Jones Lang LaSalle Inc (JLL) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jones Lang LaSalle, Inc. second quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加仲量聯行公司 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Sean Coghlan, Head of Investor Relations. Sean, you may begin.

現在，我想將會議交給投資者關係主管 Sean Coghlan。肖恩，你可以開始了。

Thank you, and good morning. Welcome to the second quarter 2025 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.

謝謝，早安。歡迎參加仲量聯行 2025 年第二季財報電話會議。今天早上，我們發布了收益報告，以及幻燈片簡報和 Excel 文件，旨在補充我們準備好的發言。這些資料可在我們網站的投資者關係部分找到。請造訪ir.jll.com。

During the call as well as in our slide presentation and supplemental excel file, we referenced 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 referenced resilient and transactional revenues, which we define in the footnotes of our earnings release.

在電話會議以及投影片簡報和補充 Excel 文件中，我們引用了某些非 GAAP 財務指標，我們認為這些指標為投資者提供了有用的信息。我們在收益報告和幻燈片簡報中納入了非 GAAP 財務指標與 GAAP 的對帳。我們也參考了彈性收入和交易收入，我們在收益報告的腳註中對其進行了定義。

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.

提醒一下，今天的電話會議正在進行網路直播和錄音。本次電話會議的記錄和錄音將發佈到我們的網站上。任何有關未來結果和表現、計劃、期望和目標的陳述均為前瞻性陳述。

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.

由於我們在 10-K 表格年度報告和向美國證券交易委員會提交的其他報告中討論的因素，實際結果和績效可能與這些前瞻性陳述不同。該公司不承擔公開更新或修改任何前瞻性聲明的承諾。最後，需要提醒的是，除非另有說明，百分比差異是與去年同期以當地貨幣計算的。

I will now turn the call over to Christian Ulbrich, our President and Chief Executive Officer, for opening remarks.

現在，我將把電話轉給我們的總裁兼執行長 Christian Ulbrich 致開幕詞。

Thank you, Sean. Hello, and welcome to our second quarter 2025 earnings call. I'm pleased to report strong results for the second quarter, demonstrating JLL's ability to deliver sustainable organic growth. We saw double-digit revenue gains for the fifth consecutive quarter, led by momentum in our resilient business lines on both the top and bottom line.

謝謝你，肖恩。您好，歡迎參加我們 2025 年第二季財報電話會議。我很高興地報告第二季的強勁業績，證明了仲量聯行實現可持續有機成長的能力。我們連續第五個季度實現了兩位數的營收成長，這得益於我們業務線在營收和利潤方面的強勁成長勢頭。

The consolidated level revenue increased 10%. Adjusted EBITDA grew 17% and adjusted EPS was up 29%. Before sharing perspectives on our performance, I'd like to briefly address the impacts of the evolving policy environment on the market. During the second quarter, we saw an uptick in the late and prolonged decision-making particularly in industrial and manufacturing and for more significant capital projects and investment decisions. This had a greater impact on transactional markets where growth decelerated from first quarter levels in light of the confluence of geopolitical and trade policy pressures as well as fiscal policy uncertainty.

綜合水平收入成長10%。調整後的 EBITDA 成長 17%，調整後的 EPS 成長 29%。在分享我們業績表現之前，我想先簡單談談政策環境變化對市場的影響。在第二季度，我們發現延遲和長期決策增加，特別是在工業和製造業以及更重要的資本項目和投資決策方面。這對交易市場產生了更大的影響，由於地緣政治和貿易政策壓力以及財政政策不確定性的共同作用，交易市場的成長速度較第一季放緩。

Within our outsourcing business, most companies remain committed to enhancing the value of their workplaces and property investments, supporting the pipeline for midsized capital spend projects and contract expansion opportunities. As we assess the pipeline for larger transaction and expansion opportunities, the markets are again becoming more constructive though remain sensitive to developments in the macro environment.

在我們的外包業務中，大多數公司仍然致力於提高其工作場所和財產投資的價值，並支持中型資本支出項目和合約擴展機會的管道。當我們評估更大的交易和擴張機會時，市場再次變得更加建設性，儘管仍然對宏觀環境的發展很敏感。

Turning to our results this quarter. The stability, organic growth and profit contribution of our resilient businesses are validating our strategy and give us confidence in the depth and breadth of our platform. Growth in resilient revenue was led by workplace management and a notable strengthening in project management.

談談我們本季的業績。我們富有韌性的業務的穩定性、有機成長和利潤貢獻驗證了我們的策略，並讓我們對我們平台的深度和廣度充滿信心。彈性收入的成長得益於工作場所管理和專案管理的顯著加強。

Last year, we announced the global unification and strategic restructuring of the project management business to enable a more cohesive approach to connecting people, processes and expertise and to expand our capabilities in high-growth sectors and industries.

去年，我們宣布了專案管理業務的全球統一和策略重組，以便以更具凝聚力的方式連接人員、流程和專業知識，並擴大我們在高成長領域和行業的能力。

Strong results this quarter are indicative of the momentum it has garnered and reflects our ability to drive greater client value as a globally unified business. The double-digit growth across our resilient businesses in the current market demonstrates the resilience and scalability of our platform, as well as the significant untapped potential for outsourcing penetration across industries over the long term.

本季的強勁業績顯示了公司所累積的強勁勢頭，並體現了我們作為全球統一企業推動更大客戶價值的能力。在當前市場中，我們各項業務均實現了兩位數的成長，證明了我們平台的彈性和可擴展性，以及長期來看外包滲透到各個行業的巨大尚未開發的潛力。

Our investments in data technology and artificial intelligence are integral to our growth strategy, to enhancing operational efficiency and to delivering on client demand for integrated end to end real estate management solutions and data-driven insights. We will continue to invest in the organic growth of these businesses and assess M&A opportunities on a risk-adjusted return basis as part of our disciplined approach to capital allocation.

我們對數據技術和人工智慧的投資是我們成長策略、提高營運效率以及滿足客戶對整合端到端房地產管理解決方案和數據驅動洞察的需求不可或缺的一部分。我們將繼續投資於這些業務的有機成長，並在風險調整回報的基礎上評估併購機會，這是我們嚴謹的資本配置方法的一部分。

With the backdrop of decelerating growth in the broader market, our transactional businesses grew 7% in the quarter, led by Capital Markets Services. The investment sales, debt and equity advisory businesses saw growth of 14%, fueled by resilient debt markets and robust refinancing activity that continued to drive strong growth in our Debt Advisory business, up 27% with notable strength across the US and Europe.

