Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Q2 2026 Earnings Presentation
25 slides from Jones Lang Lasalle's earnings presentation, Jul 30, 2026
Slide 1: Earnings Presentation Second Quarter 2026
Earnings Presentation Second Quarter 2026 14.88 July 30, 2026
Slide 2: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements Statements in this presentation regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securitie
Slide 3: Second-Quarter 2026 industry highlights
Second-Quarter 2026 industry highlights
Slide 4: Capital markets industry highlights
Capital markets industry highlights Benchmark yields, 2007 – 2026 Real estate investment volumes by region, 2007 – Q2 2026 Direct investment volumes (US$ billion) 1M SOFR 10-year Treasury Euro Area 10-year AAA Yields Asia 10-year Government Bond Yields 1,400 Asia Pacific EMEA Americas 7% 1,200 1,075
Slide 5: Capital markets industry trends
Capital markets industry trends Global Bid & Credit Intensity Indices (2019 = 100) Quarterly investment volumes by sector, Q4 2022 - Q2 2026 Global Bid Intensity Index Global Credit Intensity Index Living / Multifamily Office Industrial & Logistics Retail Hotels & Hospitality 120 80 110 60 US$ Billi
Slide 6: Office leasing industry highlights
Office leasing industry highlights Global office leasing volumes by region, 2007 – Q2 2026 Rental growth for prime office assets, annual 30% North America Europe Asia Pacific 20.4% 50 20% Rental Change (y-o-y %) 41 38 40 37 36 10% 6.4% 8.1% 33 4.6% 4.1% 3.4% 4.2% 4.7% 4.0% 2.4% 2.8% 2.9% 3.1% 3.6% 4
Slide 7: Industrial leasing industry highlights
Industrial leasing industry highlights North America Gross Leasing Europe Gross Leasing Asia Pacific Net Absorption 100 94 40 20 90 86 35 18 35 32 80 16 30 70 68 14 25 25 23 23 11 60 12 Millions sqm 54 11 50 50 20 10 10 9 9 40 8 15 30 6 10 20 17 6 6 4 11 12 5 2 2 2 10 5 2 0 0 0 18 019 020 021 022 02
Slide 8: Consolidated financials
Consolidated financials (SLL SEE A BRIGHTER WAY
Slide 9: Consolidated second quarter 2026 financial results
Consolidated second quarter 2026 financial results Growth rates represent % change over Q2 2025 ’26/’25 % Chg. Q2 2026 Q2 2025 ’26/’25 % Chg. USD Local Currency Revenue $6,928M $6,250M 11% 10% Gross contract costs $4,574M $4,187M 9% 9% Platform operating expenses, excluding $2,038M $1,847M 10% 10% c
Slide 10: Business segments results
Business segments results (IL SEE A BRIGHTER WAY
Slide 11: Second quarter 2026 financial results – Business segments
Second quarter 2026 financial results – Business segments $M. Growth rates in local currency; represent % change over Q2 2025 Segment Platform Revenue Gross Contract Costs Adjusted EBITDA Operating Expenses Real Estate $5,368 $4,561 $734 $107 Management Services 8% 9% 2% 11% Leasing $837 $4 $678 $16
Slide 12: Real Estate Management Services
Real Estate Management Services Growth rates represent % change over Q2 2025 Revenue Adjusted EBITDA $M $58 $M $5,368 $107 $4,950 $56 $121 $98 $119 $469 $454 $1,013 $972 $3,349 $3,708 +8% +11% local currency local currency Q2 2025 Q2 2026 Q2 2025 Q2 2026 Workplace Management Project Management Gross
Slide 13: Leasing Advisory
Leasing Advisory Growth rates represent % change over Q2 2025 Revenue Adjusted EBITDA $167 $M $M $837 $677 $120 +24% +39% local currency local currency Q2 2025 Q2 2026 Q2 2025 Q2 2026 Leasing Advisory Gross contract costs: $3 $4 Second Quarter Highlights • Leasing Advisory revenue growth of 24% loca
Slide 14: Capital Markets Services
Capital Markets Services Growth rates represent % change over Q2 2025 Revenue Adjusted EBITDA $M $M $95 $620 $520 $45 $42 $103 $55 $98 $472 $381 +19% +74% local currency local currency Q2 2025 Q2 2026 Q2 2025 Q2 2026 Investment Sales, Debt/Equity Advisory Value and Risk Advisory Gross contract costs
Slide 15: Investment Management
Investment Management Growth rates represent % change over Q2 2025 Revenue Adjusted EBITDA $M $M $103 $102 $16 $16 $10 $8 $93 $94 +1% +8% local currency local currency Q2 2025 Q2 2026 Q2 2025 Q2 2026 Advisory fees Incentive and transaction fees Gross contract costs: $8 $8 Second Quarter Highlights •
Slide 16: Capital allocation and balance sheet
Capital allocation and balance sheet
Slide 17: Debt and leverage
Debt and leverage Highlights: Investment Grade Credit Ratings • Strong balance sheet with ample liquidity provides operational flexibility. Moody’s: Baa1 • Sequential quarter decline in net debt was driven by positive free cash flow in Q2 2026. S&P: BBB+ • Year-over-year reduction in net debt reflec
Slide 18: Return of capital to shareholders
Return of capital to shareholders $800 55,000 51,105 $600 50,024 50,000 Shares in 000s US$ Millions 47,508 47,510 47,416 $400 46,946 46,007 45,000 $200 $100 $343 $601 $62 $80 $212 $410 $0 40,000 2020 2021 2022 2023 2024 2025 H1 2026 Share Repurchase Shares Outstanding (EOP) Highlights • Share repurc
Slide 19: Financial targets
Financial targets (IL SEE A BRIGHTER WAY
Slide 20: 2026 Financial Targets
2026 Financial Targets 2026 Financial Targets Revenue Growth Adjusted EPS • Real Estate Management Services: Mid- to high- $24.60 to $25.90 single-digit growth with variances by business line Reflects 34% growth at the mid-point • Leasing Advisory: Mid- to high-teens growth Assumes active on share r
Slide 21: Non-GAAP reconciliations
Non-GAAP reconciliations (IL SEE A BRIGHTER WAY
Slide 22: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Three months ended June 30, Six months ended June 30, ($M except per share data) 2026 2025 2026 2025 Net income attributable to common shareholders $215.6 $112.3 $374.6 $167.6 Shares (in 000s) 46,925 48,334 4
Slide 23: Reconciliation of net income to adjusted EBITDA
Reconciliation of net income attributable to common shareholders to adjusted EBITDA Three months ended June 30, Six months ended June 30, ($M) 2026 2025 2026 2025 Net income attributable to common shareholders $215.6 $112.3 $374.6 $167.6 Interest expense, net of interest income 26.4 35.3 43.4 59.9 I
Slide 24: Non-GAAP measures
Non-GAAP measures Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholder
Slide 25: Non-GAAP measures (cont.)
Non-GAAP measures (cont.) Restructuring and Acquisition Charges primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcou