Jones Lang LaSalle Incorporated

have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one again. I'd now like to turn the conference over to Sean Coughlin, Head of Investor Relations. Please go ahead.

Thank you and good morning. Welcome to the third quarter 2025 earnings conference call for Jones Land with Sow Incorporated. 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 ir.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 reconciliations 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 and less otherwise noted. I will now turn the call over to Christian Ulbrich, our President and Chief Executive Officer, for opening remarks. Thank you, Chan.

Hello and welcome to our third quarter 2025 earnings call. This morning, we reported strong results with our sixth consecutive quarter of double-digit revenue gains and eighth consecutive quarter of double-digit adjusted EPS growth, reflecting the strength and resilience of JLL's diversified platform. At the consolidated level, revenue grew 10%, adjusted EBITDA increased 16%, and adjusted EPS was up 29%. Top and bottom line growth was led by a re-acceleration in our transactional businesses, as the market recovery, which began building momentum late last year, further progressed. Transactional revenue grew 13% in the quarter, led by 26% growth in investment sales, debt, and equity advisory. Though the macro environment remains dynamic, the economic outlook and forward indicators for transactional markets have stabilized and improved during the quarter. Both occupier and investor clients are motivated to transact. Looking at our largest market, the US, this was reflected in broad-based activity across capital markets, office, and industrial easing, as well as an improvement in large-deal activity. Investors, in particular, are increasingly shifting to risk-on mode, supported by healthy and robust debt markets. We continue to invest in the people and platform to drive long-term revenue and margin growth across our resilient business lines. positioning each of them for sustainable, profitable growth. The result of our investments was evident in the seventh consecutive quarter of double-digit revenue gains in real estate management services. Data technology and AI are central to JLL's overall strategy, differentiated platform and financial performance. We continue to create a suite of impactful and transformative technology products that drive revenue growth and increase the profitability of JLL, anchored in both an AI forward approach and one that enables us to deliver the most valuable outcomes for our clients. Over the past six years, we have accelerated the pace of innovation at JLL. Today, our platform is driving significant value by enabling the core businesses. Our people and clients are leveraging our data technology and AI to derive unique insights, inform decision-making, and drive productivity. We were an early adopter of generative AI in our industry and are now building agentic AI capabilities into our products to address complex problems and needs. We are scaling rapidly across both adoption and frequency of use. More than 41% of our addressable population are now using our proprietary AI tools daily, up from 35% weekly adoption earlier this year. We would not have been able to achieve these milestones if not for the combination of our people, global footprint, and culture. Of our broader technology suite, the direct revenue generating software products and our technology solutions business comprise the software and technology solutions segment. The segment allowed JLL to incubate a portfolio of revenue-generating products, including Corrigo and building engines, primarily serving clients in our real estate management services business. Since being formalized as a segment in 2022, software and technology solutions have matured strategically and operationally, and the segment has meaningfully progressed in its path to be profitable in full year 2026. Given its maturity and focus on serving clients in our real estate management services businesses, effective January 1st, software and technology solutions will run as a fifth business line within the real estate management services segment alongside workplace management, project management, property management, and portfolio services. Going forward, this new structure will allow us to further scale the business a line on the most effective and client-centric go-to-market approach, and fully realized top and bottom line synergies. With that, I will now turn the call over to Kelly Howe, our Chief Financial Officer, who will provide more details on our results for the quarter.