On this page of StockholderLetter.com we present the latest annual shareholder letter from JONES LANG LASALLE INC — ticker symbol JLL. Reading current and past JLL letters to shareholders can bring important insights into the investment thesis.

 •  4/17/2026 Letter Continued (Full PDF)
 •  4/14/2023 JLL Stockholder Letter
 •  4/12/2024 JLL Stockholder Letter
 •  4/11/2025 JLL Stockholder Letter
 •  More "Real Estate" Category Stockholder Letters
 •  JLL Benford's Law Stock Score = 57

JLL Shareholder/Stockholder Letter Transcript:

Annual
Report 2025
Jones Lang LaSalle Incorporated
jll.com

JLL / Annual Report 2025
Accelerating Ahead
A letter to our stakeholders
From Christian Ulbrich
President and Chief Executive Officer
Record financial performance and strategic
planning made 2025 a pivotal year for
JLL. We strengthened our differentiated
global platform and advanced our industry
leadership in technology and AI. These
achievements represent the successful
culmination of our long-term vision and
provide a powerful foundation for our new
strategy, Accelerate 2030, as we continue to
lead our industry forward.
1

JLL / Annual Report 2025
Financial performance
In 2025, JLL delivered another year of strong financial results,
reflecting the success of our strategy. Our full-year revenue
grew 11% to $26.1 billion, with our fourth-quarter results
marking our seventh consecutive quarter of double-digit
revenue growth.
Our disciplined approach to cost management and the
increased efficiency of our global platform contributed to
significant bottom-line improvement. Full-year Adjusted
EBITDA was up 22% to $1.45 billion, and adjusted earnings per
share increased by 33% to $18.80. We also generated nearly
$1 billion in free cash flow, allowing us to continue investing in
strategic growth while returning capital to shareholders. These
results are a testament to our team   s strong execution and
unwavering client focus.
Technology and artificial intelligence
JLL has long been attuned to the opportunities and
potential of technology, and 2025 was a landmark year
for our AI and data initiatives     the cornerstone of our
competitive advantage.
We continued to build on our industry-leading AI platform, JLL
Falcon, to deliver unparalleled insights and efficiency for our
clients and colleagues. In 2025, we introduced AI capabilities
into key products such as Azara, our CRE data and business
intelligence platform, Prism, our building operations platform,
and JLL Asset Beacon, our intelligent CRE asset management
software, all of which capitalize on our vast and proprietary
data sets. We also drove internal efficiency and colleague
satisfaction gains with new, AI-powered tools that deliver
dramatically enhanced HR, Finance and IT support.
Tens of thousands of colleagues leveraged our internal AI
tools daily, including JLL GPT, which continued to see growing
adoption across our global teams, responding to nearly 600,000
prompts weekly. JLL colleagues built more than 900 custom AI
assistants to carry out specialized tasks across business lines
and functions as part of our thriving AI ecosystem.
Strategic partnerships and acquisitions
In 2025, we made strategic moves to strengthen our
capabilities and expand our reach in key growth areas.
We signed an agreement to acquire a significant stake in
FMTECH in Saudi Arabia, combining our global operational
and technology expertise with its local market knowledge to
advance the facilities management sector in the Kingdom.
We also acquired Javelin Capital, a leading renewable energy
investment banking firm. This acquisition enhances our ability
to advise clients on their energy transition needs and positions
us as a globally connected capital advisor in this rapidly
growing sector.
2

JLL / Annual Report 2025
Energy & sustainability
Our purpose to shape the future of real estate for a better
world is central to our strategy. In 2025, we strengthened our
commitment to sustainability and supporting clients with their
energy transition needs.
The JLL Foundation, a non-profit we founded in 2022, is
a catalyst for climate-impacting startups. The Foundation
deployed its largest loan pool to date in 2025, providing just
over $5 million in zero-interest seed loans to 15 innovative
climate-tech startups. This funding bridges a critical gap for
early-stage companies developing solutions to decarbonize the
built environment, power the renewable energy transition, and
advance the circular economy.
Since its inception, the JLL Foundation has loaned more
than $16.8 million to 62 companies across five continents. In
2025, we achieved an important milestone as the Foundation
received and redistributed $1 million in returned loans from
redistributed $1 million of loan repayments, validating our
circular funding model and enhancing our capacity to support
the next generation of climate innovators.
People
At JLL, our success is built on the talent, expertise,
and commitment of our people to our core values of
teamwork, ethics, and excellence. In 2025, our culture of
integrity and performance was recognized with several
prestigious accolades.
3
For the 18th consecutive year, Ethisphere named JLL one
of the World   s Most Ethical Companies  , a testament to our
uncompromising commitment to business integrity. We
are also proud to be named one of Fortune   s World   s Most
Admired Companies for the ninth straight year. Furthermore,
our leadership in creating healthier spaces was honored by the
International WELL Building Institute (IWBI), which presented
JLL with the WELL AP Impact Award for having the most WELL
Accredited Professionals of any organization globally. These
awards reflect the dedication of our entire global team.
Accelerate 2030
This past year also marked the successful conclusion of our
Beyond strategy, which guided JLL   s growth from 2017. Building
on that foundation, we prepared for the next phase of our
company   s evolution with the development of Accelerate 2030,
our new multi-year strategy approved by our Board of Directors
in December 2025 and launched in the first quarter of 2026.
Accelerate 2030 builds on JLL   s strengths: actionable
intelligence, trusted advice, and seamless execution. As our
industry evolves and opportunities expand across markets, we
are sharpening our focus, deepening client relationships and
investing strategically in our platform, data and people. With
our resilient platform, strong balance sheet and disciplined
capital allocation strategy, we are well positioned to build on
the momentum underway and capture the significant runway
for growth we see across our portfolio.

JLL / Annual Report 2025
4

4/17/2026 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.