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Jefferies Financial Group Inc. (JEF) has filed a preliminary pricing supplement for a new Series A Medium-Term Note offering: Market Linked Securities � Auto-Callable with Contingent Coupon and Contingent Downside linked to the VanEck Gold Miners ETF (GDX) and the iShares Silver Trust (SLV). The five-year notes, maturing 27 July 2028, are senior unsecured obligations and therefore subject to Jefferies� credit risk.

Key structural terms

• Face amount: $1,000 per security; original offering price 100%.
• Contingent coupon: at least 12.30% p.a., paid quarterly only if the worst-performing ETF on the relevant calculation day is â‰� 70% of its starting price (the “threshold priceâ€�).
• Automatic call: from Jan 2026 to Apr 2028, if the worst-performing ETF is â‰� its starting price; investors receive face value plus the coupon and the notes terminate early.
• Principal repayment: if not automatically called and the worst-performing ETF on the final calculation day is â‰� 70% of its starting price, investors receive $1,000; otherwise they lose 30% to 100% of principal, fully exposed to downside below the threshold.
• No upside participation in ETF appreciation, no dividends passed through, and no exchange listing; designed to be buy-and-hold.

Distribution economics & estimated value

• Agent discount: $23.25 (2.325%) per note; additional dealer fee up to $2.00.
• Issuer’s estimated value on pricing date: approximately $969.10 (â‰� 3% below issue price), reflecting structuring and distribution costs.

Risk highlights

• Principal at risk if either ETF falls more than 30% at maturity and the notes have not been called.
• Returns dependent on the lowest performer each quarter; poor performance of one ETF nullifies coupons even if the other performs well.
• Credit risk of Jefferies; unsecured, unsubordinated claims.
• Complex payoff makes secondary-market pricing and liquidity limited.

The filing is a routine funding activity for Jefferies, providing relatively inexpensive unsecured capital while offering investors a high contingent coupon in exchange for downside risk tied to precious-metals ETFs.

Jefferies Financial Group Inc. (JEF) is offering Senior Autocallable Notes maturing July 16, 2029 that are linked to the worst-performing of the Russell 2000® (RTY) and the S&P 500® (SPX) indices. The notes are issued under Jefferiesâ€� Series A Global Medium-Term Note program and are senior unsecured, ranking pari-passu with all other senior unsecured debt of the issuer. All payments are subject to Jefferiesâ€� credit risk.

Key structural terms:

• Issue price and stated principal: $1,000 per note.
• Pricing Date: July 11, 2025; Original Issue Date: July 16, 2025.
• Automatic call feature: Beginning July 13, 2026 and annually thereafter, the notes will be redeemed early if the Observation Value of the worst-performing underlying is â‰� its Call Value (100% of initial value for the first three observation dates; 75% for the final date).
• Call premium: Provides an annualized return of approximately 9.20% p.a.; investors receive principal plus the applicable premium if called.
• If not called and the final value of the worst-performing index is <75% of its initial value, investors are exposed to a 1-to-1 downside, potentially losing up to their entire principal.
• Estimated value on the pricing date: ~$962.40 per note (within ±$30).
• CUSIP/ISIN: 47233YKE4 / US47233YKE40; no listing; book-entry form via DTC.

Recent developments: Jefferies released preliminary fiscal Q2 2025 results on June 25, 2025: Investment Banking net revenue $766 m, Capital Markets $704 m, Asset Management $155 m, income before taxes $135 m, and net income $88 m (effective tax rate 32.3%). For the first six months of FY25, net income totaled $216 m. These figures are unaudited and may change in the forthcoming Form 10-Q.

Distribution & fees: Dealers may receive discounts/commissions up to 2.00% per note, and an affiliate will receive a structuring fee up to $8 per note. Because Jefferies LLC, a FINRA member, will distribute the notes, the transaction is subject to FINRA Rule 5121 (conflict-of-interest).

Investor considerations: The notes offer an attractive fixed-premium autocall opportunity (�9.2% p.a.) but expose investors to full downside in the worst-performing index if not called. There is no principal protection, no ongoing coupon, and no secondary market listing. Investors must also consider Jefferies� credit profile, as the notes are unsecured obligations.

Jefferies Financial Group Inc. ("JEF") has filed a preliminary Rule 424(b)(5) pricing supplement for a new structured debt offering: the Senior Autocallable Contingent Coupon Barrier Notes due 16-Jul-2030, issued under its Series A Global Medium-Term Note program.

