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First Quarter 2026 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 Non-GAAP 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 \| First Quarter 2026 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights ⁽¹⁾


	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Net revenues	$	1,478,161	$	1,255,469		17.7	%	$	1,560,579		(5.3	%)
Net income	$	251,419	$	52,992		374.4	%	$	264,361		(4.9	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	242,099	$	43,672		454.4	%	$	255,041		(5.1	%)
Earnings per diluted common share	$	1.54	$	0.31		396.8	%	$	1.59		(3.1	%)
Earnings per diluted common share available to common shareholders	$	1.48	$	0.26		469.2	%	$	1.54		(3.9	%)
Non-GAAP financial summary ⁽²⁾:
Net revenues	$	1,441,522	$	1,255,455		14.8	%	$	1,560,593		(7.6	%)
Net income	$	246,797	$	63,556		288.3	%	$	299,332		(17.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	237,477		54,236		337.9	%		290,012		(18.1	%)
Earnings per diluted common share	$	1.51	$	0.38		297.4	%	$	1.81		(16.6	%)
Earnings per diluted common share available to common shareholders	$	1.45	$	0.33		339.4	%	$	1.75		(17.1	%)

Weighted average number of common shares outstanding:
Basic		155,508		157,146		(1.0	%)		154,181		0.9	%
Diluted		163,444		165,953		(1.5	%)		165,516		(1.3	%)
Period end common shares outstanding		153,817		154,617		(0.5	%)		152,496		0.9	%
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.31		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 2 of 19

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GAAP Consolidated Results of Operations ⁽¹⁾



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Revenues:
Commissions	$	207,834	$	193,670		7.3	%	$	213,204		(2.5	%)
Principal transactions		150,221		141,660		6.0	%		153,198		(1.9	%)

Transactional revenues		*358,055*		335,330		6.8	%		366,402		(2.3	%)
Capital raising		122,974		100,472		22.4	%		177,868		(30.9	%)
Advisory		218,438		137,470		58.9	%		277,988		(21.4	%)

Investment banking		*341,412*		237,942		43.5	%		455,856		(25.1	%)
Asset management		459,457		409,541		12.2	%		455,797		0.8	%
Other income		55,679		10,581		426.2	%		5,424		926.5	%

Operating revenues		1,214,603		993,394		22.3	%		1,283,479		(5.4	%)
Interest revenue		451,049		475,632		(5.2	%)		469,377		(3.9	%)

Total revenues		1,665,652		1,469,026		13.4	%		1,752,856		(5.0	%)
Interest expense		187,491		213,557		(12.2	%)		192,277		(2.5	%)

Net revenues		1,478,161		1,255,469		17.7	%		1,560,579		(5.3	%)

Non-interest expenses:
Compensation and benefits		848,334		732,220		15.9	%		925,154		(8.3	%)
Occupancy and equipment rental		99,695		90,766		9.8	%		100,242		(0.5	%)
Communication and office supplies		51,021		49,513		3.0	%		50,061		1.9	%
Commissions and floor brokerage		15,041		16,806		(10.5	%)		16,417		(8.4	%)
Provision for credit losses		6,535		12,020		(45.6	%)		9,740		(32.9	%)
Investment banking expenses		8,546		8,547		(0.0	%)		18,685		(54.3	%)
Other operating expenses		122,917		282,233		(56.4	%)		132,371		(7.1	%)

Total non-interest expenses		1,152,089		1,192,105		(3.4	%)		1,252,670		(8.0	%)
Income before income taxes		326,072		63,364		414.6	%		307,909		5.9	%
Provision for income taxes		74,653		10,372		619.8	%		43,548		71.4	%

Net income		251,419		52,992		374.4	%		264,361		(4.9	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Net income available to common shareholders	$	242,099	$	43,672		454.4	%	$	255,041		(5.1	%)

