仲量联行最新数据显示，2025年第二季度亚太区商业地产投资总额达312亿美元，同比增长15%。在全 球经济不确定性持续的背景下，尽管投资者保持审慎态度且交易周期有所延长，上半年亚太区商业地产 投资总额仍实现676亿美元，同比增幅达17%。 韩国市场表现尤为突出，二季度投资额突破60亿美元，同比大幅上升72%，增速居亚太首位。其中办公 楼资产交易占比高达77%，反映出业主积极把握中央商务区供应高峰前的窗口期进行资产处置。酒店业 态亦表现活跃，受益于经营效益提升，多宗交易实现溢价成交。 随着全球贸易摩擦持续，投资者对资产基本面和租户结构的审查更为严格。仲量联行对75家亚太区投资 者的调研显示，居住类、生命科学和医疗健康类资产凭借刚需特性，成为最具抗风险能力的赛道。 仲量联行亚太区投资及资本市场首席执行官Stuart Crow表示，当前复杂的经济环境和地缘局势下，亚太 区商业地产仍持续吸引全球资本，印证了亚太区经济基本面的强劲和资产类别的韧性。 从资产类别来看，第二季度亚太区办公楼资产以133亿美元的交易额领跑市场，同比增长24%。其中来 自韩国的交易额达四年来峰值，日本则维持国内资金主导格局。工业物流资产实现63 ...

-投资动态- 近日，味之素株式会社宣布战略投资澳大利亚植物蛋白企业v2food，并协同其收购的美国品牌Daring Foods，共同构建全球可持续蛋白产业版图。 v2food独有的"v2 RepliTech™"技术可优化植物蛋白口感，其与CSIRO的合作进一步强化了研发实力。此外，v2food宣布将收购美国植物基鸡肉品牌 Daring Foods，并利用其在美国的零售网络和品牌认知度，借此向美国消费者推广 v2food 的产品系列。（品牌官方） 小编评： 味之素战略投资澳大利亚植物肉制造商v2food -品牌动态- 小编评： 可以看到，这次少数股权投资中，安踏无需重资金开店即可分享红利，降低扩张风险；同时保留未来增持股权或利于收购Musinsa更多股份的期权。 近日，中国运动服饰巨头安踏集团与韩国潮流电商平台Musinsa在7月初已签署协议，双方将在中国成立合资公司。 安踏与Musinsa在这家合资公司的持股比例分别为40%和60%，Musinsa保留经营权，双方计划于今年下半年在中国开设线下门店，出售包括Musinsa Standard在内的多家韩国时尚品牌。（WWD） 京东计划开设 5 家折扣店 近日，京 ...

Date: Wednesday, August 13, 2025 Time: 9:00 AM CT Dial-in Number (Toll Free): 888-506-0062 *Participant Access Code: 721684 Dial-in Number (International): 973-528-0011 Replay Number (Toll Free): 877-481-4010 Replay Number (International): 919-882-2331 Replay Passcode: 51864 The teleconference replay will be available until August 20, 2025 at 9:00 AM CT. The audio replay will be posted to the SEC Filings section of the JLL Income Property Trust website at www.jllipt.com within 24 hours of the call. JLL Inco ...

Core Insights - Jones Lang LaSalle Incorporated (JLL) reported second-quarter 2025 adjusted earnings per share (EPS) of $3.3, exceeding the Zacks Consensus Estimate of $3.2 and up from $2.55 in the prior-year quarter [1][9] - Total revenues reached $6.25 billion, surpassing the Zacks Consensus Estimate of $6.11 billion and reflecting an 11% increase year-over-year [2][9] Revenue Performance - The company's revenue growth was driven by strong performance in Workplace Management and Project Management, alongside growth in transaction-based businesses such as Investment Sales and Debt/Equity Advisory [2] - Real Estate Management Service segment revenues were $4.89 billion, a 12% year-over-year increase, primarily due to strong Workplace Management performance and new contracts in the U.S. and Asia Pacific [3] - Leasing Advisory segment revenues increased to $676.8 million, up 5.4% year-over-year, with significant growth in the U.S. industrial sector [4] - Capital Market Services segment revenues rose 13.7% year-over-year to $520.3 million, driven by debt advisory and investment sales, with notable contributions from the residential sector [5] - Investment Management segment revenues slightly increased to $103.1 million, attributed to higher incentive and advisory fees, although AUM decreased to $84.9 billion from $86.6 billion year-over-year [6] - Software and Technology Solutions segment revenues decreased by 1% to $55.9 million due to reduced technology spending from large clients [7] Financial Position - JLL ended Q2 2025 with cash and cash equivalents of $401.4 million, down from $432.4 million at the end of Q1 2025 [8] - The net leverage ratio improved to 1.2 from 1.4 as of March 31, 2025, while corporate liquidity increased to $3.32 billion from $3.31 billion [10]

[Part I. Financial Information](index=3&type=section&id=Part%20I%20Financial%20Information) This section encompasses the unaudited consolidated financial statements and management's analysis of financial condition and results of operations [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements, including balance sheets, income, equity, and cash flow statements, with detailed explanatory notes [Consolidated Balance Sheets](index=3&type=section&id=Balance%20Sheets%20as%20of%20June%2030%2C%202025%20and%20December%2031%2C%202024) Presents the company's financial position at June 30, 2025, and December 31, 2024, detailing assets, liabilities, and equity | Metric (Millions USD) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Assets | $17,340.5 | $16,763.8 | | Total Liabilities | $10,178.9 | $9,868.7 | | Total Equity | $7,161.6 | $6,895.1 | - Total assets increased by **$576.7 million** from December 31, 2024, to June 30, 2025, primarily driven by increases in warehouse receivables and goodwill[6](index=6&type=chunk) - Total liabilities increased by **$310.2 million**, with commercial paper and credit facility borrowings showing significant increases[6](index=6&type=chunk) [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Statements%20of%20Comprehensive%20Income%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) Details the company's financial performance for the three and six months ended June 30, 2025, and 2024, including revenue, operating income, and net income | Metric (Millions USD, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $6,250.1 | $5,628.7 | $11,996.5 | $10,753.2 | | Operating Income | $197.4 | $152.4 | $317.4 | $266.6 | | Net Income | $110.5 | $84.5 | $168.0 | $150.1 | | Net Income Attributable to Common Shareholders | $112.3 | $84.4 | $167.6 | $150.5 | | Basic EPS | $2.36 | $1.77 | $3.53 | $3.17 | | Diluted EPS | $2.32 | $1.75 | $3.46 | $3.12 | - Revenue increased by **11%** for the three months ended June 30, 2025, and **12%** for the six months ended June 30, 2025, compared to the prior-year periods[8](index=8&type=chunk) - Operating income grew by **30%** for the quarter and **19%** for the six-month period year-over-year[8](index=8&type=chunk) [Consolidated Statements of Changes in Equity](index=6&type=section&id=Statements%20of%20Changes%20in%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) Outlines changes in the company's equity components, including retained earnings and accumulated other comprehensive income, for the periods ended June 30, 2025, and December 31, 2024 | Metric (Millions USD) | December 31, 2024 | June 30, 2025 | | :-------------------- | :---------------- | :------------ | | Total Equity | $6,895.1 | $7,161.6 | | Retained Earnings | $6,334.9 | $6,494.7 | | Treasury Stock | $(937.9) | $(958.5) | | AOCI | $(646.9) | $(524.2) | - Total equity increased by **$266.5 million** from December 31, 2024, to June 30, 2025, primarily due to net income and foreign currency translation adjustments, partially offset by common stock repurchases[13](index=13&type=chunk) - Accumulated other comprehensive loss (AOCI) improved from **$(646.9) million** to **$(524.2) million**, largely due to positive foreign currency translation adjustments[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) Presents the cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 | Cash Flow Activity (Millions USD) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(434.8) | $(403.6) | | Net cash used in investing activities | $(200.4) | $(154.1) | | Net cash provided by financing activities | $617.5 | $566.6 | | Net change in cash, cash equivalents and restricted cash | $17.8 | $(5.8) | - Operating activities used more cash in the first six months of 2025 (**$434.8 million**) compared to 2024 (**$403.6 million**), mainly due to higher commission payments and timing of reimbursables[17](index=17&type=chunk)[190](index=190&type=chunk) - Investing activities used more cash, increasing from **$154.1 million** in 2024 to **$200.4 million** in 2025, primarily due to a **$100 million** contribution to JLL Income Property Trust[17](index=17&type=chunk)[191](index=191&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the consolidated financial statements, covering accounting policies, segment information, and other financial details [Note 1. Interim Information](index=10&type=section&id=1.