Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Q3 2025 Earnings Presentation
29 slides from Jones Lang Lasalle's earnings presentation, Nov 5, 2025
Slide 1: Earnings Presentation Third Quarter 2025
Earnings Presentation Third Quarter 202514.88 November 5, 2025
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: Third quarter 2025 industry highlights
Third quarter 2025 industry highlights
Slide 4: Capital markets industry highlights
Capital markets industry highlights Benchmark yields, 2006 – September 2025 Real estate investment volumes by region, 2007 – Q3 2025 Direct investment volumes (US$ billion) 1M SOFR 10-year Treasury Euro Area 10-year Government Bond Yields Asia 10-year Government Bond Yields 1,400 Asia Pacific EMEA A
Slide 5: Capital markets industry trends
Capital markets industry trends Dry powder in closed-end funds, 2007 – 2024 Quarterly investment volumes by sector, Q3 2022 - Q3 2025 800 $727 Living / Multifamily Office Industrial & Logistics Retail Hotels & Hospitality $664 $675 80 600 $592 $584 US$ Billions 60 US$ Billions 400 40 $168 200 20 0 0
Slide 6: Office leasing industry highlights
Office leasing industry highlights Global office leasing volumes by region, 2007 – Q3 2025 Rental growth for prime office assets, annual 40% North America Europe Asia Pacific 50 Rental Change (y-o-y %) 20.4% 41 20% 40 36 36 32 33 8.1% 6.4% 4.6% 4.1% 3.4% 4.2% 4.7% 4.0% Millions sqm 30 2.4% 2.8% 2.9%
Slide 7: Industrial leasing industry highlights
Industrial leasing industry highlights North America Gross Leasing Europe Gross Leasing Asia Pacific Net Absorption 21 8 5 18 29% 5% 4 15 6 -27% Millions sqm 12 3 4 9 2 6 2 1 3 0 0 0 5-year Q3 Avg Q3 2024 Q3 2025 5-year Q3 Avg Q3 2024 Q3 2025 5-year Q3 Avg Q2 2024 Q2 2025 (2019-2023) (2019-2023) (20
Slide 8: Consolidated financials
Consolidated financials (SLL SEE A BRIGHTER WAY
Slide 9: Reporting Changes and Segment Realignment
Reporting Changes and Segment Realignment Reporting changes effective July 1, 2025: • We are isolating the activity related to the Proptech Investments portfolio from the Software and Technology Solution segment. ◦ The activity associated with the Proptech Investments historically reported within So
Slide 10: Consolidated third quarter 2025 financial results
Consolidated third quarter 2025 financial results Growth rates represent % change over Q3 2024 ’25/’24 % Chg. Q3 2025 Q3 2024 ’25/’24 % Chg. USD Local Currency Revenue $6,510M $5,869M 11% 10% Gross contract costs $4,269M $3,862M 11% 10% Platform operating expenses, excluding $1,952M $1,785M 9% 8% ca
Slide 11: Consolidated Year-to-Date 2025 financial results
Consolidated Year-to-Date 2025 financial results Growth rates represent % change over nine months ended Q3 2024 ’25/’24 % Chg. Q3 2025 YTD Q3 2024 YTD ’25/’24 % Chg. USD Local Currency Revenue $18,507M $16,622M 11% 11% Gross contract costs $12,398M $11,108M 12% 12% Platform operating expenses, exclu
Slide 12: Business segments results
Business segments results (IL SEE A BRIGHTER WAY
Slide 13: Third quarter 2025 financial results – Business segments
Third quarter 2025 financial results – Business segments $M. Growth rates in local currency; represent % change over Q3 2024 Segment Platform Revenue Gross Contract Costs Adjusted EBITDA Operating Expenses Real Estate $4,982 $4,256 $650 $102 Management Services 10% 11% 2% 8% Leasing $742 $3 $613 $13
Slide 14: Year-to-Date 2025 financial results – Business segments
Year-to-Date 2025 financial results – Business segments $M. Growth rates in local currency; represent % change over nine months ended Q3 2024 Segment Platform Revenue Gross Contract Costs Adjusted EBITDA Operating Expenses Real Estate $14,446 $12,359 $1,895 $275 Management Services 11% 12% 6% 7% Lea
