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
2026 Investor Meeting October 19, 2026 10/17/2026 9:32 AM
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: 2026 Investor Meeting Agenda
2026 Investor Meeting Agenda 9:00 AM Jefferies Rich Handler, CEO Overview Brian Friedman, President 9:20 AM Financial Matt Larson, CFO Review 9:40 AM Investment Andrea Lee, Co-Head of Global Investment Banking Banking Raphael Bejarano, Global Head of Investment Banking John Miller, Global Head of In
Slide 4: Jefferies Overview
Jefferies Overview Rich Handler, CEO Brian Friedman, President 4
Slide 5: A Unique Wall Street Firm
A Unique Wall Street Firm Unique Culture Breadth of Capability Global Footprint and Operating Model We combine premier advisory We have best-in-class people and Our flat, nimble and entrepreneurial expertise, full-service capital serve many of the largest and culture is built to create the best mark
Slide 6: Driving Long-Term Growth
Driving Long-Term Growth Net Revenues Net Earnings Net Earnings Margin (% of Net Revenues) 11.7% ($ Millions) $71,675 9.8% 5.6% 8.8% 11.7% $27,185 $11,285 $8,368 $3,594 $2,394 $352 $635 1990s 2000s 2010s 2020s Pace(1) * This chart, presented from time to time, seeks to reflect how management contemp
Slide 7: Accelerating Our Momentum [From 2024 Investor Meeting]
Accelerating Our Momentum [From 2024 Investor Meeting] Positioned for another step-change… Peer Leading In LTM Q3’24 we were… Market Share Growth In 2019 we were…. $563M Net Earnings $418M Increased Breadth & Net Earnings (6) 10.0% Depth of Coverage Adjusted ROTE (2) 5.9% Adjusted ROTE (2) #6 Top 5
Slide 8: Accelerating Our Momentum
Accelerating Our Momentum Today we are… $937M In LTM Q3’24 we were… Net Earnings (10) In 2019 we were…. $563M Net Earnings 13.1% Adjusted ROTE (11) $418M Net Earnings (6) 10.0% Adjusted ROTE (2) 5.9% Adjusted ROTE (2) #5 $8.1B M&A & ECM (9) #6 $5.9B M&A & ECM (4) #8 Net Revenues (1)(7) $3.2B 376 M&A
Slide 9: Focused on Execution and Realization [From 2025 Investor Meeting]
Focused on Execution and Realization [From 2025 Investor Meeting] 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 Reco
Slide 10: 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 Record LTM $4.7B Investment Banking Net Revenues (1) LTM Q3’25 Investment Banking Net Revenues (1) LTM Q3’26 Record LTM $2.1B Record LTM
Slide 11: Focused on Executing and Realizing Our Platform’s Potential
Focused on Executing and Realizing Our Platform’s Potential Investment Investment Banking Banking → Equities Equities → • Mid-Market Sell Side Private Equity • Japanese Combination Live • Large-Cap Private Equity M&A January 1, 2027 • Corporate M&A • Cash and Electronic • Global ECM Franchise • Corp
Slide 12: Translating to EPS Growth
Translating to EPS Growth Human Capital Continuing to Tech / AI to Sales of Largely at Scale and Drive Tessellis and Scale, Leading Leverage Our Productivity in Stratos to Productivity Operating Revenue and Eliminating Gains → Expenses → Expenses → Losses → 12
Slide 13: Financial Review
Financial Review Matt Larson, CFO 13
Slide 14: Financial Highlights
Financial Highlights Our Continued Growth is Supported by our Solid Financial Foundation NET REVENUES, LTM Q3’26 NET EARNINGS TO ALL SHAREHOLDERS, ROTE TO ALL SHAREHOLDERS CONTINUING OPS (2) LTM Q3’26 LTM Q3’26 (3) $8.5B ▲119% SINCE 2019 $0.9B ▲123% SINCE 2019 (1) 13.1% ▲726bps SINCE 2019 (1) Revenu
Slide 15: Durable, High-Quality Revenues Driving Sustainable Growth
Durable, High-Quality Revenues Driving Sustainable Growth Net Revenues by Type (1) ($ Billions) CLIENT DRIVEN GROWTH Fee-based revenues and client +119% businesses drive our revenue growth, supporting the quality and durability of $8.5 our earnings 0.4 1.8 GROWTH SINCE 2019 Principal Transactions gr
