# EDGAR Filing Document

**Accession Number:** 0000720672
**File Stem:** 0001193125-25-168605
**Filing Date:** 2025-7
**Character Count:** 112473
**Document Hash:** e5499028dc29fdd04d418637f1bbfd2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-168605.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001193125-25-168605

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STIFEL FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000720672
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 431273600
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09305
- **FILM NUMBER:** 251163908

**BUSINESS ADDRESS:**
- **STREET 1:** ATTN: JAMES G. LASCHOBER
- **STREET 2:** 501 N. BROADWAY
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63102-2102
- **BUSINESS PHONE:** 314-342-2000

**MAIL ADDRESS:**
- **STREET 1:** ATTN: JAMES G. LASCHOBER
- **STREET 2:** 501 N. BROADWAY
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63102-2102

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, DC 20549

### FORM 8-K

### CURRENT REPORT

#### Pursuant to Section 13 OR 15(d) of the

#### Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): July 30, 2025

## STIFEL FINANCIAL CORP.
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-09305** | **43-1273600** |
| (State of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

#### 501 N. Broadway, St. Louis, Missouri 63102-2188
(Address of principal executive offices and zip code)

(314) 342-2000

(Registrant's telephone number, including area code)

#### Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading**<br> **Symbol(s)** | **Name of Each Exchange on Which<br>Registered** |
| Common Stock, $0.15 par value per share | SF | New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 6.25% Non-Cumulative Preferred Stock, Series B | SF-PB | New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 6.125% Non-Cumulative Preferred Stock, Series C | SF-PC | New York Stock Exchange |
| Depository Shares, each representing 1/1,000th interest in a share of 4.50% Non-Cumulative Preferred Stock, Series D | SF-PD | New York Stock Exchange |
| 5.20% Senior Notes due 2047 | SFB | New York Stock Exchange |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

#### Item 2.02 Results of Operations and Financial Condition.
On July 30, 2025, Stifel Financial Corp. (the "Company") reported its financial results for the quarter ended June 30, 2025. A copy of the press release containing this information is attached as Exhibit 99.1 to this Report on Form 8-K.

In addition, a copy of the Company's Financial Supplement for the quarter ended June 30, 2025, is attached as Exhibit 99.2 to this Report on Form 8-K.

On Wednesday, July 30, 2025, at 9:30 a.m. Eastern time, the Company will hold a conference call to discuss its financial results and other related matters. A copy of the presentation for the conference call is attached as Exhibit 99.3 to this Report on Form 8-K.

The exhibits are being furnished pursuant to Item 2.02, and the information contained therein shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

#### Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | &nbsp;&nbsp; <u>Description</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 | [Press release dated July 30, 2025.](d834924dex991.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 | [Financial Supplement for the quarter ended June 30, 2025.](d834924dex992.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3 | [Financial Results Presentation dated July 30, 2025.](d834924dex993.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp; STIFEL FINANCIAL CORP.<br> (Registrant) |
| Date: July 30, 2025 | By: | /s/ James M. Marischen |
|  | Name: | &nbsp;&nbsp; James M. Marischen |
|  | Title: | &nbsp;&nbsp; *Chief Financial Officer* |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g834924g0729094531612.jpg)

**Stifel Reports Second Quarter 2025 Results** 

**ST. LOUIS, MO, July 30, 2025** – Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.3 billion for the three months ended June 30, 2025, compared with $1.2 billion a year ago. Net income available to common shareholders was $145.7 million, or $1.34 per diluted common share, compared with $156.0 million, or $1.41 per diluted common share for the second quarter of 2024. Non-GAAP net income available to common shareholders was $185.6 million, or $1.71 per diluted common share for the second quarter of 2025.

**Ronald J. Kruszewski**, *Chairman and Chief Executive Officer, said "We achieved the best second quarter in our history, generating over $1.28 billion in net revenue and $1.71 in core EPS despite a challenging April. These results reflect the strength of our diversified, advice-driven model and the consistency of our performance across market cycles. With our strongest financial advisor recruiting quarter in 10 years, growing momentum in our Institutional business, and continued progress in key growth areas, we are confident about the second half of the year and beyond."*

**<u>Highlights</u>**

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | The Company reported net revenues of $1.28 billion, the third best quarter in its history, driven by higher transactional revenues, asset management revenues, net interest income, and capital raising revenues.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Non-GAAP net income available to common shareholders of $1.71 per diluted common share.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Transactional revenues increased 11% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Asset management revenues increased 6% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Capital raising revenues increased 4% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Record client assets of $516.5 billion, up 9% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Added 82 financial advisors during the quarter, including 20 experienced employee advisors and 1 experienced independent advisor and 36 experienced advisors from B. Riley.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Non-GAAP pre-tax margin of 20.3%.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Annualized return on tangible common equity (ROTCE) <sup>(5)</sup> of 21.7%.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Tangible book value per common share <sup>(7)</sup> of $33.30, up 4% from prior year.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Financial Summary (Unaudited) | Financial Summary (Unaudited) | Financial Summary (Unaudited) | Financial Summary (Unaudited) | Financial Summary (Unaudited) |
| *(000s)* | **2Q 2025** | **2Q 2024** | **6m 2025** | **6m 2024** |
| &nbsp;&nbsp; **GAAP Financial Highlights:** | &nbsp;&nbsp; **GAAP Financial Highlights:** | &nbsp;&nbsp; **GAAP Financial Highlights:** | &nbsp;&nbsp; **GAAP Financial Highlights:** | &nbsp;&nbsp; **GAAP Financial Highlights:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $1284286 | $1217932 | $2539755 | $2380970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income <sup>(1)</sup> | $145734 | $155973 | $189406 | $310228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS <sup>(1)</sup> | $1.34 | $1.41 | $1.73 | $2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comp. ratio | 60.3% | 59.3% | 59.3% | 58.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-comp. ratio | 23.1% | 22.1% | 29.8% | 22.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax margin | 16.6% | 18.6% | 10.9% | 18.7% |
| &nbsp;&nbsp; **Non-GAAP Financial Highlights:** | &nbsp;&nbsp; **Non-GAAP Financial Highlights:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $1284378 | $1217941 | $2539833 | $2380979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income <sup>(1)</sup> <sup>(2)</sup> | $185626 | $176570 | $239862 | $339916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS <sup>(1) (2)</sup> | $1.71 | $1.60 | $2.18 | $3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comp. ratio <sup>(2)</sup> | 58.0% | 58.0% | 58.0% | 58.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-comp. ratio <sup>(2)</sup> | 21.7% | 21.4% | 28.7% | 21.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax margin <sup>(3)</sup> | 20.3% | 20.6% | 13.3% | 20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCE <sup>(4)</sup>  | 15.2% | 15.1% | 9.8% | 14.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; ROTCE <sup>(5)</sup> | 21.7% | 21.9% | 13.8% | 21.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; **Global Wealth Management (*assets and loans in millions*)** | &nbsp;&nbsp;&nbsp;&nbsp; **Global Wealth Management (*assets and loans in millions*)** | &nbsp;&nbsp;&nbsp;&nbsp; **Global Wealth Management (*assets and loans in millions*)** | &nbsp;&nbsp;&nbsp;&nbsp; **Global Wealth Management (*assets and loans in millions*)** | &nbsp;&nbsp;&nbsp;&nbsp; **Global Wealth Management (*assets and loans in millions*)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $845631 | $801135 | $1696190 | $1591635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax net income | $306056 | $299173 | $432461 | $589921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total client assets | $516532 | $474137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee-based client assets | $206319 | $179749 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank loans <sup>(6)</sup> | $21448 | $19820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** | &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** | &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** | &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** | &nbsp;&nbsp;&nbsp;&nbsp; **Institutional Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net revenues | $419779 | $390721 | $804708 | $742097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity | $220168 | $217694 | $456360 | $424111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $199611 | $173027 | $348348 | $317986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pre-tax net income | $61040 | $48813 | $88471 | $85922 |

---

Media Contact: Neil Shapiro (212) 271-3447 \| Investor Contact: Joel Jeffrey (212) 271- 3610 \| www.stifel.com/investor-relations

------

![LOGO](g834924g05k05.jpg)

**Global Wealth Management** 

Global Wealth Management reported net revenues of $845.6 million for the three months ended June 30, 2025 compared with $801.1 million during the second quarter of 2024. Pre-tax net income was $306.1 million compared with $299.2 million in the second quarter of 2024.

