Financial Analysis

Note 17. Borrowings Short-Term Borrowings November 30, $ in thousands 2025 2024 Bank loans and other credit facilities ........................ $ 568,418 $ 443,160 Fixed rate callable note ............................................... 1,198,788 Total short-term borrowings (1) ............................... $ 1,767,206 $ 443,160 (1) Short-term borrowings mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature. At November 30, 2025 and 2024 , the weighted average interest rate on bank loans outstanding is 4.92% and 6.25% per annum, respectively. Our borrowings include credit facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of our subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and us in reference to the banks cost of funding. At November 30, 2025 , we were in compliance with all covenants under these credit facilities. Long-Term Debt November 30, $ in thousands Maturity (Fiscal Years) 2025 2024 Parent Co. unsecured borrowings Fixed rate 2025 $ $ 519,738 2026 869,461 818,819 2027 …

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Year Ended November 30, $ in thousands 2025 2024 2023 Revenues from contracts with customers: Investment banking ......................... $ 3,787,318 $ 3,302,664 $ 2,169,366 Commissions and other fees ........ 1,300,950 1,085,349 905,665 Asset management fees ................ 67,719 50,700 33,867 Real estate revenues ....................... 94,630 119,050 44,825 Internet connection and broadband revenues ................. 228,063 240,874 Other contracts with customers .... 67,810 59,388 79,485 Total revenue from contracts with customers ........................... 5,546,490 4,858,025 3,233,208 Other sources of revenue: Principal transactions ..................... 1,610,960 1,816,963 1,413,283 Revenues from strategic affiliates 90,567 41,802 48,707 Interest .............................................. 3,402,317 3,543,497 2,868,674 Other ................................................. 173,343 254,782 (122,473) Total revenues ................................. $ 10,823,677 $ 10,515,069 $ 7,441,399 Year Ended November 30, 2025 $ in thousands Investment Banking and Capital Markets Asset Management Total Major business activity: Investment banking - Advisory ................ $ 2,145,422 $ $ 2,145,422 Investment banking - Underwriting ......... 1,641,897 1,641,897 Equities (1) ................................................. 1,293,944 1,293,944 Fixed income (1) ........................................ 7,005 7,005 Asset management ................................... 67,719 67,71 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 14. Compensation Plans Equity Compensation Plan Our amended and restated Equity Compensation Plan (the ECP) was approved by shareholders on March 28, 2024 . The ECP replaced our 2003 Incentive Compensation Plan, as Amended and Restated (the Incentive Plan) and the 1999 Directors Stock Compensation Plan, as Amended and Restated July 25, 2013. The ECP is an omnibus plan authorizing a variety of equity award types, as well as cash incentive awards, to be used for employees, non-employee directors and other service providers. At November 30, 2025 , 11.3 million shares remain available for new grants under the ECP. Restricted stock awards are grants of our common shares that generally require service as a condition of vesting. RSUs give a participant the right to receive shares if service or performance conditions are met and may specify an additional deferral period allowing a participant to hold an interest tied to common stock on a tax deferred basis. Prior to settlement, RSUs carry no voting or dividend rights associated with stock ownership, but dividend equivalents are accrued to the extent there are dividends declared on the underlying common shares. Restricted stock and RSUs may be granted to new employees as sign-on awards and to existing employees as either retention awards or pursuant to regulatory requirements outside the U.S. governing remuneration for certain employees. Restricted stock and RSUs are also granted to certain senior executive officers as incentive …

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Note 5. Fair Value Disclosures November 30, 2025 (1) $ in thousands Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities .................................................................................. $ 7,664,824 $ 249,847 $ 218,853 $ $ 8,133,524 Corporate debt securities ..................................................................................... 5,367,201 37,578 5,404,779 Collateralized debt obligations and collateralized loan obligations ............... 645,798 40,187 685,985 U.S. government and federal agency securities ................................................ 2,342,718 106,633 2,449,351 Municipal securities .............................................................................................. 563,994 563,994 Sovereign obligations ............................................................................................ 860,832 815,722 1,676,554 Residential mortgage-backed securities ............................................................ 1,827,092 6,663 1,833,755 Commercial mortgage-backed securities .......................................................... 10,458 348 10,806 Other asset-backed securities ............................................................................. 909,474 133,001 1,042,475 Loans and other receivables ................................................................................ 2,111,517 127,720 2,239,237 Derivativ …