在整體市場成長放緩的背景下，我們的交易業務在本季成長了 7%，其中資本市場服務業務表現突出。投資銷售、債務和股權諮詢業務成長了 14%，這得益於富有彈性的債務市場和強勁的再融資活動，繼續推動我們的債務諮詢業務強勁增長，增長了 27%，在美國和歐洲表現尤為強勁。

Significant growth was led by the residential sector. Across our transactional businesses, the stability of our pipeline gives us confidence, that we are well positioned to see continued organic growth and market share gains.

住宅領域帶動了顯著的成長。在我們的交易業務中，我們通路的穩定性給了我們信心，我們有能力實現持續的有機成長和市場份額的成長。

With that, I will now turn the call over to Kelly Howe, our new Chief Financial Officer, who will provide more details on our results for the quarter.

現在，我將把電話轉給我們新任財務長凱利·豪 (Kelly Howe)，她將提供有關本季度業績的更多詳細資訊。

Thank you, Christian. I'm delighted to join you all today in my new capacity as JLL's Global CFO. The transition into my new role has been smooth, reflecting the strength and continuity of our team. I am excited to work closely with the investment community and proud to continue to uphold JLL's commitment to transparent financial reporting. Most importantly, I look forward to partnering with Christian and our leaders across JLL to achieve our strategic priorities, while building upon our strong foundation to drive long-term value creation.

謝謝你，克里斯蒂安。我很高興今天以仲量聯行全球財務長的新身分與大家在一起。我向新角色的過渡非常順利，體現了我們團隊的實力和連續性。我很高興能與投資界密切合作，並自豪地繼續堅持仲量聯行對透明財務報告的承諾。最重要的是，我期待與克里斯蒂安和仲量聯行的領導者合作，實現我們的策略重點，同時在我們堅實的基礎上推動長期價值創造。

Now to our results. I am pleased with our second quarter outcome, which reflects the continuation of positive business momentum, as well as the strength of our platform and people. The meaningful margin expansion and earnings growth is a direct result of our ongoing cost discipline and improved platform leverage. Additionally, our focus on improving working capital efficiency is reflected in the increase in free cash flow in the quarter. I will now review our operating performance by segment.

現在來看看我們的結果。我對我們第二季度的業績感到滿意，這反映了積極的業務勢頭的延續，以及我們平台和員工的實力。利潤率的大幅提升和獲利的成長是我們持續的成本控制和平台槓桿率提升的直接結果。此外，我們專注於提高營運資本效率，這反映在本季自由現金流的增加上。我現在將按部門回顧我們的經營績效。

Beginning with Real Estate Management Services, revenue growth was led by workplace management with client wins slightly outpacing mandate expansions, as incremental pass-through costs augmented high single-digit management fee growth. On a two year stacked basis, workplace management revenue increased nearly 30% for the quarter, consistent with the first quarter and reflective of the value we bring to clients.

從房地產管理服務開始，收入成長由工作場所管理帶動，客戶贏得的速度略高於授權擴張的速度，因為增量轉嫁成本增強了高個位數的管理費成長。以兩年累計計算，本季工作場所管理收入成長近 30%，與第一季持平，反映了我們為客戶帶來的價值。

Project Management revenue growth was broad-based geographically, most notably from new and expanded contracts in the US and Asia Pacific, with mid-teens management fee growth supplemented by higher pass-through costs. The acceleration in growth within project management stems in part from the strong leasing activity over the past several quarters, as well as recent incremental investments in our platform and human capital.

專案管理收入的成長在地理上分佈廣泛，最顯著的是來自美國和亞太地區的新合約和擴大合同，管理費成長達到中等水平，並由更高的轉嫁成本補充。專案管理成長的加速部分源自於過去幾季強勁的租賃活動，以及近期對我們的平台和人力資本的增量投資。

The overall segment revenue growth, along with continued cost discipline, more than offset headwinds from the favorable prior year impact of incentive compensation accruals timing, leading to higher adjusted EBITDA and margin. Looking ahead, we remain confident in the trajectory of the workplace management business as our sales pipeline is strong and contract renewal rates are stable.

整個部門的收入成長，加上持續的成本控制，抵消了上年激勵薪酬應計時間的有利影響所帶來的阻力，從而提高了調整後的 EBITDA 和利潤率。展望未來，我們對工作場所管理業務的發展軌跡仍然充滿信心，因為我們的銷售管道強勁且合約續約率穩定。

For project management, client activity continues to be healthy, though the recent moderation in office leasing growth as well as mixed corporate CapEx signals may temper growth later in the year. Within property management, we are encouraged by the progress we have made in our transition to date, as we are starting to see the benefits of bringing teams together as well as operating cost synergies. We are still early in the process and anticipate an elevated contract turnover in the near term, given our ongoing focus on long-term growth and margin potential.

對於專案管理而言，客戶活動持續保持健康，儘管最近辦公室租賃成長放緩以及企業資本支出訊號的混合可能會在今年稍後抑製成長。在物業管理領域，我們對迄今為止轉型所取得的進展感到鼓舞，因為我們開始看到團隊凝聚以及營運成本協同效應的好處。我們仍處於這一進程的早期階段，鑑於我們持續關注長期成長和利潤潛力，預計短期內合約週轉率將有所提高。

From an overall segment perspective, we continue to target healthy annual margin expansion, though it's not likely to be linear as we balance long-term growth and profitability alongside near-term business performance, mix, investment and ongoing cost management. Moving next to Leasing Advisory. Higher revenue was driven by continued leasing growth across major asset classes, led by an 11% increase in industrial. The US led the growth primarily driven by 13% growth in industrial.

從整個細分市場的角度來看，我們繼續以健康的年度利潤率擴張為目標，儘管由於我們要平衡長期成長和獲利能力以及短期業務績效、產品組合、投資和持續成本管理，因此利潤率擴張不太可能是線性的。接下來轉到租賃諮詢。收入成長的動力是各主要資產類別的租賃持續成長，其中工業租賃成長 11%。美國引領了這一成長，主要得益於工業成長 13%。

This compares favourably to the 4% growth in US industrial market volume, which we attribute to the strength of our brand and platform as well as our market position. Global office leasing revenue tracked in line with market volume, which showed a deceleration in growth according to JLL Research. US office leasing revenues increased for the sixth consecutive quarter growing nearly 3%, which compared favorably to the 3% decline in market volumes, according to JLL Research.

