Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 50

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 50
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$616.5 569.2 47.3 8 %8 %Adjusted EBITDA$136.9 131.7 5.2 4 %4 %

% ChangeNine Months Ended September 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyLeasing$1,936.7 1,781.8 154.9 9 %9 %Advisory, Consulting and Other68.1 72.3 (4.2)(6)(6)Revenue$2,004.8 1,854.1 150.7 8 %8 %Platform compensation and benefits$1,444.4 1,337.4 107.0 8 %8 %Platform operating, administrative and other198.8 174.4 24.4 1414Depreciation and amortization33.9 27.2 6.7 2525Segment platform operating expenses1,677.1 1,539.0 138.1 9 9 Gross contract costs8.4 24.4 (16.0)(66)(65)Segment operating expenses$1,685.5 1,563.4 122.1 8 %8 %Equity earnings$— 0.1 (0.1)(100)%(145)%Adjusted EBITDA$354.3 318.6 35.7 11 %11 %

Compared with the prior-year periods, broad-based Leasing revenue increased across major asset classes, led by continued momentum in office, with the most significant growth in the U.S. as well as notable contributions from Germany and Canada. U.S. expansion was primarily driven by growth in office, from both higher volume and deal size, as well as increased industrial deal volume. Office Leasing revenue growth outperformed global office volumes (up 14% compared with market volumes up 2% according to JLL Research), highlighted by U.S. outperformance (revenue up 14% compared with market volumes up 4% according to JLL Research). Year-to-date revenues, compared to overall and U.S. office market volume, mirrored our third-quarter outperformance.

The third-quarter and year-to-date increases in segment operating expenses were primarily due to higher commissions, correlated to revenue growth, and the year-over-year unfavorable impact from the timing of incentive