JLL's Q2 2025 Earnings Call: Contradictions in Project Management Growth and Capital Markets Outlook

Project management growth expectations, macro uncertainty impact on decision-making, capital markets growth drivers, project management revenue growth, and capital markets revenue pipeline are the key contradictions discussed in Jones Lang LaSalle Incorporated's latest 2025Q2 earnings call.



Revenue and Profitability Growth:
- Jones Lang LaSalle Incorporated reported a 10% increase in consolidated revenue for Q2 2025, with adjusted EBITDA growing 17% and adjusted EPS up 29%.
- This growth was driven by momentum in resilient business lines and strong performance in Workplace Management and Project Management.

Resilient Business Performance:
- Resilient revenue growth was led by Workplace Management and a strengthening in Project Management, with double-digit growth across resilient businesses.
- The strong performance reflects the depth and breadth of the platform and untapped potential for outsourcing penetration across industries over the long term.

Capital Markets and Debt Advisory Growth:
- The Capital Markets Services segment saw a 27% increase in debt advisory revenue and 9% growth in investment sales, with stable pipelines and strong debt market conditions.
- The growth was supported by robust refinancing activity, notable strength in U.S. and European debt markets, and a high market share in large transactions.

Project Management Revenue Surge:
- Project Management revenue increased by 22% year-over-year, driven by strong leasing activity and strategic investments in the platform and human capital.
- Growth was supported by a global restructuring and unification of the Project Management business, enabling greater client value and expanded capabilities.

Leasing and Office Market Dynamics:
- Leasing revenue grew 11% in industrial and was stable in global office leasing, with the U.S. office leasing revenues increasing nearly 3%.
- Despite decelerating growth in office market volumes, JLL's performance was strong due to its market position and brand, while the industrial sector showed resilience amidst supply chain challenges.