Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 120

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 120
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.0 3,717.1 455.9 1212Segment operating expenses$4,816.5 4,309.6 506.9 12%11%Equity earnings$0.5 0.3 0.2 67%25 %Adjusted EBITDA$106.6 88.6 18.0 20 %19 %

36

Real Estate Management Services (continued)

% ChangeSix Months Ended June 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyWorkplace Management$6,612.7 5,892.8 719.9 12 %13 %Project Management1,719.1 1,444.5 274.6 1919Property Management900.0 866.3 33.7 44Portfolio Services and Other231.6 235.5 (3.9)(2)(2)Revenue$9,463.4 8,439.1 1,024.3 12 %12 %Platform compensation and benefits$897.4 817.0 80.4 10 %10 %Platform operating, administrative and other286.7 275.4 11.3 45Depreciation and amortization61.7 58.2 3.5 66Segment platform operating expenses1,245.8 1,150.6 95.2 89Gross contract costs8,103.3 7,186.2 917.1 1313Segment operating expenses$9,349.1 8,336.8 1,012.3 12%12%Equity earnings$0.9 1.4 (0.5)(36%)(41)%Adjusted EBITDA$172.9 160.0 12.9 8 %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