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14.88 14.88 Earnings Presentation Third Quarter 2025 November 5, 2025
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Cautionary note regarding forward-looking statements Statements in this presentation regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors, the occurrence of which are outside JLL's control which may cause JLL's actual results, performance, achievements, plans, and objectives to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL's business in general, please refer to those factors discussed under "Risk Factors," “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk,” and elsewhere in JLL's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this presentation, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in expectations or results, new information, developments, any change in events. 2 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape or included in any information store and/or retrieval system without prior written permission of Jones Lang LaSalle IP, Inc.
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Third quarter 2025 industry highlights
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Third quarter highlights • Global direct investment grew 12% local currency (17% USD) compared with the prior-year, as markets largely stabilized and monetary and fiscal policies work to adjust to the new normal. • Growth in the quarter was led by the Americas with investment activity up 25% local currency (26% USD) with easing monetary policy and robust debt markets bolstering activity; in EMEA, volumes increased 5% local currency (19% USD); Asia Pacific activity declined 7% local currency (8% USD). • Debt markets remained highly liquid, with debt originations nearing record levels in the U.S., supported by strong credit availability and attractive spreads as corporate bond yields remain near historic lows; liquidity for larger transactions is improving. 200720082009201020112012201320142015201620172018201920202021202220232024 Q3 2023Q3 2024Q3 2025 0 200 400 600 800 1,000 1,200 1,400 Capital markets industry highlights Real estate investment volumes by region, 2007 – Q3 2025 Direct investment volumes (US$ billion) Notes: • Source: JLL Research, October 2025, FRED Economic Data; Benchmark yields data as of September 2025 • Real estate investment includes office, living / multifamily, retail, hotels, industrial, mixed use, healthcare and alternatives sectors. Excludes entity-level and development transactions. 4 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. 1M SOFR 10-year Treasury Euro Area 10-year Government Bond YieldsAsia 10-year Government Bond Yields 20062007200820092010201120122013201420152016201720182019202020212022202320242025 -1% 0% 1% 2% 3% 4% 5% 6% 7% Benchmark yields, 2006 – September 2025 884 1,275 1,075 615 709 182 213 Asia Pacific EMEA Americas 145
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Capital markets industry trends US$ Billions Living / Multifamily Office Industrial & Logistics Retail Hotels & Hospitality Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 20 40 60 80 US$ Billions 200720082009201020112012201320142015201620172018201920202021202220232024 0 200 400 600 800 US$ Billions $144$143 $58 $73 $89$103$113$123 $154$150$172$182$208$184 $269$249 $171 $128$127 27 35 13 20 16 18 11 31 29 29 27 47 47 39 56 54 23 37 43 41 47 14 16 22 18 25 27 41 42 55 42 48 63 45 72 71 45 5030 37 12 13 18 19 30 20 48 32 24 39 62 36 68 49 36 25 3546 24 18 24 33 47 47 45 36 47 65 54 50 46 101 73 41 21 Q1 Q2 Q3 Q4 200720082009201020112012201320142015201620172018201920202021202220232024 Q3 2025 YTD 0 50 100 150 200 250 300 Notes: • Source: JLL Research, October 2025, Preqin, as of October 13, 2025; Upward revisions to prior years dry powder were made in July 2025 by Preqin Dry powder in closed-end funds, 2007 – 2024 5 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Global fundraising for closed-end funds Share of investment volume by sector Quarterly investment volumes by sector, Q3 2022 - Q3 2025 $584 $168 $592 $664 $727 $675 15% 20% 23% 33% 31% 26% 27% 29%10% 10% 14% 22% 20% 24% 24% 21%39% 37% 35% 25% 24% 21% 21% 22% 24% 20% 15% 10% 14% 15% 15% 14% 7% 8% 7% 4% 6% 7% 8% 7%5% 5% 6% 5% 5% 7% 5% 6% Living / Multifamily Industrial & Logistics Office Retail Hotels & Hospitality Other 2010 2015 2018 2021 2022 2023 2024 Q3 2025 YTD 0% 25% 50% 75% 100%
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• Office leasing demand remained resilient despite regional divergence, with global office leasing volumes up 2% versus the prior-year quarter, led by North America (up 11%) while volumes moderated in Asia-Pacific (down 12%) and EMEA (down 6%). • U.S. office demand strengthened in the third quarter, supported by an uptick in large transactions; office attendance mandates creating space pressures for companies who previously downsized. • The global vacancy rate declined for the first time since 2019, falling 10 basis points to 16.9% in the third quarter compared with 17.0% in the second quarter 2025 and 16.7% a year ago; vacancy is expected to continue to decline amidst supply shortages in high-quality buildings and reduced downsizing in the U.S. and EMEA. Rental