Jones Lang LaSalle Incorporated

Thank you for standing by and welcome to Jones Lang LaSalle Incorporated Q1 2026 earnings conference call. 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 the star followed by the number one on your telephone keypad. Thank you. I would now like to turn the conference over to Sean Coughlin, Head of Investor Relations. You may begin.

Thank you and good morning. Welcome to the first quarter 2026 earnings conference call for Jones Lang LaSalle 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 advisory revenues, previously referred to as 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, Sean. Hello and welcome to our first quarter 2026 earnings call. This morning, I'm pleased to report a very strong quarter for JLL to start 2026. The combination of our market-leading advisory businesses and resilient revenue base drove record levels of first quarter revenue and earnings. Robust growth across our core advisory businesses was broad-based, led by momentum in the office and industrial sectors in leasing advisory, as well as growth across nearly all sectors and geographies in capital market services. Our data and AI advantage is driving productivity gains increased market share and strong financial results across these businesses. Increased revenue and our disciplined operating rigor are unlocking strong profit growth and margin expansion. Adjusted EBITDA increased 24% and adjusted EPS was up 56%. Care wins for outsourcing and strong demand for project management supported the continued organic growth streak of our resilient revenues which were collectively up high single digits during the quarter. The transformation of our property management business is also progressing, and we have now strategically exited or repositioned nearly 60% of the targeted contracts in Asia Pacific. Overall, we are building scalable, tech-enabled businesses with an advisory-led approach. We expect the revenue and profit of our resilient businesses to steadily grow over time strengthening the through-cycle performance of the overall company. At our investor briefing in March, we introduced our Accelerate 2030 strategy, long-term financial targets, and approach to advance value creation. This strategy is underpinned by a decade of progress, which has resulted in a resilient foundation, strong financial profile, and unique structural advantages. We have established scale in large, growing, and complex end markets through our integrated global service offering. We have the balance sheet, strong cash generation, and capital strength, and agility to execute targeted capital deployment with a focus on RYC. And our investments in proprietary data and AI capabilities over the past decade are expanding JLL's competitive advantage. These are strategically critical and differentiating levels that uniquely position us to build on our strong market position. With this as a backdrop, we have high conviction that we have the strategy, talent, data-led approach, and culture to drive synergistic scale, further increase our resiliency, and deliver compelling value creation through the six imperatives of our Accelerate 2030 strategy. During the investor briefing, we highlighted the revamp strategy of our investment management business, Nassau. Nassau's strategy is focused on achieving two primary objectives, investment outperformance for our clients, as well as profitable growth and margin expansion for shareholders. We have been in the investment management business for over 45 years, operating various fund strategies globally with an attractive performance track record. We're strategically investing in LaSalle to accelerate growth of a resilient revenue base by also generating synergies with a broader JLL portfolio. LaSalle is uniquely positioned to differentiate and innovate with new products through the collective relationships, expertise, platform, and technology from across JLL. In many ways, the strategy is embodied by the first close of our global decarbonization fund, L3PF, during the first quarter. In partnership with JLL's business lines, the Fund will execute a retrofit-led approach, spanning deep retrofits of vacant buildings, light retrofits, and ground-up developments to address the growing scarcity of high-quality, energy-efficient properties. We have the expertise and capabilities to execute this strategy globally. including across energy, sustainability, project management, and property management. Last year, we invested $100 million of incremental gross capital into one of LaSalle's flagship U.S. funds, JLL Income Property Trust, as we saw an opportunity to leverage our competitive advantage and potential to scale. Today, we are announcing the commitment of an incremental 100 million euro investment in the LaSalle Encore Plus Fund one of our flagship European products, to support its next phase of growth. This is a compelling organic investment opportunity for JLL with attractive risk-adjusted returns aligned with the strategic and financial objectives of our capital allocation framework. We continue to assess a pipeline of innovative investment opportunities with considerations for LaSalle's strategic growth plan, as well as other capital allocation priorities across JLL. Our capital deployment decisions during the quarter reflect our capital allocation principles, balance sheet agility, and through cycle lens on leverage. We are committed to executing our Accelerate 2030 strategy with discipline and rigor aligned to our capital allocation framework. We repurchased $300 million of shares at an average price of approximately $301 during the first quarter, inclusive of the $200 million accelerated share repurchase plan. This reflects our stated commitment to be active on share repurchases with $2.7 billion remaining in our expanded authorization. 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.