Jefferies Financial Group (JEF) investor relations material

Executive summary

• Achieved record quarterly net revenues of $2.22 billion in Q3 2026, up 9% year-over-year, with net earnings attributable to common shareholders of $261 million and diluted EPS of $1.08.

• Return on adjusted tangible shareholders' equity was 13.5% for the quarter, reflecting strong performance in Investment Banking and Equities, partially offset by weaker Asset Management results.

• Repurchased 1.3 million shares for $70 million in Q3; year-to-date repurchases totaled 8.3 million shares for $441 million.

• Declared a quarterly cash dividend of $0.40 per share and increased share buyback authorization to $250 million.

Financial highlights

• Total net revenues rose to $2.22 billion from $2.05 billion year-over-year; nine-month net revenues reached $6.45 billion, up from $5.27 billion.

• Net earnings attributable to common shareholders increased to $261 million from $224 million year-over-year; nine-month net earnings rose to $640 million from $440 million.

• Book value per common share was $46.55; adjusted tangible book value per fully diluted share was $35.21.

• Compensation ratio was 54% for the quarter; non-compensation ratio was 31%.

Outlook and guidance

• Management expressed optimism for the remainder of 2026 and into 2027, citing a strong backlog and new business activity, especially in Investment Banking and Equities.

• The joint venture with SMBC in Japan is expected to launch in January 2027, aiming to scale a leading wholesale equities and equity capital markets business.