Slide 16: Investment Banking & Capital Markets Segment Profitability
Investment Banking & Capital Markets Segment Profitability NET REVENUES (1) PROFIT BEFORE TAX PROFIT MARGIN INCREASE $7.8B ▲ $3.3B LTM Q3’26 vs. $4.5B in 2023 $1.3B LTM Q3’26 ▲ $0.8B vs. $0.5B in 2023 ~50% LTM Q3’26 profit margin 16% vs. 2023 profit margin 11% Profit growth has outpaced revenue grow
Slide 17: Investment Banking & Capital Markets Segment Profitability (Cont’d)
Investment Banking & Capital Markets Segment Profitability (Cont’d) ADJUSTED NON-COMP RATIO (1) RATIO IMPROVEMENT INCREMENTAL ADJUSTED NON-COMP RATIO 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. 2023 15% Adjusted non-comp
Slide 18: Strategic Balance Sheet Growth, With Leverage Below Peers
Strategic Balance Sheet Growth, With Leverage Below Peers Q3’26 Tangible Gross Leverage Ratio (1) BALANCE SHEET GROWTH SINCE 2019 16.3x Increase in total assets largely 82% attributable to cash & cash equivalents, prime assets, and secured financing balances • Driven by client-driven facilitation an
Slide 19: We Continue to Return Meaningful Capital to Shareholders
We Continue to Return Meaningful Capital to Shareholders We Execute a Two-Pronged Approach: Opportunistic Share Repurchases, Recurring Common Dividend Total Capital Returned (1)(2) Capital Returned as % of Tangible Book Value Reduction in Fully Diluted Shares Outstanding Since 11/30/18 Since 11/30/1
Slide 20: Jefferies AI Strategy Built on Ensuring Measurable Value
Jefferies AI Strategy Built on Ensuring Measurable Value Scaling AI through business-led innovation, secure platforms and technology enablement Accelerating value creation Growing the enterprise AI platform Advancing at scale at every level of the Firm, driven by with top-tier models and targeted th
Slide 21: Investment Banking
BUSINESS REVIEW Investment Banking 21
Slide 22: Jefferies is One of the World’s Leading Investment Banks
Jefferies is One of the World’s Leading Investment Banks 376 Investment Banking MDs (1) #6 24 #8 Operating Countries in #10 6 #17 5th 8 6th Global M&A (2) Globally in Investment Banking (2) 6th YTD Global ECM (2) 2010 2015 2020 2020 September 2026 See pages 54-68 at the back of this presentation for
Slide 23: Our Offering is Unique: A Global, Pure Play Investment Banking Firm
Our Offering is Unique: A Global, Pure Play Investment Banking Firm Since 2020, we have transformed Jefferies to a tier-1 global investment bank People Platform Capital Leading talent across every ~100 sub-sectors in IB covered in SMBC and MassMutual IB sub-vertical, and across sales, alignment with
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) 10.6% 10.1% 7.0% 5.9% 4.4% 4.3% JPMorgan Goldman Sachs Morgan Stanley BofA Securities Citi Jefferies Share Change (bps) vs 2019 (1) 160 60 60 50 (40) (60) JPMorgan Gol
Slide 25: We Rank 5th in Global Advisory and 5th in Global ECM
We Rank 5th in Global Advisory and 5th in Global ECM LTM Q3’26 Global Rankings Advisory & ECM ($ Billions) RANKING Δ 2026 MULTIPLE 2019 MULTIPLE OF RANK ADVISORY ECM TOTAL REVENUE SINCE 2019 OF TOTAL JEF REVENUE TOTAL JEF REVENUE 1 Goldman Sachs (2) $5.9 $2.7 $8.6 2.2x 4.1x 2 JP Morgan (2) $4.5 $
Slide 26: Jefferies & SMBC: Early Days of Advancing Our Alliance
Jefferies & SMBC: Early Days of Advancing Our Alliance Strategic Partnership Delivering Tangible Results While Establishing A Foundation For The Next Phase Jefferies Revenues Largest Sponsors (1) >3x market share growth across five +618% original jointly covered sponsors +71% Investment Grade Corpor
