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Fourth Quarter and Full Year 2025 Earnings Results


*Quarterly Financial Supplement*		*Page*

Consolidated Financial Highlights		2

GAAP Consolidated Results of Operations		3

Non-GAAP Condensed Consolidated Results of Operations		4

Consolidated Financial Summary		5

Consolidated Financial Information and Metrics		6

Regulatory Capital		7

Global Wealth Management - Summary Results of Operations		8

Global Wealth Management - Statistical Information		9

Institutional Group - Summary Results of Operations		11

Stifel Bancorp - Financial Information and Credit Metrics		12

Stifel Bancorp - Loan and Investment Portfolio		13

Loans and Lending Commitments - Allowance for Credit Losses		14

Consolidated Net Interest Income		15

Stifel Bancorp Net Interest Income		16

GAAP to Core Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights
	*Three Months Ended*												*Year Ended*
(Unaudited, 000s, except per share information)	*12/31/2025*		12/31/2024		% Change			9/30/2025		% Change			*12/31/2025*		12/31/2024		% Change
Net revenues	$	*1,560,579*	$	1,364,682		14.4	%	$	1,429,396		9.2	%	$	*5,529,730*	$	4,970,320		11.3	%
Net income	$	*264,361*	$	244,005		8.3	%	$	211,371		25.1	%	$	*683,779*	$	731,379		(6.5	%)
Preferred dividends		*9,320*		9,320		0.0	%		9,320		0.0	%		*37,281*		37,281		0.0	%

Net income available to common shareholders	$	*255,041*	$	234,685		8.7	%	$	202,051		26.2	%	$	*646,498*	$	694,098		(6.9	%)
Earnings per diluted common share	$	*2.39*	$	2.18		9.6	%	$	1.92		24.5	%	$	*6.21*	$	6.59		(5.8	%)
Earnings per diluted common share available to common shareholders	$	*2.31*	$	2.09		10.5	%	$	1.84		25.5	%	$	*5.87*	$	6.25		(6.1	%)
*Non-GAAP financial summary (1):*
Net revenues	$	*1,560,593*	$	1,364,721		14.4	%	$	1,429,398		9.2	%	$	*5,529,824*	$	4,971,051		11.2	%
Net income	$	*299,332*	$	259,030		15.6	%	$	223,739		33.8	%	$	*781,574*	$	793,177		(1.5	%)
Preferred dividends		*9,320*		9,320		0.0	%		9,320		0.0	%		*37,281*		37,281		0.0	%

Net income available to common shareholders	$	*290,012*		249,710		16.1	%		214,419		35.3	%		*744,293*		755,896		(1.5	%)
Earnings per diluted common share	$	*2.71*	$	2.32		16.8	%	$	2.03		33.5	%	$	*7.10*	$	7.15		(0.7	%)
Earnings per diluted common share available to common shareholders	$	*2.63*	$	2.23		17.9	%	$	1.95		34.9	%	$	*6.76*	$	6.81		(0.7	%)

*Weighted average number of common shares outstanding:*
Basic		*102,787*		103,856		(1.0	%)		103,119		(0.3	%)		*103,497*		104,066		(0.5	%)
Diluted		*110,344*		112,089		(1.6	%)		110,058		0.3	%		*110,052*		110,975		(0.8	%)
Period end common shares outstanding		*101,664*		102,171		(0.5	%)		101,948		(0.3	%)		*101,664*		102,171		(0.5	%)
Cash dividends declared per common share	$	*0.46*	$	0.42		9.5	%	$	0.46		0.0	%	$	*1.84*	$	1.68		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations


	*Three Months Ended*												*Year Ended*
(Unaudited, 000s, except per share information)	*12/31/2025*		12/31/2024		% Change			9/30/2025		% Change			*12/31/2025*		12/31/2024		% Change
*Revenues:*
Commissions	$	*213,204*	$	203,786		4.6	%	$	206,075		3.5	%	$	*813,618*	$	756,024		7.6	%
Principal transactions		*153,198*		174,887		(12.4	%)		177,876		(13.9	%)		*645,337*		604,564		6.7	%

Transactional revenues		*366,402*		378,673		(3.2	%)		383,951		(4.6	%)		*1,458,955*		1,360,588		7.2	%
Capital raising		*177,868*		114,507		55.3	%		144,213		23.3	%		*528,708*		417,399		26.7	%
Advisory		*277,988*		189,912		46.4	%		179,270		55.1	%		*722,033*		577,432		25.0	%

Investment banking		*455,856*		304,419		49.7	%		323,483		40.9	%		*1,250,741*		994,831		25.7	%
Asset management		*455,797*		405,825		12.3	%		431,399		5.7	%		*1,700,345*		1,536,674		10.7	%
Other income		*5,424*		3,294		64.7	%		14,228		(61.9	%)		*33,923*		43,129		(21.3	%)

*Operating revenues*		*1,283,479*		1,092,211		17.5	%		1,153,061		11.3	%		*4,443,964*		3,935,222		12.9	%
Interest revenue		*469,377*		500,661		(6.2	%)		481,504		(2.5	%)		*1,903,569*		2,016,464		(5.6	%)

