JLL Reports Financial Results for First-Quarter 2023

CHICAGO, May 4, 2023 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for first-quarter 2023 with diluted loss per share of $0.19 and adjusted diluted earnings per share(1) of $0.65.

• First-quarter revenue was $4.7 billion, up 1% in local currency, and fee revenue(1) was $1.6 billion, down 15% in local currency
  
  • Market-wide transaction slowdown continued to impact Capital Markets activity, which was down against a robust prior year
  • Muted Leasing activity across asset classes and most geographies drove the Markets Advisory decline
  • Strong demand continued for Project Management, driving double-digit growth in Work Dynamics
• Margin contraction was primarily driven by the decline in transaction-based revenue
• Run-rate fixed expense growth over the past few quarters was partially offset by ongoing cost reduction actions

"Our first quarter financial results were in line with the expectations we had at the beginning of the year. Strong fee revenue growth in our resilient business lines was offset by the continuation of the industry-wide slowdown in investment sales and leasing volumes,” said Christian Ulbrich, JLL CEO. "JLL's diversified global platform and leadership position in both U.S. debt origination and equity placement put us in a unique situation to help our clients navigate the current operating environment. The investments we have made in our business over the past several years and the steps we have taken to reduce our operating costs position us to gain market share and drive long-term stakeholder value."