Key structural terms

• Underlying basket: Worst performer of the S&P 500, Russell 2000 and Dow Jones Industrial Average.
• Issue price / Principal: US$1,000 per note; senior unsecured obligation ranking pari-passu with other senior debt.
• Coupon: US$22.50 quarterly (â‰�9.0% p.a.) paid only if the worst-performing underlying is â‰� 70 % of its initial level on each observation date.
• Autocall: Beginning 13-Jul-2026 (â‰�1 year after issuance) and quarterly thereafter; automatically redeemed at par plus any due coupon if the worst performer is â‰� 100 % of its initial level.
• Principal risk: At maturity investors receive par only if the worst performer â‰� 55 % of initial; otherwise repayment equals initial investment multiplied by the underlying’s percentage return, exposing investors to up to 100 % loss.
• Estimated value: US$982.20 (â‰�1.8 % below issue price), reflecting dealer discounts and embedded fees.
• No listing; book-entry form through DTC; Jefferies LLC acts as agent and receives up to US$8 structuring fee per note (FINRA Rule 5121 conflict disclosed).

Recent Jefferies operating performance (preliminary Q2 FY-2025)

• Investment Banking revenue: $766 m for the quarter; $1.47 bn YTD.
• Capital Markets revenue: $704 m for the quarter; $1.40 bn YTD.
• Asset Management revenue: $155 m for the quarter; $346 m YTD.
• Income before income tax: $135 m for the quarter; $286 m YTD.
• Net income: $88 m for the quarter (effective tax rate 32.3 %); $216 m YTD (effective tax rate 20.2 %).

The financial figures are unaudited, management-prepared estimates and may change in the forthcoming 10-Q. Deloitte & Touche LLP has provided no assurance.

Investor considerations

• Instrument offers high contingent yield and potential early redemption, but embeds significant downside market risk and full issuer credit risk.
• Absence of listing limits secondary liquidity; estimated value below par highlights upfront costs.
• For Jefferies, the deal provides low-cost, unsecured funding for general corporate purposes without equity dilution.

Jefferies Financial Group Inc. (JEF) is marketing a new structured offering—Senior Autocallable Notes due July 16, 2029—under Rule 424(b)(5). The unsecured notes are linked to the worst-performing of the S&P 500 Index (SPX) and the Russell 2000 Index (RTY) and form part of the company’s Series A Global Medium-Term Note program.

Key structural terms

• Issue price / Principal: $1,000 per note; book-entry form through DTC.
• Pricing & settlement: Priced July 11 2025, issued July 16 2025 (T+3).
• Automatic call feature: Annual observation dates starting 13 Jul 2026. If the observation value of the worst-performing index is â‰� its Call Value, the note is called and investors receive principal plus the stated Call Premium.
• Call Premiums: Schedule implies ~10.70% simple annual return (exact premium table on PS-3).
• Final valuation: 11 Jul 2029. If never called and the final value of the worst-performing index is <75% of its initial level, redemption is principal × (Final Value ÷ Initial Value), exposing investors to full downside on a 1-to-1 basis.
• Estimated value: ~$982.50 per note (98.25% of issue price), reflecting embedded fees of up to $17.50.
• Distribution / fees: Jefferies LLC acts as agent and will receive selling and structuring concessions (up to $8.00 per note) creating a FINRA 5121 conflict of interest.
• Ranking & credit risk: Senior unsecured, pari passu with other senior debt; no collateral; payments subject to Jefferiesâ€� creditworthiness.

Recent financial performance (preliminary fiscal Q2 2025)

• Investment Banking net revenue: $766 mn
• Capital Markets net revenue: $704 mn
• Asset Management net revenue: $155 mn
• Income before taxes: $135 mn
• Net income: $88 mn (32.3% effective tax rate)

For the six-month period ended 31 May 2025, net revenue totalled $3.22 bn and net income reached $216 mn. These figures are management’s pre-audit estimates; Deloitte & Touche has not reviewed the data.

Risk highlights

• Market risk: Investors face 100% downside exposure below the 75% barrier if the note is not called.
• Credit risk: All payments depend on Jefferiesâ€� ability to pay.
• Liquidity: No exchange listing; secondary market, if any, will be limited and priced by the agent.
• Complexity & fee drag: The estimated value is 1.75% below issue price, and embedded fees reduce potential returns versus direct index exposure.

Use of proceeds: General corporate purposes. The offering provides low-cost funding to Jefferies while transferring market risk to investors.

Jefferies Financial Group has filed a prospectus supplement for Senior Autocallable Contingent Coupon Barrier Notes due July 16, 2030, linked to the worst-performing of the S&P 500, Russell 2000, and Dow Jones Industrial Average indices.

Key features of the Notes:

• Issue Price: $1,000 per Note
• Contingent Coupon Payment: $18.90 quarterly if worst-performing underlying is above Coupon Barrier
• Automatic Call Feature: Notes automatically called if worst-performing underlying equals/exceeds Call Value
• Maturity Protection: Full principal returned if worst-performing underlying's Final Value â‰� 55% of Initial Value
• Risk: Up to 100% principal loss if worst-performing underlying falls below threshold

Recent Q2 2025 financial results show Net Income of $88 million on Investment Banking revenues of $766 million, Capital Markets revenues of $704 million, and Asset Management revenues of $155 million. Estimated note value on pricing date is $961.70, reflecting embedded costs.