Financial Analysis

"13. COMMITMENTS AND CONTINGENCIES We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Many of these litigation matters are covered by insurance (including insurance provided through a consolidated captive insurance company as further discussed below), but they may nevertheless be subject to large deductibles and the amounts being claimed may exceed the available insurance. Although we cannot determine the ultimate liability for these matters, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity. Professional Indemnity Insurance To better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by us, including our captive insurance company, with respect to professional indemnity claims, is up to $10.0 million per claim. We contract third-party insurance companies to provide coverage of risk in excess of this amount. When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in other liabilities on our Consolidated Balance Sheets when probable and estimable. In addition, we have established recei …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"10. DEBT Debt is composed of the following obligations. December 31, (in millions) 2025 2024 Short-term debt: Local overdraft facilities $ 2.8 18.9 Other short-term borrowings 89.9 134.9 Commercial paper, net of debt issuance costs of $0.2 and $0.7 (0.2) 199.3 Total short-term debt, net of debt issuance costs $ 92.5 353.1 Credit facility, net of debt issuance costs of $8.5 and $11.4 (8.5) 88.6 Long-term senior notes, 1.96%, face amount of 175.0, due June 2027, net of debt issuance costs of $0.2 and $0.3 205.1 181.2 Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $4.1 and $5.6 395.9 394.4 Long-term senior notes, 2.21%, face amount of 175.0, due June 2029, net of debt issuance costs of $0.4 and $0.5 204.9 181.1 Total debt, net of debt issuance costs $ 889.9 1,198.4 Commercial Paper Program We maintain a commercial paper program (the ""Program"") in which we may issue up to $2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time. Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time. Notes issued under the Program will be sold under customary market terms in the U.S. commercial paper market at par less a discount representing an interest factor or, if interest bearing, at par. The maturities of the Program notes may vary but may not exceed 397 days from the date of issuance. We intend to use net proceeds of the Program for general corporate purpose …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Year Ended December 31, (in millions) 2025 2024 2023 Revenue excluded from scope of ASC Topic 606 $ 360.8 325.9 286.3

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"6. STOCK-BASED COMPENSATION The Stock Award and Incentive Plan (""SAIP"") provides for the granting of various stock awards to eligible employees of JLL. These awards have historically been RSUs which generally vest over three years (either cliff or graded vesting) and PSUs which generally vest in three years (cliff vesting), subject to performance and/or market conditions. There were approximately 1.5 million shares available for grant under the SAIP as of December 31, 2025. Stock-based compensation expense, excluding expense related to retention awards issued in conjunction with acquisitions, is included within Compensation and benefits expense on the Consolidated Statements of Comprehensive Income. The expense related to retention awards issued in conjunction with acquisitions is included within Restructuring and acquisition charges. Stock-based compensation expense by award type is presented below. In 2023, we recognized $13.5 million of stock-based compensation expense reversal associated with the expected achievement against performance measures of certain PSU awards. Year Ended December 31, (in millions) 2025 2024 2023 Restricted stock unit awards $ 85.9 82.5 65.9 Performance stock unit awards 26.1 12.6 9.0 Total $ 112.0 95.1 74.9 Restricted Stock Units and Performance Stock Units RSU Shares (in 000's) PSU Shares (in 000's) Total Shares (in 000's) Weighted Average Grant Date Fair Value Unvested as of December 31, 2022 841.3 567.0 1,408.3 $ 170.78 Granted 520.5 185.2 7 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"9. FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC 820, Fair Value Measurements and Disclosures , which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy: Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date; Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Short-term borrowings, Commercial paper, contract liabilities, Warehouse facilities, Credit facility, Long-term debt and foreign currency derivatives. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities and the Warehouse facilities approximate their …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"8. INCOME TAXES Our provision for income taxes consisted of the following: Year Ended December 31, (in millions) 2025 2024 2023 U.S. federal: Current $ 37.6 34.1 88.1 Deferred (12.1) (22.7) (160.1) $ 25.5 11.4 (72.0) State and Local: Current $ 17.8 12.8 33.4 Deferred (1.7) (5.7) (54.6) $ 16.1 7.1 (21.2) International: Current $ 197.1 120.7 161.2 Deferred (49.2) (6.7) (42.3) $ 147.9 114.0 118.9 Total $ 189.5 132.5 25.7 The U.S. Internal Revenue Code contains two taxes, the Base Erosion Anti-Abuse Tax and Global Intangible Low-Taxed Income Tax, for which we treat any associated income tax as a period cost and record an expense provision for any year we are subject to the taxes. Accordingly, the estimated impacts of these taxes were included in our provision for income taxes for all periods presented. Due to the generation of net operating loss carryovers, our current tax expense increased by $13.8 million, $36.0 million and $69.1 million in 2025, 2024 and 2023, respectively, and our deferred tax expense was reduced by a corresponding amount. We adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , prospectively. As such, we have included the required expanded disclosures for the year ended December 31, 2025, while disclosures for the years ended December 31, 2024 and 2023 reflect the previous disclosure requirements. Income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to earnings before pro …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

