杰弗里斯金融集团股份有限公司美股招股说明书（2025-11-19版）

Jefferies Financial Group Inc. Medium-Term Notes, Series A Market Linked Securities—Auto-Callable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Technology Select Sector SPDR®Fund, the EnergySelect Sector SPDR®Fund, the Health Care Select Sector SPDR®Fund and the Financial Select Sector SPDR®Fund ■Linked to the lowest performing of the Technology Select Sector SPDR®Fund, the Energy Select Sector SPDR®Fund, the Health Care SelectFund and the Financial Select Sector SPDR®Fund (each referred to as a “Market Measure”)■Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at stated maturity and are subject to potential automatic call prior to stated maturity upon the terms described below. Whether the securities pay acontingent coupon, whether the securities are automatically called prior to stated maturity and, if they are not automatically called, whether youreceive the face amount of your securities at stated maturity will depend, in each case, on the fund closing price of the lowest performing MarketMeasure on the relevant calculation day. The lowest performing Market Measure on any calculation day is the Market Measure that has the lowest if, the fund closing price of the lowest performing Market Measure on the calculation day for that month is greater than or equal to its couponthreshold price. However, if the fund closing price of the lowest performing Market Measure on a calculation day is less than its coupon thresholdprice, you will not receive any contingent coupon for the relevant month. If the fund closing price of the lowest performing Market Measure is lessthan its coupon threshold price on every calculation day, you will not receive any contingent coupons throughout the entire term of the securities.The coupon threshold price for each Market Measure is equal to 60% of its starting price. The contingent coupon rate is 9.55% per annum 2030, inclusive, is greater than or equal to its starting price, the securities will be automatically called for the face amount plus a final contingentcoupon payment ■Potential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the face amount at statedmaturity if,and only if, the fund closing price of the lowest performing Market Measure on the final calculation day is greater than or equal to itsthreshold price. If the fund closing price of the lowest performing Market Measure on the final calculation day is less than its threshold price, you ■If the securities are not automatically called prior to stated maturity, you will have full downside exposure to the lowest performing Market Measurefrom its starting price if its fund closing price on the final calculation day is less than its threshold price, but you will not participate in anyappreciation of any Market Measure and will not receive any dividends on any Market Measure or the securities included in any Market Measure■Your return on the securities will depend solely on the performance of the Market Measure that is the lowest performing Market Measure on eachcalculation day. You will not benefit in any way from the performance of the better performing Market Measures. Therefore, you will be adverselyaffected if any Market Measure performs poorly, even if the other Market Measures perform favorably■All payments on the securities are subject to our credit risk, and you will have no ability to pursue any Market Measure or any securities included inany Market Measure for payment; if we default on our obligations under the securities, you could lose some or all of your investment■No exchange listing; designed to be held to maturity We estimate that the value of each security on the pricing date is $943.20 per security. See “Estimated Value of the Securities” in this pricing supplement. The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See“Selected Risk Considerations” beginning on page PRS-9 herein and “Risk Factors” beginning on page PS-5 of the accompanying product supplement.The securities are senior unsecured obligations of Jefferies Financial Group Inc. and, accordingly, all payments are subject to our credit risk. If we defaulton our obligations under the securities, you could lose some or all of your investment. The securities are not savings accounts, deposits or otherobligations of a depository institution and are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement an