Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Q4 2025 Earnings Presentation
31 slides from Jones Lang Lasalle's earnings presentation, Feb 18, 2026
Slide 1: Earnings Presentation Fourth Quarter 2025
Earnings Presentation Fourth Quarter 2025 14.88 February 18, 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: Fourth quarter 2025 industry highlights
Fourth quarter 2025 industry highlights
Slide 4: Capital markets industry highlights
Capital markets industry highlights Benchmark yields, 2006 – 2025 Real estate investment volumes by region, 2007 – 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 Americas 7% 1,
Slide 5: Capital markets industry trends
Capital markets industry trends Pricing Indices, U.S. Commercial Real Estate (2005 = 100) Quarterly investment volumes by sector, Q4 2022 - Q4 2025 Public REIT Price Index Private CRE Price Index NCREIF NPI Price Index Living / Multifamily Office Industrial & Logistics Retail Hotels & Hospitality 30
Slide 6: Office leasing industry highlights
Office leasing industry highlights Global office leasing volumes by region, 2007 – 2025 Rental growth for prime office assets, annual 30% North America Europe Asia Pacific 50 19.9% 20% 41 Rental Change (y-o-y %) 36 37 38 40 33 10% 6.7% 7.9% 3.4% 2.4% 4.4% 3.7% 2.7% 4.1% 4.1% 3.9% 3.3% 3.7% Millions
Slide 7: Industrial leasing industry highlights
Industrial leasing industry highlights North America Gross Leasing Europe Gross Leasing Asia Pacific Net Absorption 21 10.0 6 18 5 20% 8.0 13% 15 -19% 4 Millions sqm 12 6.0 3 9 4.0 2 6 2.0 3 1 0 0.0 0 5-year Q4 Avg Q4 2024 Q4 2025 5-year Q4 Avg Q4 2024 Q4 2025 5-year Q4 Avg Q4 2024 Q4 2025 (2019-202
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: • The activity associated with the Proptech Investments historically reported within Software and Technology Solutions is presented outside of the reporting segments in "All Other". • As a result of this "All Other"
Slide 10: Consolidated fourth quarter 2025 financial results
Consolidated fourth quarter 2025 financial results Growth rates represent % change over Q4 2024 ’25/’24 % Chg. Q4 2025 Q4 2024 ’25/’24 % Chg. USD Local Currency Revenue $7,609M $6,811M 12% 10% Gross contract costs $4,760M $4,283M 11% 10% Platform operating expenses, excluding $2,320M $2,138M 9% 7% c
Slide 11: Consolidated full-year 2025 financial results
Consolidated full-year 2025 financial results Growth rates represent % change over 2024 ’25/’24 % Chg. Q4 2025 YTD Q4 2024 YTD ’25/’24 % Chg. USD Local Currency Revenue $26,116M $23,433M 11% 11% Gross contract costs $17,158M $15,391M 11% 11% Platform operating expenses, excluding $7,786M $7,148M 9%
Slide 12: Business segments results
Business segments results (IL SEE A BRIGHTER WAY
Slide 13: Fourth quarter 2025 financial results – Business segments
Fourth quarter 2025 financial results – Business segments $M. Growth rates in local currency; represent % change over Q4 2024 Segment Platform Revenue Gross Contract Costs Adjusted EBITDA Operating Expenses Real Estate $5,555 $4,743 $675 $162 Management Services 9% 11% (1)% 12% Leasing $1,005 $3 $78
Slide 14: Full-year 2025 financial results – Business segments
Full-year 2025 financial results – Business segments $M. Growth rates in local currency; represent % change over 2024 Segment Platform Revenue Gross Contract Costs Adjusted EBITDA Operating Expenses Real Estate $20,001 $17,102 $2,570 $438 Management Services 11% 12% 4% 9% Leasing $3,010 $12 $2,466 $
Slide 15: Real Estate Management Services
Real Estate Management Services Growth rates represent % change over Q4 2024 Revenue Adjusted EBITDA $M $M $5,555 $162 $5,033 $152 $148 $145 $480 $477 $1,111 $936 $3,472 $3,812 +9% +12% local currency local currency Q4 2024 Q4 2025 Q4 2024 Q4 2025 Workplace Management Project Management Gross contra
