杰弗里金融集团股份有限公司美股招股说明书(2026-01-21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. SUBJECT TO COMPLETION, DATED January 21, 2026 PRELIMINARY PRICING SUPPLEMENT(to Product Supplement no. 1, dated May 18, 2023, Prospectus Supplement dated May 12, 2023and Prospectus dated May 12, 2023) $Jefferies Jefferies Financial Group Inc.Senior Leveraged Barrier Notes due January 28, 2031 Linked to the Worst-Performing of the iShares®MSCI Emerging Markets ETF and the Russell 2000® The Senior Leveraged Barrier Notes due January 28, 2031 Linked to the Worst-Performing of the iShares®MSCI Emerging Markets ETF and the Russell 2000®Index (the “Notes”) aresenior unsecured obligations of Jefferies Financial Group Inc. The Notes will pay no interest and have the terms described in the accompanying product supplement, prospectussupplement and prospectus, as supplemented or modified by this pricing supplement. At maturity, if the Worst-Performing Underlying hasappreciatedin value, investors will receive theStated Principal Amount of their investment plus 148.00% of the upside performance of the Worst-Performing Underlying. If the Worst-Performing Underlying hasdepreciatedin value, butthe Worst-Performing Underlying has not declined below its Threshold Value, investors will receive the Stated Principal Amount. However, if the Worst-Performing Underlying has declined All payments are subject to our credit risk. If we default on our obligations, you could lose some or a significant portion of your investment. These Notes are not securedobligations and you will not have any security interest in, or otherwise have any access to, any Underlying or the securities represented by any Underlying. Jefferies Financial Group Inc.Senior Leveraged Barrier Notes due January 28, 2031 Linked to the Worst-Performing of the iShares®MSCI Emerging Markets ETF and theRussell 2000®Index$. 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 NoteJanuary 23, 2026January 28, 2026 (3 Business Days after the Pricing Date)January 23, 2031, subject to postponement as described in the accompanying product supplement. For purposes of the accompanyingproduct supplement, the occurrence of a Market Disruption Event, non-Index Business Day or non-Trading Day as to any Underlying will notimpact any other Underlying that is not so affected. Title of the Notes: Aggregate Principal Amount:Issue Price:Stated Principal Amount:Pricing Date: Maturity Date:Underlying: January 28, 2031, which may be postponed if the Valuation Date is postponed as described in the accompanying product supplement.The worst-performing of the iShares®MSCI Emerging Markets ETF (the “EEM”) and the Russell 2000®Index (the “RTY”). Please see “TheUnderlyings” below. Worst-Performing Underlying:Payment at Maturity: If the Final Value of the Worst-Performing Underlying is greater than its Initial Value, you will receive for each Note that you hold aPayment at Maturity equal to: Stated Principal Amount × (1+ Participation Rate × Underlying Return of the Worst-Performing Underlying). If the Final Value of the Worst-Performing Underlying is less than or equal to its Initial Value but greater than or equal to itsThreshold Value, you will receive for each Note that you hold a Payment at Maturity that is equal to the Stated Principal AmountIf the Final Value of the Worst-Performing Underlying is less than its Threshold Value, you will receive for each Note that you hold aPayment at Maturity that is less than the Stated Principal Amount of each Note that will equal:Stated Principal Amount × (1+ Underlying Return of the Worst-Performing Underlying).In this scenario the Payment at Maturity will be less than the Stated Principal Amount and you could lose a significant portion or all of yourinvestment.148.00% Participation Rate:Underlying Return: With respect to each Underlying,With respect to theEEM, its ETF Closing Price on the Pricing Date. Initial Value: Final Value: With respect to theEEM, its ETF Closing Pricetimesthe Adjustment Factor on the Valuation Date.With respect to theRTY, its Index Closing Value on the Valuation Date. Threshold Value: Adjustment Factor: Redemption:Specified Currency:CUSIP/ISIN:Book-entry or Certificated Note:Business Day: 47233YTM7 / US47233YTM74 Conflict of Interest:Jefferies LLC, the broker-dealer subsidiary of Jefferies Financial Group Inc., is a member of FINRA and will participate in the distribution ofthe notes being offered hereby. Accordingly, the offering is subject to the provisions of FINRA Rule 5121 relating to conflicts of interest andwill be conducted in accordance with the requirements of Rule 5121. See “Conflict of Interest.” The Notes will be our senio