*Total revenues*		*1,752,856*		1,592,872		10.0	%		1,634,565		7.2	%		*6,347,533*		5,951,686		6.7	%
Interest expense		*192,277*		228,190		(15.7	%)		205,169		(6.3	%)		*817,803*		981,366		(16.7	%)

*Net revenues*		*1,560,579*		1,364,682		14.4	%		1,429,396		9.2	%		*5,529,730*		4,970,320		11.3	%

*Non-interest expenses:*
Compensation and benefits		*925,154*		795,750		16.3	%		839,820		10.2	%		*3,272,130*		2,916,229		12.2	%
Occupancy and equipment rental		*100,242*		94,213		6.4	%		95,601		4.9	%		*382,287*		362,402		5.5	%
Communication and office supplies		*50,061*		49,965		0.2	%		48,893		2.4	%		*196,314*		194,382		1.0	%
Commissions and floor brokerage		*16,417*		16,434		(0.1	%)		15,807		3.9	%		*66,176*		62,823		5.3	%
Provision for credit losses		*9,740*		11,893		(18.1	%)		8,316		17.1	%		*38,404*		25,402		51.2	%
Investment banking expenses		*18,685*		8,822		111.8	%		17,088		9.3	%		*53,309*		38,801		37.4	%
Other operating expenses		*132,371*		121,404		9.0	%		117,825		12.3	%		*649,971*		441,837		47.1	%

Total non-interest expenses		*1,252,670*		1,098,481		14.0	%		1,143,350		9.6	%		*4,658,591*		4,041,876		15.3	%
Income before income taxes		*307,909*		266,201		15.7	%		286,046		7.6	%		*871,139*		928,444		(6.2	%)
Provision for income taxes		*43,548*		22,196		96.2	%		74,675		(41.7	%)		*187,360*		197,065		(4.9	%)

*Net income*		*264,361*		244,005		8.3	%		211,371		25.1	%		*683,779*		731,379		(6.5	%)
Preferred dividends		*9,320*		9,320		0.0	%		9,320		0.0	%		*37,281*		37,281		0.0	%

*Net income available to common shareholders*	$	*255,041*	$	234,685		8.7	%	$	202,051		26.2	%	$	*646,498*	$	694,098		(6.9	%)

*Earnings per common share:*
Basic	$	*2.48*	$	2.26		9.7	%	$	1.96		26.5	%	$	*6.25*	$	6.67		(6.3	%)
Diluted	$	*2.31*	$	2.09		10.5	%	$	1.84		25.5	%	$	*5.87*	$	6.25		(6.1	%)
*Weighted average number of common shares outstanding:*
Basic		*102,787*		103,856		(1.0	%)		103,119		(0.3	%)		*103,497*		104,066		(0.5	%)
Diluted		*110,344*		112,089		(1.6	%)		110,058		0.3	%		*110,052*		110,975		(0.8	%)
Cash dividends declared per common share	$	*0.46*	$	0.42		9.5	%	$	0.46		0.0	%	$	*1.84*	$	1.68		9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 3 of 19

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Non-GAAP Condensed Consolidated Results of Operations ⁽¹⁾


	*Three Months Ended*										*Year Ended*
(Unaudited, 000s, except per share information)		*12/31/2025*		12/31/2024	% Change			9/30/2025	% Change			*12/31/2025*		12/31/2024	% Change


*Non-GAAP net revenues*	$	*1,560,593*	$	1,364,721	14.4	%	$	1,429,398	9.2	%	$	*5,529,824*	$	4,971,051	11.2	%
*Non-GAAP non-interest expenses:*
Non-GAAP compensation and benefits		*905,144*		791,539	14.4	%		829,051	9.2	%		*3,207,308*		2,883,398	11.2	%
Non-GAAP non-compensation operating expenses		*306,808*		290,591	5.6	%		297,558	3.1	%		*1,333,824*		1,087,672	22.6	%

Total non-GAAP non-interest expenses		*1,211,952*		1,082,130	12.0	%		1,126,609	7.6	%		*4,541,132*		3,971,070	14.4	%
Non-GAAP income before income taxes		*348,641*		282,591	23.4	%		302,789	15.1	%		*988,692*		999,981	(1.1	%)
Non-GAAP provision for income taxes		*49,309*		23,561	109.3	%		79,050	(37.6	%)		*207,118*		206,804	0.2	%

*Non-GAAP net income*		*299,332*		259,030	15.6	%		223,739	33.8	%		*781,574*		793,177	(1.5	%)
Preferred dividends		*9,320*		9,320	0.0	%		9,320	0.0	%		*37,281*		37,281	0.0	%

*Non-GAAP net income available to common shareholders*	$	*290,012*	$	249,710	16.1	%	$	214,419	35.3	%	$	*744,293*	$	755,896	(1.5	%)

*Non-GAAP earnings per common share:*
Basic	$	*2.82*	$	2.40	17.5	%	$	2.08	35.6	%	$	*7.19*	$	7.26	(1.0	%)
Diluted	$	*2.63*	$	2.23	17.9	%	$	1.95	34.9	%	$	*6.76*	$	6.81	(0.7	%)
*Weighted average number of common shares outstanding:*
Basic		*102,787*		103,856	(1.0	%)		103,119	(0.3	%)		*103,497*		104,066	(0.5	%)
Diluted		*110,344*		112,089	(1.6	%)		110,058	0.3	%		*110,052*		110,975	(0.8	%)
Cash dividends declared per common share	$	*0.46*	$	0.42	9.5	%	$	0.46	0.0	%	$	*1.84*	$	1.68	9.5	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 4 of 19