11. LEASES For the years ended December 31, 2025, 2024 and 2023, operating lease expense was $189.7 million, $191.3 million and $187.4 million, respectively, and variable and short-term lease expense was $49.8 million, $50.3 million and $44.5 million, respectively. In addition, $206.6 million and $169.6 million of Operating lease right-of-use assets were obtained in exchange for lease obligations during the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, our total commitments related to finance leases was $33.7 million. Leases in which we sublet do not represent a significant portion of our leasing activity. Minimum future lease payments due in each of the next five years and thereafter, as of December 31, 2025, are presented in the table below. (in millions) 2026 $ 198.1 2027 187.2 2028 155.0 2029 136.9 2030 116.7 Thereafter 320.4 Total future minimum lease payments $ 1,114.3 Less imputed interest 173.2 Total $ 941.1 Other information related to operating leases is as follows. December 31, 2025 Weighted average remaining lease term 6.9 years Weighted average discount rate 4.6 %

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New Accounting Standards Recently adopted accounting guidance In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances the income tax disclosures to provide information to better assess how an entitys operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. We adopted this guidance for the annual period beginning January 1, 2025 and will adopt for the interim periods beginning January 1, 2026. This ASU resulted in expanded disclosures related to income taxes but did not have an impact on our financial statements or results of operations. Recently issued accounting guidance, not yet adopted In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40) , which requires disaggregated disclosure of income statement expenses for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. This ASU will result in expanded disclosures related to expenses but will have no impact on …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

7. RETIREMENT PLANS Defined Contribution Plans We have a qualified profit sharing plan subject to United States Internal Revenue Code Section 401(k) for eligible U.S. employees. A plan participant is allowed to contribute between 1% to 50% of their compensation to the 401(k) plan, subject to limits imposed by the IRS. We make employer matching contributions under this qualified profit sharing plan that are reflected in Compensation and benefits in the accompanying Consolidated Statements of Comprehensive Income. For 2025, 2024 and 2023 we matched 100% on the first 3% of annual compensation contributed to the plan and 50% on the next 2%. The related trust assets of this plan are managed by trustees and are excluded from the accompanying Consolidated Financial Statements. In addition, we maintain several defined contribution retirement plans for eligible non-U.S. employees. The table below provides detail of employer contributions for these plans. Year Ended December 31, (in millions) 2025 2024 2023 Employer contributions (U.S. employees) $ 57.0 54.8 52.1 Employer contributions (non-U.S. employees) 59.8 56.8 46.9 Defined Benefit Plans We maintain five defined benefit pension plans across Europe. It is our policy to fund at least the minimum annual contributions as actuarially determined and as required by applicable laws and regulations. Our contributions to these plans are invested by the plan trustee and, if the investment performance is not sufficient, we may be required to …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

12. TRANSACTIONS WITH AFFILIATES As part of our co-investment strategy, we have equity interests in real estate ventures, some of which have certain of our officers as trustees or board of director members, and from which we earn advisory and management fees. Included in the accompanying Consolidated Financial Statements was revenue of $757.8 million, $631.7 million and $896.4 million for 2025, 2024 and 2023, respectively, as well as receivables of $139.3 million and $115.6 million as of December 31, 2025 and 2024, respectively, related to transactions with affiliates. The outstanding balance of loans to employees are presented in the following table. The Company does not extend credit or provide personal loans to any director or executive officer of JLL. December 31, (in millions) 2025 2024 Loans related to co-investments (1) $ 84.2 81.0 Employee advances (2) 444.5 427.5 Total $ 528.7 508.5 (1) These non-recourse loans have been made to allow employees the ability to participate in investment fund opportunities. Such amounts are included in Investments on our Consolidated Balance Sheets. (2) Consists primarily of commissions and other compensation advances to employees that are amortized to Compensation and benefits based on performance over required service periods. Such amounts are included in Notes and other receivables and Long-term receivables on our Consolidated Balance Sheets.

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14. RESTRUCTURING AND ACQUISITION CHARGES Restructuring and acquisition charges include cash and non-cash expenses. Cash-based charges primarily consist of (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership, or transformation of business processes, (ii) acquisition, transaction and integration-related charges and (iii) other restructuring charges. Non-cash charges include (i) stock-based compensation expense for retention awards issued in conjunction with prior-period acquisitions, (ii) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity and (iii) asset impairment charges. Restructuring and acquisition charges are presented in the following table. Year Ended December 31, (in millions) 2025 2024 2023 Severance and other employment-related charges $ 42.2 27.1 62.1 Restructuring, pre-acquisition and post-acquisition charges 32.2 26.3 39.6 Stock-based compensation expense for post-acquisition retention awards 2.7 2.3 3.4 Fair value adjustments to earn-out liabilities (1.8) (32.6) (4.4) Restructuring and acquisition charges $ 75.3 23.1 100.7 We expect nearly all cash-based charges related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges as of December 31, 2025 will be paid during the …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Our Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (""U.S. GAAP"") and include the accounts of JLL and its majority-owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated. Investments over which we exercise significant influence, but do not control, are accounted for either at fair value or under the equity method. When applying principles of consolidation, we begin by determining whether an investee entity is a variable interest entity (""VIE"") or a voting interest entity. U.S. GAAP draws a distinction between voting interest entities, which are embodied by common and traditional corporate and certain partnership structures, and VIEs, broadly defined as entities for which control is achieved through means other than voting rights. For voting interest entities, the interest holder with control through majority ownership and majority voting rights consolidates the entity. For VIEs, determination of the ""primary beneficiary"" dictates the accounting treatment. We identify the primary beneficiary of a VIE as the enterprise having both (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or receive benefits of the VIE that could potentially be significant to the VIE. We p …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"COMMITMENTS AND CONTINGENCIES We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Professional Indemnity Insurance In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $10.0 million per claim. We contract third-party insurance companies to provide coverage of risk in excess of this amount. When a potential loss event occurs, we estimate the ultimate cost of the claim and accrue the amount in other liabilities on our Consolidated Balance Sheets when probable and estimable. In addition, we have established receivables from third-party insurance providers for claim amounts in excess of the risk retained by our captive insurance company. There was no such receivable recorded as of June 30, 2026 and December 31, 2025, in Notes and other receivables on our Consolidated Balance Sheets. The following table shows the professional indemnity accrual activity and related payments. (in millions) December 31, 2025 $ 1.4 New claims 3.3 Prior year claims adjustments (including foreign currency changes) 0.9 June 30, 2026 $ 5.6 December 31, 2024 $ 4.2 New claims 3.0 Prior year claims adjustments (i …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"DEBT Debt is composed of the following obligations. ($ in millions) June 30, 2026 December 31, 2025 Short-term debt: Local overdraft facilities $ 20.2 2.8 Other short-term borrowings 63.2 89.9 Long-term senior notes, 1.96%, face amount of 175.0, due June 2027, net of debt issuance costs of $0.2 and $ 199.9 Commercial paper, net of debt issuance costs of $0.0 and $0.2 420.0 (0.2) Total short-term debt, net of debt issuance costs $ 703.3 92.5 Credit facility, net of debt issuance costs of $7.0 and $8.5 338.0 (8.5) Long-term senior notes, 1.96%, face amount of 175.0, due June 2027, net of debt issuance costs of $ and $0.2 205.1 Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $3.4 and $4.1 396.6 395.9 Long-term senior notes, 2.21%, face amount of 175.0, due June 2029, net of debt issuance costs of $0.2 and $0.4 199.8 204.9 Total debt, net of debt issuance costs $ 1,637.7 889.9 Commercial Paper Program We maintain a commercial paper program (the ""Program"") in which we may issue up to $2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time. Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time. Notes issued under the Program will be sold under customary market terms in the U.S. commercial paper market at par less a discount representing an interest factor or, if interest bearing, at par. The maturities of the Program notes may vary but may not excee …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Revenue excluded from scope of ASC Topic 606 $ 75.0 82.5 $ 155.5 152.9

