Financials Jones Lang LaSalle Incorporated

Equities

JLL

US48020Q1076

Real Estate Services

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289.15 ^USD	+3.21%		-15.64%	-14.06%

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Projected Income Statement: Jones Lang LaSalle Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	8,900	11,046	20,862	20,761	23,433	25,906	27,706	29,602
Change	-	24.11%	88.87%	-0.49%	12.87%	10.55%	6.95%	6.84%
EBITDA ¹	859.6	1,496	1,247	736.7	1,186	1,378	1,550	1,703
Change	-	74.09%	-16.65%	-40.94%	61.03%	16.17%	12.44%	9.91%
EBIT ¹	559.1	1,044	868.1	576.5	868.1	1,078	1,267	1,410
Change	-	86.64%	-16.81%	-33.59%	50.58%	24.2%	17.49%	11.32%
Interest Paid ¹	-52.8	-40.1	-75.2	-135.4	-136.9	-115.1	-104.7	-101.8
Earnings before Tax (EBT) ¹	529.6	1,224	994.2	251.9	679.3	920.7	1,164	1,322
Change	-	131.04%	-18.75%	-74.66%	169.67%	35.53%	26.48%	13.54%
Net income ¹	402.5	961.6	654.5	225.4	546.8	737.8	926.7	1,043
Change	-	138.91%	-31.94%	-65.56%	142.59%	34.94%	25.6%	12.51%
Announcement Date	2/9/21	2/28/22	2/28/23	2/27/24	2/19/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	2,747	2,130	2,508	2,805	3,604	4,801	5,278	5,178	5,605	4,716	5,052	5,111	5,881	5,124	5,629	5,869	6,811	5,746	6,250	6,510	7,442	6,049	6,678	6,974	8,020	6,344	7,138	7,348
Change	-	-22.48%	17.75%	11.86%	28.48%	33.24%	9.93%	-1.91%	8.25%	-15.87%	7.15%	1.17%	15.06%	-12.87%	9.84%	4.27%	16.05%	-15.63%	8.77%	4.16%	14.3%	-18.71%	10.39%	4.43%	14.99%	-20.89%	12.52%	2.94%
EBITDA ¹	417.1	190.1	332.4	352	622	273.6	359	276.2	338.5	109	116.1	205.2	306.4	187.1	246.3	298.1	454.8	224.8	291.7	347.3	528.8	257.3	338.7	396.5	581.2	295	394	433
Change	-	-54.42%	74.86%	5.9%	76.7%	-56.01%	31.21%	-23.06%	22.56%	-67.8%	6.51%	76.74%	49.32%	-38.94%	31.64%	21.03%	52.57%	-50.57%	29.76%	19.06%	52.27%	-51.34%	31.62%	17.08%	46.56%	-49.24%	33.56%	9.9%
EBIT ¹	328.8	80.7	224.3	292.9	445.6	175.7	235.1	202.6	254.7	17.8	149.2	119.1	290.4	114.2	152.4	228.3	373.2	120	197.4	273.7	454	187.1	261.5	320.4	493	-	-	-
Change	-	-75.46%	177.94%	30.58%	52.13%	-60.57%	33.81%	-13.82%	25.72%	-93.01%	738.2%	-20.17%	143.83%	-60.67%	33.45%	49.8%	63.47%	-67.85%	64.5%	38.65%	65.89%	-58.8%	39.79%	22.52%	53.89%	-	-	-
Charge d'intérêts ¹	-11	-10.4	-10.6	-9.6	-9.5	-10.2	-15.7	-23.2	-26.1	-26.3	-40.5	-37.1	-31.5	-30.5	-41.7	-38.1	-26.6	-24.6	-35.3	-29.2	-24.12	-25	-27.5	-24	-21.5	-21	-24	-19
Earnings before Tax (EBT) ¹	330.9	130.6	254.3	302	536.7	184.2	408.3	180.4	221.3	-11	4	73.8	185.1	81.5	105	192.2	300.6	71.5	137.2	275	444.2	179	257	320	486	-	-	-
Change	-	-60.53%	94.72%	18.76%	77.72%	-65.68%	121.66%	-55.82%	22.67%	-104.97%	136.36%	1,745%	150.81%	-55.97%	28.83%	83.05%	56.4%	-76.21%	91.89%	100.44%	61.52%	-59.7%	43.58%	24.51%	51.88%	-	-	-
Net income ¹	250.1	103	200	237.2	421.4	145.6	193.9	140.2	174.8	-9.2	2.5	59.7	172.4	66.1	84.4	155.1	241.2	55.3	112.3	222.8	347.4	143.6	205.6	255.2	386.6	-	-	-
Change	-	-58.82%	94.17%	18.6%	77.66%	-65.45%	33.17%	-27.69%	24.68%	-105.26%	127.17%	2,288%	188.78%	-61.66%	27.69%	83.77%	55.51%	-77.07%	103.07%	98.4%	55.93%	-58.67%	43.18%	24.12%	51.49%	-	-	-
Announcement Date	2/9/21	5/5/21	8/4/21	11/3/21	2/28/22	5/9/22	8/3/22	11/2/22	2/28/23	5/4/23	8/3/23	11/2/23	2/27/24	5/6/24	8/6/24	11/6/24	2/19/25	5/7/25	8/6/25	11/5/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Jones Lang LaSalle Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	181	363	1,232	1,128	801	384	327	286
Change	-	100.55%	239.39%	-8.44%	-28.99%	-52.04%	-14.84%	-12.54%
Announcement Date	2/9/21	2/28/22	2/28/23	2/27/24	2/19/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Jones Lang LaSalle Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	149.4	175.9	205.8	186.9	185.5	193.1	203.9	213.6
Change	-	17.74%	17%	-9.18%	-0.75%	4.08%	5.63%	4.76%
Free Cash Flow (FCF) ¹	488.7	830.9	-5.9	388.9	599.8	776	827	945
Change	-	70.02%	-100.71%	6,691.53%	54.23%	29.38%	6.57%	14.27%
Announcement Date	2/9/21	2/28/22	2/28/23	2/27/24	2/19/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Jones Lang LaSalle Incorporated