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Note 12. Goodwill and Intangible Assets Goodwill Year Ended November 30, 2025 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period ................... $ 1,533,013 $ 294,925 $ 1,827,938 Currency translation and other adjustments .............................................. 2,948 10,445 13,393 Measurement period adjustments (1) ........ 1,802 1,802 Write-off related to disposals ....................... (5,563) (5,563) Balance, at end of period ............................. $ 1,535,961 $ 301,609 $ 1,837,570 (1) Relates to a measurement period adjustment recorded during the second quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4, Business Acquisitions and Discontinued Operations for further discussion. Year Ended November 30, 2024 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period ................... $ 1,532,172 $ 315,684 $ 1,847,856 Currency translation and other adjustments .............................................. 841 (3,107) (2,266) Measurement period adjustments (1) ........ (26,230) (26,230) Goodwill relating to acquisitions by Tessellis ..................................................... 8,578 8,578 Balance, at end of period ............................. $ 1,533,013 $ 294,925 $ 1,827,938 (1) Includes a $27.0 million measurement period adjustment recorded during the first quarter of 2024 related to the OpNet acquisition. Refe …

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Note 19. Income Taxes Provision for income tax expense components: Year Ended November 30, $ in thousands 2025 2024 2023 Current: ............................................. U.S. Federal ...................................... $ (1,397) $ 138,259 $ 14,600 U.S. state and local ......................... (28,466) 75,977 14,896 Foreign .............................................. 104,496 83,089 51,923 Total current .................................... 74,633 297,325 81,419 Deferred: U.S. Federal ...................................... 95,071 (9,453) 10,380 U.S. state and local ......................... 18,925 (2,912) 3,112 Foreign .............................................. (4,059) 8,234 (3,030) Total deferred .................................. 109,937 (4,131) 10,462 Total income tax expense from continuing operations .................... $ 184,570 $ 293,194 $ 91,881 U.S. and non-U.S. components of earnings from continuing operations before income tax expense: Year Ended November 30, $ in thousands 2025 2024 2023 U.S. .................................................... $ 541,510 $ 703,981 $ 177,595 Non-U.S. (1) ...................................... 329,479 301,565 176,674 Earnings from continuing operations before income tax expense ............................................ $ 870,989 $ 1,005,546 $ 354,269 (1) For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S. Income tax expense differed from the amounts co …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 16. Leases We enter into lease and sublease agreements, primarily for office space, across our geographic locations. Information related to operating leases in our Consolidated Statements of Financial Condition: November 30, $ in thousands 2025 2024 Premises and equipment - ROU assets, net ............. $ 525,658 $ 553,816 Weighted average: Remaining lease term (in years) ................................ 8.7 9.6 Discount rate ................................................................. 5.2 % 5.1 % Maturities of our operating lease liabilities and a reconciliation to the Lease liabilities: $ in thousands November 30, Fiscal Year 2025 2024 2025 ............................................................................... $ $ 98,220 2026 ............................................................................... 109,757 107,298 2027 ............................................................................... 101,651 93,675 2028 ............................................................................... 91,957 87,802 2029 ............................................................................... 44,637 40,951 2030 ............................................................................... 57,420 53,104 2031 and thereafter ..................................................... 331,099 320,318 Total undiscounted cash flows ................................. 736,521 801,368 Less: Difference between undiscounted and discounted cash flows ................ …

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Accounting Standards to be Adopted in Future Periods Income Taxes . In December 2023, the FASB issued ASU No. 2023-09 (ASU 2023-09), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Expenses . In November 2024, the FASB issued ASU No. 2024-03 (ASU 2024-03), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. We are evaluating the impact of the standard on our disclosures. Credit Losses . In July 2025, the FASB issued ASU No. 2025-05 (ASU 2025-05), Financial InstrumentsCredit Losses. The guidance provides an optional practical expedient when applying the guidan …