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Consolidated Financial Summary


	*Three Months Ended*													*Year Ended*
(Unaudited, 000s)		*12/31/2025*			12/31/2024		% Change			9/30/2025		% Change			*12/31/2025*			12/31/2024		% Change

*Net revenues:*
Global Wealth Management	$	*933,150*		$	865,209		7.9	%	$	907,440		2.8	%	$	*3,536,780*		$	3,283,960		7.7	%
Institutional Group		*609,703*			478,335		27.5	%		500,435		21.8	%		*1,914,846*			1,592,833		20.2	%
Other		*17,726*			21,138		(16.1	%)		21,521		(17.6	%)		*78,104*			93,527		(16.5	%)

Total net revenues	$	*1,560,579*		$	1,364,682		14.4	%	$	1,429,396		9.2	%	$	*5,529,730*		$	4,970,320		11.3	%
*Operating expenses:*
Global Wealth Management	$	*603,077*		$	548,891		9.9	%	$	564,790		6.8	%	$	*2,431,596*		$	2,076,018		17.1	%
Institutional Group		*458,026*			382,654		19.7	%		411,144		11.4	%		*1,585,407*			1,369,433		15.8	%
Other		*191,567*			166,936		14.8	%		167,416		14.4	%		*641,588*			596,425		7.6	%

Total operating expenses	$	*1,252,670*		$	1,098,481		14.0	%	$	1,143,350		9.6	%	$	*4,658,591*		$	4,041,876		15.3	%
*Operating contribution:*
Global Wealth Management	$	*330,073*		$	316,318		4.3	%	$	342,650		(3.7	%)	$	*1,105,184*		$	1,207,942		(8.5	%)
Institutional Group		*151,677*			95,681		58.5	%		89,291		69.9	%		*329,439*			223,400		47.5	%
Other		*(173,841*	)		(145,798	)	19.2	%		(145,895	)	19.2	%		*(563,484*	)		(502,898	)	12.0	%

Income before income taxes	$	*307,909*		$	266,201		15.7	%	$	286,046		7.6	%	$	*871,139*		$	928,444		(6.2	%)
*Financial ratios:*
Compensation and benefits		*59.3*	%		58.3	%	100			58.8	%	50			*59.2*	%		58.7	%	50
Non-compensation operating expenses		*21.0*	%		22.2	%	(120	)		21.2	%	(20	)		*25.0*	%		22.6	%	240
Income before income taxes		*19.7*	%		19.5	%	20			20.0	%	(30	)		*15.8*	%		18.7	%	(290	)
Effective tax rate		*14.1*	%		8.3	%	580			26.1	%	(1,200	)		*21.5*	%		21.2	%	30


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 5 of 19

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Consolidated Financial Information and Metrics



	*As of and for the Three Months Ended*
(Unaudited, 000s, except per share data)	*12/31/2025*			12/31/2024			% Change			9/30/2025			% Change
*Financial Information:*
Total assets	$	*41,270,782*		$	39,895,540			3.4	%	$	41,687,360			(1.0	%)
Total shareholders’ equity	$	*5,977,317*		$	5,686,770			5.1	%	$	5,756,135			3.8	%
Total common equity	$	*5,292,317*		$	5,001,770			5.8	%	$	5,071,135			4.4	%
Goodwill and intangible assets	$	*(1,571,903*	)	$	(1,508,792	)		4.2	%	$	(1,592,723	)		(1.3	%)
DTL on goodwill and intangible assets	$	*92,224*		$	81,569			13.1	%	$	89,186			3.4	%

Tangible common equity	$	*3,812,638*		$	3,574,547			6.7	%	$	3,567,598			6.9	%
Preferred equity	$	*685,000*		$	685,000			0.0	%	$	685,000			0.0	%
*Financial Metrics:*
Book value per common share (2)	$	*52.06*		$	48.95			6.4	%	$	49.74			4.7	%
Tangible book value per common share (2)	$	*37.50*		$	34.99			7.2	%	$	34.99			7.2	%
Return on common equity (3)		*19.5*	%		18.9	%					16.1	%
Adjusted return on common equity (1)(3)		*22.2*	%		20.1	%					17.0	%
Return on tangible common equity (4)		*27.3*	%		26.6	%					22.9	%
Adjusted return on tangible common equity (1)(4)		*31.1*	%		28.3	%					24.3	%
Pre-tax margin on net revenues		*19.7*	%		19.5	%					20.0	%
Non-GAAP pre-tax margin on net revenues (1)		*22.3*	%		20.7	%					21.2	%
Effective tax rate		*14.1*	%		8.3	%					26.1	%
Non-GAAP effective tax rate (1)		*14.1*	%		8.3	%					26.1	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁵⁾


(Unaudited, 000s)	*12/31/2025*			12/31/2024			% Change			9/30/2025			% Change
*SF Regulatory Capital:*
Common equity tier 1 capital	$	*3,818,450*		$	3,645,786			4.7	%	$	3,582,042			6.6	%
Tier 1 capital	$	*4,503,450*		$	4,330,786			4.0	%	$	4,267,042			5.5	%
Risk-weighted assets	$	*24,602,985*		$	23,741,574			3.6	%	$	24,235,136			1.5	%
Common equity tier 1 capital ratio		*15.5*	%		15.4	%					14.8	%
Tier 1 risk based capital ratio		*18.3*	%		18.2	%					17.6	%
Tier 1 leverage capital ratio		*11.4*	%		11.4	%					11.1	%
*Stifel Bank & Trust Regulatory Capital:*
Common equity tier 1 capital	$	*1,328,265*		$	1,366,711			(2.8	%)	$	1,323,323			0.4	%
Tier 1 capital	$	*1,328,265*		$	1,366,711			(2.8	%)	$	1,323,323			0.4	%
Risk-weighted assets	$	*11,876,471*		$	12,334,731			(3.7	%)	$	11,934,243			(0.5	%)
Common equity tier 1 capital ratio		*11.2*	%		11.1	%					11.1	%
Tier 1 risk based capital ratio		*11.2*	%		11.1	%					11.1	%
Tier 1 leverage capital ratio		*7.0*	%		7.1	%					7.1	%
*Stifel Bank Regulatory Capital:*
Common equity tier 1 capital	$	*854,826*		$	768,652			11.2	%	$	827,457			3.3	%
Tier 1 capital	$	*854,826*		$	768,652			11.2	%	$	827,457			3.3	%
Risk-weighted assets	$	*7,221,333*		$	5,920,599			22.0	%	$	6,761,299			6.8	%
Common equity tier 1 capital ratio		*11.8*	%		13.0	%					12.2	%
Tier 1 risk based capital ratio		*11.8*	%		13.0	%					12.2	%
Tier 1 leverage capital ratio		*7.1*	%		7.1	%					7.1	%
*Stifel Net Capital:*
Net capital	$	*559,500*		$	449,500			24.5	%	$	515,800			8.5	%
Excess net capital	$	*529,800*		$	425,500			24.5	%	$	485,100			9.2	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations


	*Three Months Ended*															*Year Ended*
(Unaudited, 000s)	*12/31/2025*			12/31/2024			% Change			9/30/2025			% Change			*12/31/2025*			12/31/2024			% Change
*Revenues:*
Commissions	$	*142,757*		$	136,805			4.4	%	$	141,864			0.6	%	$	*538,650*		$	508,717			5.9	%
Principal transactions		*63,897*			63,759			0.2	%		61,214			4.4	%		*240,143*			243,635			(1.4	%)

Transactional revenues		*206,654*			200,564			3.0	%		203,078			1.8	%		*778,793*			752,352			3.5	%
Asset management		*455,766*			405,800			12.3	%		431,363			5.7	%		*1,700,209*			1,536,296			10.7	%
Net interest		*261,624*			254,337			2.9	%		257,327			1.7	%		*1,018,633*			967,712			5.3	%
Investment banking (6)		*8,334*			5,198			60.3	%		6,529			27.6	%		*26,995*			21,475			25.7	%
Other income		*772*			(690	)		211.9	%		9,143			(91.6	%)		*12,150*			6,125			98.4	%

*Net revenues*		*933,150*			865,209			7.9	%		907,440			2.8	%		*3,536,780*			3,283,960			7.7	%
*Non-interest expenses:*
Compensation and benefits		*468,040*			419,466			11.6	%		441,626			6.0	%		*1,752,199*			1,605,148			9.2	%
Non-compensation operating expenses		*135,037*			129,425			4.3	%		123,164			9.6	%		*679,397*			470,870			44.3	%

*Total non-interest expenses*		*603,077*			548,891			9.9	%		564,790			6.8	%		*2,431,596*			2,076,018			17.1	%

*Income before income taxes*	$	*330,073*		$	316,318			4.3	%	$	342,650			(3.7	%)	$	*1,105,184*		$	1,207,942			(8.5	%)


*As a percentage of net revenues:*
Compensation and benefits		*50.2*	%		48.5	%		170			48.7	%		150			*49.5*	%		48.9	%		60
Non-compensation operating expenses		*14.4*	%		14.9	%		(50	)		13.5	%		90			*19.3*	%		14.3	%		500
Income before income taxes		*35.4*	%		36.6	%		(120	)		37.8	%		(240	)		*31.2*	%		36.8	%		(560	)


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 8 of 19

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Global Wealth Management - Statistical Information


	*As of and for the Three Months Ended*
(Unaudited, 000s, except financial advisors)	*12/31/2025*			12/31/2024			% Change			9/30/2025			% Change
Total client assets	$	*551,863,000*		$	501,402,000			10.1	%	$	544,010,000			1.4	%
Fee-based client assets	$	*224,488,000*		$	192,705,000			16.5	%	$	219,178,000			2.4	%
Transactional assets	$	*327,375,000*		$	308,697,000			6.1	%	$	324,832,000			0.8	%
Secured client lending (7)	$	*3,702,000*		$	3,214,000			15.2	%	$	3,459,000			7.0	%
*Asset Management Revenue:*
Private Client Group (8)	$	*394,031*		$	343,154			14.8	%	$	371,414			6.1	%
Asset Management		*41,415*			39,281			5.4	%		40,762			1.6	%
Third-party Bank Sweep Program		*4,278*			8,706			(50.9	%)		4,608			(7.2	%)
Other (9)		*16,073*			14,684			9.5	%		14,615			10.0	%

