Slides
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Wolfe Research Wealth Symposium November 13, 2025
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Disclaimer 2 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.
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Quarterly Earnings Report Long-term Strategic Objectives 3 Global Wealth Management ■ Achieve $1 Trillion in Client Assets ■ Recruiting & Acquisitions ■ Technology ■ Continue to Build Stifel Bancorp ■ Expand Client Deposits ■ Smart Rate ■ Corporate Deposits ■ Leverage Stifel Franchise for Loan Growth Solidify our Position as Premier Wealth Management Firm & Investment Bank Institutional Group ■ Gain Market Share ■ Recruiting ■ Acquisitions ■ Increase Relevancy to Clients ■ Expand Product Offerings ■ Leverage Stifel Franchise ■ Improve Operating Efficiencies Capital Deployment ■ Continued Focus on Risk Adjusted Returns ■ Reinvest in Business ■ Recruiting ■ Bank Growth ■ Acquisitions ■ Dividend Growth ■ Share Repurchases
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A History of Organic Growth & Acquisitions 4 $763 $870 $1,091 $1,382 $1,393 $1,594 $1,973 $2,208 $2,332 $2,575 $2,926 $3,025 $3,337 $3,752 $4,737 $4,391 $4,349 $4,970 $3,969 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 GAAP Net Revenues ($MM) 2005 - 2009 Legg Mason’s Capital Markets Division Ryan Beck Acquisition Stifel Bank & Trust Butler Wick 56 UBS Private Client Branches 2010 - 2014 Thomas Weisel Partners Stone & Youngberg Miller Buckfire Keefe, Bruyette & Woods Knight Capital Group Fixed Income Division Acacia Bank Zeigler Lotsoff Capital Management De La Rosa Oriel Securities 1919 Investment Counsel Merchant Capital 2015 - 2019 Barclays Wealth & Investment Management Sterne Agee Eaton Partners ISM Capital City Securities Zeigler Wealth Management Business Bancshares, Inc. First Empire MainFirst Mooreland Partners GMP George K. Baum B&F Capital Markets 2025 full year GAAP net revenues based on annualized results as of 09/30/2025. 2020 – 2024 Vining Sparks ACXIT Capital Partners Torreya Partners Sierra Pacific Finance 500 & CB Resource 2025 B. Riley Wealth Management Advisors Bryan, Garnier & Co.
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A Diversified Growth Company 5 Net Revenue1 Earnings Per Share1,2,3 Pre-tax Margin1,3 Revenue Contribution by Segment (1) Non-GAAP (2) Incorporates impact of the December 2020 3:2 stock split. (3) Non-GAAP EPS & Pre-tax Margin excludes impact of $67 million & 180 million in legal accruals in 2023 and 2025, respectively. $2,580 $2,928$3,025 $3,337 $3,752 $4,737 $4,391$4,349 $4,971 $5,334 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM millions 2016 – LTM CAGR: 9% $1.59 $2.66 $3.52 $4.07 $4.56 $7.08 $5.74 $5.28 $6.81 $7.54 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2016 – LTM CAGR: 19% 11.9% 17.1% 19.6% 19.9% 19.0% 23.9% 21.7% 19.2% 20.1% 20.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 52% 49% 50% 47% 46% 44% 45% 45% 46% 46% 39% 38% 34% 36% 42% 45% 35% 28% 33% 34% 9% 13% 16% 16% 12% 11% 20% 27% 21% 20% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Private Client Group Institutional Group Net Interest Income
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6 Business Overview
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Stifel – Premier Investment Bank and Wealth Management Firm 7 Stifel at a Glance 2024 GAAP Net Revenue - $5.0 billion Global Wealth Management (GWM) 2024 Net Revenue - $3.3 billion Institutional Group (IG) 2024 Net Revenue - $1.6 billion ▪ Private Client ▪ Stifel Bancorp ▪ Margin and Securities-based Lending ▪ Asset Management ▪ Equity & Fixed Income Capital Raising ▪ M&A Advisory / Restructuring ▪ Institutional Equity and Fixed Income Brokerage ▪ Independent Research ▪ Low leverage (7.2x) (1) (2), $5.8 billion stockholders’ equity (1) and $12.3 billion market capitalization (3) ▪ 23% Insider ownership aligns employees' interests with other shareholders (4) ▪ Diversified business mix (67% GWM / 33% IG) (2024 net revenues) ▪ Largest U.S. equity research platform for small cap stocks with 337 stocks under coverage(1) ▪ Broad investment banking and institutional sales and trading capabilities – domestic and international (1) As of 09/30/2025 (2) Assets / equity. (3) As of 11/07/2025, Factset (4) Insider ownership percentage includes all units outstanding, as of April 25, 2025
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Leading broker-dealer providing wealth management and institutional services to consumers and companies 8 Bulge Bracket Boutique Size / scale Large distribution Trading Retail Issues Lack of focus Banker turnover Lack of commitment Research indifference Lack of growth investors Firm focus Good research Growth investor access Issues Financial / firm stability Trading support Few with retail Size / scale Firm focus Stability (financial & personnel) Large distribution Trading Outstanding research Retail Institutional Wealth Management ◼ LARGEST provider of U.S. equity research for small cap stocks ◼ 4th LARGEST U.S. investment bank by U.S. equity trading volume outside of the Bulge Bracket firms(1) ◼ FULL SERVICE investment banking with expertise across products and industry sectors ◼ ACCESS TO one of the largest private client platforms (1) Based on 2024 U.S. trading volume per Bloomberg, as of 12/31/2024 (2) Source: Publicly available information for U.S. brokerage networks. Includes investment banks only. ◼ RANKED #1 Wealth Management Firm for employee advisor satisfaction by JD Power for three years in a row ◼ ONE OF THE LARGEST retail brokerage networks (2) ◼ FULL SERVICE wealth manager with full suite of capabilities including investment products, capital markets, estate planning, and integrated banking and lending capabilities ◼ MORE THAN $540 billion in client assets