這與美國工業市場 4% 的成長相比表現良好，我們將其歸功於我們的品牌和平台實力以及我們的市場地位。根據仲量聯行研究的數據，全球辦公大樓租賃收入與市場規模保持一致，成長速度有所放緩。JLL Research 的數據顯示，美國辦公大樓租賃收入連續第六個季度成長近 3%，與市場交易量 3% 的下降相比，成長勢頭良好。

The increases in leasing advisory adjusted EBITDA and margin were primarily driven by leasing revenue growth and an improved ratio of compensation, and benefits to revenue partly offset by discrete variable operating expenses in the quarter. Excluding the impact of the discrete expenses, the incremental margin would have been in line with the typical range for the segment.

租賃諮詢調整後的 EBITDA 和利潤率的成長主要得益於租賃收入的成長以及薪資和福利與收入比率的提高，但本季離散變動營運費用部分抵銷了這一成長。排除離散費用的影響，增量利潤率將與該部門的典型範圍一致。

Looking ahead, our leasing pipeline is stable and business confidence as measured by the OECD has been resilient considering the macro backdrop, providing reason for cautious optimism for continued modest growth in the near term. Client demand for high-quality and energy-efficient assets, which are becoming increasingly scarce, remains a consistent trend.

展望未來，我們的租賃管道穩定，考慮到宏觀背景，經合組織衡量的商業信心一直保持韌性，這為我們對短期內持續溫和成長保持謹慎樂觀提供了理由。客戶對高品質、節能資產的需求持續成長，但這些資產卻越來越稀缺。

Within office, tenant requirements are generally studied with sectors such as professional services, finance and legal, driving demand in many markets. Though as we've seen in the recent past, this could evolve quickly as clients consider the macro-outlook. For industrial, clients continue to assess the impact of supply chain, production and the economy from the evolving policy backdrop, which may temper near-term growth.

在辦公室內，租戶需求通常與專業服務、金融和法律等行業一起研究，從而推動許多市場的需求。但正如我們最近看到的那樣，隨著客戶考慮宏觀前景，這種情況可能會迅速發展。對於工業而言，客戶繼續從不斷變化的政策背景來評估供應鏈、生產和經濟的影響，這可能會抑制短期成長。

Shifting to our Capital Markets Services segment, increased investor desire to transact alongside strength in the debt markets, and liquidity supported the continuation of favorable growth trends of the past few quarters albeit at a more moderate pace as geopolitical and fiscal policy uncertainty weighed on investor sentiment.

轉向我們的資本市場服務部門，隨著債務市場的強勁增長和流動性的增強，投資者的交易意願增強，儘管速度較為溫和，但由於地緣政治和財政政策的不確定性影響了投資者情緒，過去幾個季度的良好增長趨勢得以延續。

Debt advisory revenue increased 27% and investment sales grew 9% on the back of more challenging comparisons. On a two year stacked basis, Investment sales and debt advisory revenue each grew 25%. During the quarter, we recognized approximately $14 million of incremental expense after reaching an enhanced loss-share agreement with Fannie Mae for a specific fee loan portfolio with confirmed borrower fraud. This is the portfolio we mentioned during our fourth quarter earnings call.

在更具挑戰性的比較中，債務諮詢收入成長了 27%，投資銷售額成長了 9%。以兩年累計計算，投資銷售和債務諮詢收入分別增加了 25%。在本季度，我們與房利美就已確認借款人存在欺詐行為的特定費用貸款組合達成了增強的損失分擔協議，確認了約 1400 萬美元的增量費用。這是我們在第四季財報電話會議上提到的投資組合。

The increase in capital markets services adjusted EBITDA and margin was largely attributable to higher transactional revenues and the net impact of year over year loan-related losses. Looking ahead, the strength of our differentiated data-driven global platform positions us to continue to gain market share. We are encouraged by the stability of the debt markets and capital availability alongside the amount of dry powder on the sidelines. Our global investment sales, debt and equity advisory pipeline remains strong, though the timing and pace of deal closings will be influenced by the evolution of the economic outlook, investor sentiment and interest rates.

資本市場服務調整後的 EBITDA 和利潤率的成長主要歸因於交易收入的增加以及同比貸款相關損失的淨影響。展望未來，我們差異化的數據驅動全球平台的優勢使我們能夠繼續獲得市場份額。債務市場的穩定性和資本的可用性以及場外的大量資金令我們感到鼓舞。我們的全球投資銷售、債務和股權諮詢管道仍然強勁，儘管交易完成的時間和速度將受到經濟前景、投資者情緒和利率變化的影響。

Turning to Investment Management. Lower assets under management compared with the year earlier, which primarily reflects dispositions of assets on behalf of certain clients in the fourth quarter of 2024, drove the decline in advisory fees. Higher valuations and capital raising led the sequential quarter increase in assets under management. We raised $1 billion of private equity capital in the second quarter, bringing the year to date total to $2.9 billion, which compares with $2.7 billion for the full year 2024.

轉向投資管理。與去年同期相比，管理的資產規模有所下降，這主要反映了 2024 年第四季代表某些客戶處置資產，導致諮詢費下降。更高的估值和融資導致管理資產規模連續一個季度增長。我們在第二季籌集了 10 億美元的私募股權資本，使年初至今的總額達到 29 億美元，而 2024 年全年總額為 27 億美元。

The increase in capital raising, highlighted by demand for credit and core strategies is encouraging, but note the flow-through to revenue will take several quarters to manifest given the expected timing of capital deployment. The changes in adjusted EBITDA and margin in the quarter were largely driven by the absence of an $8 million gain a year ago.

融資金額的增加（以信貸和核心策略需求為重點）令人鼓舞，但請注意，考慮到資本部署的預期時間，收入流將需要幾個季度才能體現出來。本季調整後的 EBITDA 和利潤率的變化主要是由於去年同期 800 萬美元收益的缺失所致。

Moving to Software and Technology Solutions. Low double-digit growth in software revenue was more than offset by reduced technology solutions spend from certain large existing clients. The benefit from year over year change in carried interest drove the adjusted EBITDA improvement. We remain focused on attaining sustained profitability within the segment, while also making select investments to drive growth. Turning to free cash flow.

轉向軟體和技術解決方案。軟體收入的低兩位數成長被某些現有大客戶減少的技術解決方案支出所抵消。附帶權益逐年變動帶來的好處推動了調整後 EBITDA 的改善。我們仍專注於在該領域實現持續獲利，同時也進行選擇性投資以推動成長。轉向自由現金流。

The higher inflow in the quarter was largely due to incremental advanced cash payments for new and renewed clients, primarily within real estate management services, improved collections on trade receivables and lower cash taxes paid, partially offset by greater commission payments stemmed from the growth in leasing and capital markets activity. While cash conversion ratios can vary notably from year to year for a variety of factors, enhancing our working capital efficiency remains a top priority, as we focus on improving upon our 10-year average cash conversion ratio of 80%.