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Note 15. Benefit Plans U.S. Pension Plans Pursuant to the agreement to sell one of our former subsidiaries, WilTel Communications Group, LLC (WilTel), the responsibility for WilTels defined benefit pension plan was retained by us. All benefits under this plan were frozen as of October 30, 2005. Jefferies Group LLC Employees Pension Plan (the U.S. Pension Plan) is a defined benefit pension plan covering certain employees; benefits under that plan were frozen as of December 31, 2005. We contributed $1.8 million to the WilTel plan during the year ended November 30, 2025 and we anticipate making a $3.9 million contribution to the plan for the year ending November 30, 2026 . We did not contribute to the U.S. Pension Plan during the year ended November 30, 2025 and we anticipate making $1.4 million contribution to the plan for the year ending November 30, 2026 . Activity with respect to both plans: Year Ended November 30, $ in thousands 2025 2024 Change in projected benefit obligation: Projected benefit obligation, beginning of year ....... $ 163,073 $ 163,870 Interest cost .................................................................. 7,579 7,986 Actuarial (gains) losses .............................................. 827 3,455 Settlements ................................................................... (2,799) Benefits paid ................................................................. (9,203) (12,238) Projected benefit obligation, end of year ................ $ 159,477 …

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Note 23. Related Party Transactions Officers, Directors and Employees The following sets forth information regarding related party transactions with our officers, directors and employees: At November 30, 2025 and 2024 , we had $19.2 million and $29.4 million , respectively, of loans, net of allowance, outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets. Receivables from and payables to customers include balances arising from officers, directors and employees individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. Two of our directors and certain of our officers have total investments in entities managed by us of approximately $10.4 million and $5.0 million at November 30, 2025 and 2024 , respectively. SMBC We have a strategic alliance with Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation (SMBC) and SMBC Nikko Securities Inc. (together referred to as SMBC Group) to collaborate on corporate and investment banking business opportunities as well as opportunities related to equity sales, trading and research. The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance with SMBC gener …

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Note 13. Revenues from Contracts with Customers Year Ended November 30, $ in thousands 2025 2024 2023 Revenues from contracts with customers: Investment banking ......................... $ 3,787,318 $ 3,302,664 $ 2,169,366 Commissions and other fees ........ 1,300,950 1,085,349 905,665 Asset management fees ................ 67,719 50,700 33,867 Real estate revenues ....................... 94,630 119,050 44,825 Internet connection and broadband revenues ................. 228,063 240,874 Other contracts with customers .... 67,810 59,388 79,485 Total revenue from contracts with customers ........................... 5,546,490 4,858,025 3,233,208 Other sources of revenue: Principal transactions ..................... 1,610,960 1,816,963 1,413,283 Revenues from strategic affiliates 90,567 41,802 48,707 Interest .............................................. 3,402,317 3,543,497 2,868,674 Other ................................................. 173,343 254,782 (122,473) Total revenues ................................. $ 10,823,677 $ 10,515,069 $ 7,441,399 Revenue from contracts with customers is recognized when, or as, we satisfy our performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measu …

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Note 22. Segment Reporting We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and investment banking business, which is composed of financial advisory and underwriting activities. The Investment Banking and Capital Markets reportable business segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management reportable business segment provides investment management services to investors globally and invests capital in hedge funds, separately managed accounts and third-party asset managers. Our reportable business segment information is prepared using the following methodologies: Net revenues, expenses and income (loss) from equity method investments directly associated with each reportable business segment are included in determining earnings (losses) from continuing operations before income taxes. Net revenues and expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segments net revenues, headcount and other factors. Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each …

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Note 2. Summary of Significant Accounting Policies Revenue Recognition Policies Commissions and Other Fees. All customer securities transactions are reported in our Consolidated Statements of Financial Condition on a settlement date basis with related income reported on a trade-date basis. We permit institutional customers to allocate a portion of their gross commissions to pay for research products and other services provided by third parties. The amounts allocated for those purposes are commonly referred to as soft dollar arrangements. These arrangements are accounted for on an accrual basis and, as we are acting as an agent in these arrangements, netted against commission revenues. In addition, we earn asset-based fees associated with the management and supervision of assets, account services and administration related to customer accounts. We also earn commissions on execution services provided to customers in facilitating prime brokerage services. Principal Transactions. Financial instruments owned and Financial instruments sold, not yet purchased are carried at fair value with gains and losses reflected in Principal transactions revenues, except for derivatives accounted for as hedges (refer to Hedge Accounting section herein and Note 6, Derivative Financial Instruments ). Fees received on loans carried at fair value are also recorded in Principal transactions revenues. Investment Banking . Advisory fees from mergers and acquisitions engagements are recognized at a poin …

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Note 18. Total Equity Common Stock At November 30, 2025 and 2024 , we had 565,000,000 authorized shares of voting common stock with a par value of $1.00 per share. At November 30, 2025 and 2024 , we had outstanding 206,296,167 and 205,504,272 common shares outstanding, respectively. The Board of Directors has authorized the repurchase of common stock up to $250.0 million under a share repurchase program. Treasury stock repurchases during the year ended November 30, 2025 represent repurchases of common stock for net-share tax withholding under our equity compensation plan. Preferred Shares At November 30, 2025 and 2024 , 6,000,000 of preferred shares, par value $1 per share, were authorized and 55,125 shares issued and outstanding. On April 27, 2023 , we established Series B Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (Series B Preferred Stock) and designated 70,000 shares as Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $17,500 per share and rank senior to our voting common stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. Each share of Series B Preferred Stock is automatically convertible into 500 shares of non-voting common stock, subject to certain anti-dilution adjustments, three years after issuance. The Series B Preferred Stock participates in cash dividends and distributions alongside our voting common stock on an as-converted basis. Additionally, on April 27, 202 …

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Note 15. Borrowings Short-Term Borrowings $ in thousands May 31, 2026 November 30, 2025 Bank loans and other credit facilities $ 454,453 $ 568,418 Fixed rate callable note 1,149,029 1,198,788 Total short-term borrowings (1) $ 1,603,482 $ 1,767,206 (1) Short-term borrowings mature in one year or less and are recorded at cost, which is a reasonable approximation of their fair values due to their liquid and short-term nature. At May 31, 2026 and November 30, 2025, the weighted average interest rate on bank loans outstanding is 4.79% and 4.92% per annum, respectively. Our borrowings include credit facilities that contain certain covenants that, among other things, require us to maintain a specified level of tangible net worth, require a minimum regulatory net capital requirement for our U.S. broker-dealer, Jefferies LLC, and impose certain restrictions on the future indebtedness of certain of our subsidiaries that are borrowers. Interest is based on rates at spreads over the federal funds rate or other adjusted rates, as defined in the various credit agreements, or at a rate as agreed between the bank and us in reference to the banks cost of funding. At May 31, 2026, we were in compliance with all covenants under these credit facilities. Long-Term Debt $ in thousands Maturity (Fiscal Years) May 31, 2026 November 30, 2025 Parent Co. unsecured borrowings Fixed rate 2026 $ 25 $ 869,461 2027 1,119,684 1,117,106 2028 995,548 1,029,501 2029 589,966 586,495 2030 1,052,182 1,063,637 2031 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended May 31, Six Months Ended May 31, $ in thousands 2026 2025 2026 2025 Revenues from contracts with customers: Investment banking $ 1,204,995 $ 785,455 $ 2,219,950 $ 1,511,116 Commissions and other fees 390,858 344,184 751,931 632,149 Asset management fees 3,593 7,495 10,492 53,303 Real estate revenues 2,295 16,211 4,541 27,292 Internet connection and broadband revenues 54,102 56,668 106,514 114,471 Other contracts with customers 18,967 16,791 37,032 32,899 Total revenue from contracts with customers 1,674,810 1,226,804 3,130,460 2,371,230 Other sources of revenue: Principal transactions 488,666 338,507 976,164 745,737 Revenues from strategic affiliates 19,075 21,336 88,367 64,785 Interest 853,962 878,025 1,667,081 1,723,196 Other 81,684 29,643 127,390 62,231 Total revenues $ 3,118,197 $ 2,494,315 $ 5,989,462 $ 4,967,179 Three Months Ended May 31, 2026 $ in thousands Investment Banking and Capital Markets Asset Management Total Major business activity: Investment banking - Advisory $ 674,118 $ $ 674,118 Investment banking - Underwriting 530,877 530,877 Equities (1) 389,218 389,218 Fixed income (1) 1,640 1,640 Asset management 3,593 3,593 Other investments 75,364 75,364 Total $ 1,595,853 $ 78,957 $ 1,674,810 Primary geographic region: Americas $ 1,161,291 $ 22,773 $ 1,184,064 Europe and the Middle East 277,424 55,131 332,555 Asia-Pacific 157,138 1,053 158,191 Total $ 1,595,853 $ 78,957 $ 1,674,810 Three Months Ended May 31, 2025 $ in thousands Investment Bankin …