Change (y-o-y %) 20.4% (2.5)% (17.6)% 6.4%8.1% 2.4%2.8%4.6%4.1%3.4%4.2%4.7%4.0% -2.3%-0.2% 2.9% —% 3.1%3.6% 200720082009201020112012201320142015201620172018201920202021202220232024 Q3 2025 YTD -20% 0% 20% 40% Office leasing industry highlights Third quarter highlights Notes: • Source: JLL Research, October 2025 • North America represents U.S. and Canadian markets only for quarterly results, U.S. only for annual results; Prime Office Rental Growth: unweighted average of 30 major markets Global office leasing volumes by region, 2007 – Q3 2025 Rental growth for prime office assets, annual 6 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Millions sqm North America Europe Asia Pacific 200720082009201020112012201320142015201620172018201920202021202220232024Q3 2023Q3 2024Q3 2025 0 10 20 30 40 50 41 32 36 33 36 9 10 10
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Third quarter highlights • Global activity in the industrial sector increased in the third quarter, led by North America where operational needs drove decision-making, while tenants remained more cautious on expansion plans in several Asia Pacific markets given tariff and political uncertainties. • Third-party logistics tenants generally remain the most active as companies outsource logistics solutions for greater flexibility and efficiency; demand from manufacturing occupiers is growing. • Flexibility and diversification remain key as markets adjust to complex conditions; structural drivers will underpin gradually strengthening activity across regions next year, including the regionalization of higher-value manufacturing, growing defense spending, rising e-commerce and urbanization. Notes: • Source: JLL Research, October 2025 • North America Gross Leasing: 60 city markets; EMEA Gross Leasing: 13 national markets; Asia Pacific Net Absorption: 39 city markets 7 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. North America Gross Leasing Europe Gross Leasing Asia Pacific Net Absorption Millions sqm 5-year Q3 Avg (2019-2023) Q3 2024 Q3 2025 0 3 6 9 12 15 18 21 29% 5-year Q3 Avg (2019-2023) Q3 2024 Q3 2025 0 2 4 6 8 5% 5-year Q3 Avg (2019-2023) Q2 2024 Q2 2025 0 1 2 3 4 5 -27% Industrial leasing industry highlights
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Consolidated financials
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Reporting Changes and Segment Realignment 9 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Reporting changes effective July 1, 2025: • We are isolating the activity related to the Proptech Investments portfolio from the Software and Technology Solution segment. ◦ The activity associated with the Proptech Investments historically reported within Software and Technology Solutions will be presented outside of the reporting segments in "All Other". ◦ Prior-period financial information was recast to conform with this presentation. ◦ As a result of this "All Other" presentation, tables presenting segment-level measures may not sum to consolidated totals. Segment realignment effective January 1, 2026: • Effective January 1, Software and Technology Solutions will run as a fifth business line within the Real Estate Management Services segment, alongside Workplace Management, Project Management, Property Management, and Portfolio Services & Other. • The new structure will allow us to further scale the business, align on the most effective and client-centric go-to-market approach and fully realize top- and bottom-line synergies. • We will be providing prior-period financial information recast to conform with this presentation prior to our Q1 2026 earnings release.
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Consolidated third quarter 2025 financial results Growth rates represent % change over Q3 2024 Q3 2025 Q3 2024 ’25/’24 % Chg. USD ’25/’24 % Chg. Local Currency Revenue $6,510M $5,869M 11% 10% Gross contract costs $4,269M $3,862M 11% 10% Platform operating expenses, excluding carried interest $1,952M $1,785M 9% 8% Adjusted EBITDA $347M $298M 17% 16% Adjusted net income $217M $170M 28% 29% Adjusted diluted EPS $4.50 $3.50 28% 29% Notes: • Q3 2025 Organic Revenue growth up 10% local currency • Excluded from platform operating expenses is carried interest expense of $4.3 million and $2.2 million for the three months ended September 30, 2025 and 2024, respectively, related to equity earnings on Proptech Investments • Non-GAAP items listed above include Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures 10 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Third quarter highlights • Resilient revenue business lines continued to deliver strong growth, collectively up 9% local currency, led by Project Management and Workplace Management. • Transactional businesses were collectively up 13% local currency, led by Investment Sales, Debt/Equity Advisory and Other and Leasing. • The improved profit and margin were largely driven by Transactional revenue growth, with contributions from Resilient revenue growth, together with enhanced platform leverage and continued cost discipline, partially offset by the unfavorable impact on the current quarter associated with the timing of incentive compensation accruals and certain discrete expenses in the quarter.
