杰富瑞金融集团股份有限公司美股招股说明书(2025-10-17版)

The information in this preliminary pricing supplement is not complete and may be changed without notice. This preliminary pricing supplement is not an offer tosell these securities, nor a solicitation of an offer to buy these securities, in any jurisdiction where the offering is not permitted.PRELIMINARY PRICING SUPPLEMENT(to Prospectus Supplement datedSUBJECT TO COMPLETION, DATED October 16, 2025 May 12, 2023 and Prospectus datedMay 12, 2023) $Jefferies Jefferies Financial Group Inc.Senior Fixed Rate 5.5 Year Callable Notes due April 30, 2031 We have the right to redeem the Notes, in whole or in part, on each Optional Redemption Date. Subject to our redemption right, the amount of interest payable on the Notes will be 5.00% from and including the Original Issue Date to, but excluding, the stated maturity date (April 30, 2031). All payments on the Notes, including the repayment of principal, are subject to thecredit risk of Jefferies Financial Group Inc. SUMMARY OF TERMSIssuer:Jefferies Financial Group Inc.Title of the Notes:Senior Fixed Rate 5.5 Year Callable Notes due April 30, 2031Aggregate Principal Amount:$. We may increase the Aggregate Principal Amount prior to the Original Issue Date but are not required to do so.Issue Price:$1,000 per Note (100%)Pricing Date:October, 2025Original Issue Date:October 31, 2025 ( Business Days after the Pricing Date)Maturity Date:April 30, 2031 subject to our redemption right.Interest Accrual Date:October 31, 2025Interest Rate:5.00%, from and including the Original Issue Date to, but excluding, April 30, 2031.Interest Payment Period:Semi-annual (from and including the last calendar day of each April and October to, but excluding, the last calendar day of the month occurringsix months following such month, beginning October 31, 2025)Interest Payment Dates:The last calendar day of each April and October beginning April 30, 2026.Day-Count Convention:30/360 (ISDA). Please see “The Notes” below.Redemption:We will have the right to redeem the Notes, in whole or in part on each Optional Redemption Date and pay to you 100% of the stated principalamount per Note plus accrued and unpaid interest to, but excluding, such Optional Redemption Date. If we elect to redeem the Notes, we willgive you notice at least 5 Business Days before the date of such redemption.Optional Redemption Dates:The last calendar day of each April and October, beginning October 31, 2026 and ending October 31, 2030.Specified Currency:U.S. dollarsCUSIP/ISIN:47233WKV0 / US47233WKV09Book-entry or Certificated Note:Book-entryBusiness Day:New York. If any Interest Payment Date, any Optional Redemption Date or the Maturity Date occurs on a day that is not a Business Day, anypayment owed on such date will be postponed as described in “The Notes” below.Agent:Jefferies LLC, a wholly-owned subsidiary of Jefferies Financial Group Inc. See “Supplemental Plan of Distribution.”Trustee:The Bank of New York MellonUse of Proceeds:General corporate purposesListing:NoneConflict of Interest:Jefferies LLC, the broker-dealer subsidiary of Jefferies Financial Group Inc., is a member of FINRA and will participate in the distribution of thenotes being offered hereby. Accordingly, the offering is subject to the provisions of FINRA Rule 5121 relating to conflicts of interest and will beconducted in accordance with the requirements of Rule 5121. See “Conflict of Interest.” The Notes will be our senior unsecured obligations and will rank equally with our other senior unsecured indebtedness. (1) The Agent may purchase the Notes for sale to certain fee-based advisory accounts and may forgo some or all of their underwriting discounts and commissions. The price for investorspurchasing the Notes in these accounts will be reduced by an amount that will be up to such forgone underwriting discounts and commissions. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this pricingsupplement or the accompanying prospectus or either prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.We will deliver the Notes in book-entry form only through The Depository Trust Company on or about October 31, 2025 against payment in immediately available funds. JefferiesPricing supplement dated, 2025.You should read this document together with the related prospectus and prospectus supplement,each of which can be accessed via the hyperlinks below, before you decide to invest.Prospectus supplement dated May 12, 2023 and Prospectus dated May 12, 2023 PRICING SUPPLEMENT SPECIAL NOTE ON FORWARD-LOOKING STATEMENTSTHE NOTESRISK FACTORSMATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCESSUPPLEMENTAL PLAN OF DISTRIBUTIONCONFLICT OF INTERESTLEGAL MATTERSEXPERTS You should rely only on the information contained in or incorporated by reference in this pricing supplement and theaccompanying prospectus and prospectus