JLL’s second quarter results reflected ongoing momentum in its resilient business lines, even as revenue came in slightly below Wall Street expectations. Management attributed the quarter’s performance to continued strength in Workplace Management and Project Management, with CEO Christian Ulbrich highlighting that “the double-digit growth across our resilient businesses in the current market demonstrates the resilience and scalability of our platform.” Transactional businesses saw a moderate uptick, supported by robust debt advisory activity, though larger transactions in capital markets were delayed due to policy and macroeconomic uncertainty.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From JLL’s Q2 Earnings Call

• Anthony Paolone (JPMorgan) asked about the sustainability of Project Management growth and whether elevated revenue would persist. CEO Christian Ulbrich responded that while current momentum is strong, growth rates may normalize but remain healthy, reflecting strategic restructuring benefits.
• Stephen Sheldon (William Blair) inquired about the risk of further Fannie Mae loan-loss expenses. CFO Kelly Howe explained that ongoing portfolio reviews continue, but no new areas of risk have been identified at this time.
• Jade Rahmani (KBW) sought clarity on the non-linear margin expansion guidance. Ulbrich clarified margins are expected to improve more in the second half, but not at a steady rate, due to seasonal and business mix effects.
• Julien Blouin (Goldman Sachs) questioned the balance between share repurchases and M&A. Ulbrich stated share buybacks will increase in the next two quarters, but the company prioritizes organic investment over larger acquisitions, favoring small infill deals.
• Peter Abramowitz (Jefferies) probed on Project Management growth moderation and the impact of tariffs. Ulbrich indicated growth may slow from recent highs but remains robust, and any deceleration reflects normalization, not direct tariff impact.

Catalysts in Upcoming Quarters

Our team will be watching (1) the pace of contract wins and renewal rates in Workplace and Project Management, (2) the return of large transactions in Capital Markets as policy uncertainty potentially abates, and (3) the impact of ongoing investments in technology and operational efficiency on margins. Execution on selective M&A and property management contract transitions will also be key signposts for progress.

JLL currently trades at $283.88, up from $272.71 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).

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