%20INTERIM%20INFORMATION) Clarifies the nature of the unaudited interim financial statements and discusses factors affecting their comparability and seasonality - The interim financial statements are unaudited and include only normal recurring adjustments necessary for fair presentation[21](index=21&type=chunk) - The company's revenue and profits historically increase from quarter to quarter as the year progresses due to real estate transaction completion focus by year-end, though annuity-based services have lessened this seasonality[22](index=22&type=chunk) - Quarterly compensation and benefits expense can fluctuate significantly due to accruals based on annual performance targets[23](index=23&type=chunk) [Note 2. New Accounting Standards](index=11&type=section&id=2.%20NEW%20ACCOUNTING%20STANDARDS) Outlines recently issued accounting standards updates and their potential impact on the company's financial disclosures - ASU 2023-09 (Income Taxes) is effective for annual periods beginning after December 15, 2024, and the company is evaluating its impact on tax disclosures[27](index=27&type=chunk) - ASU 2024-03 (Expense Disaggregation Disclosures) is effective for annual periods beginning after December 15, 2026, and will result in expanded expense disclosures but no impact on financial statements or results of operations[28](index=28&type=chunk) [Note 3. Revenue Recognition](index=11&type=section&id=3.%20REVENUE%20RECOGNITION) Details the company's policies for recognizing revenue, including exclusions from ASC Topic 606 and contract balances - Mortgage banking and servicing operations revenue (Loan Servicing, MSRs, loan origination fees) are excluded from ASC Topic 606[29](index=29&type=chunk) Revenue Excluded from ASC Topic 606 | Metric (Millions USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue excluded from ASC Topic 606 | $82.5 | $67.6 | $152.9 | $134.8 | Contract Balances | Metric (Millions USD) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Contract assets, net | $368.0 | $384.4 | | Contract liabilities | $178.8 | $154.7 | [Note 4. Business Segments](index=13&type=section&id=4.%20BUSINESS%20SEGMENTS) Describes the company's global business segments, recent reclassifications, and the non-GAAP measure used for segment performance evaluation - Effective January 1, 2025, Property Management was reclassified from Leasing Advisory to Real Estate Management Services, and several segments were renamed[34](index=34&type=chunk) - The company operates five global business segments: Real Estate Management Services, Leasing Advisory, Capital Markets Services, Investment Management, and Software and Technology Solutions[35](index=35&type=chunk)[40](index=40&type=chunk) - Segment results are evaluated based on Adjusted EBITDA, which excludes various non-operating and non-cash items to assess core performance[37](index=37&type=chunk)[139](index=139&type=chunk) [Note 5. Business Combinations, Goodwill and Other Intangible Assets](index=16&type=section&id=5.%20BUSINESS%20COMBINATIONS%2C%20GOODWILL%20AND%20OTHER%20INTANGIBLE%20ASSETS) Reports on business acquisitions, earn-out liabilities, and changes in goodwill, including the impact of exchange rate movements and impairment testing - During the six months ended June 30, 2025, the company paid **$18.7 million** for business acquisitions, including **$12.6 million** for deferred obligations from prior years[48](index=48&type=chunk) Earn-out Payments and Liabilities | Metric (Millions USD) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Maximum earn-out payments (undiscounted) | $78.2 | $108.0 | | Short-term earn-out liabilities (fair value) | $5.2 | $12.0 | | Long-term earn-out liabilities (fair value) | $13.9 | $23.8 | Goodwill | Goodwill (Millions USD) | Balance as of January 1, 2025 | Additions, net of adjustments | Impact of exchange rate movements | Balance as of June 30, 2025 | | :---------------------- | :---------------------------- | :---------------------------- | :-------------------------------- | :-------------------------- | | Consolidated | $4,611.3 | $6.6 | $97.9 | $4,715.8 | - Goodwill increased by **$104.5 million** from January 1, 2025, to June 30, 2025, primarily due to exchange rate movements[55](index=55&type=chunk) - The company reassessed its reporting units and tested goodwill for impairment as of January 1, 2025, due to organizational structure changes, concluding no impairment existed[52](index=52&type=chunk)[53](index=53&type=chunk) [Note 6. Investments](index=19&type=section&id=6.%20INVESTMENTS) Provides a breakdown of the company's investments by type and reports on changes in total investment value and impairment charges Investment Types | Investment Type (Millions USD) | June 30, 2025 | December 31, 2024 | | :----------------------------- | :------------ | :---------------- | | Investment Management co-investments | $508.7 | $406.1 | | Software and Technology Solutions investments | $334.7 | $372.8 | | Other investments | $35.4 | $33.8 | | Total | $878.8 | $812.7 | - Total investments increased to **$878.8 million** as of June 30, 2025, from **$812.7 million** at December 31, 2024[60](index=60&type=chunk) - The company recognized an investment-level impairment charge of **$2.2 million** during the six months ended June 30, 2025[62](index=62&type=chunk) [Note 7. Fair Value Measurements](index=20&type=section&id=7.%20FAIR%20VALUE%20MEASUREMENTS) Details the fair value of various financial instruments, including long-term debt, investments, and derivatives, as of June 30, 2025, and December 31, 2024 - The fair value of long-term debt was **$838.0 million** as of June 30, 2025, compared to its carrying value of **$805.3 million**[68](index=68&type=chunk) - Investments at fair value using Net Asset Value (NAV) were **$495.1 million** as of June 30, 2025, an increase from **$367.9 million** at December 31, 2024[70](index=70&type=chunk) Fair Value Assets | Fair Value Assets (Millions USD) | June 30, 2025 | December 31, 2024 | | :------------------------------- | :------------ | :---------------- | | Investments - fair value | $338.6 | $374.1 | | Foreign currency forward contracts receivable | $6.3 | $4.9 | | Warehouse receivables | $1,228.6 | $770.7 | | Deferred compensation plan assets | $674.9 | $664.0 | | Mortgage banking derivative assets | $54.2 | $161.1 | | Total assets at fair value | $2,302.6 | $1,974.8 | Fair Value Liabilities | Fair Value Liabilities (Millions USD) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Foreign currency forward contracts payable | $8.5 | $13.9 | | Deferred compensation plan liabilities | $658.5 | $658.4 | | Earn-out liabilities | $19.1 | $35.8 | | Mortgage banking derivative liabilities | $34.3 | $67.3 | | Total liabilities at fair value | $720.4 | $775.4 | [Note 8. Debt](index=24&type=section&id=8.%20DEBT) Provides an overview of the company's debt structure, including short-term and long-term borrowings, credit facilities, and warehouse facilities Debt Summary | Debt (Millions USD) | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Total short-term debt, net | $796.4 | $353.1 | | Credit facility, net | $370.0 | $88.6 | | Long-term senior notes | $805.3 | $756.7 | | Total debt, net | $1,971.7 | $1,198.4 | - Total debt, net of debt issuance costs, increased significantly to **$1,971.7 million** as of June 30, 2025, from **$1,198.4 million** at December 31, 2024, driven by increased commercial paper and credit facility utilization[91](index=91&type=chunk) - The company maintains a **$2.5 billion** commercial paper program and a **$3.3 billion** unsecured revolving credit facility, with average outstanding borrowings of **$1,290.0 million** and an average effective interest rate of **5.0%** for the six months ended June 30, 2025[92](index=92&type=chunk)[93](index=93&type=chunk)[96](index=96&type=chunk) - Warehouse facilities capacity increased to **$3,800.0 million** as of June 30, 2025, from **$3,200.0 million** at December 31, 2024, with outstanding balances of **$1,223.7 million**[102](index=102&type=chunk) [Note 9. Commitments and Contingencies](index=27&type=section&id=9.