Earnings per common share:
Basic	$	1.56	$	0.28		457.1	%	$	1.65		(5.5	%)
Diluted	$	1.48	$	0.26		469.2	%	$	1.54		(3.9	%)
Weighted average number of common shares outstanding:
Basic		155,508		157,146		(1.0	%)		154,181		0.9	%
Diluted		163,444		165,953		(1.5	%)		165,516		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.31		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 3 of 19

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Non-GAAP Condensed Consolidated Results of Operations ⁽¹⁾ ⁽²⁾



	Three Months Ended
(Unaudited, 000s, except per share information)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Non-GAAP net revenues	$	1,441,522	$	1,255,455		14.8	%	$	1,560,593		(7.6	%)
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		828,875		728,164		13.8	%		905,144		(8.4	%)
Non-GAAP non-compensation operating expenses		292,568		451,266		(35.2	%)		306,808		(4.6	%)

Total non-GAAP non-interest expenses		1,121,443		1,179,430		(4.9	%)		1,211,952		(7.5	%)
Non-GAAP income before income taxes		320,079		76,025		321.0	%		348,641		(8.2	%)
Non-GAAP provision for income taxes		73,282		12,469		487.7	%		49,309		48.6	%
Non-GAAP net income		246,797		63,556		288.3	%		299,332		(17.6	%)
Preferred dividends		9,320		9,320		0.0	%		9,320		0.0	%

Non-GAAP net income available to common shareholders	$	237,477	$	54,236		337.9	%	$	290,012		(18.1	%)

Non-GAAP earnings per common share:
Basic	$	1.53	$	0.35		337.1	%	$	1.88		(18.6	%)
Diluted	$	1.45	$	0.33		339.4	%	$	1.75		(17.1	%)
Weighted average number of common shares outstanding:
Basic		155,508		157,146		(1.0	%)		154,181		0.9	%
Diluted		163,444		165,953		(1.5	%)		165,516		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.31		9.7	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 4 of 19

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Consolidated Financial Summary


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Net revenues:
Global Wealth Management	$	932,123		$	850,559			9.6	%	$	933,150			(0.1	%)
Institutional Group		495,258			384,929			28.7	%		609,703			(18.8	%)
Other		50,780			19,981			154.1	%		17,726			186.5	%

Total net revenues	$	1,478,161		$	1,255,469			17.7	%	$	1,560,579			(5.3	%)
Operating expenses:
Global Wealth Management	$	601,408		$	724,154			(17.0	%)	$	603,077			(0.3	%)
Institutional Group		397,348			357,498			11.1	%		458,026			(13.2	%)
Other		153,333			110,453			38.8	%		191,567			(20.0	%)

Total operating expenses	$	1,152,089		$	1,192,105			(3.4	%)	$	1,252,670			(8.0	%)
Operating contribution:
Global Wealth Management	$	330,715		$	126,405			161.6	%	$	330,073			0.2	%
Institutional Group		97,910			27,431			256.9	%		151,677			(35.4	%)
Other		(102,553	)		(90,472	)		13.4	%		(173,841	)		(41.0	%)

Income before income taxes	$	326,072		$	63,364			414.6	%	$	307,909			5.9	%
Financial ratios (change in bps):
Compensation and benefits		57.4	%		58.3	%		(90	)		59.3	%		(190	)
Non-compensation operating expenses		20.5	%		36.7	%		(1,620	)		21.0	%		(50	)
Income before income taxes		22.1	%		5.0	%		1,710			19.7	%		240
Effective tax rate		22.9	%		16.4	%		650			14.1	%		880


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 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)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Financial Information:
Total assets	$	42,893,152		$	40,383,727			6.2	%	$	41,270,782			3.9	%
Total Stifel Financial Corp. shareholders’ equity	$	5,981,482		$	5,538,186			8.0	%	$	5,977,317			0.1	%
Total common equity	$	5,296,482		$	4,853,186			9.1	%	$	5,292,317			0.1	%
Goodwill and intangible assets	$	(1,561,298	)	$	(1,503,358	)		3.9	%	$	(1,571,903	)		(0.7	%)
DTL on goodwill and intangible assets	$	92,780		$	83,367			11.3	%	$	92,224			0.6	%