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Consolidated Year-to-Date 2025 financial results Growth rates represent % change over nine months ended Q3 2024 Q3 2025 YTD Q3 2024 YTD ’25/’24 % Chg. USD ’25/’24 % Chg. Local Currency Revenue $18,507M $16,622M 11% 11% Gross contract costs $12,398M $11,108M 12% 12% Platform operating expenses, excluding carried interest $5,466M $5,011M 9% 9% Adjusted net income $488M $379M 29% 28% Adjusted diluted EPS $10.10 $7.84 29% 28% Adjusted EBITDA $864M $732M 18% 18% Notes: • YTD 2025 Organic Revenue growth up 11% local currency • Excluded from platform operating expenses is carried interest benefit of $0.6 million and carried interest expense of $4.3 million for the nine months ended September 30, 2025 and 2024, respectively, related to equity earnings/losses on Proptech Investments • Non-GAAP items listed above include Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures 11 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved.
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Business segments results
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Third quarter 2025 financial results – Business segments $M. Growth rates in local currency; represent % change over Q3 2024 Notes: • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures 13 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Revenue Gross Contract Costs Segment Platform Operating Expenses Adjusted EBITDA Real Estate Management Services $4,982 10% $4,256 11% $650 2% $102 8% Leasing Advisory $742 7% $3 (68)% $613 9% $137 4% Capital Markets Services $612 22% $2 (87)% $532 19% $90 36% Investment Management $115 12% $8 (17)% $87 6% $24 62% Software and Technology Solutions $59 3% $1 (45)% $68 2% $(1) 84% Consolidated $6,510 10% $4,269 10% $1,956 9% $347 16%
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Year-to-Date 2025 financial results – Business segments $M. Growth rates in local currency; represent % change over nine months ended Q3 2024 14 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Revenue Gross Contract Costs Segment Platform Operating Expenses Adjusted EBITDA Real Estate Management Services $14,446 11% $12,359 12% $1,895 6% $275 7% Leasing Advisory $2,005 8% $8 (65)% $1,677 9% $354 11% Capital Markets Services $1,568 17% $4 (88)% $1,438 14% $193 54% Investment Management $317 2% $24 (8)% $246 2% $56 (6)% Software and Technology Solutions $172 3% $2 (49)% $207 5% $(15) 22% Consolidated $18,507 11% $12,398 12% $5,465 9% $864 18% Notes: • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures
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• Real Estate Management Services revenue growth of 10% local currency / USD was led by Workplace Management (up 8% local currency / USD) with client wins slightly outpacing mandate expansions, as incremental pass-through costs augmented mid single-digit management fee growth. • Project Management revenue growth of 24% local currency (25% USD) was led by new or expanded contracts in the U.S. and Asia Pacific, as low double-digit management fee increases were supplemented by higher pass-through costs. • The increase in Adjusted EBITDA and margin was primarily attributable to revenue growth, as well as lower gross receipts tax expense compared to the prior-year quarter ($8.2 million impact), partially offset by headwinds from incentive compensation accruals timing and certain discrete items, including incremental bad debt expense. $95 $102 Q3 2024 Q3 2025 $4,521 $4,982 $3,165 $3,424 $771 $968$452 $461 Workplace Management Project Management Property Management Portfolio Services and Other Q3 2024 Q3 2025 Real Estate Management Services Growth rates represent % change over Q3 2024 Third quarter highlights Revenue Adjusted EBITDA $M$M Notes: • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures 15 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Gross contract costs: $3,830 $4,256 +10% local currency +8% local currency $132 $130
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$692 $742 $665 $719 Leasing Advisory, Consulting and Other Q3 2024 Q3 2025 $132 $137 Q3 2024 Q3 2025 Leasing Advisory Growth rates represent % change over Q3 2024 $M Revenue Adjusted EBITDA Third quarter highlights • Leasing Advisory revenue growth of 7% local currency / USD with broad-based Leasing growth across major asset classes, led by continued momentum in office, with the most significant growth in the U.S. as well as notable contributions from Germany and Canada. • Office Leasing growth outperformed global office volumes (up 14% compared with market volumes up 2% according to JLL Research), highlighted by U.S. outperformance (up 14% compared with market volumes up 4% according to JLL Research). • U.S. growth was primarily driven by office, from both higher volume and deal size, as well as industrial from increased deal volume. • The Adjusted EBITDA increase was driven by revenue growth, meaningfully offset by the year-over-year impact from the timing of incentive compensation accruals. Notes: • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures $M 16 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Gross contract costs: $10 $3 +7% local currency +4% local currency $26 $23