%20COMMITMENTS%20AND%20CONTINGENCIES) Discusses the company's involvement in legal proceedings, professional indemnity accruals, and loan loss guarantee reserves for DUS program arrangements - The company is involved in various litigation matters but believes their ultimate resolution will not materially adversely affect its financial position[103](index=103&type=chunk)[216](index=216&type=chunk) - Professional indemnity accrual increased to **$5.0 million** as of June 30, 2025, from **$4.2 million** at December 31, 2024, due to new claims[106](index=106&type=chunk) - Loans subject to DUS program loss-sharing arrangements had an aggregate unpaid principal balance of **$24.0 billion** as of June 30, 2025, with a loan loss guarantee reserve of **$24.1 million**[107](index=107&type=chunk)[109](index=109&type=chunk) [Note 10. Restructuring and Acquisition Charges](index=28&type=section&id=10.%20RESTRUCTURING%20AND%20ACQUISITION%20CHARGES) Reports on the nature and amount of restructuring and acquisition-related charges, including severance and earn-out adjustments, for the periods presented Restructuring and Acquisition Charges | Charge Type (Millions USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Severance and other employment-related charges | $18.0 | $7.2 | $25.4 | $11.7 | | Restructuring, pre-acquisition and post-acquisition charges | $10.0 | $6.1 | $17.7 | $13.5 | | Stock-based compensation expense for post-acquisition retention awards | $0.7 | $0.3 | $1.4 | $0.6 | | Fair value adjustments to earn-out liabilities | $(7.4) | $(2.1) | $(3.5) | $(12.6) | | Total Restructuring and acquisition charges | $21.3 | $11.5 | $41.0 | $13.2 | - Restructuring and acquisition charges significantly increased to **$21.3 million** for Q2 2025 (from **$11.5 million** in Q2 2024) and **$41.0 million** for YTD 2025 (from **$13.2 million** in YTD 2024), primarily due to higher severance and employment-related charges[111](index=111&type=chunk)[153](index=153&type=chunk) [Note 11. Accumulated Other Comprehensive Income (Loss) By Component](index=29&type=section&id=11.%20ACCUMULATED%20OTHER%20COMPREHENSIVE%20INCOME%20%28LOSS%29%20BY%20COMPONENT) Breaks down the components of accumulated other comprehensive income (loss), highlighting the impact of foreign currency translation adjustments AOCI Components | AOCI Component (Millions USD) | Balance as of December 31, 2024 | Balance as of June 30, 2025 | | :---------------------------- | :------------------------------ | :-------------------------- | | Pension and postretirement benefit | $(55.5) | $(56.0) | | Cumulative foreign currency translation adjustment | $(591.4) | $(468.2) | | Total AOCI | $(646.9) | $(524.2) | - Total Accumulated Other Comprehensive Loss (AOCI) improved from **$(646.9) million** at December 31, 2024, to **$(524.2) million** at June 30, 2025, primarily driven by positive foreign currency translation adjustments[114](index=114&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section offers management's insights into the company's financial condition, operating results, critical accounting policies, and liquidity and capital resources [Summary of Critical Accounting Policies and Estimates](index=30&type=section&id=SUMMARY%20OF%20CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) Confirms that no material changes were made to the company's critical accounting policies and estimates during the reporting period - No material changes to critical accounting policies and estimates were made during the six months ended June 30, 2025[119](index=119&type=chunk) [Items Affecting Comparability](index=30&type=section&id=ITEMS%20AFFECTING%20COMPARABILITY) Discusses macroeconomic trends, geopolitical factors, and business specific events that influence the comparability of financial results - Results are significantly influenced by macroeconomic trends, geopolitical environment, global and regional real estate markets, and financial and credit markets[120](index=120&type=chunk) - The timing of acquisitions and dispositions, transaction-based revenues, equity earnings, and foreign currency fluctuations can impact year-over-year comparability[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk)[126](index=126&type=chunk) - The business experiences seasonality, with lower revenue and profit typically in the first quarter, increasing throughout the year, though annuity-based services have somewhat mitigated this[127](index=127&type=chunk) [Results of Operations](index=32&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes the company's consolidated and segment-specific operating performance, including revenue, expenses, and profitability metrics [Consolidated Operating Results](index=32&type=section&id=Consolidated%20Operating%20Results) Presents a summary of the company's overall financial performance, highlighting revenue, operating income, and Adjusted EBITDA trends | Metric (Millions USD) | Q2 2025 (USD) | Q2 2024 (USD) | Q2 % Change (Local Currency) | YTD 2025 (USD) | YTD 2024 (USD) | YTD % Change (Local Currency) | | :-------------------- | :------------ | :------------ | :--------------------------- | :------------- | :------------- | :---------------------------- | | Revenue | $6,250.1 | $5,628.7 | 10% | $11,996.5 | $10,753.2 | 12% | | Operating Income | $197.4 | $152.4 | 28% | $317.4 | $266.6 | 18% | | Adjusted EBITDA | $291.7 | $246.3 | 17% | $516.5 | $433.4 | 19% | - Consolidated revenue increased by **10%** in local currency for Q2 2025 and **12%** for YTD 2025, driven by strong performance in Real Estate Management Services and Capital Markets Services[130](index=130&type=chunk)[132](index=132&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Adjusted EBITDA grew by **17%** in local currency for Q2 2025 and **19%** for YTD 2025, reflecting top-line growth and cost discipline[130](index=130&type=chunk)[132](index=132&type=chunk)[161](index=161&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) Explains the company's use of non-GAAP measures like Adjusted EBITDA and local currency changes to provide a clearer view of core operating performance - Management uses Adjusted EBITDA and local currency percentage changes as non-GAAP measures to assess core operating performance and enhance comparability[133](index=133&type=chunk)[139](index=139&type=chunk) - Adjustments to GAAP measures include excluding net non-cash MSR and mortgage banking derivative activity, restructuring and acquisition charges, and equity earnings/losses from certain segments[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk)[141](index=141&type=chunk) Adjusted EBITDA Reconciliation | Reconciliation Item (Millions USD) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--------------------------------- | :------ | :------ | :------- | :------- | | Net income attributable to common shareholders | $112.3 | $84.4 | $167.6 | $150.5 | | Add: Interest expense, net | $35.3 | $41.7 | $59.9 | $72.2 | | Add: Income tax provision | $26.7 | $20.5 | $40.7 | $36.4 | | Add: Depreciation and amortization | $66.7 | $61.4 | $137.4 | $121.4 | | Adjustments: Restructuring and acquisition charges | $21.3 | $11.5 | $41.0 | $13.2 | | Adjustments: Net non-cash MSR and mortgage banking derivative activity | $4.2 | $11.8 | $17.1 | $20.8 | | Adjustments: Interest on employee loans, net of forgiveness | $(2.0) | $(1.3) | $(3.6) | $(2.3) | | Adjustments: Equity losses - Investment Management and Software and Technology Solutions | $27.0 | $16.3 | $55.7 | $21.2 | | Adjustments: Credit losses on convertible note investments | $0.2 | — | $0.7 | — | | Adjusted EBITDA | $291.7 | $246.3 | $516.5 | $433.4 | [Revenue](index=37&type=section&id=Revenue) Analyzes the consolidated revenue performance, distinguishing between resilient and transactional revenue streams and their growth rates - Consolidated revenue increased **10%** in local currency for Q2 2025 and **12%** for YTD 2025[147](index=147&type=chunk)[148](index=148&type=chunk) - Resilient revenues (Workplace Management, Project Management, Property Management, Value and Risk Advisory, Loan Servicing, Advisory Fees, Software and Technology Solutions) collectively grew **11%** in Q2 and **12%** YTD[131](index=131&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Transactional revenues (Portfolio Services and Other, Leasing Advisory, Investment Sales, Debt/Equity Advisory and Other, Incentive fees and Transaction fees and other) increased **7%** in Q2 and **10%** YTD[131](index=131&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) [Operating Expenses](index=37&type=section&id=Operating%20Expenses) Examines the trends in consolidated operating expenses, including gross contract costs, platform expenses, and restructuring charges - Consolidated operating expenses increased **10%** to **$6.1 billion** for Q2 2025[152](index=152&type=chunk) - Gross contract costs rose **11%** to **$4.2 billion** in Q2, driven by growth in businesses with higher client pass-through expenses like Workplace Management and Project Management[152](index=152&type=chunk) - Platform operating expenses increased **6%** to **$1.8 billion** in Q2, largely due to revenue-related expense growth[152](index=152&type=chunk) - Restructuring and acquisition charges increased significantly in Q2 and YTD 2025 due to higher severance and employment-related charges and changes in non-cash charges/benefits from earn-outs[153](index=153&type=chunk)[154](index=154&type=chunk) [Interest Expense](index=38&type=section&id=Interest%20Expense) Analyzes the net interest expense, highlighting the factors contributing to its changes for the reported periods Interest Expense, Net | Metric (Millions USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest expense, net | $35.3 | $41.7 | $59.9 | $72.2 | - Net interest expense decreased for both the three and six months ended June 30, 2025, primarily due to a lower effective interest rate and lower average borrowings compared to prior-year periods[155](index=155&type=chunk) [Equity Earnings/Losses](index=38&type=section&id=Equity%20Earnings%2FLosses) Reports on the company's equity earnings and losses, particularly noting the impact of valuation declines in Software and Technology Solutions investments Total Equity Losses by Segment | Segment (Millions USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Investment Management | $(1.3) | $(7.3) | $(7.4) | $(11.2) | | Software and Technology Solutions | $(27.4) | $(9.0) | $(48.9) | $(10.0) | | Other | $1.3 | $0.9 | $3.3 | $2.1 | | Total Equity losses | $(27.4) | $(15.4) | $(53.0) | $(19.1) | - Equity losses increased significantly for both the quarter and six-month period, largely attributable to valuation declines of investments within Software and Technology Solutions[156](index=156&type=chunk)[157](index=157&type=chunk) [Income Taxes](index=38&type=section&id=Income%20Taxes) Details the income tax provision and effective tax rate, noting the consistent rate and the ongoing assessment of new tax legislation Income Tax Provision and Effective Tax Rate | Metric (Millions USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income tax provision | $26.7 | $20.5 | $40.7 | $36.4 | | Effective Tax Rate (ETR) | 19.5% | 19.5% | 19.5% | 19.5% | - The effective tax rate remained consistent at **19.5%** for both the three and six months ended June 30, 2025 and 2024[158](index=158&type=chunk) - The recently enacted One Big Beautiful Bill Act (OBBBA) in July 2025, which alters tax deductions and international earnings taxation, is currently being assessed for its impact on future financial statements[159](index=159&type=chunk) [Net Income and Adjusted EBITDA](index=39&type=section&id=Net%20Income%20and%20Adjusted%20EBITDA) Summarizes the company's net income attributable to common shareholders and Adjusted EBITDA, highlighting the drivers of their growth Net Income and Adjusted EBITDA Summary | Metric (Millions USD) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income attributable to common shareholders | $112.3 | $84.4 | $167.6 | $150.5 | | Adjusted EBITDA | $291.7 | $246.3 | $516.5 | $433.4 | - Net income attributable to common shareholders increased by **33%** for Q2 2025 and **11%** for YTD 2025[161](index=161&type=chunk) - Adjusted EBITDA increased by **18%** for Q2 2025 and **19%** for YTD 2025, driven by resilient revenue growth, transactional revenue growth in Capital Markets Services, enhanced platform leverage, and cost discipline[161](index=161&type=chunk) [Segment Operating Results](index=40&type=section&id=Segment%20Operating%20Results) Provides a detailed breakdown of revenue and Adjusted EBITDA performance for each of the company's global business segments [Real Estate Management Services](index=40&type=section&id=Real%20Estate%20Management%20Services) Analyzes the revenue and Adjusted EBITDA performance of the Real Estate Management Services segment, driven by Workplace and Project Management | Metric (Millions USD) | Q2 2025 (USD) | Q2 2024 (USD) | Q2 % Change (Local Currency) | YTD 2025 (USD) | YTD 2024 (USD) | YTD % Change (Local Currency) | | :-------------------- | :------------ | :------------ | :--------------------------- | :------------- | :------------- | :---------------------------- | | Revenue | $4,894.0 | $4,369.9 | 11% | $9,463.4 | $8,439.1 | 12% | | Adjusted EBITDA | $106.6 | $88.6 | 19% | $172.9 | $160.0 | 7% | - Revenue growth was primarily driven by strong performance in Workplace Management (up **10%** in Q2, **13%** YTD) and Project Management (up **22%** in Q2, **19%** YTD), with client wins and mandate expansions[169](index=169&type=chunk) - Adjusted EBITDA increased due to top-line performance and continued cost discipline, despite headwinds from prior-year incentive compensation accruals timing[170](index=170&type=chunk)[171](index=171&type=chunk) [Leasing Advisory](index=42&type=section&id=Leasing%20Advisory) Examines the revenue and Adjusted EBITDA trends for the Leasing Advisory segment, noting growth across major asset classes and improved cost efficiency | Metric (Millions USD) | Q2 2025 (USD) | Q2 2024 (USD) | Q2 % Change (Local Currency) | YTD 2025 (USD) | YTD 2024 (USD) | YTD % Change (Local Currency) | | :-------------------- | :------------ | :------------ | :--------------------------- | :------------- | :------------- | :---------------------------- | | Revenue | $676.8 | $642.2 | 5% | $1,262.9 | $1,162.6 | 9% | | Adjusted EBITDA | $120.4 | $112.1 | 6% | $217.4 | $186.9 | 15% | - Leasing revenue grew across major asset classes, particularly in industrial and office, with significant contributions from the U.S., France, Australia, and Singapore for the quarter[173](index=173&type=chunk) - Adjusted EBITDA increases were driven by revenue growth, with compensation and benefits as a percentage of revenue improving year-over-year due to increased use of technology and shared service centers[175](index=175&type=chunk) [Capital Markets Services](index=43&type=section&id=Capital%20Markets%20Services) Reports on the revenue and Adjusted EBITDA growth in Capital Markets Services, primarily fueled by debt advisory and investment sales | Metric (Millions USD) | Q2 2025 (USD) | Q2 2024 (USD) | Q2 % Change (Local Currency) | YTD 2025 (USD) | YTD 2024 (USD) | YTD % Change (Local Currency) | | :-------------------- | :------------ | :------------ | :--------------------------- | :------------- | :------------- | :---------------------------- | | Revenue | $520.3 | $457.6 | 12% | $955.6 | $835.2 | 14% | | Adjusted EBITDA | $54.7 | $33.8 | 61% | $103.3 | $58.8 | 73% | - Top-line growth was fueled by debt advisory and investment sales, with the residential sector making the most significant contribution to the year-over-year increase[177](index=177&type=chunk) - Adjusted EBITDA improvements were primarily due to revenue growth and the net impact of year-over-year loan-related losses, with compensation and benefits expense as a percentage of revenue modestly improving[179](index=179&type=chunk) [Investment Management](index=45&type=section&id=Investment%20Management) Analyzes the revenue and Adjusted EBITDA performance of the Investment Management segment, noting declines due to lower assets under management and specific prior-year gains | Metric (Millions USD) | Q2 2025 (USD) | Q2 2024 (USD) | Q2 % Change (Local Currency) | YTD 2025 (USD) | YTD 2024 (USD) | YTD % Change (Local Currency) | | :-------------------- | :------------ | :------------ | :--------------------------- | :------------- | :------------- | :---------------------------- | | Revenue | $103.1 | $102.6 | (2)% | $201.6 | $206.0 | (3)% | | Adjusted EBITDA | $16.3 | $22.7 | (32)% | $32.1 | $43.7 | (28)% | | Assets Under Management (AUM) | $84.9 (June 30, 2025) | $86.6 (June 30, 2024) | -2% (trailing 12 months) | $84.9 (June 30, 2025) | $86.6 (June 30, 2024) | -2% (trailing 12 months) | - Advisory fees saw a slight decline due to lower assets under management (AUM), reflecting asset dispositions in Q4 2024[183](index=183&type=chunk) - Adjusted EBITDA decreased significantly, largely due to the absence of an **$8.2 million** gain recognized in the prior-year quarter from purchasing a controlling interest in a managed fund[183](index=183&type=chunk) [Software and Technology Solutions](index=47&type=section&id=Software%20and%20Technology%20Solutions) Reports on the revenue and Adjusted EBITDA trends for Software and Technology Solutions, highlighting the impact of client technology spend and carried interest expense | Metric (Millions USD) | Q2 2025 (USD) | Q2 2024 (USD) | Q2 % Change (Local Currency) | YTD 2025 (USD) | YTD 2024 (USD) | YTD % Change (Local Currency) | | :-------------------- | :------------ | :------------ | :--------------------------- | :------------- | :------------- | :---------------------------- | | Revenue | $55.9 | $56.4 | (1)% | $113.0 | $110.3 | 3% | | Adjusted EBITDA | $(6.3) | $(10.9) | 43% | $(9.2) | $(16.0) | 41% | - Q2 revenue declined due to reduced technology spend from large existing clients, partially offset by low double-digit growth in software services. YTD revenue grew due to increased software bookings[186](index=186&type=chunk) - Adjusted EBITDA improved significantly for both the quarter and year-to-date, primarily attributable to a favorable change in carried interest expense/benefit, which offset increases in other operating expenses[187](index=187&type=chunk)[188](index=188&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Assesses the company's cash flows from operating, investing, and financing activities, and details share repurchase activities - Operating activities used **$434.8 million** of cash in the first six months of 2025, an increase from **$403.6 million** in 2024, primarily due to higher commission payments and timing of reimbursables[190](index=190&type=chunk) - Investing activities used **$200.4 million** of cash, up from **$154.1 million** in 2024, mainly due to a **$100 million** contribution to JLL Income Property Trust[191](index=191&type=chunk) - Financing activities provided **$617.5 million** of cash, up from **$566.6 million** in 2024, driven by increased borrowings to support the JLL IPT investment and higher share repurchases[192](index=192&type=chunk) - The company repurchased **251,800 shares** for **$61.2 million** during the first six months of 2025, with **$952.0 million** remaining authorized under the share repurchase program[204](index=204&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=50&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) Advises readers that the report contains forward-looking statements subject to risks and uncertainties, and should not be unduly relied upon - The report contains forward-looking statements, which involve known and unknown risks and uncertainties that may cause actual results to differ materially from expectations[206](index=206&type=chunk) - Readers are cautioned not to place undue reliance on these statements, as they speak only as of the date they were made[207](index=207&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Discusses the company's exposure to interest rate and foreign exchange risks and the proportion of revenue affected by currency fluctuations - A **50 basis point** increase in short-term interest rates would result in an incremental **$3.2 million** of interest expense for the six months ended June 30, 2025[209](index=209&type=chunk) Revenue Exposure to Foreign Exchange Rates | Currency | Six Months Ended June 30, 2025 (% of total revenue) | Six Months Ended June 30, 2024 (% of total revenue) | | :------------------- | :-------------------------------------------------- | :-------------------------------------------------- | | British pound | 7% | 8% | | Euro | 6% | 6% | | Australian dollar | 5% | 5% | | Other | 19% | 20% | | Revenue exposed to foreign exchange rates | 37% | 39% | | United States dollar | 63% | 61% | | Total revenue | 100% | 100% | - Approximately **37%** of total revenue for the six months ended June 30, 2025, was exposed to foreign exchange rates, with the British pound, Euro, and Australian dollar being significant functional currencies[211](index=211&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of the company's disclosure controls and procedures and reports no material changes to internal control over financial reporting - The company's disclosure controls and procedures were effective as of June 30, 2025[215](index=215&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[215](index=215&type=chunk) [Part II. Other Information](index=52&type=section&id=Part%20II%20Other%20Information) This section provides additional information including legal proceedings, risk factors, equity security sales, and other disclosures [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) States that the company is involved in various legal matters but anticipates no material adverse effect on its financial position from their ultimate resolution - The company is a defendant or plaintiff in various litigation matters, some involving substantial damage claims, but believes the ultimate resolution will not materially impact its financial position[216](index=216&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) Confirms that no material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes to the company's risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024[217](index=217&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the company's common stock repurchases during the second quarter of 2025 and the remaining authorization under its repurchase program Common Stock Repurchases | Period | Total number of shares purchased | Weighted average price paid per share | | :------------------------- | :------------------------------- | :------------------------------------ | | April 1, 2025 - April 30, 2025 | 38,198 | $219.90 | | May 1, 2025 - May 31, 2025 | 37,678 | $228.44 | | June 1, 2025 - June 30, 2025 | 100,669 | $242.48 | | Total | 176,545 | | - As of June 30, 2025, **$952.0 million** remained authorized for repurchases under the company's share repurchase program[219](index=219&type=chunk)[204](index=204&type=chunk) [Item 5. Other Information](index=52&type=section&id=Item%205.%20Other%20Information) Confirms that no directors or officers adopted or terminated any Rule 10b5-1(c) or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated any Rule 10b5-1(c) or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025[220](index=220&type=chunk) [Item 6. Exhibits](index=53&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including legal agreements, certifications, and XBRL-related documents - Exhibits include a Letter Agreement, CEO and CFO certifications under Sarbanes-Oxley Act, and Inline XBRL documents[221](index=221&type=chunk) [Signature](index=54&type=section&id=Signature) Provides the official signing details of the report, including the signatory's name, title, and date - The report was signed on August 6, 2025, by Kelly Howe, Chief Financial Officer of Jones Lang LaSalle Incorporated[222](index=222&type=chunk)[223](index=223&type=chunk)

