Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Q1 2025 Earnings Presentation
26 slides from Jones Lang Lasalle's earnings presentation, May 7, 2025
Slide 1: Earnings Presentation First Quarter 2025
Earnings Presentation First Quarter 2025 14.88 May 7, 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: First quarter 2025 industry highlights
First quarter 2025 industry highlights
Slide 4: Capital markets industry highlights
Capital markets industry highlights Benchmark yields, 2006 - March 2025 Real estate investment volumes by region, 2007 – Q1 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 Ameri
Slide 5: Capital markets industry trends
Capital markets industry trends Dry powder in closed-end funds, 2007 – H1 2024 Quarterly investment volumes by sector, Q4 2021 – Q4 2024 800 Living / Multi-housing Industrial & Logistics Office Retail Hotels & Hospitality $684 $630 $642 $600 125 600 $573 100 US$ Billions US$ Billions 400 75 50 200 $
Slide 6: Office leasing industry highlights
Office leasing industry highlights Global office leasing volumes by region, 2007 – Q1 2025 Rental growth for prime office assets, annual 30% North America Europe Asia Pacific 20.4% 50 20% Rental Change (y-o-y %) 41 40 36 36 10% 8.2% 32 33 6.3% 4.6% 4.1% 3.4% 4.2% 4.7% 4.0% 2.4% 2.8% 2.9% 2.9% 3.1% M
Slide 7: Industrial leasing industry highlights
Industrial leasing industry highlights North America Gross Leasing Europe Gross Leasing Asia Pacific Net Absorption 21 8 4 18 20% 15 6 -1% 3 -19% Millions sqm 12 4 2 9 6 2 1 3 0 0 0 5-year Q4 Avg Q1 2024 Q1 2025 5-year Q4 Avg Q1 2024 Q1 2025 5-year Q4 Avg Q1 2024 Q1 2025 (2019-2023) (2019-2023) (201
Slide 8: Consolidated financials
Consolidated financials (SLL SEE A BRIGHTER WAY
Slide 9: Consolidated first quarter 2025 financial results
Consolidated first quarter 2025 financial results Growth rates represent % change over Q1 2024 ’25/’24 % Chg. Q1 2025 Q1 2024 ’25/’24 % Chg. USD Local Currency Revenue $5,746M $5,125M 12% 13% Gross Contract Costs $3,942M $3,499M 13% 14% Platform operating expenses $1,664M $1,510M 10% 11% Adjusted EB
Slide 10: Business segments results
Business segments results (IL SEE A BRIGHTER WAY
Slide 11: First quarter 2025 financial results – Business segments
First quarter 2025 financial results – Business segments $M. Growth rates in local currency; represent % change over Q1 2024 Segment Platform Revenue Gross Contract Costs Adjusted EBITDA Operating Expenses Real Estate $4,569 $3,930 $602 $66 Management Services 14% 15% 10% (9)% Leasing $586 $2 $499 $
Slide 12: Real Estate Management Services
Real Estate Management Services Growth rates represent % change over Q1 2024 Revenue Adjusted EBITDA $M $M $4,569 $71 $4,069 $113 $66 $111 $446 $430 $748 $656 $3,264 $2,872 +14% (9)% local currency local currency Q1 2024 Q1 2025 Q1 2024 Q1 2025 Workplace Management Project Management Gross contract
Slide 13: Leasing Advisory
Leasing Advisory Growth rates represent % change over Q1 2024 Revenue Adjusted EBITDA $M $M $97 $586 $20 $75 $520 $23 $497 $566 +13% +29% local currency local currency Q1 2024 Q1 2025 Q1 2024 Q1 2025 Leasing Advisory, Consulting and Other Gross contract costs: $6 $2 First Quarter Highlights • Leasin
Slide 14: Capital Markets Services
Capital Markets Services Growth rates represent % change over Q1 2024 Revenue Adjusted EBITDA $M $M $435 $49 $378 $41 $39 $82 $80 $25 $313 $259 +16% +90% local currency local currency Q1 2024 Q1 2025 Q1 2024 Q1 2025 Investment Sales, Debt/Equity Advisory Value and Risk Advisory Gross contract costs:
Slide 15: Investment Management
Investment Management Growth rates represent % change over Q1 2024 Adjusted EBITDA Revenue $M $M $103 $2 $99 $1 $21 $9 $9 $16 $92 $89 (4)% (22)% local currency local currency Q1 2024 Q1 2025 Q1 2024 Q1 2025 Advisory Fees Transaction Fees and Other Incentive Fees Gross contract costs: $8 $8 First Qua
Slide 16: Software and Technology Solutions
Software and Technology Solutions Growth rates represent % change over Q1 2024 Revenue Adjusted EBITDA $M $M $57 $54 $(3) +6% $(5) +37% local currency local currency Q1 2024 Q1 2025 Q1 2024 Q1 2025 Gross contract costs: $1 $1 First Quarter Highlights • Software and Technology Solutions revenue incre
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 primarily attributable to annual incentive compensation S&P: BBB+ payments made in the first quarter ref
Slide 19: 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 47,513 48,000 47,416 $200 47,000 $100 46,000 $100 $80 $62 $0 $20 45,000 2020 2021 2022 2023 2024 2025 YTD Share Repurchase Shares Outstanding (EOP)
Slide 20: Financial targets
Financial targets (IL SEE A BRIGHTER WAY
Slide 21: 2025 Financial Targets
2025 Financial Targets 2025 Consolidated Financial Targets Adjusted EBITDA $1,250-$1,450M 21 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved.
Slide 22: Non-GAAP reconciliations
Non-GAAP reconciliations (IL SEE A BRIGHTER WAY
Slide 23: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Three Months Ended Mar 31 ($M except per share data) 2025 2024 Net income attributable to common shareholders $55.3 $66.1 Shares (in 000s) 48,376 48,280 Diluted earnings per share $1.14 $1.37 Net income attri
Slide 24: Reconciliation of net income to adjusted EBITDA
Reconciliation of net income attributable to common shareholders to adjusted EBITDA Three Months Ended Mar 31 ($M) 2025 2024 Net income attributable to common shareholders $55.3 $66.1 Interest expense, net of interest income 24.6 30.5 Income tax provision 14.0 15.9 Depreciation and amortization(1) 7
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