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Capital Markets Services Growth rates represent % change over Q3 2024 $66 $90 Q3 2024 Q3 2025 $M Third quarter highlights • Capital Markets Services revenue growth of 22% local currency (23% USD) was led by debt advisory, investment sales and equity advisory businesses. • Excluding the impact of Mortgage Servicing Rights (MSRs), Investment Sales, Debt/Equity Advisory and Other revenue increased 26% local currency (27% USD) with growth across nearly all sectors, with the most significant contributions coming from multifamily and retail. Geographically, the revenue growth was led by the U.S., augmented by strong contributions from Japan and Australia. • Globally, investment sales achieved 22% growth, significantly outpacing the broader investment sales market, which grew 12% over the same period according to JLL Research. • Adjusted EBITDA and margin improvements for the quarter were primarily attributable to revenue growth which was partially offset by $7.2 million of incremental expense associated with loan- related losses, including an increase in loan loss reserves. Revenue Adjusted EBITDA $M Notes: • Net non-cash MSR and mortgage banking derivative activity shown as “MSR” above • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures 17 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Gross contract costs: $12 $2 MSR: $(5) $— +36% local currency $499 $612 $372 $480 $86 $90$41 $43 Investment Sales, Debt/Equity AdvisoryValue and Risk Advisory Loan Servicing Q3 2024 Q3 2025 +22% local currency
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$101 $115 $93 $93 $9 $6 Advisory Fees Transaction Fees and OtherIncentive Fees Q3 2024 Q3 2025 Investment Management Growth rates represent % change over Q3 2024 $14 $24 Q3 2024 Q3 2025 $M$M Adjusted EBITDA • Investment Management’s revenue growth of 12% local currency (14% USD) was fueled by higher incentive fees; advisory fees were largely flat compared to the prior year (down 1% local currency / 0% USD) as strong performance in U.S. core open-end funds offset the impact to assets under management from client asset dispositions in Q4 2024. • Assets under management of $88.5 billion at quarter end increased 1% local currency (5% USD) over the trailing twelve months, reflecting modest valuation increases, offset by net dispositions / withdrawals. • Higher Adjusted EBITDA and margin primarily reflected the increased revenue, net of related incentive compensation costs. Notes: • Assets under management reported on a one quarter lag • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures Revenue Third quarter highlights 18 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Gross contract costs: $9 $8 +12% local currency +62% local currency $0 $17
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Software and Technology Solutions Growth rates represent % change over Q3 2024 $57 $59 Q3 2024 Q3 2025 $(6) $(1) Q3 2024 Q3 2025 Third quarter highlights • Software and Technology Solutions revenue increased 3% local currency / USD, due to double-digit growth in software products, offset by declines in technology solutions as certain large existing clients reduced their discretionary technology spend. • Adjusted EBITDA improvement was driven by the increased revenue and cost management actions. Revenue Adjusted EBITDA $M Notes: • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures • Carried Interest expense (benefit) related to equity earnings (losses) on Proptech Investments is now presented outside of the Software and Technology Solutions segment in “All Other” and not included in segment Adjusted EBITDA $M 19 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Gross contract costs: $1 $1 +3% local currency +84% local currency
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Capital allocation and balance sheet
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Highlights: • Strong balance sheet with ample liquidity provides operational flexibility. • Sequential quarter reduction in net debt was driven by positive free cash flow in Q3 2025. • Year-over-year reduction in net debt reflected improved free cash flow over the trailing 12 months compared with the 12 month period ended September 30, 2024. Debt and leverage Debt and leverage ($M) Q3 2025 Q2 2025 Q3 2024 Cash and cash equivalents 429 401 438 Total debt 1,528 1,988 2,035 Short-term borrowings 141 107 100 Commercial paper 389 690 800 Credit facility 186 380 345 Long term senior notes 811 811 791 Total Net Debt $1,099 $1,587 $1,597 Adjusted TTM EBITDA $1,319 $1,269 $1,115 Net Debt /Adjusted TTM EBITDA 0.8x 1.2x 1.4x Corporate Liquidity $3,543 $3,321 $3,393 Investment Grade Credit Ratings Moody’s: Baa1 S&P: BBB+ $400M LT Senior Notes (Public Offering) 5-yr debt 6.875% fixed (due 2028) $3.3B Credit Facility Maturing in November 2028 Notes: • Refer to pages 25 - 28 for definitions and reconciliations of non-GAAP financial measures • Commercial Paper, Credit Facility and Long-Term Senior Notes amounts shown are gross of debt issuance costs • Credit Facility figures shown in table above represent amounts drawn 21 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. €350M LT Senior Euro Notes (Private Placement) 10-yr debt 1.96% fixed (due 2027) 12-yr debt 2.21% fixed (due 2029) $2.5B Commercial Paper Program
