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Second 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 Non-GAAP Reconciliation		17

Footnotes		18

Disclaimer and Legal Notice		19


Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2026 Earnings Release		Page 1 of 19

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Consolidated Financial Highlights ⁽¹⁾
	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change			6/30/2026		6/30/2025		% Change
Net revenues	$	1,450,804	$	1,284,286		13.0	%	$	1,478,161		(1.9	%)	$	2,928,965	$	2,539,755		15.3	%
Net income	$	226,477	$	155,055		46.1	%	$	251,419		(9.9	%)	$	477,896	$	208,047		129.7	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	217,156	$	145,734		49.0	%	$	242,099		(10.3	%)	$	459,255	$	189,406		142.5	%
Earnings per diluted common share	$	1.40	$	0.94		48.9	%	$	1.54		(9.1	%)	$	2.95	$	1.26		134.1	%
Earnings per diluted common share available to common shareholders	$	1.34	$	0.89		50.6	%	$	1.48		(9.5	%)	$	2.83	$	1.15		146.1	%
Non-GAAP financial summary (2):
Net revenues	$	1,453,304	$	1,284,378		13.2	%	$	1,441,522		0.8	%	$	2,894,826	$	2,539,833		14.0	%
Net income	$	238,620	$	194,947		22.4	%	$	246,797		(3.3	%)	$	485,417	$	258,503		87.8	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	229,299		185,626		23.5	%		237,477		(3.4	%)		466,776		239,862		94.6	%
Earnings per diluted common share	$	1.48	$	1.19		24.4	%	$	1.51		(2.0	%)	$	2.99	$	1.57		90.4	%
Earnings per diluted common share available to common shareholders	$	1.42	$	1.14		24.6	%	$	1.45		(2.1	%)	$	2.87	$	1.46		96.6	%

Weighted average number of common shares outstanding:
Basic		154,234		155,024		(0.5	%)		155,508		(0.8	%)		154,869		156,074		(0.8	%)
Diluted		161,631		163,271		(1.0	%)		163,444		(1.1	%)		162,556		164,687		(1.3	%)
Period end common shares outstanding		151,589		153,285		(1.1	%)		153,817		(1.4	%)		151,589		153,285		(1.1	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	0.68	$	0.62		9.7	%


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

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GAAP Consolidated Results of Operations ⁽¹⁾


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change			6/30/2026		6/30/2025		% Change
Revenues:
Commissions	$	221,462	$	200,669		10.4	%	$	207,834		6.6	%	$	429,296	$	394,339		8.9	%
Principal transactions		140,091		172,603		(18.8	%)		150,221		(6.7	%)		290,312		314,263		(7.6	%)

Transactional revenues		*361,553*		373,272		(3.1	%)		358,055		1.0	%		*719,608*		708,602		1.6	%
Capital raising		174,456		106,155		64.3	%		122,974		41.9	%		297,430		206,627		43.9	%
Advisory		157,498		127,305		23.7	%		218,438		(27.9	%)		375,936		264,775		42.0	%

Investment banking		*331,954*		233,460		42.2	%		341,412		(2.8	%)		*673,366*		471,402		42.8	%
Asset management		456,630		403,608		13.1	%		459,457		(0.6	%)		916,087		813,149		12.7	%
Other income		12,549		3,690		240.1	%		55,679		(77.5	%)		68,228		14,271		378.1	%

Operating revenues		1,162,686		1,014,030		14.7	%		1,214,603		(4.3	%)		2,377,289		2,007,424		18.4	%
Interest revenue		476,093		477,056		(0.2	%)		451,049		5.6	%		927,142		952,688		(2.7	%)

Total revenues		1,638,779		1,491,086		9.9	%		1,665,652		(1.6	%)		3,304,431		2,960,112		11.6	%
Interest expense		187,975		206,800		(9.1	%)		187,491		0.3	%		375,466		420,357		(10.7	%)

Net revenues		1,450,804		1,284,286		13.0	%		1,478,161		(1.9	%)		2,928,965		2,539,755		15.3	%

Non-interest expenses:
Compensation and benefits		833,018		774,936		7.5	%		848,334		(1.8	%)		1,681,352		1,507,156		11.6	%
Occupancy and equipment rental		100,555		95,678		5.1	%		99,695		0.9	%		200,250		186,444		7.4	%
Communication and office supplies		46,341		47,847		(3.1	%)		51,021		(9.2	%)		97,362		97,360		0.0	%
Commissions and floor brokerage		15,039		17,146		(12.3	%)		15,041		(0.0	%)		30,080		33,952		(11.4	%)
Provision for credit losses		12,538		8,328		50.6	%		6,535		91.9	%		19,073		20,348		(6.3	%)
Investment banking expenses		12,495		8,989		39.0	%		8,546		46.2	%		21,041		17,536		20.0	%
Other operating expenses		131,380		117,542		11.8	%		122,917		6.9	%		254,297		399,775		(36.4	%)

