JLL Reports Financial Results for Fourth-Quarter and Full-Year 2022

CHICAGO, February 28, 2023 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for 2022 with fourth-quarter diluted earnings per share of $3.62 and adjusted diluted earnings per share (1) of $4.36, and full-year diluted earnings per share of $13.27 and adjusted diluted earnings per share(1) of $15.71.

Fourth-quarter revenue was $5.6 billion, down 2% in LC, and fee revenue1 was $2.2 billion, down 16% in LC, compared with a record 2021

Outsourcing wins and strong close to the year for Project Management drove increase in Work Dynamics

 Sharp decline in market volumes and elongated deal cycles continued, contributing to the drop in Capital Markets

 Lower Markets Advisory revenue was attributable to pullback in leasing activity across asset classes

Margin contraction for the fourth quarter driven primarily by three factors:

Decrease in equity earnings from both JLL Technologies and LaSalle, which comprised over 75% of net margin contraction

Decline in higher-margin transaction-based revenue

Higher fixed compensation expense

"JLL’s fourth-quarter performance reflected the industry-wide slowdown in investment sales and leasing volumes caused by the rapid increase in interest rates and the peak of recent inflationary pressures," said Christian Ulbrich, JLL CEO. "Once again, the resilience and diversification of our platform was evidenced by strong fee revenue growth in our annuity businesses, especially within Work Dynamics. We remain focused on driving efficiencies in our operating platform and have reduced our cost structure in light of the challenging economic environment. We expect market conditions to recover across much of the world in the second half of 2023 and are confident in our ability to gain share, generate long-term profitable growth and achieve our 2025 financial targets."

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