Tangible common equity	$	3,827,964		$	3,433,195			11.5	%	$	3,812,638			0.4	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (1)(3)	$	34.43		$	31.39			9.7	%	$	34.71			(0.8	%)
Tangible book value per common share (1)(3)	$	24.89		$	22.21			12.1	%	$	25.00			(0.4	%)
Return on common equity (4)		18.3	%		3.5	%					19.5	%
Non-GAAP return on common equity (2)(4)		17.9	%		4.4	%					22.2	%
Return on tangible common equity (5)		25.3	%		5.0	%					27.3	%
Non-GAAP return on tangible common equity (2)(5)		24.8	%		6.2	%					31.1	%
Pre-tax margin on net revenues		22.1	%		5.0	%					19.7	%
Non-GAAP pre-tax margin on net revenues (2)		22.2	%		6.1	%					22.3	%
Effective tax rate		22.9	%		16.4	%					14.1	%
Non-GAAP effective tax rate (2)		22.9	%		16.4	%					14.1	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 6 of 19

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Regulatory Capital ⁽⁶⁾



	As of and for the Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,845,174		$	3,478,476			10.5	%	$	3,818,450			0.7	%
Tier 1 capital	$	4,530,429		$	4,163,476			8.8	%	$	4,503,450			0.6	%
Risk-weighted assets	$	24,288,031		$	23,661,099			2.6	%	$	24,602,985			(1.3	%)
Common equity tier 1 capital ratio		15.8	%		14.7	%					15.5	%
Tier 1 risk based capital ratio		18.7	%		17.6	%					18.3	%
Tier 1 leverage capital ratio		11.4	%		10.8	%					11.4	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,350,799		$	1,373,088			(1.6	%)	$	1,328,266			1.7	%
Tier 1 capital	$	1,351,054		$	1,373,088			(1.6	%)	$	1,328,266			1.7	%
Risk-weighted assets	$	11,819,433		$	12,374,082			(4.5	%)	$	11,876,471			(0.5	%)
Common equity tier 1 capital ratio		11.4	%		11.1	%					11.2	%
Tier 1 risk based capital ratio		11.4	%		11.1	%					11.2	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.0	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	839,275		$	780,209			7.6	%	$	854,826			(1.8	%)
Tier 1 capital	$	839,275		$	780,209			7.6	%	$	854,826			(1.8	%)
Risk-weighted assets	$	7,178,238		$	5,963,456			20.4	%	$	7,221,333			(0.6	%)
Common equity tier 1 capital ratio		11.7	%		13.1	%					11.8	%
Tier 1 risk based capital ratio		11.7	%		13.1	%					11.8	%
Tier 1 leverage capital ratio		7.0	%		7.1	%					7.1	%
Stifel Net Capital:
Net capital	$	643,200		$	294,100			118.7	%	$	559,500			15.0	%
Excess net capital	$	609,600		$	271,200			124.8	%	$	529,800			15.1	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 7 of 19

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Global Wealth Management - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Revenues:
Commissions	$	140,064		$	125,826			11.3	%	$	142,757			(1.9	%)
Principal transactions		62,594			60,569			3.3	%		63,897			(2.0	%)

Transactional revenues		*202,658*			186,395			8.7	%		206,654			(1.9	%)
Asset management		459,426			409,506			12.2	%		455,766			0.8	%
Net interest		264,368			245,534			7.7	%		261,624			1.0	%
Investment banking (7)		6,072			5,908			2.8	%		8,334			(27.1	%)
Other income		(401	)		3,216			(112.5	%)		772			(151.9	%)

