Jones Lang Lasalle Incorporated · NYSE:JLL
Jones Lang Lasalle — Investor Day (March 2026)
120 slides from Jones Lang Lasalle's investor day presentation, Mar 12, 2026
Slide 1: Investor Briefing 2026
Investor Briefing 2026 March 12, 2026 ©2026 Jones Lang LaSalle IP, Inc. All rights reserved.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, with respect to the future financial or business performance, strategies, or expectations of Jones Lang LaSalle Incorporated (“JLL”). Forward-lookin
Slide 3: Christian Ulbrich, President & Chief Executive Officer
Christian Ulbrich President & Chief Executive Officer
Slide 4: Accelerating our Structural Advantage
Accelerating our Structural Advantage Christian Ulbrich Chief Executive Officer & President
Slide 5: Investor Briefing 2026 Agenda
Investor Briefing 2026 March 12, 2026 Welcome Sean Coghlan, Head of Investor Relations Accelerating our Structural Advantage Christian Ulbrich, President & Chief Executive Officer Building on our Market Position Deepening Client Relationships Neil Murray, CEO, Real Estate Management Services Unlocki
Slide 6: Accelerate 2030 strategy 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 7: Global leader with scale, attractive portfolio and differentiated capabilities
Global leader with scale, 01 attractive portfolio and differentiated capabilities 7
Slide 8: Our 'Beyond' strategy drove growth and value creation since 2016
Our ‘Beyond’ strategy drove growth and value creation for our shareholders since 2016 2016 baseline 2025 achievement Reflections 8% average growth rate, mostly organic, amidst Revenue $13.0B $26.1B two macro cycles Adjusted 40 basis points of average annual margin expansion; EBITDA margin1 12.8% 16.
Slide 9: 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 10: 97% coverage of addressable commercial real estate market
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 11: Our technology investments are creating a data & AI advantage
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 12: 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 13: 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 8% 25,000 $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 14: 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 15: Delivering on our financial commitments amidst market volatility
Delivering on our financial commitments amidst market volatility and setting a strong foundation for Accelerate 2030 Revenue Growth Margin Expansion Adj. EBITDA Growth Average YoY growth of 8% since Consistent achievement of margin Has outpaced revenue growth, 2016 amid volatile market conditions ta
Slide 16: Real estate is a dynamic, strategically-critical priority for our clients
Real estate is a dynamic, 02 strategically-critical priority for our clients 16
Slide 17: Macro trends and client needs are strongly aligned with our value proposition
Macro trends and client needs are strongly aligned with our value proposition Complexity Demographics Energy and AI and technology’s and volatility and urbanization sustainability next frontier Geopolitical, economic, and Population and Power consumption, regulation, Innovative advancements in finan
Slide 18: Industry tailwinds shaping the long-term growth opportunity for JLL
Industry tailwinds shaping the long-term growth opportunity for JLL Complexity Demographics Energy and AI and technology's and volatility and urbanization sustainability next frontier Industry Tailwinds Occupiers and investors reshaping portfolios across cities, industries and property types Strong
Slide 19: Strong long-term tailwinds for outsourcing with significant runway ahead
Strong long-term tailwinds for outsourcing with significant runway ahead Share of outsourced facilities management (FM) in total spend globally1 How is your client's real estate organization responding to the current global economic uncertainty? (Top 5 responses)2 Total global FM spend of $2.7T in 2
Slide 20: Occupiers and investors reshaping portfolios across cities, industries and property types
Occupiers and investors reshaping portfolios across cities, industries and property types Occupiers Investors 92% of companies view CRE as 92% a critical driver of workforce productivity…1 $2.2T $2.2T of loan maturities over the next 5 years in the U.S. alone2 ... while 73% of CRE leaders are $2.3T
Slide 21: Institutional and high-net-worth investors increasing AUM and seeking scale, transparency and data
