Jones Lang LaSalle Inc (JLL) 2025 Q3 法說會逐字稿

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

您好，感謝您的耐心等待。我叫雷吉娜，今天我將擔任你們的會議接線生。此時此刻，我謹代表仲量聯行歡迎各位參加2025年第三季財報電話會議。（操作說明）

I'd now like to turn the conference over to Sean Coghlan, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係主管肖恩·科格倫。請繼續。

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

謝謝，早安。歡迎參加仲量聯行2025年第三季財報電話會議。今天早些時候，我們發布了盈利報告，同時還附上了幻燈片簡報和 Excel 文件，以補充我們事先準備好的演講稿。這些資料可在我們網站的投資者關係欄位中找到。請造訪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 referenced resilient and transactional revenues, which we defined in the footnotes of our earnings release.

在電話會議期間，以及在我們的投影片簡報和補充 Excel 文件中，我們引用了一些非 GAAP 財務指標，我們認為這些指標可以為投資者提供有用的信息。我們在獲利報告和幻燈片簡報中提供了非GAAP財務指標與GAAP的調節表。我們也提到了彈性收入和交易收入，我們在獲利報告的腳註中對此進行了定義。

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.

再次提醒，今天的電話會議將進行網路直播和錄製。本次電話會議的文字記錄和錄音將發佈在我們的網站上。任何關於未來業績、計劃、預期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，實際結果和業績可能與這些前瞻性聲明有所不同。該公司聲明不承擔任何公開更新或修改任何前瞻性聲明的義務。最後提醒大家，除非另有說明，百分比差異均以當地貨幣與去年同期相比。

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

現在我將把電話交給我們的總裁兼執行長克里斯蒂安·烏爾布里希，請他致開幕詞。

Thank you, Sean. Hello, and welcome to our third quarter 2025 earnings call. This morning, we reported strong results with our sixth consecutive quarter of double-digit revenue gains and eighth consecutive quarter of double-digit adjusted EPS growth reflecting the strength and resilience of JLL's diversified platform.

謝謝你，肖恩。大家好，歡迎參加我們2025年第三季財報電話會議。今天上午，我們公佈了強勁的業績，連續第六個季度實現兩位數的收入增長，連續第八個季度實現兩位數的調整後每股收益增長，這反映了仲量聯行多元化平台的實力和韌性。

At the consolidated level, revenue grew 10%, adjusted EBITDA increased 16% and adjusted EPS was up 29%. Top and bottom line growth was led by a reacceleration in our Transactional businesses after market recovery, which began building momentum late last year, further progressed. Transactional revenue grew 13% in the quarter, led by 26% growth in investment sales, debt and equity advisory.

合併層面，營收成長10%，調整後EBITDA成長16%，調整後每股盈餘成長29%。營收和利潤的成長主要得益於交易業務在市場復甦後重新加速發展，而市場復甦的勢頭在去年底開始增強，並進一步推進。本季交易收入成長 13%，其中投資銷售、債務和股權諮詢業務成長 26%，帶動了整體成長。

Though the macro environment remains dynamic, the economic outlook and forward indicators for Transactional markets have stabilized and improved during the quarter. Both occupier and investor clients are motivated to transact.

儘管宏觀環境依然多變，但本季交易市場的經濟前景和前瞻性指標已趨於穩定和改善。無論是租戶還是投資者，都有強烈的交易意願。

Looking at our largest market, the US, this was reflected in broad-based activity across Capital Markets, office and industrial leasing as well as an improvement in large deal activity. Investors in particular, are increasingly shifting to risk-on mode supported by healthy and robust debt markets. We continue to invest in the people and platform to drive long-term revenue and margin growth across our resilient business lines, positioning each of them for sustainable, profitable growth. The result of our investments was evident in the seventh consecutive quarter of double-digit revenue gains in real estate management services.

