杰富瑞金融集团股份有限公司美股招股说明书（2025-09-12版）

The information in this preliminary pricing supplement is not complete and may be changed without notice. This preliminary pricingsupplement is not an offer to sell these securities, nor a solicitation of an offer to buy these securities, in any jurisdiction where the offering isnot permitted.PRELIMINARY PRICING SUPPLEMENT(to Product Supplement no. 5, dated October 23, 2023,Prospectus Supplement dated May 12,2023 and Prospectus dated May 12, 2023)SUBJECT TO COMPLETION, DATED September 11, 2025 $Jefferies Jefferies Financial Group Inc.Senior Autocallable Contingent Coupon BarrierNotes due October 2, 2031 Linked to the Worst-Performing of the S&P 500®Index, the Russell 2000®Index and the Dow Jones Industrial Average The Senior Autocallable Contingent Coupon BarrierNotes due October 2, 2031 Linked to the Worst-Performing of the S&P 500®Index, the Russell 2000®Index and the Dow JonesIndustrial Average®(the “Notes”) are senior unsecured obligations of Jefferies Financial Group Inc.The Notes have the terms described in the accompanying product supplement,prospectus supplement and prospectus, as supplemented or modified by this pricing supplement.The Notes are issued as part of our Series A Global Medium-Term Notes program. Title of the Notes: Aggregate Principal Amount:Issue Price:Stated Principal AmountPricing Date:Original Issue Date:Coupon Observation Dates: October 2, 2025 (5 Business Days after the Pricing Date)Quarterly, beginning on December 26, 2025, as set forth on page PS-2. The Coupon Observation Dates are subject to postponement as described in the accompanying product supplement.As set forth on page PS-2. The Coupon Payment Dates may be postponed if the related Coupon Observation Date is postponed as described in Coupon Payment Dates: the accompanying product supplement.Quarterly, beginning on September 25, 2026, as set forth on page PS-2. The Call Observation Dates are subject to postponement as described Call Observation Dates: in the accompanying product supplement.As set forth on page PS-2. The Call Payment Dates may be postponed if the related Call Observation Date is postponed as described in the Call Payment Dates: accompanying product supplement.September 25, 2031, subject to postponement as described in the accompanying product supplement. Valuation Date:Maturity Date:Underlying: October 2, 2031, which may be postponed if the Valuation Date is postponed as described in the accompanying product supplement. The worst-performing of the S&P 500®Index (the “SPX”), the Russell 2000®Index (the “RTY”) and the Dow Jones Industrial Average®(the“INDU”).Please see “The Underlyings” below.The Underlying with the lowest Observation Value or Final Value, as applicable, as compared to its Initial Value Worst-Performing Underlying:Coupon Feature: Contingent Coupon Payments. The Notes will pay a Contingent Coupon Payment of $23.50 on the applicable Coupon Payment Date if the Observation Value of the Worst-Performing Underlying on the applicable quarterly Coupon Observation Date is greater than or equal to itsCoupon Barrier.Autocallable Notes. The Notes will be automatically called if the Observation Value of the Worst-Performing Underlying on any Call Observation Call Feature: Date (beginning approximately one year after the Pricing Date) is equal to or greater than its Call Value.If your Notes are called, you will receivethe Call Payment on the applicable Call Payment Date, and no further amounts will be payable on the Notes.The Stated Principal Amountplusany Contingent Coupon Payment that may otherwise be due on the applicable Call Payment Date. Call Payment:Payment at Maturity: If the Final Value of the Worst-Performing Underlying is greater than or equal to its Threshold Value, you will receive for each Note that you hold a Payment at Maturity that is equal to the Stated Principal Amount If the Final Value of the Worst-Performing Underlying is less than its Threshold Value, you will receive for each Note that you hold aPayment at Maturity that is less than the Stated Principal Amount of each Note that will equal: In this scenario the Payment at Maturity will be less than the Stated Principal Amount and you could lose some or all of your investment. The Payment at Maturity will also include the final Contingent Coupon Payment if the Observation Value of the Worst-Performing Underlying onthe final Coupon Observation Date is greater than or equal to its Coupon Barrier.With respect to each Underlying, the Index Closing Value of the Underlying on the Pricing Date. With respect to each Underlying, the Index Closing Value of the Underlying on the applicable Coupon Observation Date or Call Observation Date. Final Value:Coupon Barrier:Call Value:Threshold Value:Specified Currency:CUSIP/ISIN:Book-entry or Certificated Note:Business DayAgent:Calculation Agent:Trustee:Estimated value on the Pricing Date:Use of Proceeds:Listing:Conflict of Interest: With respect to each Underlying, the