Institutional and high-net-worth investors increasing AUM and seeking scale, transparency and data Global institutional target allocations to commercial real estate 1 Global number of ultra-high-net-worth individuals % of total asset portfolio thousands of individuals, assets > USD 30m 600 10.7% 500
Slide 22: Energy performance, sustainable assets and advisory capabilities growing in demand
Energy performance, sustainable assets and advisory capabilities growing in demand Industrial rent premium for high-power supply1, 2 Office rent premium for high-quality, low-carbon buildings3 Silicon Valley market New York market, direct asking rents (p.s.f.) +49% Trophy+Low Carbon Class A Class B
Slide 23: Data & AI transforming capabilities and redefining client expectations
Data & AI transforming capabilities and redefining client expectations1 93% of C-Suite leaders believe AI will transform how workforce operates in next 5 years 94% of occupiers willing to pay a premium for tech-enabled space 92% of companies piloting AI use cases in commercial real estate 1 JLL Glob
Slide 24: 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 25: Clear strategy and focused execution to deliver long term shareholder value
Clear strategy and focused 03 execution to deliver long term shareholder value 25
Slide 26: Introducing our Accelerate 2030 Imperatives
Introducing our Accelerate 2030 Imperatives 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 comprehensive value to industry–leading c
Slide 27: We are accelerating our core leadership position
We are accelerating our core leadership position1 We are strategically investing and aligning to accelerate growth where we have scale, competitive advantage and industry leadership. • Underpenetrated market segments within core services Core Scaled business offerings in leading market positions cri
Slide 28: Deepening client relationships through an enterprise, One JLL go-to-market
We are deepening client relationships through an enterprise, One JLL go-to-market Deepening enterprise client relationships with a client–centric, One JLL programmatic approach. Activating cross–sell across all segments using data–driven insights to identify client opportunities. Accelerating growth
Slide 29: Investing in unique capabilities, processes and technology to unlock platform excellence
We are strategically investing in unique capabilities, processes and technology to unlock platform excellence through harmonized delivery Differentiating with unique capabilities by building and scaling expertise and technology that differentiate JLL's service capabilities and improve win rates. Pro
Slide 30: Leveraging our unique data advantage and outpacing the market through Data & AI
We are leveraging our unique data advantage and outpacing the market through Data & AI Accelerating growth and client value through predictive intelligence by leveraging our data advantage and AI. Modernizing processes and service delivery by optimizing and AI-enabling key business and operational p
Slide 31: Our people and distinctive culture are central to our success
Our people and distinctive culture are central to our success Highly-engaged workforce drives strong culture Preserving and evolving culture as competitive advantage 113,000+ Top Quartile Employees worldwide Employee engagement, last 3 years1 Amplifying workforce intelligence to align jobs and skill
Slide 32: Our brand is a strategic differentiator
Our brand is a strategic differentiator JLL brand strength is driven by global Creating industry distinction awareness, loyalty and client perceptions through actionable intelligence, Top 10% trusted advice and seamless execution with every client engagement JLL brand strength among listed Strengthe
Slide 33: Accelerate 2030 long-term targets
Accelerate 2030 drives attractive top- and bottom-line growth, margin enhancement and cash generation Long-term Targets Revenue Adj EBITDA Adj EPS Free Cash Growth Growth Growth Flow Conversion 8% 12% 16% 80%+ On average through the cycle1 1 Targets largely reflect organic growth 33
Slide 34: Accelerate 2030 and disciplined capital deployment enhance value creation
Accelerate 2030 and disciplined capital deployment framework enhance value creation through the cycle 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 spannin
Slide 35: Building on our Market Position
Building on our Market Position Deepening Unlocking Outpacing Client Platform through Relationships Excellence Data & AI
Slide 36: Deepening Client Relationships
Deepening Client Relationships Neil Murray CEO, Real Estate Management Services
