JONES LANG LASALLE INC 10-K

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index to Consolidated Financial Statements Page JONES LANG LASALLE INCORPORATED CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm, KPMG LLP, on Consolidated Financial Statements 62 Report of Independent Registered Public Accounting Firm, KPMG LLP, on Internal Control Over Financial Reporting 64 Consolidated Balance Sheets as of December 31, 2025 and 2024 65 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023 66 Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023 67 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023 68 Notes to Consolidated Financial Statements 69 61 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Jones Lang LaSalle Incorporated: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Jones Lang LaSalle Incorporated and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 19, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. 62 Table of Contents Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Sufficiency of audit evidence over income taxes As described in Notes 2 and 8 to the consolidated financial statements, the Company recorded a provision for income taxes of $189.5 million for the year ended December 31, 2025, based on local tax rules and regulations for the tax jurisdictions in which they operate. The Company has operations which constitute a taxable income presence in over 93 countries or other taxable jurisdictions outside of the U.S. We identified the evaluation of the sufficiency of audit evidence over income tax expense as a critical audit matter. The Company's global tax structure adds complexity that required subjective auditor judgment to evaluate the sufficiency of audit evidence obtained. This required the involvement of federal and international tax professionals with specialized skills and knowledge, in order to assess the nature and extent of procedures performed in relation to the amounts recorded and disclosed in the consolidated financial statements. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's income tax process, including controls over the amounts recorded. We applied auditor judgment to determine the nature and extent of procedures to be performed over income tax expense. For certain taxing jurisdictions, we analyzed supporting documentation for the provision for income taxes. In addition, we involved tax professionals with specialized skills and knowledge who evaluated certain of the Company's interpretations and applications of the tax rules and regulations. We evaluated the sufficiency of audit evidence obtained by assessing the results of procedures performed over income tax expense, including the appropriateness of the nature and extent of such evidence. /s/ KPMG LLP We have served as the Company's auditor since 1988. Chicago, Illinois February 19, 2026 63 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Directors Jones Lang LaSalle Incorporated: Opinion on Internal Control Over Financial Reporting We have audited Jones Lang LaSalle Incorporated and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 19, 2026 expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Chicago, Illinois February 19, 2026 64 Table of Contents JONES LANG LASALLE INCORPORATED CONSOLIDATED BALANCE SHEETS December 31, (in millions, except share and per share data) 2025 2024 Assets Current assets: Cash and cash equivalents $ 599.1 416.3 Trade receivables, net of allowance of $ 62.2 and $ 60.8 2,302.8 2,153.5 Notes and other receivables 450.0 456.9 Reimbursable receivables 3,105.0 2,695.0 Warehouse receivables 751.2 770.7 Short-term contract assets, net of allowance of $ 1.8 and $ 1.6 340.1 334.8 Restricted cash, prepaid and other 631.2 651.3 Total current assets 8,179.4 7,478.5 Property and equipment, net of accumulated depreciation of $ 1,317.7 and $ 1,161.6 630.6 598.1 Operating lease right-of-use assets 712.3 743.1 Goodwill 4,707.3 4,611.3 Identified intangibles, net of accumulated amortization of $ 566.1 and $ 670.8 666.7 724.1 Investments, including $ 844.0 and $ 742.0 at fair value 892.9 812.7 Long-term receivables 419.4 394.7 Deferred tax assets, net 610.0 518.2 Deferred compensation plan 723.6 664.0 Other 258.9 219.1 Total assets $ 17,801.1 16,763.8 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 1,398.1 1,322.7 Reimbursable payables 2,539.6 2,176.3 Accrued compensation and benefits 1,929.6 1,768.5 Short-term borrowings 92.7 153.8 Commercial paper, net of debt issuance costs of $ 0.2 and $ 0.7 ( 0.2 ) 199.3 Short-term contract liabilities and deferred income 237.2 203.8 Warehouse facilities 759.1 841.0 Short-term operating lease liabilities 166.7 157.2 Other 263.8 321.9 Total current liabilities 7,386.6 7,144.5 Credit facility, net of debt issuance costs of $ 8.5 and $ 11.4 ( 8.5 ) 88.6 Long-term debt, net of debt issuance costs of $ 4.7 and $ 6.4 805.9 756.7 Deferred tax liabilities, net 56.0 45.6 Deferred compensation 737.2 665.4 Long-term operating lease liabilities 774.4 748.8 Other 426.5 419.1 Total liabilities 10,178.1 9,868.7 Company shareholders' equity: Common stock, $ 0.01 par value per share, 100,000,000 shares authorized; 52,120,548 and 52,120,548 shares issued; 46,945,754 and 47,415,584 outstanding 0.5 0.5 Additional paid-in capital 2,068.6 2,032.7 Retained earnings 7,114.0 6,334.9 Treasury stock, at cost, 5,174,794 and 4,704,964 shares ( 1,094.0 ) ( 937.9 ) Shares held in trust ( 13.8 ) ( 11.8 ) Accumulated other comprehensive loss ( 572.5 ) ( 646.9 ) Total Company shareholders' equity 7,502.8 6,771.5 Noncontrolling interest 120.2 123.6 Total equity 7,623.0 6,895.1 Total liabilities and equity $ 17,801.1 16,763.8 See accompanying notes to Consolidated Financial Statements. 65 Table of Contents JONES LANG LASALLE INCORPORATED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, (in millions, except share and per share data) 2025 2024 2023 Revenue $ 26,115.6 23,432.9 20,760.8 Operating expenses: Compensation and benefits $ 11,924.3 10,994.7 9,770.7 Operating, administrative and other 12,765.2 11,291.2 10,074.5 Depreciation and amortization 252.8 255.8 238.4 Restructuring and acquisition charges 75.3 23.1 100.7 Total operating expenses $ 25,017.6 22,564.8 20,184.3 Operating income $ 1,098.0 868.1 576.5 Interest expense, net of interest income 107.3 136.9 135.4 Equity losses ( 20.7 ) ( 70.8 ) ( 194.1 ) Other income 11.7 18.9 4.9 Income before income taxes and noncontrolling interest 981.7 679.3 251.9 Income tax provision 189.5 132.5 25.7 Net income 792.2 546.8 226.2 Net income attributable to noncontrolling interest 0.1 — 0.8 Net income attributable to common shareholders $ 792.1 546.8 225.4 Basic earnings per common share $ 16.73 11.51 4.73 Basic weighted average shares outstanding (in 000's) 47,351 47,493 47,628 Diluted earnings per common share $ 16.40 11.30 4.67 Diluted weighted average shares outstanding (in 000's) 48,312 48,372 48,288 Net income attributable to common shareholders $ 792.1 546.8 225.4 Change in pension liabilities, net of tax ( 7.9 ) 8.3 0.4 Foreign currency translation adjustments 82.3 ( 63.7 ) 56.3 Comprehensive income attributable to common shareholders $ 866.5 491.4 282.1 See accompanying notes to Consolidated Financial Statements. 66 Table of Contents JONES LANG LASALLE INCORPORATED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023 (in millions, except share and per share data) Company Shareholders' Equity Common Stock Additional Shares Shares Outstanding Amount Paid-In Retained Held Treasury Total Capital Earnings in Trust Stock AOCI (1) NCI (2) Equity December 31, 2022 47,507,758 $ 0.5 2,022.6 5,590.4 ( 9.8 ) ( 934.6 ) ( 648.2 ) 121.6 $ 6,142.5 Net income (3) — — — 225.4 — — — 1.0 226.4 Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 374,191 — ( 84.0 ) ( 20.2 ) — 76.1 — — ( 28.1 ) Stock-based compensation — — 78.3 — — — — — 78.3 Shares held in trust — — — — ( 0.6 ) — — — ( 0.6 ) Repurchase of common stock ( 372,199 ) — — — — ( 61.6 ) — — ( 61.6 ) Change in pension liabilities, net of tax — — — — — — 0.4 — 0.4 Foreign currency translation adjustments — — — — — — 56.3 — 56.3 Net decrease in amounts attributable to noncontrolling interest — — — — — — — ( 6.5 ) ( 6.5 ) Redemption of redeemable noncontrolling interest — — 2.8 — — — — — 2.8 December 31, 2023 47,509,750 $ 0.5 2,019.7 5,795.6 ( 10.4 ) ( 920.1 ) ( 591.5 ) 116.1 $ 6,409.9 Net income — — — 546.8 — — — — 546.8 Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 317,022 — ( 84.4 ) ( 7.5 ) — 62.9 — — ( 29.0 ) Stock-based compensation — — 97.4 — — — — — 97.4 Shares held in trust — — — — ( 1.4 ) — — — ( 1.4 ) Repurchase of common stock ( 411,188 ) — — — — ( 80.7 ) — — ( 80.7 ) Change in pension liabilities, net of tax — — — — — — 8.3 — 8.3 Foreign currency translation adjustments — — — — — — ( 63.7 ) — ( 63.7 ) Net increase in amounts due to noncontrolling interest — — — — — — — 7.5 7.5 December 31, 2024 47,415,584 $ 0.5 2,032.7 6,334.9 ( 11.8 ) ( 937.9 ) ( 646.9 ) 123.6 $ 6,895.1 Net income — — — 792.1 — — — 0.1 792.2 Vesting of shares related to equity compensation plans, net of amounts withheld for payment of taxes 276,588 — ( 78.8 ) ( 13.0 ) — 55.4 — — ( 36.4 ) Stock-based compensation — — 114.7 — — — — — 114.7 Shares held in trust — — — — ( 2.0 ) — — — ( 2.0 ) Repurchase of common stock ( 746,418 ) — — — — ( 211.5 ) — — ( 211.5 ) Change in pension liabilities, net of tax — — — — — — ( 7.9 ) — ( 7.9 ) Foreign currency translation adjustments — — — — — — 82.3 — 82.3 Net decrease in amounts due to noncontrolling interest — — — — — — — ( 3.5 ) ( 3.5 ) December 31, 2025 46,945,754 $ 0.5 2,068.6 7,114.0 ( 13.8 ) ( 1,094.0 ) ( 572.5 ) 120.2 $ 7,623.0 (1) AOCI: Accumulated other comprehensive income (loss) (2) NCI: Noncontrolling interest (3) Excludes net loss attributable to redeemable noncontrolling interest of $ 0.2 million for the year ended December 31, 2023. See accompanying notes to Consolidated Financial Statements. 67 Table of Contents JONES LANG LASALLE INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, (in millions) 2025 2024 2023 Cash flows from operating activities: Net income $ 792.2 546.8 226.2 Reconciliation of net income to net cash provided by operating activities: Depreciation and amortization 252.8 255.8 238.4 Equity losses 20.7 70.8 194.1 Distributions of earnings from investments 28.8 17.7 12.4 Provision for loss on receivables and other assets 41.6 38.0 20.3 Amortization of stock-based compensation 114.7 97.4 78.3 Net non-cash mortgage servicing rights and mortgage banking derivative activity 15.2 18.2 18.2 Accretion of interest and amortization of debt issuance costs 6.3 5.5 4.3 Other, net 14.2 0.1 18.0 Change in: Receivables ( 148.8 ) ( 207.9 ) 11.1 Reimbursable receivables and reimbursable payables ( 27.8 ) ( 4.6 ) ( 93.3 ) Prepaid expenses and other assets ( 55.5 ) ( 81.6 ) ( 24.0 ) Income taxes receivable, payable and deferred ( 51.3 ) ( 137.6 ) ( 138.8 ) Accounts payable, accrued liabilities and other liabilities 60.9 36.2 78.5 Accrued compensation (including net deferred compensation) 130.1 130.5 ( 67.9 ) Net cash provided by operating activities 1,194.1 785.3 575.8 Cash flows from investing activities: Net capital additions – property and equipment ( 215.6 ) ( 185.5 ) ( 186.9 ) Business acquisitions, net of cash acquired ( 7.7 ) ( 60.9 ) ( 13.6 ) Capital contributions to investments ( 162.9 ) ( 88.6 ) ( 109.4 ) Distributions of capital from investments 51.8 19.2 23.7 Other, net ( 2.2 ) ( 1.0 ) ( 4.2 ) Net cash used in investing activities ( 336.6 ) ( 316.8 ) ( 290.4 ) Cash flows from financing activities: Proceeds from borrowings under credit facility 9,130.0 8,043.0 7,684.0 Repayments of borrowings under credit facility ( 9,230.0 ) ( 8,568.0 ) ( 8,284.0 ) Proceeds from issuance of commercial paper 3,771.0 910.0 — Repayments of commercial paper ( 3,971.0 ) ( 710.0 ) — Proceeds from senior notes — — 400.0 Net (repayments of) proceeds from short-term borrowings ( 63.9 ) 2.9 ( 24.8 ) Payments of deferred business acquisition obligations and earn-outs ( 15.4 ) ( 7.4 ) ( 26.6 ) Shares repurchased for payment of employee taxes on stock awards ( 39.6 ) ( 31.8 ) ( 30.6 ) Repurchase of common stock ( 211.5 ) ( 80.7 ) ( 61.6 ) Other, net ( 12.8 ) ( 9.2 ) ( 30.7 ) Net cash used in financing activities ( 643.2 ) ( 451.2 ) ( 374.3 ) Effect of currency exchange rate changes on cash, cash equivalents and restricted cash 31.9 ( 28.0 ) 6.3 Net change in cash, cash equivalents and restricted cash 246.2 ( 10.7 ) ( 82.6 ) Cash, cash equivalents and restricted cash, beginning of the year 652.7 663.4 746.0 Cash, cash equivalents and restricted cash, end of the year $ 898.9 652.7 663.4 Supplemental disclosure of cash flow information: Restricted cash, beginning of the year $ 236.5 253.4 226.7 Restricted cash, end of the year 299.8 236.5 253.4 Cash paid during the year for: Interest $ 118.5 147.0 144.8 Income taxes, net of refunds 226.0 284.9 158.5 Operating leases 203.7 199.5 194.6 Non-cash activities: Business acquisitions (including contingent consideration) $ 0.6 13.5 — Deferred business acquisition obligations 0.9 14.7 — See accompanying notes to Consolidated Financial Statements. 68 Table of Contents JONES LANG LASALLE INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. ORGANIZATION Jones Lang LaSalle Incorporated ("Jones Lang LaSalle," which we may refer to as "JLL," "we," "us," "our," or the "Company") was incorporated in 1997. We have corporate offices worldwide and over 113,000 employees, including approximately 54,600 employees whose costs are reimbursed by our clients. We provide comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. We are an industry leader in property and facility management services, with a managed portfolio of nearly 5.7 billion square feet (unaudited) worldwide as of December 31, 2025. LaSalle Investment Management ("Investment Management") is one of the world's premier diversified real estate investment management firms, with $ 86.4 billion of assets under management (unaudited) as of December 31, 2025. We work for a broad range of clients representing a wide variety of industries in markets throughout the world. Our clients vary greatly in size and include for-profit and not-for-profit entities of all kinds, public-private partnerships and governmental (public sector) entities. We provide real estate investment management services on a global basis for both public and private assets through our Investment Management segment. Our integrated global business model, industry-leading research capabilities, client relationship management focus, consistent worldwide service delivery and strong brand are attributes that enhance our services. 2. 