Total non-interest expenses		1,151,366		1,070,466		7.6	%		1,152,089		(0.1	%)		2,303,455		2,262,571		1.8	%
Income before income taxes		299,438		213,820		40.0	%		326,072		(8.2	%)		625,510		277,184		125.7	%
Provision for income taxes		72,961		58,765		24.2	%		74,653		(2.3	%)		147,614		69,137		113.5	%

Net income		226,477		155,055		46.1	%		251,419		(9.9	%)		477,896		208,047		129.7	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Net income available to common shareholders	$	217,156	$	145,734		49.0	%	$	242,099		(10.3	%)	$	459,255	$	189,406		142.5	%

Earnings per common share:
Basic	$	1.41	$	0.94		50.0	%	$	1.56		(9.6	%)	$	2.97	$	1.21		145.5	%
Diluted	$	1.34	$	0.89		50.6	%	$	1.48		(9.5	%)	$	2.83	$	1.15		146.1	%
Weighted average number of common shares outstanding:
Basic		154,234		155,024		(0.5	%)		155,508		(0.8	%)		154,869		156,074		(0.8	%)
Diluted		161,631		163,271		(1.0	%)		163,444		(1.1	%)		162,556		164,687		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	0.68	$	0.62		9.7	%


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

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


	Three Months Ended												Six Months Ended
(Unaudited, 000s, except per share information)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change			6/30/2026		6/30/2025		% Change

Non-GAAP net revenues	$	1,453,304	$	1,284,378		13.2	%	$	1,441,522		0.8	%	$	2,894,826	$	2,539,833		14.0	%
Non-GAAP non-interest expenses:
Non-GAAP compensation and benefits		828,384		744,949		11.2	%		828,875		(0.1	%)		1,657,259		1,473,113		12.5	%
Non-GAAP non-compensation operating expenses		309,427		278,192		11.2	%		292,568		5.8	%		601,995		729,458		(17.5	%)

Total non-GAAP non-interest expenses		1,137,811		1,023,141		11.2	%		1,121,443		1.5	%		2,259,254		2,202,571		2.6	%
Non-GAAP income before income taxes		315,493		261,237		20.8	%		320,079		(1.4	%)		635,572		337,262		88.5	%
Non-GAAP provision for income taxes		76,873		66,290		16.0	%		73,282		4.9	%		150,155		78,759		90.7	%

Non-GAAP net income		238,620		194,947		22.4	%		246,797		(3.3	%)		485,417		258,503		87.8	%
Preferred dividends		9,321		9,321		0.0	%		9,320		0.0	%		18,641		18,641		0.0	%

Non-GAAP net income available to common shareholders	$	229,299	$	185,626		23.5	%	$	237,477		(3.4	%)	$	466,776	$	239,862		94.6	%

Non-GAAP earnings per common share:
Basic	$	1.49	$	1.20		24.2	%	$	1.53		(2.6	%)	$	3.01	$	1.54		95.5	%
Diluted	$	1.42	$	1.14		24.6	%	$	1.45		(2.1	%)	$	2.87	$	1.46		96.6	%
Weighted average number of common shares outstanding:
Basic		154,234		155,024		(0.5	%)		155,508		(0.8	%)		154,869		156,074		(0.8	%)
Diluted		161,631		163,271		(1.0	%)		163,444		(1.1	%)		162,556		164,687		(1.3	%)
Cash dividends declared per common share	$	0.34	$	0.31		9.7	%	$	0.34		0.0	%	$	0.68	$	0.62		9.7	%


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

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Consolidated Financial Summary



	Three Months Ended													Six Months Ended
(Unaudited, 000s)		6/30/2026			6/30/2025		% Change			3/31/2026		% Change			6/30/2026			6/30/2025		% Change

Net revenues:
Global Wealth Management	$	956,534		$	845,631		13.1	%	$	932,123		2.6	%	$	1,888,657		$	1,696,190		11.3	%
Institutional Group		480,694			419,779		14.5	%		495,258		(2.9	%)		975,952			804,708		21.3	%
Other		13,576			18,876		(28.1	%)		50,780		(73.3	%)		64,356			38,857		65.6	%