Slide 37: Neil Murray, CEO, Real Estate Management Services
Neil Murray CEO, Real Estate Management Services
Slide 38: Deep client relationships drive value and resilience
Deep client relationships 01 drive value and resilience 38
Slide 39: JLL has well-established relationships with many of the world's leading companies
JLL has well-established relationships with many of the world’s leading companies Enterprise clients, at a glance Broad diversity of client segments with distinct, evolving needs ~95% ~50% Occupier Industry divisions Investor segments Technology Generalist Multi-Asset Class Investors of Top 100 glob
Slide 40: We grow with our clients as we simplify their complex real estate needs
We grow with our clients as we simplify their complex real estate needs Our clients are navigating a dynamic market and industry environment Scale Complexity Consolidation • Larger portfolios • Greater risk and regulation • Institutional ownership increasing • Bigger CRE scopes, budgets, • Pace of c
Slide 41: Our largest clients look to JLL for strategic, integrated advice and service offerings
Our largest clients look to JLL for strategic, integrated advice and service offerings Share of JLL clients buying multiple services 85% 59% 41% Single-service client Multi-service client (same segment) Multi-service client (across segments) Top 1,000 Top 500 Top 100 41
Slide 42: Delivering our value proposition with a client-centric One JLL approach
Delivering our value 02 proposition with a client-centric One JLL approach 42
Slide 43: Coordinated approach to partnering with our clients delivers strategic value
Coordinated approach to partnering with our clients delivers strategic value Clear accountability Coordinated through a common global program across JLL Global coordination with local execution Delivery playbooks that scale across markets Deeper client partnership Integrated experts Specialists asse
Slide 44: Solving complex client problems through synergistic services globally
We are uniquely able to solve complex client problems through synergistic services globally Total cost of occupancy breakdown1 ◉ Project Management CapEx Portfolio Services ◉ ◉ Workplace Management 10 – 15% Leasing Advisory ◉ Project Management Operations ◉ (small works) 20 – 25% Property Management
Slide 45: Culture of collaboration unlocks more value for clients and JLL
Culture of collaboration unlocks more value for clients and JLL Enabled by data, client segmentation and prioritization, coverage models and global alignment Aligned incentives across JLL business lines. Proactive & intentional development of strategic, top-to-top relationships – Programmatic suppor
Slide 46: Occupier case study: 20+ years of partnership with integrated outsourcing
Case study Occupier case study: 20+ years of partnership with integrated outsourcing at the center between JLL and a 10+ JLL services leading global consumer goods company across segments Operational savings $240M + Delivered Foundation: Expansion: Innovation: Transformation: Building trust Broadeni
Slide 47: Investor case study: strategic partnership entered in 2022
Case study Investor case study: Strategic partnership entered in 2022 to deliver integrated, One JLL services and advisory solutions globally between JLL and a global insurance and asset management firm with over $50B of Real Estate AUM All Other Leveraging technology and AI to Tenant Rep Leasing Bu
Slide 48: Significant opportunity to grow within our existing end markets
Significant opportunity 03 to grow within our existing end markets 48
Slide 49: Deeper client relationships support our long-term financial objectives
Deeper client relationships support our long-term financial objectives Key growth drivers to Enterprise client imperative 2030 expected to drive >40% of incremental revenue growth1 Growth in underpenetrated market segments Strengthens Expanded enterprise client core leadership base2 position, client
Slide 50: Deep client relationships are central to our culture, brand and resilience
Deep client relationships are central to our culture, brand and the resilience of our business Our client relationships extend beyond commercial agreements – they are bilaterial 01 partnerships anchored in mutual respect, trust and advice. Longstanding track record of partnering with sophisticated g
Slide 51: Unlocking Platform Excellence
Unlocking Platform Excellence Karen Brennan CEO, Leasing Advisory
Slide 52: Karen Brennan, CEO, Leasing Advisory