**<u>Highlights</u>**

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Ranked No. 1 in Overall Employee Advisor Satisfaction for the third straight year.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Added 82 financial advisors during the quarter, including 20 experienced employee advisors, and 1 experienced independent advisor, and 36 experienced financial advisors from B. Riley, with a combined total trailing 12 month production of $50.6 million.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Record client assets of $516.5 billion, up 9% over the year-ago quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Fee-based client assets of $206.3 billion, up 15% over the year-ago quarter.  |

---

**Net revenues increased 6% from a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Transactional revenues increased 3% over the year-ago quarter reflecting an increase in client activity.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Asset management revenues increased 6% over the year-ago quarter reflecting higher asset values and net new asset growth.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Net interest income increased 8% over the year-ago quarter driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.  |

---

**Total Expenses:** 

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Compensation expense as a percentage of net revenues increased to 49.7% primarily as a result of higher compensable revenues.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Provision for credit losses was primarily impacted by specific reserves on individual credits and overall loan growth in the retained portfolio.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Non-compensation operating expenses as a percentage of net revenues increased to 14.1% primarily as a result of an increase in the provision for credit losses, partially offset by revenue growth over the year-ago quarter.  |

---

---

| | | |
|:---|:---|:---|
|  Summary Results of Operations | Summary Results of Operations | Summary Results of Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;*(000s)* | **2Q 2025** | **2Q 2024** |
| &nbsp;&nbsp; **Net revenues** | **$845631** | **$801135** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transactional revenues | 182666 | 177308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management | 403574 | 380737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income | 254148 | 236281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment banking | 6224 | 5780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | (981) | 1029 |
| &nbsp;&nbsp; **Total expenses** | **$539575** | **$501962** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation expense | 420240 | 392941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 8328 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-comp. opex | 111007 | 106067 |
| &nbsp;&nbsp; **Pre-tax net income** | **$306056** | **$299173** |
| &nbsp;&nbsp; Compensation ratio | 49.7% | 49.0% |
| &nbsp;&nbsp; Non-compensation ratio | 14.1% | 13.7% |
| &nbsp;&nbsp; **Pre-tax margin** | **36.2%** | **37.3%** |

---

Stifel Financial Corp. \| Page 2

------

![LOGO](g834924g05k05.jpg)

**Institutional Group** 

Institutional Group reported net revenues of $419.8 million for the three months ended June 30, 2025 compared with $390.7 million during the second quarter of 2024. Institutional Group reported pre-tax net income of $61.0 million for the three months ended June 30, 2025 compared $48.8 million in the second quarter of 2024.

**<u>Highlights</u>**

**Investment banking revenues remained consistent with a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Advisory revenues decreased 3% from the year-ago quarter driven by lower levels of completed advisory transactions.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Fixed income capital raising revenues increased 12% over the year-ago quarter primarily driven by higher bond issuances.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Equity capital raising revenues decreased 4% from the year-ago quarter driven by lower volumes.  |

---

**Fixed income transactional revenues increased 21% from a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Fixed income transactional revenues increased from the year-ago quarter driven by higher client activity in a more volatile market environment and realized trading gains.  |

---

**Equity transactional revenues increased 16% from a year ago:** 

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Equity transactional revenues increased from the year-ago quarter primarily driven by increased client activity.  |

---

**Total Expenses:** 

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Compensation expense as a percentage of net revenues increased to 61.4% primarily driven by higher variable compensation expense as a result of an improving operating environment.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Non-compensation operating expenses as a percentage of net revenues decreased to 24.1% primarily as a result of higher revenues.  |

---

---

| | | |
|:---|:---|:---|
|  Summary Results of Operations | Summary Results of Operations | Summary Results of Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;*(000s)* | **2Q 2025** | **2Q 2024** |
| &nbsp;&nbsp; **Net revenues** | **$419779** | **$390721** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment banking | 227236 | 227501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 127305 | 131411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed income capital raising | 53744 | 48143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity capital raising | 46187 | 47947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed income transactional | 129117 | 106685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity transactional | 61489 | 52907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1937 | 3628 |
| &nbsp;&nbsp; **Total expenses** | **$358739** | **$341908** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation expense | 257697 | 239036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-comp. opex. | 101042 | 102872 |
| &nbsp;&nbsp; **Pre-tax net income** | **$61040** | **$48813** |
| &nbsp;&nbsp; Compensation ratio | 61.4% | 61.2% |
| &nbsp;&nbsp; Non-compensation ratio | 24.1% | 26.3% |
| &nbsp;&nbsp; **Pre-tax margin** | **14.5%** | **12.5%** |

---

Stifel Financial Corp. \| Page 3

------

![LOGO](g834924g05k05.jpg)

**Other Matters** 

**<u>Highlights</u>**

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | The Company repurchased $83.0 million of its outstanding common stock during the second quarter.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | Weighted average diluted shares outstanding decreased primarily as a result of share repurchases, partially offset by the increase in the Company's share price.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | The Board of Directors declared a $0.46 quarterly dividend per share payable on June 16, 2025 to common shareholders of record on June 2, 2025.  |

---

---

| | |
|:---|:---|
| ![LOGO](g834924dsp06a.jpg) | The Board of Directors declared a quarterly dividend on the outstanding shares of the Company's preferred stock payable on June 16, 2025 to shareholders of record on June 2, 2025.  |

---

---

| | | |
|:---|:---|:---|
| | **2Q 2025** | **2Q 2024** |
| &nbsp;&nbsp; **Common stock repurchases** | &nbsp;&nbsp; **Common stock repurchases** | &nbsp;&nbsp; **Common stock repurchases** |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases (000s) | $83039 | $17597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Number of shares (000s) | 970 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average price | $85.62 | $76.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Period end shares (000s) | 102190 | 102518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average diluted shares outstanding (000s) | 108847 | 110285 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Effective tax rate** | **27.5%** | 27.1% |
| &nbsp;&nbsp; **Stifel Financial Corp. <sup>(8)</sup>** | &nbsp;&nbsp; **Stifel Financial Corp. <sup>(8)</sup>** | &nbsp;&nbsp; **Stifel Financial Corp. <sup>(8)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 common capital ratio | 14.5% | 14.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk based capital ratio | 17.5% | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | 10.8% | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital (MM) | $4116 | $4044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Risk weighted assets (MM) | $23588 | $22734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average assets (MM) | $38013 | $36275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quarter end assets (MM) | $39860 | $37809 |
| &nbsp;&nbsp; **Agency** | **Rating** | **Outlook** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fitch Ratings | BBB+ | Stable |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global Ratings | BBB | Stable |

---

**Conference Call Information** 

Stifel Financial Corp. \| Page 4

------

***Stifel Financial Corp. will host its second quarter 2025 financial results conference call on Wednesday, July***  ***30, 2025, at 9:30 a.m. Eastern Time****.* The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel's Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 2769458. A live audio webcast of the call, as well as a presentation highlighting the Company's results, will be available through the Company's web site, <u>www.stifel.com</u>. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

Company Information

Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel's broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. The Company's broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company's website at <u>www.stifel.com</u>. For global disclosures, please visit <u>www.stifel.com/investor-relations/press-releases</u>.

A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at <u>www.stifel.com/investor-relations</u>.

The information provided herein and in the financial supplement, including information provided on the Company's earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at <u>www.stifel.com/investor-relations</u>.

Cautionary Note Regarding Forward-Looking Statements

This earnings release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies' operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. 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, Item 1A 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.

Stifel Financial Corp. \| Page 5

------

**Summary Results of Operations (Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| &nbsp;&nbsp; *(000s, except per share amounts)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change | **6/30/2025** | 6/30/2024 | % Change |
| &nbsp;&nbsp; **Revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Commissions | **$200669** | $183317 | 9.5 | $193670 | 3.6 | **$394339** | $368793 | 6.9 |
| &nbsp;&nbsp; Principal transactions | **172603** | 153574 | 12.4 | 141660 | 21.8 | **314263** | 292588 | 7.4 |
| &nbsp;&nbsp; Investment banking | **233460** | 233281 | 0.1 | 237942 | (1.9) | **471402** | 447230 | 5.4 |
| &nbsp;&nbsp; Asset management | **403608** | 380757 | 6.0 | 409541 | (1.4) | **813149** | 748233 | 8.7 |
| &nbsp;&nbsp; Other income | **3690** | 16180 | (77.2) | 10581 | (65.1) | **14271** | 21130 | (32.5) |
| &nbsp;&nbsp; **Operating revenues** | **1014030** | 967109 | 4.9 | 993394 | 2.1 | **2007424** | 1877974 | 6.9 |
| &nbsp;&nbsp; Interest revenue | **477056** | 498152 | (4.2) | 475632 | 0.3 | **952688** | 1004980 | (5.2) |
| &nbsp;&nbsp; **Total revenues** | **1491086** | 1465261 | 1.8 | 1469026 | 1.5 | **2960112** | 2882954 | 2.7 |
| &nbsp;&nbsp; Interest expense | **206800** | 247329 | (16.4) | 213557 | (3.2) | **420357** | 501984 | (16.3) |
| &nbsp;&nbsp; **Net revenues** | **1284286** | 1217932 | 5.4 | 1255469 | 2.3 | **2539755** | 2380970 | 6.7 |
| &nbsp;&nbsp; **Non-interest expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Compensation and benefits | **774936** | 722719 | 7.2 | 732220 | 5.8 | **1507156** | 1402414 | 7.5 |
| &nbsp;&nbsp; Non-compensation operating expenses | **295530** | 268319 | 10.1 | 459885 | (35.7) | **755415** | 532971 | 41.7 |
| &nbsp;&nbsp; **Total non-interest expenses** | **1070466** | 991038 | 8.0 | 1192105 | (10.2) | **2262571** | 1935385 | 16.9 |
| &nbsp;&nbsp; Income before income taxes | **213820** | 226894 | (5.8) | 63364 | 237.4 | **277184** | 445585 | (37.8) |
| &nbsp;&nbsp; Provision for income taxes | **58765** | 61600 | (4.6) | 10372 | 466.6 | **69137** | 116716 | (40.8) |
| &nbsp;&nbsp; **Net income** | **155055** | 165294 | (6.2) | 52992 | 192.6 | **208047** | 328869 | (36.7) |
| &nbsp;&nbsp; Preferred dividends | **9321** | 9321 | 0.0 | 9320 | 0.0 | **18641** | 18641 | 0.0 |
| &nbsp;&nbsp; **Net income available to common shareholders** | **$145734** | $155973 | (6.6) | $43672 | 233.7 | **$189406** | $310228 | (38.9) |
| &nbsp;&nbsp; **Earnings per common share:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Basic | **$1.41** | $1.50 | (6.0) | $0.42 | 235.7 | **$1.82** | $2.98 | (38.9) |
| &nbsp;&nbsp; Diluted | **$1.34** | $1.41 | (5.0) | $0.39 | 243.6 | **$1.73** | $2.82 | (38.7) |
| &nbsp;&nbsp; **Cash dividends declared per common share** | **$0.46** | $0.42 | 9.5 | $0.46 | 0.0 | **$0.92** | $0.84 | 9.5 |
| &nbsp;&nbsp; **Weighted average number of common shares outstanding:** | &nbsp;&nbsp; **Weighted average number of common shares outstanding:** | &nbsp;&nbsp; **Weighted average number of common shares outstanding:** | &nbsp;&nbsp; **Weighted average number of common shares outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp; Basic | **103349** | 104150 | (0.8) | 104764 | (1.4) | **104049** | 104217 | (0.2) |
| &nbsp;&nbsp; Diluted | **108847** | 110285 | (1.3) | 110635 | (1.6) | **109791** | 110156 | (0.3) |

