVIEW Equities Jefferies =
Slide 33: Record Net Revenues
On pace to achieve record annual results for the second consecutive year Record Net Revenues 33 International Revenue has grown significantly and now represents a record % of global revenue 137% LTM Q3’25 growth vs. 201971% growth vs. 2022 7of our top 8 quarters recorded since start of 2024 5% Globa
Slide 34: Milestone Rankings, Market Share, and Client Breadth
Milestone Rankings, Market Share, and Client Breadth 34 Equities Best-in-class Advisory, Distribution, and Solution Capabilities Research Differentiated research, top-ranked global stock coverage Top Ranked Global Stock coverage (6) Broader Client Footprint (5) Number of Clients 6% US Cash 7% UK Cas
Slide 35: Three Pillars to Drive Strategic Growth: Growing and Globalizing Existing Businesses
Three Pillars to Drive Strategic Growth Growing and Globalizing Existing Businesses Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and Broadening our Client Footprint 1 35 International is now 42% of global revenue, up from 34% in 2019 3x International Revenue Growt
Slide 36: Expansion Focus Areas
Expansion Focus Areas Expand our Total Addressable Market by Building Client-Requested Capabilities and Higher Margin Businesses 2 Three Pillars to Drive Strategic Growth Expanding our Addressable Market Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and Broadening
Slide 37: Three Pillars to Drive Strategic Growth: Market Share and Revenue Momentum
Three Pillars to Drive Strategic Growth Market Share and Revenue Momentum Continue Significant Market Share and Revenue Momentum 3 Grow Existing Businesses and Continue Globalizing the Franchise, while Deepening and Broadening our Client Footprint 1 Expand our Total Addressable Market by Building Cl
Slide 38: Global Collaboration
Global Collaboration ECM Cash Equities Derivatives Prime Services Research Corporate Access Domestic Client Coverage Domestic ECM, Research & Corporate Access Capital, Liquidity, Balance Sheet Global Client Coverage & Sector Expertise Global Capabilities & Trading Technology Derivatives Solutions &
Slide 39: Fixed Income Business Review
Fixed Income Business Review 39
Slide 40: Resilient Net Revenues
Resilient Net Revenues 40 Underperformance vs FY24 mostly in Q2’25 with rebound in Q3’25 Trading environment remains challenging for flow products Continued focus on geographical diversification, higher margin solution products, and our alignment with Investment Banking Fixed Income Net Revenues (1)
Slide 41: Diversifying Our Revenues and Distribution across Regions
EMEA + APAC > ¼ of revenues (1) Diversifying Our Revenues and Distribution across Regions 41 Distribution in MENA (2) Distribution in APAC (3) Improving Diversification and Revenue Mix Strengthening Our Cross-Border Distribution in Key Regions +72% 1.3x +477% 2x European Revenue Growth since 2016-20
Slide 42: Idea-Driven & Solution-Oriented Approach
Idea-Driven & Solution-Oriented Approach 42 BEST-IN-CLASS SERVICE ~65 Dedicated Desk Strategists and Economists covering over 120 unique sectors and countries globally Fundamental Credit & Macro Strategy Consistent generation and delivery of best ideas by Sales, Trading and Desk Strategists to our p
Slide 43: Strong Competitive Positioning
43 STRONG COMPETITIVE POSITIONING Ongoing Commitment to be the “Partner of Choice” for our Clients Change in Sales Revenue with Global Core Credit Clients 2019 – 2024 (1) Change in Sales Revenues with Global Core Credit Clients (1) 81% 58% 80% 59% # Number of Clients >$1M in Annual Global Fi
Slide 44: Delivering Value through Collaboration
Delivering Value through Collaboration 44 of our revenues are derived from Global Businesses with integrated leadership Collaboration across Regions and Products Seamless integration of Cash and Electronic trading for improved user experience and optimized balance sheet velocity Our Fixed Income bus
Slide 45: Strengthening Origination through Synergies with Investment Banking
Strengthening Origination through Synergies with Investment Banking 45 CONSUMER LOANS ABS (1) EURO CLO (2) US LEVERAGED FINANCE (3) #1 22deals In ltm q3’25 #1since 2022 14.3%market share in 9M’25 #3US LEFT LEAD LBO SINCE 2020 6.2%market share in 9M’25 MUNICIPALS (2) #5Long-term negotiated and compet
Slide 46: Conclusions
Conclusions 46 We continue to progress our overall client franchise by focusing on quality share over simple market share 1 We leverage our global insight advantage and top tier execution capabilities to drive higher value solution-oriented trades 2 We are excited about our growth in the European, M
Slide 47: Asset Management Business Review
Asset Management Business Review 47
Slide 48: Leucadia Asset Management – Overview
Leucadia Asset Management – Overview LAM provides its affiliated asset managers with access to stable long-term capital, robust operational infrastructure, as well as global distribution. LAM offers investors the opportunity to invest alongside Jefferies, which maintains investments with equity inte
