Jones Lang Lasalle Incorporated · NYSE:JLL

Jones Lang Lasalle — William Blair's 46th Annual Growth Stock Conference (June 2026)

41 slides from Jones Lang Lasalle's conference presentation, Jun 2, 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 Securiti
Slide 3: Global leader with scale, attractive portfolio and differentiated capabilities
Global leader with scale, 01 attractive portfolio and differentiated capabilities 3
Slide 4: A partner of choice to many of the world's leading investors and occupiers
A partner of choice to many of the world’s leading investors and occupiers in real estate Scaled Embedded with Integrated Market Structural business our clients services leadership advantage offering serving occupiers in long-duration across advisory, in an attractive, growing and powered by proprie
Slide 5: JLL is well positioned to benefit from long-term industry dynamics
JLL is well positioned across our businesses to benefit from long-term industry dynamics Strong long-term Occupiers and Institutional and Energy performance, Data & AI transforming tailwinds for investors reshaping high-net-worth sustainable assets capabilities and outsourcing with portfolios across
Slide 6: A comprehensive, diversified portfolio to deliver services throughout the real estate lifecycle
A comprehensive, diversified portfolio to deliver services throughout the real estate lifecycle % of 2025 Adj. EBITDA • Delivers integrated workplace and property management solutions, serving both occupiers who use the spaces and investors who own the real estate assets through Workplace Management
Slide 7: Global footprint with local market expertise to align with client needs at scale
Global footprint with local market expertise to align with client needs at scale 97% coverage of addressable commercial real estate market Intentional approach to global presence aligned to our clients Delivers coordinated solutions spanning local to complex, multi-market requirements with a targete
Slide 8: Our technology investments are creating a data & AI advantage in our industry
Our technology investments are creating a data & AI advantage in our industry Established AI foundation Curated and scaled (JLL Falcon) and are Established an enterprise data core enabling technology integrating purpose-built AI foundation to products spanning the custom assistants and Developed dee
Slide 9: Our proprietary data moat enables differentiated insight and service offerings
Our proprietary data moat enables differentiated insight and service offerings powered by real-time data capture Representative proprietary JLL data sets Building health metrics Lease proposals and transaction comps Tenant requirements Space utilization & occupancy data Construction & fit-out cost d
Slide 10: Accelerate 2030 strategy deepens our structural advantages and fuels value creation
Accelerate 2030 strategy deepens our structural advantages and fuels value creation Accelerate Core Leadership Position We are strategically investing and aligning to accelerate growth where we have scale, competitive advantage and industry leadership. Deepen Client Relationships We are delivering c
Slide 11: Strong, resilient foundation & momentum to drive strategy forward
Strong, resilient foundation 02 & momentum to drive strategy forward 11
Slide 12: Our Accelerate 2030 strategy is underpinned by a decade of progress and strong results
Our Accelerate 2030 strategy is underpinned by a decade of progress and strong results Resilient foundation Strong financial profile Structural advantage Scale in large and growing Investment grade Tech-enabled proprietary end markets balance sheet data capture, intelligence and AI Integrated global
Slide 13: Maturation of business model provides foundation for future growth
Maturation of business model provides foundation for future growth 2016 Today Global, coordinated business Organization Regional business segments aligned to how JLL Model segments plus LaSalle services clients Multiple service lines Client Value Integrated global service offerings for organized and
Slide 14: Proven and structurally strong financial profile positions us to execute go-forward strategy
Proven and structurally strong financial profile positions us to execute go-forward strategy 8% 12% 15% Average annual revenue Average Adj. EBITDA Average Adj. EPS growth since 2016 growth since 2016 growth since 2016 $5.1Bn+ $3.9Bn+ 0.2x In free cash flow In total liquidity as of Net leverage ratio
Slide 15: Business mix is driving strengthening through-cycle performance
Business mix is driving strengthening through-cycle performance Revenue has seen consistently healthy growth at 3x the rate of global GDP over the long-term 30,000 $26.1B 25,000 8% $16.6B 20,000 $13.0B 15,000 10,000 5,000 Avg growth p.a - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Steady grow
Slide 16: Long track record of growth and increasing profitability through cycles
Long track record of growth and increasing profitability through cycles Adj. EBITDA has seen higher highs and higher lows over time, raising the margin profile of JLL $1,453m $1,293m 2025 2021 $1,082m 2019 $403m 2007 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 $268m Higher lows through no
Slide 17: Platform investments are scalable, sustainable and driving productivity benefits
Platform investments are scalable, sustainable and driving productivity benefits 16.2%1 Data and AI productivity gains 12.8%1 Shared services & process improvement initiatives Global platform scale, synergy & efficiency benefits Scale via organic growth and M&A 340 bps Margin Expansion1 2016 2025 1
Slide 18: $5.1B of cumulative free cash flow generated through the cycle
$5.1B of cumulative free cash flow generated through the cycle with an 83% conversion rate Cumulative free cash flow $5.1B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3-year Rolling Free Cash Flow Conversion Rate (FCF as % of Adjusted Net Income) 54% 76% 85% 87% 100% 102% 84% 56% 51% 94% 18
Slide 19: Investment grade balance sheet and strong liquidity enable agile strategy execution
Investment grade balance sheet and strong liquidity enable agile strategy execution Historical Net Leverage Ratio1 2.5x ~$3.9B 0.2x Total liquidity, including Net leverage ratio as of ~$3.3B in available December 31, 20253 2.0x revolver capacity2 1.5x Target leverage range of 0x-2x Committed to main
Slide 20: Accelerate 2030 drives top- and bottom-line growth, margin enhancement and cash generation