---

Stifel Financial Corp. \| Page 6

------

**Non-GAAP Financial Measures <sup>(9)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| &nbsp;&nbsp; *(000s, except per share amounts)* | **6/30/2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2024 | **6/30/2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2024 |
| &nbsp;&nbsp; **GAAP net income** | **$155055** | $165294 | **$208047** | $328869 |
| &nbsp;&nbsp; Preferred dividend | **9321** | 9321 | **18641** | 18641 |
| &nbsp;&nbsp; **Net income available to common shareholders** | **145734** | 155973 | **189406** | 310228 |
| &nbsp;&nbsp; *Non-GAAP adjustments:* |  |  |  |  |
| &nbsp;&nbsp; Merger-related <sup>(10)</sup> | **20376** | 13821 | **33037** | 25975 |
| &nbsp;&nbsp; Restructuring and severance <sup>(11)</sup> | **27041** | 9961 | **27041** | 9961 |
| &nbsp;&nbsp; Provision for income taxes <sup>(12)</sup> | **(7525)** | (3185) | **(9622)** | (6248) |
| &nbsp;&nbsp; Total non-GAAP adjustments | **39892** | 20597 | **50456** | 29688 |
| &nbsp;&nbsp; **Non-GAAP net income available to common shareholders** | **$185626** | $176570 | **$239862** | $339916 |
| &nbsp;&nbsp; Weighted average diluted shares outstanding | **108847** | 110285 | **109791** | 110156 |
| &nbsp;&nbsp; GAAP earnings per diluted common share | **$1.42** | $1.50 | **$1.90** | $2.98 |
| &nbsp;&nbsp; Non-GAAP adjustments | **0.37** | 0.19 | **0.45** | 0.27 |
| &nbsp;&nbsp; Non-GAAP earnings per diluted common share | **$1.79** | $1.69 | **$2.35** | $3.25 |
| &nbsp;&nbsp; GAAP earnings per diluted common share available to common shareholders | **$1.34** | $1.41 | **$1.73** | $2.82 |
| &nbsp;&nbsp; Non-GAAP adjustments | **0.37** | 0.19 | **0.45** | 0.27 |
| &nbsp;&nbsp; Non-GAAP earnings per diluted common share available to common shareholders | **$1.71** | $1.60 | **$2.18** | $3.09 |

---

Stifel Financial Corp. \| Page 7

------

**GAAP to Non-GAAP Reconciliation <sup>(9)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| &nbsp;&nbsp;&nbsp;&nbsp;*(000s)* | **6/30/2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2024 | **6/30/2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2024 |
| &nbsp;&nbsp; GAAP compensation and benefits | $774936 | $722719 | $1507156 | $1402414 |
| &nbsp;&nbsp; As a percentage of net revenues | 60.3% | 59.3% | 59.3% | 58.9% |
| &nbsp;&nbsp; *Non-GAAP adjustments:* |  |  |  |  |
| &nbsp;&nbsp; Merger-related <sup>(10)</sup> | (2946) | (5764) | (7002) | (11297) |
| &nbsp;&nbsp; Restructuring and severance <sup>(11)</sup> | (27041) | (9961) | (27041) | (9961) |
| &nbsp;&nbsp; Total non-GAAP adjustments | (29987) | (15725) | (34043) | (21258) |
| &nbsp;&nbsp; Non-GAAP compensation and benefits | $744949 | $706994 | $1473113 | $1381156 |
| &nbsp;&nbsp; As a percentage of non-GAAP net revenues | 58.0% | 58.0% | 58.0% | 58.0% |
| &nbsp;&nbsp; GAAP non-compensation expenses | $295530 | $268319 | $755415 | $532971 |
| &nbsp;&nbsp; As a percentage of net revenues | 23.1% | 22.1% | 29.8% | 22.4% |
| &nbsp;&nbsp; *Non-GAAP adjustments:* |  |  |  |  |
| &nbsp;&nbsp; Merger-related <sup>(10)</sup> | (17338) | (8048) | (25957) | (14669) |
| &nbsp;&nbsp; Non-GAAP non-compensation expenses | $278192 | $260271 | $729458 | $518302 |
| &nbsp;&nbsp; As a percentage of non-GAAP net revenues | 21.7% | 21.4% | 28.7% | 21.8% |
| &nbsp;&nbsp; **Total adjustments** | **$47417** | **$23782** | **$60078** | **$35936** |

---

Stifel Financial Corp. \| Page 8

------

**Footnotes** 

<sup>(1)</sup> Represents available to common shareholders.

<sup>(2)</sup> Reconciliations of the Company's GAAP results to these non-GAAP measures are discussed within and under "Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliation."

<sup>(3)</sup> Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See "Non-GAAP Financial Measures" and "GAAP to Non-GAAP Reconciliation." 

<sup>(4)</sup> Return on average common equity ("ROCE") is calculated by dividing annualized net income applicable to common shareholders by average common shareholders' equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders' equity. 

<sup>(5)</sup> Return on average tangible common equity ("ROTCE") is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders' equity or, in the case of non-GAAP ROTCE, calculated by dividing 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 were $84.3 million and $75.8 million as of June 30, 2025 and 2024, respectively. 

<sup>(6)</sup> Includes loans held for sale.

<sup>(7)</sup> Tangible book value per common share represents shareholders' equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders' equity equals total common shareholders' equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. 

<sup>(8)</sup> Capital ratios are estimates at the time of the Company's earnings release, July 30, 2025.

<sup>(9)</sup> 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. 

<sup>(10)</sup> 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. 

<sup>(11)</sup> The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

<sup>(12)</sup> Primarily represents the Company's effective tax rate for the period applied to the non-GAAP adjustments.

Stifel Financial Corp. \| Page 9

## Exhibit 99.2

![LOGO](g834924g0729112001173.jpg)

**Exhibit 99.2** 

Second Quarter 2025 Earnings Results

---

| | |
|:---|:---|
| **Quarterly Financial Supplement**<br>| **Page**<br>|
|  Consolidated Financial Highlights | 2 |
|  GAAP Consolidated Results of Operations | 3 |
|  Non-GAAP Consolidated Results of Operations | 4 |
|  Consolidated Financial Summary | 5 |
|  Consolidated Financial Information and Metrics | 6 |
|  Regulatory Capital | 7 |
|  Global Wealth Management - Summary Results of Operations | 8 |
|  Global Wealth Management - Statistical Information | 9 |
|  Institutional Group - Summary Results of Operations | 11 |
|  Stifel Bancorp - Financial Information and Credit Metrics | 12 |
|  Stifel Bancorp - Loan and Investment Portfolio | 13 |
|  Loans and Lending Commitments - Allowance for Credit Losses | 14 |
|  Consolidated Net Interest Income | 15 |
|  Stifel Bancorp Net Interest Income | 16 |
|  GAAP to Core Reconciliation | 17 |
|  Footnotes | 18 |
|  Disclaimer and Legal Notice<br>| 19 |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 1 of 19

------

![LOGO](g834924g0729112001173.jpg)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Consolidated Financial Highlights | Consolidated Financial Highlights | Consolidated Financial Highlights | Consolidated Financial Highlights | Consolidated Financial Highlights | Consolidated Financial Highlights | Consolidated Financial Highlights | Consolidated Financial Highlights | Consolidated Financial Highlights |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *(Unaudited, 000s, except per share information)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change | **6/30/2025** | 6/30/2024 | % Change |
|  Net revenues | $**1284286** | $1217932 | 5.4% | $1255469 | 2.3% | $**2539755** | $2380970 | 6.7% |
|  Net income | $**155055** | $165294 | (6.2%) | $52992 | 192.6% | $**208047** | $328869 | (36.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9321** | 9321 | 0.0% | 9320 | 0.0% | **18641** | 18641 | 0.0% |
|  Net income available to common shareholders | $**145734** | $155973 | (6.6%) | $43672 | 233.7% | $**189406** | $310228 | (38.9%) |
|  Earnings per diluted common share | $**1.42** | $1.50 | (5.3%) | $0.47 | 202.1% | $**1.90** | $2.98 | (36.2%) |
| Earnings per diluted common share available to common shareholders | $**1.34** | $1.41 | (5.0%) | $0.39 | 243.6% | $**1.73** | $2.82 | (38.7%) |
|  **Non-GAAP financial summary (1):** | **Non-GAAP financial summary (1):** |  |  |  |  |  |  |  |
|  Net revenues | $**1284378** | $1217941 | 5.5% | $1255455 | 2.3% | $**2539833** | $2380979 | 6.7% |
|  Net income | $**194947** | $185891 | 4.9% | $63556 | 206.7% | $**258503** | $358557 | (27.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9321** | 9321 | 0.0% | 9320 | 0.0% | **18641** | 18641 | 0.0% |
|  Net income available to common shareholders | $**185626** | 176570 | 5.1% | 54236 | 242.3% | **239862** | 339916 | (29.4%) |
|  Earnings per diluted common share | $**1.79** | $1.69 | 5.9% | $0.57 | 214.0% | $**2.35** | $3.25 | (27.7%) |
| Earnings per diluted common share available to common shareholders | $**1.71** | $1.60 | 6.9% | $0.49 | 249.0% | $**2.18** | $3.09 | (29.4%) |
|  **Weighted average number of common shares outstanding:** | **Weighted average number of common shares outstanding:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **103349** | 104150 | (0.8%) | 104764 | (1.4%) | **104049** | 104217 | (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **108847** | 110285 | (1.3%) | 110635 | (1.6%) | **109791** | 110156 | (0.3%) |
|  Period end common shares outstanding | **102190** | 102518 | (0.3%) | 103078 | (0.9%) | **102190** | 102518 | (0.3%) |
|  Cash dividends declared per common share | $**0.46** | $0.42 | 9.5% | $0.46 | 0.0% | $**0.92** | $0.84 | 9.5% |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 2 of 19