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 perform the primary beneficiary analysis as of the inception of our investment and upon the occurrence of a reconsideration event. When we determine we are the primary beneficiary of a VIE, we consolidate the VIE; when we determine we are not the primary beneficiary of the VIE, we account for our investment in the VIE at fair value or under the equity method, based upon an election made at the time of investment. Our determination of the appropriate accounting method to apply for unconsolidated investments is based on the level of influence we have in the underlying entity. When we have an asset advisory contract with a real estate limited partnership in which we also hold an ownership interest, the combination of our limited partner interest and the advisory agreement generally provides us with significant influence over such real estate limited partnership. Accordingly, we account for such investments either at the equity method or fair value if elected. We eliminate transactions with such subsidiaries to the extent of our ownership in such subsidiaries. 69 Table of Contents For less-than-wholly-owned consolidated subsidiaries, noncontrolling interest is the portion of equity not attributable, directly or indirectly, to JLL. We evaluate whether noncontrolling interests possess any redemption features outside of our control. If such features exist, the noncontrolling interests are presented outside of permanent equity on the Consolidated Balance Sheets within Redeemable noncontrolling interest. Redeemable noncontrolling interests are adjusted to the greater of their fair value or carrying value as of each balance sheet date through a charge to Additional paid-in capital, if necessary. We had no such redeemable noncontrolling interest as of December 31, 2025 or 2024. When noncontrolling interests have no redemption features outside of our control, noncontrolling interests are presented as a component of permanent equity on the Consolidated Balance Sheets. We report revenues, expenses and net income/loss from less-than-wholly-owned consolidated subsidiaries at the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests; the income or loss attributable to the noncontrolling interest holders is reflected in Net income attributable to noncontrolling interest on the Consolidated Statements of Comprehensive Income. Use of Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions about future events that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of revenue and expenses during each reporting period. Such estimates include the value and allocation of purchase consideration, valuation of accounts receivable, Reimbursable receivables, Warehouse receivables, Investments, Goodwill, intangible assets, derivative financial instruments, other long-lived assets, earn-out liabilities, legal contingencies, assumptions used in the calculation of income taxes, incentive compensation, self-insurance program liabilities, and retirement and other post-employment benefits, among others. These estimates and assumptions are based on management's best estimate and judgment. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency exchange rate fluctuations can increase the uncertainty in such estimates and assumptions. Because future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Although actual amounts may differ from such estimated amounts, we believe such differences are not likely to be material. Revenue Recognition We earn revenue from the following services (segments are bolded). • Real Estate Management Services ◦ Workplace Management ◦ Project Management ◦ Property Management ◦ Portfolio Services and Other • Leasing Advisory ◦ Leasing ◦ Advisory, Consulting and Other • Capital Markets Services ◦ Investment Sales, Debt/Equity Advisory and Other ◦ Value and Risk Advisory ◦ Loan Servicing • Investment Management • Software and Technology Solutions 70 Table of Contents Real Estate Management Services Workplace Management Workplace Management provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy. Contract pricing can include multiple elements, such as a management fee or an incentive fee or other form of variable consideration. In addition, these fees may be inclusive of – or distinct from – the reimbursement of costs related to client-dedicated personnel, subcontractors and third-party vendors for which we are reimbursed. When distinct, such costs are reimbursed separately from our management fee. Management fees are typically structured as a fixed monthly price for an agreed-upon scope of work or are determined by applying a contractual markup to spend associated with fulfilling our Workplace Management contracts. As these fees represent a series of daily performance obligations delivered over time, we recognize revenue each period for fees related to the services we perform. Many contracts also include variable consideration, which is typically earned as an incentive fee when we perform favorably with respect to agreed-upon key performance indicators ("KPI"), but may also be structured as an at-risk fee where we are penalized for failing to achieve a KPI. Examples of KPIs include shared savings targets, service quality benchmarks, timely work order completion statistics and client satisfaction scores. Regardless of the upside or downside nature, we assess variable consideration independently for each contract and, when appropriate, recognize such fees as revenue when the achievement of the KPI is probable and material reversal of such revenue is unlikely. Because we control and direct the work of client-dedicated employees, we present the associated compensation and benefits expense as well as the corresponding revenue gross on our Consolidated Statements of Comprehensive Income. Similarly, when we act as principal with respect to third-party vendors and subcontractors engaged to deliver operational services to our client, we control and direct these third-party activities prior to the transfer of services to the client and accordingly present the costs we are reimbursed for as well as the corresponding revenue as gross. For contracts where we do not control and direct third-party services delivered to the client, we act as the client’s agent and report revenue net of such costs. Project Management Project Management provides construction-related services, primarily short-term in nature, ranging from development and design to general contracting and project management for owners and occupiers of real estate. Depending on the terms of our engagement, our performance obligation is either to arrange for the completion of a project or to assume responsibility for completing a project on behalf of a client. Our obligations to clients are satisfied over time due to the continuous transfer of control of the underlying asset. Therefore, we recognize revenue over time, generally using input measures (e.g., to-date costs incurred relative to total estimated costs at completion). Typically, we are entitled to consideration at distinct milestones over the term of an engagement. For certain contracts where we assume responsibility for completing a project, we control the services provided by third-party vendors and subcontractors prior to transfer of the assets to the client. In these situations, the third-party costs incurred on behalf of clients, along with the associated reimbursement revenue, are presented gross on our Consolidated Statements of Comprehensive Income. In contrast, where we act as agent on behalf of clients, third-party costs incurred and the associated revenue are presented net on our Consolidated Statements of Comprehensive Income. Property Management Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric. Although we are principal in certain situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third party vendors and subcontractors prior to the transfer of the services to the client. As a result, the third-party costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Consolidated Statements of Comprehensive Income. 71 Table of Contents Portfolio Services and Other Portfolio Services and Other includes a variety of different service offerings, including advising clients on how to optimize their workplace strategies and occupancy planning efforts, and overall portfolio strategy management and administration for our clients. Our performance obligation is to provide services as specified in the contract. For event-driven point-in-time transactions, we record revenue when our performance obligation is complete, such as the delivery of a report to the client, whereas revenue is recorded over time for services with a continuous transfer of control to our clients. Leasing Advisory Leasing Leasing revenue is earned from brokerage commissions as we represent tenants and/or landlords in connection with real estate leases. Our performance obligation is to facilitate the execution of a lease agreement, which is satisfied at a point in time, upon lease execution. Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g., tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be "normal course of business" and, therefore, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of a future event(s) uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than 5 % of our Leasing revenue recognized in a period had previously been constrained. Advisory, Consulting and Other Advisory, Consulting and Other includes a variety of different service offerings, whereby our performance obligation is to provide services as specified in the contract. Occasionally, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of a report to the client. However, except for event-driven point-in-time transactions, the majority of services provided within this service line are delivered over time due to the continuous transfer of control to our clients. Capital Markets Services Investment Sales, Debt/Equity Advisory and Other We provide brokerage and other services for capital transactions, such as real estate sales or loan originations and refinancings. Our performance obligation is to facilitate the execution of capital transactions, and we are generally entitled to the full consideration at the point in time upon which our performance obligation is satisfied, at which time we recognize revenue. In addition, revenue related to mortgage servicing rights ("MSR" or "MSRs") and loan origination fees are reported within Investment Sales, Debt/Equity Advisory and Other. Value and Risk Advisory Value and Risk Advisory service offerings include (but are not limited to) asset appraisal, business valuation, property tax advisory, complex litigation and environmental property consulting. Our performance obligation is to provide services as specified in the contract and our pricing is negotiated based on the scale and complexity of each assignment. Typically, our entitlement to consideration is predicated on the occurrence of an event such as the delivery of an appraisal or report to the client. Loan Servicing We service substantially all the loans we originate and sell, and service loans we did not originate but subsequently acquire the rights to service. We obtain a periodic fee for each loan we service based on a proportion of the cash collections. 72 Table of Contents 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 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. Year Ended December 31, (in millions) 2025 2024 2023 Revenue excluded from scope of ASC Topic 606 $ 360.8 325.9 286.3 Investment Management Investment Management provides real estate investment management services to clients and generally earns consideration in the form of advisory fees, transaction fees and incentive fees. Typically, our performance obligation is to manage clients’ capital for a specified period of time and is delivered as a series of daily performance obligations over time. Revenue recognition for transaction fees and incentive fees is generally constrained until all contingencies have cleared due to the possibility of a significant reversal. Revenue is recognized upon completion of the events necessary to realize the associated consideration. Substantially all incentive fees recognized as revenue were previously constrained. Software and Technology Solutions Software and Technology Solutions offers multiple cloud-based software solutions that generate value for investors and businesses by enabling higher-quality decision-making through improved data and analytics. We recognize cloud-based software revenue over time commensurate with the length and terms of the contract. In addition, we offer professional services such as program and project management, implementation and support, managed services, and advisory services. We recognize professional services revenue at the time our performance obligation is satisfied. Effective January 1, 2026, the Software and Technology Solutions segment will merge into Real Estate Management Services with results of operations reported as a subsegment within Real Estate Management Services. Contract Costs Expenses, primarily employee commissions, incurred on leasing and capital markets transactions represent substantially all our incremental costs to obtain revenue contracts. We apply the applicable practical expedient offered by ASC Topic 606 when the amortization period is one year or less and, therefore, recognize these costs as an operating expense as they are incurred. We also incur costs to fulfill revenue contracts, primarily related to transition costs incurred prior to delivering Property Management and Workplace Management services. These costs are not expensed as incurred but are deferred and amortized as an operating expense over the expected life of the contract in accordance with the transfer of related services. Contract costs that are recognized as assets are reviewed for impairment when events and changes in circumstances indicate that their carrying amounts may not be recoverable. Contract Assets and Liabilities Contract assets include amounts recognized as revenue for which we are not yet entitled to payment for reasons other than the passage of time, but that do not constrain revenue recognition. We include Contract assets in our reserving process and assess the risk of loss similar to our methodology for Trade receivables, since Contract assets are reclassified to Trade receivables when we become entitled to payment. Accordingly, a reserve is applied upon recognition of the contract asset. Our contract assets, net of allowance, are included in Short-term contract assets and Other assets. Contract liabilities include advance payments we have received which relate to performance obligations we have not yet satisfied. The majority of contract liabilities are recognized as revenue within 90 days. Our contract liabilities are included in Short-term contract liabilities and deferred income on our Consolidated Balance Sheets. 