JLL Reports Financial Results for Second-Quarter 2023

CHICAGO, August 3, 2023 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating income of $149.2 million for the second quarter of 2023. Diluted earnings per share were $0.05 and adjusted diluted earnings per share¹ were $0.50 for the quarter; both included a loss of $1.69 per diluted share associated with equity losses. In the prior-year quarter, equity earnings contributed earnings of $0.89 per diluted share.

• Second-quarter revenue was $5.1 billion, down 4% in local currency¹, and fee revenue¹ was $1.8 billion, down 13% in local currency¹
  • Market-wide transaction slowdown and extended interest rate uncertainty continued to impact Capital Markets volumes
  • Lower Leasing activity across asset classes and most geographies overshadowed Property Management growth within Markets Advisory
  • Project Management demand continued in several geographies, more than offsetting lower Portfolio Services revenues in Work Dynamics
• Margin contraction was driven by lower transaction-based revenues, particularly in United States and Europe, and a non-cash change in equity earnings/losses primarily associated with two JLL Technologies investments
• Annual run-rate savings rose $70 million to $210 million in total; recent cost reduction actions mostly offset investments to drive future growth
• Generated year-over-year improvement in Q2 cash provided by operating activities despite transaction-based revenue headwinds

“Our second quarter financial results reflect continued growth in our resilient revenues. While investment sales and leasing volumes remained muted across the industry this quarter, we are beginning to see recovery signs as credit spreads narrow and asset prices adjust to the current rate environment,” said Christian Ulbrich, JLL CEO. “We continue to make progress on our long-term plan to improve operating efficiency while also making targeted investments in our brokerage teams that will drive profitable growth as market conditions improve. We are well positioned to provide exceptional service to our clients globally and capitalize on the significant growth opportunities we see in the years ahead.”