------

![LOGO](g834924g0729112001173.jpg)

GAAP Consolidated Results of Operations

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *(Unaudited, 000s, except<br>per share information)* | **6/30/2025** |  | 6/30/2024 | % Change | % Change | 3/31/2025 | % Change | % Change | **6/30/2025** |  | 6/30/2024 | % Change | % Change |
|  **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | $**200669** |  | $183317 |  | 9.5% | $193670 |  | 3.6% | $**394339** |  | $368793 |  | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal transactions | **172603** |  | 153574 |  | 12.4% | 141660 |  | 21.8% | **314263** |  | 292588 |  | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Transactional revenues* | ***373272*** | **** | *336891* | | *10.8 %* | *335330* | | *11.3 %* | ***708602*** | **** | *661381* | | *7.1 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital raising | **106155** |  | 101870 |  | 4.2% | 100472 |  | 5.7% | **206627** |  | 196567 |  | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | **127305** |  | 131411 |  | (3.1%) | 137470 |  | (7.4%) | **264775** |  | 250663 |  | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Investment banking* | ***233460*** | **** | *233281* | | *0.1 %* | *237942* | | *(1.9 %)* | ***471402*** | **** | *447230* | | *5.4 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management | **403608** |  | 380757 |  | 6.0% | 409541 |  | (1.4%) | **813149** |  | 748233 |  | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | **3690** |  | 16180 |  | (77.2%) | 10581 |  | (65.1%) | **14271** |  | 21130 |  | (32.5%) |
|  **Operating revenues** | **1014030** |  | 967109 |  | 4.9% | 993394 |  | 2.1% | **2007424** |  | 1877974 |  | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest revenue | **477056** |  | 498152 |  | (4.2%) | 475632 |  | 0.3% | **952688** |  | 1004980 |  | (5.2%) |
|  **Total revenues** | **1491086** |  | 1465261 |  | 1.8% | 1469026 |  | 1.5% | **2960112** |  | 2882954 |  | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | **206800** |  | 247329 |  | (16.4%) | 213557 |  | (3.2%) | **420357** |  | 501984 |  | (16.3%) |
|  **Net revenues** | **1284286** |  | 1217932 |  | 5.4% | 1255469 |  | 2.3% | **2539755** |  | 2380970 |  | 6.7% |
|  **Non-interest expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **774936** |  | 722719 |  | 7.2% | 732220 |  | 5.8% | **1507156** |  | 1402414 |  | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and equipment rental | **95678** |  | 89852 |  | 6.5% | 90766 |  | 5.4% | **186444** |  | 178564 |  | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication and office supplies | **47847** |  | 48181 |  | (0.7%) | 49513 |  | (3.4%) | **97360** |  | 95548 |  | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | **17146** |  | 14383 |  | 19.2% | 16806 |  | 2.0% | **33952** |  | 30150 |  | 12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | **8328** |  | 2954 |  | 181.9% | 12020 |  | (30.7%) | **20348** |  | 8222 |  | 147.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment banking expenses | **8989** |  | 9253 |  | (2.9%) | 8547 |  | 5.2% | **17536** |  | 16982 |  | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | **117542** |  | 103696 |  | 13.4% | 282233 |  | (58.4%) | **399775** |  | 203505 |  | 96.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | **1070466** |  | 991038 |  | 8.0% | 1192105 |  | (10.2%) | **2262571** |  | 1935385 |  | 16.9% |
|  Income before income taxes | **213820** |  | 226894 |  | (5.8%) | 63364 |  | 237.4% | **277184** |  | 445585 |  | (37.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | **58765** |  | 61600 |  | (4.6%) | 10372 |  | 466.6% | **69137** |  | 116716 |  | (40.8%) |
|  **Net income** | **155055** |  | 165294 |  | (6.2%) | 52992 |  | 192.6% | **208047** |  | 328869 |  | (36.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9321** |  | 9321 |  | 0.0% | 9320 |  | 0.0% | **18641** |  | 18641 |  | 0.0% |
|  **Net income available to common shareholders** | $**145734** |  | $155973 |  | (6.6%) | $43672 |  | 233.7% | $**189406** |  | $310228 |  | (38.9%) |
|  **Earnings per common share:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $**1.41** |  | $1.50 |  | (6.0%) | $0.42 |  | 235.7% | $**1.82** |  | $2.98 |  | (38.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $**1.34** |  | $1.41 |  | (5.0%) | $0.39 |  | 243.6% | $**1.73** |  | $2.82 |  | (38.7%) |
|  **Weighted average number of common shares outstanding:** | **Weighted average number of common shares outstanding:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | **103349** |  | 104150 |  | (0.8%) | 104764 |  | (1.4%) | **104049** |  | 104217 |  | (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | **108847** |  | 110285 |  | (1.3%) | 110635 |  | (1.6%) | **109791** |  | 110156 |  | (0.3%) |
|  Cash dividends declared per common share | $**0.46** |  | $0.42 |  | 9.5% | $0.46 |  | 0.0% | $**0.92** |  | $0.84 |  | 9.5% |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 3 of 19

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![LOGO](g834924g0729112001173.jpg)

Non-GAAP Consolidated Results of Operations <sup>(1)</sup>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *(Unaudited, 000s, except per share information)* | **6/30/2025** |  | 6/30/2024 |  | % Change | 3/31/2025 |  | % Change | **6/30/2025** |  | 6/30/2024 |  | % Change |
| **Revenues:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions | $**200669** |  | $183317 |  | 9.5% | $193670 |  | 3.6% | $**394339** |  | $368793 |  | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal transactions | **172603** |  | 153583 |  | 12.4% | 141660 |  | 21.8% | **314263** |  | 292597 |  | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Transactional revenues* | **373272** |  | *336900* | | *10.8 %* | *335330* | | *11.3 %* | **708602** |  | *661390* | | *7.1 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital raising | **106155** |  | 101870 |  | 4.2% | 100472 |  | 5.7% | **206627** |  | 196567 |  | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | **127305** |  | 131411 |  | (3.1%) | 137470 |  | (7.4%) | **264775** |  | 250663 |  | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Investment banking* | ***233460*** | **** | *233281* | | *0.1 %* | *237942* | | *(1.9 %)* | ***471402*** | **** | *447230* | | *5.4 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset management | **403608** |  | 380757 |  | 6.0% | 409541 |  | (1.4%) | **813149** |  | 748233 |  | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | **3657** |  | 16180 |  | (77.4%) | 10567 |  | (65.4%) | **14224** |  | 21130 |  | (32.7%) |
| **Operating revenues** | **1013997** |  | 967118 |  | 4.8% | 993380 |  | 2.1% | **2007377** |  | 1877983 |  | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest revenue | **477181** |  | 498152 |  | (4.2%) | 475632 |  | 0.3% | **952813** |  | 1004980 |  | (5.2%) |
| **Total revenues** | **1491178** |  | 1465270 |  | 1.8% | 1469012 |  | 1.5% | **2960190** |  | 2882963 |  | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | **206800** |  | 247329 |  | (16.4%) | 213557 |  | (3.2%) | **420357** |  | 501984 |  | (16.3%) |
| **Net revenues** | **1284378** |  | 1217941 |  | 5.5% | 1255455 |  | 2.3% | **2539833** |  | 2380979 |  | 6.7% |
| **Non-interest expenses:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **744949** |  | 706994 |  | 5.4% | 728164 |  | 2.3% | **1473113** |  | 1381156 |  | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Occupancy and equipment rental | **94910** |  | 89727 |  | 5.8% | 90535 |  | 4.8% | **185445** |  | 178392 |  | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication and office supplies | **47749** |  | 48148 |  | (0.8%) | 49336 |  | (3.2%) | **97085** |  | 95512 |  | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commissions and floor brokerage | **17146** |  | 14383 |  | 19.2% | 16806 |  | 2.0% | **33952** |  | 30150 |  | 12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | **8328** |  | 2954 |  | 181.9% | 12020 |  | (30.7%) | **20348** |  | 8222 |  | 147.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment banking expenses | **8989** |  | 9253 |  | (2.9%) | 8547 |  | 5.2% | **17536** |  | 16982 |  | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | **101070** |  | 95806 |  | 5.5% | 274022 |  | (63.1%) | **375092** |  | 189044 |  | 98.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expenses | **1023141** |  | 967265 |  | 5.8% | 1179430 |  | (13.3%) | **2202571** |  | 1899458 |  | 16.0% |
| &nbsp;&nbsp; Income before income taxes | **261237** |  | 250676 |  | 4.2% | 76025 |  | 243.6% | **337262** |  | 481521 |  | (30.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | **66290** |  | 64785 |  | 2.3% | 12469 |  | 431.6% | **78759** |  | 122964 |  | (35.9%) |
| **Net income** | **194947** |  | 185891 |  | 4.9% | 63556 |  | 206.7% | **258503** |  | 358557 |  | (27.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | **9321** |  | 9321 |  | 0.0% | 9320 |  | 0.0% | **18641** |  | 18641 |  | 0.0% |
| **Net income available to common shareholders** | $**185626** |  | $176570 |  | 5.1% | $54236 |  | 242.3% | $**239862** |  | $339916 |  | (29.4%) |
| **Earnings per common share:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | $**1.80** |  | $1.70 |  | 5.9% | $0.52 |  | 246.2% | $**2.31** |  | $3.26 |  | (29.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | $**1.71** |  | $1.60 |  | 6.9% | $0.49 |  | 249.0% | $**2.18** |  | $3.09 |  | (29.4%) |
| **Weighted average number of common shares outstanding:** | **Weighted average number of common shares outstanding:** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | **103349** |  | 104150 |  | (0.8%) | 104764 |  | (1.4%) | **104049** |  | 104217 |  | (0.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted | **108847** |  | 110285 |  | (1.3%) | 110635 |  | (1.6%) | **109791** |  | 110156 |  | (0.3%) |
| &nbsp;&nbsp; Cash dividends declared per common share | $**0.46** |  | $0.42 |  | 9.5% | $0.46 |  | 0.0% | $**0.92** |  | $0.84 |  | 9.5% |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 4 of 19