Slide 15: Real Estate Management Services
Real Estate Management Services Growth rates represent % change over Q3 2024 Revenue Adjusted EBITDA $M $M $4,982 $102 $4,521 $130 $95 $132 $461 $452 $968 $771 $3,165 $3,424 +10% +8% local currency local currency Q3 2024 Q3 2025 Q3 2024 Q3 2025 Workplace Management Project Management Gross contract
Slide 16: Leasing Advisory
Leasing Advisory Growth rates represent % change over Q3 2024 Revenue Adjusted EBITDA $M $M $132 $137 $742 $23 $692 $26 $665 $719 +7% +4% local currency local currency Q3 2024 Q3 2025 Q3 2024 Q3 2025 Leasing Advisory, Consulting and Other Gross contract costs: $10 $3 Third quarter highlights • Leasi
Slide 17: Capital Markets Services
Capital Markets Services Growth rates represent % change over Q3 2024 Revenue Adjusted EBITDA $M $M $612 $90 $43 $499 $90 $66 $41 $86 $480 $372 +22% +36% local currency local currency Q3 2024 Q3 2025 Q3 2024 Q3 2025 Investment Sales, Debt/Equity Advisory Value and Risk Advisory Gross contract costs:
Slide 18: Investment Management
Investment Management Growth rates represent % change over Q3 2024 Adjusted EBITDA Revenue $M $M $115 $101 $24 $0 $17 $9 $6 $14 $93 $93 +12% +62% local currency local currency Q3 2024 Q3 2025 Q3 2024 Q3 2025 Advisory Fees Transaction Fees and Other Incentive Fees Gross contract costs: $9 $8 Third qu
Slide 19: Software and Technology Solutions
Software and Technology Solutions Growth rates represent % change over Q3 2024 Revenue Adjusted EBITDA $M $M $57 $59 $(1) $(6) +3% +84% local currency local currency Q3 2024 Q3 2025 Q3 2024 Q3 2025 Gross contract costs: $1 $1 Third quarter highlights • Software and Technology Solutions revenue incre
Slide 20: Capital allocation and balance sheet
Capital allocation and balance sheet
Slide 21: Debt and leverage
Debt and leverage Highlights: Investment Grade Credit Ratings • Strong balance sheet with ample liquidity provides operational flexibility. Moody’s: Baa1 S&P: BBB+ • Sequential quarter reduction in net debt was driven by positive free cash flow in Q3 2025. • Year-over-year reduction in net debt refl
Slide 22: Return of capital to shareholders
Return of capital to shareholders $700 52,000 51,105 $600 51,000 $601 50,024 $500 50,000 Shares in 000s US$ Millions $400 49,000 $343 $300 47,508 47,510 48,000 47,416 47,194 $200 47,000 $100 46,000 $100 $131 $80 $62 $0 45,000 2020 2021 2022 2023 2024 2025 YTD Share Repurchase Shares Outstanding (EOP
Slide 23: Financial targets
Financial targets (IL SEE A BRIGHTER WAY
Slide 24: 2025 Financial Targets
2025 Financial Targets 2025 Consolidated Financial Targets Adjusted EBITDA $1,375 -$1,450M • $75M increase to the bottom of the range. Previous range was $1,300 - $1,450M. • On track this year to achieve the low end of our mid-term Adjusted EBITDA margin target range, in line with our original timel
Slide 25: Non-GAAP reconciliations
Non-GAAP reconciliations (IL SEE A BRIGHTER WAY
Slide 26: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Three months ended September 30, Nine months ended September 30, ($M except per share data) 2025 2024 2025 2024 Net income attributable to common shareholders $222.8 $155.1 $390.4 $305.6 Shares (in 000s) 48,3
Slide 27: Reconciliation of net income to adjusted EBITDA
Reconciliation of net income attributable to common shareholders to adjusted EBITDA Three months ended Nine months ended September 30, September 30, ($M) 2025 2024 2025 2024 Net income attributable to common shareholders $222.8 $155.1 $390.4 $305.6 Interest expense, net of interest income 29.2 38.1
Slide 28: 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 29: 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