Company: JLL
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001037976-25-000025
Chunk: 98

Company: JONES LANG LASALLE INC
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 98
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The following table reflects the reconciliation to local currency amounts for consolidated (i) Revenue, (ii) Operating income and (iii) Adjusted EBITDA.

Three Months Ended March 31,($ in millions)2025% ChangeRevenue:At current period exchange rates$5,746.4 12 %Impact of change in exchange rates60.4 n/aAt comparative period exchange rates$5,806.8 13 %Operating income:At current period exchange rates$120.0 5 %Impact of change in exchange rates(1.3)n/aAt comparative period exchange rates$118.7 4 %Adjusted EBITDA:At current period exchange rates$224.8 20 %Impact of change in exchange rates(0.5)n/aAt comparative period exchange rates$224.3 20 %

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Revenue

Revenue increased 13% compared with the prior-year quarter. Several businesses with Resilient revenues, collectively up 13%, continued to deliver strong growth, highlighted by (i) Workplace Management, up 15%, and (ii) Project Management, up 16%, both within Real Estate Management Services, as well as (iii) Software and Technology Solutions, up 6%. The collective 14% increase in Transactional revenue was led by Leasing, within Leasing Advisory, up 15%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 22% (excluding the impact of non-cash MSR and mortgage banking derivative activity).

The following highlights Revenue by segment, for the first quarter of 2025 and 2024 ($ in millions). Refer to segment operating results for further detail.

Operating Expenses

Consolidated operating expenses were $5.6 billion for the first quarter, up 14% from the same period in 2024. Gross contract costs were $3.9 billion, up 14% from the prior-year quarter, attributable to growth from businesses with higher client pass-through expenses such as Workplace Management and Property Management, within Real Estate Management Services. Platform operating expenses were $1.7 billion for the first quarter, an 11% increase from the prior-year quarter, largely due to revenue-related expense growth and incremental investments in the platform (notably technology and artificial intelligence capabilities) across segments to drive future business growth.

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For the first quarter of 2025, Restructuring and acquisition charges increased primarily due to the year-over-year change in non-cash