Slide 27: Building Our Foundations
Building Our Foundations 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 focus and broadening our offering: a global, best-in-class, pure play inv
Slide 28: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation MID-MARKET SELL-SIDE 1 Mid-Market Sell-Side Private Equity PE M&A UNDER $1B #2 (1) 2 Large-Cap Private Equity M&A 5 places since 2019 3 Corporate M&A RECORD FEE SHARE YTD 7.5% 4 (1) Global ECM Franchise up 320bps since 2019 See pages 54-68 at the
Slide 29: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation PE M&A OVER $1B 1 Mid-Market Sell-Side Private Equity #3 (1) 2 Large-Cap Private Equity M&A 5 places since 2019 3 Corporate M&A CV MARKET SHARE 20%+ 4 (2) Global ECM Franchise 2025 & 2026 YTD See pages 54-68 at the back of this presentation for end
Slide 30: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation CORPORATE M&A OVER $1B 1 Mid-Market Sell-Side Private Equity #8 (1) 2 Large-Cap Private Equity M&A 10 places since 2019 3 Corporate M&A FEE SHARE 3.5% 4 (1) Global ECM Franchise 240bps since 2019 See pages 54-68 at the back of this presentation f
Slide 31: Expanding Our Focus and Broadening Our Foundation
Expanding Our Focus and Broadening Our Foundation GLOBAL ECM RANKING 1 Mid-Market Sell-Side Private Equity #6 (1) 2 Large-Cap Private Equity M&A 2 places since 2019 3 Corporate M&A BOOKRUNNER ON 12 out of 17 4 Global ECM Franchise $1B+ U.S. IPOs year to date See pages 54-68 at the back of this pre
Slide 32: These Pillars Have Driven Long-Term Growth in Revenue, Share and Position
These Pillars Have Driven Long-Term Growth in Revenue, Share and Position Investment Banking Net Revenues & Rank / Share (1)(2) ($ Billions) $4.7 $4.7 $3.8 $3.4 $2.9 $2.5 $2.3 #6/ #6 #6/ #6 3.7% 3.7% 4.3% 4.2% $1.7 #8/ #8/ #8/ #8/ #8/ #8 #8 #8 #8 #6 3.2% 3.2% 3.5% 3.5% 3.2% 3.2% 2.8% 2.8% 3.9% 3.9%
Slide 33: Equities
BUSINESS REVIEW Equities Jefferies «
Slide 34: Record Net Revenues & Profitability
Record Net Revenues & Profitability TOPLINE On pace to achieve record annual results 112% LTM Q3’26 growth vs. 2022 193% growth vs. 2019 Equities Net Revenues (1) ($ Millions) ~5.2% Global Cash Market Share (2) in H1’26 $2,271 $1,908 $992 LTM Q3’26 revenue reached record $1,593 Equities $803 levels
Slide 35: Strategic Initiative Execution
Strategic Initiative Execution Since 2022 we have communicated a THREE PILLARS TO DRIVE STRATEGIC GROWTH consistent strategy to drive growth Grow Existing Businesses and Continue 1 Globalizing the Franchise, while Deepening and Broadening our Client Footprint We have executed on our strategy with me
Slide 36: Grow & Globalize Initiative
Grow & Globalize Initiative #1 Our international businesses are contributing a larger share of Global Equities revenue and clients are broadening engagement with us across our product offering. International is now 44% of global S&T 86% of our Top 250 clients Grow Existing revenue, up from 40% in 20
Slide 37: Expand Our Total Addressable Market Initiative
Expand Our Total Addressable Market Initiative #2 #2 We have momentum in the businesses that align with our strategic initiatives and expand our TAM. These businesses serve as the engine for our future growth. Derivatives revenue has Expand our Prime Services client balances have grown ~4x since 202
Slide 38: Gain Market Share Initiative
Gain Market Share Initiative #3 #3 We have demonstrated sustainable Cash share gains. Our goal is to efficiently and profitably continue this trend. Continue Significant Market 5.1% 5.2%+ 4.7% Share Gains (1) and 4.3% Revenue 3.1% 3.6% 3.7% Momentum 2019 2020 2021 2022 2023 2024 H1’26 1H26 2025 See