Net revenues		932,123			850,559			9.6	%		933,150			(0.1	%)
Non-interest expenses:
Compensation and benefits		472,460			422,293			11.9	%		468,040			0.9	%
Non-compensation operating expenses		128,948			301,861			(57.3	%)		135,037			(4.5	%)

Total non-interest expenses		601,408			724,154			(17.0	%)		603,077			(0.3	%)

Income before income taxes	$	330,715		$	126,405			161.6	%	$	330,073			0.2	%


As a percentage of net revenues (change in bps):
Compensation and benefits		50.7	%		49.6	%		110			50.2	%		50
Non-compensation operating expenses		13.8	%		35.5	%		(2,170	)		14.4	%		(60	)
Income before income taxes		35.5	%		14.9	%		2,060			35.4	%		10


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 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)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Total client assets (8)	$	538,717,000		$	485,860,000			10.9	%	$	551,863,000			(2.4	%)
Fee-based client assets (8)	$	219,863,000		$	189,693,000			15.9	%	$	224,488,000			(2.1	%)
Transactional assets	$	318,854,000		$	296,167,000			7.7	%	$	327,375,000			(2.6	%)
Secured client lending (9)	$	3,841,000		$	3,239,000			18.6	%	$	3,702,000			3.8	%
Asset Management Revenue (000s):
Private Client Group (10)	$	394,695		$	345,357			14.3	%	$	394,031			0.2	%
Asset Management		41,811			38,520			8.5	%		41,415			1.0	%
Third-party Bank Sweep Program		3,780			11,783			(67.9	%)		4,278			(11.6	%)
Other (11)		19,171			13,881			38.1	%		16,073			19.3	%

Total asset management revenues	$	459,457		$	409,541			12.2	%	$	455,797			0.8	%
Fee-based Assets (millions):
Private Client Group (10)	$	191,708		$	166,035			15.5	%	$	196,718			(2.5	%)
Asset Management		46,981			41,136			14.2	%		46,708			0.6	%
Elimination (12)		(18,826	)		(17,478	)		7.7	%		(18,938	)		(0.6	%)

Total fee-based assets	$	219,863		$	189,693			15.9	%	$	224,488			(2.1	%)
Third-party Bank Sweep Program	$	475		$	828			(42.6	%)	$	524			(9.4	%)
ROA (bps) (13):
Private Client Group (10)		80.3			82.1						82.2
Asset Management		35.6			37.4						35.5
Third-party Bank Sweep Program		358.9			400.0						383.7


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 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)	3/31/2026		3/31/2025		% Change			12/31/2025		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	14,288	$	16,424		(13.0	%)	$	14,654		(2.5	%)
Sweep Deposits		11,529		10,043		14.8	%		10,969		5.1	%
Direct Wealth Management Deposits at Stifel Bancorp		227		387		(41.3	%)		66		243.9	%

Total Stifel Bancorp Wealth Management Deposits		26,044		26,854		(3.0	%)		25,689		1.4	%
Other Bank Deposits		4,753		2,785		70.7	%		4,063		17.0	%

Total Stifel Bancorp Deposits	$	30,797	$	29,639		3.9	%	$	29,752		3.5	%

Short-term Treasuries (14)	$	6,330	$	7,218		(12.3	%)	$	6,741		(6.1	%)
Third-party Commercial Treasury Deposits (15)	$	5,675	$	2,900		95.7	%	$	5,199		9.2	%
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	26,044	$	26,854		(3.0	%)	$	25,689		1.4	%
Third-party Bank Sweep Program (15)		475		828		(42.6	%)		524		(9.4	%)
Third-party Treasury (15)		—		—		0.0	%		199		nm
Other Sweep Cash		648		149		334.9	%		486		33.3	%
Money Market Mutual Funds		17,173		13,698		25.4	%		16,984		1.1	%