Slide 49: Strategy in Action
Strategy in Action Growth in fee participation “acquired” via Limited Partner investments has yielded positive results despite volatile markets In the last twelve months, achieved management fees of $57 million, built through provision of strategic seed and acceleration capital 6% increase compared
Slide 50: Evolving Asset Classes
Evolving Asset Classes Total Select Asset Management Revenue (1) (2022 vs LTM Q3’25) $ Millions 50 FY’22 FY’23 FY’24 LTM Q3’25 Our platform and credit strategies have delivered consistent and steady upward-trending revenue performance Gradual decline in other assets reflects our intentional realloca
Slide 51: Performance Profile
Total Investment Return (2019 vs LTM Q3’25) $ Millions Performance Profile Total Select Asset Management Revenue (1) (2019 vs LTM Q3’25) $ Millions 51 LAM (2) HedgeIndex Multi-Strategy Main Index YTD Aug’25 (9 month) 5.8% 7.0% LTM Q3’25 13.2% 7.5% 3-Year Total Return 47.6% 26.1% See pages 60-69 at t
Slide 52: Fee Growth
Fee Growth +4985% +143% +456% 52 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 co
Slide 53: Capital Efficiency
Capital Efficiency Recycled Capital (1) (2019 to Q3’25) $ Billions 53 We look to recycle capital to support new strategies Optimizing stable cash utilization, while broadening diversification, mitigates risk dependency on investment return See pages 60-69 at the back of this presentation for endnote
Slide 54: Capital Raising Update
Capital Raising Update 54 Aggregate NAV-Equivalent AUM (1) (2019 vs Q3’25) $ Billions Capital Raised (Calendar Year 2020 vs LTM Q3’25) $ Billions Global Marketing & Investor Relations team includes 27 professionals (up >2x from 2020) Hired two new MDs (US and Asia), as well as an SVP in the Middle E
Slide 55: Our Platforms and Strategies
Our Platforms and Strategies ($ Billions) Strategy AUM (1) Invested Description Multi Manager $2.5 2020 Asia-focused multi-manager platform investing across equities, credit, fixed income/rates, and FX Multi Manager Equities $2.4 2019 Market-neutral equity platform focused on fundamental and tactica
Slide 56: Appendix A: Data Related to Slide
Appendix AData Related to Slide 7 56
Slide 57: Appendix A - Data Related to Decades Slide
Appendix A - Data Related to Decades Slide Net Revenues (1) (4) Net Earnings (Losses) (1) (4) ($ Millions) Equities Investment Banking Fixed Income Asset Management & Other ($ Millions) Predecessor (2) Successor (2) JG (5) JFG (5) 14.0% - CAGR (6) 11.9% - CAGR(6) 2022 LTM Q3’22 LTM Q3’25 LTM Q3’25 5
Slide 58: 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 report
Slide 59: Appendix B: Endnotes
Appendix B Endnotes Jefferies =
Slide 60: Endnotes
Endnotes These notes refer to page 8 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 of c
Slide 61: Endnotes
Endnotes These notes refer to page 17 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 of
Slide 62: Endnotes
Endnotes These notes refer to page 27 Source: As of LTM Q3’25 Source: As of LTM Q2’25 These notes refer to page 28 Source: As of LTM Q3’25 Source: As of LTM Q2’25 These notes refer to page 29 Source: Dealogic - YTD 2025 as of 8/31/25 These notes refer to page 31 Source: Dealogic – YTD Q3’25 as of 8/
Slide 63: Endnotes
Endnotes These notes refer to page 34 Source: 2024 Greenwich Source: 2024 Extel Source: 2025 Extel Source: 1H25 Third Party Market Survey Source: Internally sourced, FYTD 2025 through August Source: Starmine August 2025 These notes refer to page 35 Revenues are presented net of allocations of intere
Slide 64: Endnotes
Endnotes These notes refer to page 40 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 of
Slide 65: Endnotes
Endnotes These notes refer to page 45 Consumer Loans sourced from Finsight, trailing 12 months through August 2025 CLO and Municipals sourced from Bloomberg US Lev Fin sourced from Dealogic. Rankings based on U.S. LBO for all Sponsor-backed US Left Lead Leveraged Buyout Transactions under $1.75B The
Slide 66: Endnotes
Endnotes These notes refer to page 54 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 AUM includes aggregate NAV and NAV-equivalent assets under management held by us and our affilia
Slide 67: Appendix C: Non-GAAP Reconciliations
Appendix Cnon-GAAP Reconciliations 67
Slide 68: Non-GAAP reconciliation of net earnings and return on tangible equity
Fiscal Year Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended 2019 November 30, 2024 February 28, 2025 May 31, 2025 August 31, 2025 Net earnings attributable to common shareholders (GAAP) $959,593 $205,747 $127,791 $88,017 $223,986 Intangible amortization and impairme
Slide 69: 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 70: Jefferies
Jefferies
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