73 Table of Contents Such contract assets and liabilities are presented below. (in millions) December 31, 2025 December 31, 2024 Contract assets, gross $ 407.1 388.3 Contract asset allowance ( 3.9 ) ( 3.9 ) Contract assets, net $ 403.2 384.4 Contract liabilities $ 187.3 154.7 Deferred Income Deferred income includes payments received from customers for which we have satisfied our performance obligations but are not yet able to recognize the related revenue because of contractual requirements. Remaining Performance Obligations Remaining performance obligations represent the aggregate transaction price for contracts where our performance obligations have not yet been satisfied. As of December 31, 2025, the aggregate amount of transaction price allocated to remaining performance obligations represented an insignificant amount of our total revenue. In accordance with ASC Topic 606, excluded from the aforementioned remaining performance obligations are (i) amounts attributable to contracts expected to be completed within 12 months and (ii) variable consideration for services performed as a series of daily performance obligations, such as facilities management, property management, and Investment Management contracts. Contracts within these businesses represent a significant portion of our contracts with customers not expected to be completed within 12 months. Cash and Cash Equivalents We consider all highly-liquid investments purchased with maturities of three months or fewer to be cash equivalents. The carrying amount of cash equivalents approximates fair value due to the short-term maturity of these investments. Financing Receivables We account for Trade receivables, Notes and other receivables, Long-term receivables, Reimbursable receivables, and Warehouse receivables as financing receivables. Trade Receivables Pursuant to contractual arrangements, Trade receivables, net of allowances include unbilled amounts of $ 612.8 million and $ 625.3 million as of December 31, 2025 and 2024, respectively. We estimate the allowance necessary to provide for uncollectible Trade receivables. We base this estimate on historical collection experience combined with a review of current developments and economic conditions. The process by which we calculate the allowance is formulaic and driven by the age profile of the receivables. We then review these allowances on a quarterly basis to ensure they are appropriate. After all collection efforts have been exhausted by management, the outstanding balance considered not collectible is written off against the allowance. The following table details the changes in the allowance for uncollectible Trade receivables. (in millions) 2025 2024 2023 Allowance as of January 1, $ 60.8 70.7 66.7 Charged to income 31.6 28.2 22.0 Write-off of uncollectible Trade receivables ( 31.8 ) ( 36.6 ) ( 15.8 ) Impact of exchange rate movements and other 1.6 ( 1.5 ) ( 2.2 ) Allowance as of December 31, $ 62.2 60.8 70.7 74 Table of Contents Trade Receivables - Factoring We participate in certain clients' trade receivables factoring programs in which we elect and sell Trade and Reimbursable receivables to unaffiliated financial institutions on a non-recourse basis. We account for the transfer of the receivables as a true sale in accordance with ASC Topic 860 at the point control is transferred (after which we have no continuing involvement) and, accordingly, the sold receivables are excluded from Trade or Reimbursable receivables in our Consolidated Balance Sheet. Cash flows attributable to factoring are reflected as cash flows from operating activities in our Consolidated Statements of Cash Flows. Factoring fees are included as Operating, administrative and other expenses in our Consolidated Statements of Comprehensive Income. The aggregate amount of factoring fees on the sale of trade receivables was not material during the three-year period ended December 31, 2025. Notes and Other Receivables and Long-Term Receivables We make ongoing assessments of the collectability of outstanding Notes and other receivables and Long-term receivables, considering both objective and subjective factors such as the aging profile of outstanding balances, the contractual terms of repayment, and credit quality. To the extent that receivables share similar characteristics, these are assessed on a collective basis. Aspects of credit quality considered in our assessments of collectability include historical experience, current and expected economic conditions, and our broader business relationship with the obligor. We record an allowance against the outstanding balance when our assessments determine payment has become unlikely. After all collection efforts have been exhausted by management, the outstanding balance is written off against the reserve. Historically, credit quality deterioration to the point of impairment or non-performance in our Notes and other receivables and Long-term receivables has not had a material impact on the Consolidated Financial Statements. Reimbursable Receivables We recognize Reimbursable receivables for costs incurred on behalf of clients, primarily while performing property & facility management services. These costs include direct reimbursements, primarily payroll and third-party vendor and subcontractor costs. We record an allowance based on specific identification of an uncollectible reimbursable receivable, considering current and future economic conditions as well as client credit quality. Historically, we have not experienced any material collection issues and, as such, have not applied a formulaic reserve to these receivables. Reimbursable receivables relate to our Reimbursable payables, which are typically satisfied on a pay-when-paid basis. Warehouse Receivables We classify Warehouse receivables as held-for-sale as they represent originated mortgage loans for which we have simultaneously executed commitments to sell to a third-party investor, primarily the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association (Fannie Mae), and the Government National Mortgage Association (Ginnie Mae). These loans (also referred to as "Warehouse receivables") are funded directly to borrowers by our Warehouse facilities and are generally repaid within a 45-day period after origination when the third-party investor buys the loan(s); upon surrender of control over each loan, we account for the transfer as a sale. Warehouse receivables are measured and reported at fair value in accordance with our entity-wide election of the fair value option. As such, increases or decreases in the fair value of loans are recognized as Revenue on the Consolidated Statements of Comprehensive Income. Historically, we have not experienced credit quality deterioration or uncollectible balances with respect to our Warehouse receivables. We generally retain certain servicing rights upon sale of the mortgage loan (refer to the Mortgage Servicing Rights section below). We typically retain no exposure for credit losses on loans subsequent to sale, except for loans under Fannie Mae's Delegated Underwriting and Servicing ("DUS") program. See the following section, Financial Guarantees, as well as Note 13, Commitments and Contingencies, for additional information on the risk of loss retained related to DUS program loans. Contractually specified servicing fees related to sold warehouse receivables and loans serviced for others were $ 168.4 million, $ 160.0 million and $ 152.6 million for the years ended December 31, 2025, 2024 and 2023, respectively, including prepayment and late fees totaling $ 4.2 million, $ 2.6 million, and $ 4.2 million, respectively, and are included in Revenue on the Consolidated Statements of Comprehensive Income. Placement fees totaling $ 82.6 million, $ 90.9 million , and $ 79.6 million earned for the years ended December 31, 2025, 2024 and 2023, respectively, were also recorded in Revenue on the Consolidated Statements of Comprehensive Income. 75 Table of Contents Financial Guarantees Certain loans we originate and sell under the Fannie Mae DUS program retain a percentage of the risk of loss. This loss-sharing aspect of the program represents an off-balance sheet credit exposure, and we have established a contingent reserve ("loan loss guarantee reserve") for this risk in accordance with ASC Topic 326. To estimate the reserve, we use a model that analyzes historical losses, current and expected economic conditions, and reasonable and supportable forecasts. The model also considers specific details of the underlying property used as collateral, such as occupancy and financial performance. Loans are evaluated collectively based on vintage, which captures similar risk characteristics. As of December 31, 2025 and 2024, the loan loss guarantee reserve was $ 29.9 million and $ 28.5 million, respectively, and was included within Other liabilities on the Consolidated Balance Sheets. For all DUS program loans with loss-sharing obligations, we record a non-contingent liability equal to the estimated fair value of the guarantee obligations undertaken upon sale of the loan, which reduces our gain on sale of the loan. Subsequently, this liability is amortized over the estimated life of the loan and recognized as Revenue on the Consolidated Statements of Comprehensive Income. The loss-sharing guarantee obligation (in accordance with ASC Topic 460, Guarantees ) is separate from the loan loss guarantee reserve discussed abov e. As of December 31, 2025 and 2024, loss-sharing guarantee obligations were $ 30.4 million and $ 30.0 million, respectively, and was included in Other liabilities on the Consolidated Balance Sheets. See Note 13, Commitments and Contingencies , for further information on the DUS program. Mortgage Servicing Rights We generally retain servicing rights in connection with the origination and sale of Warehouse receivables. We initially record MSRs based on the fair value of these rights on the date the loans are sold, which could result in net gains which we recognize as Revenue on the Consolidated Statements of Comprehensive Income. As of December 31, 2025 and 2024, we had $ 458.2 million and $ 471.1 million, respectively, of MSRs carried at the lower of amortized cost or fair value in Identified intangibles on the Consolidated Balance Sheets. The total unpaid principal balance ("UPB") of loans making up the servicing portfolio was $ 140.3 billion and $ 140.1 billion as of December 31, 2025 and 2024, respectively. We amortize servicing rights over the estimated period net servicing income is projected to be received. In addition, we evaluate MSR intangible assets for impairment on a quarterly basis, or more frequently if circumstances or events indicate a change in fair value. Other than write-offs due to prepayments of sold Warehouse receivables for which we retained the servicing rights, there have been no significant instances of impairment during the three-year period ended December 31, 2025. However, an increase in loan prepayment activity or deterioration in the credit quality of borrowers could result in a decrease to our MSR balance. MSRs do not actively trade in an open market with readily available observable prices; therefore, if necessary, the fair value of these rights are determined in part based on certain assumptions and judgments that are unobservable within the fair value hierarchy. Specifically, the fair value of the MSRs is determined using a discounted cash flow model incorporating assumptions, including a conditional prepayment rate and cost of service. The estimated fair value of MSRs was $ 666.7 million and $ 708.9 million as of December 31, 2025 and 2024, respectively. See Note 4, Business Combinations, Goodwill and Other Intangible Assets, for additional information on MSRs. Restricted Cash Restricted cash primarily consists of cash amounts set aside to satisfy legal or contractual requirements arising in the normal course of business. We are restricted in our ability to withdraw these funds other than for their specified use. Property and Equipment We record property and equipment at cost and depreciate these assets over their relevant useful lives. We capitalize certain direct costs relating to internal-use software when incurred during the development phase. We evaluate property and equipment for impairment whenever events or circumstances indicate the carrying value of an asset group may not be recoverable. We record an impairment loss to the extent the carrying value exceeds the estimated fair value. We did not recognize any significant impairment losses related to property and equipment during the three years ended December 31, 2025. 76 Table of Contents We calculate depreciation on property and equipment for financial reporting purposes using the straight-line method based on the estimated useful lives of our assets. Depreciation expense related to property and equipment for the years ended December 31, 2025, 2024 and 2023 was $ 201.8 million, $ 189.5 million and $ 168.7 million, respectively. The following table shows the gross value of major asset categories and the standard depreciable lives for each of these asset categories as of December 31, 2025. December 31, ($ in millions) 2025 2024 Depreciable Life Furniture, fixtures and equipment $ 153.5 144.9 3 to 13 years Computer equipment and software 1,176.0 1,070.7 2 to 7 years Leasehold improvements 544.0 480.6 1 to 15 years Other (1) 74.8 63.5 2 to 30 years Total 1,948.3 1,759.7 Less: Accumulated depreciation 1,317.7 1,161.6 Net property and equipment $ 630.6 598.1 (1) Other includes certain assets, such as land, which are not depreciated. Business Combinations, Goodwill and Other Intangible Assets We have historically grown, in part, through a series of acquisitions. Consistent with the services nature of the majority of businesses we have acquired, we have recognized significant goodwill and intangible assets resulting from these acquisitions. Intangible assets are initially recorded at their respective acquisition date fair values and amortized on a straight-line basis over their estimated useful lives. They primarily represent customer relationships, management contracts and customer backlogs acquired as part of our acquisitions. We evaluate goodwill for impairment annually on July 1st of each year or when a triggering event occurs. In our annual goodwill impairment evaluation on July 1, 2025, we considered qualitative and quantitative factors and determined it is not more-likely-than-not that the fair value of each reporting unit is less than their carrying value. In performing our assessments of all reporting units, we primarily considered (i) macroeconomic and industry trends, (ii) our overall financial performance, and nature of the key drivers thereof, during the year at both the reporting unit and consolidated reporting levels, (iii) near and longer-term forecasts of financial results and cash flows generated by our reporting units in relation to the carrying values of the net assets of each reporting unit, and (iv) our market capitalization in relation to the aggregate carrying value of our net assets. In addition to our annual impairment evaluation, we evaluated whether events or circumstances have occurred in the period subsequent to our annual impairment testing and determined it is not more-likely-than-not that the fair value of all our reporting units are less than their respective carrying values. It is possible our determination that goodwill for a reporting unit is not impaired could change in the future if current economic or other conditions deteriorate. We will continue to monitor the relationship between our market capitalization and carrying value, as well as the ability of our reporting units to deliver current and projected earnings and cash flows sufficient to support the carrying values of the net assets of their respective businesses. We evaluate our Identified intangibles for impairment annually or more frequently if other events or circumstances indicate the carrying value may be impaired. See Note 4, Business Combinations, Goodwill and Other Intangible Assets, for additional information on business combinations, goodwill and other intangible assets. 