Jones Lang Lasalle Incorporated · NYSE:JLL

Jones Lang Lasalle — JP Morgan U.S. All Stars Conference 2025

34 slides from Jones Lang Lasalle's conference presentation, Sep 16, 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: A global professional services firm specializing in real estate and investment management
A global professional services firm specializing in real estate and investment management An industry leader with global scale A Fortune 200 company with more An industry leader across Differentiated business platform than $23 billion of annual revenue each of our service lines underpinned by techno
Slide 4: Over 200 years building a premier global brand and platform
Over 200 years building a premier global brand and platform 1760 1783 1968 1997 1999 2008 2011 2015 2019 2024 Jones Lang Wootton founded LaSalle Partners founded LaSalle Partners initial public offering LaSalle Partners and Jones Lang Wootton merge to create Jones Lang LaSalle Integrated global plat
Slide 5: JLL awards and recognition
JLL awards and recognition Fortune | 2017-2025 Fortune | 2015-2025 US News & World Report | 2023-2025 Ethisphere | 2008-2025 World’s Most Admired Fortune 500 - #188 Best Companies to Work For World’s Most Ethical Companies Companies Disability Equality Index | 2019-2025 Energy Star | 2012-2024 USA T
Slide 6: Industry tailwinds provide a foundation for future growth
Industry tailwinds provide a foundation for future growth 1 2 3 4 5 Growth in Rising Increasing Tech-driven Sustainability outsourcing capital flows to urbanization fourth industrial real estate revolution Corporations are Real Estate Cities house over Transformation Reducing carbon outsourcing thei
Slide 7: Our differentiated platform sets us apart from the competition
Our differentiated platform sets us apart from the competition Global services and scale The industry’s most advanced data and technology capabilities Talent and culture curates a “One JLL” mindset 7
Slide 8: Industry-leading data and technology platform
Industry-leading data and technology platform Unifying our data and technology to empower our people and generate value for clients Build Acquire AI Journey • JLL GPT • Corrigo FM • Horizon • Building Engines • Early adopter of AI through organic and • JLL Azara/Azara AI • Raise inorganic investment
Slide 9: JLL serves clients through five business segments
JLL serves clients through five business segments • Workplace Management Segment Contribution to FY 2024 Adj EBITDA Real Estate ($Million) • Project Management Management • Property Management Services $1,186 • Portfolio Services and Other Leasing • Leasing 34% Real Estate Management Services Adviso
Slide 10: Real Estate Management Services
9.8% Real Estate Management Services Average Revenue Growth $17,993 million of revenue, $399 million of adjusted EBITDA (FY 2024) 2020 - 2024 Portfolio Services and Other Other Office Property Management 3% 21% 38% 10% Project Workplace Management Retail Management 17% 8% Q4’24 s.f. Managed Share of
Slide 11: Leasing Advisory
11.9% Leasing Advisory Average Revenue Growth $2,706 million of revenue, $465 million of adjusted EBITDA (FY 2024) 2020 - 2024 Mixed Use/Other Advisory, Consulting Retail 5% and Other 4% 7% Leasing FY 2024 Revenue Industrial Share of FY 2024 By Asset Class(2) Segment Revenue(1) 26% Leasing Advisory
Slide 12: Capital Markets Services
7.4% Capital Markets Services Average Revenue Growth $2,040 million of revenue, $244 million of adjusted EBITDA (FY 2024) 2020 - 2024 Loan Servicing Mixed Use/Other Residential 8% 17% 30% Value and Risk Advisory Hotels Investment Sales, 18% 9% Debt/Equity Advisory and Other Share of FY 2024 FY 2024
Slide 13: Investment Management
3.0% Investment Management Average Revenue Growth $468 million of revenue, $100 million of adjusted EBITDA (FY 2024) 2020 - 2024 Other Incentive Fees 10% 13% Office Uncalled 25% Transaction Fees Committed and Other Capital + Cash 7% 16% Q4’24 AUM By Asset Class(2),(3) Share of FY 2024 Segment Revenu
Slide 14: Software and Technology Solutions
10.5% Software and Technology Solutions Average Revenue Growth 2020 - 2024 $226 million of revenue, adjusted EBITDA loss of $22 million (FY 2024) Software and Technology Solutions • Technology Solutions include program and project management, implementation and support, managed services, and advisor
Slide 15: Track record of growing greater than 3x global GDP
Track record of growing greater than 3x global GDP Global GDP and JLL Revenue Growth (Correlation of JLL revenue growth and global GDP growth: ~0.8) 40% 30% 20% JLL Revenue Growth 9.8% Average JLL Revenue Growth 10% Global GDP Growth 3.2% Average Global GDP Growth 0% -10% -20% 2008 2009 2010 2011 20
Slide 16: Resiliency in revenues from evolving business mix
Resiliency in revenues from evolving business mix • Resilient revenues represented 82% of year-to-date 2025 revenue and an average of 76% since 2020 • Average year-over-year growth of resilient revenues of 10.4% between 2020 – 2024 • Resilient revenue CAGR of 9.6% between 2020 – 2024, led by Workpla