Total Wealth Management Cash	$	44,340	$	41,529		6.8	%	$	43,882		1.0	%

Client money market and insured product (16)	$	26,940	$	27,444		(1.8	%)	$	26,633		1.2	%
Third-party Deposits Available to Stifel Bancorp (15)	$	6,150	$	3,728		65.0	%	$	5,922		3.9	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 10 of 19

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Institutional Group - Summary Results of Operations


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Revenues:
Commissions	$	67,770		$	67,844			(0.1	%)	$	70,447			(3.8	%)
Principal transactions		87,627			81,091			8.1	%		89,301			(1.9	%)

Transactional revenues		*155,397*			148,935			4.3	%		159,748			(2.7	%)
Capital raising		116,902			94,564			23.6	%		170,915			(31.6	%)
Advisory		218,438			137,470			58.9	%		276,607			(21.0	%)

Investment banking		*335,340*			232,034			44.5	%		447,522			(25.1	%)
Other income (17)		4,521			3,960			(14.2	%)		2,433			85.8	%

Net revenues		495,258			384,929			28.7	%		609,703			(18.8	%)
Non-interest expenses:
Compensation and benefits		295,870			252,585			17.1	%		346,507			(14.6	%)
Non-compensation operating expenses		101,478			104,913			(3.3	%)		111,519			(9.0	%)

Total non-interest expenses		397,348			357,498			11.1	%		458,026			(13.2	%)

Income before income taxes	$	97,910		$	27,431			256.9	%	$	151,677			(35.4	%)


As a percentage of net revenues (change in bps):
Compensation and benefits		59.7	%		65.6	%		(590	)		56.8	%		290
Non-compensation operating expenses		20.5	%		27.3	%		(680	)		18.3	%		220
Income before income taxes		19.8	%		7.1	%		1,270			24.9	%		(510	)


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 11 of 19

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	3/31/2026			3/31/2025			% Change			12/31/2025			% Change
Stifel Bancorp Financial Information:
Total assets	$	33,303,655		$	32,100,614			3.7	%	$	32,253,991			3.3	%
Total shareholder’s equity	$	2,248,327		$	2,183,596			3.0	%	$	2,244,781			0.2	%
Total loans, net (includes loans held for sale)	$	22,185,318		$	21,241,400			4.4	%	$	22,427,456			(1.1	%)
Residential real estate		9,363,547			8,699,229			7.6	%		9,254,939			1.2	%
Commercial and industrial		4,170,090			3,678,411			13.4	%		4,135,091			0.8	%
Fund banking		3,737,366			3,659,294			2.1	%		4,096,649			(8.8	%)
Securities-based loans		2,749,987			2,404,960			14.3	%		2,672,431			2.9	%
Construction and land		1,229,903			1,206,876			1.9	%		1,214,450			1.3	%
Commercial real estate		440,993			472,550			(6.7	%)		423,474			4.1	%
Other		271,574			250,948			8.2	%		269,729			0.7	%
Loans held for sale		348,331			1,016,127			(65.7	%)		502,199			(30.6	%)
Investment securities	$	8,449,776		$	8,329,552			1.4	%	$	8,142,395			3.8	%
Available-for-sale securities, at fair value		1,588,549			1,613,304			(1.5	%)		1,593,390			(0.3	%)
Held-to-maturity securities, at amortized cost		6,861,227			6,716,248			2.2	%		6,549,005			4.8	%
Unrealized losses on available-for-sale securities		(113,790	)		(141,910	)		(19.8	%)		(105,199	)		8.2	%
Total deposits	$	30,797,336		$	29,639,272			3.9	%	$	29,752,063			3.5	%
Demand deposits (interest-bearing)		30,350,046			29,180,478			4.0	%		28,931,314			4.9	%
Demand deposits (non-interest-bearing)		47,418			432,368			(89.0	%)		339,494			(86.0	%)
Certificates of deposit		399,872			26,426			nm			481,255			(16.9	%)

