Jones Lang LaSalle (JLL) investor relations material

Executive summary

• Revenue for Q2 2026 increased 11% year-over-year to $6.93 billion, with strong growth in Leasing Advisory and Capital Markets Services segments.

• Adjusted EBITDA rose 33% year-over-year to $386.3 million, reflecting enhanced platform leverage and strong segment performance.

• Adjusted diluted EPS was $5.26, up 61% year-over-year, and diluted EPS reached a record $4.59, up 98% year-over-year.

• Net income attributable to common shareholders more than doubled to $215.6 million for the quarter, driven by robust top-line growth and improved margins.

• Nearly 80% of revenue comes from resilient business lines, benefiting from recurring client relationships and secular outsourcing trends.

Financial highlights

• Q2 2026 revenue: $6.93 billion (up 11% year-over-year); H1 2026 revenue: $13.31 billion (up 11%).

• Adjusted EBITDA for Q2 2026: $386.3 million (up from $291.7 million in Q2 2025); H1 2026: $659.9 million (up from $516.5 million in H1 2025).

• Free cash flow reached $438 million, up 52% year-over-year, supporting capital returns to shareholders.

• Net debt declined to $1.19 billion, with a net debt/adjusted TTM EBITDA ratio of 0.7x and corporate liquidity at $3.41 billion.

• Share repurchases totaled $110 million in Q2 and $410 million year-to-date, reducing share count by nearly 3%.

Outlook and guidance

• Full-year 2026 adjusted EPS target raised to $24.60–$25.90, reflecting 34% growth at the midpoint.

• Segment revenue growth targets: mid-to-high single digits for real estate management, mid-to-high teens for leasing advisory, and mid-teens for capital markets.

• Management expects continued variability in results due to macroeconomic trends, transaction timing, and foreign currency volatility.

• Free cash flow conversion ratio trending above the long-term average of 80%.

• Continued momentum expected in the U.S., with global pipelines strong but mindful of prior year comparables.