Financial Data and Key Metrics Changes - Consolidated revenue increased by 10%, adjusted EBITDA grew by 17%, and adjusted EPS was up by 29% [6][27] - Free cash flow increased due to improved collections and lower cash taxes paid, despite higher commission payments [25] Business Line Data and Key Metrics Changes - Real Estate Management Services (REMS) revenue growth was led by Workplace Management, with nearly 30% growth on a two-year stacked basis [14] - Project Management revenue grew by 22% year-over-year, driven by strong leasing activity and new contracts [15][75] - Capital Markets Services saw debt advisory revenue increase by 27% and investment sales grow by 9% [21] - Software and technology solutions experienced low double-digit growth in software revenue, offset by reduced technology solutions spending [24] Market Data and Key Metrics Changes - U.S. industrial leasing revenue increased by 13%, outperforming the overall U.S. industrial market volume growth of 4% [18] - Global office leasing revenue tracked in line with market volume, with U.S. office leasing revenues growing nearly 3% [19] Company Strategy and Development Direction - The company is focused on organic growth, investing in data technology and AI to enhance operational efficiency and client value [10][27] - There is a commitment to returning capital to shareholders through increased share repurchases while considering M&A opportunities [27][62] - The company aims to maintain high single-digit to low double-digit revenue growth in REMS over the medium term [34] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the market, noting stability in real estate fundamentals and growing tenant demand [29][70] - The evolving policy environment has led to delayed decision-making, particularly in industrial and manufacturing sectors [7][8] - The company anticipates continued organic growth and market share gains, despite potential headwinds from macroeconomic factors [11][29] Other Important Information - The company raised $1 billion in private equity capital in the second quarter, bringing the year-to-date total to $2.9 billion [23] - Liquidity totaled $3.3 billion at the end of the second quarter, with a reported net leverage of 1.2 times [26] Q&A Session Summary Question: Strength in project management and revenue growth expectations - Management noted strong demand for midsized projects and expects continued optimism for the remainder of the year [32][33] Question: Future revenue growth in REMS - Management indicated expectations of high single-digit to low double-digit revenue growth in REMS, with new contract wins contributing positively [34] Question: Growth drivers for JLL moving forward - Key growth drivers include stability in the geopolitical environment and the return of larger transactions in capital markets [35][36] Question: Capital markets pipeline and deal activity - Pipelines are strong compared to last year, with optimism for continued growth in the capital markets business [40][41] Question: Loan loss concerns with Fannie Mae - Management is closely monitoring the portfolio for potential fraud but has not identified specific areas of concern [43] Question: Elevated contract churn in property management - Management is reviewing contracts and expects some turnover as part of a long-term growth strategy [44] Question: Margin expansion expectations - Management expects margin expansion to be stronger in the latter half of the year, though not linear [47][50] Question: Geographic split in capital markets business - Approximately 60% of the business is in the Americas, with 40% in the rest of the world [56] Question: Capital allocation priorities - The company plans to increase share repurchases while maintaining a focus on organic growth and selective M&A [62][63] Question: Client sentiment regarding the macro environment - Clients are adapting to ongoing geopolitical noise and focusing on their business goals, contributing to a stable trading environment [70][71]

Financial Data and Key Metrics Changes - For the second quarter of 2025, consolidated revenue increased by 10%, adjusted EBITDA grew by 17%, and adjusted EPS was up by 29% [6][27][25] - The company reported strong profit margin growth, reflecting the resilience of its platform and confidence in the revised full-year outlook [27][25] Business Line Data and Key Metrics Changes - Real Estate Management Services (REMS) revenue growth was led by Workplace Management, with nearly 30% growth on a two-year stacked basis [13] - Project Management revenue growth was broad-based, particularly in the U.S. and Asia Pacific, with mid-teens management fee growth [13] - Capital Markets Services saw a 27% increase in debt advisory revenue and a 9% growth in investment sales, with a two-year stack growth of 25% for both [19] - Software and technology solutions experienced low double-digit growth in software revenue, offset by reduced technology solutions spending from large clients [22] Market Data and Key Metrics Changes - The U.S. industrial market led growth with a 13% increase, while global office leasing revenue tracked in line with market volume, showing a deceleration in growth [16][17] - The leasing advisory segment saw nearly 3% growth in U.S. office leasing revenues, contrasting with a 3% decline in market volume [17] Company Strategy and Development Direction - The company is focused on organic growth, enhancing operational efficiency, and investing in data technology and artificial intelligence to meet client demand for integrated real estate management solutions [9][25] - There is a commitment to returning capital to shareholders through increased share repurchases while considering M&A opportunities that augment organic initiatives [25][59] Management's Comments on Operating Environment and Future Outlook - Management noted an uptick in delayed decision-making in industrial and manufacturing sectors due to geopolitical and trade policy pressures, but expressed optimism about the stability of the pipeline for midsized capital projects [7][27] - The overall market backdrop remains constructive, with expectations for continued organic growth and market share gains [25][27] Other Important Information - The company raised $1 billion in private equity capital in the second quarter, bringing the year-to-date total to $2.9 billion [21] - Liquidity totaled $3.3 billion at the end of the second quarter, with an improvement in reported net leverage to 1.2 times, down from 1.7 times a year earlier [23] Q&A Session Summary Question: Strength of project management deals and revenue growth expectations - Management expressed optimism about the strength of the project management business, expecting continued demand for midsized projects [30] Question: Revenue growth expectations in REMS - Management indicated expectations of high single-digit to low double-digit revenue growth in REMS over the medium term, with recent contract wins contributing positively [31][32] Question: Growth drivers for JLL moving into 2026 - Management highlighted that the Capital Markets business is sensitive to geopolitical noise, but stable interest rates could support transaction volume growth [33] Question: Capital markets pipeline and deal activity - Management reported a strong pipeline across asset classes, particularly in retail and residential, with optimism for continued performance in Capital Markets [38] Question: Fannie Mae loan loss risks - Management confirmed ongoing monitoring of the portfolio for potential fraud, with no specific areas identified at this time [41] Question: Elevated contract churn in property management - Management acknowledged potential elevated contract turnover as part of a strategy to focus on long-term growth and profitability [42] Question: Margin expansion expectations - Management expects margin expansion to be stronger in the latter half of the year, though not necessarily linear [46][48] Question: Geographic split in capital markets business - Management indicated that approximately 60% of capital markets business is in the Americas and 40% in the rest of the world [54] Question: Capital allocation priorities - Management confirmed an increase in share repurchases while maintaining a focus on organic growth investments [59]

Jones Lang LaSalle (JLL) came out with quarterly earnings of $3.3 per share, beating the Zacks Consensus Estimate of $3.2 per share. This compares to earnings of $2.55 per share a year ago. These figures are adjusted for non-recurring items. Ahead of this earnings release, the estimate revisions trend for Jones Lang LaSalle was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 ...

