杰弗里斯金融集团股份有限公司美国存托凭证招股说明书(2025-12-02版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and theaccompanying product supplement, prospectus supplementandprospectus are not an offer to sell these notes and we are not soliciting anoffer to buy these notes in any jurisdiction where the offer or sale is not permitted. Subject To Completion, dated December 2, 2025 PRELIMINARY PRICING SUPPLEMENT dated November 26, 2025(To Product Supplement No. 3 dated September 28, 2023Prospectus Supplement dated May 12, 2023 and Prospectus dated May 12, 2023)Jefferies Financial Group Inc. Equity Index Linked Notes Market Linked Notes—Upside Participation to a Cap and Principal Return at Maturity Notes Linked to the Nasdaq-100 Index®due January 4, 2030 ■Linked to the Nasdaq-100 Index®■Potential for a positive return at maturity based on the performance of the Index from its starting level to its ending level. Thematurity payment amount will reflect the following terms:■ If the level of the Index increases, you will receive the principal amount plus a positive return equal to 100% of the percentage increase in the level of the Index from the starting level, subject to a maximum return at maturity of at least27.50% (to be determined on the pricing date) of the principal amount. As a result of the maximum return, the maximummaturity payment amount will be at least $1,275.00■ If the level of the Index decreases, you will receive the principal amount, but you will not receive any positive return onyour investment We estimate that the value of each note on the pricing date will be approximately $952.00, or within $30.00 of that estimate.Our estimate of the value ofthe notes as determined on the pricing date will be set forth in the final pricing supplement. See “Estimated Value of the Notes” in this pricingsupplement. The notes have complex features and investing in the notes involves risks not associated with an investment in conventional debt securities. See“SelectedRisk Considerations”beginning on page PRS-8 herein and“Risk Factors”beginning on page PS-5 of the accompanying productsupplement. on our obligations under the notes, you could lose some or all of your investment. The notes are not savings accounts, deposits or other obligations ofa depository institution and are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of thesenotes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement andprospectus. Any representation to the contrary is a criminal offense. Jefferies Wells Fargo Securities Market Linked Notes—Upside Participation to a Cap and Principal Market Linked Notes—Upside Participation to a Cap and PrincipalReturn at Maturity Market Linked Notes—Upside Participation to a Cap and Principal Notes Linked to the Nasdaq-100 Index®due January 4, 2030 Additional Information about the Issuer and the Notes You should read this pricing supplement together with product supplement No. 3 dated September 28, 2023, the prospectussupplement dated May 12, 2023 and the prospectus dated May 12, 2023 for additional information about the notes. Informationincluded in this pricing supplement supersedes information in the product supplement, prospectus supplement and prospectus to the As used in this pricing supplement, “we,” “us” and “our” refer to Jefferies Financial Group Inc., unless the context requires otherwise. You may access the product supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or ifsuch address has changed, by reviewing our filing for the relevant date on the SEC website): •Product Supplement No. 3 dated September 28, 2023:https://www.sec.gov/Archives/edgar/data/96223/000114036123045643/ef20011443_424b2.htm•Prospectus Supplement dated May 12, 2023 and Prospectus dated May 12, 2023:https://www.sec.gov/Archives/edgar/data/96223/000114036123024421/ny20009069x3_424b2.htm PRS-4 Market Linked Notes—Upside Participation to a Cap and PrincipalReturn at Maturity Estimated Value of the Notes The principal amount of each note is $1,000.The original issue price will equal 100% of the principal amount per note.This priceincludes costs associated with issuing, selling, structuring and hedging the notes, which are borne by you, and, consequently, theestimated value of the notes on the pricing date will be less than the original offering price.We estimate that the value of each note on Valuation of the Notes Jefferies LLC calculated the estimated value of the notes set forth on the cover page of this pricing supplement based on its proprietarypricing models at that time. Jefferies LLC’s proprietary pricing models generated an estimated value for the notes by estimatin