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"FAIR VALUE MEASUREMENTS We measure certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurements and Disclosures , which defines fair value as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants on the measurement date. In addition, it establishes a framework for measuring fair value according to the following three-tier fair value hierarchy: Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date; Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial Instruments Our financial instruments include Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, Warehouse receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, Commercial paper, Short-term borrowings, current portion of long-term debt, contract liabilities, Warehouse facilities, Credit facility, Long-term debt and foreign currency derivatives. The carrying amounts of Cash and cash equivalents, Trade receivables, Notes and other receivables, Reimbursable receivables, restricted cash, contract assets, Accounts payable, Reimbursable payables, contract liabilities and the …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"NEW ACCOUNTING STANDARDS Recently adopted accounting guidance In July 2025, the FASB issued ASU 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. We adopted this guidance for the interim periods beginning January 1, 2026 and elected to apply the practical expedient, which assumes that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets. This ASU did not have a material impact on our financial statements or results of operations. Recently issued accounting guidance In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40) , which requires disaggregated disclosure of income statement expenses for public entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption p …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RESTRUCTURING AND ACQUISITION CHARGES Restructuring and acquisition charges include cash and non-cash expenses. Cash-based charges primarily consist of (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes, (ii) acquisition, transaction and integration-related charges and (iii) other restructuring charges. Non-cash charges include (i) stock-based compensation expense for retention awards issued in conjunction with prior-period acquisitions and (ii) fair value adjustments to earn-out liabilities relating to prior-period acquisition activity and (iii) asset impairment charges. Restructuring and acquisition charges are presented in the following table. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Severance and other employment-related charges $ 16.6 18.0 $ 19.5 25.4 Restructuring, pre-acquisition and post-acquisition charges 9.1 10.0 10.8 17.7 Stock-based compensation expense for post-acquisition retention awards 0.7 0.2 1.4 Fair value adjustments to earn-out liabilities (7.4) 0.5 (3.5) Restructuring and acquisition charges $ 25.7 21.3 $ 31.0 41.0 We expect nearly all cash-based charges related to (i) severance and other employment-related charges and (ii) restructuring, pre-acquisition and post-acquisition charges …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUE RECOGNITION Capital Markets Services revenue excluded from the scope of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (""ASC Topic 606"") Our mortgage banking and servicing operations, comprised of (i) all Loan Servicing revenue and (ii) activities related to mortgage servicing rights (""MSR"" or ""MSRs"") and loan origination fees (included in Investment Sales, Debt/Equity Advisory and Other), are not considered revenue from contracts with customers, and accordingly are excluded from the scope of ASC Topic 606. Such out-of-scope revenue is presented below. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Revenue excluded from scope of ASC Topic 606 $ 75.0 82.5 $ 155.5 152.9 Contract assets and liabilities Our contract assets, net of allowance, are included in Short-term contract assets and Other assets and our contract liabilities are included in Short-term contract liabilities and deferred income on our Consolidated Balance Sheets. The majority of contract liabilities are recognized as revenue within 90 days. Such contract assets and liabilities are presented below. (in millions) June 30, 2026 December 31, 2025 Contract assets, gross $ 421.6 407.1 Contract asset allowance (3.8) (3.9) Contract assets, net $ 417.8 403.2 Contract liabilities $ 204.0 187.3 Remaining performance obligations Remaining performance obligations represent the aggregate transaction price for contracts where our perfor …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Effective January 1, 2026, we began reporting Software and Technology Solutions (historically a standalone reporting segment) as a fifth business line within Real Estate Management Services. In addition, the revenue disaggregation within Leasing Advisory was collapsed and the presentation of Investment Management revenue was simplified to reflect two captions: Advisory fees and Incentive and transaction fees. Prior period financial information was recast to conform with these presentation changes. We manage and report our operations as four global business segments: (1) Real Estate Management Services, (2) Leasing Advisory, (3) Capital Markets Services, and (4) Investment Management. Real Estate Management Services provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, portfolio and other services, and software and technology solutions. Leasing Advisory offers agency leasing and tenant representation, as well as advisory and consulting services. Capital Markets Services offerings include investment sales, debt and equity advisory, value and risk advisory, and loan servicing. Investment Management provides services on a global basis to institutional investors and high-net-worth individuals. We allocate all indirect expenses to our segments, other than interest and income taxes, as nearly all expenses incurred benefit one or more of the segments. Allocated expenses primarily consist of corporat …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing