杰费里斯金融集团股份有限公司美股招股说明书(2025-12-03版)

The information in this preliminary pricing supplement is not complete and may be changed without notice. This preliminarypricing supplement is not an offer to sell these securities, nor a solicitation of an offer to buy these securities, in any 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 Buffered Notes due January 2, 2031 Linked to the Worst-Performing of the S&P 500®Index and the Energy Select Sector SPDR®Fund The Senior Autocallable Contingent Coupon Buffered Notes due January 2, 2031 Linked to the Worst-Performing of the S&P 500®Index and the Energy Select Sector SPDR®Fund (the“Notes”) are senior unsecured obligations of Jefferies Financial Group Inc. The Notes have the terms described in the accompanying product supplement, prospectus supplement andprospectus, 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. Jefferies Financial Group Inc.Senior Autocallable Contingent Coupon Buffered Notes due January 2, 2031 Linked to the Worst-Performing of the S&P 500®Index and the Energy Select Sector SPDR®Fund Title of the Notes: Aggregate Principal Amount:Issue Price:Stated Principal Amount:Pricing Date: $. We may increase the Aggregate Principal Amount prior to the Original Issue Date but are not required to do so.$1,000 per Note$1,000 per Note December 29, 2025December 31, 2025 (2 Business Days after the Pricing Date) Quarterly, beginning on March 30, 2026, as set forth on page PS-2. The Coupon Observation Dates are subject to postponement as described in the accompanying product supplement.As set forth on page PS-2. The Coupon Payment Dates may be postponed if the related Coupon Observation Date is postponed as described in the Coupon Payment Dates: accompanying product supplement.Quarterly, beginning on December 29, 2026, as set forth 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 on page PS-2. The Call Payment Dates may be postponed if the related Call Observation Date is postponed as described in theaccompanying product supplement.December 30, 2030, subject to postponement as described in the accompanying product supplement. Valuation Date:Maturity Date:Underlying: January 2, 2031, which may be postponed if the Valuation Date is postponed as described in the accompanying product supplement. The worst-performing of the S&P 500®Index (the “SPX”) and the Energy Select Sector SPDR®Fund (the “XLE”). Please see “The Underlyings” below.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 $30 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 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 Call Feature: Call Payment:Payment at Maturity: The Stated Principal Amount plus any Contingent Coupon Payment that may otherwise be due on the applicable Call Payment Date.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 youhold a Payment at Maturity that is equal to the Stated Principal Amount If the Final Value of the Worst-Performing Underlying is less than its Threshold Value, you will receive for each Note that you hold a Payment atMaturity that is less than the Stated Principal Amount of each Note that will equal: In this scenario the Payment at Maturity will be less than the Stated Principal Amount and you could lose a significant portion of your investment. The Payment at Maturity will also include the final Contingent Coupon Payment if the Observation Value of the Worst-Performing Underlying on thefinal Coupon Observation Date is greater than or equal to its Coupon Barrier. Initial Value: With respect to theSPX, the Index Closing Value of the Underlying on the Pricing Date.With respect to theXLE, the ETF Closing Price of the Underlyingtimesthe Adjus