Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 128

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 128
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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 compensation accruals.

The increases in Adjusted EBITDA for the third quarter and first nine months were driven by the revenue growth described above, net of associated commissions. For the quarter, this growth was meaningfully offset by the aforementioned impact from the timing of incentive compensation accruals.

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Capital Markets Services

% ChangeThree Months Ended September 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyInvestment Sales, Debt/Equity Advisory and Other$479.5 371.8 107.7 29 %28 %Value and Risk Advisory89.9 86.0 3.9 5 3 Loan Servicing42.7 41.0 1.7 4 4 Revenue$612.1 498.8 113.3 23 %22 %Platform compensation and benefits$436.8 365.5 71.3 20 %19 %Platform operating, administrative and other85.8 62.3 23.5 3836Depreciation and amortization9.8 16.6 (6.8)(41)(42)Segment platform operating expenses532.4 444.4