杰弗里斯金融集团公司美股招股说明书(2025-11-20版)

SUBJECT TO COMPLETION, DATED November 20, 2025 PRELIMINARY PRICING SUPPLEMENT(to Product Supplement no. 5, dated October 23, 2023, Prospectus Supplement dated May 12, 2023and Prospectus dated May 12, 2023) Jefferies Jefferies Financial Group Inc. Senior Autocallable Contingent Coupon Barrier Notes due November 22, 2030Linked to the Worst-Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the EURO STOXX 50® The Senior Autocallable Contingent Coupon Barrier Notes due November 22, 2030 Linked to the Worst-Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the EUROSTOXX 50®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 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 securedobligations and you will not have any security interest in, or otherwise have any access to, any Underlying or the securities represented by any Underlying. Issuer:Title of the Notes: Senior Autocallable Contingent Coupon Barrier Notes due November 22, 2030 Linked to the Worst-Performing of the Nasdaq-100 Index®, the Russell2000®Index and the EURO STOXX 50®IndexAggregate Principal Amount:$. We may increase the Aggregate Principal Amount prior to the Original Issue Date but are not required to do so. Issue Price:Stated Principal Amount:Pricing Date:Original Issue Date:Coupon Observation Dates:Quarterly, beginning on February 20, 2026, as set forth on page PS-2. The Coupon Observation Dates are subject to postponement as described in the Coupon Payment Dates: Quarterly, beginning on May 20, 2026, as set forth on page PS-2. The Call Observation Dates are subject to postponement as described in theaccompanying product supplement. Call Observation Dates: 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 accompanyingproduct supplement. Call Payment Dates: November 20, 2030, subject to postponement as described in the accompanying product supplement.November 22, 2030, which may be postponed if the Valuation Date is postponed as described in the accompanying product supplement.The worst-performing of the Nasdaq-100 Index®(the “NDX”), the Russell 2000®Index (the “RTY”) and the EURO STOXX 50®Index (the “SX5E”). Pleasesee “The Underlyings” below. Valuation Date:Maturity Date: Worst-PerformingUnderlying: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 $27.00 on the applicable Coupon Payment Date if the ObservationValue of the Worst-Performing Underlying on the applicable quarterly Coupon Observation Date is greater than or equal to its Coupon Barrier.Autocallable Notes. The Notes will be automatically called if the Observation Value of the Worst-Performing Underlying on any Call Observation Date(beginning approximately six months after the Pricing Date) is equal to or greater than its Call Value. If your Notes are called, you will receive the Call Call Feature: Call Payment:Payment at Maturity: With respect to each Underlying, 60% of its Initial Value.U.S. dollars47233YRJ6 / US47233YRJ63Book-entry New YorkJefferies LLC, a wholly-owned subsidiary of Jefferies Financial Group Inc. See “Supplemental Plan of Distribution.”Jefferies Financial Services, Inc., a wholly owned subsidiary of Jefferies Financial Group Inc.The Bank of New York Mellon Approximately $973.90 per Note, or within $30.00 of that estimate. Please see “The Notes” below. Jefferies LLC, the broker-dealer subsidiary of Jefferies Financial Group Inc., is a member of FINRA and will participate in the distribution of the notes beingoffered hereby. Accordingly, the offering is subject to the provisions of FINRA Rule 5121 relating to conflicts of interest and will be conducted in accordancewith 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.Investing in the Notes involves risks that are described in the “Risk Factors” section beginning on page PS-6 of this pricing supplement. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this pricing supplement or theaccompanying product supplement, prospectus or prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.As used in this pricing supplement, “we,” “us” and “our” refer to Jefferies Financial Group Inc., unles