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- **Revenue Growth**: 10% YoY revenue increase, driven by 13% Transactional revenue growth and 26% investment sales expansion.
- **AI Adoption**: 41% daily usage of proprietary AI tools, up from 35% weekly, enhancing productivity across businesses.
- **Property Management Restructuring**: Exiting low-margin contracts in APAC causing short-term drag, but U.S. growth remains strong.
- **Free Cash Flow Strength**: Record levels support buybacks ($131M YTD) and net leverage reduction to 0.8x.
- **Capital Markets Momentum**: Debt Advisory up 47% YoY, with healthy pipeline and improving bidder activity.
- **Margin Expansion**: On track to meet low end of midterm EBITDA margin target range, with 16% YoY EBITDA growth.

**【CEO Summary Section】**
- Q3 2025 revenue grew 10% YoY, with adjusted EBITDA up 16% and adjusted EPS rising 29%, driven by a reacceleration in Transactional businesses.
- Transactional revenue increased 13%, led by 26% growth in investment sales, debt, and equity advisory, reflecting market recovery and client activity.
- AI adoption expanded, with 41% of addressable population using proprietary AI tools daily, up from 35% weekly earlier in the year.
- Software and Technology Solutions (STS) segment will integrate into Real Estate Management Services (REMS) effective Q1 2026 to enhance scalability and synergies.
- Capital Markets pipeline remains strong, supported by liquid debt markets and fundraising activity.

**【CFO Financial Commentary】**
- Adjusted EBITDA of $420 million, up 16% YoY, with margin expansion driven by higher transactional revenues and cost control.
- Free cash flow reached its highest level since 2021, reducing net debt and lowering net leverage to 0.8x, below the 1.0x target range.
- Share buybacks totaled $70 million in Q3, bringing YTD repurchases to $131 million, exceeding stock compensation dilution.
- Full year adjusted EBITDA target raised to $1.375 billion-$1.45 billion, with margin expansion on track to meet the low end of the midterm target range.
- Property Management revenue growth moderated due to intentional contract exits in APAC, expected to stabilize in H2 2026.

**【Q&A Highlights】**
- **Property Management Strategy**: Exiting low-margin contracts in APAC caused short-term revenue drag, but U.S. Property Management grew mid-single digits. Full recovery expected by mid-2026.
- **AI Impact**: 41% daily AI tool adoption boosted productivity, with revenue per head in Capital Markets up significantly.
- **Capital Markets Momentum**: Debt Advisory revenue rose 47% YoY, driven by liquid debt markets and improved bidder dynamics.
- **Free Cash Flow**: Strong collections and earnings growth supported record free cash flow, with plans to continue offsetting stock compensation dilution.
- **Multifamily Credit Trends**: One-time fraud-related losses were isolated, with no broader deterioration in multifamily credit quality.


Jones Lang LaSalle Incorporated (JLL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

JLL

JLL fundamentals

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