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![LOGO](g834924g0729112001173.jpg)

Consolidated Financial Summary

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| &nbsp;&nbsp; *(Unaudited, 000s)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change | **6/30/2025** | 6/30/2024 | % Change |
| **Net revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Wealth Management | $**845631** | $801135 | 5.6% | $850559 | (0.6%) | $**1696190** | $1591635 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Group | **419779** | 390721 | 7.4% | 384929 | 9.1% | **804708** | 742097 | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **18876** | 26076 | (27.6%) | 19981 | (5.5%) | **38857** | 47238 | (17.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenues | $**1284286** | $1217932 | 5.4% | $1255469 | 2.3% | $**2539755** | $2380970 | 6.7% |
|  **Operating expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Wealth Management | $**539575** | $501962 | 7.5% | $724154 | (25.5%) | $**1263729** | $1001714 | 26.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Group | **358739** | 341908 | 4.9% | 357498 | 0.3% | **716237** | 656175 | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **172152** | 147168 | 17.0% | 110453 | 55.9% | **282605** | 277496 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | $**1070466** | $991038 | 8.0% | $1192105 | (10.2%) | $**2262571** | $1935385 | 16.9% |
|  **Operating contribution:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Wealth Management | $**306056** | $299173 | 2.3% | $126405 | 142.1% | $**432461** | $589921 | (26.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Group | **61040** | 48813 | 25.0% | 27431 | 122.5% | **88471** | 85922 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **(153276)** | (121092) | 26.6% | (90472) | 69.4% | **(243748)** | (230258) | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | $**213820** | $226894 | (5.8%) | $63364 | 237.4% | $**277184** | $445585 | (37.8%) |
|  **Financial ratios:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **60.3%** | 59.3% | 100 | 58.3% | 200 | **59.3%** | 58.9% | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **23.1%** | 22.1% | 100 | 36.7% | (1360) | **29.8%** | 22.4% | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **16.6%** | 18.6% | (200) | 5.0% | 1160 | **10.9%** | 18.7% | (780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | **27.5%** | 27.1% | 40 | 16.4% | 1110 | **24.9%** | 26.2% | (130) |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 5 of 19

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![LOGO](g834924g0729112001173.jpg)

Consolidated Financial Information and Metrics

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(Unaudited, 000s, except per share data)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change |
|  **Financial Information:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $**39859653** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37809278 | 5.4% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40383727 | (1.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | $**5596985** | $5398207 | 3.7% | $5538186 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total common equity | $**4911985** | $4713207 | 4.2% | $4853186 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill and intangible assets | $**(1594342)** | $(1509642) | 5.6% | $(1503358) | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTL on goodwill and intangible assets | $**85241** | $76805 | 11.0% | $83367 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible common equity | $**3402884** | $3280370 | 3.7% | $3433195 | (0.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred equity | $**685000** | $685000 | 0.0% | $685000 | 0.0% |
|  **Financial Metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per common share (2) | $**48.07** | $45.97 | 4.6% | $47.08 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible book value per common share (2) | $**33.30** | $32.00 | 4.1% | $33.31 | (0.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on common equity (3) | **11.9%** | 13.4% |  | 3.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP return on common equity (1)(3) | **15.2%** | 15.1% |  | 4.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on tangible common equity (4) | **17.0%** | 19.3% |  | 5.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP return on tangible common equity (1)(4) | **21.7%** | 21.9% |  | 6.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-tax margin on net revenues | **16.6%** | 18.6% |  | 5.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP pre-tax margin on net revenues (1) | **20.3%** | 20.6% |  | 6.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | **27.5%** | 27.1% |  | 16.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP effective tax rate (1) | **25.4%** | 25.8% |  | 16.4% |  |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 6 of 19

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![LOGO](g834924g0729112001173.jpg)

<u> Regulatory Capital <sup>(5)</sup></u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited, 000s)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change |
|  **SF Regulatory Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | $**3431336** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359436 | 2.1% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478476 | (1.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | $**4116336** | $4044436 | 1.8% | $4163476 | (1.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-weighted assets | $**23588069** | $22734081 | 3.8% | $23661099 | (0.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital ratio | **14.5%** | 14.8% |  | 14.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk based capital ratio | **17.5%** | 17.8% |  | 17.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | **10.8%** | 11.1% |  | 10.8% |  |
|  **Stifel Bank & Trust Regulatory Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | $**1337013** | $1268458 | 5.4% | $1373088 | (2.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | $**1337013** | $1268458 | 5.4% | $1373088 | (2.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-weighted assets | $**11644303** | $11619733 | 0.2% | $12374082 | (5.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital ratio | **11.5%** | 10.9% |  | 11.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk based capital ratio | **11.5%** | 10.9% |  | 11.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | **7.0%** | 7.1% |  | 7.1% |  |
|  **Stifel Bank Regulatory Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | $**810648** | $742135 | 9.2% | $780209 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | $**810648** | $742135 | 9.2% | $780209 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-weighted assets | $**6643960** | $5662622 | 17.3% | $5963456 | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital ratio | **12.2%** | 13.1% |  | 13.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 risk based capital ratio | **12.2%** | 13.1% |  | 13.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 leverage capital ratio | **7.1%** | 7.1% |  | 7.1% |  |
|  **Stifel Net Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net capital | $**381900** | $456500 | (16.3%) | $294100 | 29.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess net capital | $**356600** | $433700 | (17.8%) | $271200 | 31.5% |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 7 of 19

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![LOGO](g834924g0729112001173.jpg)

<u> Global Wealth Management - Summary Results of Operations</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *(Unaudited, 000s)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change | **6/30/2025** | 6/30/2024 | % Change |
|  **Revenues:** | **Revenues:** | **Revenues:** | **Revenues:** | **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions | $**128203** | $121465 | 5.5% | $125826 | 1.9% | $**254029** | $242682 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal transactions | **54463** | 55843 | (2.5%) | 60569 | (10.1%) | **115032** | 116379 | (1.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Transactional revenues* | **182666** | 177308 | 3.0% | 186395 | (2.0%) | **369061** | 359061 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset management | **403574** | 380737 | 6.0% | 409506 | (1.4%) | **813080** | 748187 | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest | **254148** | 236281 | 7.6% | 245534 | 3.5% | **499682** | 472550 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment banking (6) | **6224** | 5780 | 7.7% | 5908 | 5.3% | **12132** | 10060 | 20.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | **(981)** | 1029 | (195.3%) | 3216 | (130.5%) | **2235** | 1777 | 25.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net revenues** | **845631** | 801135 | 5.6% | 850559 | (0.6%) | **1696190** | 1591635 | 6.6% |
|  **Non-interest expenses:** | **Non-interest expenses:** | **Non-interest expenses:** | **Non-interest expenses:** | **Non-interest expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **420240** | 392941 | 6.9% | 422293 | (0.5%) | **842533** | 782477 | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **119335** | 109021 | 9.5% | 301861 | (60.5%) | **421196** | 219237 | 92.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-interest expenses** | **539575** | 501962 | 7.5% | 724154 | (25.5%) | **1263729** | 1001714 | 26.2% |
|  **Income before income taxes** | $**306056** | $299173 | 2.3% | $126405 | 142.1% | $**432461** | $589921 | (26.7%) |
|  **As a percentage of net revenues:** | **As a percentage of net revenues:** | **As a percentage of net revenues:** | **As a percentage of net revenues:** | **As a percentage of net revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **49.7%** | 49.0% | 70 | 49.6% | 10 | **49.7%** | 49.2% | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **14.1%** | 13.7% | 40 | 35.5% | (2140) | **24.8%** | 13.7% | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **36.2%** | 37.3% | (110) | 14.9% | 2130 | **25.5%** | 37.1% | (1160) |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 8 of 19

