Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 46

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 46
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7 %

Real Estate Management Services revenue growth for the second quarter and first half of 2025 were primarily driven by continued strong performance in Workplace Management, with client wins slightly outpacing mandate expansions in the second quarter of 2025 (nearly evenly balanced for the first half of 2025), as incremental pass-through costs augmented high single-digit management fee growth. Higher Project Management revenue was led by new or expanded contracts in the U.S. and Asia Pacific, as management fee increases were supplemented by higher pass-through costs.

Increased segment platform operating expenses for the second quarter and first half of 2025 were primarily driven by revenue-related expense growth, partially offset by continued cost discipline. These drivers overcame headwinds from the prior-year favorable impact of incentive compensation accruals timing. Gross contract costs grew as a result of higher client pass-through costs.

The current-quarter and year-to-date increases in Adjusted EBITDA were primarily attributable to the top-line performance described above, coupled with continued cost discipline.

37

Leasing Advisory

% ChangeThree Months Ended June 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyLeasing$651.5 619.1 32.4 5 %5 %Advisory, Consulting and Other25.3 23.1 2.2 108Revenue$676.8 642.2 34.6 5 %5 %Platform compensation and benefits$479.3 460.7 18.6 4 %4 %Platform operating, administrative and other74.2 61.3 12.9 2120Depreciation and amortization11.0 9.0 2.0 2220Segment platform operating expenses564.5 531.0 33.5 6 6 Gross contract costs3.3 8.3 (5.0)(60)(60)Segment operating expenses$567.8 539.3 28.5 5 %5 %Equity earnings$— 0.1 (0.1)(100)%(149)%Adjusted EBITDA$120.4 112.1 8.3 7 %6 %

% ChangeSix Months Ended June 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyLeasing$1,217.6 1,116.4 101.2 9