Jefferies Financial Group Launches Senior Autocallable Barrier Notes Linked to Three Key U.S. Equity Indices

Overview and Principal Terms of the Autocallable Notes

Jefferies Financial Group’s Senior Autocallable Barrier Notes constitute a structured debt offering crafted to deliver defined returns and early redemption options for investors. These notes are issued under the company’s Series A Global Medium-Term Notes program and filed under Rule 424(b)(2) with Registration No. 333-295759. Each note carries a principal amount of $1,000, issued at par. However, the estimated value at pricing is approximately $949.40 per note, within a $30 variance as disclosed.

Classified as senior unsecured obligations, these notes rank equally with Jefferies Financial Group’s other senior unsecured debt but lack collateral backing. Payments depend on Jefferies’ creditworthiness, exposing investors to potential partial or total loss in default scenarios. Delivery will be in book-entry form via The Depository Trust Company around August 5, 2026.

Autocall Feature and Observation Timeline

The autocall feature enables potential early redemption before maturity on August 5, 2031. Quarterly call observation dates begin July 31, 2028, roughly two years after pricing on July 31, 2026. If the worst-performing underlying index’s observation value on any call date meets or exceeds 100% of its initial value, the notes will be automatically called.

Upon autocall, investors receive principal plus a call premium on the designated payment date. The call premium, approximately 10.60% per annum, operates via a "snowball coupon" mechanism, increasing cumulatively over successive observation dates. Call observation dates may be postponed per the product supplement, with corresponding delays in call payment dates.

Underlying Indices and Worst-Performing Index Determination

The notes are linked to the worst-performing index among the Dow Jones Industrial Average (INDU), Russell 2000 Index (RTY), and S&P 500 Index (SPX). The "worst-performing underlying" is the index with the lowest observation or final value relative to its initial value, established by the closing price on the pricing date, July 31, 2026. This baseline informs all subsequent percentage changes for call and maturity calculations.

Linking to the worst-performing index rather than a single or equally weighted basket index creates a conservative investment profile. A decline in any one index sets the benchmark for call and maturity payments. Observation values correspond to closing prices on each call date, while the final value is based on the closing price on July 31, 2031, the final call observation date, subject to postponement as outlined in the product supplement.

Maturity Payment Conditions and Threshold Value

At maturity, two payment scenarios depend on the final value of the worst-performing index relative to a threshold set at 60% of its initial value. If the final value is at or above this threshold, investors receive the full $1,000 principal per note, ensuring principal protection if the index does not fall more than 40% from the pricing date.

If the final value falls below the 60% threshold, maturity payments will be less than principal, calculated per the pricing supplement’s formula, exposing investors to potential partial or total loss. This downside risk is the trade-off for the quarterly autocall opportunities and the 10.60% annual call premium if called early.

Valuation and Pricing Details

The estimated note value at pricing is approximately $949.40, within $30 of that figure, despite a public offering price of $1,000. This difference reflects embedded option costs, hedging expenses related to the autocall and downside protection features, and underwriting fees. The pricing supplement is dated July 20, 2026, with the actual pricing on July 31, 2026, and original issue on August 5, 2026. The notes carry CUSIP 47234KBJ2 and ISIN US47234KBJ25. Investors should review the pricing supplement alongside the product supplement, prospectus supplement, and prospectus before investing.

Underwriting Fees and Distribution Commissions

Jefferies LLC, the broker-dealer subsidiary of Jefferies Financial Group, will distribute the notes and comply with FINRA Rule 5121 on conflicts of interest. Dealers may receive up to 3.00% in discounts and commissions per note, depending on market conditions, detailed in the supplemental distribution plan.

An issuer affiliate will pay a structuring fee up to $7.00 per note to registered broker-dealers involved in distribution. These fees, disclosed in pricing footnotes, align with standard market practices. Specific underwriting discounts, commissions, and net proceeds to Jefferies Financial Group will be finalized at pricing.

Credit Risk and Investment Risks

The notes carry credit risk tied to Jefferies Financial Group. As senior unsecured obligations without collateral, investors face potential loss if the issuer defaults. The "Risk Factors" section beginning on page PS-5 provides detailed risk disclosures. The supplement cautions that information is accurate only as of July 20, 2026, and the securities have not been approved or disapproved by the SEC or any state securities commission. Investors should rely solely on the supplement and related documents.

Use of Proceeds

Proceeds from the notes’ sale will support general corporate purposes, without specific allocation to debt repayment, acquisitions, capital expenditures, or working capital. This broad use is typical for corporate debt offerings, granting Jefferies operational flexibility. The offering is part of the ongoing Series A Global Medium-Term Notes program, enabling multiple structured debt issuances with varied terms and underlyings.

Calculation Agent and Trustee Roles

Jefferies Financial Services, Inc., a wholly owned subsidiary, serves as calculation agent, responsible for determining observation and final values and other calculations. The Bank of New York Mellon acts as trustee, managing the trust and ensuring compliance with note terms for holders. These roles ensure independent verification and administration of the structured offering.

The interconnected roles of Jefferies subsidiaries—issuer, underwriter, calculation agent—and the independent trustee highlight the comprehensive structure supporting the notes.

Forward-Looking Statements and Disclosure Notice

The pricing supplement includes a forward-looking statement disclaimer under Sections 27A and 21E of the Securities Acts, clarifying that such statements reflect management’s beliefs as of the date made and are not historical facts. Various uncontrollable factors may affect actual results, and investors should interpret forward-looking language as expectations rather than guarantees.

This standard disclaimer protects the company from liability if actual outcomes differ materially from projections, advising investors to consider these statements cautiously.