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Note 14. Compensation Plans For a description of Restricted Stock, Restricted Stock Units, the Senior Executive Compensation Plan and other compensation plans refer to Note 15. Compensation Plans in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2025. At May 31, 2026, there were approximately 2.1 million shares of restricted stock outstanding with future service required, 6.7 million RSUs outstanding with future service required (including target RSUs that may be issued under the senior executive compensation plan), 7.6 million RSUs outstanding with no future service required, and 5.1 million stock options outstanding. The maximum potential increase to common shares outstanding resulting from these outstanding awards is 19.3 million at May 31, 2026. In December 2025, the Compensation Committee of our Board of Directors granted RSUs and performance stock units (PSUs) to each of our senior executives as follows: $ in millions Grant Terms RSUs Aggregate grant date fair value $14.3 Vesting period 3-year cliff PSUs Aggregate target fair value $14.3 Service period 3 years Performance period Fiscal 2025 to Fiscal 2027 Performance target (1) 10% ROTE Performance range (2) 7.5% - 15% ROTE (1) ROTE is defined as return on tangible equity measured over three years. (2) Performance below an ROTE of 7.5% results in forfeiture of all PSUs. An ROTE of 15% or greater results in earning 150% of target PSUs an …

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Note 5. Fair Value Disclosures May 31, 2026 (1) $ in thousands Level 1 Level 2 Level 3 Counterparty and Cash Collateral Netting (2) Total Assets: Financial instruments owned: Corporate equity securities $ 8,172,828 $ 230,866 $ 255,866 $ $ 8,659,560 Corporate debt securities 5,211,023 54,811 5,265,834 Collateralized debt obligations and collateralized loan obligations 650,379 62,546 712,925 U.S. government and federal agency securities 3,112,195 106,914 3,219,109 Municipal securities 649,349 649,349 Sovereign obligations 807,151 886,209 1,693,360 Residential mortgage-backed securities 1,906,714 5,376 1,912,090 Commercial mortgage-backed securities 9,768 235 10,003 Other asset-backed securities 780,516 190,089 970,605 Loans and other receivables 1,736,907 90,322 1,827,229 Derivatives 487 4,901,537 8,682 (3,475,770) 1,434,936 Investments at fair value 5,268 171,368 176,636 Total financial instruments owned, excluding Investments at fair value based on NAV $ 12,092,661 $ 17,075,450 $ 839,295 $ (3,475,770) $ 26,531,636 Securities received as collateral $ 310,813 $ $ $ $ 310,813 Liabilities: Financial instruments sold, not yet purchased: Corporate equity securities $ 7,243,037 $ 22,912 $ 169 $ $ 7,266,118 Corporate debt securities 3,026,509 571 3,027,080 U.S. government and federal agency securities 1,048,105 3 1,048,108 Sovereign obligations 733,221 698,985 1,432,206 Residential mortgage-backed and other asset-backed securities 9,000 9,000 Loans 148,729 1,352 150,081 Derivatives 2 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 12. Goodwill and Intangible Assets Goodwill Six Months Ended May 31, 2026 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,535,961 $ 301,609 $ 1,837,570 Currency translation and other adjustments 886 2,115 3,001 Impairment (1) (58,240) (58,240) Reclassification to held for sale (1) (56,850) (56,850) Balance, at end of period $ 1,536,847 $ 188,634 $ 1,725,481 (1) Following the acceptance of a binding offer for Tessellis during the first quarter of 2026, we recorded a $58.2 million goodwill impairment charge. The remaining goodwill balance was reclassified as held for sale at May 31, 2026. See Note 4, Assets and Liabilities Held for Sale. Six Months Ended May 31, 2025 $ in thousands Investment Banking and Capital Markets Asset Management Total Balance, at beginning of period $ 1,533,013 $ 294,925 $ 1,827,938 Currency translation and other adjustments 4,457 7,917 12,374 Measurement period adjustments (1) 1,802 1,802 Balance, at end of period $ 1,537,470 $ 304,644 $ 1,842,114 (1) Relates to a measurement period adjustment recorded during the second quarter of 2025 attributable to the Go Internet acquisition. Refer to Note 4, Business Acquisitions and Discontinued Operations in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2025 for further discussion. Carrying values of goodwill by reporting unit: $ in millions May 31, 2026 Nove …