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Return of capital to shareholders Highlights • Share repurchases totaled $70 million in Q3 2025, compared with $41 million in Q2 2025, bringing the year-to-date total to $131 million. • Approximately $880 million remains on our share repurchase authorization. • $1.3B repurchased at an average share price of $201 since the beginning of 2020. 22 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. US$ Millions Shares in 000s $100 $343 $601 $62 $80 $131 51,105 50,024 47,508 47,510 47,416 47,194 Share Repurchase Shares Outstanding (EOP) 2020 2021 2022 2023 2024 2025 YTD $0 $100 $200 $300 $400 $500 $600 $700 45,000 46,000 47,000 48,000 49,000 50,000 51,000 52,000
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Financial targets
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2025 Financial Targets 24 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Adjusted EBITDA $1,375 -$1,450M 2025 Consolidated Financial Targets • $75M increase to the bottom of the range. Previous range was $1,300 - $1,450M. • On track this year to achieve the low end of our mid-term Adjusted EBITDA margin target range, in line with our original timeline provided in November 2022.
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Non-GAAP reconciliations
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Reconciliation of net income to adjusted net income and adjusted diluted earnings per share (1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders. (2) For the first nine months of 2025 and first half of 2024, the tax impact of adjusted items was calculated using the applicable statutory rates by tax jurisdiction. For the third quarter of 2024, the tax impact of adjusted items was calculated using the consolidated effective tax rate, as this was deemed to approximate the tax impact of adjusted items calculated using applicable statutory tax rates. (3) Calculated on a local currency basis, the results for the three and nine months ended September 30, 2025, include $0.02 unfavorable impact and $0.02 favorable impact, respectively, due to foreign exchange rate fluctuations. 26 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved. Three months ended September 30, Nine months ended September 30, ($M except per share data) 2025 2024 2025 2024 Net income attributable to common shareholders $222.8 $155.1 $390.4 $305.6 Shares (in 000s) 48,349 48,497 48,362 48,355 Diluted earnings per share $4.61 $3.20 $8.07 $6.32 Net income attributable to common shareholders $222.8 $155.1 $390.4 $305.6 Restructuring and acquisition charges 11.7 -8.8 52.7 4.4 Net non-cash MSR and mortgage banking derivative activity 0.2 5.1 17.3 25.9 Amortization of acquisition-related intangibles(1) 9.0 15.6 41.1 46.6 Interest on employee loans, net of forgiveness (1.5) (1.8) (5.1) (4.1) Equity losses - Investment Management and Proptech Investments(1) (26.6) 2.2 29.1 23.4 Credit losses on convertible note investments 2.2 6.3 2.9 6.3 Tax impact of adjusted items(2) (0.4) (3.7) (40.0) (28.9) Adjusted net income $217.4 $170.0 $488.4 $379.2 Shares (in 000s) 48,349 48,497 48,362 48,355 Adjusted diluted earnings per share(3) $4.50 $3.50 $10.10 $7.84
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Reconciliation of net income attributable to common shareholders to adjusted EBITDA Three months ended September 30, Nine months ended September 30, ($M) 2025 2024 2025 2024 Net income attributable to common shareholders $222.8 $155.1 $390.4 $305.6 Interest expense, net of interest income 29.2 38.1 89.1 110.3 Income tax provision 52.6 37.4 93.3 73.8 Depreciation and amortization(1) 56.7 64.5 194.1 185.9 Restructuring and acquisition charges 11.7 (8.8) 52.7 4.4 Net non-cash MSR and mortgage banking derivative activity 0.2 5.1 17.3 25.9 Interest on employee loans, net of forgiveness (1.5) (1.8) (5.1) (4.1) Equity losses - Investment Management and Proptech Investments(1)(2) (26.6) 2.2 29.1 23.4 Credit losses on convertible note investments 2.2 6.3 2.9 6.3 Adjusted EBITDA $347.3 $298.1 $863.8 $731.5 (1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders. (2) The Proptech Investments, including convertible notes receivables, totaled ~$450 million and had a carrying value of ~$370 million as of September 30, 2025. 27 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved.
