杰富瑞金融集团股份有限公司美股招股说明书(2025-10-09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, SUBJECT TO COMPLETION, DATED October 7, 2025 Prospectus Supplement dated May 12,2023 and Prospectus dated May 12, 2023) $Jefferies Jefferies Financial Group Inc.Senior Autocallable Contingent Coupon BarrierNotes due October 17, 2031 Linked to the Worst-Performing of the SPDR® S&P Regional Banking ETF and the Russell 2000®IndexThe Senior Autocallable Contingent Coupon BarrierNotes due October 17, 2031 Linked to the Worst-Performing of the SPDR® S&P Regional Banking ETF and the Russell 2000®Index (the “Notes”) are senior unsecured obligations of Jefferies Financial Group Inc.The Notes have the terms described in the accompanying product supplement, prospectus supplement andprospectus, as supplemented or modified by this pricing supplement.The Notes are issued as part of our Series A Global Medium-Term Notes program.All payments are subject to our credit risk.If we default on our obligations, you could lose some or a significant portion of your investment.These Notes are not secured obligations and you will not have any security interest in, or otherwise have any access to, any Underlying or the securities represented by any Underlying.SUMMARY OF TERMS Title of the Notes: Quarterly, beginning on January 14, 2026, as set forth on page PS-3. The Coupon Observation Dates are subject to postponement as described inthe accompanying product supplement.As set forth on page PS-3. 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 October 14, 2026, as set forth on page PS-3. The Call Observation Dates are subject to postponement as described in the accompanying product supplement.As set forth on page PS-3. The Call Payment Dates may be postponed if the related Call Observation Date is postponed as described in the Call Observation Dates: Call Payment Dates: accompanying product supplement.October 14, 2031, subject to postponement as described in the accompanying product supplement. October 17, 2031, which may be postponed if the Valuation Date is postponed as described in the accompanying product supplement. The worst-performing of the SPDR® S&P Regional Banking ETF (the “KRE”) and the Russell 2000®Index (the “RTY”).Please see “TheUnderlyings” below.The Underlying with the lowest Observation Value or Final Value, as applicable, as compared to its Initial Value Contingent Coupon Payments. The Notes will pay a Contingent Coupon Payment of $25.00 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 its CouponBarrier.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 AmountIf the Final Value of the Worst-Performing Underlying is less than its Threshold Value, you will receive for each Note that you hold a Payment 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 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 the KRE, the ETF Closing Price of the Underlying on the Pricing Date; with respect to the RTY, the Index Closing Value of the Underlying on the Pricing Date.With respect to the KRE, the ETF Closing Price of the Underlyingtimesthe Adjustment Factor on the applicable Coupon Observation Date or Call Observation Value: Observation Date; with respect to the RTY, the Index Closing Value of the Underlying on the applicable Coupon Observation Date or CallObservation Date.With respect to the KRE, t