Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 122

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 122
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Segment platform operating expenses1,063.7 979.5 84.2 9 9 Gross contract costs5.3 14.7 (9.4)(64)(64)Segment operating expenses$1,069.0 994.2 74.8 8 %8 %Equity earnings$— 0.1 (0.1)(100)%(87)%Adjusted EBITDA$217.4 186.9 30.5 16 %15 %

Compared with the prior-year periods, increased revenue was driven by Leasing growth across major asset classes, led by continued momentum in industrial and office. Geographically, Leasing revenue grew most significantly in the United States, with notable contributions from France, Australia and Singapore for the quarter (most significant growth in the U.S., complemented by growth in Canada and Germany for the first half of 2025). In the second quarter, the U.S. was primarily driven by growth in industrial, both from higher volume and deal size, while a notable increase in deal size for U.S. office was largely offset by lower volume as the asset class was up low single digits. With the backdrop of decelerating growth in the broader market, Leasing performed in line with global office volumes and outperformed U.S. office volumes (decline of 3%) in the second quarter, while office Leasing nominally outperformed these market benchmarks in the first-half 2025, according to JLL Research.

The second-quarter and full-year increases in segment platform operating expenses were primarily due to higher commissions, correlated to revenue growth, as well as incremental discrete variable operating expenses in the second quarter.

The increases in Adjusted EBITDA for the second quarter and first half of the year were largely driven by the revenue growth described above, tempered by the aforementioned discrete variable operating, administrative and other expenses in the second quarter, as compensation and benefits expenses as a percentage of revenue improved year-over-year for the quarter (enabled by increased use of technology and shared service centers).

38

Capital Markets Services

% ChangeThree Months Ended June 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyInvestment Sales, Debt/Equity Advisory and Other$380.6 320.3 60.3 19 %17 %Value and Risk Advisory97.7 95.8 1.9 2 — Loan Servicing42.0