Credit Metrics:
Allowance for credit losses	$	142,692		$	170,266			(16.2	%)	$	160,911			(11.3	%)
Allowance as a percentage of retained loans		0.65	%		0.83	%					0.73	%
Net charge-offs as a percentage of average loans		0.11	%		0.05	%					0.06	%
Total nonperforming assets	$	105,993		$	160,891			(34.1	%)	$	125,159			(15.3	%)
Nonperforming assets as a percentage of total assets		0.32	%		0.50	%					0.39	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 12 of 19

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	3/31/2026		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,364		34	%	Financials	$	1,034	25	%
Securities-based loans		2,750		10	%	Industrials		876	21	%
Home equity lines of credit and other		272		1	%	Information technology		600	14	%

Total consumer		12,386		45	%	Consumer discretionary		314	8	%

Commercial and industrial		4,170		15	%	Materials		265	6	%
Fund banking		3,737		13	%	REITs		254	6	%
Construction and land		1,230		4	%	Hotel, leisure, restaurants		251	6	%
Commercial real estate		441		2	%	Healthcare		245	6	%

Total commercial		9,578		34	%	Communication services		222	5	%

Total loan portfolio		21,964		79	%	Consumer staples		108	3	%

Unfunded commitments		5,850		21	%

Total	$	27,814		100	%

						CLO by Major Sector
						High tech industries	$	716	11	%
Investment Portfolio						Banking, finance, insurance, & real estate		703	10	%
CLO	$	6,819		80	%	Services: business		676	10	%
Agency MBS		1,241		14	%	Healthcare & pharmaceuticals		649	10	%
Corporate bonds		361		4	%	Hotel, gaming, & leisure		346	5	%
SBA		73		1	%	Construction & building		282	4	%
Student loan ARS		66		1	%	Beverage, food, & tobacco		255	4	%
CMBS		3		0	%	Capital equipment		245	4	%
Other		1		0	%	Services: consumer		231	3	%

Total Portfolio	$	8,564		100	%	Chemicals, plastics, & rubber		226	3	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 13 of 19

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Loans and Lending Commitments - Allowance for Credit Losses


	March 31, 2026
(Unaudited, 000s)	Loans and Lending Commitments		ACL		ACL %	Q1 Provision
Residential real estate	$	9,363,547	$	10,988	0.12%	$	(276	)
Commercial and industrial		4,170,090		76,781	1.84%		8,924
Fund banking		3,737,366		7,475	0.20%		(718	)
Securities-based loans		2,749,987		3,300	0.12%		46
Construction and land		1,229,903		10,295	0.84%		(272	)
Commercial real estate		440,993		5,651	1.28%		1
Other		271,574		688	0.25%		(18	)

Loans held for investment, gross		21,963,460		115,178	0.52%		7,687
Loans held for sale		348,331

Total loans, gross		22,311,791
Lending-related commitments (unfunded)		5,849,911		27,514	0.47%		(1,152	)

Loans and lending-related commitments	$	28,161,702	$	142,692		$	6,535


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 14 of 19

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Consolidated Non-GAAP Net Interest Income ⁽²⁾


	Three Months Ended
	March 31, 2026							March 31, 2025							December 31, 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	$	2,310.3	$	20.3		3.52	%	$	2,467.1	$	26.3		4.27	%	$	2,341.6	$	23.0		3.92	%
Financial instruments owned		1,516.9		8.4		2.21	%		1,242.5		6.5		2.11	%		1,435.4		8.8		2.46	%
Margin balances		1,022.9		15.4		6.02	%		835.8		13.9		6.64	%		943.1		15.6		6.61	%
Investments:
Asset-backed securities		6,556.6		87.5		5.33	%		6,617.4		101.4		6.13	%		6,580.0		95.3		5.79	%
Mortgage-backed securities		1,182.8		10.3		3.48	%		1,117.2		8.7		3.09	%		1,223.5		10.6		3.47	%
Corporate fixed income securities		373.5		2.4		2.57	%		496.3		3.4		2.75	%		406.7		2.8		2.76	%
Other		4.8		—		2.55	%		4.8		—		2.62	%		4.8		—		2.55	%