77 Table of Contents Investments We invest in certain ventures that primarily own and operate commercial real estate on a global basis across a wide array of sectors including retail, residential and office. Historically, these investments have primarily been co-investments in funds our Investment Management business establishes in the ordinary course of business for its clients. These investments take the form of equity ownership interests generally ranging from less than 1 % to 10 % of the respective ventures and, based upon investment-specific objectives, have generally included five to nine-year investment periods. Typically, our investments are not redeemable until the earlier of the disposition of the underlying real estate investments or the end of the fund's life. When in place, such restrictions are a result of our role beyond that of a passive investor, which generally means an advisory or management responsibility on behalf of the other investors who are typically clients of our Investment Management business. We account for these investments at fair value or under the equity method of accounting as further discussed below. In addition to our LaSalle investments, we have strategic investments in early to mid-stage Proptech companies as well as proptech funds to improve our strategic position within the real estate technology landscape, including investments through the JLL Spark Global Ventures Funds. We account for a majority of these investments at fair value. Certain investments are accounted for under the measurement alternative. For limited partnerships in which we are a general partner, the entities are generally well-capitalized and grant the limited partners substantive participating rights, such as the right to replace the general partner without cause, to dissolve or liquidate the partnership, to approve the sale or refinancing of the principal partnership assets, or to approve the acquisition of principal partnership assets. We account for such general partner interests at fair value or under the equity method. For limited partnerships in which we are a limited partner, management has concluded we do not have a controlling interest in these limited partnerships. When we have an asset advisory contract with the limited partnership, the combination of our limited partner interest and the advisory agreement generally provides us with significant influence over the real estate limited partnership venture. Accordingly, we account for such investments under the equity method or at fair value if elected. See "Principles of Consolidation" above for additional discussion of the accounting for our co-investments. For investments reported at fair value, the investment balance is increased or decreased each reporting period by the difference between the fair value of the investment and the carrying value as of the balance sheet date. These fair value adjustments are reflected as gains or losses on the Consolidated Statements of Comprehensive Income within Equity earnings/losses. To the extent applicable, we estimate fair value of our investments using the net asset value ("NAV") per share (or its equivalent) our investees provide. For investments in proptech companies, we primarily estimate the fair value based on the per-share pricing. Subsequent funding rounds or changes in the companies' business strategy/outlook are indicators of a change in fair value. The fair value of certain investments is estimated using significant unobservable inputs which requires judgment due to the absence of market data. In determining the estimated fair value of these investments, we utilize appropriate valuation techniques including discounted cash flow analyses, scorecard method, Black-Scholes models and other methods as appropriate. Key inputs include projected cash flows, discount rates, peer group multiples and volatility. If we elect to apply the measurement alternative for equity investments that do not have readily determinable fair values, we will measure them at cost, less any impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. An impairment loss would be recorded when an event or circumstance indicates a decline in value has occurred. For investments accounted for under the equity method, we maintain an investment account that is (i) increased by contributions made and by our share of net income earned by the real estate ventures, and (ii) decreased by distributions received and by our share of net losses realized by the real estate ventures. Our share of each real estate venture's net income or loss, including gains and losses from capital transactions, is reflected on the Consolidated Statements of Comprehensive Income within Equity earnings/losses. We evaluate our investments accounted for under the equity method for other-than-temporary impairment on a quarterly basis, or as events or changes in circumstances warrant such an evaluation. Our evaluations consider the existence of impairment indicators in the underlying real estate assets that compose the majority of our investments. We base such evaluations, in regard to both the investment and the investment’s underlying asset levels, on regular updates to future cash flow models, our share of co-investment cash flows, and factors such as operational performance, market conditions, major tenancy matters, legal and environmental concerns, and our ability and intent to hold 78 Table of Contents each investment. If an investment is considered other-than-temporarily impaired, we record the excess of the carrying value over the estimated fair value as an impairment charge. Impairment charges to write down the carrying value of the real estate assets underlying our investments are generally based on the result of discounted cash flow models that primarily rely upon unobservable inputs to determine fair value. We recognize our proportionate share of such impairment within Equity earnings/losses on the Consolidated Statements of Comprehensive Income. See Note 5, Investments, and Note 9, Fair Value Measurements, for additional information on Investments. Stock-Based Compensation Stock-based compensation in the form of restricted stock units ("RSUs") and performance stock units ("PSUs") is an important element of our compensation programs. We determine the fair value of RSUs, subject only to service requirements, based on the closing market price of our common stock on the grant date. PSUs are subject to service requirements and performance measures. All PSUs contain one or more performance conditions, such as a pre-defined target based on the Company’s cumulative earnings per share over a multi-year period. For certain executives there is an additional performance measure, a market condition, based on total shareholder return ("TSR") against a peer group. The number of shares that will be issued upon vesting of these PSUs can range from 0% to 200% of the target award, depending on the achievement of each performance condition. We determine the fair value of PSUs based on the (i) closing market price of our common stock on the grant date, (ii) the achievement probability for each performance condition, and (iii) the market condition valuation, as applicable, based on the output of Monte Carlo simulations. We periodically assess the achievement probability for performance conditions. Employees of a specific age, with a sum of age plus years of service with the Company which meets or exceeds 65 , based on the terms of the Jones Lang LaSalle 2019 Stock Award and Incentive Plan ("SAIP"), are eligible to be considered for receipt of retirement benefits upon departure from the Company. These award provisions, where applicable, require acceleration of compensation expense such that all expense is recognized by the time these employees are considered retirement eligible. We also have a "noncompensatory" Employee Stock Purchase Plan ("ESPP") for U.S. employees. We do not estimate forfeitures; instead, we recognize forfeitures in Compensation and benefits expense as they occur. See Note 6, Stock-Based Compensation, for additional information on our stock-based compensation plans. Income Taxes We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our consolidated financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. An increase or decrease in a deferred tax asset or liability that results from a change in circumstances, and that causes a change in our judgment about expected future tax consequences of events, would be included in the tax provision when the changes in circumstances and our judgment occurs. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is established if we believe it is more-likely-than-not all or some portion of a deferred tax asset will not be realized. An increase or decrease in a valuation allowance that results from a change in circumstances, and that causes a change in our judgment about the ability to realize the related deferred tax asset, would be included in the tax provision when the changes in circumstances and our judgment occurs. See Note 8, Income Taxes, for additional information on income taxes. Foreign Currency Derivatives and Hedging Activities We do not enter into derivative financial instruments for trading or speculative purposes. However, in the normal course of business, we do use derivative financial instruments in the form of foreign currency forward contracts and cross-currency swaps to manage our foreign currency exchange rate risk. We record all derivatives on our Consolidated Balance Sheets at fair value. Cash flows related to the derivatives are classified in the Consolidated Statements of Cash Flows based on the instrument’s nature. 79 Table of Contents For derivative instruments designated as net investment hedges, the derivative is marked-to-market each period with changes in unrealized gains or losses offset by the foreign currency translation of the net investment within Accumulated Other Comprehensive Income ("AOCI"). Amounts are reclassified out of AOCI into earnings when the hedged net investment is sold or liquidated. The initial value of any excluded components from the assessment of effectiveness are recognized using a systematic and rational method over the life of the hedging instrument. The interest accrual component of cross-currency swaps, which represents an excluded component, is reported directly in earnings as a component of Interest expense, net of interest income and within Operating activities on the Consolidated Statements of Cash Flows. For derivative instruments not designated in a hedging relationship, the derivative is marked-to-market each period with changes in unrealized gains or losses offset by foreign currency gains and losses on associated intercompany loans and other foreign currency balances. Gains and losses from the revaluation of these contracts are recognized as a component of Operating, administrative and other expense and are offset by the gains and losses recognized on the revaluation of intercompany loans and other foreign currency balances such that the impact to net income was not significant for any of the three years ended December 31, 2025. For presentation and disclosure, we net our exposure by counterparty for all counterparties subject to International Swaps and Derivatives Association Master Agreements. We have considered the counterparty credit risk related to these derivative instruments and do not deem any counterparty credit risk to be material as of December 31, 2025. We enter transactions with high credit-quality financial institutions and monitor their credit ratings. This risk is also reduced due to the short-term nature of the forward foreign currency exchange contracts. See Note 16, Foreign Currency Derivatives and Hedging, for additional information on foreign currency derivative financial instruments. Mortgage Banking Derivatives Certain loan commitments and forward sales commitments related to our Warehouse receivables meet the definition of a derivative and are recorded at fair value on the Consolidated Balance Sheets. The estimated fair value of loan commitments includes the fair value of the expected net cash flows associated with servicing of the loan, other net cash flows associated with origination and sale of the loan, and the effects of market interest rate movements. The estimated fair value of forward sale commitments includes the effects of market interest rate movements. Therefore, the effect of market interest rate movements on estimated fair value offset between the loan commitments and the forward sale commitments. Adjustments to fair value related to loan and forward sale commitments are included within Revenue on the Consolidated Statements of Comprehensive Income. See Note 9, Fair Value Measurements, for additional information on mortgage banking derivatives. Leases Substantially all of our operating leases are related to office space we lease in various buildings for our own use. The terms of these non-cancelable operating leases typically require us to pay rent and a share of operating expenses and real estate taxes, generally with an inflation-based rent increase included. We also lease equipment under both operating and finance lease arrangements. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We determine whether a contract is or contains a lease at contract inception. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments (e.g. rent) over the lease term beginning at the commencement date. The Operating lease right-of-use assets are adjusted for lease incentives, deferred rent, and initial direct costs, if incurred. Our leases generally do not include an implicit rate; therefore, we use an incremental borrowing rate based on information available at the lease commencement date in determining the present value of future minimum lease payments. The incremental borrowing rate reflects the lease term and currency of lease payments for each lease. The related lease expense is recognized on a straight-line basis over the lease term. As an accounting policy election, short-term leases (initial lease terms of 12 months or less) are not recognized as Operating lease right-of-use assets and operating lease liabilities on our Consolidated Balance Sheets. Rent expense for short-term leases is recognized on a straight-line basis over the lease term and variable lease payments are recognized in the period in which the obligation for those payments is incurred. 80 Table of Contents Finance leases are included in Property and equipment, net of accumulated depreciation, Short-term borrowings, and Other liabilities on our Consolidated Balance Sheets. Our finance leases do not represent a significant portion of our leasing activity. See Note 11, Leases, for additional information on leases. Foreign Currency Translation We prepare the financial statements of our subsidiaries located outside the U.S. using local currency as the functional currency. The assets and liabilities of these subsidiaries are translated to U.S. dollars at the rates of exchange as of the balance sheet date with the resulting translation adjustments included as a separate component of equity on the Consolidated Balance Sheets (Accumulated other comprehensive loss) and on the Consolidated Statements of Comprehensive Income (Other comprehensive income (loss)-foreign currency translation adjustments). See Note 15, Accumulated Other Comprehensive Income (Loss), for additional information on the components of Accumulated other comprehensive loss. Income and expenses are translated at the average monthly rates of exchange. We include gains and losses from foreign currency transactions in net earnings as a component of Operating, administrative and other expense. For the years ended December 31, 2025, 2024 and 2023 we had net foreign currency transaction losses of $ 0.9 million, $ 1.5 million and $ 10.6 million, respectively. The effect of foreign currency exchange rate changes on Cash, cash equivalents and restricted cash is presented as a separate caption in the Consolidated Statements of Cash Flows. Cash Held for Others We manage significant amounts of cash and cash equivalents in our role as agent for certain of our investment, facility management and property management clients. We do not include such amounts on the Consolidated Balance Sheets. Taxes Collected from Clients and Remitted to Governmental Authorities We account for tax assessed by a governmental authority that is based on a revenue or transaction value (i.e., sales, use and value-added taxes) on a net basis, excluded from revenue, and recorded as current liabilities until paid. Other Commitments and Contingencies We are subject to various claims and contingencies related to disputes, lawsuits and taxes as well as commitments under contractual obligations. Many of these claims are covered under our current insurance programs, subject to deductibles. Our current insurance programs include professional, auto and general liability. The level of risk retained by our captive insurance company is limited per claim, inclusive of the deductible. For professional indemnity coverage, we contract third-party insurance companies to provide coverage of risk in excess of the policy limits. We recognize the liability associated with a loss contingency when a loss is probable and estimable. See Note 13, Commitments and Contingencies, for additional information on commitments and contingencies. Earnings Per Share; Net Income Available to Common Shareholders The difference between basic weighted average shares outstanding and diluted weighted average shares outstanding represents the dilutive impact of our common stock equivalents. Common stock equivalents consist of shares to be issued under employee stock-based compensation programs. Anti-dilutive shares were de minimis for all periods presented. See Note 6, Stock-Based Compensation, for additional information on our stock-based compensation plans. 81 Table of Contents 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 entity’s 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 Statement—Reporting Comprehensive Income—Expense 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 our financial statements or results of operations. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient and an accounting policy election 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. The practical expedient permits an entity to assume current conditions as of the balance sheet date do not change for the remaining life of the current accounts receivable and current contract assets. The practical expedient is available to all entities. The accounting policy election is only available to entities other than public business entities and is therefore not applicable to us. This ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted. We are evaluating the effect this would have on our financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The ASU aims to better align the accounting with how software is developed. Specifically, software development has shifted from using a prescriptive and sequential development method to using an incremental and iterative development method. This ASU makes targeted improvements to increase the operability of the recognition guidance considering different methods of software development. This ASU is effective for annual periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the effect this guidance will have on our financial statements. In November 2025, the FASB issued ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans , which requires entities to account for acquired loans that meet certain criteria (“purchased seasoned loans”) using the gross-up approach, aligning their treatment with purchased financial assets with credit deterioration. Under this approach, entities recognize the loans at their purchase price plus an allowance for expected credit losses. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within those years, with early adoption permitted. The amendments must be applied prospectively to loans acquired on or after the initial application date. We do not expect this guidance to have a material impact on our financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities , which provides guidance on the recognition, measurement, and presentation of government grants to business entities. This ASU is effective for annual periods beginning after December 15, 2028, for public business entities, with early adoption permitted. We do not expect this guidance to have a material impact on our financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements , which clarifies interim reporting requirements under US GAAP for all entities preparing interim financial statements and notes. The ASU improves the navigability of Topic 270, specifies the form and content of interim financial statements and notes, provides a comprehensive list of required interim disclosures, and introduces a disclosure principle for condensed interim financial statements requiring disclosure of events with a material effect since the end of the previous annual period. This 82 Table of Contents ASU is effective for interim periods in fiscal years beginning after December 15, 2027, for public business entities, with early adoption permitted. We do not expect this guidance to have a material impact on our financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements , as part of its ongoing project to make minor amendments and clarifications to the Accounting Standards Codification. The amendments address issues across a wide range of Topics and are intended to clarify, correct errors, or make minor improvements without significant impact on current accounting practice or cost to most entities. The ASU is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those years, with early adoption permitted on an issue-by-issue basis. We do not expect this guidance to have a material impact on our financial statements. 3. BUSINESS SEGMENTS Effective January 1, 2025, we report Property Management (historically included in Markets Advisory, which was renamed Leasing Advisory) within Real Estate Management Services (formerly referred to as Work Dynamics). Additionally, Capital Markets, LaSalle and JLL Technologies were renamed to Capital Markets Services, Investment Management, and Software and Technology Solutions, respectively. Effective July 1, 2025, we report the balances and activity associated with the investments historically reported within Software and Technology Solutions in "All Other." These investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment. Prior period financial information was recast to conform with the presentation changes described above. Through December 31, 2025, we managed and reported our operations as five global business segments: (1) Real Estate Management Services, (2) Leasing Advisory, (3) Capital Markets Services, (4) Investment Management and (5) Software and Technology Solutions. Real Estate Management Services business provides a broad suite of integrated services to occupiers of real estate, including facility and property management, project management, and portfolio and other services. 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, while our Software and Technology Solutions segment offers various software products and services to our clients. 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 corporate functional costs across the globe, which we allocate to the business segments using an expense-specific driver-based methodology. Adjusted EBITDA does not include (i) Restructuring and acquisition charges, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) Equity earnings/losses for Investment Management and Proptech Investments, (v) credit losses on convertible note investments, (vi) net non-cash MSR and mortgage banking derivative activity, (vii) Interest expense, net of interest income, (viii) Income tax provision and (ix) Depreciation and amortization, which are otherwise included in Net income on the Consolidated Statements of Comprehensive Income. The Other segment items caption includes (i) other income/loss, (ii) gain/loss on disposal, (iii) interest on employee loans, net of forgiveness, (iv) net income/loss attributable to noncontrolling interest, (v) the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders and (vi) the noncontrolling interest portion of Equity earnings/losses which are not attributable to common shareholders. 83 Table of Contents The Chief Operating Decision Maker ("CODM") of JLL measures and evaluates the segment results based on Adjusted EBITDA for purposes of making decisions about allocating resources and assessing performance. Our CODM is not provided with total asset information by segment and accordingly does not measure or allocate resources based on total assets information. Therefore, we have not disclosed asset information by segment. As of December 31, 2025, we continue to define the Global Executive Board, collectively, as our CODM. Summarized financial information by business segment is as follows. Real Estate Management Services Year Ended December 31, (in millions) 2025 2024 2023 Workplace Management $ 13,848.5 12,529.7 10,706.2 Project Management 3,797.9 3,151.9 2,924.8 Property Management 1,841.3 1,795.1 1,675.1 Portfolio Services and Other 513.5 516.0 500.1 Revenue $ 20,001.2 17,992.7 15,806.2 Less: Platform compensation and benefits $ 1,860.3 1,731.4 1,655.6 Platform operating, administrative and other 595.7 594.2 561.7 Gross contract costs 17,102.0 15,266.2 13,254.8 Add: Equity earnings 0.7 2.9 2.1 Other segment items ( 6.4 ) ( 4.6 ) ( 4.8 ) Adjusted EBITDA $ 437.5 399.2 331.4 Depreciation and amortization (1) $ 110.5 120.5 108.6 (1) Excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. Leasing Advisory Year Ended December 31, (in millions) 2025 2024 2023 Leasing $ 2,901.6 2,596.2 2,343.6 Advisory, Consulting and Other 108.3 109.4 102.9 Revenue $ 3,009.9 2,705.6 2,446.5 Less: Platform compensation and benefits $ 2,146.7 1,963.6 1,827.7 Platform operating, administrative and other 274.1 245.5 238.2 Gross contract costs 11.6 33.3 30.2 Add: Equity losses — — ( 1.2 ) Other segment items 2.6 1.5 — Adjusted EBITDA $ 580.1 464.7 349.2 Depreciation and amortization $ 45.2 36.8 36.2 84 Table of Contents Capital Markets Services Year Ended December 31, (in millions) 2025 2024 2023 Investment Sales, Debt/Equity Advisory and Other $ 1,874.5 1,506.2 1,261.6 Value and Risk Advisory 379.6 373.0 363.8 Loan Servicing 168.0 161.2 152.6 Revenue $ 2,422.1 2,040.4 1,778.0 Less: Platform compensation and benefits $ 1,736.8 1,491.9 1,337.7 Platform operating, administrative and other 337.7 278.4 246.1 Gross contract costs 5.7 48.6 47.5 Add: Equity earnings 5.1 2.7 6.7 Net non-cash MSR and mortgage banking derivative activity 15.2 18.2 18.2 Other segment items 2.2 2.0 1.5 Adjusted EBITDA $ 364.4 244.4 173.1 Depreciation and amortization $ 55.6 66.8 65.6 Investment Management Year Ended December 31, (in millions) 2025 2024 2023 Advisory fees $ 373.7 373.8 406.2 Transaction fees and other 37.3 33.5 30.0 Incentive fees 39.1 60.6 47.5 Revenue $ 450.1 467.9 483.7 Less: Platform compensation and benefits $ 263.8 268.9 288.7 Platform operating, administrative and other 66.9 69.8 62.6 Gross contract costs 36.1 37.4 28.9 Add: Other segment items 0.2 8.5 0.3 Adjusted EBITDA $ 83.5 100.3 103.8 Depreciation and amortization $ 11.2 8.5 8.1 Equity earnings (losses) $ 12.3 ( 22.6 ) ( 24.7 ) Software and Technology Solutions Year Ended December 31, (in millions) 2025 2024 2023 Revenue $ 232.3 226.3 246.4 Less: Platform compensation and benefits $ 188.1 194.3 214.5 Platform operating, administrative and other 57.7 47.9 50.3 Gross contract costs 2.8 5.5 14.5 Add: Other segment items 2.1 1.8 — Adjusted EBITDA $ ( 14.2 ) ( 19.6 ) ( 32.9 ) Depreciation and amortization $ 26.6 19.4 15.9 85 Table of Contents The following table is a reconciliation of segment revenue to consolidated revenue. Year Ended December 31, (in millions) 2025 2024 2023 Real Estate Management Services $ 20,001.2 17,992.7 15,806.2 Leasing Advisory 3,009.9 2,705.6 2,446.5 Capital Markets Services 2,422.1 2,040.4 1,778.0 Investment Management 450.1 467.9 483.7 Software and Technology Solutions 232.3 226.3 246.4 Total revenue $ 26,115.6 23,432.9 20,760.8 The following table is a reconciliation of Adjusted EBITDA to Net income attributable to common shareholders. Year Ended December 31, (in millions) 2025 2024 2023 Adjusted EBITDA - Real Estate Management Services $ 437.5 399.2 331.4 Adjusted EBITDA - Leasing Advisory 580.1 464.7 349.2 Adjusted EBITDA - Capital Markets Services 364.4 244.4 173.1 Adjusted EBITDA - Investment Management 83.5 100.3 103.8 Adjusted EBITDA - Software and Technology Solutions ( 14.2 ) ( 19.6 ) ( 32.9 ) Adjusted EBITDA - All Other 1.6 ( 2.7 ) 13.8 Adjusted EBITDA - Consolidated $ 1,452.9 1,186.3 938.4 Adjustments: Restructuring and acquisition charges $ ( 75.3 ) ( 23.1 ) ( 100.7 ) Net loss on disposition — — ( 0.5 ) Interest on employee loans, net of forgiveness 6.5 5.9 3.6 Equity losses - Investment Management and Proptech Investments (1) ( 25.8 ) ( 76.4 ) ( 201.7 ) Credit losses on convertible note investments ( 5.1 ) ( 6.3 ) — Net non-cash MSR and mortgage banking derivative activity ( 15.2 ) ( 18.2 ) ( 18.2 ) Interest expense, net of interest income ( 107.3 ) ( 136.9 ) ( 135.4 ) Income tax provision ( 189.5 ) ( 132.5 ) ( 25.7 ) Depreciation and amortization (1) ( 249.1 ) ( 252.0 ) ( 234.4 ) Net income attributable to common shareholders $ 792.1 546.8 225.4 (1) This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders. 86 Table of Contents The following table sets forth the revenue from our most significant currencies. Year Ended December 31, (in millions) 2025 2024 2023 United States dollar $ 16,298.8 14,402.3 12,258.9 British pound 1,954.9 1,773.5 1,640.0 Euro 1,662.5 1,464.9 1,436.1 Australian dollar 1,156.0 1,085.3 1,036.9 Indian rupee 925.0 823.8 661.4 Canadian dollar 620.3 612.6 613.8 Hong Kong dollar 582.9 567.1 544.8 Chinese yuan 510.4 488.1 480.9 Singapore dollar 482.3 447.3 425.4 Japanese yen 362.9 346.3 286.6 Other currencies 1,559.6 1,421.7 1,376.0 Total revenue $ 26,115.6 23,432.9 20,760.8 Change in Reporting Structure Effective January 1, 2026, the Software and Technology Solutions segment will merge into Real Estate Management Services with results of operations reported as a subsegment within Real Estate Management Services. Prior period results will be restated to conform with our new reporting structure in 2026. 4. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Business Combinations Activity The following table details cash payments relating to acquisitions. Payments for current-year acquisitions are included in cash used in investing activities, while payments for prior-year acquisitions are primarily reflected in cash used in financing activities. We completed no strategic acquisitions during the year ended December 31, 2025, and completed two strategic acquisitions during the year ended December 31, 2024. Year Ended December 31, (in millions) 2025 2024 Payments relating to current-year acquisitions $ 7.7 62.3 Payments for deferred business acquisition and earn-out obligations 19.6 7.4 Total paid for business acquisitions $ 27.3 69.7 Earn-Out Payments The following table details the number of acquisitions related to our earn-out payments, in addition to the maximum (undiscounted) amount and fair values of those earn-out payments. ($ in millions) December 31, 2025 December 31, 2024 Number of acquisitions with earn-out payments subject to the achievement of certain performance criteria 11 13 Maximum earn-out payments (undiscounted) $ 75.5 108.0 Short-term earn-out liabilities (fair value) (1) 5.9 12.0 Long-term earn-out liabilities (fair value) (1) 11.3 23.8 (1) Included in Other current and Other long-term liabilities on the Consolidated Balance Sheets. Assuming the achievement of the applicable performance criteria, we anticipate making these earn-out payments over the next five years. Refer to Note 9, Fair Value Measurements, and Note 14, Restructuring and Acquisition Charges, for additional discussion of our earn-out liabilities. 87 Table of Contents Goodwill and Other Intangible Assets Goodwill and unamortized intangibles as of December 31, 2025 consisted of: (i) Goodwill of $ 4,707.3 million, (ii) identifiable intangibles of $ 614.7 million to be amortized over their remaining finite useful lives and (iii) $ 52.0 million of identifiable intangibles with indefinite useful lives that are not amortized. Significant portions of our goodwill and unamortized intangibles are denominated in currencies other than the U.S. dollar, which means a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. In conjunction with our new organizational structure described more fully in Note 3, Business Segments, we reassessed our reporting units as of January 1, 2025. As a result of the changes in Real Estate Management Services and Leasing Advisory, we reassigned goodwill to these reporting units using a relative fair value approach. Under this methodology, the fair value of each impacted reporting unit was determined using a combination of the income approach and the market approach, and this resulting relative fair value was used to reassign the balance of goodwill. We considered the change to Real Estate Management Services and Leasing Advisory reporting units a triggering event requiring the testing of our goodwill for impairment as of January 1, 2025. We performed a quantitative test relying on the discounted cash flow ("DCF") method, an income approach, and a market approach in determining the estimated fair value of these reporting units. Our analysis relied on significant judgments and assumptions in determining the inputs, specifically, forecasted revenue growth, forecasted profitability margin and the discount rate used to present value the estimated future cash flows. Our analysis indicated that no impairment existed as the estimated fair value of both Real Estate Management Services and Leasing Advisory reporting units exceeded their respective carrying values. The following table details, by reporting segment, movements in goodwill. As a result of reassigning goodwill, only activity in periods after the reassignment are disclosed. (in millions) Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Software and Technology Solutions Consolidated Balance as of January 1, 2025 $ 961.2 1,372.6 1,971.5 55.9 250.1 $ 4,611.3 Additions, net of adjustments — — 8.4 — — 8.4 Impact of exchange rate movements 13.8 32.7 39.9 1.2 — 87.6 Balance as of December 31, 2025 $ 975.0 1,405.3 2,019.8 57.1 250.1 $ 4,707.3 88 Table of Contents The following tables detail, by intangible type, movements in the gross carrying amount and accumulated amortization of our identifiable intangibles. (in millions) MSRs Other Intangibles Consolidated Gross Carrying Amount Balance as of December 31, 2023 $ 801.8 546.2 $ 1,348.0 Additions, net of adjustments 89.0 30.2 119.2 Adjustment for fully amortized intangibles ( 39.7 ) ( 27.2 ) ( 66.9 ) Impact of exchange rate movements — ( 5.4 ) ( 5.4 ) Balance as of December 31, 2024 851.1 543.8 1,394.9 Additions, net of adjustments 105.1 0.6 105.7 Adjustment for fully amortized intangibles ( 59.4 ) ( 218.1 ) ( 277.5 ) Impact of exchange rate movements — 9.7 9.7 Balance as of December 31, 2025 $ 896.8 336.0 $ 1,232.8 Accumulated Amortization Balance as of December 31, 2023 $ ( 309.8 ) ( 253.2 ) $ ( 563.0 ) Amortization expense, net (1) ( 109.9 ) ( 66.3 ) ( 176.2 ) Adjustment for fully amortized intangibles 39.7 27.2 66.9 Impact of exchange rate movements — 1.5 1.5 Balance as of December 31, 2024 ( 380.0 ) ( 290.8 ) ( 670.8 ) Amortization expense, net (1) ( 118.0 ) ( 51.0 ) ( 169.0 ) Adjustment for fully amortized intangibles 59.4 218.1 277.5 Impact of exchange rate movements — ( 3.8 ) ( 3.8 ) Balance as of December 31, 2025 $ ( 438.6 ) ( 127.5 ) $ ( 566.1 ) Net book value as of December 31, 2025 $ 458.2 208.5 $ 666.7 (1) Included in this amount for MSRs was $ 7.7 million for both 2025 and 2024, related to write-offs due to prepayments of sold warehouse receivables for which we retained the servicing rights. Amortization of MSRs is included in Revenue within the Consolidated Statements of Comprehensive Income. The remaining weighted average amortization period of MSRs and other finite-lived identifiable intangible assets is 3.4 years and 4.5 years, respectively, and the remaining estimated future amortization expense by year, as of December 31, 2025, is presented in the following table. (in millions) MSRs Other Intangibles Total 2026 $ 107.2 24.7 $ 131.9 2027 95.5 20.0 115.5 2028 81.7 18.5 100.2 2029 63.9 17.8 81.7 2030 43.0 15.6 58.6 Thereafter 66.9 59.9 126.8 Total $ 458.2 156.5 $ 614.7 89 Table of Contents 5. INVESTMENTS Summarized investment balances are presented in the following table. December 31, (in millions) 2025 2024 Investment Management co-investments $ 505.8 406.1 Proptech Investments 353.0 372.8 Other investments 34.1 33.8 Total $ 892.9 812.7 Our Investment Management co-investments are, primarily, direct investments in property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Proptech Investments are generally investments in early to mid-stage proptech companies as well as proptech funds. We have maximum potential unfunded commitments to direct investments or investment vehicles of $ 203.5 million and $ 7.3 million as of December 31, 2025 for our Investment Management business and Proptech Investments, respectively. We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. As of December 31, 2025 and 2024, our maximum exposure to losses related to unconsolidated VIEs was as follows: December 31, (in millions) 2025 2024 Investments in unconsolidated VIEs $ 194.0 190.7 Unfunded commitments 152.3 127.4 Maximum exposure to loss $ 346.3 318.1 The following tables summarize the combined financial information for certain of our unconsolidated investments accounted for under the equity method or at fair value. December 31, (in millions) 2025 2024 Balance Sheets: Investments, net of depreciation $ 39,519.4 36,058.9 Total assets 44,739.2 40,774.4 Mortgage indebtedness 12,537.7 11,803.7 Other borrowings 1,755.4 2,495.6 Total liabilities 18,857.3 17,525.1 Total equity 25,881.9 23,249.3 Year Ended December 31, (in millions) 2025 2024 2023 Statements of Operations: Revenue $ 2,951.6 2,586.2 2,403.5 Net income (loss) 1,382.4 253.5 ( 1,085.8 ) Impairment There were no significant other-than-temporary impairments during the years ended December 31, 2025, 2024 and 2023. 90 Table of Contents Fair Value We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. The table below shows the movement in our investments reported at fair value. See Note 9, Fair Value Measurements, for further discussion of our investments reported at fair value. The table below does not include our $ 12.9 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Year Ended December 31, (in millions) 2025 2024 2023 Fair value investments as of January 1, $ 742.0 740.8 794.9 Investments 161.7 92.0 93.5 Distributions ( 74.0 ) ( 27.8 ) ( 25.2 ) Change in fair value ( 24.4 ) ( 62.4 ) ( 197.8 ) Foreign currency translation adjustments, net 11.9 ( 12.9 ) 8.5 Transfers in 26.8 12.3 66.9 Fair value investments as of December 31, $ 844.0 742.0 740.8 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 91 Table of Contents 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 520.5 185.2 705.7 143.64 Vested ( 296.8 ) ( 257.2 ) ( 554.0 ) 126.28 Forfeited ( 74.9 ) ( 36.9 ) ( 111.8 ) 164.42 Unvested as of December 31, 2023 990.1 458.1 1,448.2 $ 175.07 Granted 500.9 168.7 669.6 210.34 Vested ( 347.5 ) ( 109.0 ) ( 456.5 ) 184.86 Forfeited ( 52.8 ) ( 92.1 ) ( 144.9 ) 173.88 Unvested as of December 31, 2024 1,090.7 425.7 1,516.4 $ 187.78 Granted 410.3 89.5 499.8 238.94 Vested ( 383.5 ) ( 20.8 ) ( 404.3 ) 198.85 Forfeited ( 56.6 ) ( 121.9 ) ( 178.5 ) 207.74 Unvested as of December 31, 2025 1,060.9 372.5 1,433.4 $ 200.75 As of December 31, 2025, we had $ 109.9 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate to be recognized over a weighted average period of 1.2 years. Shares vested during the years ended December 31, 2025, 2024 and 2023 had grant date fair values of $ 80.4 million, $ 84.4 million, and $ 70.0 million, respectively. Shares granted during the years ended December 31, 2025, 2024 and 2023 had grant date fair values of $ 119.4 million, $ 140.8 million and $ 101.4 million, respectively. 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 provide additional contributions to cover any pension underfunding. Our largest plan has been closed to new entrants since 2013. The following table provides the projected benefit obligation and plan assets, the net of which represents our funded status, as well as the accumulated benefit obligations of our defined benefit pension plans. 92 Table of Contents December 31, (in millions) 2025 2024 Projected benefit obligation $ 257.9 244.9 Fair value of plan assets 299.1 285.7 Funded status and net amount recognized $ 41.2 40.8 Accumulated benefit obligation $ 257.9 244.9 The primary driver for the year-over-year change in projected benefit obligation was foreign exchange rates. Discount rates remained materially consistent compared with prior year. Defined benefit pension plan amounts recorded in the Consolidated Balance Sheets are presented in the below table. December 31, (in millions) 2025 2024 Pension assets (included in Other assets) $ 42.7 42.8 Pension liabilities (included in Other liabilities) ( 1.5 ) ( 2.0 ) Net asset recognized $ 41.2 40.8 Accumulated other comprehensive loss $ 102.5 94.2 Net periodic pension cost (benefit) was not material during the three-year period ended December 31, 2025. 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. 93 Table of Contents 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 provision for income taxes as a result of the following: Year Ended December 31, ($ in millions) 2025 Computed "expected" tax expense $ 206.1 21.0 % State and local income tax, net of federal (national) income tax effect (1) 12.9 1.3 Foreign tax effects Singapore Unremitted income ( 11.7 ) ( 1.2 ) Other ( 4.8 ) ( 0.5 ) Other countries 21.0 2.2 Effect of cross-border tax laws U.S. global intangible low-taxed income (GILTI) 15.0 1.5 Other ( 2.6 ) ( 0.3 ) Changes in valuation allowances ( 2.6 ) ( 0.3 ) Nontaxable or nondeductible items Nontaxable deferred compensation insurance trust earnings ( 17.9 ) ( 1.8 ) Nondeductible executive compensation 10.6 1.1 Effect of legal entity restructuring ( 17.1 ) ( 1.7 ) Other ( 8.4 ) ( 0.9 ) Changes in unrecognized tax benefits ( 9.9 ) ( 1.0 ) Other, net ( 1.1 ) ( 0.1 ) Grand Total $ 189.5 19.3 % (1) State and local income taxes in California, the District of Columbia, Illinois, New York and New York City comprise the majority of the state and local income taxes, net of federal effect category. On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes provisions altering the timing of deduction from certain depreciable assets, research and experimental expenses, and interest expense, with some effective in 2025 and some in 2026. The current period’s financial statements include the impact of the OBBBA provisions effective for 2025, which are primarily in the nature of timing differences which do not impact this year's effective tax rate. The OBBBA further alters the determination and rates of taxation of international earnings, effective in 2026. We are still evaluating these provisions, which may decrease overall U.S. tax on international subsidiary income. 