本季流入量增加主要是由於新客戶和續約客戶的預付現金增加（主要在房地產管理服務領域）、貿易應收帳款回收增加以及現金稅款支付減少，但租賃和資本市場活動增長帶來的佣金支付增加部分抵消了這一影響。雖然由於各種因素，現金轉換率每年可能會有顯著差異，但提高營運資本效率仍然是我們的首要任務，因為我們專注於提高 10 年平均 80% 的現金轉換率。

Shifting to our balance sheet and capital allocation. Liquidity totaled $3.3 billion at the end of the second quarter, including $2.9 billion of undrawn credit facility capacity. In addition, we had $1.8 billion of untapped capacity on our commercial paper program. Both a reduction in net debt and higher adjusted EBITDA over the trailing 12 months led to an improvement in reported net leverage to 1.2 times, down from 1.7 times a year earlier.

轉向我們的資產負債表和資本配置。第二季末的流動資金總額為 33 億美元，其中包括 29 億美元未提取的信貸額度。此外，我們的商業票據計畫還有 18 億美元的未開發容量。過去 12 個月內淨債務的減少和調整後 EBITDA 的提高導致報告淨槓桿率從一年前的 1.7 倍改善至 1.2 倍。

We continue to manage to a full year average leverage ratio of around 1.0 times, the midpoint of our 0 to 2 times target range. Capital deployment priorities are focused first on organic growth as we invest in our people and platform to further differentiate our services and drive productivity across business lines. Returning capital to shareholders is a high priority, and we will look to increase share repurchases above the second quarter amount of $40 million, while considering our target leverage, the broader operating environment, and other M&A or investment opportunities.

我們繼續努力將全年平均槓桿率控制在 1.0 倍左右，這是我們 0 至 2 倍目標範圍的中點。資本部署重點首先放在有機成長上，我們投資於我們的人才和平台，以進一步區分我們的服務並提高整個業務線的生產力。向股東返還資本是我們的首要任務，我們將考慮將股票回購額度增加到第二季 4,000 萬美元以上，同時考慮我們的目標槓桿率、更廣泛的經營環境以及其他併購或投資機會。

We continue to pursue select acquisitions that augment organic initiatives, improve our capabilities and span multiple business lines, particularly within our resilient businesses. Regarding our 2025 full year financial outlook, the market backdrop overall remains constructive despite mixed economic indicators and the evolving policy environment.

我們將繼續進行選擇性收購，以增強有機舉措、提高我們的能力並跨越多個業務線，特別是在我們具有彈性的業務領域。關於我們 2025 年全年財務展望，儘管經濟指標好壞參半且政策環境不斷變化，但整體市場背景仍保持建設性。

Given our strong year to date performance, stability in our pipelines and solid underlying business trends, we increased the low end of our full year adjusted EBITDA target range by $50 million, resulting in a new range of $1.3 billion to $1.45 billion. With our ongoing focus on operating efficiency alongside investments in our platform and people, we are well positioned for long-term profitable growth and stakeholder value creation.

鑑於我們今年迄今的強勁業績、穩定的產品線和穩健的潛在業務趨勢，我們將全年調整後 EBITDA 目標範圍的低端提高了 5000 萬美元，新的範圍為 13 億美元至 14.5 億美元。透過持續關注營運效率以及對平台和人員的投資，我們為長期獲利成長和利害關係人價值創造做好了準備。

Christian, back to you.

克里斯蒂安，回到你身邊。

Thank you, Kelly. The strong growth in profit, margin and adjusted EPS during the quarter reflects the strength and resilience of our platform, and gives us confidence in our revised full year outlook. As we look ahead, and reflect on the health of our industry, we see continued signals of stability and cause for cautious optimism for our business. Real estate fundamentals remain stable, the case to outsource is strengthening, tenant demand is growing, and debt markets and capital availability remain strong.

謝謝你，凱利。本季利潤、利潤率和調整後每股收益的強勁增長反映了我們平台的實力和彈性，並使我們對修訂後的全年前景充滿信心。當我們展望未來並反思行業健康狀況時，我們看到持續的穩定信號，並對我們的業務保持謹慎樂觀。房地產基本面保持穩定，外包情況正在加強，租戶需求正在成長，債務市場和資本可用性仍然強勁。

Above all, the focus on high-quality, well-managed real estate is elevated and broadening. And our occupying investor clients alike are more motivated than in recent years to make investment decisions. Entering the second half of 2025, we maintain high conviction in our strategy to drive continued organic top and bottom-line growth, increase resiliency, enhance returns on invested capital and lead JLL into the next growth cycle.

最重要的是，對高品質、管理良好的房地產的關注度得到了提升和擴大。與近年來相比，我們的居住型投資人客戶都更有動力做出投資決策。進入 2025 年下半年，我們對我們的策略保持高度信心，即推動持續的有機頂線和底線增長、增強彈性、提高投資資本回報率並帶領仲量聯行進入下一個增長週期。

Before I close, I would like to take this opportunity to acknowledge and thank our colleagues around the world, whose dedication and focus ensure we continue to deliver for clients.

最後，我想藉此機會感謝我們在世界各地的同事，他們的奉獻和專注確保我們能夠繼續為客戶提供服務。

Operator, please explain the Q&A process.

接線員，請解釋問答流程。

(Operator Instructions) Anthony Paolone, JPMorgan.

（操作員指示）摩根大通的 Anthony Paolone。

Great, thank you. My first question relates to the REMS segment. First, within project management, the strength we saw there, how should we think about the duration of those deals and whether that's a level of revenue we should carry forward and grow?

太好了，謝謝。我的第一個問題與 REMS 部分有關。首先，在專案管理中，我們看到了優勢，我們應該如何考慮這些交易的持續時間，以及這是否是我們應該延續和成長的收入水準？

Anthony, good morning. Well, we were ourselves positively surprised by the strength of the project management business in the second quarter. It was a really strong demand for midsize projects, and the trend is continuing over the foreseeable future for the rest of this year. So there's increased optimism on our side with regards to the measures we have taken to bring that business together globally and align the processes and that is reflective in the performance and the satisfaction from our clients.

安東尼，早安。嗯，我們對第二季專案管理業務的強勁表現感到驚訝。中型專案的需求確實強勁，而且這種趨勢在可預見的未來將持續到今年剩餘時間。因此，我們對所採取的措施更加樂觀，這些措施旨在在全球範圍內整合業務並協調流程，這反映在我們客戶的業績和滿意度上。

Okay. And then I guess, in REMS, generally, you talked about the contract wins. And so should we take away from this that just at least for the next several quarters or so, we should expect revenue that's kind of above trend in terms of growth, just overall in REMS?

