杰弗里金融集团股份有限公司美股招股说明书(2025-10-22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 October 20, 2025 $Jefferies Jefferies Financial Group Inc.Senior Autocallable Contingent Coupon (With Memory) Barrier Notes due October 25, 2027 Linked to the Worst-Performing of the Common Stock of lululemon athletica inc. and the Class B Common Stock of United Parcel Service, Inc. The Senior Autocallable Contingent Coupon (With Memory) Barrier Notes due October 25, 2027 Linked to the Worst-Performing of the Common Stock of lululemon athletica inc. and the Class B CommonStock of United Parcel Service, Inc. (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.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 andyou will not have any security interest in, or otherwise have any access to, any Underlying. Senior Autocallable Contingent Coupon (With Memory) Barrier Notes due October 25, 2027 Linked to the Worst-Performing of the Common Stock of lululemonathletica inc. and the Class B Common Stock of United Parcel Service, Inc.. We may increase the Aggregate Principal Amount prior to the Original Issue Date but are not required to do so. $$1,000 per Note Aggregate Principal Amount:Issue Price:Stated Principal AmountPricing Date:Original Issue Date:Coupon Observation Dates: Quarterly, beginning on January 20, 2026, as set forth beginning on page PS-2. The Coupon Observation Dates are subject to postponement as described in theaccompanying product supplement. Coupon Payment Dates: As set forth beginning on page PS-2. The Coupon Payment Dates may be postponed if the related Coupon Observation Date is postponed as described in theaccompanying product supplement.Quarterly, beginning on October 20, 2026, as set forth beginning on page PS-2. The Call Observation Dates are subject to postponement as described in the Call Observation Dates: accompanying product supplement. Call Payment Dates: As set forth beginning on page PS-2. The Call Payment Dates may be postponed if the related Call Observation Date is postponed as described in the accompanyingproduct supplement. Valuation Date:Maturity Date:Underlying: October 25, 2027, which may be postponed if the Valuation Date is postponed as described in the accompanying product supplement.The worst-performing of the common stock of lululemon athletica inc. (Nasdaq symbol: “LULU”) and the Class B common stock of United Parcel Service, Inc. (NYSE symbol: “UPS”).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: Observation Value of the Worst-Performing Underlying on the applicable quarterly Coupon Observation Date is greater than or equal to its Coupon Barrier. TheContingent Coupon Payment (with Memory) payable on any Coupon Payment Date will be calculated according to the following formula: (i) theproductof theContingent Coupon Payment (with Memory) applicable to a single Coupon Payment Date and the number of Coupon Payment Dates that have occurred up to therelevant Coupon Payment Date (inclusive of the relevant Coupon Payment Date)minus(ii) thesumof all Contingent Coupon Payments (with Memory) previously paid.The Contingent Coupon Payment (with Memory) applicable to a single Coupon Payment Date is $49.50.Autocallable Notes. The Notes will be automatically called if the Observation Value of the Worst-Performing Underlying on any Call Observation Date (beginning Coupon Feature: Call Feature: approximately one year after the Pricing Date) is equal to or greater than its Call Value.If your Notes are called, you will receive the Call Payment on the applicableCall Payment Date, and no further amounts will be payable on the Notes.The Stated Principal Amountplusany Contingent Coupon Payment (with Memory) 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 atMaturity that is equal to the Stated Principal Amount If the Final Value of the Worst-Performing Underlying