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. S&T REVENUE LEVEL Further Growth Ahead Step Change Achieved Historical Base BUILT ON A FOUNDATION OF LONG-STANDING INITIATIVES
Slide 40: #1 Japan Equities Franchise
Joint Venture with SMBC in Japan Equities Launching January 2027 Combining our Japan Equities businesses strengthens our partnership and supports + Global Client Coverage our global growth and client reach. Japan Equity Client Coverage & Sector Expertise #1 Japan Equities Franchise Post-Combination
Slide 41: Fixed Income
BUSINESS REVIEW Fixed Income 41
Slide 42: Net Revenues
Net Revenues A diversified franchise creates resilient revenues through the cycle Strong foundations for 2027 Fixed Income Net Revenues (1) ($ Millions) $1,341 $1,167 $1,093 $985 $910 $800 $801 $681 2019 2020 2021 2022 2023 2024 2025 LTM Q3'26 See pages 54-68 at the back of this presentation for end
Slide 43: A Deliberately Focused Fixed Income Franchise
A Deliberately Focused Fixed Income Franchise Our Key Businesses Our Business Model Highly Experienced Collaboration Leveraged Finance Teams • Leveraged Loans • Structured Solutions Underwriting • High Yield Bonds • Special Situations Deep Client • Private Credit • Distressed Debt Relationships Dist
Slide 44: Service Quality – Independent Surveys
Service Quality – Independent Surveys (1) Top #3 Dealer for Net Positive Business Momentum in Global G10 Credit for seven consecutive years (2) Overall Service Quality Most Helpful Traders Best Sales Rep Best Research/Strategy 1st US CLO #4 US Distressed Debt #2 US Distressed Debt #4 US Distressed D
Slide 45: Asset Management
BUSINESS REVIEW Asset Management 45
Slide 46: Overview of Asset Management
Overview of Asset Management Alternative asset management platform powered by Jefferies’ deep capital markets and investment banking expertise. Guided by a principal-minded approach, we invest alongside our clients to ensure alignment of interests and a focus on long-term value creation Jefferies Cr
Slide 47: Jefferies Asset Management (“JefAM”)
Jefferies Asset Management (“JefAM”) Broader Jefferies Enables us to further leverage synergies across Jefferies’ global platform, strengthen strategic initiatives, Alignment and cultivate deeper institutional relationships – enhancing the client experience Reflects our broader efforts to combine pr
Slide 48: Jefferies Pending Acquisition of Hildene/SILAC
Jefferies Pending Acquisition of Hildene/SILAC Hildene is a leading credit manager specializing in structured credit, private credit, asset-backed finance, and insurance and reinsurance solutions. SILAC is a life and annuity insurance company that primarily underwrites fixed index annuities. Hildene
Slide 49: Jefferies Credit Partners
Jefferies Credit Partners PLATFORM HIGHLIGHTS • Source opportunities through Jefferies Financial Group partnership Origination − Leading global investment bank with ~1,900 bankers and a 20-year credit investing track record ~$20B Advantage JCP AUM (3) − Momentum through differentiated access to deal
Slide 50: Capital Raising Update
Capital Raising Update Total Fee Income ($ Millions) $114 +25% • JefAM global integrated Marketing & Investor Relations CAGR team includes ~50 professionals $25 • Our unified sales and marketing efforts have contributed to significant AUM growth; JefAM Team has raised over $7.0 billion in LTM Q3’26
Slide 51: Appendix A
Appendix A Data Related to Slide 6 51
Slide 52: Appendix A - Data Related to Decades Slide