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![LOGO](g834924g0729112001173.jpg)

<u> Global Wealth Management - Statistical Information</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(Unaudited, 000s)* | **6/30/2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Change |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total client assets | $**516532000** | $474137000 | 8.9% | $485860000 | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee-based client assets | $**206319000** | $179749000 | 14.8% | $189693000 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactional assets | $**310213000** | $294388000 | 5.4% | $296167000 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured client lending (7) | $**3367000** | $2943000 | 14.4% | $3239000 | 4.0% |
|  **Asset Management Revenue:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Client Group (8) | $**344899** | $317616 | 8.6% | $345357 | (0.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Management | **39206** | 37556 | 4.4% | 38520 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program | **5721** | 11319 | (49.5%) | 11783 | (51.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (9) | **13782** | 14266 | (3.4%) | 13881 | (0.7%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total asset management revenues | $**403608** | $380757 | 6.0% | $409541 | (1.4%) |
|  **Fee-based Assets (millions):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Client Group (8) | $**180066** | $157124 | 14.6% | $166035 | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Management | **44822** | 39714 | 12.9% | 41136 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elimination (10) | **(18569)** | (17089) | 8.7% | (17478) | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fee-based assets | $**206319** | $179749 | 14.8% | $189693 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program | $**568** | $820 | (30.7%) | $828 | (31.4%) |
|  **ROA (bps) (11):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private Client Group (8) | **83.1** | 81.9 |  | 82.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Management | **35.0** | 37.8 |  | 37.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program | **389.3** | 487.3 |  | 400.0 |  |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 9 of 19

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![LOGO](g834924g0729112001173.jpg)

Global Wealth Management - Statistical Information (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(Unaudited, millions)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change |
|  **Stifel Bancorp Deposits:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smart Rate Deposits | $**15015** | $15819 | (5.1%) | $16424 | (8.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweep Deposits | **9847** | 9148 | 7.6% | 10043 | (2.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct Wealth Management Deposits at Stifel Bancorp | **102** | 225 | (54.7%) | 387 | (73.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Stifel Bancorp Wealth Management Deposits | **24964** | 25192 | (0.9%) | 26854 | (7.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Bank Deposits | **3709** | 1948 | 90.4% | 2785 | 33.2% |
|  **Total Stifel Bancorp Deposits** | $**28673** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27140 | 5.6% | $29639 | (3.3%) |
|  **Short-term Treasuries (12)** | $**6418** | $8136 | (21.1%) | $7218 | (11.1%) |
|  **Third-party Commercial Treasury Deposits (13)** | $**3318** | $1539 | 115.6% | $2900 | 14.4% |
|  **Wealth Management Cash:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Bancorp Wealth Management Deposits | $**24964** | $25192 | (0.9%) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26854 | (7.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third-party Bank Sweep Program (13) | **568** | 820 | (30.7%) | 828 | (31.4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third-party Treasury (13) | **217** | 153 | 41.8% |  | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Sweep Cash | **551** | 417 | 32.1% | 149 | 269.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Mutual Funds | **15297** | 10530 | 45.3% | 13698 | 11.7% |
|  **Total Wealth Management Cash** | $**41597** | $37112 | 12.1% | $41529 | 0.2% |
|  **Client money market and insured product (14)** | $**25981** | $26204 | (0.9%) | $27444 | (5.3%) |
|  **Third-party Deposits Available to Stifel Bancorp (13)** | $**4103** | $2512 | 63.3% | $3728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1% |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 10 of 19

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![LOGO](g834924g0729112001173.jpg)

Institutional Group - Summary Results of Operations

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *(Unaudited, 000s)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change | **6/30/2025** | 6/30/2024 | % Change |
|  **Revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions | $**72466** | $61852 | 17.2% | $67844 | 6.8% | $**140310** | $126111 | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal transactions | **118140** | 97740 | 20.9% | 81091 | 45.7% | **199231** | 176218 | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Transactional revenues* | **190606** | 159592 | 19.4% | 148935 | 28.0% | **339541** | 302329 | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital raising | **99931** | 96090 | 4.0% | 94564 | 5.7% | **194495** | 186507 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | **127305** | 131411 | (3.1%) | 137470 | (7.4%) | **264775** | 250663 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Investment banking* | **227236** | 227501 | (0.1%) | 232034 | (2.1%) | **459270** | 437170 | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (15) | **1937** | 3628 | (46.6%) | 3960 | (51.1%) | **5897** | 2598 | 127.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net revenues** | **419779** | 390721 | 7.4% | 384929 | 9.1% | **804708** | 742097 | 8.4% |
|  **Non-interest expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **257697** | 239036 | 7.8% | 252585 | 2.0% | **510282** | 454785 | 12.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **101042** | 102872 | (1.8%) | 104913 | (3.7%) | **205955** | 201390 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-interest expenses** | **358739** | 341908 | 4.9% | 357498 | 0.3% | **716237** | 656175 | 9.2% |
|  **Income before income<br>taxes** | $**61040** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122.5% | $**88471** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0% |
|  **As a percentage of net revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **61.4%** | 61.2% | 20 | 65.6% | (420) | **63.4%** | 61.3% | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **24.1%** | 26.3% | (220) | 27.3% | (320) | **25.6%** | 27.1% | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **14.5%** | 12.5% | 200 | 7.1% | 740 | **11.0%** | 11.6% | (60) |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 11 of 19

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![LOGO](g834924g0729112001173.jpg)

Stifel Bancorp - Financial Information and Credit Metrics

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited, 000s)* | **6/30/2025** | 6/30/2024 | % Change | 3/31/2025 | % Change |
|  **Stifel Bancorp Financial Information:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $31115875 | $29325680 | 6.1% | $32100614 | (3.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholder's equity | $2191619 | $1996585 | 9.8% | $2183596 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total loans, net (includes loans held for sale)** | $**21447860** | $**19819771** | **8.2%** | $**21241400** | **1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | 8906739 | 8253851 | 7.9% | 8699229 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund banking | 3910070 | 3346785 | 16.8% | 3659294 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | 3536227 | 3689379 | (4.2%) | 3678411 | (3.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | 2568050 | 2253045 | 14.0% | 2404960 | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction and land | 1217561 | 1198395 | 1.6% | 1206876 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | 429243 | 608911 | (29.5%) | 472550 | (9.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 254395 | 204392 | 24.5% | 250948 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | 800766 | 472804 | 69.4% | 1016127 | (21.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment securities** | $**8130970** | $**7641586** | **6.4%** | $**8329552** | **(2.4** **%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale securities, at fair value | 1546392 | 1583477 | (2.3%) | 1613304 | (4.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Held-to-maturity securities, at amortized cost | 6584578 | 6058109 | 8.7% | 6716248 | (2.0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized losses on available-for-sale securities | (129654) | (187259) | (30.8%) | (141910) | (8.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total deposits** | $**28673063** | $**27139753** | **5.6%** | $**29639272** | **(3.3** **%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand deposits (interest-bearing) | 28171862 | 26754212 | 5.3% | 29180478 | (3.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand deposits (non-interest-bearing) | 373823 | 304795 | 22.6% | 432368 | (13.5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of deposit | 127378 | 80746 | 57.8% | 26426 | 382.0% |
|  **Credit Metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses | $166410 | $164959 | 0.9% | $170266 | (2.3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance as a percentage of retained loans | 0.80% | 0.84% |  | 0.83% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net charge-offs as a percentage of average loans | 0.06% | 0.01% |  | 0.05% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total nonperforming assets | $157348 | $85247 | 84.6% | $160891 | (2.2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets as a percentage of total assets | 0.51% | 0.29% |  | 0.50% |  |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 12 of 19

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![LOGO](g834924g0729112001173.jpg)

Stifel Bancorp - Loan and Investment Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited, millions)* | **6/30/2025** | % of Total<br> Portfolio |  |  |  |
|  **Loan Portfolio** |  |  | **Commercial Portfolio by Major Sector** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | $8907 | 33% | &nbsp;&nbsp;&nbsp;&nbsp; Financials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | 2568 | 10% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 828 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Home equity lines of credit and other | 254 | 1% | &nbsp;&nbsp;&nbsp;&nbsp; Information technology | 618 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total consumer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11729 | 44% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 253 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund banking | 3910 | 15% | &nbsp;&nbsp;&nbsp;&nbsp; REITs | 227 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | 3536 | 13% | &nbsp;&nbsp;&nbsp;&nbsp; Materials | 183 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction and land | 1218 | 5% | &nbsp;&nbsp;&nbsp;&nbsp; Communication services | 144 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | 429 | 1% | &nbsp;&nbsp;&nbsp;&nbsp; Hotel, leisure, restaurants | 137 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total commercial | 9093 | 34% | &nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 130 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total loan portfolio | 20822 | 78% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 79 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | 5806 | 22% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $26628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |  |  |  |
|  |  |  | **CLO by Major Sector** |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; High tech industries | $687 | 10% |
|  **Investment Portfolio** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Banking, finance, insurance, & real estate | 680 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp; CLO | $6548 | 78% | &nbsp;&nbsp;&nbsp;&nbsp; Services: business | 631 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Agency MBS | 1049 | 13% | &nbsp;&nbsp;&nbsp;&nbsp; Healthcare & pharmaceuticals | 594 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds | 465 | 6% | &nbsp;&nbsp;&nbsp;&nbsp; Hotel, gaming, & leisure | 325 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA | 86 | 1% | &nbsp;&nbsp;&nbsp;&nbsp; Construction & building | 310 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Student loan ARS | 68 | 1% | &nbsp;&nbsp;&nbsp;&nbsp; Chemicals, plastics, & rubber | 244 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp; CMBS | 42 | 1% | &nbsp;&nbsp;&nbsp;&nbsp; Services: consumer | 239 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 3 | 0% | &nbsp;&nbsp;&nbsp;&nbsp; Capital equipment | 238 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Portfolio | $8261 | 100% | &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | 215 | 3% |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 13 of 19