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Global Wealth Management (GWM) 9 Provides Securities Brokerage Services and Stifel Bank Products Overview National Presence ◼ Added more than 800 Financial Advisors with $435 million of trailing 12-month production since the end of 2019 ◼ Proven organic growth and acquirer of private client business ◼ Strategy of recruiting experienced advisors with established client relationships ◼ Expanding U.S. footprint through employee & independent financial advisor channels Net Revenues ($MM)1 Operating Contribution ($MM) 1 $1,233 $1,377 $1,563 $1,822 $1,990 $2,131 $2,191 $2,599 $2,826 $3,050 $3,284 $2,604 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $347 $382 $430 $627 $737 $786 $726 $915 $1,068 $1,216 $1,208 $955 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 • 2017 full year net revenue and operating contribution based on annualized results as of 9/30/2017 (1) 2018 full year results based on annualized result as of 9/30/2018 * 2025 full year net revenues & operating contribution based on annualized results as of 09/30/2025. **2025 operating contribution excludes impact of $180 million of legal accruals
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GWM – Stifel Bancorp, Inc. 10 ◼ Acquired FirstService Bank, a St. Louis-based, Missouri- chartered commercial bank, in April 2007 ◼ Stifel Financial became a bank holding company and financial services holding company ◼ Substantial Balance sheet growth with low-risk assets ◼ Funded by Stifel Nicolaus client deposits ◼ Maintain high levels of liquidity Overview Key Statistics (millions) (1)(2) Total assets $32,615 Total deposits 30,138 Total equity 2,211 ROAA 1.87% ROAE 26.40% Tier 1 Risk Based Capital 11.10% Tier 1 Leverage 7.10% NPAs/Assets 0.49% Investment Portfolio Loan Portfolio3 Interest Earning Assets 4% 26% 70% Cash Investment Securities Loans 81% 5% 14% 0% ABS Corporates Agency MBS Other 12% 36% 43% 2% 7% Securities-based lending Commercial and industrial Residential real estate Commercial real estate Other Note: Key Statistic Data as of 09/30/2025. (1) ROAA, ROAE, as well as Tier 1 capital ratios specific to Stifel Bank & Trust (2) NPAs include: nonaccrual loans, restructured loans, loans 90+ days past due, and other real estate owned. (3) Other includes construction and land, consumer loans, and home equity lines of credit.
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Quarterly Earnings Report Diversified Deposit Portfolio 11 HIGHLIGHTS ■ Highly Diversified Deposit Base ■ Client Cash Remained at Stifel ■ Provide Incremental FDIC Insurance ■ Deposit Beta a Function of Cash Sorting ■ Deposit Beta Cycle-To-Date of approximately 65% ■ Modest Impact to NII from Interest Rate Cuts ■ Non-Bank Client Cash Illustrates Benefits of Diversity Strong Net Interest Margin & Growth In Overall Client Cash *Represents client assets in Treasury Securities with maturities of 52 weeks or less Stifel Financial 3Q'25 3Q'24 Avg. Rate Interest Earning Assets $34,980,400 5.51% $33,613,800 6.08% Deposits Transactional (Bank Sweep) 10,529,000 9,637,000 Savings (Smart Rate & Direct Wealth Management at SBI) 15,335,000 16,684,000 Commercial 4,274,000 1,800,000 Interest Bearing Deposits 28,445,500 2.64% 27,535,900 3.34% Net Interest Margin 3.16% 3.09% Third Party Sweep 526,000 698,000 Other 415,000 469,000 Money Market Funds 15,538,000 11,301,000 Off Balance Sheet $16,479,000 $12,468,000 Total Brokerage Client Cash $42,343,000 $38,789,000 Short-term Treasuries* $7,148,000 $7,321,000 $- $10,000 $20,000 $30,000 $40,000 $50,000 3Q24 4Q24 1Q25 2Q25 3Q25 millions STABLE & DIVERSIFIED DEPOSITS Wealth Management Deposits Ticketed Money Market Funds Stifel Bancorp, Inc. Non-Wealth Deposits
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Institutional Group 12 Net Revenues ($MM) 2 Fixed Income Capital Markets Net Revenues2 Overview Equity Capital Markets Net Revenues2 ◼ Provides securities brokerage, trading, research, underwriting and corporate advisory services ◼ Largest provider of U.S. Small Cap Equity Research ◼ 4th largest U.S Investment bank by U.S. equity trading volume outside of the Bulge Bracket firms(1) ◼ Full-service Investment Bank ◼ Comprehensive Fixed Income platform $404 $432 $382 $297 $416 $652 $698 $601 $517 $666 $552 $0 $100 $200 $300 $400 $500 $600 $700 $800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 • 2025 full year net revenue based on annualized results as of 09/30/2025 (1) Based on 2024 U.S. trading volume per Bloomberg., as of 12/31/2024. (2) Net Revenues comprised of Transactional, Investment Banking, Net Interest Income, and Other (3) 2023 full year net revenues based on annualized results as of 09/30/2023r net revenue based on annualized results as of 09/30 /2022 $571 $582 $729 $759 $798 $931 $1,454 $935 $709 $927 $753 $0 $300 $600 $900 $1,200 $1,500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $976 $1,014 $1,111 $1,055 $1,214 $1,583 $2,152 $1,536 $1,226 $1,593 $1,305 $0 $500 $1,000 $1,500 $2,000 $2,500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025