Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 99

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 99
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 platform operating expenses81.2 81.5 (0.3)— (3)Gross contract costs8.3 8.8 (0.5)(6)(5)Segment operating expenses$89.5 90.3 (0.8)(1)%(3)%Adjusted EBITDA(1)$16.3 22.7 (6.4)(28)%(32)%Equity losses$(1.3)(7.3)6.0 82 %83 %

41

Investment Management (continued)

% ChangeSix Months Ended June 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyAdvisory fees$182.6 185.4 (2.8)(2)%(2)%Transaction fees and other15.0 15.8 (0.8)(5)(6)Incentive fees4.0 4.8 (0.8)(17)(19)Revenue$201.6 206.0 (4.4)(2)%(3)%Platform compensation and benefits$119.2 120.3 (1.1)(1)%(2)%Platform operating, administrative and other33.8 33.4 0.4 1 — Depreciation and amortization5.7 4.0 1.7 43 42 Segment platform operating expenses158.7 157.7 1.0 1 — Gross contract costs16.5 17.2 (0.7)(4)(4)Segment operating expenses$175.2 174.9 0.3 — %— %Adjusted EBITDA(1)$32.1 43.7 (11.6)(27)%(28)%Equity losses$(7.4)(11.2)3.8 34 %33 %

(1) Adjusted EBITDA excludes Equity losses attributable to common shareholders for Investment Management.

The slight decline in Investment Management advisory fees for the second quarter and first half of 2025 was primarily due to lower assets under management ("AUM"), reflecting asset dispositions on behalf of certain clients in the fourth quarter of 2024.

The changes in second-quarter and first-half-of-the-year Adjusted EBITDA were largely driven by the absence of the $8.2 million gain recognized in the prior-year quarter following the purchase