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![LOGO](g834924g0729112001173.jpg)

Loans and Lending Commitments - Allowance for Credit Losses

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | | |
|  | **Loans and Lending** | | | |
| *(Unaudited, 000s)* | **Commitments** | **ACL** | **ACL %** | **Q2 Provision** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | $8906739 | $13767 | 0.2% | $2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund banking | 3910070 | 10948 | 0.3% | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | 3536227 | 84981 | 2.4% | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | 2568050 | 3128 | 0.1% | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction and land | 1217561 | 12854 | 1.1% | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | 429243 | 8795 | 2.0% | (571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 254395 | 1261 | 0.5% | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for investment, gross | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20822285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | 800766 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans, gross | 21623051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lending commitments | 5806493 | 30676 | 0.5% | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and lending commitments | $27429544 | $166410 |  | $8328 |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 14 of 19

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![LOGO](g834924g0729112001173.jpg)

Consolidated Net Interest Income

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | June 30, 2024 | June 30, 2024 | June 30, 2024 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
| *(Unaudited, millions)* | **Average<br>balance** | **Interest<br>income/expense** | **Average<br>interest<br>rate** | **Average<br>balance** | **Interest<br>income/expense** | **Average<br>interest<br>rate** | **Average<br>balance** | **Interest<br>income/expense** | **Average<br>interest<br>rate** |
|  **Interest-earning assets:** |  |  |  |  |  |  |  |  |  |
|  Cash and federal funds sold | $**1924.5** | $**20.8** | **4.32%** | $2833.7 | $37.8 | 5.34% | $2467.1 | $26.3 | 4.27% |
|  Financial instruments owned | **1367.1** | **9.3** | **2.73%** | 1165.7 | 6.3 | 2.18% | 1242.5 | 6.5 | 2.11% |
|  Margin balances | **830.2** | **14.4** | **6.92%** | 694.3 | 14.0 | 8.04% | 835.8 | 13.9 | 6.64% |
|  Investments: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed securities | **6735.2** | **101.8** | **6.05%** | 5982.6 | 108.1 | 7.23% | 6617.4 | 101.4 | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed securities | **1133.3** | **9.0** | **3.16%** | 929.8 | 5.6 | 2.41% | 1117.2 | 8.7 | 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate fixed income securities | **464.8** | **3.1** | **2.69%** | 589.8 | 4.1 | 2.77% | 496.3 | 3.4 | 2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **4.8** | **—** | **2.55%** | 4.8 |  | 2.55% | 4.8 |  | 2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | **8338.1** | **113.9** | **5.47%** | 7507.0 | 117.8 | 6.28% | 8235.7 | 113.5 | 5.51% |
|  Loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential real estate | **8798.4** | **85.0** | **3.86%** | 8182.5 | 71.0 | 3.47% | 8633.5 | 81.0 | 3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial and industrial | **4005.4** | **73.2** | **7.31%** | 3643.7 | 79.9 | 8.77% | 4113.5 | 75.5 | 7.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund banking | **3773.9** | **67.0** | **7.10%** | 3299.5 | 67.0 | 8.13% | 3798.2 | 66.4 | 7.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities-based loans | **2503.3** | **38.7** | **6.19%** | 2292.4 | 41.6 | 7.26% | 2387.8 | 36.5 | 6.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | **449.3** | **9.6** | **8.58%** | 637.6 | 11.5 | 7.20% | 498.4 | 8.2 | 6.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction and land | **1214.4** | **21.8** | **7.19%** | 1181.5 | 24.9 | 8.42% | 1216.6 | 21.8 | 7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans held for sale | **496.9** | **10.8** | **8.71%** | 462.7 | 11.2 | 9.68% | 589.0 | 11.2 | 7.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **250.5** | **4.5** | **7.13%** | 206.2 | 4.0 | 7.77% | 248.8 | 4.4 | 6.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans | **21492.1** | **310.6** | **5.78%** | 19906.1 | 311.1 | 6.25% | 21485.8 | 305.0 | 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing assets | **928.0** | **8.1** | **3.45%** | 860.4 | 11.1 | 5.16% | 996.8 | 10.4 | 4.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing assets/ interest income | **34880.0** | **477.1** | **5.47%** | 32967.2 | 498.1 | 6.04% | 35263.7 | 475.6 | 5.40% |
|  **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes | **616.9** | **7.1** | **4.62%** | 1116.0 | 12.5 | 4.48% | 616.7 | 7.1 | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | **28463.0** | **187.5** | **2.64%** | 26758.7 | 220.3 | 3.29% | 28622.8 | 193.1 | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing liabilities | **1563.3** | **12.2** | **3.11%** | 1461.1 | 14.5 | 3.98% | 1453.6 | 13.4 | 3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing liabilities/ interest expense | $**30643.2** | **206.8** | **2.70%** | $29335.8 | 247.3 | 3.37% | $30693.1 | 213.6 | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income/margin |  | $**270.3** | **3.10%** |  | $250.8 | 3.04% |  | $262.0 | 2.97% |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 15 of 19

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![LOGO](g834924g0729112001173.jpg)

Stifel Bancorp Net Interest Income

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | June 30, 2024 | June 30, 2024 | June 30, 2024 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
| *(Unaudited,<br>millions)* | **Average<br>balance** | **Interest<br>income/expense** | **Average<br>interest<br>rate** | Average<br>balance | Interest<br>income/expense | Average<br>interest<br>rate | Average<br>balance | Interest<br>income/expense | Average<br>interest<br>rate |
|  **Interest-earning assets:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and federal funds sold | $**1098.1** | $**13.1** | **4.77%** | $1765.4 | $25 | 5.67% | $1512.8 | $17.4 | 4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | **8338.1** | **113.9** | **5.47%** | 7507 | 117.8 | 6.28% | 8235.7 | 113.5 | 5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | **21492.1** | **310.6** | **5.78%** | 19906.1 | 311.1 | 6.25% | 21485.8 | 305 | 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing assets | **66.0** | **1.0** | **5.59%** | 66.7 | 1 | 5.71% | 66.7 | 0.8 | 5.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing assets/ interest income | $**30994.3** | $**438.6** | **5.66%** | $29245.2 | $454.9 | 6.22% | $31301 | $436.7 | 5.58% |
|  **Interest-bearing liabilities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | $**28463.0** | $**187.5** | **2.64%** | $26758.7 | $220.3 | 3.29% | $28622.8 | $193.1 | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest-bearing liabilities | **143.4** | **2.0** | **5.44%** | 90.1 | 1.7 | 7.44% | 92.6 | 1.4 | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing liabilities/ interest expense | $**28606.4** | **189.5** | **2.65%** | $26848.8 | 222 | 3.31% | $28715.4 | 194.5 | 2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income/margin |  | $**249.1** | **3.22%** |  | $232.9 | 3.19% |  | $242.2 | 3.10% |

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Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 16 of 19

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![LOGO](g834924g0729112001173.jpg)

GAAP to Core Reconciliation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| *(Unaudited, 000s)* | **6/30/2025** | 6/30/2024 | Change | 3/31/2025 | Change | **6/30/2025** | 6/30/2024 | Change |
|  GAAP net revenues | $**1284286** | $1217932 |  | $1255469 |  | $**2539755** | $2380970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-GAAP adjustments | **92** | 9 |  | (14) |  | **78** | 9 |  |
|  Non-GAAP net revenues | **1284378** | 1217941 |  | 1255455 |  | **2539833** | 2380979 |  |
|  GAAP compensation and benefits expense | **774936** | 722719 |  | 732220 |  | **1507156** | 1402414 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger-related and other (16) | **(2946)** | (5764) |  | (4056) |  | **(7002)** | (11297) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring and severance (17) | **(27041)** | (9961) |  |  |  | **(27041)** | (9961) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total non-GAAP adjustments | **(29987)** | (15725) |  | (4056) |  | **(34043)** | (21258) |  |
|  Non-GAAP compensation and benefits expense | **744949** | 706994 |  | 728164 |  | **1473113** | 1381156 |  |
|  GAAP non-compensation operating expenses | **295530** | 268319 |  | 459885 |  | **755415** | 532971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger-related (16) | **(17338)** | (8048) |  | (8619) |  | **(25957)** | (14669) |  |
|  Non-GAAP non-compensation operating expenses | **278192** | 260271 |  | 451266 |  | **729458** | 518302 |  |
|  **Total adjustments** | **(47417)** | (23782) |  | (12661) |  | **(60078)** | (35936) |  |
|  GAAP provision for income taxes | **58765** | 61600 |  | 10372 |  | **69137** | 116716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger-related and other (18) | **7525** | 3185 |  | 2097 |  | **9622** | 6248 |  |
|  Non-GAAP provision for income taxes | **66290** | 64785 |  | 12469 |  | **78759** | 122964 |  |
|  **Financial ratios:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and benefits | **58.0%** | 58.0% |  | 58.0% |  | **58.0%** | 58.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-compensation operating expenses | **21.7%** | 21.4% | 30 | 35.9% | (1420) | **28.7%** | 21.8% | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **20.3%** | 20.6% | (30) | 6.1% | 1420 | **13.3%** | 20.2% | (690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effective tax rate | **25.4%** | 25.8% | (40) | 16.4% | 900 | **23.4%** | 25.5% | (210) |

---

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 17 of 19

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![LOGO](g834924g0729112001173.jpg)

Footnotes

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

(2) &nbsp;&nbsp;&nbsp;&nbsp; Book value per common share represents shareholders' equity (excluding preferred stock) divided by period end common shares outstanding. Tangible book value per share represents tangible common shareholders' equity (defined below) divided by period end common shares outstanding.