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.66%	13.55%	5.98%	3.55%	5.06%	5.32%	5.59%	5.75%
EBIT Margin (%)	6.28%	9.45%	4.16%	2.78%	3.7%	4.16%	4.57%	4.76%
EBT Margin (%)	5.95%	11.08%	4.77%	1.21%	2.9%	3.55%	4.2%	4.47%
Net margin (%)	4.52%	8.71%	3.14%	1.09%	2.33%	2.85%	3.34%	3.52%
FCF margin (%)	5.49%	7.52%	-0.03%	1.87%	2.56%	3%	2.98%	3.19%
FCF / Net Income (%)	121.42%	86.41%	-0.9%	172.54%	109.69%	105.17%	89.24%	90.63%
Profitability
ROA	2.88%	6.8%	4.99%	2.26%	4.13%	4.53%	4.95%	5.27%
ROE	7.57%	17.32%	12.7%	5.81%	10.37%	11.38%	11.95%	12.21%
Financial Health
Leverage (Debt/EBITDA)	0.21x	0.24x	0.99x	1.53x	0.67x	0.28x	0.21x	0.17x
Debt / Free cash flow	0.37x	0.44x	-208.73x	2.9x	1.33x	0.5x	0.4x	0.3x
Capital Intensity
CAPEX / Current Assets (%)	1.68%	1.59%	0.99%	0.9%	0.79%	0.75%	0.74%	0.72%
CAPEX / EBITDA (%)	17.38%	11.75%	16.5%	25.37%	15.64%	14.01%	13.16%	12.55%
CAPEX / FCF (%)	30.57%	21.17%	-3,488.14%	48.06%	30.93%	24.88%	24.66%	22.61%
Items per share
Cash flow per share ¹	21.32	18.67	-	-	-	-	-	-
Change	-	-12.41%	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	108	123.6	124.5	132.7	145.4	160.5	172.6	187.1
Change	-	14.45%	0.69%	6.63%	9.55%	10.35%	7.55%	8.42%
EPS ¹	7.7	18.47	13.27	4.67	11.3	15.36	19.59	22.45
Change	-	139.87%	-28.15%	-64.81%	141.97%	35.95%	27.52%	14.61%
Nbr of stocks (in thousands)	51,163	50,468	47,463	47,573	47,445	47,195	47,195	47,195
Announcement Date	2/9/21	2/28/22	2/28/23	2/27/24	2/19/25	-	-	-