Slide 16: Leasing Advisory
Leasing Advisory Growth rates represent % change over Q4 2024 Revenue Adjusted EBITDA $M $M $1,005 $40 $226 $852 $37 $146 $965 $814 +17% +53% local currency local currency Q4 2024 Q4 2025 Q4 2024 Q4 2025 Leasing Advisory, Consulting and Other Gross contract costs: $9 $3 Fourth quarter highlights • L
Slide 17: Capital Markets Services
Capital Markets Services Growth rates represent % change over Q4 2024 Revenue Adjusted EBITDA $M $M $854 $171 $706 $42 $110 $40 $120 $111 $702 $555 +19% +39% local currency local currency Q4 2024 Q4 2025 Q4 2024 Q4 2025 Investment Sales, Debt/Equity Advisory Value and Risk Advisory Gross contract co
Slide 18: Investment Management
Investment Management Growth rates represent % change over Q4 2024 Adjusted EBITDA Revenue $M $M $161 $133 $43 $56 $19 $9 $16 $28 $96 $98 (18)% (32)% local currency local currency Q4 2024 Q4 2025 Q4 2024 Q4 2025 Advisory Fees Transaction Fees and Other Incentive Fees Gross contract costs: $11 $12 Fo
Slide 19: Software and Technology Solutions
Software and Technology Solutions Growth rates represent % change over Q4 2024 Revenue Adjusted EBITDA $M $M $59 $61 $1 +1% $— n.m. local currency local currency Q4 2024 Q4 2025 Q4 2024 Q4 2025 Gross contract costs: $2 $1 Fourth quarter highlights • Software and Technology Solutions revenue increase
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 Q4 2025. • The Net Debt reduction from December 31,
Slide 22: Return of capital to shareholders
Return of capital to shareholders $800 53,000 52,000 51,105 51,000 $600 50,024 $601 50,000 Shares in 000s US$ Millions 49,000 $400 47,508 47,510 47,416 48,000 $343 46,946 47,000 $200 46,000 $212 45,000 $100 $80 $62 $0 44,000 2020 2021 2022 2023 2024 2025 Share Repurchase Shares Outstanding (EOP) Hig
Slide 23: Free Cash Flow
Free Cash Flow ($ in millions) $1,000 $750 US$ Millions $500 $965 $979 $797 $600 $250 $389 $0 -$6 2020 2021 2022 2023 2024 2025 FCF Conversion: 194% 93% (1%) 78% 89% 108% Highlights • 2025 Free Cash Flow (FCF) increased 63% or $379 million vs 2024 driven by (i) higher cash provided by earnings, (ii)
Slide 24: Financial targets
Financial targets (IL SEE A BRIGHTER WAY
Slide 25: 2026 Financial Targets
2026 Financial Targets 2026 Consolidated Financial Targets Adjusted EBITDA $1,575 -$1,675M 25 | © 2026 Jones Lang LaSalle IP, Inc. All rights reserved.
Slide 26: Non-GAAP reconciliations
Non-GAAP reconciliations (IL SEE A BRIGHTER WAY
Slide 27: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Three months ended December 31, Twelve months ended December 31, ($M except per share data) 2025 2024 2025 2024 Net income attributable to common shareholders $401.7 $241.2 $792.1 $546.8 Shares (in 000s) 48,1
Slide 28: Reconciliation of net income to adjusted EBITDA
Reconciliation of net income attributable to common shareholders to adjusted EBITDA Three months ended December 31, Twelve months ended December 31, ($M) 2025 2024 2025 2024 Net income attributable to common shareholders $401.7 $241.2 $792.1 $546.8 Interest expense, net of interest income 18.2 26.6
Slide 29: Reconciliation of net cash provided by operating activities to Free Cash Flow
Reconciliation of net cash provided by operating activities to Free Cash Flow Twelve Months Ended December 31, ($M) 2025 2024 2023 2022 2021 2020 Net cash provided by operating activities $1,194.1 $785.3 $575.8 $199.9 $972.4 $114.7 Net capital additions – property and equipment (215.6) (185.5) (186.
Slide 30: 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 31: 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