Total net revenues	$	1,450,804		$	1,284,286		13.0	%	$	1,478,161		(1.9	%)	$	2,928,965		$	2,539,755		15.3	%
Operating expenses:
Global Wealth Management	$	594,687		$	539,575		10.2	%	$	601,408		(1.1	%)	$	1,196,095		$	1,263,729		(5.4	%)
Institutional Group		388,517			358,739		8.3	%		397,348		(2.2	%)		785,865			716,237		9.7	%
Other		168,162			172,152		(2.3	%)		153,333		9.7	%		321,495			282,605		13.8	%

Total operating expenses	$	1,151,366		$	1,070,466		7.6	%	$	1,152,089		(0.1	%)	$	2,303,455		$	2,262,571		1.8	%
Operating contribution:
Global Wealth Management	$	361,847		$	306,056		18.2	%	$	330,715		9.4	%	$	692,562		$	432,461		60.1	%
Institutional Group		92,177			61,040		51.0	%		97,910		(5.9	%)		190,087			88,471		114.9	%
Other		(154,586	)		(153,276	)	0.9	%		(102,553	)	50.7	%		(257,139	)		(243,748	)	5.5	%

Income before income taxes	$	299,438		$	213,820		40.0	%	$	326,072		(8.2	%)	$	625,510		$	277,184		125.7	%
Financial ratios (change in bps):
Compensation and benefits		57.4	%		60.3	%	(290	)		57.4	%	—			57.4	%		59.3	%	(190	)
Non-compensation operating expenses		22.0	%		23.1	%	(110	)		20.5	%	150			21.2	%		29.8	%	(860	)
Income before income taxes		20.6	%		16.6	%	400			22.1	%	(150	)		21.4	%		10.9	%	1,050
Effective tax rate		24.4	%		27.5	%	(310	)		22.9	%	150			23.6	%		24.9	%	(130	)


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
Financial Information:
Total assets	$	44,907,609		$	39,859,653			12.7	%	$	42,893,152			4.7	%
Total shareholders’ equity	$	6,013,241		$	5,596,985			7.4	%	$	5,981,482			0.5	%
Total common equity	$	5,328,241		$	4,911,985			8.5	%	$	5,296,482			0.6	%
Goodwill and intangible assets	$	(1,552,657	)	$	(1,594,342	)		(2.6	%)	$	(1,561,298	)		(0.6	%)
DTL on goodwill and intangible assets	$	93,488		$	85,241			9.7	%	$	92,780			0.8	%

Tangible common equity	$	3,869,072		$	3,402,884			13.7	%	$	3,827,964			1.1	%
Preferred equity	$	685,000		$	685,000			0.0	%	$	685,000			0.0	%
Financial Metrics:
Book value per common share (1)(3)	$	35.15		$	32.05			9.7	%	$	34.43			2.1	%
Tangible book value per common share (1)(3)	$	25.52		$	22.20			15.0	%	$	24.89			2.5	%
Return on common equity (4)		16.2	%		11.9	%					18.3	%
Non-GAAP return on common equity (2)(4)		17.1	%		15.2	%					17.9	%
Return on tangible common equity (5)		22.3	%		17.0	%					25.3	%
Non-GAAP return on tangible common equity (2)(5)		23.6	%		21.7	%					24.8	%
Pre-tax margin on net revenues		20.6	%		16.6	%					22.1	%
Non-GAAP pre-tax margin on net revenues (2)		21.7	%		20.3	%					22.2	%
Effective tax rate		24.4	%		27.5	%					22.9	%
Non-GAAP effective tax rate (2)		24.4	%		25.4	%					22.9	%