Accelerate 2030 drives attractive top- and bottom-line growth, margin enhancement and cash generation Long-term Targets Revenue Adj. EBITDA Adj. EPS FCF Leverage Growth Growth Growth Conversion Within 8% 12% 16% 80%+ 0.0-2.0x range On average through the cycle1 1 Targets largely reflect organic grow
Slide 21: Real Estate Management Services delivers consistent, resilient growth
Real Estate Management Services delivers consistent, resilient growth Real Estate Management Services Key stats Revenue Adj. EBITDA1 Average annual growth, 2020 - 2025 10.1% 5.7 billion s.f. Revenue growth Real estate managed across our 423 occupier and investor clients2 380 299 19.3% 8+ Years Adjus
Slide 22: Leasing Advisory delivers growth with the broader macroeconomy
Leasing Advisory delivers growth with the broader macroeconomy Leasing Advisory Revenue ($) Key stats REMS Leasing Adv. Adj. EBITDA 1 Average annual growth, 2020 - 2025 11.7% 569 million s.f. Revenue growth of Tenant Representation 580 transactions2 349 465 29.0% 340 million s.f. Adjusted EBITDA of
Slide 23: Capital Markets Services is early in the cycle with positive forward indicators
Capital Markets Services is early in the cycle with positive forward indicators Capital Markets Services Revenue ($) Key stats REMS Leasing Adv. Capital Markets Svs Adj. EBITDA Average annual growth, 2020 - 2025 9.7% $258 billion Revenue growth transactions across Investment 543 Sales, Debt & Equity
Slide 24: Investment Management outlook coming off bottom of capital cycle
Investment Management outlook coming off bottom of capital cycle Investment Management Revenue ($) Key stats REMS Leasing Adv. Capital Markets Svs Investment Mgmt Adj. EBITDA Average annual growth, 2020 - 2025 2.3% $86B Advisory Fee growth Assets under management (AUM)1 108 104 100 96 92 84 -1.1% $2
Slide 25: Integrated portfolio delivers synergistic growth and resilient EBITDA
Integrated portfolio delivers synergistic growth and resilient EBITDA Consolidated Revenue ($) Average annual growth REMS Leasing Adv. Capital Markets Svs Investment Mgmt Adj. EBITDA 2020 - 2025 1,293M 1,453M 9.7% 9.9% 1,200M 1,186M Resilient Revenues 938M Revenue 866M 26.1B 13.8% 10.2% 23.4B Adjust
Slide 26: Multiple growth engines support top-line growth and continued margin expansion
Multiple growth engines support top-line growth and continued margin expansion 2026 Financial Targets Revenue Growth Adjusted EPS • Real Estate Management Services: Mid- to high-single- $21.80 to $23.50 digit growth, weighted to the second half, with variances by business line Reflects 20% growth at
Slide 27: Disciplined capital allocation and balance sheet agility compound value through 2030
Disciplined capital allocation 03 and balance sheet agility compound value through 2030 27
Slide 28: Disciplined strategic execution aligned to capital allocation priorities
Disciplined strategic execution aligned to capital allocation priorities as we invest in scalable growth engines Capital Allocation Principles Apply a competitive tension between expected returns across our capital allocation priorities Organic Investments Capital Return Strategic M&A Underpinned by
Slide 29: Smart, disciplined M&A to accelerate growth and provide synergistic scale benefits
Smart, disciplined M&A to accelerate growth and provide synergistic scale benefits Strategic M&A Criteria Representative transactions • Builds synergistic scale SKAE (2Q 2024) • Capabilities extend competitive moat Strategic Fit Data center focused project management and workplace • Enhances resilie
Slide 30: Longstanding commitment to shareholder returns
Longstanding commitment to shareholder returns Over $1.8B in cumulative capital returned to shareholders since 2016 Dividends Share Repurchases • Increased share repurchase $1.8B authorization to $3.0B in March 2026, the largest in company history. • Executed on a $200 million accelerated share repu
Slide 31: Accelerate 2030 and disciplined capital deployment deliver a value creation framework
Accelerate 2030 and disciplined capital deployment deliver a compelling value creation framework Compelling Value Creation Algorithm Organic Revenue Growth On average through the cycle • Accelerate Core Leadership 8% • Deepen Client Relationships • Platform Excellence • Data & AI Advantage Revenue G
Slide 32: Clear strategy and focused execution to deliver long-term shareholder value
Clear strategy and focused execution to deliver long-term shareholder value 01 Scaled, integrated global business across our core offerings serving occupiers and investors across property types, industries and regions. 02 Resilient business and foundation for growth spanning diverse business lines o
Slide 33: Appendix & non-GAAP reconciliations
Appendix & non-GAAP reconciliations 33
Slide 34: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Year Ended Dec 31 ($M except for per share data) 2025 Net income attributable to common shareholders $792.1 Shares (in 000s) 48,312 Diluted earnings per share $16.40 Net income attributable to common sharehol
Slide 35: Reconciliation of net income to Adjusted EBITDA
Reconciliation of net income attributable to common shareholders to Adjusted EBITDA Year Ended Dec 31 ($M) 2025 2024 2023 2022 2021 Net income attributable to common shareholders $792.1 $546.8 $225.4 $654.5 $961.6 Interest expense, net of interest income 107.3 136.9 135.4 75.2 40.1 Income tax provis
Slide 36: Reconciliation of net income to Adjusted EBITDA (cont.)
Reconciliation of net income attributable to common shareholders to Adjusted EBITDA (cont.) Year Ended Dec 31 ($M) 2020 2019 2008 2007 Net income attributable to common shareholders $402.5 $534.4 $83.5 $256.5 Interest expense, net of interest income 52.8 56.4 30.6 13.1 Income tax provision 106.9 159
Slide 37: Reconciliation of Consolidated Adjusted EBITDA
Reconciliation of Consolidated Adjusted EBITDA Year Ended Dec 31 ($M) 2025 2024 2023 Segment Real Estate Management Services 423.3 379.6 298.5 Leasing Advisory 580.1 464.7 349.2 Capital Markets Services 364.4 244.4 173.1 Investment Management 83.5 100.3 103.8 All Other 1.6 (2.7) 13.8 Adjusted EBITDA
Slide 38: 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 39: 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
Slide 40: Note 1 - Definitions
Note 1 - Definitions The company defines "Resilient" revenue as (i) Workplace Management, Project Management, Property Management, and Software and Technology Solutions, within Real Estate Management Services, (ii) Value and Risk Advisory, and Loan Servicing, within Capital Markets Services, and (ii
Slide 41: JLL
JLL

