Company: JLL
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001037976-25-000071
Chunk: 131

Company: JONES LANG LASALLE INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 131
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4 6.4 8 6 Gross contract costs7.8 9.3 (1.5)(16)(17)Segment operating expenses$94.6 89.7 4.9 5 %4 %Adjusted EBITDA(1)$23.7 14.0 9.7 69 %62 %Equity earnings (losses)$9.3 (13.8)23.1 n.m.n.m.

42

Investment Management (continued)

% ChangeNine Months Ended September 30,Change inin Local($ in millions)20252024U.S. dollarsCurrencyAdvisory fees$275.6 278.1 (2.5)(1)%(2)%Transaction fees and other20.9 24.4 (3.5)(14)(15)Incentive fees20.5 4.8 15.7 327 300 Revenue$317.0 307.3 9.7 3 %2 %Platform compensation and benefits$187.2 180.1 7.1 4 %3 %Platform operating, administrative and other49.9 52.1 (2.2)(4)(5)Depreciation and amortization8.4 5.9 2.5 42 43 Segment platform operating expenses245.5 238.1 7.4 3 2 Gross contract costs24.3 26.5 (2.2)(8)(8)Segment operating expenses$269.8 264.6 5.2 2 %1 %Adjusted EBITDA(1)$55.8 57.7 (1.9)(3)%(6)%Equity earnings (losses)$1.9 (25.0)26.9 n.m.n.m.

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

Investment Management revenue growth for the third quarter and first nine months of 2025 was fueled by higher incentive fees. Advisory fees were largely steady compared to the prior-year periods, as strong performance in U.S. core open-end funds offset the impact to assets under management ("AUM") from client asset dispositions in Q4 2024.

The increases in segment platform operating expenses for the third quarter and first nine months of 202