Company: JLL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001037976-25-000045
Chunk: 43

Company: JONES LANG LASALLE INC
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 43
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arnings/Losses

The following details Equity earnings/losses by relevant segment. In the second quarter and first half of 2025, equity losses were largely attributable to valuation declines of investments within Software and Technology Solutions. Refer to the segment discussions for additional details.

Three Months Ended June 30,Six Months Ended June 30,(in millions)2025202420252024Investment Management$(1.3)(7.3)$(7.4)(11.2)Software and Technology Solutions$(27.4)(9.0)(48.9)(10.0)Other1.3 0.9 3.3 2.1 Equity losses$(27.4)(15.4)$(53.0)(19.1)

Income Taxes

The Income tax provision was $26.7 million and $40.7 million for the three and six months ended June 30, 2025, representing an effective tax rate ("ETR") of 19.5% for both periods. For the three and six months ended June 30, 2024, the income tax provision was $20.5 million and $36.4 million, respectively, also representing an ETR of 19.5% for both periods.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes provisions altering the timing of deduction from certain depreciable assets, research and experimental expenses, and interest expense, with some effective in 2025 and some in 2026. The OBBBA further alters the determination and rates of taxation of international earnings, primarily effective in 2026. The current period’s financial statements do not reflect any impact of the OBBBA provisions due to its enactment occurring in July 2025. We are presently assessing the impact of the OBBBA on our consolidated financial statements.

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Net Income and Adjusted EBITDA

The following details Net income attributable to common shareholders and Adjusted EBITDA for the three and six months ended June 30, 2025, and comparable prior-year periods. 

Three Months Ended June 30,Six Months Ended June 30,(in millions)2025202420252024Net income attributable to common shareholders112.384.4167.6150.5Adjusted EBITDA291.7246.3516.5433.4

For the quarter and first half of 2025, higher Adjusted E