Jones Lang LaSalle — William Blair's 46th Annual Growth Stock Conference (June 2026) on 6ix

Jones Lang Lasalle — William Blair's 46th Annual Growth Stock Conference (June 2026)

Slide 1: JLL Overview

Slide 2: Cautionary note regarding forward-looking statements

Slide 3: Global leader with scale, attractive portfolio and differentiated capabilities

Slide 4: A partner of choice to many of the world's leading investors and occupiers

Slide 5: JLL is well positioned to benefit from long-term industry dynamics

Slide 6: A comprehensive, diversified portfolio to deliver services throughout the real estate lifecycle

Slide 7: Global footprint with local market expertise to align with client needs at scale

Slide 8: Our technology investments are creating a data & AI advantage in our industry

Slide 9: Our proprietary data moat enables differentiated insight and service offerings

Slide 10: Accelerate 2030 strategy deepens our structural advantages and fuels value creation

Slide 11: Strong, resilient foundation & momentum to drive strategy forward

Slide 12: Our Accelerate 2030 strategy is underpinned by a decade of progress and strong results

Slide 13: Maturation of business model provides foundation for future growth

Slide 14: Proven and structurally strong financial profile positions us to execute go-forward strategy

Slide 15: Business mix is driving strengthening through-cycle performance

Slide 16: Long track record of growth and increasing profitability through cycles

Slide 17: Platform investments are scalable, sustainable and driving productivity benefits

Slide 18: $5.1B of cumulative free cash flow generated through the cycle

Slide 19: Investment grade balance sheet and strong liquidity enable agile strategy execution

Slide 20: Accelerate 2030 drives top- and bottom-line growth, margin enhancement and cash generation

Slide 21: Real Estate Management Services delivers consistent, resilient growth

Slide 22: Leasing Advisory delivers growth with the broader macroeconomy

Slide 23: Capital Markets Services is early in the cycle with positive forward indicators

Slide 24: Investment Management outlook coming off bottom of capital cycle

Slide 25: Integrated portfolio delivers synergistic growth and resilient EBITDA

Slide 26: Multiple growth engines support top-line growth and continued margin expansion

Slide 27: Disciplined capital allocation and balance sheet agility compound value through 2030

Slide 28: Disciplined strategic execution aligned to capital allocation priorities

Slide 29: Smart, disciplined M&A to accelerate growth and provide synergistic scale benefits

Slide 30: Longstanding commitment to shareholder returns

Slide 31: Accelerate 2030 and disciplined capital deployment deliver a value creation framework

Slide 32: Clear strategy and focused execution to deliver long-term shareholder value

Slide 33: Appendix & non-GAAP reconciliations

Slide 34: Reconciliation of net income to adjusted net income and adjusted diluted EPS

Slide 35: Reconciliation of net income to Adjusted EBITDA

Slide 36: Reconciliation of net income to Adjusted EBITDA (cont.)

Slide 37: Reconciliation of Consolidated Adjusted EBITDA

Slide 38: Non-GAAP measures

Slide 39: Non-GAAP measures (cont.)

Slide 40: Note 1 - Definitions

Slide 41: JLL