Total asset management revenues	$	*455,797*		$	405,825			12.3	%	$	431,399			5.7	%
*Fee-based Assets (millions):*
Private Client Group (8)	$	*196,718*		$	168,206			17.0	%	$	191,688			2.6	%
Asset Management		*46,708*			42,110			10.9	%		46,413			0.6	%
Elimination (10)		*(18,938*	)		(17,611	)		7.5	%		(18,923	)		0.1	%

Total fee-based assets	$	*224,488*		$	192,705			16.5	%	$	219,178			2.4	%
Third-party Bank Sweep Program	$	*524*		$	1,609			(67.4	%)	$	526			(0.4	%)
*ROA (bps) (11):*
Private Client Group (8)		*82.2*			82.3						82.5
Asset Management		*35.5*			37.3						35.1
Third-party Bank Sweep Program		*383.7*			398.4						384.3


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 9 of 19

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Global Wealth Management - Statistical Information (Cont.)


	*As of and for the Three Months Ended*
(Unaudited, millions)	*12/31/2025*		12/31/2024		% Change			9/30/2025		% Change
*Stifel Bancorp Deposits:*
Smart Rate Deposits	$	*14,654*	$	17,115		(14.4	%)	$	14,907		(1.7	%)
Sweep Deposits		*10,969*		9,950		10.2	%		10,529		4.2	%
Direct Wealth Management Deposits at Stifel Bancorp		66		328		(79.9	%)		428		(84.6	%)

Total Stifel Bancorp Wealth Management Deposits		*25,689*		27,393		(6.2	%)		25,864		(0.7	%)
Other Bank Deposits		*4,063*		1,709		137.7	%		4,274		(4.9	%)

*Total Stifel Bancorp Deposits*	$	*29,752*	$	29,102		2.2	%	$	30,138		(1.3	%)

*Short-term Treasuries (12)*	$	*6,741*	$	7,753		(13.1	%)	$	7,148		(5.7	%)
*Third-party Commercial Treasury Deposits (13)*	$	*5,199*	$	3,199		62.5	%	$	3,513		48.0	%
*Wealth Management Cash:*
Stifel Bancorp Wealth Management Deposits	$	*25,689*	$	27,393		(6.2	%)	$	25,864		(0.7	%)
Third-party Bank Sweep Program (13)		*524*		1,609		(67.4	%)		526		(0.4	%)
Third-party Treasury (13)		*199*		198		0.5	%		—		nm
Other Sweep Cash		*486*		355		36.9	%		415		17.1	%
Money Market Mutual Funds		*16,984*		12,606		34.7	%		15,538		9.3	%

*Total Wealth Management Cash*	$	*43,882*	$	42,161		4.1	%	$	42,343		3.6	%

*Client money market and insured product (14)*	$	*26,633*	$	29,029		(8.3	%)	$	26,377		1.0	%
*Third-party Deposits Available to Stifel Bancorp (13)*	$	*5,922*	$	5,006		18.3	%	$	4,039		46.6	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 10 of 19

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Institutional Group - Summary Results of Operations


	*Three Months Ended*															*Year Ended*
(Unaudited, 000s)	*12/31/2025*			12/31/2024			% Change			9/30/2025			% Change			*12/31/2025*			12/31/2024			% Change
*Revenues:*
Commissions	$	*70,447*		$	66,981			5.2	%	$	64,211			9.7	%	$	*274,968*		$	247,307			11.2	%
Principal transactions		*89,301*			111,128			(19.6	%)		116,662			(23.5	%)		*405,194*			360,929			12.3	%

Transactional revenues		*159,748*			178,109			(10.3	%)		180,873			(11.7	%)		*680,162*			608,236			11.8	%
Capital raising		*170,915*			109,309			56.4	%		137,684			24.1	%		*503,094*			395,924			27.1	%
Advisory		*276,607*			189,912			45.7	%		179,270			54.3	%		*720,652*			577,432			24.8	%

Investment banking		*447,522*			299,221			49.6	%		316,954			41.2	%		*1,223,746*			973,356			25.7	%
Other income (15)		*2,433*			1,005			142.1	%		2,608			(6.7	%)		*10,938*			11,241			(2.7	%)

*Net revenues*		*609,703*			478,335			27.5	%		500,435			21.8	%		*1,914,846*			1,592,833			20.2	%
*Non-interest expenses:*
Compensation and benefits		*346,507*			280,261			23.6	%		297,106			16.6	%		*1,153,895*			959,602			20.2	%
Non-compensation operating expenses		*111,519*			102,393			8.9	%		114,038			(2.2	%)		*431,512*			409,831			5.3	%

*Total non-interest expenses*		*458,026*			382,654			19.7	%		411,144			11.4	%		*1,585,407*			1,369,433			15.8	%

*Income before income taxes*	$	*151,677*		$	95,681			58.5	%	$	89,291			69.9	%	$	*329,439*		$	223,400			47.5	%