Slide 17: Margin expansion with growth in Adjusted EPS
Overall margin expansion with increasing resiliency in profits; growth in Adjusted EPS faster on average than both Revenue and Adjusted EBITDA Average growth (2016-2024) Revenue & Adjusted EPS1 • Revenue: 8% • Adjusted EBITDA: 10% 25 23.4 $25.00 • Adjusted EPS: 12% 20.9 20.8 20 19.4 $20.00 17.9 16.6
Slide 18: Clear capital allocation priorities
Clear capital allocation priorities Disciplined capital allocation approach underpinned by comparative return analysis Invest to drive organic Return capital Selective M&A growth in our people to shareholders and platform All while maintaining an investment grade balance sheet and leverage within ou
Slide 19: Investment grade balance sheet allows for balanced capital allocation
Investment grade balance sheet allows for balanced pursuit of capital allocation priorities Historical Net Leverage Ratio (1) Key metrics 2.5x Current credit ratings Target leverage • Moody’s: Baa1 2.0x range of 0x-2x • Standard and Poor’s: BBB+ 1.5x Balance sheet as of December 31, 2024: • Total ne
Slide 20: Committed to returning capital to shareholders
Committed to returning capital to shareholders Return of Capital Our approach $M • Programmatic share repurchases provide $700 a consistent return of capital to shareholders $600 • At a minimum, offset stock compensation Reduced dilution on an annual basis $500 share count by • Will look to increase
Slide 21: Multiple levers to achieve financial targets
Multiple levers to achieve financial targets Superior data and advice drives Expand market share gains product offering to Leverage existing clients global shared Utilize services platform technology to drive productivity 21
Slide 22: Full year 2025 and mid-term financial Targets
Full year 2025 and mid-term financial Targets 2025 Consolidated financial targets Mid-term consolidated financial targets (established November 2023) Adjusted EBITDA $1.30 – $1.45B Revenue $25 – $30B 16% y/y growth at the midpoint FY 2024: $23.4B Gross contract costs $15 – $19B FY 2024: $15.4B Adjus
Slide 23: JLL is well-positioned to drive long-term profitable growth
JLL is well–positioned to drive long-term profitable growth and create shareholder value Growth at ~3x the rate of GDP growth through cycles – supported by industry tailwinds Differentiated platform (data capabilities, technology, talent, culture, services, scale) driving share gains across business
Slide 24: Appendix and non-GAAP reconciliations
Appendix and non-GAAP reconciliations 24
Slide 25: Additional segment detail
Additional segment detail Twelve Months Ended Dec 31 ($M) 2024 2023 Real Estate Management Services Revenue $17,993 $15,806 Gross Contract Costs (15,266) (13,255) Platform Operating Expenses 2,450 2,330 Adjusted EBITDA $399 $331 Leasing Advisory Revenue $2,706 $2,447 Gross Contract Costs (33) (30) P
Slide 26: Additional segment detail (continued)
Additional segment detail (continued) Twelve Months Ended Dec 31 ($M) 2024 2023 Investment Management Revenue $468 $484 Gross Contract Costs (37) (29) Platform Operating Expenses 347 359 Adjusted EBITDA $100 $104 Software and Technology Solutions Revenue $226 $246 Gross Contract Costs (6) (15) Platf
Slide 27: Reconciliation of full year adjusted EBITDA
Reconciliation of full year adjusted EBITDA Twelve Months Ended Dec 31 ($M) 2024 2023 Segment Real Estate Management Services $399 $331 Leasing Advisory 465 349 Capital Markets Services 244 173 Investment Management 100 104 Software and Technology Solutions (22) (19) Adjusted EBITDA $1,186 $938 27
Slide 28: Reconciliation of net income to adjusted net income and adjusted diluted EPS
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share Twelve Months Ended Dec 31 ($M except per share data) 2024 2016 Net income attributable to common shareholders $546.8 $329.3 Shares (in 000s) 48,372 45,528 Diluted earnings (loss) per share $11.30 $7.23 Net i
Slide 29: Reconciliation of net income to adjusted EBITDA
Reconciliation of net income attributable to common shareholders to adjusted EBITDA Twelve Months Ended Dec 31 ($M) 2024 2016 Net income attributable to common shareholders $546.8 $329.3 Interest expense, net of interest income 136.9 45.3 Income tax provision 132.5 117.8 Depreciation and amortizatio
Slide 30: Reconciliation of net debt and total liquidity
Reconciliation of net debt and total liquidity As of Dec 31 ($M) 2024 2023 Net Debt Cash and cash equivalents $416.3 $410.0 Total Debt 1,216.9 1,560.3 Short-term borrowings 153.8 147.9 Credit facility 100.0 625.0 Commercial Paper 200.0 - Long-term senior notes 763.1 787.4 Total Net Debt $800.6 $1,15
Slide 31: Non-GAAP measures
Non-GAAP measures 1. 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 stakehold
Slide 32: 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 33: Market and industry data
Market and industry data This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independe
Slide 34: Thank you
Thank you

