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Stifel Financial Corp. (SF) Shareholder/Analyst Call June 9, 2026 12:00 PM EDT

Company Participants

Ronald J. Kruszewski – Chairman & CEO
Mark Fisher – Senior VP, General Counsel & Corporate Secretary

Presentation

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Operator

Hello, and welcome to the Annual Meeting of Shareholders of Stifel Financial Corporation. Today’s meeting is being recorded. It is now my pleasure to turn today’s meeting over to Ron Kruszewski, Chairman and CEO.

Ronald J. Kruszewski
Chairman & CEO

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Thank you, operator. Our Corporate Secretary, Mark Fisher, will introduce today’s meeting and provide a quorum report. Mr. Fisher?

Mark Fisher
Senior VP, General Counsel & Corporate Secretary

Thank you, Ron. Today’s virtual-only meeting is a live audio webcast. Shareholders who have already voted do not need to take any further action unless they want to change their votes. If you do wish to change your vote or have not voted, you may vote until 11:30 a.m. Central Time by clicking the Vote link at the upper right of your screen or by visiting the website, www.investorvote.com/sf. The annual report and proxy statement are provided at the Investor Relations page at stifel.com. If you have logged in using a control number, you may submit questions online. This function is not available if you logged in as a guest.

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Consistent with our bylaws, we have set rules of conduct for this meeting in the interest of a fair and orderly meeting. These rules are available under the Documents tab at the upper right of your screen. Mr. Chairman, the tellers have submitted a certificate showing that at least 142,155,912 shares or 92.4% of the total outstanding shares of common stock of the company are represented at this meeting. Quorum is present.

Ronald J. Kruszewski
Chairman & CEO

Thank you, Mark. I call the meeting to order and welcome our shareholders

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Ipek Ozkaya

Hello, and welcome to today’s Carnegie Mellon University Software Engineering Institute’s webcast, Rethinking and Maturing AI Adoption. My name is Ipek Ozkaya, and I’m the Technical Director of AI Native Software Engineering at the SEI. And I’ve had the incredible pleasure of leading this project focused on AI adoption maturity with our team at the SEI and the incredible team at Accenture.

We want to make today’s conversation as interactive as possible. So please feel free to put your questions into the YouTube chat area. And we’ve already received close to 200 questions. There is no way we’ll be able to get through any of them in completeness, but we’ll try to get to them as much as possible afterwards.

It is no surprise today that businesses are — across all sectors are redefining themselves and going through a structural shift through AI solutions. And they are trying to redefine their operational relevance, their operational workflows as well as get ahead of the businesses through ROI. Software-driven organizations are also going through the same challenge. In fact, the software as a discipline is being redefined through AI, looking into efficiency, productivity and of course, some of the risks that come with it.

And clearly, all the organizations that deliver us the frontier models, OpenAI, Google, Microsoft and Anthropic are developing improved capabilities around the clock, and we’re receiving these capabilities around a lot faster. If we look into 2 years ago, the early generative AI models could barely solve some of the cybersecurity tasks. But today, we know the Mythos and GPT 5.5 could actually

Bank stocks gained as much as 5% on Tuesday after the raft of measures introduced by RBI to help hedge foreign currency borrowings stoked investor optimism and led to traders covering some of their bearish bets.

Bank Nifty rose 2.1% to 55,194.50; and closed above 55,000 levels after two weeks while benchmark Nifty moved 0.5% higher on Tuesday. All 14 constituents of Bank Nifty moved higher on Tuesday. .

Bank of Baroda jumped 5.5% while Canara Bank climbed 4.5%. Punjab National Bank and Federal Bank advanced around 3.5%.

“The measures by RBI are likely to drive a healthy deposit base for banks and lead to cheaper cost of funds since the hedging cost on FCNRB is borne by the Central Bank while the hedging costs on ECB’s is subsidised,” said Dharmesh Kant, head of research, Cholamandalam Securities.

Last week, the RBI announced measures to boost foreign currency inflows and to support the rupee. The Central Bank offered concessional dollar-rupee swap facility to absorb the entire forex hedging costs for three-to-five-year Foreign Currency Non-Resident (FCNR[B]) deposits until October 16, 2026. In addition, it offered a concessional swap facility for eligible External Commercial Borrowings (ECBs) raised by public sector entities, fixing the hedging cost at 1.5% per annum.

This policy allows Indian banks to access low-cost global capital and alleviate domestic deposit crunches without bearing currency risk, said analysts. “The sudden fundamental clarity triggered massive technical short covering, catching derivative traders by surprise and sparking a rapid short squeeze since the Put-Call Ratio (PCR) had dropped into an oversold zone below 0.80 ahead of the news,” said Nishchal Jain, Quant Researcher, Share. Market by Phone Pe.
The high-volume breakout past 55,100 and decisive price action, shifts the market regime from “sell on rallies” to “buy on dips”, establishing 55,000 as a strong psychological support base- forming a high-conviction bullish view, he said.

IGO says spodumene production remains on track after reporting that a fire broke out at its new chemical-grade processing plant at the Greenbushes lithium operation.

Shares in the critical minerals miner slid in morning trade after reporting a fire had occurred at its $880 million Chemical Grade Plant 3 (CGP3) plant at the Greenbushes mine site yesterday.

IGO said the fire was extinguished and no injuries were sustained, and that its first and second chemical crushing and processing plants on site were unaffected by the blaze. 

The third chemical plant at the hard-rock lithium operation in the state’s South West falls under the ownership of Talison Lithium, in which IGO owns an indirect 25 per cent stake, alongside China’s Tianqi Lithium (26 per cent) and US major Albemarle Corporation (49 per cent).

CGP3 is the third chemical grade plant built at the Greenbushes operation, which is still ramping up after processing first ore in December last year.

It has a processing capacity of 2.4 million tonnes per annum to produce up to 500,000 tonnes per annum of lithium mineral concentrate. 

The market was told Talison Lithium had commenced a full investigation into the cause and damage from the incident on Tuesday.

IGO said Greenbushes production remained on track to meet its FY26 guidance of between 1,375 million and 1,425 million tonnes of spodumene concentrate.

The fire at the new plant represents another setback for the critical minerals miner, which has been grappling with challenges at its co-owned Kwinana lithium hydroxide plant.

That downstream processing plant is operating at about 50 per cent nameplate capacity, which was an improvement when reported in the March quarter.

IGO and joint venture partner in the plant, Tianqi Lithium, have been increasingly at odds over the future of the plant, after the ASX-listed miner wrote down its value to zero.

Shares in IGO are trading down 6 per cent to $8.48 apiece at 11AM AWST.

Domestic proprietary stock traders are set to seek regulatory intervention to lobby the central bank to rework the margin funding rules for their trades as the existing proposal puts them at a disadvantage over global traders that are stepping on the gas in India, people familiar with the matter said.

The Commodity and Capital Market Participants Association of India (CPAI) is working with the Industry Standards Forum (ISF), a body comprising members of various industry associations, to create a separate framework that would distinguish between liquidity providers and speculators. That they believe would help them to convince the Reserve Bank of India (RBI) to permit lower margin for the bank guarantees and enable them to trade higher volumes.

The RBI has mandated that banks lending to capital market intermediaries (CMIs) extend guarantees for proprietary trading subject to the facility being fully secured. The proposal says that banks can extend guarantee only to the amount equal to the value of the collateral provided by the proprietary trading firm.