Karen Brennan CEO, Leasing Advisory
Slide 53: A unified, scalable platform increases the value of every business line
A unified, scalable 01 platform increases the value of every business line 53
Slide 54: The ongoing evolution of our global platform is driving meaningful performance gains
The ongoing evolution of our global platform is driving meaningful performance gains Strengthening through- Improved working Sustained margin High retention among both cycle revenue and capital efficiency and expansion clients and top talent share gains free cash flow Our platform drives ~35% of our
Slide 55: JLL's platform is the enterprise operating model
“ JLL’s platform is the enterprise operating model that enables the right work, done by the right people, in the right location and supported by the right technology and processes. 55
Slide 56: Progress unifying our global platform with significant runway ahead
We have made strong progress unifying our global platform and accelerating value creation, with significant runway ahead Unify the Business Build the Foundation: Scale a Future-Ready Platform: Fully global organizational design alignment Technology and shared services at scale to Integrating AI into
Slide 57: We continue to strengthen our operational foundation to power growth
We continue to strengthen our operational foundation to power growth Platform objectives Key areas for continued platform enhancement • Improve the client experience of JLL and win more • Drive AI-enabled, outcome-oriented, end-to-end process design • Grow our business without adding significant cos
Slide 58: Tailoring our platform to enable delivery at scale
We are tailoring our platform to the right level of consistency and customization to enable delivery at scale Real Estate Leasing Capital Markets Investment Management Services Advisory Services Management Revenue Generation Central expertise, tools and service capabilities that deliver client-speci
Slide 59: Tech-enabling our business end-to-end: LeasingOS
Case study Tech-enabling our business end-to-end to increase productivity and improve service to clients Case study: LeasingOS, powered by Raise Client Service Delivery Business Enablement Enterprise Operations Elevating Leasing Advisory’s commercial offering through tech enablement for clients and
Slide 60: Amplifying predictive, proprietary data and intelligence: JLL Research
Case study Amplifying predictive, proprietary data and intelligence across JLL leveraging AI Case study: JLL Research Client Service Delivery Business Enablement Enterprise Operations Complex themes shaping global real estate Predictive intelligence focused on the future and differentiated by propri
Slide 61: Driving efficiency and cash flow through operational rigor: Order to Cash
Case study Driving efficiency and cash flow through operational rigor across business lines Case study: Enterprise Order to Cash Process Client Service Delivery Business Enablement Enterprise Operations Days Sales Outstanding (DSO)1 We are re-designing and modernizing our Order to 12 day Cash proces
Slide 62: Our platform unlocks multiple paths to revenue growth and profitability
Our platform unlocks 02 multiple paths to revenue growth and profitability 62
Slide 63: A highly-efficient operating model drives growth, efficiency, profitability and cash flow
A highly-efficient operating model drives growth, efficiency, profitability and cash flow generation Elevates Human Experience Eliminates Inefficiency Pioneers Autonomous Operations Empowers our teams with intuitive tools and Transforms inefficiency into productive Deploys tech-enabled support syste
Slide 64: Driving more tangible value through platform optimization
Going forward, we are going to drive even more tangible value through platform optimization Increased Platform Operating Leverage Platform drives ~35% of our margin expansion1 Improved Compensation to Revenue Ratio Comp to Rev ratio of 69.0% in 2025, down 110 bps year-over-year2 Growth in bottom-lin
Slide 65: A high-performing platform unlocks superior outcomes for clients, people and shareholders
A high-performing platform unlocks differentiation, superior outcomes and financial results for our clients, people and shareholders Our Clients • Data-driven, OneJLL advice & execution 99% • Consistent service delivery Top 100 client retention, • Speed of execution & lower cost to serve Last 3 year
Slide 66: Platform excellence is the operational engine powering Accelerate 2030