Jones Lang LaSalle — JP Morgan U.S. All Stars Conference 2025 on 6ix

Jones Lang Lasalle — JP Morgan U.S. All Stars Conference 2025

Slide 1: JLL Overview

Slide 2: Cautionary note regarding forward-looking statements

Slide 3: A global professional services firm specializing in real estate and investment management

Slide 4: Over 200 years building a premier global brand and platform

Slide 5: JLL awards and recognition

Slide 6: Industry tailwinds provide a foundation for future growth

Slide 7: Our differentiated platform sets us apart from the competition

Slide 8: Industry-leading data and technology platform

Slide 9: JLL serves clients through five business segments

Slide 10: Real Estate Management Services

Slide 11: Leasing Advisory

Slide 12: Capital Markets Services

Slide 13: Investment Management

Slide 14: Software and Technology Solutions

Slide 15: Track record of growing greater than 3x global GDP

Slide 16: Resiliency in revenues from evolving business mix

Slide 17: Margin expansion with growth in Adjusted EPS

Slide 18: Clear capital allocation priorities

Slide 19: Investment grade balance sheet allows for balanced capital allocation

Slide 20: Committed to returning capital to shareholders

Slide 21: Multiple levers to achieve financial targets

Slide 22: Full year 2025 and mid-term financial Targets

Slide 23: JLL is well-positioned to drive long-term profitable growth

Slide 24: Appendix and non-GAAP reconciliations

Slide 25: Additional segment detail

Slide 26: Additional segment detail (continued)

Slide 27: Reconciliation of full year adjusted EBITDA

Slide 28: Reconciliation of net income to adjusted net income and adjusted diluted EPS

Slide 29: Reconciliation of net income to adjusted EBITDA

Slide 30: Reconciliation of net debt and total liquidity

Slide 31: Non-GAAP measures

Slide 32: Non-GAAP measures (cont.)

Slide 33: Market and industry data

Slide 34: Thank you