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Note 17. Income Taxes At May 31, 2026 and November 30, 2025, our total gross unrecognized tax benefits were $237.3 million and $241.6 million, respectively. At May 31, 2026 and November 30, 2025, we had interest accrued of $191.5 million and $177.9 million, respectively, included in Accrued expenses and other liabilities. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate was $187.0 million and $190.9 million (net of Federal benefit) at May 31, 2026 and November 30, 2025, respectively. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs. Earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate: Jurisdiction Tax Year United States 2022 New York State 2003 New York City 2006 United Kingdom 2023 Germany 2020 Hong Kong 2020 Three Months Ended May 31, Six Months Ended May 31, $ in millions 2026 2025 2026 2025 Income tax expense $ 65.6 $ 43.5 $ 118.4 $ 57.7 Effective tax rate 20.8 % 32.3 % 22.4 % 20.2 %

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Accounting Standards to be Adopted in Future Periods Income Taxes . In December 2023, the FASB issued ASU No. 2023-09 (ASU 2023-09), Improvements to Income Tax Disclosures. The guidance is intended to improve income tax disclosure requirements by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation and (ii) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are required to be applied prospectively with the option of retrospective application. We are evaluating the impact of the standard on our income tax disclosures. Expenses . In November 2024, the FASB issued ASU No. 2024-03 (ASU 2024-03), Disaggregation of Income Statement Expenses. The guidance primarily will require enhanced disclosures about certain types of expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and may be applied either on a prospective or retrospective basis. We are evaluating the impact of the standard on our disclosures. Credit Losses . In July 2025, the FASB issued ASU No. 2025-05 (ASU 2025-05), Financial InstrumentsCredit Losses. The guidance provides an optional practical expedient when applying the guidance related to the estimation of …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 21. Related Party Transactions Officers, Directors and Employees The following sets forth information regarding related party transactions with our officers, directors and employees: At May 31, 2026 and November 30, 2025, we had $16.5 million and $19.2 million, respectively, of loans, net of allowance, outstanding to certain of our officers and employees (none of whom are executive officers or directors) that are included in Other assets. Receivables from and payables to customers include balances arising from officers, directors and employees individual security transactions. These transactions are subject to the same regulations as all customer transactions and are provided on substantially the same terms. Two of our directors and certain of our officers have total investments in entities managed by us of approximately $8.7 million and $10.4 million at May 31, 2026 and November 30, 2025, respectively. SMBC We have a strategic alliance with Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation (SMBC) and SMBC Nikko Securities Inc. (together referred to as SMBC Group) to collaborate on corporate and investment banking business opportunities as well as opportunities related to equity sales, trading and research. The following tables summarize balances with SMBC as reported in our Consolidated Statements of Financial Condition and Consolidated Statements of Earnings. In addition, the synergies and value creation resulting from our strategic alliance wi …