*As a percentage of net revenues:*
Compensation and benefits		56.8	%		58.6	%		(180	)		59.4	%		(260	)		60.3	%		60.2	%		10
Non-compensation operating expenses		*18.3*	%		21.4	%		(310	)		22.8	%		(450	)		*22.5*	%		25.8	%		(330	)
Income before income taxes		*24.9*	%		20.0	%		490			17.8	%		710			*17.2*	%		14.0	%		320


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 11 of 19

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	*12/31/2025*			12/31/2024			% Change			9/30/2025			% Change
*Stifel Bancorp Financial Information:*
Total assets	$	32,253,991		$	31,378,704			2.8	%	$	32,615,017			(1.1	%)
Total shareholder’s equity	$	2,244,781		$	2,134,900			5.1	%	$	2,210,850			1.5	%
*Total loans, net (includes loans held for sale)*	$	*22,427,456*		$	*21,310,776*			*5.2*	%	$	*21,634,690*			*3.7*	%
Residential real estate		9,254,939			8,565,193			8.1	%		9,085,945			1.9	%
Commercial and industrial		4,135,091			4,062,029			1.8	%		3,760,005			10.0	%
Fund banking		4,096,649			3,854,222			6.3	%		3,881,895			5.5	%
Securities-based loans		2,672,431			2,389,593			11.8	%		2,565,897			4.2	%
Construction and land		1,214,450			1,242,002			(2.2	%)		1,166,895			4.1	%
Commercial real estate		423,474			518,923			(18.4	%)		437,570			(3.2	%)
Other		269,729			247,783			8.9	%		278,934			(3.3	%)
Loans held for sale		502,199			578,980			(13.3	%)		595,517			(15.7	%)
*Investment securities*	$	*8,142,395*		$	*8,108,877*			*0.4*	%	$	*8,146,439*			*(0.0*	%)
Available-for-sale securities, at fair value		1,593,390			1,584,598			0.6	%		1,688,636			(5.6	%)
Held-to-maturity securities, at amortized cost		6,549,005			6,524,279			0.4	%		6,457,803			1.4	%
Unrealized losses on available-for-sale securities		(105,199	)		(170,111	)		(38.2	%)		(113,421	)		(7.2	%)
*Total deposits*	$	*29,752,063*		$	*29,102,227*			*2.2*	%	$	*30,137,748*			*(1.3*	%)
Demand deposits (interest-bearing)		28,931,314			28,580,415			1.2	%		29,277,379			(1.2	%)
Demand deposits (non-interest-bearing)		339,494			318,229			6.7	%		456,021			(25.6	%)
Certificates of deposit		481,255			203,583			136.4	%		404,348			19.0	%

*Credit Metrics:*
Allowance for credit losses	$	160,911		$	170,044			(5.4	%)	$	164,206			(2.0	%)
Allowance as a percentage of retained loans		0.73	%		0.81	%					0.78	%
Net charge-offs as a percentage of average loans		0.06	%		0.02	%					0.05	%
Total nonperforming assets	$	125,159		$	160,901			(22.2	%)	$	159,073			(21.3	%)
Nonperforming assets as a percentage of total assets		0.39	%		0.51	%					0.49	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	*12/31/2025*		% of Total Portfolio
*Loan Portfolio*						*Commercial Portfolio by Major Sector*
Residential real estate	$	9,255		33	%	Financials	$	1,105	27	%
Securities-based loans		2,672		10	%	Industrials		851	21	%
Home equity lines of credit and other		270		1	%	Information technology		574	14	%

Total consumer		12,197		44	%	Consumer discretionary		366	9	%

Commercial and industrial		4,135		15	%	REITs		256	6	%
Fund banking		4,097		15	%	Materials		238	6	%
Construction and land		1,215		4	%	Communication services		222	5	%
Commercial real estate		423		2	%	Healthcare		209	5	%

Total commercial		9,870		36	%	Hotel, leisure, restaurants		208	5	%

Total loan portfolio		22,067		80	%	Consumer staples		106	3	%

Unfunded commitments		5,416		20	%

Total	$	27,483		100	%

						*CLO by Major Sector*
						High tech industries	$	695	11	%
*Investment Portfolio*						Banking, finance, insurance, & real estate		682	10	%
CLO	$	6,514		79	%	Services: business		640	10	%
Agency MBS		1,184		14	%	Healthcare & pharmaceuticals		594	9	%
Corporate bonds		400		5	%	Hotel, gaming, & leisure		336	5	%
SBA		78		1	%	Construction & building		274	4	%
Student loan ARS		67		1	%	Beverage, food, & tobacco		238	4	%
CMBS		2		0	%	Chemicals, plastics, & rubber		231	4	%
Other		3		0	%	Services: consumer		230	4	%

Total Portfolio	$	8,248		100	%	Capital equipment		229	4	%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses


	*December 31, 2025*
	*Loans and Lending*
(Unaudited, 000s)	*Commitments*		*ACL*		*ACL%*	*Q4 Provision*
Residential real estate	$	9,254,939	$	11,264	0.12%	$	(1,245	)
Commercial and industrial		4,135,091		92,612	2.24%		19,820
Fund banking		4,096,649		8,193	0.20%		(2,623	)
Securities-based loans		2,672,431		3,254	0.12%		73
Construction and land		1,214,450		10,567	0.87%		(1,657	)
Commercial real estate		423,474		5,650	1.33%		(2,953	)
Other		269,729		705	0.26%		(158	)