(3) &nbsp;&nbsp;&nbsp;&nbsp; Return on average common equity ("ROCE") is calculated by dividing annualized net income applicable to common shareholders by average common shareholders' equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders' equity.

(4) &nbsp;&nbsp;&nbsp;&nbsp; Return on average tangible common equity ("ROTCE") is calculated by dividing annualized net income applicable to common shareholders by average tangible common equity or, in the case of non-GAAP ROTCE, calculated by dividing 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 $84.3 million, $75.8 million, and $82.5 million, as of June 30, 2025 and 2024, and March 31, 2025, respectively.

(5) &nbsp;&nbsp;&nbsp;&nbsp; Regulatory capital amounts and ratios are estimates as of the date of the Company's earnings release, July 30, 2025.

(6) &nbsp;&nbsp;&nbsp;&nbsp; Includes capital raising and advisory fee revenues.

(7) &nbsp;&nbsp;&nbsp;&nbsp; Includes client margin balances held by the Company's broker-dealer subsidiaries and securities-based loans held at the Company's bank subsidiaries.

(8) &nbsp;&nbsp;&nbsp;&nbsp; Includes Private Client Group and Trust Business.

(9) &nbsp;&nbsp;&nbsp;&nbsp; Includes fund networking fees, retirement fees, transaction/handling fees, and ACAT fees.

(10) &nbsp;&nbsp;&nbsp;&nbsp; Asset management assets managed in Private Client Group or Trust accounts.

(11) &nbsp;&nbsp;&nbsp;&nbsp; Return on assets (ROA) is calculated based on prior period-end balances for Private Client Group, period-end balances for Asset Management, and average daily balances for Individual Program Banks.

(12) &nbsp;&nbsp;&nbsp;&nbsp; Represents client assets in Treasury Securities with maturities of 52 weeks or less.

(13) &nbsp;&nbsp;&nbsp;&nbsp; During the first quarter of 2024, the Company began sweeping certain commercial treasury deposits to third-party banks. The balances at third-party banks can be brought back on balance sheet to support liquidity needs.

(14) &nbsp;&nbsp;&nbsp;&nbsp; Includes Smart Rate Deposits, Sweep Deposits, Third-party Bank Sweep Program, and Other Sweep Cash.

(15) &nbsp;&nbsp;&nbsp;&nbsp; Includes net interest, asset management, and other income.

(16) &nbsp;&nbsp;&nbsp;&nbsp; Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company's on-going business.

(17) &nbsp;&nbsp;&nbsp;&nbsp; The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.

(18) &nbsp;&nbsp;&nbsp;&nbsp; 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 2025 Earnings Release Page 18 of 19

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![LOGO](g834924g0729112001173.jpg)

Disclaimer and Legal Notice

**Forward-Looking Statements** 

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

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

**Use of Non-GAAP Financial Measures** 

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

**Legal Notice** 

This Financial Supplement contains financial, statistical, and business-related information, as well as business and segment trends. The information should be read in conjunction with the Company's second quarter earnings release issued July 30, 2025.

Stifel Financial Corp. Quarterly Financial Supplement \| Second Quarter 2025 Earnings Release Page 19 of 19

## Exhibit 99.3

![Slide 1](g834924ex99_3s1g1.jpg)

Second Quarter 2025 Financial Results Presentation July 30, 2025 Exhibit 99.3

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![Slide 2](g834924ex99_3s2g1.jpg)

Highest Second Quarter Net Revenue Second Quarter Snapshot 2Q25 Results millions, except per share and ratios HIGHLIGHTS NET REVENUE 2Q25: GAAP & NON-GAAP $1,284 YTD: GAAP & NON-GAAP $2,540 ANNUALIZED ROTCE\* 2Q25:GAAP 17.0% & NON-GAAP 21.7% YTD: GAAP 10.9% & NON-GAAP 13.8% BOOK VALUE PER SHARE TBV $33.30 BV $48.07 Ranked #1in Employee Advisor Satisfaction by JD Power for 3rd Consecutive Year Highest Second Quarter Net Revenue Global Wealth Management Record Client Assets Under Management Strongest Recruiting Quarter Since 4Q15 Completed Acquisition of Bryan, Garnier & Co. \* Please see our definition of ROTCE in our second quarter 2025 earnings release NET EARNINGS 2Q25: GAAP $146 & NON-GAAP $186 YTD: GAAP $189 & NON-GAAP $240 EPS 2Q25: GAAP $1.34 & NON-GAAP $1.71 YTD: GAAP $1.73 & NON-GAAP $2.18 ANNUALIZED ROCE 2Q25:GAAP 11.9% & NON-GAAP 15.2% YTD: GAAP 7.7% & NON-GAAP 9.8%

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![Slide 3](g834924ex99_3s3g1.jpg)

Second Quarter Results Operating Expense = Non-Compensation Expense – Provision for Credit Loss Provision for Credit Loss at bank subsidiary Operating Expense Ratio excludes Provision for Credit Loss Please see our definition of ROTCE in our second quarter earnings release

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![Slide 4](g834924ex99_3s4g1.jpg)

Wealth Management: A Key Growth Driver \*2025 GWM net revenue based on annualized results through 6/30/2025

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![Slide 5](g834924ex99_3s5g1.jpg)

Institutional Business Gaining Momentum As Bank M&A Activity Accelerates Forces Driving Consolidation in the Banking Industry Favorable Macro Dynamics Stable Economy Solid Bank Fundamentals Improved Valuation Measures Favorable Regulatory Environment Faster Deal Approvals Capital Available When Needed Well Positioned to Capitalize on Increased Bank M&A Leading Market Share\* in All Bank & Thrift Deals: Since January 1, 2025: 84% Since January 1, 2024: 77% Since January 1, 2020: 53% \* Market share based on deal value with all disclosed deal value through July 25, 2025 HIGHLIGHTS Highest Second Quarter Net Revenue Since 2Q21 Record Total Transactional Revenue Record Fixed Income Transactional Revenue Completed Acquisition of Bryan, Garnier & Co. Ranked #1 in Municipal Issuance in Number of Issues YTD in 2025 with 13.2% Market Share

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![Slide 6](g834924ex99_3s6g1.jpg)

Integrating AI Into the Stifel Platform Enhance Our Platform Through Use of Agent-Based Models Increases Efficiency But Human Side Remains Irreplaceable Platform to Enhance: Client Service Data Management Insights Early AI Success: Investment Banking Analytics Advisor Support

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![Slide 7](g834924ex99_3s7g1.jpg)

Commentary on Variance to Analyst Estimates Commissions & Principal Transactions: Stronger Revenue from Institutional Fixed Income & Equities Investment Banking: Stronger Advisory Revenue Stronger Equity & Fixed Income Underwriting Revenue Variance to Updated Guidance in June Due to Deal Closings at End of Quarter Net Interest Income Higher Net Interest Margin Due to Increased Asset Yields & Lower Deposit Costs Variance to Consensus Estimates \*Non-GAAP

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![Slide 8](g834924ex99_3s8g1.jpg)

Global Wealth Management HIGHLIGHTS Record Second Quarter Net Revenue Record Total Client & Fee-Based Assets Highest Quarterly Number of Financial Advisors Added (82) Since 4Q15 Added 46 Financial Advisors, Including 21 Experienced with Total Trailing Twelve Month Production of $31 million Added 36 Experienced Financial Advisors from B. Riley with Total Trailing Twelve Month Production of $20 million. \*1Q25 excludes impact of $180 million legal accrual

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![Slide 9](g834924ex99_3s9g1.jpg)

Strong Bank Fundamentals

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![Slide 10](g834924ex99_3s10g1.jpg)

Expenses \* For reconciliation of GAAP to non-GAAP expenses, refer to our second quarter 2025 earnings release. Bar chart header numbers are a graphic \*2025 annual GAAP to non-GAAP results based on annualized results through 6/30/2025

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![Slide 11](g834924ex99_3s11g1.jpg)

Capital Utilization HIGHLIGHTS Repurchased 970,000 shares in 2Q25 Bank Funding Increased at CAGR of 13% Since 2019 Completed Acquisition of Bryan, Garnier & Co. Completed Acquisition of 36 B. Riley Financial Advisors \*2025 based on results through 6/30/2025

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![Slide 12](g834924ex99_3s12g1.jpg)

2025 Performance & Outlook for Second Half \* Annualized 2025 based on results through 06/30/2025 \*\* Operating non-compensation ratio excludes credit loss provision and investment banking gross up expense as well as impact from $180 million legal accrual in 1Q25

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![Slide 13](g834924ex99_3s13g1.jpg)

Second Quarter 2025 Financial Results Presentation July 30, 2025

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![Slide 14](g834924ex99_3s14g1.jpg)

Disclaimer 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.