從我們最大的市場—美國來看，這體現在資本市場、辦公室和工業租賃的廣泛活動中，以及大宗交易活動的改善。尤其是在健康強勁的債務市場的支持下，投資者正日益轉向風險偏好模式。我們將繼續投資於人才和平台，以推動我們各個穩健業務線的長期收入和利潤成長，使每個業務線都能實現可持續的獲利成長。我們的投資成果顯而易見，房地產管理服務收入連續第七個季度實現兩位數成長。

Data, technology and AI are central to JLL's overall strategy, differentiated platform and financial performance. We continue to create a suite of impactful and transformative technology products that drive revenue growth and increase the profitability of JLL anchored in both an AI forward approach and one that enables us to deliver the most valuable outcomes for our clients.

數據、技術和人工智慧是仲量聯行整體策略、差異化平台和財務績效的核心。我們持續打造一系列具有影響力和變革性的技術產品，以推動收入成長並提高仲量聯行的獲利能力，這些產品以人工智慧為先導，並使我們能夠為客戶帶來最有價值的成果。

Over the past six years, we have accelerated the pace of innovation at JLL. Today, our platform is driving significant value by enabling the core businesses. Our people and clients are leveraging our data technology and AI to derive unique insights, informed decision-making and drive productivity. We were an early adopter of generative AI in our industry and are now building Agentic AI capabilities into our products to address complex problems and needs.

過去六年，我們加快了仲量聯行的創新步伐。如今，我們的平台透過賦能核心業務，正在創造巨大的價值。我們的員工和客戶正在利用我們的數據技術和人工智慧來獲得獨特的見解、做出明智的決策並提高生產力。我們是業界最早採用生成式人工智慧的公司之一，現在正在將智慧體人工智慧功能融入我們的產品中，以解決複雜的問題和需求。

We are scaling rapidly across both adoption and frequency of use. More than 41% of our addressable population are now using our proprietary AI tools daily up from 35% weekly adoption earlier this year. We would not have been able to achieve these milestones, if not for the combination of our people, global footprint and culture.

我們在用戶普及率和使用頻率方面都實現了快速成長。目前，我們目標受眾中超過 41% 的人每天都在使用我們專有的 AI 工具，而今年早些時候，每週的使用率僅為 35%。如果沒有我們的人員、全球佈局和企業文化的共同努力，我們不可能取得這些里程碑式的成就。

Of our broader technology suite, the direct revenue-generating software products and our Technology Solutions business comprise the Software and Technology Solutions segment. The segment allowed JLL to incubate a portfolio of revenue-generating products including Corrigo and Building Engines, primarily serving clients in our Real Estate Management Services business.

在我們更廣泛的技術產品組合中，直接產生收入的軟體產品和我們的技術解決方案業務構成了軟體和技術解決方案部門。此業務部門使 JLL 能夠孵化一系列創收產品，包括 Corrigo 和 Building Engines，主要服務於我們房地產管理服務業務的客戶。

Since being formalized as a segment in 2022, Software and Technology Solutions have matured strategically and operationally, and the segment has meaningfully progressed in its path to be profitable in full year 2026. Given its maturity and focus on serving clients in our real estate management services businesses, effective January 1, Software and Technology solutions will run as a fifth business line within the Real Estate Management Services segment alongside Workplace Management, Project Management, Property Management and Portfolio Services.

自 2022 年正式成立以來，軟體和技術解決方案業務在策略和營運方面都日趨成熟，並朝著 2026 年全年實現盈利的目標取得了實質進展。鑑於其成熟度以及專注於服務我們房地產管理服務業務的客戶，自 1 月 1 日起，軟體和技術解決方案將作為房地產管理服務部門的第五條業務線運營，與工作場所管理、專案管理、物業管理和投資組合服務並列。

Going forward, this new structure will allow us to further scale the business align on the most effective and client-centric go-to-market approach and fully realized top and bottom line synergies.