好的。然後我想，在 REMS 中，您通常會談論合約的勝利。那麼，我們是否應該從中得出這樣的結論：至少在接下來的幾個季度裡，我們應該預期 REMS 整體的營收成長將高於趨勢？

Well, I mean, we said that we are expecting in our REMS business over the medium term, high single-digit, low double-digit revenues. And so we are still in line with that, more at the high end at the moment. I will not predict exactly whether we'll be low double-digit or high single-digit, but it will continue to perform in that range on an organic basis for the foreseeable future. We had some really nice new wins in the last quarter, and they will start to [chip-in] over the next couple of quarters. And so the trend is still very stable.

嗯，我的意思是，我們說過，我們預計中期內我們的 REMS 業務收入將達到高個位數、低兩位數。因此，我們仍然遵循這項原則，目前處於高端。我無法準確預測我們的成長率是低兩位數還是高個位數，但在可預見的未來，它將繼續以有機方式保持在該範圍內。我們在上個季度取得了一些非常好的新勝利，這些勝利將在接下來的幾季開始發揮作用。所以趨勢仍然非常穩定。

Okay. And then just my follow-up, maybe Christian, as we think about moving past kind of this bounce-off the bottom over the last year in capital markets and leasing and start to look towards '26, '27, what do you think are the biggest growth drivers we should be looking at for JLL, whether it's geographic business line, margins, what do you think the focal points are?

好的。然後我的後續問題是，克里斯蒂安，當我們考慮走出去年資本市場和租賃市場的底部反彈，並開始展望 26 年、27 年時，您認為我們應該關注 JLL 的最大增長動力是什麼，無論是地理業務線還是利潤率，您認為重點是什麼？

Well, the capital markets business, obviously, reacting quite sensitive on noise in the geopolitical and political environment. And as much as that noise is coming down, the more you will see transaction volumes to grow again. We have seen, despite all that noise, a relatively stable interest rate environment, which was helpful. What was kind of a headwind was that on the back of the announcement in early April, some of the larger transactions, which is a specific area for us, where we have a very high market share did not go through and were paused. And we hope that this is coming back in the next couple of quarters again, so that we not only see kind of the midsized transactions growing, but also the large transactions again.

嗯，資本市場業務顯然對地緣政治和政治環境中的噪音反應相當敏感。隨著噪音的減少，您將看到交易量再次增長。儘管有種種噪音，但我們看到利率環境相對穩定，這是有幫助的。不利的是，在四月初宣布這一消息之後，一些較大的交易（對我們來說是一個特定領域，我們擁有很高的市場份額）沒有進行，並且被暫停了。我們希望這種情況能在接下來的幾季再次出現，這樣我們不僅會看到中型交易的成長，而且還會看到大型交易的再次成長。

On the Leasing side, the main challenge there is that you have very little new product coming to market. So tenants need to move from the expectations to potentially be able to sign agreements on the best buildings. They have to just accept that the best buildings are more or less sold out, and they have to move kind of a little bit down, which has the benefit on the other side that you will see a lot of upgrading of those type of [A-] buildings, and that is then strengthening our roject management business again.

在租賃方面，主要的挑戰是很少有新產品進入市場。因此，租戶需要從期望中轉變，以便能夠就最佳建築簽署協議。他們必須接受最好的建築物或多或少都已售罄的事實，他們必須稍微降低價格，但另一方面，這也有好處，你會看到很多這類 [A-] 建築的升級，這將再次加強我們的專案管理業務。

But that is obviously something, which we look very carefully on the offices side that there is so little new product coming to market. We saw that stability on the industrial side, probably slightly better than we would have expected. And again, if the whole noise from the tariffs have settled and people are getting to terms with that, then we should see that trend continuing and growing going forward into 2026.

但這顯然是我們在辦公室方面非常仔細觀察的結果，因為很少有新產品進入市場。我們看到工業方面的穩定性，可能比我們預期的要好一些。再說一次，如果關稅引發的整個騷動已經平息，人們也開始接受這一點，那麼我們應該會看到這種趨勢持續下去，並在 2026 年不斷增長。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Thanks for taking my questions. First, can you just talk some more about what you are seeing in capital markets pipelines and how that pipeline maybe sits now relative to last year? And then also how deal activity trended through July? I know deal timing can be uncertain, especially for larger deals, but where you sit, is there decent visibility right now into continued kind of solid growth into the back half of the year?

感謝您回答我的問題。首先，您能否再多談談您在資本市場管道方面看到的情況，以及該管道目前的狀況與去年相比如何？那麼七月份的交易活動趨勢如何？我知道交易時機可能不確定，特別是對於較大的交易而言，但就您目前的情況而言，是否能夠清楚地看到今年下半年將繼續保持穩健的成長？

Sure. Pipelines are fairly strong, notably up against last year. It goes pretty much across the board, across all asset classes, maybe with a particularly strong angle on the retail side. RESI, again, very, very strong. And as I said earlier in the previous question, we are fairly optimistic around that the performance of the capital markets business going forward, because it seems to be that people are accepting the noise in the world, and they just move on and do their business. And we just hope that also then the very large transactions are coming back into the market.

當然。管道相當強勁，特別是與去年相比有所提升。它幾乎涵蓋了所有資產類別，在零售方面可能表現得特別突出。RESI 再次表現得非常非常強勁。正如我在上一個問題中所說的那樣，我們對未來資本市場業務的表現相當樂觀，因為人們似乎正在接受世界上的噪音，他們只是繼續做自己的事。我們只是希望大額交易也能重返市場。

Got it, thanks. And then just on the Fannie Mae loan-loss, I think it's the second time this issue has popped up. So how much risk do you see of additional losses there, especially over the next few quarters? Just can you just talk about if you have any visibility there, and whether that could continue to be a drag?

明白了，謝謝。然後就房利美貸款損失而言，我認為這是該問題第二次出現。那麼您認為那裡出現額外損失的風險有多大，尤其是在接下來的幾季？您能否談談您是否對此有任何了解，以及這是否會繼續成為一種拖累？

Sure. I can take that question. As we noted in my prepared remarks, we did take an expense this quarter for a loan loss. We continue to look through our portfolio and work with Fannie to identify if there are any other areas of potential fraud in the portfolio. We have not identified specific areas, but we continue to monitor very closely, as we always do. And we'll, of course, keep you all apprised if we identify additional areas.

當然。我可以回答這個問題。正如我在準備好的發言中提到的那樣，本季度我們確實因貸款損失而支出了一筆費用。我們將繼續審查我們的投資組合，並與房利美合作，以確定投資組合中是否存在其他潛在詐欺領域。我們尚未確定具體區域，但我們會像往常一樣繼續密切監測。當然，如果我們發現其他領域，我們會及時通知大家。

Great. And then maybe just one quick last one. I think in real estate management, Kelly, I think I heard something about the potential for elevated contract churn as you focus on contract economics. So can you just maybe give a little more context there and kind of what that could mean?

偉大的。然後也許只剩下最後一個問題了。凱利，我認為在房地產管理方面，當你關注合約經濟學時，我認為我聽到了一些關於合約流失率上升的可能性。那麼，您能否提供更多背景資訊以及這可能意味著什麼？

Yeah, I think that was specific to our property management business, whereas we have noted a couple of quarters ago, we have shifted our property management business from -- over to our real estate management services segment as part of that transition. We have been focused very much on realigning that business around a growth strategy and a profitability strategy and taking a very hard look at some of our contracts within our property management portfolio. And so you will see that we are looking through those contracts and that some contracts we will be turning over as we do that review. We expect that to be a relatively smooth process as we go through that portfolio.

是的，我認為這是針對我們的物業管理業務而言的，而我們在幾個季度前就注意到，作為轉型的一部分，我們已將物業管理業務從 - 轉移到房地產管理服務部門。我們一直致力於圍繞成長策略和獲利策略重新調整業務，並認真審視我們物業管理組合中的一些合約。因此，您會看到我們正在審查這些合同，並且在審查過程中我們會移交一些合約。我們預計，在審核該投資組合時，這將是一個相對順利的過程。

Jade Ramani, KBW.

傑德·拉瑪尼，KBW。

Thank you very much. Just wanted to ask about the comment that margin expansion, you do not expect to be linear. Do you expect margin expansion for the next two quarters? And just some additional color around that comment would be helpful.

非常感謝。只是想問一下關於利潤率擴張的評論，您不希望它是線性的。您預計未來兩季的利潤率會擴大嗎？並且對該評論進行一些補充說明將會很有幫助。

Jade, you mean margin expansion with regards to the overall company or with regard to a specific business line.

Jade，您指的是整個公司的利潤率擴大，還是特定業務線的利潤率擴大。

Overall company, I guess when you say you don't expect margin expansion to be linear, it prompts a few questions in my mind, because the business has a strong seasonal component and margins due typically increase throughout the year, which I think your EBITDA guidance implies. So just some color on that would be helpful.

就整個公司而言，我想當您說您不期望利潤率呈線性增長時，這會在我心中引發一些疑問，因為該業務具有很強的季節性成分，利潤率通常會在全年增加，我認為您的 EBITDA 指導暗示了這一點。因此，只需添加一些顏色就會有幫助。

Yeah, and that is what we would expect for this year as well. So the question would you define as linear. We don't have the same every quarter, in the third and the fourth quarter, margin expansion should be significantly stronger than in the first two quarters.

是的，這也是我們對今年的期望。那你會將這個問題定義為線性的嗎？我們每季的情況都不一樣，在第三季和第四季度，利潤率擴張應該比前兩個季度明顯強勁。

Okay. Regarding Capital Markets, I was wondering if you could talk about your expectations for growth between the US and International. What comes to mind is that interest rates in Europe have fallen? And I'm wondering if that's spurring increased activity. And also, if you could quantify any split between how much of the business is US versus International, that would be helpful.

好的。關於資本市場，我想知道您是否可以談談您對美國和國際之間成長的預期。你能想到的是歐洲的利率下降了嗎？我想知道這是否會刺激活動的增加。此外，如果您可以量化美國業務和國際業務之間的差異，那將會很有幫助。

Thank you. Sure. Well, first and foremost, the outlook for the business, as I said is pretty robust. And with regards to the split between the US and Europe and Asia Pacific, we have two components which are driving capital markets revenues. Interest rates is one, but that will be priced in relatively swiftly.

謝謝。當然。嗯，首先，正如我所說，業務前景相當樂觀。就美國、歐洲和亞太地區的劃分而言，有兩個組成部分推動著資本市場的收入。利率是其中之一，但它將相對較快地被價格反映出來。

So as long as you have a stable rate environment that will be priced in. And the other component is rental growth and rental growth is very much impacted by the economic development and obviously also by the availability of new product. And so where Europe is still lagging is clearly on the economic development. We have a very slow growth environment in Europe in some of the major countries, especially Germany, they are still kind of flat to declining. And that has an impact on that business there.

因此，只要有一個穩定的利率環境，價格就會被反映出來。另一個因素是租金成長，租金成長很大程度上受到經濟發展的影響，顯然也受到新產品供應的影響。因此，歐洲在經濟發展方面顯然仍落後。歐洲一些主要國家的成長環境非常緩慢，尤其是德國，它們的經濟成長仍然處於平穩甚至下降的狀態。這對那裡的業務產生了影響。

Now we saw in the second quarter a very strong performance in the UK much better than on the continent, where on the continent volumes in France and Germany went backwards. That may shift over the coming quarters that they come up again on the continent, but it will not be a massive driver of global volumes. The US is absolutely dominant there, and will continue to be dominant and they are also very dominant with regards to our own revenues.

現在我們看到，第二季英國的表現非常強勁，遠勝於歐洲大陸，而法國和德國的銷售則出現下滑。未來幾個季度，這種情況可能會發生變化，它們將再次出現在非洲大陸，但這不會成為全球銷量的巨大推動力。美國在那裡佔據絕對主導地位，並將繼續佔據主導地位，而且在我們的收入方面也佔據主導地位。

And maybe just to add, I think you asked a question about geographic split. About 60% of our business is in the Americas and about 40% is in rest of world.

也許只是想補充一下，我認為你問了一個關於地理分裂的問題。我們的業務約 60% 在美洲，約 40% 在世界其他地區。

Thank you. And is that for both the debt business and the investment sales business?

謝謝。這是否同時適用於債務業務和投資銷售業務？

That's for overall Capital Markets.

這是針對整體資本市場的。

Julien Blouin, Goldman Sachs.

高盛的朱利安布魯因 (Julien Blouin)。

Yeah, thank you for the question. I just wanted to touch on capital allocation for a moment, as we head into the back half of the year, where cash flow generation will ramp up here. How should we think about maybe the mix of share repurchases versus M&A in the back half?

是的，謝謝你的提問。我只是想稍微談談資本配置，因為我們即將進入下半年，這裡的現金流產生將會增加。我們該如何看待下半年股票回購與併購的組合？

You will see an increase in our share purchases in the third quarter and also in the [first] quarter. Our capital allocation priorities haven't changed. As you know, we are prioritizing investing into our platform to drive further organic growth. And then we do share buybacks. And then lastly, we are also looking at selective M&A that we have a very, very high bar and in light of the valuation of our shares, the bar is really high. And so we are increasing our share buybacks for the third and the [fourth] quarter.

您會看到我們的股票購買量在第三季和第一季都有所增加。我們的資本配置重點並沒有改變。如您所知，我們優先投資我們的平台以推動進一步的有機成長。然後我們進行股票回購。最後，我們還在考慮選擇性併購，我們的門檻非常高，考慮到我們股票的估值，門檻確實很高。因此，我們將增加第三季和第四季的股票回購。

Got it. And when you talk about sort of potential selective M&A, what specific sort of capabilities would you like to add or increase your exposure to? We've seen some of your peers go sort of into the engineering and the infrastructure project management businesses. Are you interested at all in those segments?

知道了。當您談到潛在的選擇性併購時，您希望增加或提升哪些具體的能力？我們看到你們的一些同行進入了工程和基礎設施專案管理業務。您對這些部分有興趣嗎？

Well, we are, first and foremost, interested in growing our recurring revenue streams. And what we are looking at with regards to M&A is mostly infill. So smaller acquisitions where we are adding a new capability or adding to an existing capability, but with a slightly different geographic lens. But generally speaking, we are very comfortable with our platform. And as long as we can deliver high single-digit organic growth by investing into our platform, we prefer that over M&A.

嗯，我們首先感興趣的是增加我們的經常性收入來源。就併購而言，我們所關注的主要是填充。因此，在規模較小的收購中，我們會添加新功能或增強現有功能，但地理視角略有不同。但總體來說，我們對我們的平台非常滿意。只要我們能夠透過投資我們的平台實現高個位數的有機成長，我們就更喜歡這樣做而不是併購。

Seth Bergy, Citi.

花旗銀行的塞思‧伯吉 (Seth Bergy)。

Hi, good morning. Thanks for taking the question. I guess my first one, just a follow-up on kind of the M&A comment. Just kind of as we get more clarity around the macro environment or perhaps more comfort with just the level of uncertainty being more constant, are you seeing more opportunities out for looking for those kinds of infill acquisition opportunities that you just touched on?

嗨，早安。感謝您回答這個問題。我想我的第一個問題只是併購評論的後續。就像我們對宏觀環境更加清晰，或者對不確定性水平更加穩定感到更加安心一樣，您是否看到了更多尋找您剛才提到的那種填充收購機會的機會？

There has been quite a lot of opportunity over the last couple of years and also this year, we looked at a couple of them and we also looked at one slightly deeper. But when we then compare the risk and return profile of those potential acquisitions with investing into our own platform and the opportunities we see there, it always leads to the point that it makes much more sense to drive our organic growth and invest into our own platform. And therefore, we haven't pursued much over the last couple of quarters. And I don't expect that to materially change. That doesn't mean that we're not interested in M&A at all.

過去幾年有很多機會，今年我們也研究了其中幾個，並且對其中一個進行了更深入的研究。但是，當我們將這些潛在收購的風險和回報狀況與投資我們自己的平台以及我們在那裡看到的機會進行比較時，我們總會發現，推動我們的有機成長和投資我們自己的平台更有意義。因此，過去幾季我們並沒有採取太多行動。我並不認為這種情況會發生實質的改變。這並不意味著我們對併購完全不感興趣。

We do here and there, as I said, small infills. We closed one in the second quarter on the investment banking side. But generally speaking, the opportunity for us to drive organic growth with our existing platform is just very, very advantageous.

正如我所說，我們到處進行小規模的填充。我們在第二季完成了一項投資銀行業務。但總的來說，利用現有平台推動有機成長對我們來說是非常有利的。

Thanks for that and then just a second one, kind of, I think in the prepared remarks, you kind of noted cautious optimism. How have -- just as you kind of have conversations with clients, how are they kind of underwriting the current macro environment? And what kind of hiccups do you kind of foresee like is interest rates a topic of conversation that are driving decisions? Are tariffs still topical? Are people starting to kind of look through those?

謝謝您，然後我想問第二個問題，在準備好的發言中，您似乎表達了謹慎樂觀的態度。就像您與客戶交談一樣，他們如何承保當前的宏觀環境？您預見到會出現哪些問題，例如利率是否會成為影響決策的議題？關稅仍然是熱門話題嗎？人們開始關注這些內容了嗎？

Just kind of with your conversations with clients, what are people kind of thinking about? And what do you think kind of can be some of the things we need to keep in mind, as we think about transaction activity in the back half of the year?

當您與客戶交談時，人們在想什麼？當我們考慮下半年的交易活動時，您認為我們需要記住哪些事情？

I think there is a growing understanding amongst business leaders that the amount of disruption and noise, which is offered by the world and by political leadership globally will not necessarily get significantly better in the near future. And so we are all very focused and our clients are very focused on their own business and to achieve their ambitions in the given environment.

我認為，商界領袖們越來越認識到，世界和全球政治領導層所帶來的混亂和噪音在不久的將來不一定會顯著改善。因此，我們都非常專注，我們的客戶也非常專注於自己的業務並在特定環境中實現他們的抱負。

And that's probably also what has driven the overall good performance for our industry in the second quarter that despite all those disruptions and noise and drama, which we are being faced with on a daily basis, the market has continued to perform really well. And so the trading environment for us was actually a good trading environment. And that is pretty much the situation for many, many of our clients.

這也可能是推動我們產業在第二季整體表現良好的原因，儘管我們每天都面臨著各種幹擾、噪音和戲劇性事件，但市場仍然表現良好。因此，我們的交易環境實際上是良好的交易環境。我們的許多客戶都面臨這樣的情況。

Now that it is true for all sectors, but with regards to the industries we are particularly focused on, they tend to perform reasonably well.

現在所有行業都是如此，但就我們特別關注的行業而言，它們的表現往往相當不錯。

Peter Abramowitz, Jefferies.

彼得‧阿布拉莫維茨，傑富瑞集團。

Yes, thank you for taking the questions. Just wanted to follow up on some of your comments around project management. It seems like the revenue growth really stood out in the quarter. But if I heard it correctly, I believe in your comments, you said client CapEx could slow down, and you could see, I guess, the growth trajectory slow in the back half of the year. I guess I'm just curious, how much of that is kind of macro uncertainty related to the tariffs?

是的，感謝您回答這些問題。只是想跟進您關於專案管理的一些評論。看起來本季的營收成長確實非常突出。但如果我沒聽錯的話，我相信您的評論，您說客戶資本支出可能會放緩，而且我猜您會看到下半年的成長軌跡會放緩。我想我只是好奇，其中有多少是與關稅相關的宏觀不確定性？

And should we kind of take that as a sign that maybe it didn't impact the second quarter as much as you were expecting, but you're expecting it to have more of a go-forward impact? Or is it just kind of a degree of conservatism you're baking in?

