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Quarterly Earnings Report Second Quarter 2026 Financial Results Presentation July 22, 2026
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Quarterly Earnings Report Ranked #1 in Employee Advisor Satisfaction by JD Power for 4Th Consecutive Year Second Quarter Snapshot 1 2Q26 RESULTS millions, except per share and ratios HIGHLIGHTS NET REVENUE 2Q26: GAAP $1,451 & NON-GAAP $1,453 YTD: GAAP $2,929 & NON-GAAP $2,895 ANNUALIZED ROTCE* 2Q26:GAAP 22.3% & NON-GAAP 23.6% YTD: GAAP 23.8% & NON-GAAP 24.2% BOOK VALUE PER SHARE TBV $25.52 BV $35.15 Increased Loans by $2.6 billion Record Second Quarter Net Revenue Record Second Quarter Net Income Repurchased 2.4 million Common Shares Record Net Revenue Global Wealth Management * Please see our definition of ROTCE in our second quarter 2026 earnings release NET EARNINGS 2Q26: GAAP $217 & NON-GAAP $229 YTD: GAAP $459 & NON-GAAP $467 EPS 2Q26: GAAP $1.34 & NON-GAAP $1.42 YTD: GAAP $2.83 & NON-GAAP $2.87 ANNUALIZED ROCE 2Q26:GAAP 16.2% & NON-GAAP 17.1% YTD: GAAP 17.2% & NON-GAAP 17.5%
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Quarterly Earnings Report Providing an Elevated Level of Service & Improving Efficiencies 2 A PREMIER LEVEL of SUPPORT ■ Ranked #1 by JD Power for Employee Advisor Satisfaction ■ Ranked #1 in Leadership & Culture, Operational Support, & Products & Marketing ■ Underscores Firm-Wide Focus on Advisor Support AI PROVIDING IMPROVED EFFICIENCIES ■ Keeping Employees at the Center of the Client Relationship &: ■ Increasing Access to Data; ■ Reducing Time for Analysis & Presentation Preparation; ■ Improving Back Office Efficiencies; & ■ Increasing Client Engagement
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Quarterly Earnings Report COMMENTARY ON VARIANCE TO ANALYST ESTIMATES ■ Commissions & Principal Transactions: ■ Stronger Global Wealth Management Revenue ■ Lower Equity & Fixed Income Revenue ■ Investment Banking: ■ Stronger Equity & Fixed Income Underwriting Revenue ■ Lower Advisory Revenue ■ Net Interest Income ■ Higher Average Interest-Earning Assets ■ Compensation Expense: ■ Lower Compensation Ratio ■ Non-Compensation Expense: ■ Higher Investment Banking Gross Up & Credit Provision Variance to Consensus Estimates 3 * Impact of Legal Reserves calculated as legal reserves of $67 million, an adjusted tax rate of 25%, divided by the diluted average share count. (in Millions, except diluted EPS and share data) 2Q26 2Q26 Mean % ∆ 2Q26 vs. 2Q25 Revenues Operating* Analyst Results Commissions + Principal transactions $362 $370 (2%) (3%) Investment banking $332 $309 7% 42% Asset management and service fees $457 $452 1% 13% Net interest $288 $284 1% 7% Net revenues $1,453 $1,422 2% 13% Non-interest expenses Compensation and benefits 828 819 1% 11% Compensation Ratio 57.0% 57.6% -60 bps -100 bps Non-compensation expenses 309 303 2% 11% Total non-interest expenses 1,138 1,122 1% 11% Income before income taxes 315 300 5% 21% Provision for income taxes 77 75 3% 16% Tax Rate 24.4% 24.8% -40 bps -100 bps Net Income $229 $216 6% 24% Diluted Operating EPS $1.42 $1.33 7% 25% Second Quarter Results Variance to Consensus Estimates *Non-GAAP
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Quarterly Earnings Report HIGHLIGHTS ■ Record Quarterly Net Revenue ■ Record Quarterly Transactional Revenue ■ Record Quarterly Pre-Tax Income ■ Record Total Client & Fee-Based Client Assets ■ Total Client Cash Balances up $2.7 Billion Y/Y Global Wealth Management 4 millions 2Q26 Y/Y Change Sequential Change 2026 YTD VS 2025 YTD Transactional $207 14% 2% $410 11% Asset Management 457 13% -1% 916 13% Net Interest 275 8% 4% 539 8% Investment Banking 9 40% 43% 15 22% Other 9 nm nm 9 296% Total Global Wealth Management Net Revenue $957 13% 3% $1,889 11% Comp. Ratio 48.2% -150 bps -250 bps 49.4% -30 bps Non-Comp. Ratio 14.0% -10 bps 20 bps 13.9% -1090 bps Provision for credit loss $13 51% 92% $19 -6% Pre-tax Margin 37.8% 160 bps 230 bps 36.7% 1120 bps Pre-tax Pre-provision Margin 39.1% 190 bps 300 bps 37.7% 1100 bps millions 2Q26 Y/Y Sequential Change Total Client Assets $580,091 12% 8% Fee-based Client Assets $239,777 16% 9% Private Client Fee-based Client Assets $210,049 17% 10% CLIENT ASSET METRICS GLOBAL WEALTH MANAGEMENT REVENUE $1,599 $240 $1,446 $189 $157 ($1,409) ($108) ($253) ($366) ($934) ($54) $505 $508 $673 ($673) $1,114 $760 $1,474 $1,167 $410 2Q25 3Q25 4Q25 1Q26 2Q26 millions CLIENT CASH BALANCES Ticked MMF Smart Rate Sweep* Non-Wealth Deposits Client Asset Metrics Include the impact of assets associated with the sale of Stifel Independent Advisors. Total Client Assets from SIA were $9.7 bil. on June 30, 2025. Fee-based Client Assets from SIA were $4.6 bil. on June 30, 2025. * Sweep balances include Sweep Deposits, Third-party Bank Sweep Program, & Other Sweep Cash
