Jones Lang LaSalle Incorporated

Hello, everyone. Thank you for joining us and welcome to the second quarter 2026 earnings conference call for Jones Lang LaSalle Incorporated. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Sean Coughlin, head of investor relations. Sean, please go ahead.

Thank you and good morning. Welcome to the second quarter 2026 earnings conference call for Jones Lang LaSalle Incorporated. Earlier this morning, we issued our earnings release along with the 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, 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 Les, 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 second quarter 2026 earnings call. Q2 was a big quarter for JLL. We grew revenue by double digits and profit gains accelerated with adjusted EBITDA up 33% and adjusted earnings per share up 61%. At our investor briefing in March, we told you why we felt good about where JLL was headed and this quarter is a proof of that. We are now a few months into Accelerate 2030 and I'm pleased with how the strategy is taking hold across the organization. I want to spend my time today on three parts of our business that give me continued conviction in our future. First, our resilient business lines, which represent nearly 80% of our revenue, are built for consistent growth and margin expansion. Multi-year client relationships, recurring revenue, and a business model amplified by scale. That was evident again this quarter, with real estate management services growing 80%. in line with the level of growth we have delivered over recent quarters while margin expansion also continued. These businesses sit at the center of long-term secular tailwinds in the global economy as occupiers and investors increasingly choose to outsource more parts of their real estate operations rather than run it themselves. Within workplace management, Most corporate real estate globally is still managed in-house today, underscoring how much runway remains. Project management sits at the intersection of our clients' evolving needs, from multi-site project management to capital planning to new development, and our ability to execute that work end-to-end around the world. The longer we work with a client, The deeper we understand their current portfolio and strategic priorities, and the more value we can create together through a one JLL approach. Our resilient businesses show what doable organic growth looks like in real estate services. High client retention, deeper enterprise relationships, and a platform that becomes more efficient and resilient as it scales. We firmly believe continued investment in data and AI will make these businesses even more scalable and valuable to our clients. Second, across our advisory businesses, the US led a broad-based pickup in activity across leasing advisory and capital market services. Together, our advisory revenue growth accelerated to 21% this quarter, and profit grew even faster. A reflection of the operating leverage building across our platform. Our performance in our advisory businesses reflects client trust built over years in our people, data, and ability to execute at scale. That is why JLL has continued to take share over the past several years. Clients are choosing and expanding their relationship with JLL because we deliver intelligence and outcomes that are difficult to replicate. Our brand signals to the world's most sophisticated investors and occupiers that we are the partner for the most complex work. The investments we are making in data, AI and our core businesses under Accelerate 2030 are designed to deepen our value proposition. None of this happens in isolation. Clients want an integrated partner who can advise them across the full real estate lifecycle, backed by the intelligence of our entire firm. That is one JLL. It is the reason leading investors and occupiers are choosing to deepen their relationships with JLL. Third, when it comes to capital allocation, Our deployment decisions are being made with rigor. Topline growth is most valuable to us if it converts into profitability, cash generation, and returns that justify the investment behind it. This quarter alone, we generated $438 million of free cash flow, up 52% from a year ago. That gives us flexibility in how we deploy capital and reflects healthy margin expansion, greater capital efficiency and improving returns on our investments across the company. We maintain a strong and agile balance sheet and are continuously assessing opportunities, including returning capital to shareholders. Our disciplined and through cycle approach to capital allocation is central to how we intend to keep building value for our clients, our people, and our shareholders over the long term. Put together, these factors give me high confidence in the outlook for JLL. At our investor briefing in March, we said we have the foundation platform and culture to compound value over the long term. While we are early days in our accelerate 2030 strategy, The quality results and progress on our strategic initiatives reaffirm my conviction. With that, I will now turn the call over to Kelly Howe, our Chief Financial Officer, to provide more detail on our results for the quarter.