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Record first quarter revenue and earnings were driven by broad-based momentum in core advisory businesses, particularly within office and industrial leasing and global capital markets.

Management attributes productivity gains and market share growth to a decade of investment in proprietary data and AI, which is now being utilized by 25,000 employees daily.

The company is successfully transitioning its Property Management portfolio, having exited or repositioned approximately 60% of targeted low-margin contracts in Asia Pacific.

Resilient revenue streams, including outsourcing and project management, grew high single digits, providing a stable foundation against transactional volatility.

Performance in office leasing notably outpaced market volumes, supported by demand from the AI ecosystem and financial services sectors in gateway markets like New York and San Francisco.

Operational rigor and revenue growth unlocked significant profit expansion, with adjusted EBITDA increasing 24% and adjusted EPS rising 56%.

Full-year adjusted EPS guidance is set at $21.80 to $23.50, with current trends tracking toward the upper end of the range despite limited late-year visibility.

Management expects high single-digit revenue growth in Leasing Advisory and low double-digit growth in Capital Markets for the full year 2026.

The guidance framework assumes potential macroeconomic headwinds from prolonged Middle East tensions could impact the global economy in the second half of the year.

Commission tier headwinds in the leasing business are expected to moderate over the course of the year after an early peak in Q1.

Investment Management advisory fee growth is projected to pick up gradually as capital raised over the prior 12 months is deployed into the market.

JLL committed an incremental EUR 100 million to the LaSalle Encore+ Fund to support growth and signal confidence to third-party investors.

The company launched a global decarbonization fund in partnership with Shell's business lines, focusing on a retrofit-led approach to address the scarcity of energy-efficient properties. to address the scarcity of energy-efficient properties through retrofitting.

Share repurchases totaled $300 million in Q1, including a $200 million accelerated program, reflecting a commitment to programmatic capital return.

Management flagged the Middle East conflict as a potential risk to global energy and fertilizer prices, noting that while the impact is least felt in the U.S., it is already noticeable in Europe and a significant concern for countries like India., though direct revenue exposure remains low single digits.

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Management clarified that while they are trending toward the high end of guidance, the outlook accounts for very strong year-over-year comparisons in the second half.

The guidance reflects a range of scenarios regarding the fluidity of the macroeconomic and geopolitical environment.

Christian Ulbrich stated that AI is currently a tailwind, with AI startups and related ecosystems driving significant leasing activity in coastal U.S. markets.

Management dismissed immediate concerns of disintermediation, citing the importance of the JLL brand and proprietary data in complex valuations and transactions.

The timeline for exiting Asia Pacific contracts has extended because approximately one-third of clients opted to renegotiate more attractive commercial terms rather than terminate.

The financial impact of this churn is expected to be offset by strong core business growth and new wins in the Americas.

Direct investments into LaSalle funds must clear a higher return hurdle than share repurchases to be approved.

These co-investments are intended to jump-start third-party capital raising and create cross-selling synergies across the broader JLL platform.

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