Investor Presentation M a r c h 2 0 2 6 • All amounts in millions of US Dollars unless otherwise noted. • This presentation makes reference to certain non-GAAP measures, including local currency ("LC") revenue growth rate, internal revenue growth rate, Adjusted EBITDA ("AEBITDA"), Adjusted EBITDA from recurring revenue percentage, Adjusted EPS ("AEPS"), free cash flow, assets under management ("AUM") and fee-paying assets under management ("FPAUM"). Please refer to Appendix for reconciliations to the most d ...

Core Insights - Jones Lang LaSalle Incorporated (JLL) reported a 13% year-over-year increase in revenue for Q1 2025, reaching $5.746 billion, with both Resilient and Transactional revenues achieving double-digit growth [1][4][7] - Adjusted diluted earnings per share increased by 28% to $2.31, while diluted earnings per share decreased by 19% to $1.14 due to non-cash losses [1][6] - The company emphasized its focus on platform differentiation, efficiency, and resiliency, which contributed to the strong revenue growth despite a volatile market backdrop [2][3] Revenue Performance - Total revenue for Q1 2025 was $5,746.4 million, up from $5,124.5 million in Q1 2024, reflecting a 12% increase in USD and a 13% increase in local currency [3][4] - Resilient revenues grew by 13%, driven by Workplace Management (up 15%) and Project Management (up 16%), while Transactional revenues increased by 14%, led by Leasing Advisory (up 15%) and Capital Markets Services (up 16%) [4][7][21] - Real Estate Management Services revenue rose to $4,569.4 million, a 12% increase from the previous year, with significant contributions from Workplace and Project Management [3][15] Profitability Metrics - Adjusted EBITDA for Q1 2025 was $224.8 million, a 20% increase from $187.1 million in Q1 2024, driven by revenue growth and improved platform leverage [6][8] - Net income attributable to common shareholders was $55.3 million, down 16% from $66.1 million in the prior year, while adjusted net income increased by 30% to $111.6 million [6][9] Cash Flow and Capital Allocation - Cash flows from operating activities were negative at $(767.6) million, a 13% decline from $(677.5) million in Q1 2024, primarily due to timing of net reimbursables and higher commission payments [9][44] - Free cash flow also decreased by 13% to $(812.1) million compared to $(720.7) million in the previous year [9] Segment Performance - Leasing Advisory revenue increased by 13% to $586.1 million, with broad-based growth across asset classes, particularly in the U.S. [20][21] - Capital Markets Services revenue grew by 15% to $435.3 million, with notable performance in debt advisory and investment sales, particularly in the U.S. [23][25] - Investment Management revenue decreased by 5% to $98.5 million, primarily due to lower assets under management [27][28] Debt and Liquidity - Total net debt increased to $1,754.0 million as of March 31, 2025, compared to $800.6 million at the end of 2024, reflecting seasonal compensation payments and a $100 million investment in JLL Income Property Trust [12][13] - Corporate liquidity stood at $3,312.4 million, down from $3,616.3 million at the end of 2024 [12] Organizational Changes - Effective January 1, 2025, JLL implemented changes in its reporting segments to better align with client needs and industry dynamics, including renaming and restructuring certain segments [14]