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Non-GAAP measures Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following: (i) Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA"), (ii) Adjusted net income attributable to common shareholders and Adjusted diluted earnings per share, (iii) Net Debt and (iv) Percentage changes against prior periods, presented on a local currency basis. However, non-GAAP financial measures should not be considered alternatives to measures determined in accordance with U.S. generally accepted accounting principles (“GAAP”). Any measure that eliminates components of a company’s capital structure, cost of operations or investments, or other results has limitations as a performance measure. In light of these limitations, management also considers GAAP financial measures and does not rely solely on non-GAAP financial measures. Because the company's non-GAAP financial measures are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures used by other companies. Adjustments to GAAP Financial Measures Used to Calculate non-GAAP Financial Measures Net Non-Cash Mortgage Servicing Rights ("MSR") and Mortgage Banking Derivative Activity consists of the balances presented within Revenue composed of (i) derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity and (ii) gains recognized from the retention of MSR upon origination and sale of mortgage loans, offset by (iii) amortization of MSR intangible assets over the period that net servicing income is projected to be received. Non-cash derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity are calculated as the estimated fair value of loan commitments and subsequent changes thereof, primarily represented by the estimated net cash flows associated with future servicing rights. MSR gains and corresponding MSR intangible assets are calculated as the present value of estimated cash flows over the estimated mortgage servicing periods. The above activity is reported entirely within Revenue of the Capital Markets segment. Excluding net non-cash MSR and mortgage banking derivative activity reflects how the company manages and evaluates performance because the excluded activity is non-cash in nature. 28 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved.
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Non-GAAP measures (cont.) Restructuring and Acquisition Charges primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes; (ii) acquisition, transaction and integration-related charges, including fair value adjustments, which are generally non-cash in the periods such adjustments are made, to assets and liabilities recorded in purchase accounting such as earn-out liabilities and intangible assets; and (iii) lease exit charges. Such activity is excluded as the amounts are generally either non-cash in nature or the anticipated benefits from the expenditures would not likely be fully realized until future periods. Restructuring and acquisition charges are excluded from segment operating results and therefore are not line items in the segments’ reconciliation to Adjusted EBITDA. Amortization of Acquisition-Related Intangibles is primarily associated with the fair value ascribed at closing of an acquisition to assets such as acquired management contracts, customer backlog and relationships, and trade name. Such activity is excluded as it is non-cash and the change in period-over-period activity is generally the result of longer-term strategic decisions and therefore not necessarily indicative of core operating results. Gain or Loss on Disposition reflects the gain or loss recognized on the sale of businesses. Given the low frequency of business disposals by the company historically, the gain or loss directly associated with such activity is excluded as it is not considered indicative of core operating performance. Interest on Employee Loans, Net of Forgiveness reflects interest accrued on employee loans less the amount of accrued interest forgiven. Certain employees (predominantly in our Leasing and Capital Markets businesses) receive cash payments structured as loans, with interest. Employees earn forgiveness of the loan based on performance, generally calculated as a percentage of revenue production. Such forgiven amounts are reflected in Compensation and benefits expense. Given the interest accrued on these employee loans and subsequent forgiveness are non-cash and the amounts perfectly offset over the life of the loan, the activity is not indicative of core operating performance and is excluded from non-GAAP measures. Equity Earnings/Losses (Investment Management and Proptech Investments) primarily reflects valuation changes on investments reported at fair value. Investments reported at fair value are increased or decreased each reporting period by the change in the fair value of the investment. Where the measurement alternative has been elected, our investment is increased or decreased upon observable price changes. Such activity is excluded as the amounts are generally non-cash in nature and not indicative of core operating performance. Note: Equity earnings/losses for segments other than Investment Management represent the results of unconsolidated operating ventures (not investments), and therefore the amounts are included in adjusted profit measures on both a segment and consolidated basis. Credit Losses on Convertible Note Investments reflects credit impairments associated with pre-equity convertible note investments in early-stage proptech enterprises. Such losses are similar to the equity investment-related losses included in equity earnings/losses for Proptech Investments and are therefore consistently excluded from adjusted measures. 29 | © 2025 Jones Lang LaSalle IP, Inc. All rights reserved.