Jones Lang LaSalle Incorporated

Good morning. Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the fourth quarter 2025 earnings conference call for Jones Lang LaSalle Incorporated. All lines 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 would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I'll now turn the call over to Sean Coughlin, Head of Investor Relations. Please go ahead.

Thank you, and good morning. Welcome to the fourth quarter of 2025 earnings conference call for Jones Lang LaSalle, Incorporated. Earlier this morning, we issued our earnings release along with a slide presentation in Excel file intended to supplement our prepared remarks. These materials are available on the investor relations section of our website please visit ir.jol.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 unless 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 fourth quarter 2025 earnings call. This morning, I'm pleased to share our strong performance for the fourth quarter and full year of 2025. We reported our seventh consecutive quarter of double-digit revenue gains and ninth consecutive quarter of double-digit EPS growth. We have executed our strategy with discipline, building a resilient foundation for future growth. In 2025, JLL achieved new highs across key top and bottom line consolidated financial metrics, notably revenue, adjusted EBITDA, and adjusted EPS, as well as free cash flow. In the full year, Revenue increased 11%, and adjusted EBITDA was $1.45 billion, growing 22% and reaching the top end of our financial target for the year. We have consistently delivered disciplined operating rigor and strong margin expansion, largely through organic revenue growth and our focus on enhancing platform efficiency, in part due to tech-enabled productivity gains. We are proud to have achieved our midterm margin target in 2025, in line with expectations established at our last investor briefing in 2022, and despite the volatile macro environment since that time. Our fourth quarter revenue was up 10% driven by accelerated transactional revenue and the continued growth of our resilient business line. Our deep global expertise across capital solutions drove broad-based growth in investment sales, debt and equity advisory, up 26% during the quarter. The investment markets demonstrated sustained momentum through the end of 2025. Investor confidence is rising. More investors are deploying capital and real estate debt markets remain robust, which we expect will lead to further growth in 2026. Momentum is similarly building in our leasing business as office demand reached its highest level since 2019 and industrial demand is improving and diversifying across more industries. Fourth quarter leasing revenue increased 17% by significant growth in the US, as well as notable contributions from India and the UK. Looking ahead to 2026, we expect ongoing growth in our leasing business based on an overall improved sentiment and a robust global economy, which supports increased leasing demand across asset classes and geographies. We remain focused on continuing our recent track record of revenue growth and margin expansion across our resilient business lines. Revenue and real estate management services increased 9% in the quarter and 11% in the full year, and we are encouraged by a strong pipeline for continued momentum, especially in the second half of 2026. We maintain high conviction in the long-term growth trajectory of these resilient businesses. Before turning the call over to Kelly, I'd like to address the market volatility which has impacted the real estate services industry over the past week. We have been acutely focused on both the opportunities and disruption risk associated with technology, including AI, for nearly a decade. We have senior leaders with backgrounds in technology, data, and AI. Through JLL Spark, we have gained a deep understanding of the technology ecosystem and real estate across all stages of maturity and have directly invested into disruptive companies, including in AI. And we have been successfully embedding technology and building proprietary data sets across our core services throughout this time. Relative to our industry at large, we have a uniquely informed perspective on this topic. When we assess the past 30 plus years and look across industries, a consistent theme has been true. The services businesses with scaled proprietary data, unified platforms, and the best people. outperform and win. We strongly believe this will continue to be true. For JLL, we see significant runway for profitable growth and minimal risk of disintermediation. The complexity of the commercial real estate asset class, the criticality of real-time local market expertise, and the fiduciary responsibilities involved create structural barriers that favor scaled service providers with the proprietary data and technology acumen to drive client outcomes and results. 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.