Financial Performance - JLL's Q2 2025 revenue increased by 11% in USD (10% in local currency) to $6250 million compared to $5629 million in Q2 2024[29] - Adjusted EBITDA for Q2 2025 was $292 million, an 18% increase in USD (17% in local currency) compared to $246 million in Q2 2024[29] - Adjusted Net Income for Q2 2025 rose by 29% in both USD and local currency to $159 million, compared to $123 million in Q2 2024[29] - Adjusted Diluted EPS also increased by 29% to $330 in Q2 2025, up from $255 in Q2 2024[29] - Year-to-date 2025 revenue reached $11997 million, a 12% increase in both USD and local currency compared to $10753 million in the first six months of 2024[33] - The company is targeting an Adjusted EBITDA of $1300-$1450 million for 2025[68] Business Segment Performance - Real Estate Management Services revenue grew by 11% in local currency, reaching $4894 million in Q2 2025[35, 38] - Capital Markets Services revenue increased by 12% in local currency to $520 million in Q2 2025[35, 47] - Leasing Advisory revenue grew by 5% in local currency to $677 million in Q2 2025[35, 43] Capital Markets and Investment Trends - Global direct investment growth moderated to 13% in local currency (14% in USD) in Q2 2025[10] - Share repurchases totaled $41 million in Q2 2025, bringing the year-to-date total to $61 million[64]

[Financial Highlights](index=1&type=section&id=Financial_Highlights) Overview of JLL's strong Q2 2025 performance, with double-digit revenue growth and increased profitability [Q2 2025 Performance Summary](index=1&type=section&id=Q2_2025_Performance_Summary) JLL achieved its fifth consecutive quarter of double-digit revenue growth in Q2 2025, with revenue up 11% and EPS rising 32% Q2 & H1 2025 Key Financial Results | Metric | Q2 2025 | Q2 2024 | % Change (USD) | H1 2025 | H1 2024 | % Change (USD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $6,250.1M | $5,628.7M | 11% | $11,996.5M | $10,753.2M | 12% | | **Net Income** | $112.3M | $84.4M | 33% | $167.6M | $150.5M | 11% | | **Diluted EPS** | $2.32 | $1.75 | 33% | $3.46 | $3.12 | 11% | | **Adjusted Diluted EPS** | $3.30 | $2.55 | 29% | $5.60 | $4.33 | 29% | | **Adjusted EBITDA** | $291.7M | $246.3M | 18% | $516.5M | $433.4M | 19% | | **Operating Cash Flow** | $332.8M | $273.9M | 22% | $(434.8)M | $(403.6)M | (8)% | - The company **doubled its share repurchases** in the second quarter and raised the midpoint of its full-year **Adjusted EBITDA target range**, citing strong year-to-date performance and solid business trends[1](index=1&type=chunk) - Investment Management raised **$2.9 billion in capital** during the first half of 2025, surpassing the total amount raised in the full year of 2024[2](index=2&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Consolidated_Financial_Performance) Detailed analysis of JLL's Q2 2025 consolidated revenue, profitability, cash flow, and balance sheet [Revenue Analysis](index=2&type=section&id=Revenue_Analysis) Consolidated revenue grew 10% in Q2 2025 to $6.3 billion, driven by Real Estate Management and Capital Markets Q2 2025 Revenue by Segment (in millions) | Segment | Q2 2025 Revenue | Q2 2024 Revenue | % Change (LC) | | :--- | :--- | :--- | :--- | | Real Estate Management Services | $4,894.0 | $4,369.9 | 11% | | Leasing Advisory | $676.8 | $642.2 | 5% | | Capital Markets Services | $520.3 | $457.6 | 12% | | Investment Management | $103.1 | $102.6 | (2)% | | Software and Technology Solutions | $55.9 | $56.4 | (1)% | | **Total Revenue** | **$6,250.1** | **$5,628.7** | **10%** | - **Resilient revenues grew 11%** in Q2, led by **Project Management (+22%)** and **Workplace Management (+10%)**[5](index=5&type=chunk) - **Transactional revenues increased by 7%** in Q2, primarily driven by a **14% rise in Investment Sales and Debt/Equity Advisory** within Capital Markets Services[5](index=5&type=chunk) [Profitability Analysis](index=4&type=section&id=Profitability_Analysis) Net income increased 32% to $112.3 million and Adjusted EBITDA rose 17% in Q2 2025, reflecting growth and cost discipline Q2 2025 Profitability Metrics (in millions) | Metric | Q2 2025 | Q2 2024 | % Change (LC) | | :--- | :--- | :--- | :--- | | Net Income | $112.3 | $84.4 | 32% | | Adjusted Net Income | $159.4 | $123.2 | 29% | | Adjusted EBITDA | $291.7 | $246.3 | 17% | - Key factors widening the gap between GAAP Net Income and non-GAAP measures in Q2 2025 included: - Higher equity losses of **$28.7 million** (vs. **$16.3 million** in 2024) - Increased restructuring and acquisition charges of **$9.8 million** year-over-year[12](index=12&type=chunk) [Cash Flow and Capital Allocation](index=5&type=section&id=Cash_Flow_and_Capital_Allocation) Operating cash flow increased 22% to $332.8 million, with share repurchases more than doubling in Q2 2025 Cash Flow Summary (in millions) | Metric | Q2 2025 | Q2 2024 | % Change (USD) | | :--- | :--- | :--- | :--- | | Cash flows from operating activities | $332.8 | $273.9 | 22% | | Free Cash Flow | $288.4 | $235.7 | 22% | Share Repurchase Activity | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Shares Repurchased (thousands) | 176.5 | 103.7 | | Total Paid (in millions) | $41.4 | $20.1 | - As of June 30, 2025, **$952.0 million** remained authorized for share repurchases[16](index=16&type=chunk) [Balance Sheet and Liquidity](index=6&type=section&id=Balance_Sheet_and_Liquidity) Net Debt decreased to $1.59 billion, Net Leverage Ratio improved to 1.2x, and corporate liquidity exceeded $3.3 billion Key Balance Sheet and Liquidity Metrics | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Net Debt (in millions) | $1,586.7 | $1,754.0 | $1,752.0 | | Net Leverage Ratio | 1.2x | 1.4x | 1.7x | | Corporate Liquidity (in millions) | $3,321.4 | $3,312.4 | $2,449.4 | - The **reduction in Net Debt** from the previous quarter was driven by **positive free cash flow**[18](index=18&type=chunk) [Segment Performance](index=6&type=section&id=Segment_Performance) Analysis of JLL's Q2 2025 