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Quarterly Earnings Report Institutional Group 5 * Includes net interest, asset management, and other income HIGHLIGHTS ■ Institutional Revenue up 21% YTD vs. 2025 ■ YTD Pre-tax Margin up 850 bps ■ Second Highest Second Quarter Revenue ■ Second Highest Quarterly Capital Raising Quarter ■ Equity Capital Raising Revenue Up 121% Y/Y ■ Ranked #1 in Municipal Issuance in Number of Issues YTD in 2026 with 14% Market Share * 2021 revenue based on annualized results through 9/30/2021 millions 2Q26 Y/Y Change Sequential Change 2026 YTD 2025 YTD Advisory $157 24% -28% $376 42% Capital Raising $166 66% 42% $283 45% Equity $102 121% 52% $170 78% Fixed Income $64 18% 28% $113 14% Transactional $154 -19% -1% $310 -9% Equity $59 -4% 7% $114 -6% Fixed Income $95 -26% -5% $195 -11% Total Institutional Revenue* $481 15% -3% $976 21% Comp. Ratio 59.4% -200 bps -30 bps 59.6% -380 bps Non-Comp. Ratio 21.4% -270 bps 90 bps 20.9% -470 bps Pre-tax Margin 19.2% 470 bps -60 bps 19.5% 850 bps INSTITUTIONAL GROUP REVENUE $0 $100 $200 $300 $400 $500 $600 2Q25 3Q25 4Q25 1Q26 2Q26 millions INSTITUTIONAL GROUP NET REVENUE Advisory Fees Capital Raising Brokerage Other 3.4% 11.6% 11.0% 19.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 1H23 1H24 1H25 1H26 IMPROVED PRE-TAX MARGIN
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Quarterly Earnings Report Expenses 6 * For reconciliation of GAAP to non-GAAP expenses, refer to our second quarter 2026 earnings release. Bar chart header numbers are a graphic $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2021 2022 2023 2024 2025 2026* millions ANNUAL GAAP to Non-GAAP RESULTS GAAP Net Income Available to Common Shareholders Non-GAAP After Tax Adjustments 58.0% 58.0% 58.0% 57.5% 57.0% 0% 5% 10% 15% 20% 25% 30% 54% 55% 56% 57% 58% 59% 60% 61% 62% 2Q25 3Q25 4Q25 1Q26 2Q26 Non-compensation Ratio Compensation Ratio Non-GAAP EXPENSE RATIOS Non-compensation Operating Ratio IB Gross up & Loan Loss Provision Compensation Ratio *2026 annual GAAP to non-GAAP results based on annualized results through 6/30/2026 millions 2Q26 2Q25 Y/Y Change Compensation $828 $745 11% Non-compensation Expense, Ex. IB Gross Up & Credit Loss $284 $261 9% Credit Loss Provision & IB Gross Up $25 $17 44% Non-compensation $309 $278 11% Pre-tax Income $315 $261 21% NON-GAAP EXPENSES & PRE-TAX INCOME (000s) 2Q26 GAAP Net Income $226,477 Preferred Dividend $9,321 Net Income available to common Shareholders $217,156 Non-GAAP After Tax Adjustments $12,143 Non-GAAP Net Income Available to Common Shareholders $229,299 GAAP to Non-GAAP RECONCILIATION
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Quarterly Earnings Report Capital Utilization 7 $39,860 $41,687 $41,271 $42,893 $44,908 10.8% 11.1% 11.4% 11.4% 11.2% 17.5% 17.6% 18.3% 18.7% 17.3% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 2Q25 3Q25 4Q25 1Q26 2Q26 millions FIRM-WIDE ASSETS & CAPITAL RATIOS Assets Tier 1 Leverage Tier 1 Risk Based Capital $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 2021 2022 2023 2024 2025 2026* millions A TRACK RECORD of FUNDING GROWTH Bank Deposits Available Funding ($100,000) $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 2022 2023 2024 2025 2026 (000s) DEPLOYING EXCESS CAPITAL Capital Generated Bank Growth Common Stock Repurchases Dividends (Common & Preferred) Acquisitions HIGHLIGHTS ■ Repurchased 2.4 million Shares in Open Market ■ 7.8 million Shares in Total Authorization ■ Total Assets Increased $2 billion ■ Loan Growth of $2.6 billion ■ Bank Funding Increased at CAGR of 11% Since 2021 *2026 based on results through 6/30/2026
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Quarterly Earnings Report Concluding Remarks
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Quarterly Earnings Report Second Quarter 2026 Financial Results Presentation July 22, 2026
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Quarterly Earnings Report Disclaimer 10 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.