Platform excellence is the operational engine powering Accelerate 2030 Delivers a seamless experience and differentiated outcomes through AI-enabled, end-to-end 01 process design. Wins and deepens client relationships with consistent, high-quality delivery enabled by scalable, 02 differentiated tech
Slide 67: Outpacing through Data & AI
Outpacing through Data & AI Richard Bloxam CEO, Capital Markets Services
Slide 68: Richard Bloxam, CEO, Capital Markets Services
Richard Bloxam CEO, Capital Markets Services
Slide 69: Proprietary data & AI are expanding JLL's competitive advantage
Proprietary data & AI 01 are expanding JLL’s competitive advantage 69
Slide 70: Opportunities for data and AI-driven solutions growing rapidly
Opportunities for data and AI-driven solutions growing rapidly for JLL and our clients Global Scale Rising Complexity Data-Driven Decision Making AI as an Enabler and Accelerant Portfolios have become Client expectations are rapidly Top client priority for occupiers Proliferation of AI use cases for
Slide 71: We have incubated a leadership position in data & AI over the past decade
We have incubated a leadership position in data & AI in our industry over the past decade A multi-year build now in the scaling phase… 2016+ 2019+ 2020+ 2024+ 2025+ Research and Launch of JLL Enterprise Data & Core AI Foundation AI-driven Scale Development Technologies Enablement Products Early-stag
Slide 72: Our investments in technology are driving revenue growth and increasing profitability
Our investments in technology are driving revenue growth and increasing profitability Segment Real Estate Leasing Capital Markets Investment Management Services Advisory Services Management • Azara AI • LeasingOS by Raise • Bid Intelligence • Investment Committee Illustrative Products (Workplace Man
Slide 73: Our data led approach drives superior results
02 Our data led approach drives superior results 73
Slide 74: Our Data Vision
We are translating proprietary data into actionable insight and outcomes for clients “ Our Data Vision To be the most trusted, intelligent and connected data ecosystem in commercial real estate—empowering our clients, partners and people with seamless access to data- driven, actionable insights that
Slide 75: Enterprise data foundation and purpose-built AI applications
Our enterprise data foundation and purpose-built AI applications are raising the performance of our core services Bringing together our scale, proprietary data and AI to deliver: Differentiation Productivity Efficiency Tangible client value Increase win rates with sharper Smarter, data-driven insigh
Slide 76: Bid Intelligence
Outsourcing Increasing Capital Demand Case study Increasing win rates through unique data-led insight at the client, portfolio and asset level Bid Intelligence Combining comprehensive global bidder intelligence and AI to differentiate, generate leads and execute deals powered by JLL Capital Markets
Slide 77: DebtInsight
Outsourcing Increasing Capital Demand Case study Unlocking productivity gains and driving superior client outcomes with real-time, proprietary data DebtInsight The industry’s only real-time debt intelligence platform for commercial real estate markets powered by JLL Debt Advisory • Fully proprietary
Slide 78: Azara AI
Outsourcing Increasing Capital Demand Case study Elevating service offerings through modernized, AI-driven execution and delivery Azara AI Comprehensive workplace insights for occupier clients to fuel strategic and operational decision making powered by JLL Workplace Management • Purpose-built data
Slide 79: Project Intelligence
Outsourcing Increasing Capital Demand Case study Driving tangible client value through enhanced client decision making and optimized investment decisions Managing capital spend and risk through a global project management Project Intelligence platform to drive efficiency and productivity powered by
Slide 80: Clients experience better, faster outcomes with JLL intelligence
Clients experience better, 03 faster outcomes with JLL intelligence 80
Slide 81: Capturing proprietary data in real time across the asset lifecycle
We are capturing proprietary data in real time across the asset lifecycle Representative proprietary JLL data sets Building health metrics Lease proposals and transaction comps Tenant requirements Space utilization & occupancy data Construction & fit-out cost data Building capital spend Underquotes
Slide 82: Enterprise AI is being deployed at scale with measurable impact