Loans held for investment, gross		22,066,763		132,245	0.60%		11,257
Loans held for sale		502,199

Total loans, gross		22,568,962
Lending commitments		5,416,365		28,666	0.53%		(1,517	)

Loans and lending commitments	$	27,985,327	$	160,911		$	9,740


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Consolidated Net Interest Income


	*Three Months Ended*
	*December 31, 2025*						December 31, 2024						September 30, 2025
(Unaudited, millions)	*Average* *balance*		*Interest* *income/expense*		*Average* *interest* *rate*		*Average* *balance*		*Interest* *income/expense*		*Average* *interest* *rate*		*Average* *balance*		*Interest* *income/expense*		*Average* *interest* *rate*
*Interest-earning assets:*
Cash and federal funds sold	$	*2,341.6*	$	*23.0*		*3.92%*	$	2,892.8	$	35.3		4.88%	$	2,236.3	$	24.1		4.31%
Financial instruments owned		*1,435.4*		*8.8*		*2.46%*		1,238.5		6.8		2.19%		1,345.1		8.3		2.47%
Margin balances		*943.1*		*15.6*		*6.61%*		724.1		13.3		7.34%		856.8		15.5		7.24%
Investments:
Asset-backed securities		*6,580.0*		*95.3*		*5.79%*		6,620.1		111.7		6.75%		6,433.7		98.8		6.14%
Mortgage-backed securities		*1,223.5*		*10.6*		*3.47%*		1,079.7		7.9		2.94%		1,089.4		8.9		3.26%
Corporate fixed income securities		*406.7*		*2.8*		*2.76%*		517.9		3.6		2.70%		446.8		3.0		2.68%
Other		*4.8*		—		*2.55%*		4.7		—		2.55%		4.7		—		2.55%

Total investments		*8,215.0*		*108.7*		*5.29%*		8,222.4		123.2		5.99%		7,974.6		110.7		5.55%
Loans:
Residential real estate		*9,158.9*		*92.8*		*4.05%*		8,483.8		77.7		3.67%		8,988.7		88.5		3.94%
Commercial and industrial		*4,005.6*		*66.2*		*6.62%*		3,977.0		80.4		8.09%		3,786.8		71.4		7.55%
Fund banking		*3,899.8*		*64.4*		*6.60%*		3,606.1		67.9		7.53%		3,967.0		70.0		7.06%
Securities-based loans		*2,620.4*		*38.4*		*5.86%*		2,320.4		38.1		6.57%		2,538.5		39.5		6.23%
Commercial real estate		*423.5*		*8.3*		*7.88%*		551.1		10.1		7.30%		436.4		8.8		8.10%
Construction and land		*1,209.0*		*21.7*		*7.17%*		1,260.1		24.3		7.73%		1,195.2		23.1		7.74%
Loans held for sale		*416.4*		*7.4*		*7.12%*		499.4		10.4		8.30%		488.8		10.5		8.56%
Other		*261.0*		*4.4*		*6.77%*		237.6		4.4		7.33%		258.2		4.7		7.20%

Total loans		*21,994.6*		*303.6*		*5.52%*		20,935.5		313.3		5.99%		21,659.6		316.5		5.85%
Other interest-bearing assets		*1,154.3*		*9.7*		*3.35%*		909.7		8.8		3.89%		908.0		6.4		2.80%

Total interest-bearing assets/ interest income		*36,084.0*		*469.4*		*5.20%*		34,923.0		500.7		5.73%		34,980.4		481.5		5.51%
*Interest-bearing liabilities:*
Senior notes		*617.3*		*7.1*		*4.62%*		616.5		7.1		4.64%		617.1		7.1		4.62%
Deposits		*29,007.5*		*169.7*		*2.34%*		28,535.1		208.4		2.92%		28,445.5		188.0		2.64%
Other interest-bearing liabilities		*1,702.4*		*15.5*		*3.64%*		1,328.9		12.7		3.81%		1,620.2		10.1		2.48%

Total interest-bearing liabilities/ interest expense	$	*31,327.2*		*192.3*		*2.46%*	$	30,480.5		228.2		2.99%	$	30,682.8		205.2		2.67%

Net interest income/margin			$	*277.1*		*3.07%*			$	272.5		3.12%			$	276.3		3.16%


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Stifel Bancorp Net Interest Income


	*Three Months Ended*
	*December 31, 2025*						December 31, 2024						September 30, 2025
(Unaudited, millions)	*Average* *balance*		*Interest* *income/expense*		*Average* *interest* *rate*		Average balance		Interest income/expense		Average interest rate		Average balance		Interest income/expense		Average interest rate
*Interest-earning assets:*
Cash and federal funds sold	$	1,293.5	$	13.7		4.22%	$	1,870.0	$	24.1		5.16%	$	1,302.5	$	15.4		4.72%
Investments		8,215.0		108.7		5.29%		8,222.4		123.2		5.99%		7,974.6		110.7		5.55%
Loans		21,994.6		303.6		5.52%		20,935.5		313.3		5.99%		21,659.6		316.5		5.85%
Other interest-bearing assets		66.4		0.8		4.99%		66.5		0.9		5.11%		66.3		0.9		5.20%

