Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 102

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 102
---
87)(87)Segment operating expenses533.9 455.9 78.0 17 %16 %Equity earnings$0.8 0.2 0.6 300 %195 %Net non-cash MSR and mortgage banking derivative activity$(0.2)(5.1)4.9 96 %97 %Adjusted EBITDA$89.9 65.7 24.2 37 %36 %

40

Capital Markets Services (continued)

% ChangeNine Months Ended September 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyInvestment Sales, Debt/Equity Advisory and Other$1,172.7 950.8 221.9 23 %23 %Value and Risk Advisory269.2 262.0 7.2 3 2 Loan Servicing125.8 121.2 4.6 4 4 Revenue$1,567.7 1,334.0 233.7 18 %17 %Platform compensation and benefits$1,140.4 994.2 146.2 15 %14 %Platform operating, administrative and other251.5 206.4 45.1 2221Depreciation and amortization46.2 50.3 (4.1)(8)(8)Segment platform operating expenses1,438.1 1,250.9 187.2 1514Gross contract costs4.3 36.9 (32.6)(88)(88)Segment operating expenses1,442.4 1,287.8 154.6 12 %11 %Equity earnings$3.2 0.8 2.4 300 %276 %Net non-cash MSR and mortgage banking derivative activity$(17.3)(25.9)8.6 33 %33 %Adjusted EBITDA$193.2 124.5 68.7 55 %54 %

For the third quarter and first nine months of 2025, Capital Markets Services top-line growth was fueled by debt advisory, investment sales and equity advisory transactions across nearly all sectors, with the most significant contributions coming from multifamily and retail. Geographically, revenue growth was led by the U.S. for both the third quarter and first nine months of 2025, augmented