Core Insights - Shares of Jones Lang LaSalle Incorporated (JLL) have increased by 28.1% over the past three months, significantly outperforming the industry average gain of 12% [1][10] - The company is expected to benefit from the strength of its resilient business lines and favorable outsourcing trends, with a focus on data-driven technology leading to increased client engagement [1][4] - JLL's strategic investments aimed at market consolidation are anticipated to yield positive results [1] Financial Performance - For Q2 2025, JLL reported adjusted earnings per share of $3.30, up from $2.55 in the same quarter last year, reflecting a year-over-year revenue increase [2] - The company has raised its 2025 adjusted EBITDA guidance to a range of $1.30-$1.45 billion, compared to the previous guidance of $1.25-$1.45 billion [5][10] Business Segments and Trends - JLL's Real Estate Management Services segment is well-positioned to capitalize on the growing trend of outsourcing real estate services, particularly in the post-pandemic environment [6] - The company is experiencing strong growth in its Workplace Management and Project Management sectors, which are driving revenue increases [2][10] - New contract wins and service expansions with existing clients are expected to enhance JLL's performance in the near future [7] Financial Health - As of Q2 2025, JLL maintained $3.32 billion in corporate liquidity and a net leverage ratio of 1.2X, indicating strong balance sheet strength [8][11] - The company holds investment-grade ratings of Baa1 from Moody's and BBB+ from S&P Global, which supports its ability to borrow at favorable rates [11]

Core Insights - JLL's Capital Markets group has arranged a $352.7 million financing package for Fundrise National Industrial Portfolio, which consists of 12 institutional-quality industrial buildings totaling approximately 3.18 million square feet across high-growth markets in the U.S. [1][2] Company Overview - JLL is a leading global commercial real estate and investment management company with over 200 years of experience, generating annual revenue of $23.4 billion and operating in over 80 countries [7]. - Fundrise is the largest direct-to-investor alternative asset manager in the U.S., managing over $3 billion in assets, focusing on real estate private equity, private credit, and growth equity [8]. - Goldman Sachs is a prominent global financial institution providing a wide range of financial services to various clients, including corporations and governments [9]. Investment Opportunity - The portfolio includes properties strategically located in key logistics corridors in the Mid-Atlantic and Sunbelt regions, showcasing institutional-quality specifications such as LED lighting and ESFR sprinkler systems [2][3]. - The properties are currently leased to tenants from diverse industries, including third-party logistics, distribution services, and technology, indicating strong income stability [3][5]. - The strategic locations near major transportation networks position these assets to benefit from continued logistics demand, making it a compelling investment opportunity [5].

Core Insights - JLL has launched Prism AI, an artificial intelligence capability integrated into its building operations platform, Prism, aimed at enhancing property management efficiency and reducing costs [1][9] Technology and Features - Prism AI provides predictive operational intelligence for building operations, ensuring security with a reliable infrastructure and automatic data backups [2] - The AI converts property documents into a searchable knowledge base, automating administrative tasks and improving workflows, which helps property teams enhance tenant satisfaction through insightful recommendations [3] - It promotes efficiency, compliance, and significant cost savings throughout the property management lifecycle [4] User Experience - Users can interact with Prism AI through a conversational interface, receiving instant answers and relevant recommendations while maintaining data privacy and separation [5] Management Commentary - JLL's leadership emphasizes that Prism AI enhances decision-making capabilities and elevates property management standards, focusing on meeting evolving client expectations and setting new industry benchmarks [6] Company Overview - JLL is positioned as a tech-driven commercial real estate company, leveraging over 200 years of industry expertise to drive digital transformation in real estate [7] - The company has experienced strong growth and cash levels, supported by strategic acquisitions and ongoing investments in its business [8] Market Performance - JLL's shares have increased by 26.1% over the past three months, outperforming the industry average rise of 13% [10]

CHICAGO, Aug. 13, 2025 /PRNewswire/ -- JLL Income Property Trust, an institutionally managed, daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with approximately $6.5 billion in portfolio equity and debt investments, announced that on August 5, 2025 its Board of Directors declared a dividend for the third quarter of 2025 of $0.1575 per share. This will be the 55th consecutive dividend paid to its stockholders. The dividend is payable on or around September 26, 2025 to stockholders of record as of Sep ...