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

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Regulatory Capital ⁽⁶⁾


(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
SF Regulatory Capital:
Common equity tier 1 capital	$	3,890,357		$	3,431,336			13.4	%	$	3,848,174			1.1	%
Tier 1 capital	$	4,575,650		$	4,116,336			11.2	%	$	4,533,174			0.9	%
Risk-weighted assets	$	26,405,428		$	23,588,069			11.9	%	$	24,288,031			8.7	%
Common equity tier 1 capital ratio		14.7	%		14.5	%					15.8	%
Tier 1 risk based capital ratio		17.3	%		17.5	%					18.7	%
Tier 1 leverage capital ratio		11.2	%		10.8	%					11.4	%
Stifel Bank & Trust Regulatory Capital:
Common equity tier 1 capital	$	1,336,645		$	1,337,013			(0.0	%)	$	1,353,799			(1.3	%)
Tier 1 capital	$	1,336,645		$	1,337,013			(0.0	%)	$	1,353,799			(1.3	%)
Risk-weighted assets	$	12,185,337		$	11,644,303			4.6	%	$	11,823,430			3.1	%
Common equity tier 1 capital ratio		11.0	%		11.5	%					11.5	%
Tier 1 risk based capital ratio		11.0	%		11.5	%					11.5	%
Tier 1 leverage capital ratio		7.1	%		7.0	%					7.1	%
Stifel Bank Regulatory Capital:
Common equity tier 1 capital	$	958,490		$	810,648			18.2	%	$	839,275			14.2	%
Tier 1 capital	$	958,490		$	810,648			18.2	%	$	839,275			14.2	%
Risk-weighted assets	$	9,004,422		$	6,643,960			35.5	%	$	7,179,043			25.4	%
Common equity tier 1 capital ratio		10.6	%		12.2	%					11.7	%
Tier 1 risk based capital ratio		10.6	%		12.2	%					11.7	%
Tier 1 leverage capital ratio		7.1	%		7.1	%					7.0	%
Stifel Net Capital:
Net capital	$	770,000		$	381,900			101.6	%	$	643,200			19.7	%
Excess net capital	$	728,800		$	356,600			104.4	%	$	609,600			19.6	%


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

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Global Wealth Management - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change			6/30/2026			6/30/2025			% Change
Revenues:
Commissions	$	147,157		$	128,203			14.8	%	$	140,064			5.1	%	$	287,221		$	254,029			13.1	%
Principal transactions		60,240			54,463			10.6	%		62,594			(3.8	%)		122,834			115,032			6.8	%

Transactional revenues		207,397			182,666			13.5	%		202,658			2.3	%		410,055			369,061			11.1	%
Asset management		456,596			403,574			13.1	%		459,426			(0.6	%)		916,022			813,080			12.7	%
Net interest		274,602			254,148			8.0	%		264,368			3.9	%		538,970			499,682			7.9	%
Investment banking (7)		8,693			6,224			39.7	%		6,072			43.2	%		14,765			12,132			21.7	%
Other income		9,246			(981	)		nm			(401	)		nm			8,845			2,235			295.7	%

Net revenues		956,534			845,631			13.1	%		932,123			2.6	%		1,888,657			1,696,190			11.3	%
Non-interest expenses:
Compensation and benefits		460,582			420,240			9.6	%		472,460			(2.5	%)		933,042			842,533			10.7	%
Non-compensation operating expenses		134,105			119,335			12.4	%		128,948			4.0	%		263,053			421,196			(37.5	%)

Total non-interest expenses		594,687			539,575			10.2	%		601,408			(1.1	%)		1,196,095			1,263,729			(5.4	%)

Income before income taxes	$	361,847		$	306,056			18.2	%	$	330,715			9.4	%	$	692,562		$	432,461			60.1	%


As a percentage of net revenues (change in bps):
Compensation and benefits		48.2	%		49.7	%		(150	)		50.7	%		(250	)		49.4	%		49.7	%		(30	)
Non-compensation operating expenses		14.0	%		14.1	%		(10	)		13.8	%		20			13.9	%		24.8	%		(1,090	)
Income before income taxes		37.8	%		36.2	%		160			35.5	%		230			36.7	%		25.5	%		1,120


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
Total client assets (8)	$	580,077,000		$	516,532,000			12.3	%	$	538,717,000			7.7	%
Fee-based client assets (8)	$	239,777,000		$	206,319,000			16.2	%	$	219,863,000			9.1	%
Transactional assets	$	340,300,000		$	310,213,000			9.7	%	$	318,854,000			6.7	%
Secured client lending (9)	$	4,144,000		$	3,367,000			23.1	%	$	3,841,000			7.9	%
Asset Management Revenue:
Private Client Group (10)	$	390,046		$	344,899			13.1	%	$	394,695			(1.2	%)
Asset Management		44,068			39,206			12.4	%		41,811			5.4	%
Third-party Bank Sweep Program		3,186			5,721			(44.3	%)		3,780			(15.7	%)
Other (11)		19,330			13,782			40.3	%		19,171			0.8	%

Total asset management revenues	$	456,630		$	403,608			13.1	%	$	459,457			(0.6	%)
Fee-based Assets (millions):
Private Client Group (10)	$	210,049		$	180,066			16.7	%	$	191,708			9.6	%
Asset Management		49,652			44,822			10.8	%		46,981			5.7	%
Elimination (12)		(19,924	)		(18,569	)		7.3	%		(18,826	)		5.8	%

Total fee-based assets	$	239,777		$	206,319			16.2	%	$	219,863			9.1	%
Third-party Bank Sweep Program	$	392		$	568			(31.0	%)	$	475			(17.5	%)
ROA (bps) (13):
Private Client Group (10)		81.4			83.1						80.3
Asset Management		35.5			35.0						35.6
Third-party Bank Sweep Program		358.3			389.3						358.9


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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)	6/30/2026		6/30/2025		% Change			3/31/2026		% Change
Stifel Bancorp Deposits:
Smart Rate Deposits	$	13,354	$	15,015		(11.1	%)	$	14,288		(6.5	%)
Sweep Deposits		10,939		9,847		11.1	%		11,529		(5.1	%)
Direct Wealth Management Deposits at Stifel Bancorp		190		102		86.3	%		227		(16.3	%)

Total Stifel Bancorp Wealth Management Deposits		24,483		24,964		(1.9	%)		26,044		(6.0	%)
Other Bank Deposits		7,781		3,709		109.8	%		4,753		63.7	%

Total Stifel Bancorp Deposits	$	32,264	$	28,673		12.5	%	$	30,797		4.8	%

Short-term Treasuries (14)	$	6,742	$	6,418		5.0	%	$	6,330		6.5	%
Third-party Commercial Treasury Deposits (15)	$	3,058	$	3,318		(7.8	%)	$	5,675		(46.1	%)
Wealth Management Cash:
Stifel Bancorp Wealth Management Deposits	$	24,483	$	24,964		(1.9	%)	$	26,044		(6.0	%)
Third-party Bank Sweep Program (15)		392		568		(31.0	%)		475		(17.5	%)
Third-party Treasury (15)		—		217		nm			—		0.0	%
Other Sweep Cash		713		551		29.4	%		648		10.0	%
Money Market Mutual Funds		17,330		15,297		13.3	%		17,173		0.9	%

Total Wealth Management Cash	$	42,918	$	41,597		3.2	%	$	44,340		(3.2	%)

Client money market and insured product (16)	$	25,398	$	25,981		(2.2	%)	$	26,940		(5.7	%)
Third-party Deposits Available to Stifel Bancorp (15)	$	3,450	$	4,103		(15.9	%)	$	6,150		(43.9	%)


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

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Institutional Group - Summary Results of Operations


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change			6/30/2026			6/30/2025			% Change
Revenues:
Commissions	$	74,305		$	72,466			2.5	%	$	67,770			9.6	%	$	142,075		$	140,310			1.3	%
Principal transactions		79,851			118,140			(32.4	%)		87,627			(8.9	%)		167,478			199,231			(15.9	%)

Transactional revenues		154,156			190,606			(19.1	%)		155,397			(0.8	%)		309,553			339,541			(8.8	%)
Capital raising		165,898			99,931			66.0	%		116,902			41.9	%		282,800			194,495			45.4	%
Advisory		157,363			127,305			23.6	%		218,438			(28.0	%)		375,801			264,775			41.9	%

Investment banking		323,261			227,236			42.3	%		335,340			(3.6	%)		658,601			459,270			43.4	%
Other income (17)		3,277			1,937			69.2	%		4,521			(27.5	%)		7,798			5,897			32.2	%

Net revenues		480,694			419,779			14.5	%		495,258			(2.9	%)		975,952			804,708			21.3	%
Non-interest expenses:
Compensation and benefits		285,504			257,697			10.8	%		295,870			(3.5	%)		581,374			510,282			13.9	%
Non-compensation operating expenses		103,013			101,042			2.0	%		101,478			1.5	%		204,491			205,955			(0.7	%)

Total non-interest expenses		388,517			358,739			8.3	%		397,348			(2.2	%)		785,865			716,237			9.7	%

Income before income taxes	$	92,177		$	61,040			51.0	%	$	97,910			(5.9	%)	$	190,087		$	88,471			114.9	%


As a percentage of net revenues (change in bps):
Compensation and benefits		59.4	%		61.4	%		(200	)		59.7	%		(30	)		59.6	%		63.4	%		(380	)
Non-compensation operating expenses		21.4	%		24.1	%		(270	)		20.5	%		90			20.9	%		25.6	%		(470	)
Income before income taxes		19.2	%		14.5	%		470			19.8	%		(60	)		19.5	%		11.0	%		850