Enterprise AI is being deployed at scale with measurable impact Daily active users – JLL Enterprise AI applications1 Citizen-driven custom 23k daily users assistants & agents ~40% of non-reimbursable JLL employees globally Empower JLL employees with horizontal tools to scale AI adoption and impact C
Slide 83: Core datasets power every business and unlock One JLL insight
Core datasets power every business and unlock One JLL insight One JLL Intelligence • Accelerated timeline to AI Cross-portfolio value realization data-driven view on any client, portfolio or asset • Differentiation, increased win rates and growth • Better outcomes and service offerings Core enableme
Slide 84: Fully leveraging AI and our unique data advantage to outpace the market
We are fully leveraging AI and our unique data advantage to outpace the market Proprietary data moat enables differentiated insight and service offerings powered by real- 01 time, outcome-driven data capture in an industry with complexity and low transparency. Proliferation of AI-driven applications
Slide 85: A Window into JLL's Resilient Business Lines
A Window into JLL’s Resilient Business Lines Cynthia Kantor Sue Asprey Price Sam Schaefer CEO, Project Management CEO, Portfolio Services CEO, Property Management
Slide 86: Advancing our Value Creation Strategy
Advancing our Value Creation Strategy Kelly Howe Chief Financial Officer
Slide 87: Kelly Howe, Chief Financial Officer
Kelly Howe Chief Financial Officer
Slide 88: Strong, resilient foundation & momentum to drive strategy forward
Strong, resilient foundation 01 & momentum to drive strategy forward 88
Slide 89: Accelerate 2030 strategy 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 90: Proven and structurally strong financial profile
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 91: Business model has delivered revenue growth at 3x GDP
Business model has delivered revenue growth at 3x GDP JLL YoY revenue growth (%) 11.4% Average GDP1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 Global GDP estimate for 2025 sourced from IMF World Economic Outlook (January 2026) 91
Slide 92: 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 93: Resilient Adjusted EBITDA and EPS growth delivered record 2025 results
Resilient Adjusted EBITDA and EPS growth delivered record 2025 results, achieving mid-term margin target Adjusted EBITDA Adjusted EPS $18.80 $1,453M 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA Margin1 12.8% 12.7% 14.2% 15.2% 14.3% 16.1% 14.5% 12.7% 14.7% 16.2% 1 Calculated as A
Slide 94: $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% 94
Slide 95: 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 ~$3.3B in available December 31, 20253 2.0x revolver capacity2 1.5x Target leverage range of 0x-2x Committed to main
Slide 96: Maturation of business model provides foundation for future growth
Maturation of business model provides foundation for future growth 2016 Today Global, coordinated business Organization Regional business segments aligned to how JLL Model segments plus LaSalle services clients Multiple service lines Client Value Integrated global service offerings for organized and
Slide 97: Accelerate 2030 drives value creation and shareholder returns
Accelerate 2030 drives 02 value creation and shareholder returns 97
Slide 98: Accelerate 2030 deepens our structural advantages and fuels value creation
Accelerate 2030 deepens our structural advantages and fuels value creation Accelerate Core Client Relationships Platform Excellence Data & AI Advantage Scale core product portfolio Deepen strategic enterprise Further “right-to-win” with Extend enterprise proprietary and capabilities across our relat
Slide 99: Long-term targets: growth, margin enhancement and cash generation
Strategy drives attractive top- and bottom-line growth, margin enhancement and cash generation Long-term Targets Revenue Adj. EBITDA Adj. EPS FCF Leverage Growth Growth Growth Conversion Within 8% 12% 16% 80%+ 0.0-2.0x range On average through the cycle1 1 Targets largely reflect organic growth 99
Slide 100: Real Estate Management Services delivers consistent, resilient growth
Real Estate Management Services delivers consistent, resilient growth Real Estate Management Services Average annual growth Revenue Adj. EBITDA1 2020 - 2025 10.1% Revenue 423 380 299 19.3% Adjusted EBITDA1 Key Stats 18,219 20,234 12,535 13,496 15,008 16,053 5.7 billion s.f. 83% Real estate managed a
Slide 101: Leasing Advisory delivers growth with the broader macroeconomy
