Jones Lang LaSalle Incorporated

a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw your question, again, press star one. Thank you. I would now like to turn the conference over to Sean Hoogland, head of investor relations. Sean, you may begin.

Thank you and good morning. Welcome to the second quarter, 2025 earnings conference call for Jones Lang LaSalle, Inc. Earlier this morning, we issued our earnings release along with a slide presentation and Excel file intended to supplement our prepared remarks. These materials are available on the investor relations section of our website. Please visit .jll.com. During the call, as well as in our slide presentation and supplemental Excel file, we reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliation of non-GAAP financial measures to GAAP in our earnings release and slide presentation. We also reference resilient and transactional revenues, which we define in the footnotes of our earnings release. As a reminder, today's call is being webcast live and recorded. A transcript and recording of this conference call will be posted to our website. Any statements made about future results and performance, plans, expectations, and objectives are forward-looking statements. Actual results and performance may differ from those forward-looking statements as a result of factors discussed in our annual report on Form 10-K and in other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements. Finally, a reminder that percentage variances are against the prior year period in local currency, unless otherwise noted. I will now turn the call over to Christian Ulbricht, our president and chief executive officer, for opening remarks.

Thank you, Sean. Hello and welcome to our second quarter 2025 earnings call. I'm pleased to report strong results for the second quarter, demonstrating JLL's ability to deliver sustainable organic growth. We saw double-digit revenue gains for the fifth consecutive quarter, led by momentum in our resilient business lines on both the top and bottom line. At the consolidated level, revenue increased 10 percent, adjusted EBITDA grew 17 percent, and adjusted EPS was up 29 percent. Before sharing perspectives on our performance, I'd like to briefly address the impacts of the evolving policy environment on the market. During the second quarter, we saw an uptick in delayed and prolonged decision-making, particularly in industrial and manufacturing, and for more significant capital projects and investment decisions. This had a greater impact on transactional markets, where growth decelerated from first quarter levels in light of the confluence of geopolitical and trade policy pressures, as well as fiscal policy uncertainty. Within our outsourcing business, most companies remain committed to enhancing the value of their workplaces and property investments. Supporting the pipeline for mid-size capital spend projects and contract expansion opportunities. As we assess the pipeline for larger transaction and expansion opportunities, the markets are again becoming more constructive, though remain sensitive to developments in the macro environment. Turning to our results this quarter, the stability, organic growth, and profit contribution of our resilient businesses are validating our strategy and give us confidence in the depth and breadth of our platform. Growth in resilient revenue was led by workplace management and a notable strengthening in project management. Last year, we announced the global unification and strategic restructuring of the project management business to enable a more cohesive approach to connecting people, processes, and expertise and to expand our capabilities in high-growth sectors and industries. Strong results this quarter are indicative of the momentum it has garnered and reflect our ability to drive greater client value as a globally unified business. The double-digit growth across our resilient businesses in the current market demonstrates the resilience and scalability of our platform as well as the significant untapped potential for outsourcing penetration across industries over the long term. Our investments in data technology and artificial intelligence are integral to our growth strategy, to enhancing operational efficiency, and to delivering on client demand for integrated -to-end real estate management solutions and data-driven insights. We will continue to invest in the organic growth of these businesses and assess M&A opportunities on a risk-adjusted return basis as part of our disciplined approach to capital allocation. With the backdrop of the accelerating growth in the broader market, our transactional businesses grew 7% in the quarter led by the Apple Market Services. The investment sales, debt, and equity advisory businesses saw a growth of 14%, moved by resilient debt markets and robust refinancing activity that continued to drive strong growth in our debt advisory business, up 27% with notable strength across the US and Europe. Significant growth was led by the residential sector. Across our transactional businesses, the stability of our pipeline gives us confidence that we are well positioned to see continued organic growth and market check-in. With that, I will now turn the call over to Kelly Howe, our new Chief Financial Officer, who will provide more details on our results for the quarter.