Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 129

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 129
---
 88.0 2019Gross contract costs1.5 11.5 (10.0)(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,