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

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Stifel Bancorp - Financial Information and Credit Metrics


(Unaudited, 000s)	6/30/2026			6/30/2025			% Change			3/31/2026			% Change
Stifel Bancorp Financial Information:
Total assets	$	35,278,437		$	31,115,875			13.4	%	$	33,303,655			5.9	%
Total shareholder’s equity	$	2,334,646		$	2,191,619			6.5	%	$	2,248,327			3.8	%
Total loans, net (includes loans held for sale)	$	24,805,104		$	21,447,860			15.7	%	$	22,185,318			11.8	%
Residential real estate		9,619,618			8,906,739			8.0	%		9,363,547			2.7	%
Fund banking		5,767,990			3,910,070			47.5	%		3,737,366			54.3	%
Commercial and industrial		4,529,422			3,536,227			28.1	%		4,170,090			8.6	%
Securities-based loans		2,977,657			2,568,050			16.0	%		2,749,987			8.3	%
Construction and land		977,377			1,217,561			(19.7	%)		1,229,903			(20.5	%)
Commercial real estate		412,809			429,243			(3.8	%)		440,993			(6.4	%)
Other		289,812			254,395			13.9	%		271,574			6.7	%
Loans held for sale		373,591			800,766			(53.3	%)		348,331			7.3	%
Investment securities	$	8,410,858		$	8,130,970			3.4	%	$	8,449,776			(0.5	%)
Available-for-sale securities, at fair value		1,529,505			1,546,392			(1.1	%)		1,588,549			(3.7	%)
Held-to-maturity securities, at amortized cost		6,881,353			6,584,578			4.5	%		6,861,227			0.3	%
Unrealized losses on available-for-sale securities		(115,080	)		(129,654	)		(11.2	%)		(113,790	)		1.1	%
Total deposits	$	32,264,006		$	28,673,063			12.5	%	$	30,797,336			4.8	%
Demand deposits (interest-bearing)		31,476,634			28,171,862			11.7	%		30,350,046			3.7	%
Demand deposits (non-interest-bearing)		498,688			373,823			33.4	%		47,418			951.7	%
Certificates of deposit		288,684			127,378			126.6	%		399,872			(27.8	%)

Credit Metrics:
Allowance for credit losses	$	150,093		$	166,410			(9.8	%)	$	142,692			5.2	%
Allowance as a percentage of retained loans		0.61	%		0.80	%					0.65	%
Net charge-offs as a percentage of average loans		0.03	%		0.06	%					0.11	%
Total nonperforming assets	$	125,615		$	157,348			(20.2	%)	$	105,993			18.5	%
Nonperforming assets as a percentage of total assets		0.36	%		0.51	%					0.32	%


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

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Stifel Bancorp - Loan and Investment Portfolio


(Unaudited, millions)	6/30/2026		% of Total Portfolio
Loan Portfolio						Commercial Portfolio by Major Sector
Residential real estate	$	9,620		30	%	Financials	$	1,157	26	%
Securities-based loans		2,978		9	%	Industrials		843	19	%
Home equity lines of credit and other		290		1	%	Information technology		779	17	%

Total consumer		12,888		40	%	Consumer discretionary		309	7	%

Fund banking		5,768		18	%	Materials		289	6	%
Commercial and industrial		4,529		14	%	Healthcare		273	6	%
Construction and land		977		3	%	Communication services		257	6	%
Commercial real estate		413		2	%	REITs		255	6	%

Total commercial		11,687		37	%	Hotel, leisure, restaurants		246	5	%

Total loan portfolio		24,575		77	%	Consumer staples		117	3	%

Unfunded commitments		7,234		23	%

Total	$	31,809		100	%

						CLO by Major Sector
						Banking, finance, insurance, & real estate	$	701	10	%
Investment Portfolio						High tech industries		689	10	%
CLO	$	6,826		80	%	Healthcare & pharmaceuticals		646	9	%
Agency MBS		1,202		14	%	Services: business		627	9	%
Corporate bonds		361		4	%	Hotel, gaming, & leisure		350	5	%
SBA		68		1	%	Construction & building		268	4	%
Student loan ARS		65		1	%	Beverage, food, & tobacco		253	4	%
CMBS		1		0	%	Capital equipment		223	3	%
Other		3		0	%	Services: consumer		223	3	%

Total Portfolio	$	8,526		100	%	Chemicals, plastics, & rubber		214	3	%


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

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Loans and Lending Commitments - Allowance for Credit Losses