Leasing Advisory delivers growth with the broader macroeconomy Leasing Advisory Revenue ($) Average annual growth REMS Leasing Adv. Adj. EBITDA1 2020 - 2025 11.7% Revenue 580 349 465 29.0% Adjusted EBITDA1 3,010 2,706 2,447 2,751 2,890 Key Stats 1,869 569 million s.f. of Tenant Representation transa
Slide 102: 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 ($) Average annual growth REMS Leasing Adv. Capital Markets Svs Adj. EBITDA 2020 - 2025 9.7% Revenue 543 444 364 26.0% 248 244 Adjusted EBITDA 173 2,422 2,040 2,488 1,778 2,621 Key Stats
Slide 103: Investment Management outlook coming off bottom of capital cycle
Investment Management outlook coming off bottom of capital cycle Investment Management Revenue ($) Average annual growth REMS Leasing Adv. Capital Markets Svs Investment Mgmt Adj. EBITDA 2020 - 2025 2.3% Advisory Fee 108 104 100 96 92 84 -1.1% 450 Adjusted EBITDA 468 476 484 500 422 Key Stats $86B A
Slide 104: Integrated portfolio delivers synergistic growth and resilient EBITDA
Integrated portfolio delivers synergistic growth and resilient EBITDA Consolidated Revenue ($) 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 105: Multiple growth engines support top-line growth and margin expansion
Accelerate 2030: Multiple growth engines support top-line growth and continued margin expansion % of 2025 Segment Adj. EBITDA Long-term Target, On Average Through the Cycle Real Estate 29% High-single-digit revenue growth with low-teens EBITDA growth Management Services Leasing Advisory 40% Mid- to
Slide 106: Disciplined capital allocation and balance sheet agility compound value through 2030
Disciplined capital allocation 03 and balance sheet agility compound value through 2030 106
Slide 107: 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 108: Smart, disciplined M&A to accelerate growth and provide synergistic scale
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 109: Longstanding commitment to shareholder returns
Longstanding commitment to shareholder returns Over $1.5B in cumulative capital returned to shareholders since 2016 Dividends Share Repurchases • Increased share repurchase $1.5B authorization to $3.0B, the largest in company history. • $200 million accelerated share repurchase (ASR) program effecti
Slide 110: Compelling value creation framework
Accelerate 2030 and disciplined capital deployment deliver a compelling value creation framework Compelling Value Creation Algorithm Organic Revenue Growth On average through the cycle • Deepen Client Relationships 8% • Platform Excellence • Data & AI Advantage • Large and Growing End Markets Revenu
Slide 111: Q&A with JLL Global Executive Board
Q&A with JLL Global Executive Board Christian Ulbrich Kelly Howe Laura Adams Richard Bloxam Karen Brennan Neil Murray Mihir Shah Chief Executive Chief Financial Chief Human CEO, Capital CEO, Leasing CEO, Real Estate CEO, JLL Officer & President Officer Resources Officer Markets Services Advisory Man
Slide 112: Thank You
Thank You ©2026 Jones Lang LaSalle IP, Inc. All rights reserved.
Slide 113: Appendix & non-GAAP reconciliations
Appendix & non-GAAP reconciliations 113
Slide 114: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Year Ended Dec 31 ($M except for per share data) 2025 Net income attributable to common shareholders $792.1 Shares (in 000s) 48,312 Diluted earnings per share $16.40 Net income attributable to common sharehol
Slide 115: Reconciliation of net income to Adjusted EBITDA
Reconciliation of net income attributable to common shareholders to Adjusted EBITDA Year Ended Dec 31 ($M) 2025 2024 2023 2022 2021 Net income attributable to common shareholders $792.1 $546.8 $225.4 $654.5 $961.6 Interest expense, net of interest income 107.3 136.9 135.4 75.2 40.1 Income tax provis
Slide 116: Reconciliation of net income to Adjusted EBITDA (cont.)
Reconciliation of net income attributable to common shareholders to Adjusted EBITDA (cont.) Year Ended Dec 31 ($M) 2020 2019 2008 2007 Net income attributable to common shareholders $402.5 $534.4 $83.5 $256.5 Interest expense, net of interest income 52.8 56.4 30.6 13.1 Income tax provision 106.9 159
Slide 117: Reconciliation of Consolidated Adjusted EBITDA
Reconciliation of Consolidated Adjusted EBITDA Year Ended Dec 31 ($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 118: 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 119: 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 120: 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