Core Insights - JLL has introduced Prism AI, an add-on to its building operations platform, enhancing property management through AI capabilities [1][5] - Prism AI aims to improve operational efficiency, tenant satisfaction, and cost reduction across property management [1][2] Company Overview - JLL is a leading global commercial real estate and investment management company with over 200 years of experience and annual revenue of $23.4 billion [6] - The company operates in over 80 countries and employs more than 112,000 people, combining global reach with local expertise [6] Technology and Innovation - Prism AI integrates predictive analytics and automated workflows, transforming property documents into a searchable knowledge base [2][5] - The platform allows property teams to receive smart recommendations and analyze historical data to enhance decision-making [2][3] Security and Data Management - Prism AI is designed with security features, including automatic backups and complete data separation to protect sensitive information [4] Market Position and Future Outlook - JLL is focused on leading the digital transformation in commercial real estate, aiming to set new standards for excellence and anticipate future opportunities [5]

Group 1 - The total commercial real estate investment in the Asia-Pacific region reached $31.2 billion in Q2 2025, representing a 15% year-on-year increase, despite ongoing global economic uncertainties [1] - The total investment in the Asia-Pacific region for the first half of the year was $67.6 billion, with a year-on-year growth of 17% [1] - South Korea's market showed remarkable performance with Q2 investment exceeding $6 billion, a significant increase of 72% year-on-year, making it the fastest-growing market in the Asia-Pacific region [1] Group 2 - Japan remained the most active market in the Asia-Pacific region, with Q2 investment totaling $7.6 billion, a 31% increase year-on-year, and a cumulative total of $21.3 billion for the first half of the year, up 23% [1][2] - The office asset class led the market in Q2 with a transaction volume of $13.3 billion, reflecting a 24% year-on-year increase [2] - Residential assets showed exceptional performance with a transaction volume of $3.6 billion in Q2, marking a substantial year-on-year growth of 92%, with Japan contributing half of the total volume [2] Group 3 - In mainland China, commercial real estate investment totaled $5.2 billion in Q2 2025, a 7% year-on-year increase, with investors maintaining a cautious approach [3] - The market transactions were primarily dominated by domestic enterprises and high-net-worth investors, with small to medium-sized asset transactions being the mainstream [3] - The long-term rental apartment assets in first-tier cities continued to attract investor interest due to their relatively stable returns [3]

Investment Dynamics - Ajinomoto Co., Inc. announced a strategic investment in Australian plant-based protein company v2food, aiming to build a global sustainable protein industry alongside its acquisition of the U.S. brand Daring Foods [3] - v2food's unique "v2 RepliTech™" technology optimizes the taste of plant proteins, and its collaboration with CSIRO enhances its R&D capabilities [3] - v2food plans to leverage Daring Foods' retail network and brand recognition in the U.S. to promote its product range [3] Brand Dynamics - Anta Group signed an agreement with South Korean e-commerce platform Musinsa to establish a joint venture in China, with Anta holding 40% and Musinsa 60% [5] - The joint venture allows Anta to share profits without heavy investment in store openings, reducing expansion risks while retaining options for future equity increases [5] Retail Developments - JD.com plans to open five discount supermarkets in Suqian, Jiangsu, and Zhuozhou, Hebei, marking its first large-scale discount supermarket format in China [8] - The discount supermarkets will feature a large store format with a wide range of SKUs, with the Zhuozhou store covering 5,000 square meters and offering over 5,000 competitively priced daily goods [8] - This move is part of JD.com's strategy to penetrate lower-tier markets, following successful pilot stores in Beijing [8] Real Estate Transactions - JLL announced the sale of eight prime retail properties in Hong Kong, all leased to McDonald's, providing stable income for investors [11] - The total market value of the assets is approximately HKD 1.2 billion, with options for full acquisition or individual bids [12] - The "sell and lease back" model employed by McDonald's may inspire other brands with substantial property holdings to consider similar strategies [12] Market Expansion - Bawang Tea Ji is accelerating its expansion in Asia, planning to enter the Japanese and South Korean markets after establishing a presence in Indonesia, Thailand, and Vietnam [16] - The company aims to leverage the growing consumer power in Asia, particularly among millennials, to replicate the success of coffee in the tea beverage sector [16] Financial Performance - Revolve reported a 9% increase in overall sales for Q2, reaching USD 309 million, with its department sales also growing by 9% to USD 268.4 million [19] - The growth is attributed to an increase in proprietary brand offerings, which help reduce costs and attract consumer attention [19] Collaborations and Product Launches - Starbucks collaborated with fragment design to launch a new beverage, "BBTEA by FRAGMENT," inspired by Hong Kong-style tea, along with a reusable cup featuring the fragment logo [21] - This collaboration emphasizes the creative integration of product offerings, enhancing brand engagement and consumer interest [21] Personnel Changes - Prada Group announced the promotion of Christopher Bugg to Chief Communications Officer, overseeing global communication strategies for the group and its brands [27] - Bugg's appointment is seen as a strategic move to strengthen the group's brand positioning following the acquisition of Versace [27] Board Appointments - a2 Milk Company appointed Grant Dempsey, former CFO of TPG Telecom and with a background in investment banking, to its board [29] - This appointment is viewed as a signal to enhance investor communication quality and provide diverse perspectives for future strategic expansion [29]

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)