Appendix A - Data Related to Decades Slide Net Revenues (1)(4) ($ Billions) Predecessor (2) Successor (2) JG (5) JFG (5) Investment Banking Equities Fixed Income Asset Management & Other $8.5 $7.3 $5.2 $2.2 $2.4 $1.2 $0.1 $0.4 $0.6 (3) Net Earnings (Losses) (1)(4)(7) ($ Millions) $854 $879 $631 $157
Slide 53: 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 re
Slide 54: Appendix B
Appendix B Endnotes Jefferies =
Slide 55: Jefferies Overview and Financial Review - Appendix
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”) (1) 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]”) (1) Net r
Slide 57: Jefferies Overview and Financial Review Endnotes
Jefferies Overview and Financial Review Endnotes These notes refer to page 8 (“Accelerating Our Momentum”) (1) 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 t
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”) (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 methodol
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)”) (1) Adjusted non-comp ratio is a non-GAAP financial measure. Adjusted non-comp ratio equals Investment Banking and Capital Markets non-compensation ex
Slide 60: Investment Banking - Appendix
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”) (1) MD headcount as of October 1, 2026. (2) 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 n
Slide 62: Investment Banking Endnotes
Investment Banking Endnotes These notes refer to page 29 (“Expanding Our Focus and Broadening Our Foundation”) (1) Source: Dealogic Global ex-China and Japan. Data FY YTD through September 30, 2026, as of October 5, 2026. (2) Internal estimate. These notes refer to page 30 (“Expanding Our Focus and
Slide 63: Equities - Appendix
Equities - Appendix Endnotes 63
Slide 64: Equities Endnotes
Equities Endnotes These notes refer to page 34 (“Record Net Revenues & Profitability”) (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 intere
Slide 65: Fixed Income - Appendix
Fixed Income - Appendix Endnotes 65
Slide 66: Fixed Income Endnotes
Fixed Income Endnotes These notes refer to page 42 (“Net Revenues”) (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 o
Slide 67: Asset Management - Appendix
Asset Management - Appendix Endnotes 67
Slide 68: Asset Management Endnotes
Asset Management Endnotes These notes refer to page 46 (“Overview of Asset Management”) (1) 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
Slide 69: Appendix C
Appendix C Non-GAAP Reconciliations 69
Slide 70: 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 Nine Months Three Months Three Months Three Months Three Months Ended Ended Ended Ended Ended Ended November 30, 2019 August 31, 2024 February 28, 2026 May 31, 2026 Au
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) ($ Millions except Leverage Ratio) As Of 8/31/2026 Total Assets (GAAP) $81,302 Intangible assets, net and goodwill ($1,972) Tangible assets (non-GAAP) $79,330 Total Shareholders' equity
Slide 72: Reconciliation of Total Select Asset Management Revenues
Reconciliation of Total Select Asset Management Revenues (non-GAAP financial measure) ($ Millions) 2019 LTM 8/31/2024 LTM 8/31/2026 Asset management fees and revenues (GAAP) $25 $108 $114 Investment return (GAAP) $102 $173 $206 Total Select Asset Management Revenues (non-GAAP) $127 $282 $320 Note: T
Slide 73: Reconciliation of Adjusted Net Earnings
Reconciliation of Adjusted Net Earnings (non-GAAP financial measure) ($ Thousands) 2019 Net Earnings (GAAP) $962,563 Tax Benefit associated with sale of our Available for Sale Portfolio (1) (544,583) Adjusted Net Earnings (non-GAAP) $417,980 Note: The above table reconciles certain Jefferies Financi
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