我們是否應該將此視為一種跡象，表明它可能對第二季度的影響不如您預期的那麼大，但您預計它會產生更大的未來影響？或者這只是您所秉持的某種程度的保守主義？

I wouldn't read too much into it. We had in the second quarter, a 22% increase year over year in our project management revenues. And we don't expect that the coming quarters will deliver equally those types of increases, but we still expect a very healthy performance of our project management business. And so I don't want to assign, if it goes from 22% to 15%, we don't want to blame potential tariffs for that. It's just normalizing the growth rate.

我不會對此進行過多解讀。我們第二季的專案管理收入較去年同期成長了 22%。我們並不認為未來幾季會出現同樣的成長，但我們仍然預期我們的專案管理業務將表現非常健康。因此，我不想指責，如果稅率從 22% 降至 15%，我們也不想將此歸咎於潛在的關稅。這只是使成長率正常化。

Okay. Got it. And then just a follow-up on the leasing. I think you called out smaller average deal size on the office side. Any markets in the US that kind of stood out from that perspective? Sorry, you called out lower volume, larger deal size, so sorry, I got that mixed up, but any markets that stood out in terms of, I think, lower volume of transactions?

好的。知道了。然後只是對租賃進行跟進。我認為您提到的辦公室方面的平均交易規模較小。從這個角度來看，美國有哪些市場表現突出？抱歉，您說的是交易量較低、交易規模較大，很抱歉，我搞混了，但我認為，有哪些市場在交易量較低方面表現突出？

Yeah, I can take that one. particularly on the office side, we saw our larger gateway markets, definitely posting lower volumes this particular quarter. If you look at the very largest markets in the US as an example, we saw growth absorption down actually versus non-gateway markets. Some of the smaller markets were more flat from a growth absorption perspective.

是的，我可以接受這一點。特別是在辦公室方面，我們看到我們更大的網關市場，本季的交易量肯定有所下降。如果以美國最大的市場為例，我們會發現與非門戶市場相比，成長吸收量實際上有所下降。從成長吸收的角度來看，一些較小的市場表現較為穩定。

And so from a business mix perspective, we tend to be more heavily weighted towards the gateway markets. And so from a mix standpoint, we definitely felt that mix shift a bit.

因此，從業務組合的角度來看，我們傾向於更加重視門戶市場。因此，從混合的角度來看，我們確實感覺到混合發生了一些變化。

Mitch Germaine, Citizens Capital Markets.

米奇‧傑曼 (Mitch Germaine)，公民資本市場。

Good morning. Christian, I think you talked about some policy interruptions. And if I can understand your comments correctly, is that really centered on more larger transactions? Because it does seem like the smaller midsized transactions are driving a lot of the growth in the quarter.

早安.克里斯蒂安，我想你談到了一些政策中斷。如果我理解正確的話，您的評論真的是以更大的交易為中心嗎？因為看起來，較小的中型交易確實推動了本季的大部分成長。

Yes, on the capital markets side, that is true. We had a very robust capital markets environment for the more mid-sized transactions. But what we saw is when the announcements in early April were coming in, that people were closing still on some of the deals which were far down the road, but others were interrupted, the large ones, and not much very large transactions were then pursued in the second quarter. And as you know, we have a very high market share on the very large transactions that has impacted our overall growth in our investment sales business.

是的，從資本市場方面來看，確實如此。對於中型交易來說，我們擁有非常強勁的資本市場環境。但我們看到，當 4 月初的公告發佈時，人們仍在完成一些尚遠的交易，但其他交易（大型交易）被打斷了，第二季度沒有進行太多大型交易。如您所知，我們在大型交易中佔有非常高的市場份額，這影響了我們投資銷售業務的整體成長。

The debt side has usually slightly smaller volumes, and that has gone extremely well in the second quarter, and we expect that to continue but we are feeling a little bit the mix of our business and the usually high market share on the very large transactions that they are missing.

債務方面的交易量通常略小，但第二季度的情況非常好，我們預計這種情況將持續下去，但我們感覺我們的業務組合以及他們在非常大的交易中通常較高的市場份額有些不足。

Great. And then on the leasing side, if some of your customers are now having to shift from class A to maybe [A minus B] product, could that impact your forward growth prospects in that revenue line?

偉大的。然後在租賃方面，如果您的一些客戶現在必須從 A 類產品轉向 [A 減 B] 產品，這是否會影響您在該收入線上的未來成長前景？

We are really seeing a huge impact from that shift in our pipeline or in our outlook. In fact, we're feeling pretty optimistic about our pipeline and our outlook.

我們確實看到了這種轉變對我們的管道或前景帶來的巨大影響。事實上，我們對我們的管道和前景感到非常樂觀。

This is something which will -- this will develop over a longer period. You don't see that immediately. You will have now a lot of property owners reflecting on the shortage of the top-end space in the market and they look at their portfolios, and analyze which buildings can we upgrade so that they come in the quality perception very close to a new build. And I expect increasing investments into those types of buildings. We already see it in the New York market, which is really sold out on the top end, but it's a global trend.

這是需要較長時間才能發展的事情。你不會立即看到這一點。現在，許多業主都會思考市場上高端空間的短缺問題，他們會審視自己的投資組合，分析哪些建築可以升級，以便它們的品質感知非常接近新建建築。我預計對這些類型建築的投資將會增加。我們已經在紐約市場看到了這種現象，高端產品已經銷售一空，但這是全球趨勢。

And so -- but that is nothing where you would see that in the next couple of quarters in our leasing business. That is something on a slightly midterm perspective, which we are watching. But as I said earlier, the flip side, the positive flip side of that is that you will see the project management business having higher growth rates on the back of that trend.

但在接下來的幾個季度裡，在我們的租賃業務中，你不會看到這種情況。這是我們正在關注的中期觀點。但正如我之前所說，另一方面，積極的一面是，你會看到專案管理業務在這一趨勢的推動下實現更高的成長率。

And that concludes our question and answer session. And I will now turn the conference back over to Christian Ulbrich for closing comments.

我們的問答環節到此結束。現在我將會議交還給克里斯蒂安·烏爾布里希 (Christian Ulbrich) 進行總結發言。

Thank you very much for your interest in JLL. This concludes our call. And so we are looking forward to talk to you again at the end of the third quarter. Thank you.

非常感謝您對 JLL 的關注。我們的通話到此結束。因此，我們期待在第三季末再次與您交談。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。