	June 30, 2026
	Loans and Lending
(Unaudited, 000s)	Commitments		ACL		ACL %			Q2 Provision
Residential real estate	$	9,619,618	$	12,389		0.1	%	$	1,401
Fund banking		5,767,990		8,809		0.2	%		1,334
Commercial and industrial		4,529,422		79,053		1.7	%		15,171
Securities-based loans		2,977,657		3,509		0.1	%		209
Construction and land		977,377		10,687		1.1	%		(6,368	)
Commercial real estate		412,809		4,919		1.2	%		(732	)
Other		289,812		1,319		0.5	%		630

Loans held for investment, gross		24,574,685		120,685		0.5	%		11,645
Loans held for sale		373,591

Total loans, gross		24,948,276
Lending-related commitments (unfunded)		7,234,297		29,408		0.4	%		893

Loans and lending-related commitments	$	32,182,573	$	150,093				$	12,538


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

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Consolidated Non-GAAP Net Interest Income ⁽²⁾


	Three Months Ended
	June 30, 2026						June 30, 2025							March 31, 2026
(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	$	2,000.1	$	17.8		3.56%	$	1,924.5	$	20.8		4.32	%	$	2,310.3	$	20.3		3.52	%
Financial instruments owned		1,489.0		9.0		2.43%		1,367.1		9.3		2.73	%		1,516.9		8.4		2.21	%
Margin balances		1,114.6		16.9		6.07%		830.2		14.4		6.92	%		1,022.9		15.4		6.02	%
Investments:
Asset-backed securities		6,795.3		90.6		5.33%		6,735.2		101.8		6.05	%		6,556.6		87.5		5.33	%
Mortgage-backed securities		1,222.7		10.9		3.55%		1,133.3		9.0		3.16	%		1,182.8		10.3		3.48	%
Corporate fixed income securities		361.1		2.2		2.45%		464.8		3.1		2.69	%		373.5		2.4		2.57	%
Other		4.8		—		2.55%		4.8		—		2.55	%		4.8		—		2.55	%

Total investments		8,383.9		103.7		4.95%		8,338.1		113.9		5.47	%		8,117.7		100.2		4.94	%
Loans:
Residential real estate		9,465.8		98.6		4.17%		8,798.4		85.0		3.86	%		9,299.5		95.4		4.10	%
Commercial and industrial		4,393.8		68.7		6.25%		4,005.4		73.2		7.31	%		4,171.8		62.7		6.02	%
Fund banking		4,736.2		73.2		6.18%		3,773.9		67.0		7.10	%		3,862.0		59.4		6.15	%
Securities-based loans		2,875.2		39.4		5.49%		2,503.3		38.7		6.19	%		2,676.7		36.6		5.46	%
Commercial real estate		421.1		6.5		6.15%		449.3		9.6		8.58	%		437.1		7.4		6.76	%
Construction and land		1,105.9		18.2		6.58%		1,214.4		21.8		7.19	%		1,251.4		20.4		6.54	%
Loans held for sale		348.2		6.8		7.77%		496.9		10.8		8.71	%		472.8		10.3		8.69	%
Other		276.7		4.6		6.73%		250.5		4.5		7.13	%		271.3		4.1		6.09	%

Total loans		23,622.9		316.0		5.35%		21,492.1		310.6		5.78	%		22,442.6		296.3		5.28	%
Other interest-bearing assets		1,155.6		12.7		4.40%		928.0		8.1		3.45	%		1,071.3		10.4		3.88	%

Total interest-bearing assets/ interest income		37,766.1		476.1		5.04%		34,880.0		477.1		5.47	%		36,481.7		451.0		4.95	%
Interest-bearing liabilities:
Senior notes		617.7		7.1		4.62%		616.9		7.1		4.62	%		617.5		7.1		4.62	%
Deposits		30,348.1		163.5		2.16%		28,463.0		187.5		2.64	%		29,154.1		150.9		2.07	%
Other interest-bearing liabilities ⁽¹⁹⁾		1,931.0		17.4		3.59%		1,563.3		12.2		3.11	%		1,726.9		16.3		3.78	%

Total interest-bearing liabilities/ interest expense	$	32,896.8		188.0		2.29%	$	30,643.2		206.8		2.70	%	$	31,498.5		174.3		2.21	%

Net interest income/margin			$	288.1		3.05%			$	270.3		3.10	%			$	276.7		3.03	%


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

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Stifel Bancorp Net Interest Income


