Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Q1 2026 Earnings Presentation
26 slides from Jones Lang Lasalle's earnings presentation, Apr 30, 2026
Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation First Quarter 2026 14.88 April 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: First-Quarter 2026 industry highlights
First-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 – Q1 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 Pricing Indices, U.S. Commercial Real Estate (2005 = 100) Quarterly investment volumes by sector, Q4 2022 - Q1 2026 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 – Q1 2026 Rental growth for prime office assets, annual 30% North America Europe Asia Pacific 19.9% 50 20% Rental Change (y-o-y %) 41 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% 2.7% 3.3% 3.8% 3
Slide 7: Industrial leasing industry highlights
Industrial leasing industry highlights North America Gross Leasing Europe Gross Leasing Asia Pacific Net Absorption 21 8 3 18 17% 6% 15 6 -2% 2 Millions sqm 12 4 9 1 6 2 3 0 0 0 5-year Q1 Avg Q1 2025 Q1 2026 5-year Q1 Avg Q1 2025 Q1 2026 5-year Q1 Avg Q1 2025 Q1 2026 (2019-2024) (2019-2024) (2019-20
Slide 8: Consolidated financials
Consolidated financials (SLL SEE A BRIGHTER WAY
Slide 9: Reporting Changes and Segment Realignment
Reporting Changes and Segment Realignment Segment realignment effective January 1, 2026: • JLL began reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services. • The revenue disaggregation within Leasing
Slide 10: Consolidated first quarter 2026 financial results
Consolidated first quarter 2026 financial results Growth rates represent % change over Q1 2025 ’26/’25 % Chg. Q1 2026 Q1 2025 ’26/’25 % Chg. USD Local Currency Revenue $6,387M $5,746M 11% 9% Gross contract costs $4,343M $3,942M 10% 8% Platform operating expenses, excluding $1,833M $1,667M 10% 7% car
Slide 11: Business segments results
Business segments results (IL SEE A BRIGHTER WAY
Slide 12: First quarter 2026 financial results – Business segments
First quarter 2026 financial results – Business segments $M. Growth rates in local currency; represent % change over Q1 2025 Segment Platform Revenue Gross Contract Costs Adjusted EBITDA Operating Expenses Real Estate $5,066 $4,331 $702 $65 Management Services 7% 8% 2% 12% Leasing $686 $2 $578 $117
Slide 13: Real Estate Management Services
Real Estate Management Services Growth rates represent % change over Q1 2025 Revenue Adjusted EBITDA $M $M $5,066 $57 $57 $4,627 $111 $113 $471 $61 $65 $446 $844 $748 $3,264 $3,583 +7% +12% local currency local currency Q1 2025 Q1 2026 Q1 2025 Q1 2026 Workplace Management Project Management Gross co
Slide 14: Leasing Advisory
Leasing Advisory Growth rates represent % change over Q1 2025 Revenue Adjusted EBITDA $M $M $686 $586 $117 $97 +16% +22% local currency local currency Q1 2025 Q1 2026 Q1 2025 Q1 2026 Leasing Advisory Gross contract costs: $2 $2 First Quarter Highlights • Leasing Advisory revenue growth of 16% local
Slide 15: Capital Markets Services
Capital Markets Services Growth rates represent % change over Q1 2025 Revenue Adjusted EBITDA $M $M $535 $43 $77 $435 $89 $41 $82 $49 $403 $313 +21% +63% local currency local currency Q1 2025 Q1 2026 Q1 2025 Q1 2026 Investment Sales, Debt/Equity Advisory Value and Risk Advisory Gross contract costs:
Slide 16: Investment Management
Investment Management Growth rates represent % change over Q1 2025 Revenue Adjusted EBITDA $M $M $99 $99 $9 $9 $16 $15 $89 $90 (1)% (6)% local currency local currency Q1 2025 Q1 2026 Q1 2025 Q1 2026 Advisory fees Incentive and transaction fees Gross contract costs: $8 $9 First Quarter Highlights • A
Slide 17: Capital allocation and balance sheet
Capital allocation and balance sheet
Slide 18: 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 increase in net debt reflected typical seasonality, primarily attributable to S&P: BBB+ annual incentive compensation payment
Slide 19: 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 46,304 45,000 $200 $100 $343 $601 $62 $80 $212 $300 $0 40,000 2020 2021 2022 2023 2024 2025 Q1 2026 Share Repurchase Shares Outstanding (EOP) Highlights • In February
Slide 20: Financial targets
Financial targets (IL SEE A BRIGHTER WAY
Slide 21: 2026 Financial Targets
2026 Financial Targets 21 | © 2026 Jones Lang LaSalle IP, Inc. All rights reserved.
Slide 22: Non-GAAP reconciliations
Non-GAAP reconciliations (IL SEE A BRIGHTER WAY
Slide 23: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Three months ended March 31, ($M except per share data) 2026 2025 Net income attributable to common shareholders $159.0 $55.3 Shares (in 000s) 47,802 48,376 Diluted earnings per share $3.33 $1.14 Net income a
Slide 24: Reconciliation of net income to adjusted EBITDA
Reconciliation of net income attributable to common shareholders to adjusted EBITDA Three months ended March 31, ($M) 2026 2025 Net income attributable to common shareholders $159.0 $55.3 Interest expense, net of interest income 17.0 24.6 Income tax provision 38.1 14.0 Depreciation and amortization(
Slide 25: 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 26: 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