Total interest-bearing assets/ interest income	$	31,569.5	$	426.8		5.41%	$	31,094.4	$	461.5		5.94%	$	31,003.0	$	443.5		5.72%
*Interest-bearing liabilities:*
Deposits	$	29,007.5	$	169.7		2.34%	$	28,535.1	$	208.4		2.92%	$	28,445.5	$	188.0		2.64%
Other interest-bearing liabilities		139.9		1.9		5.67%		92.3		1.5		6.67%		142.1		1.9		5.37%

Total interest-bearing liabilities/ interest expense	$	29,147.4		171.6		2.36%	$	28,627.4		209.9		2.93%	$	28,587.6		189.9		2.66%

Net interest income/margin			$	255.2		3.23%			$	251.6		3.24%			$	253.6		3.27%


Stifel Financial Corp. Quarterly Financial Supplement \| Fourth Quarter and Full Year 2025 Earnings Release		Page 16 of 19

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GAAP to Core Reconciliation


	*Three Months Ended*															*Year Ended*
(Unaudited, 000s)	*12/31/2025*			12/31/2024			Change			9/30/2025			Change			*12/31/2025*			12/31/2024			Change
GAAP net revenues	$	*1,560,579*		$	1,364,682					$	1,429,396					$	*5,529,730*		$	4,970,320
Non-GAAP adjustments		14			39						2						94			731

Non-GAAP net revenues		*1,560,593*			1,364,721						1,429,398						*5,529,824*			4,971,051

GAAP compensation and benefits expense		*925,154*			795,750						839,820						*3,272,130*			2,916,229
Merger-related (16)		*(3,485*	)		(4,641	)					(6,704	)					*(17,191*	)		(22,039	)
Restructuring and severance (17)		*(16,525*	)		430						(4,065	)					*(47,631*	)		(10,792	)

Total non-GAAP adjustments		*(20,010*	)		(4,211	)					(10,769	)					*(64,822*	)		(32,831	)

Non-GAAP compensation and benefits expense		*905,144*			791,539						829,051						*3,207,308*			2,883,398


GAAP non-compensation operating expenses		*327,516*			302,731						303,530						*1,386,461*			1,125,647
Merger-related (16)		*(20,708*	)		(12,140	)					(5,972	)					*(52,637*	)		(37,975	)

Non-GAAP non-compensation operating expenses		*306,808*			290,591						297,558						*1,333,824*			1,087,672

*Total adjustments*		*(40,732*	)		(16,390	)					(16,743	)					*(117,553*	)		(71,537	)


GAAP provision for income taxes		*43,548*			22,196						74,675						*187,360*			197,065
Merger-related and other (18)		*5,761*			1,365						4,375						*19,758*			9,739

Non-GAAP provision for income taxes		*49,309*			23,561						79,050						*207,118*			206,804

*Financial ratios:*
Compensation and benefits		*58.0*	%		58.0	%		—			58.0	%		—			*58.0*	%		58.0	%		—
Non-compensation operating expenses		*19.7*	%		21.3	%		(160	)		20.8	%		(110	)		*24.1*	%		21.9	%		220
Income before income taxes		*22.3*	%		20.7	%		160			21.2	%		110			*17.9*	%		20.1	%		(220	)
Effective tax rate		*14.1*	%		8.3	%		580			26.1	%		(1,200	)		*20.9*	%		20.7	%		20


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Footnotes


(1)		Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.

(2)		Book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per common share, a non-GAAP financial measure, represents tangible common shareholders’ equity (defined below) divided by period end common shares outstanding.
(3)		Return on average common equity (“ROCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of adjusted ROCE, calculated by dividing full year or annualized non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.

(4)		Return on average tangible common equity (“ROTCE”), a non-GAAP financial measure, is calculated by dividing full year or annualized net income applicable to common shareholders by average tangible common equity or, in the case of adjusted ROTCE, calculated by dividing full year or annualized non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $90.7 million, $80.3 million, and $87.2 million, as of December 31, 2025 and 2024, and September 30, 2025, respectively.
(5)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, January 28, 2026.

(6)		Includes capital raising and advisory revenues.
(7)		Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.

(8)		Includes Private Client Group and Trust Business.
(9)		Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(10)		Asset management assets managed in Private Client Group or Trust accounts.
(11)		Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks.

(12)		Represents client assets in Treasury Securities with maturities of 52 weeks or less.
(13)		The Company sweeps certain commercial treasury deposits to third-party banks, which can be brought back on balance sheet to support liquidity needs.

(14)		Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
(15)		Includes net interest, asset management, and other income.

(16)		Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
(17)		The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

(18)		Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


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Disclaimer and Legal

Notice

Forward-Looking Statements

This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks, assumptions, and uncertainties, including statements relating to the market opportunity and future business prospects of Stifel Financial Corp., as well as Stifel, Nicolaus & Company, Incorporated and its subsidiaries (collectively, “SF” or the “Company”). These statements can be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” and similar expressions.

All statements not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Use of Non-GAAP Financial Measures

The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.

Legal Notice

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company’s fourth quarter earnings release issued January 28, 2026.


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