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Note 13. Revenues from Contracts with Customers Three Months Ended May 31, Six Months Ended May 31, $ in thousands 2026 2025 2026 2025 Revenues from contracts with customers: Investment banking $ 1,204,995 $ 785,455 $ 2,219,950 $ 1,511,116 Commissions and other fees 390,858 344,184 751,931 632,149 Asset management fees 3,593 7,495 10,492 53,303 Real estate revenues 2,295 16,211 4,541 27,292 Internet connection and broadband revenues 54,102 56,668 106,514 114,471 Other contracts with customers 18,967 16,791 37,032 32,899 Total revenue from contracts with customers 1,674,810 1,226,804 3,130,460 2,371,230 Other sources of revenue: Principal transactions 488,666 338,507 976,164 745,737 Revenues from strategic affiliates 19,075 21,336 88,367 64,785 Interest 853,962 878,025 1,667,081 1,723,196 Other 81,684 29,643 127,390 62,231 Total revenues $ 3,118,197 $ 2,494,315 $ 5,989,462 $ 4,967,179 Disaggregation of Revenue Three Months Ended May 31, 2026 $ in thousands Investment Banking and Capital Markets Asset Management Total Major business activity: Investment banking - Advisory $ 674,118 $ $ 674,118 Investment banking - Underwriting 530,877 530,877 Equities (1) 389,218 389,218 Fixed income (1) 1,640 1,640 Asset management 3,593 3,593 Other investments 75,364 75,364 Total $ 1,595,853 $ 78,957 $ 1,674,810 Primary geographic region: Americas $ 1,161,291 $ 22,773 $ 1,184,064 Europe and the Middle East 277,424 55,131 332,555 Asia-Pacific 157,138 1,053 158,191 Total $ 1,595,853 $ 78,957 $ …

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Note 20. Segment Reporting We operate in two reportable business segments: (1) Investment Banking and Capital Markets and (2) Asset Management. The Investment Banking and Capital Markets reportable business segment includes our capital markets activities and investment banking business, which is composed of financial advisory and underwriting activities. The Investment Banking and Capital Markets reportable business segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management reportable business segment provides investment management services to investors globally and invests capital in hedge funds, separately managed accounts and third-party asset managers. Our reportable business segment information is prepared using the following methodologies: Net revenues, expenses and income (loss) from equity method investments directly associated with each reportable business segment are included in determining earnings (losses) from continuing operations before income taxes. Net revenues and expenses not directly associated with specific reportable business segments are allocated based on the most relevant measures applicable, including each reportable business segments net revenues, headcount and other factors. Reportable business segment assets include an allocation of indirect corporate assets that have been fully allocated to our reportable business segments, generally based on each …

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Note 2. Summary of Significant Accounting Policies For a detailed discussion about the Companys significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended November 30, 2025. During the three and six months ended May 31, 2026, there were no significant changes made to the Companys significant accounting policies. …

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Note 16. Total Equity Preferred Shares At May 31, 2026 and November 30, 2025 , 6.0 million of preferred shares, par value $1.00 per share, were authorized. On April 27, 2023, we established Series B Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (Series B Preferred Stock) and designated 70,000 shares as Series B Preferred Stock. The Series B Preferred Stock has a liquidation preference of $17,500 per share and rank senior to our voting common stock upon dissolution, liquidation or winding up of Jefferies Financial Group Inc. The Series B Preferred Stock participates in cash dividends and distributions alongside our voting common stock on an as-converted basis. Additionally, on April 27, 2023, we entered into an Exchange Agreement with Sumitomo Mitsui Banking Corporations (SMBC), which entitles SMBC to exchange shares of our voting common stock for shares of the Series B Preferred Stock at a rate of 500 shares of voting common stock for one share of Series B Preferred Stock and SMBC is required to pay $1.50 per share of voting common stock exchanged. As of November 30, 2025, SMBC had exchanged approximately 27.6 million shares of voting common stock for 55,125 shares of Series B Preferred Stock. On September 19, 2025, our Board of Directors established Series B-1 Non-Voting Convertible Preferred Shares with a par value of $1.00 per share (Series B-1 Preferred Stock) and designated 17,500 shares as Series B-1 Preferred Stock with a liquidation prefe …

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