杰弗里金融集团股份有限公司美股招股说明书(2025-12-16版)

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. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if thispricing supplement or the accompanying product supplement, prospectus or prospectus supplement is truthful or complete.Any representation to the contraryis 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 December 17, 2025 against payment in immediately available funds. JefferiesPricing supplement dated December 12, 2025. You should rely only on the information contained in or incorporated by reference in this pricing supplement and theaccompanying product supplement, prospectus and prospectus supplement.We have not authorized anyone to provide youwith different information.We are not making an offer of these securities in any state where the offer is not permitted.You Table of Contents SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS This pricing supplement and the accompanying product supplement, prospectus and prospectus supplement contain or incorporate byreference “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933(the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are not statements ofhistorical fact and represent only our belief as of the date such statements are made. There are a variety of factors, many of which arebeyond our control, which affect our operations, performance, business strategy and results and could cause actual reported resultsand performance to differ materially from the performance and expectations expressed in these forward-looking statements. Thesefactors include, but are not limited to, financial market volatility, actions and initiatives by current and future competitors, generaleconomic conditions, controls and procedures relating to the close of the quarter, the effects of current, pending and future legislation or Table of Contents THE NOTES The Notes are senior unsecured obligations of Jefferies Financial Group Inc.The Aggregate Principal Amount of the Notes is$4,974,000.The Notes will mature on December 17, 2030.The Notes have the terms described in the accompanying productsupplement, prospectus supplement and prospectus, as supplemented or modified by this pricing supplement.The Notes will pay aContingent Coupon Payment of $19.375 on the applicable Coupon Payment Date if the Observation Value of the Worst-PerformingUnderlying on the applicable quarterly Coupon Observation Date is greater than or equal to its Coupon Barrier.The Notes will beautomatically called if the Observation Value of the Worst-Performing Underlying on any Call Observation Date (beginningapproximately one year after the Pricing Date) is equal to or greater than its Call Value.If your Notes are called, you will receive theCall Payment on the applicable Call Payment Date, and no further amounts will be payable on the Notes. If your Notes are not called, at The Stated Principal Amount of each Note is $1,000.The Issue Price will equal 100% of the Stated Principal Amount per Note.Thisprice includes costs associated with issuing, selling, structuring and hedging the Notes, which are borne by you, and, consequently, the Capitalized terms used but not defined in this pricing supplement have the meanings set forth in the accompanying product supplement,prospectus supplement or prospectus, as applicable.If the terms described herein are inconsistent with those described in theaccompanying product supplement, prospectus supplement or prospectus, the terms described herein shall control. Table of Contents Valuation of the Notes Jefferies LLC calculated the estimated value of the Notes set forth on the cover page of this pricing supplement based on its proprietarypricing models at that time. Jefferies LLC’s proprietary pricing models generated an estimated value for the Notes by estimating thevalue of a hypothetical package of financial instruments that would replicate the payout on the Notes, which consists of a fixed-incomebond (the “bond component”) and one or more derivative instruments underlying the economic terms of the Notes (the “derivativecomponent”). In calculating the estimated value of the derivative component, Jefferies LLC estimated future cash flows based on a Table of Contents Since the estimated value of the Notes is a function of the underlying assumptions and construction of Jefferies LLC’s proprietaryderivative-pricing model, modification to this model will impact the estimated value calculation.Jefferies LLC’s proprietary models aresubject to ongoing review and modificat