Jefferies Financial Group Inc美股招股说明书(2026-02-04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. PRELIMINARY PRICING SUPPLEMENT(to Product Supplement no. 5, dated October 23, 2023,Prospectus Supplement dated May 12, 2023and Prospectus dated May 12, 2023) SUBJECT TO COMPLETION, DATED February 4, 2026 $Jefferies Jefferies Financial Group Inc.Senior Autocallable Contingent Coupon Barrier Notes due February 27, 2031 Select Sector SPDR® ETFAggregatePrincipal Amount:$. We may increase the Aggregate Principal Amount prior to the Original Issue Date but are not required to do so. Quarterly, beginning on May 26, 2026, as set forth on page PS-2. The Coupon Observation Dates are subject to postponement as described in the accompanying 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 accompanyingQuarterly, beginning on February 25, 2027, as set forth on page PS-2. The Call Observation Dates are subject to postponement as described in the accompanying Call ObservationDates:product supplement. 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 accompanying productFebruary 25, 2031, subject to postponement as described in the accompanying product supplement. Valuation Date:February 27, 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 State Street® Energy Select Sector SPDR® ETF (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. Coupon Feature:Contingent Coupon Payments. The Notes will pay a Contingent Coupon Payment of $25 on the applicable Coupon Payment Date if the Observation Value 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 Payment on the applicable CallPayment Date, and no further amounts will be payable on the Notes.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 you hold a Payment at Call Payment:Payment atMaturity: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 at Maturity that isless 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 some or all 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 the final Coupon With respect to theXLE, the ETF Closing Price of the Underlying timesthe Adjustment Factor on the Valuation Date.With respect to theSPX, the Index Closing Value of the Underlying on the Valuation Date. Initially 1.0 with respect to the XLE, subject to adjustment for certain events affecting the Underlying. See “—Antidilution Adjustments for Exchange Traded Funds” in theaccompanying product supplement. 47233YUD5 / US47233YUD56Book-entry Jefferies 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 MellonApproximately $944.30 per Note, or within $30.00 of that estimate. Please see “The Notes” below. Estimated valueon the Pricing 1We or Jefferies LLC will pay various discounts and commissions to dealers of up to 3.50% per Note depending on market conditions. See “Supplemental Plan of Distribution” on page PS-26 of this document accompanying 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., unless the context requires otherwise.We will deliver the Notes in book-entry form only through The Depository Trust Company on or about February 27, 2026 against payment in i