94 Table of Contents Year Ended December 31, ($ in millions) 2024 2023 Income tax expense at statutory rates $ 142.6 21.0 % $ 52.9 21.0 % Increase (reduction) in income taxes from: State and local income taxes, net of federal income tax benefit 5.4 0.8 ( 17.1 ) ( 6.8 ) Nondeductible expenses 13.8 2.0 7.1 2.9 International earnings taxed at various rates ( 32.3 ) ( 4.8 ) ( 58.4 ) ( 23.2 ) Valuation allowance 12.7 1.9 41.3 16.4 Other, net ( 9.7 ) ( 1.4 ) ( 0.1 ) ( 0.1 ) Total $ 132.5 19.5 % $ 25.7 10.2 % With respect to international earnings taxed at varying rates, we have operations which constitute a taxable income presence in over 93 countries or other taxable jurisdictions outside of the U.S. which are treated as such by the U.S. Internal Revenue Code. Of those countries or other taxable jurisdictions, 70 had income tax rates lower than the combined U.S. federal and state income tax rate in 2025, of which some are very low tax rate jurisdictions, with combined national and municipal state or provincial rates of 25 % or lower. While the U.S. federal income tax rate is 21 %, after factoring in the impact of state income taxes, we do not consider the U.S. to be a very low tax rate jurisdiction. With respect to very low tax rate jurisdictions in which we operate, income from Hong Kong ( 16.5 %) and Singapore ( 17 %) represent the most significant components of the international earnings line item in our effective tax rate reconciliation for 2024 and 2023. Our income (loss) before taxes from domestic (U.S.) and international sources is presented in the following table. Year Ended December 31, (in millions) 2025 2024 2023 Domestic $ 249.7 93.4 ( 175.5 ) International 732.0 585.9 427.4 Total $ 981.7 679.3 251.9 95 Table of Contents The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below. December 31, (in millions) 2025 2024 Deferred tax assets attributable to: Accrued expenses $ 533.7 472.3 U.S. federal and state loss and credit carryovers 72.4 66.2 Allowances for uncollectible accounts 37.0 37.5 International loss carryovers 361.1 330.6 Investments 24.8 20.4 Pension liabilities 30.7 27.9 Other 3.6 — Deferred tax assets 1,063.3 954.9 Less: valuation allowances ( 198.2 ) ( 164.9 ) Net deferred tax assets $ 865.1 790.0 Deferred tax liabilities attributable to: Intangible assets 297.7 277.5 Income deferred for tax purposes 13.4 26.6 Other — 13.3 Deferred tax liabilities $ 311.1 317.4 Net deferred taxes $ 554.0 472.6 The increase in gross deferred tax assets in 2025 was primarily the result of accrued expenses. The increase in valuation allowances was primarily the result of additional losses incurred in countries with existing valuation allowances. We have not provided a deferred tax liability on the unremitted foreign earnings of international subsidiaries because it is our intent to permanently reinvest such earnings outside of the U.S. If repatriation of all such earnings were to occur, we would incur withholding taxes, dividend distribution taxes and potentially an amount of gain taxation which is not presently determinable. As of December 31, 2025, we had an available U.S. federal net operating loss ("NOL") carryover of $ 78.1 million from acquired companies, for which we have established a full valuation allowance due to significant statutory limitations on its usage, and which will begin to expire in 2032. We have U.S. state NOL carryovers with a tax effect of $ 24.1 million, which expire at various dates through 2045, and international NOL carryovers of $ 1,449.8 million, which generally do not have expiration dates. The change in deferred tax balances for NOL carryovers from 2024 to 2025 included increases from current year losses and decreases from current year estimated utilization. As of December 31, 2025, we believe it is more-likely-than-not the net deferred tax assets of $ 554.0 million will be realized based upon our estimates of future taxable income and the consideration of net operating losses, earnings trends and tax planning strategies. Valuation allowances have been provided with regard to the tax benefit of certain international NOL carryovers, for which we have concluded recognition is not yet appropriate. In 2025, we reduced valuation allowances by $ 9.9 million on some jurisdictions' NOLs due to the utilization or expiration of those losses; and we increased valuation allowances by $ 37.0 million for other jurisdictions based upon circumstances that caused us to establish or continue to provide valuation allowances on current or prior-year losses (including acquired NOL carryovers) in addition to those provided in prior years. The remaining movement in valuation allowances comparing December 31, 2025 to December 31, 2024 was attributable to the effect of changes in foreign currency exchange rates. 96 Table of Contents The following table presents net current and net non-current payable for income tax. December 31, (in millions) 2025 2024 Current payable for income tax Current payable $ 305.6 286.2 Current receivable ( 198.1 ) ( 218.2 ) Net current payable for income tax $ 107.5 68.0 Non-current payable for income tax Non-current payable $ 50.4 62.2 Non-current receivable — — Net non-current payable for income tax $ 50.4 62.2 The current receivables, current payables, and noncurrent payables are included in Notes and other receivables, Accounts payable and accrued liabilities, and Other liabilities, respectively, on our Consolidated Balance Sheets. We file income tax returns in the U.S. (including 46 states, 25 cities, the District of Columbia and Puerto Rico), the United Kingdom (including England, Scotland and Wales), Australia, Germany, The People's Republic of China (including Hong Kong and Macau), France, Japan, Singapore, India, the Netherlands, Spain and approximately 78 other countries. Generally, our open tax years include those from 2022 to the present, although reviews of taxing authorities for more recent years have been completed or are in process in a number of jurisdictions. As of December 31, 2025, we were under examination in Belgium, Germany, Egypt, Indonesia, India, Mauritius, Pakistan, the Philippines, Poland, Portugal, Sri Lanka, Switzerland, Thailand, the U.S. and Vietnam. Also in the U.S., we were under examination in the states of Texas and Wisconsin. A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented in the following table. (in millions) 2025 2024 Balance as of January 1, $ 73.7 71.2 Additions based on tax positions related to the current year 1.5 2.8 (Decrease) increase related to tax positions of prior years ( 11.5 ) 1.6 Settlements with taxing authorities — ( 1.9 ) Balance as of December 31, $ 63.7 73.7 The recognition of tax benefits, and other changes to the amounts of our unrecognized tax benefits, may occur as the result of ongoing operations, the outcomes of audits or other examinations by tax authorities, or the passing of statutes of limitations. We do not expect changes to our unrecognized tax benefits to have a significant impact on our net income, financial position, or cash flows. We do not believe we have material tax positions for which the ultimate deductibility is highly certain but there is uncertainty about the timing of such deductibility. We recognize interest accrued and penalties, if any, in Income tax provision on our Consolidated Statements of Comprehensive Income. During the years ended December 31, 2025, 2024 and 2023, the amount of interest expense and penalties was not material. In addition, the amount of accrued interest related to income taxes was not material as of December 31, 2025 and 2024. 97 Table of Contents The following table presents income taxes paid (net of refunds received) to federal, state and foreign taxing authorities, including individual jurisdictions where taxes paid (net of refunds received) exceeded 5% of total taxes paid (net of refunds received). Year Ended December 31, (in millions) 2025 Federal $ 53.4 State 15.1 Foreign Australia 17.4 Canada 12.9 England 26.2 Japan 23.5 All other 77.5 Total Foreign 157.5 Total $ 226.0 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 estimated fair values due to the short-term nature of these instruments. The carrying values of our Credit facility, Short-term borrowings, and Commercial paper approximate their estimated fair values given the variable interest rate terms and market spreads. We estimated the fair value of our Long-term debt using dealer quotes that are Level 2 inputs in the fair value hierarchy. The fair value and carrying value of our debt are presented in the following table. December 31, (in millions) 2025 2024 Long-term debt, fair value $ 838.7 785.2 Long-term debt, carrying value, net of debt issuance costs 805.9 756.7 Investments at Fair Value - Net Asset Value ("NAV") We report a significant portion of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value, and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. 98 Table of Contents For a subset of our investments reported at fair value, we estimate the fair value using the NAV per share (or its equivalent) our investees provide. Critical inputs to NAV estimates included valuations of the underlying real estate assets and borrowings, which incorporate investment-specific assumptions such as discount rates, capitalization rates, rental and expense growth rates, and asset-specific market borrowing rates. We did not consider adjustments to NAV estimates provided by investees, including adjustments for any restrictions to the transferability of ownership interests embedded within investment agreements to which we are a party, to be necessary based upon (i) our understanding of the methodology utilized and inputs incorporated to estimate NAV at the investee level, (ii) consideration of market demand for the specific types of real estate assets held by each venture and (iii) contemplation of real estate and capital markets conditions in the localities in which these ventures operate. As of December 31, 2025 and 2024, investments at fair value using NAV were $ 491.1 million and $ 367.9 million, respectively. As these investments are not required to be classified in the fair value hierarchy, they have been excluded from the following table. Recurring Fair Value Measurements The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis. December 31, 2025 2024 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Investments - fair value $ 48.2 — 304.7 43.8 — 330.3 Foreign currency derivative assets — 5.8 — — 7.3 — Warehouse receivables — 751.2 — — 770.7 — Deferred compensation plan assets — 723.6 — — 664.0 — Mortgage banking derivative assets — — 52.2 — — 161.1 Total assets at fair value $ 48.2 1,480.6 356.9 43.8 1,442.0 491.4 Liabilities Foreign currency derivative liabilities $ — 14.2 — — 16.3 — Deferred compensation plan liabilities — 731.4 — — 658.4 — Earn-out liabilities — — 17.2 — — 35.8 Mortgage banking derivative liabilities — — 20.6 — — 67.3 Total liabilities at fair value $ — 745.6 37.8 — 674.7 103.1 Investments We classify one investment as Level 1 in the fair value hierarchy as a quoted price is readily available. We increase or decrease our investment each reporting period by the change in the fair value of the investment. We report the fair value adjustments in the Consolidated Statements of Comprehensive Income within Equity earnings/losses. Investments classified as Level 3 in the fair value hierarchy represent investments in early-stage non-public entities where we elected the fair value option. For most of our investments, the carrying value was deemed to approximate fair value due to the proximity of the investment date, or date of most recent financing raise, to the balance sheet date, as well as consideration of investee-level performance updates. The fair value of certain investments is estimated using significant unobservable inputs which requires judgment due to the absence of market data. In determining the estimated fair value of these investments, we utilize appropriate valuation techniques including discounted cash flow analyses, scorecard method, Black-Scholes models and other methods as appropriate. Key inputs include projected cash flows, discount rates, peer group multiples and volatility. To the extent there are changes in fair value, we recognize such changes through Equity earnings/losses. Foreign Currency Derivative Contracts We use cross-currency swaps and foreign currency forward contracts in the normal course of business to hedge foreign currency exchange rate risk. We determine the fair values of these derivatives based on current market rates. The inputs for 99 Table of Contents these valuations are Level 2 in the fair value hierarchy. We record the asset and liability positions for the contracts based on the net payable or net receivable position with the financial institutions from which we purchase these contracts. See Note 16, Foreign Currency Derivatives and Hedging for additional details regarding these contracts. Warehouse Receivables The fair value of the Warehouse receivables is based on already locked-in security-buy prices. As of December 31, 2025 and 2024, all of our Warehouse receivables included in the Consolidated Balance Sheets were under commitment to be purchased by government-sponsored enterprises ("GSEs") or by a qualifying investor as part of a U.S. government or GSE mortgage-backed security program. The Warehouse receivables are classified as Level 2 in the fair value hierarchy as all significant inputs are readily observable. Deferred Compensation Plan We maintain a deferred compensation plan for certain of our U.S. employees and members of our Board of Directors that allows them to defer portions of their compensation. We invest directly in insurance contracts which yield returns to fund these deferred compensation obligations. We recognize an asset for the amount that could be realized under these insurance contracts as of the balance sheet date, and we adjust the deferred compensation obligation to reflect the changes in the fair value of the amount owed to the employees. The inputs for this valuation are Level 2 in the fair value hierarchy. We reflect this plan on our Consolidated Balance Sheets as Deferred compensation plan assets, long-term deferred compensation plan liabilities, included in Deferred compensation, and as a reduction of equity, Shares held in trust. The components of the plan are presented in the following table. December 31, (in millions) 2025 2024 Deferred compensation plan assets $ 723.6 664.0 Long-term deferred compensation plan liabilities 731.4 658.4 Shares held in trust 13.8 11.8 Earn-Out Liabilities We classify our Earn-out liabilities within Level 3 in the fair value hierarchy because the inputs we use to develop the estimated fair value include unobservable inputs. We base the fair value of our Earn-out liabilities on the present value of probability-weighted future cash flows related to the earn-out performance criteria on each reporting date. We determine the probabilities of achievement we assign to the performance criteria based on the due diligence we performed at the time of acquisition as well as actual performance achieved subsequent to acquisition. An increase to a probability of achievement would result in a higher fair value measurement. See Note 4, Business Combinations, Goodwill and Other Intangible Assets, for additional discussion of our Earn-out liabilities. Mortgage Banking Derivatives In the normal course of business, we enter into simultaneous contractual commitments to originate and sell multi-family mortgage loans at fixed prices with fixed expiration dates. Commitments to borrowers become effective when the borrowers "lock-in" a specified interest rate and maximum principal balance for an established time frame (hereinafter referred to as an interest rate lock commitment or "IRLC"). All mortgagors are evaluated for creditworthiness prior to execution of an IRLC. We are exposed to market interest risk (the risk of movement in market interest rates following the execution of an IRLC) until a loan is funded and onwards through delivery. To mitigate the effect of the interest rate risk inherent in providing IRLCs to borrowers, we simultaneously enter into a forward commitment to sell the eventual loan associated with the IRLC to a GSE or other investor. Similar to the IRLC, the forward sale commitment locks in an interest rate, maximum principal balance, and price for the sale of the loan. Ultimately, the terms of the forward sale commitment and the IRLC are matched in substantially all respects, with the objective of eliminating market interest rate and other balance sheet risk to the extent practical. As an additional element of protection, forward sale commitments extend for a longer period of time as compared to IRLCs to allow, among other things, for the closing of the loan and processing of paperwork to deliver the loan in accordance with the terms of the sale commitment. 