	Three Months Ended
	June 30, 2026							June 30, 2025							March 31, 2026
(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	$	954.5	$	11.8		4.93	%	$	1,098.1	$	13.1		4.77	%	$	1,176.9	$	11.5		3.92	%
Investments		8,383.9		103.7		4.95	%		8,338.1		113.9		5.47	%		8,117.7		100.2		4.94	%
Loans		23,622.9		316.0		5.35	%		21,492.1		310.6		5.78	%		22,442.6		296.3		5.28	%
Other interest-bearing assets		68.5		0.9		5.69	%		66.0		1.0		5.59	%		66.4		0.9		5.14	%

Total interest-bearing assets/ interest income	$	33,029.8	$	432.4		5.24	%	$	30,994.3	$	438.6		5.66	%	$	31,803.6	$	408.9		5.14	%
Interest-bearing liabilities:
Deposits	$	30,348.1	$	163.5		2.16	%	$	28,463.0	$	187.5		2.64	%	$	29,154.1	$	150.9		2.07	%
Other interest-bearing liabilities		177.4		2.1		4.66	%		143.4		2.0		5.44	%		144.9		1.8		5.09	%

Total interest-bearing liabilities/ interest expense	$	30,525.5		165.6		2.17	%	$	28,606.4		189.5		2.65	%	$	29,299.0		152.7		2.09	%

Net interest income/margin			$	266.8		3.23	%			$	249.1		3.22	%			$	256.2		3.22	%


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

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GAAP to Non-GAAP Reconciliation


	Three Months Ended															Six Months Ended
(Unaudited, 000s)	6/30/2026			6/30/2025			Change			3/31/2026			Change			6/30/2026			6/30/2025			Change
GAAP net revenues	$	1,450,804		$	1,284,286					$	1,478,161					$	2,928,965		$	2,539,755
Gain on sale of business (18)		2,500			—						(49,784	)					(47,284	)		—
Litigation-related and other (19)		—			92						13,145						13,145			78

Total non-GAAP adjustments		2,500			92						(36,639	)					(34,139	)		78

Non-GAAP net revenues		1,453,304			1,284,378						1,441,522						2,894,826			2,539,833

GAAP compensation and benefits expense		833,018			774,936						848,334						1,681,352			1,507,156
Merger-related and other (20)		(4,135	)		(2,946	)					(17,628	)					(21,763	)		(7,002	)
Restructuring and severance (21)		(499	)		(27,041	)					(1,831	)					(2,330	)		(27,041	)

Total non-GAAP adjustments		(4,634	)		(29,987	)					(19,459	)					(24,093	)		(34,043	)

Non-GAAP compensation and benefits expense		828,384			744,949						828,875						1,657,259			1,473,113

GAAP non-compensation operating expenses		318,348			295,530						303,755						622,103			755,415
Merger-related (20)		(8,921	)		(17,338	)					(11,187	)					(20,108	)		(25,957	)

Non-GAAP non-compensation operating expenses		309,427			278,192						292,568						601,995			729,458

Total adjustments		(16,055	)		(47,417	)					5,993						(10,062	)		(60,078	)


GAAP provision for income taxes		72,961			58,765						74,653						147,614			69,137
Merger-related and other (22)		3,912			7,525						(1,371	)					2,541			9,622

Non-GAAP provision for income taxes		76,873			66,290						73,282						150,155			78,759

Financial ratios (change in bps):
Compensation and benefits		57.0	%		58.0	%		(100	)		57.5	%		(50	)		57.2	%		58.0	%		(80	)
Non-compensation operating expenses		21.3	%		21.7	%		(40	)		20.3	%		100			20.8	%		28.7	%		(790	)
Income before income taxes		21.7	%		20.3	%		140			22.2	%		(50	)		22.0	%		13.3	%		870
Effective tax rate		24.4	%		25.4	%		(100	)		22.9	%		150			23.6	%		23.4	%		20


Stifel Financial Corp. Quarterly Financial Supplement \| Second 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 Non-GAAP 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 $93.1 million, $84.3 million, and $92.5 million, as of June 30, 2026 and 2025, and March 31, 2026, respectively.

(6)		Regulatory capital amounts and ratios are estimates as of the date of the Company’s earnings release, July 22, 2026.
(7)		Includes capital raising and advisory revenues.

(8)		Total client assets and fee-based client assets as of June 30, 2025, include $9.7 billion and $4.6 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 \| Second Quarter 2026 Earnings Release		Page 18 of 19

LOGO

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 second quarter earnings release issued July 22, 2026.


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