Total investments		8,117.7		100.2		4.94	%		8,235.7		113.5		5.51	%		8,215.0		108.7		5.29	%
Loans:
Residential real estate		9,299.5		95.4		4.10	%		8,633.5		81.0		3.75	%		9,158.9		92.8		4.05	%
Commercial and industrial		4,171.8		62.7		6.02	%		4,113.5		75.5		7.34	%		4,005.6		66.2		6.62	%
Fund banking		3,862.0		59.4		6.15	%		3,798.2		66.4		7.00	%		3,899.8		64.4		6.60	%
Securities-based loans		2,676.7		36.6		5.46	%		2,387.8		36.5		6.12	%		2,620.4		38.4		5.86	%
Commercial real estate		437.1		7.4		6.76	%		498.4		8.2		6.54	%		423.5		8.3		7.88	%
Construction and land		1,251.4		20.4		6.54	%		1,216.6		21.8		7.16	%		1,209.0		21.7		7.17	%
Loans held for sale		472.8		10.3		8.69	%		589.0		11.2		7.62	%		416.4		7.4		7.12	%
Other		271.3		4.1		6.09	%		248.8		4.4		6.97	%		261.0		4.4		6.77	%

Total loans		22,442.6		296.3		5.28	%		21,485.8		305.0		5.68	%		21,994.6		303.6		5.52	%
Other interest-bearing assets		1,071.3		10.4		3.88	%		996.8		10.4		4.17	%		1,154.3		9.7		3.35	%

Total interest-bearing assets/ interest income		36,481.7		451.0		4.95	%		35,263.7		475.6		5.40	%		36,084.0		469.4		5.20	%
Interest-bearing liabilities:
Senior notes		617.5		7.1		4.62	%		616.7		7.1		4.63	%		617.3		7.1		4.62	%
Deposits		29,154.1		150.9		2.07	%		28,622.8		193.1		2.70	%		29,007.5		169.7		2.34	%
Other interest-bearing liabilities ⁽¹⁹⁾		1,726.9		16.3		3.78	%		1,453.6		13.4		3.66	%		1,702.4		15.5		3.64	%

Total interest-bearing liabilities/ interest expense	$	31,498.5		174.3		2.21	%	$	30,693.1		213.6		2.78	%	$	31,327.2		192.3		2.46	%

Net interest income/margin			$	276.7		3.03	%			$	262.0		2.97	%			$	277.1		3.07	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 15 of 19

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Stifel Bancorp Net Interest Income


	Three Months Ended
	March 31, 2026							March 31, 2025							December 31, 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	$	1,176.9	$	11.5		3.92	%	$	1,512.8	$	17.4		4.60	%	$	1,293.5	$	13.7		4.22	%
Investments		8,117.7		100.2		4.94	%		8,235.7		113.5		5.51	%		8,215.0		108.7		5.29	%
Loans		22,442.6		296.3		5.28	%		21,485.8		305.0		5.68	%		21,994.6		303.6		5.52	%
Other interest-bearing assets		66.4		0.9		5.14	%		66.7		0.8		5.15	%		66.4		0.8		4.99	%

Total interest-bearing assets/ interest income	$	31,803.6	$	408.9		5.14	%	$	31,301.0	$	436.7		5.58	%	$	31,569.5	$	426.8		5.41	%
Interest-bearing liabilities:
Deposits	$	29,154.1	$	150.9		2.07	%	$	28,622.8	$	193.1		2.70	%	$	29,007.5	$	169.7		2.34	%
Other interest-bearing liabilities		144.9		1.8		5.09	%		92.6		1.4		5.83	%		139.9		1.9		5.67	%

Total interest-bearing liabilities/ interest expense	$	29,299.0		152.7		2.09	%	$	28,715.4		194.5		2.71	%	$	29,147.4		171.6		2.36	%

Net interest income/margin			$	256.2		3.22	%			$	242.2		3.10	%			$	255.2		3.23	%


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 16 of 19

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GAAP to Core Reconciliation


	Three Months Ended
(Unaudited, 000s)	3/31/2026			3/31/2025			Change			12/31/2025			Change
GAAP net revenues	$	1,478,161		$	1,255,469					$	1,560,579
Gain on sale of business (18)		(49,784	)		—						—
Litigation-related and other (19)		13,145			(14	)					14

Total non-GAAP adjustments		(36,639	)		(14	)					14

Non-GAAP net revenues		1,441,522			1,255,455						1,560,593

GAAP compensation and benefits expense		848,334			732,220						925,154
Merger-related and other (20)		(17,628	)		(4,056	)					(3,485	)
Restructuring and severance (21)		(1,831	)		—						(16,525	)

Total non-GAAP adjustments		(19,459	)		(4,056	)					(20,010	)

Non-GAAP compensation and benefits expense		828,875			728,164						905,144


GAAP non-compensation operating expenses		303,755			459,885						327,516
Merger-related (20)		(11,187	)		(8,619	)					(20,708	)

Non-GAAP non-compensation operating expenses		292,568			451,266						306,808

Total adjustments		5,993			(12,661	)					(40,732	)


GAAP provision for income taxes		74,653			10,372						43,548
Merger-related and other (22)		(1,371	)		2,097						5,761

Non-GAAP provision for income taxes		73,282			12,469						49,309

Financial ratios (change in bps):
Compensation and benefits		57.5	%		58.0	%		(50	)		58.0	%		(50	)
Non-compensation operating expenses		20.3	%		35.9	%		(1,560	)		19.7	%		60
Income before income taxes		22.2	%		6.1	%		1,610			22.3	%		(10	)
Effective tax rate		22.9	%		16.4	%		650			14.1	%		880


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 17 of 19

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Footnotes


	(1)			All share and per share information has been retroactively adjusted to reflect the February 2026 three-for-two stock split.
	(2)			Please refer to the GAAP to Core Reconciliation for a reconciliation of the Company’s GAAP results to these non-GAAP measures.
	(3)			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.
	(4)			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.
	(5)			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 $92.5 million, $82.5 million, and $90.7 million, as of March 31, 2026 and 2025, and December 31, 2025, respectively.
	(6)			Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, April 22, 2026.
	(7)			Includes capital raising and advisory revenues.
	(8)			Total client assets as of March 31, 2025 and December 31, 2025, include $9.0 billion and $10.5 billion, respectively, and fee-based client assets include $4.2 billion and $4.9 billion, respectively, of client assets from the Stifel Independent Advisors business that was sold on February 2, 2026.
	(9)			Includes client margin balances held by the Company’s broker-dealer subsidiaries and securities-based loans held at the Company’s bank subsidiaries.
	(10)			Includes Private Client Group and Trust Business.
	(11)			Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.
	(12)			Asset management assets managed in Private Client Group or Trust accounts.
	(13)			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.
	(14)			Represents client assets in Treasury Securities with maturities of 52 weeks or less.
	(15)			The Company sweeps certain commercial treasury deposits to third-party banks, which can be brought back on balance sheet to support liquidity needs.
	(16)			Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.
	(17)			Includes net interest, asset management, and other income.
	(18)			Gain recognized on the sale of Stifel Independent Advisors during the first quarter of 2026.
	(19)			Primarily related to prejudgment interest recognized on legal matters.
	(20)			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.
	(21)			The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
	(22)			Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 18 of 19

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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, 2025. 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 first quarter earnings release issued April 22, 2026.


Stifel Financial Corp. Quarterly Financial Supplement \| First Quarter 2026 Earnings Release		Page 19 of 19