financial performance across its key business segments [Real Estate Management Services](index=6&type=section&id=Real_Estate_Management_Services) Revenue grew 11% to $4.9 billion, with Adjusted EBITDA up 19% driven by Workplace and Project Management Real Estate Management Services Q2 Financials (in millions) | Metric | Q2 2025 | Q2 2024 | % Change (LC) | | :--- | :--- | :--- | :--- | | Revenue | $4,894.0 | $4,369.9 | 11% | | Adjusted EBITDA | $106.6 | $88.6 | 19% | - **Revenue growth was driven by new client wins and mandate expansions** in Workplace Management, and **new or expanded contracts in the U.S. and Asia Pacific** for Project Management[23](index=23&type=chunk) [Leasing Advisory](index=7&type=section&id=Leasing_Advisory) Revenue increased 5% to $676.8 million, with Adjusted EBITDA rising 6% due to strong industrial and office momentum Leasing Advisory Q2 Financials (in millions) | Metric | Q2 2025 | Q2 2024 | % Change (LC) | | :--- | :--- | :--- | :--- | | Revenue | $676.8 | $642.2 | 5% | | Adjusted EBITDA | $120.4 | $112.1 | 6% | - Geographically, **leasing revenue growth was most significant in the United States**, with **notable contributions from France, Australia, and Singapore**[29](index=29&type=chunk) [Capital Markets Services](index=8&type=section&id=Capital_Markets_Services) Revenue surged 12% to $520.3 million, with Adjusted EBITDA up 61% fueled by debt advisory and investment sales Capital Markets Services Q2 Financials (in millions) | Metric | Q2 2025 | Q2 2024 | % Change (LC) | | :--- | :--- | :--- | :--- | | Revenue | $520.3 | $457.6 | 12% | | Adjusted EBITDA | $54.7 | $33.8 | 61% | - The **residential sector was the most significant contributor** to the year-over-year increase, with **growth also seen in the office, industrial, and retail sectors**. The **U.S., Japan, and MENA regions led the revenue growth**[33](index=33&type=chunk) [Investment Management](index=9&type=section&id=Investment_Management) Revenue was flat at $103.1 million, with Adjusted EBITDA declining 32% due to lower advisory fees and a prior-year gain Investment Management Q2 Financials (in millions) | Metric | Q2 2025 | Q2 2024 | % Change (LC) | | :--- | :--- | :--- | :--- | | Revenue | $103.1 | $102.6 | (2)% | | Adjusted EBITDA | $16.3 | $22.7 | (32)% | Assets Under Management (AUM) Roll-Forward (in billions) | AUM Change | Quarter-to-Date | Trailing Twelve Months | | :--- | :--- | :--- | | Beginning Balance | $82.3 | $86.6 | | Acquisitions/Takeovers | $1.3 | $5.8 | | Dispositions/Withdrawals | $(1.3) | $(7.6) | | **Ending Balance (June 30, 2025)** | **$84.9** | **$84.9** | [Software and Technology Solutions](index=10&type=section&id=Software_and_Technology_Solutions) Revenue declined 1% to $55.9 million, but Adjusted EBITDA improved significantly due to a favorable change in carried interest Software and Technology Solutions Q2 Financials (in millions) | Metric | Q2 2025 | Q2 2024 | % Change (LC) | | :--- | :--- | :--- | :--- | | Revenue | $55.9 | $56.4 | (1)% | | Adjusted EBITDA | $(6.3) | $(10.9) | 43% | - The **improvement in Adjusted EBITDA was mainly driven by a favorable change in carried interest**, which swung from a **$2.2 million expense** in Q2 2024 to a **$2.5 million benefit** in Q2 2025[39](index=39&type=chunk)[42](index=42&type=chunk) [Financial Statements and Notes](index=12&type=section&id=Financial_Statements_and_Notes) Detailed unaudited financial statements and comprehensive non-GAAP reconciliations for the reporting period [Unaudited Financial Statements](index=12&type=section&id=Unaudited_Financial_Statements) Detailed unaudited financial statements for Q2 2025, including Statements of Operations, Cash Flows, and Balance Sheets - The **Consolidated Statements of Operations** provide a detailed breakdown of revenues and operating expenses, leading to the **net income attributable to common shareholders**[47](index=47&type=chunk)[48](index=48&type=chunk) - The Consolidated Balance Sheets show total assets of **$17.3 billion** and total equity of **$7.2 billion** as of June 30, 2025[66](index=66&type=chunk)[67](index=67&type=chunk) [Non-GAAP Reconciliations and Definitions](index=20&type=section&id=Non-GAAP_Reconciliations_and_Definitions) Definitions and reconciliations of non-GAAP financial measures like Adjusted EBITDA and Free Cash Flow to GAAP equivalents Reconciliation of Net Income to Adjusted EBITDA (Q2 2025, in millions) | Line Item | Amount | | :--- | :--- | | **Net income attributable to common shareholders** | **$112.3** | | Add: Interest expense, net | $35.3 | | Add: Income tax provision | $26.7 | | Add: Depreciation and amortization | $66.7 | | Add: Restructuring and acquisition charges | $21.3 | | Add: Net non-cash MSR activity | $4.2 | | Add: Equity losses (IM & Tech) | $27.0 | | Other Adjustments | $(1.8) | | **Adjusted EBITDA** | **$291.7** | - The company defines **"Resilient" revenue** to include services like Workplace Management, Project Management, and Advisory Fees, while **"Transactional" revenue** includes Leasing Advisory and Investment Sales[88](index=88&type=chunk)[90](index=90&type=chunk) - **Definitions and reconciliations** are provided for key metrics including **Net Debt, Net Leverage Ratio, and Free Cash Flow**[93](index=93&type=chunk)[95](index=95&type=chunk) [Appendix: Additional Segment Detail](index=25&type=section&id=Appendix%3A%20Additional%20Segment%20Detail) Granular financial breakdowns for each business segment, detailing revenue and Adjusted EBITDA for sub-segments - Provides **detailed financial breakdowns for sub-segments** such as Workplace Management, Project Management, and Property Management within the Real Estate Management Services segment[97](index=97&type=chunk)[100](index=100&type=chunk) - Includes **specific revenue figures** for Investment Sales, Debt/Equity Advisory, Value and Risk Advisory, and Loan Servicing within the Capital Markets Services segment[97](index=97&type=chunk)[100](index=100&type=chunk)