100 Table of Contents The fair value of our IRLCs to prospective borrowers and the related inputs primarily include, as applicable, the expected net cash flows associated with servicing the loan and the effects of interest rate movements between the date of the IRLC and the balance sheet date based on applicable published U.S. Treasury rates. The fair value of our forward sales contracts to prospective investors considers the market price movement of a similar security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Both the rate lock commitments to prospective borrowers and the forward sale contracts to prospective investors are undesignated derivatives and considered Level 3 valuations due to significant unobservable inputs related to nonperformance risk. An increase in nonperformance risk assumptions would result in a lower fair value measurement. The fair valuation is determined using discounted cash flow techniques, and the derivatives are marked to fair value through Revenue in the Consolidated Statements of Comprehensive Income. The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). (in millions) Balance as of December 31, 2024 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers in (out) (2) Balance as of December 31, 2025 Investments $ 330.3 ( 36.8 ) 1.8 7.3 ( 0.1 ) 2.2 $ 304.7 Mortgage banking derivative assets and liabilities, net 93.8 42.6 — 167.8 ( 272.6 ) — 31.6 Earn-out liabilities 35.8 ( 1.8 ) 0.4 0.7 ( 16.2 ) ( 1.7 ) 17.2 (in millions) Balance as of December 31, 2023 Net change in fair value Foreign CTA (1) Purchases / Additions Settlements Transfers in (out) (2) Balance as of December 31, 2024 Investments $ 367.3 ( 53.9 ) ( 0.6 ) 5.2 — 12.3 $ 330.3 Mortgage banking derivative assets and liabilities, net 10.3 126.4 — 126.6 ( 169.5 ) — 93.8 Earn-out liabilities 57.5 ( 32.5 ) ( 0.2 ) 13.4 ( 2.3 ) ( 0.1 ) 35.8 (1) CTA: Currency translation adjustments (2) Within Investments, notes receivable (inclusive of accrued interest) converted to unconsolidated equity investments upon maturity and was classified as a Level 3 investment immediately. Net change in fair value, included in the tables above, is reported in Net income as follows. Category of Assets/Liabilities using Unobservable Inputs Consolidated Statements of Comprehensive Income Account Caption Earn-out liabilities (short-term and long-term) Restructuring and acquisition charges Investments Equity losses Other current assets - Mortgage banking derivative assets Revenue Other current liabilities - Mortgage banking derivative liabilities Revenue Non-Recurring Fair Value Measurements We review our investments, except those investments otherwise reported at fair value, on a quarterly basis, or as otherwise necessary, for indications of whether we may be unable to recover the carrying value of our investments and whether such investments are other than temporarily impaired. When the carrying amount of the investment exceeds the estimated future undiscounted cash flows, we use a discounted cash flow approach or other acceptable method to determine the fair value of the investment in computing the amount of the impairment. Our determination of fair value primarily relies on Level 3 inputs. There were no significant other-than-temporary impairments during the three-year period ended December 31, 2025. 101 Table of Contents 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 purposes, including the repayment of outstanding borrowings under our credit facilities. Credit Facilities We have a $ 3.3 billion unsecured revolving credit facility (the "Facility") that matures on November 3, 2028. Pricing on the unsecured revolving credit facility (the "Facility") ranges from Adjusted Term ("SOFR") plus 0.875% to 1.35% , with pricing including facility fees, as of December 31, 2025 at Adjusted Term SOFR plus 0.93 %. In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $ 400.0 million . Interest and fees are set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate. As such, the Uncommitted Facility had no outstanding balance as of December 31, 2025 and 2024. The following table provides additional information on our Facility, Uncommitted Facility, and the Program collectively. Year Ended December 31, ($ in millions) 2025 2024 Average outstanding borrowings $ 1,119.7 1,381.4 Average effective interest rate 4.9 % 5.9 % We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures. Short-Term and Long-Term Debt In addition to our credit facilities, we had the capacity to borrow up to $ 58.6 million under local overdraft facilities as of December 31, 2025. Amounts outstanding are presented in the debt table above. As of December 31, 2025, our issuer and senior unsecured ratings were investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. 102 Table of Contents Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of December 31, 2025. Warehouse Facilities We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold, included in Warehouse receivables. The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows. Year Ended December 31, (in millions) 2025 2024 Origination of mortgage loans $ ( 12,654.9 ) ( 10,301.5 ) Proceeds from the sales of mortgage loans 12,734.2 10,127.5 Net (decrease) increase in Warehouse facilities ( 81.9 ) 178.3 We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related warehouse receivables. The following table provides details regarding our Warehouse facilities lines of credit. December 31, 2025 December 31, 2024 ($ in millions) Outstanding Balance Maximum Capacity Outstanding Balance Maximum Capacity Warehouse facilities: SOFR plus 1.40% , expires September 14, 2026 (1) $ 114.2 700.0 341.3 700.0 SOFR plus 1.30% , expires September 11, 2026 (1) 185.6 600.0 416.5 2,100.0 SOFR plus 1.40% , expires October 22, 2026 (1) 338.0 1,100.0 8.8 400.0 Fannie Mae ASAP (2) program, SOFR plus 1.25% 122.0 n/a 75.3 n/a Gross warehouse facilities 759.8 2,400.0 841.9 3,200.0 Debt issuance costs ( 0.7 ) n/a ( 0.9 ) n/a Total warehouse facilities $ 759.1 2,400.0 841.0 3,200.0 (1) Warehouse facility has been amended since prior periods. Refer to our previous filings for specific terms of agreements. (2) As Soon As Pooled ("ASAP") funding program. Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of December 31, 2025. We are party to a master repurchase agreement with a maximum capacity of $ 1.1 billion. Transactions executed under this agreement are accounted for as secured borrowings. As a supplement to our lines of credit, we have an uncommitted facility with Fannie Mae under its As Soon As Pooled ("ASAP") funding program. After origination, we sell certain warehouse receivables to Fannie Mae; the proceeds are used to repay the original lines of credit used to fund the loan. The ASAP funding program requires us to repurchase these loans, generally within 45 days, followed by an immediate, ultimate, sale back to Fannie Mae. The difference between the price paid upon the original sale to Fannie Mae and the ultimate sale reflects borrowing costs. 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. 103 Table of Contents 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 % 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. 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. 104 Table of Contents 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 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 December 31, 2025. As of December 31, 2024, a receivable of $ 0.5 million was included 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, 2022 $ 2.2 New claims 7.0 Prior year claims adjustments (including foreign currency changes) 5.2 Claims paid ( 5.0 ) December 31, 2023 9.4 New claims 1.0 Prior year claims adjustments (including foreign currency changes) 1.0 Claims paid ( 7.2 ) December 31, 2024 4.2 New claims 4.5 Prior year claims adjustments (including foreign currency changes) 0.1 Claims paid ( 7.4 ) December 31, 2025 $ 1.4 Delegated Underwriting and Servicing ("DUS") Program Loan Loss-Sharing As a participant in the DUS program, we retain a portion of the risk of loss for loans that are originated and sold under the DUS program. Net losses on defaulted loans are shared with Fannie Mae based upon established loss-sharing ratios. Generally, we share approximately one-third of incurred losses, subject to a cap of 20% of the principal balance of the mortgage at origination. As of December 31, 2025 and 2024, we had loans, funded and sold, subject to loss-sharing arrangements with an aggregate unpaid principal balance of $ 25.8 billion and $ 23.0 billion, respectively. In June of 2025, we entered into an enhanced loss-sharing agreement with Fannie Mae associated with a specific three-loan portfolio. The agreement finalized our portion of the loss at $ 20.6 million, which we paid in 2025; as a result, there is no residual loss exposure for the subject loans. There were no material loan losses incurred for the years ended December 31, 2025, 2024 and 2023. See "Financial Guarantees" section of Note 2, Summary of Significant Accounting Policies, for additional information. 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. 105 Table of Contents 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 next twelve months. 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The table below presents the changes in Accumulated other comprehensive income (loss) by component. (in millions) Pension and postretirement benefit Cumulative foreign currency translation adjustment Total Balance as of December 31, 2023 $ ( 63.8 ) ( 527.7 ) $ ( 591.5 ) Other comprehensive income (loss) before reclassification 6.6 ( 72.4 ) ( 65.8 ) Amounts reclassified from AOCI after tax expense of $0.6, $- and $0.6 1.7 8.7 10.4 Other comprehensive income (loss) after tax expense of $2.2, $- and $2.2 8.3 ( 63.7 ) ( 55.4 ) Balance as of December 31, 2024 ( 55.5 ) ( 591.4 ) ( 646.9 ) Other comprehensive (loss) income before reclassification ( 10.1 ) 82.3 72.2 Amounts reclassified from AOCI after tax expense of $0.8, $- and $0.8 2.2 — 2.2 Other comprehensive (loss) income after tax benefit of $0.5, $- and $0.5 ( 7.9 ) 82.3 74.4 Balance as of December 31, 2025 $ ( 63.4 ) ( 509.1 ) $ ( 572.5 ) For pension and postretirement benefits, we report amounts reclassified from Accumulated other comprehensive loss in Other income within the Consolidated Statements of Comprehensive Income. 16. FOREIGN CURRENCY DERIVATIVES AND HEDGING We use derivative financial instruments in the normal course of business to hedge foreign currency exchange rate risk. We do not use derivative financial instruments for trading or speculative purposes. We enter into cross-currency swaps to hedge the foreign currency exposure arising from our net investments in foreign operations. These swaps are designated as net investment hedges. The resulting gains and losses from these derivatives offset the foreign currency translation gains and losses on the associated net investments, both recorded as a component of AOCI. The initial value of any excluded components from the assessment of effectiveness are recognized using a systematic and rational method over the life of the hedging instrument. The interest accrual component of cross-currency swaps is reported directly in earnings. We enter into foreign currency forward contracts to manage our currency exchange rate risk related to intercompany lending and cash management practices. These derivatives do not qualify for hedge accounting treatment. Gains and losses from the revaluation of these contracts are recognized as a component of Operating, administrative and other expense and are offset by the gains and losses recognized on the revaluation of intercompany loans and other foreign currency balances such that the impact to net income was not significant for any of the three years ended December 31, 2025. 106 Table of Contents We are exposed to credit risk in the event of nonperformance of the counterparties under the derivative contracts. We manage this risk by entering transactions with major financial institutions, monitoring their credit ratings and diversifying our positions across counterparties. Our derivatives are subject to a master netting arrangement that allow for net settlement of contracts with the same counterparties. There are currently no requirements for the Company to post collateral. During the year ended December 31, 2025, we entered into cross-currency swaps designated as net investment hedges to hedge the net investments of euro, Japanese yen, Swiss franc and Canadian dollar functional currency foreign subsidiaries. As of December 31, 2025, the total notional of these swaps was $ 805.8 million which will mature between 2030 and 2035. During the year ended December 31, 2025, we entered into forward contracts to hedge foreign currency risk that were not designated as hedges which generally have a maturity of less than 90 days. Forward contracts outstanding as of December 31, 2025 will mature on March 17, 2026. The following table details the gross notional value and net basis of these contracts. December 31, (in billions) 2025 2024 Foreign currency forward contracts, gross notional value $ 2.04 2.21 Foreign currency forward contracts, net basis 1.23 1.08 The following table summarizes the asset and liability positions of our derivatives on a gross basis and the net asset or net liability position with the financial institutions from which we purchase these contracts. Fair Value Asset Fair Value Liability December 31, December 31, (in millions) 2025 2024 2025 2024 Derivatives designated as hedging instruments: Net investment hedges: Gross amount of derivative $ 3.6 — $ 10.0 — Offsetting derivative ( 1.1 ) — ( 1.1 ) — Net amount of net investment hedges $ 2.5 — $ 8.9 — Derivatives not designated as hedging instruments: Foreign currency forward contracts: Gross amount of derivative $ 2.2 7.3 $ 4.2 16.3 Offsetting derivative ( 0.6 ) ( 2.4 ) ( 0.6 ) ( 2.4 ) Net amount of foreign currency forward contracts $ 1.6 4.9 $ 3.6 13.9 Total derivatives at fair value $ 4.1 $ 4.9 $ 12.5 13.9 Derivatives designated as hedging instruments are presented in Other long-term assets or Other long-term liabilities. Those not designated as hedging instruments are presented in Restricted cash, prepaid and other assets or Other current liabilities. See Note 9, Fair Value Measurements for additional information on derivative instruments accounted for at fair value. The following table summarizes the pre-tax impact of the outstanding derivatives on the Consolidated Statements of Comprehensive Income. Year Ended December 31, (in millions) 2025 2024 2023 Derivatives designated as hedging instruments: Interest income $ 2.5 — — Loss recognized in Accumulated other comprehensive loss 6.4 — — Derivatives not designated as hedging instruments: Gain (loss) recognized in Operating, administrative and other $ 9.0 ( 22.1 ) 5.2 We did not enter into any net investment hedges for the periods ended December 31, 2024 and 2023. As such, there was no impact to these periods. 107 Table of Contents ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None.