展望未來，這個新結構將使我們能夠進一步擴大業務規模，採用最有效、以客戶為中心的市場進入策略，並充分實現營收和利潤的協同效應。

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.

接下來，我將把電話交給我們的財務長凱利·豪，她將詳細介紹我們本季的業績。

Thank you, Christian. I'm pleased with our third quarter results overall, highlighted by an acceleration in top line growth, robust profit and margin increases and strong free cash flow generation. The revenue growth, which came on the back of a tougher comparison, reflects the strength of our platform and people as well as the continuation of our strong momentum in driving client success across multiple services.

謝謝你，克里斯蒂安。我對我們第三季的整體業績感到滿意，尤其值得一提的是營收成長加速、利潤和利潤率強勁成長以及自由現金流產生強勁。儘管去年同期基數較高，但營收依然實現了成長，這反映了我們平台和員工的實力，以及我們在推動客戶在多項服務中取得成功方面持續保持的強勁勢頭。

Growth was led by our Transactional businesses, which outpaced a slight deceleration in resilient revenue growth that was in part the result of our active decision to exit certain contracts that didn't align with our desired long-term margin profile. Our profit growth materially outpaced the increase in revenues despite headwinds from a few discrete items. We continue to invest to drive long-term growth in the context of the ongoing market recovery and long-term secular tailwinds for our industry. At the same time, we remain very focused on enhancing our platform leverage and see ample opportunity ahead to drive further margin expansion.

交易業務引領了成長，其成長速度超過了穩健的收入成長略微放緩的幅度，這部分是由於我們主動決定終止某些與我們期望的長期利潤率不符的合約所致。儘管受到一些個別項目的不利影響，但我們的利潤成長速度仍然顯著超過了收入成長速度。我們將繼續投資，以推動長期成長，同時受益於持續的市場復甦和產業長期發展的利多因素。同時，我們仍然非常注重提昇平台利用率，並看到了未來推動利潤率進一步成長的充足機會。

Now a review of our operating performance by segment. Beginning with Real Estate Management Services, client wins and mandate expansions continue to drive strong performance in Workplace Management as incremental pass-through costs augmented mid-single-digit management fee growth. On a two-year stack basis, Workplace Management revenue increased nearly 30% for the quarter, consistent with the prior four quarters and reflective of both the value we bring to clients and the significant market opportunity.

現在我們按業務部門回顧一下我們的經營業績。從房地產管理服務開始，客戶的成功和授權的擴展繼續推動工作場所管理業務的強勁表現，因為遞增的成本增加了管理費的中位數成長。從兩年的累積數據來看，工作場所管理收入在本季度增長了近 30%，與前四個季度一致，反映了我們為客戶帶來的價值以及巨大的市場機會。

New and expanded contracts largely in the US, Australia and India drove double-digit Project Management revenue growth with low double-digit management fee growth, supplemented by higher pass-through costs. Within Property Management, revenue growth was tempered by the anticipated elevated contract turnover we mentioned last quarter. The overall segment revenue growth, along with a notably lower gross receipts tax expense, more than offset headwinds from the favorable prior year impact of incentive compensation accrual timing and certain discrete items, leading to higher adjusted EBITDA and margin.

美國、澳洲和印度的新合約和擴大的合約主要推動了專案管理收入兩位數的成長，管理費也實現了兩位數的低成長，同時，更高的轉嫁成本也起到了補充作用。在物業管理方面，由於我們上個季度提到的預期合約週轉率上升，收入成長受到抑制。整體業務部門收入成長，加上毛收入稅支出顯著降低，抵消了上年激勵性薪酬計提時間及某些特殊項目帶來的不利影響，從而提高了調整後的 EBITDA 和利潤率。

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. Given the time to onboard new business wins and as we lap tough comparisons, the near-term growth is likely to moderate. Within Project Management, client activity remains healthy, positioning us for continued momentum into the fourth quarter. In Property Management, we anticipate the elevated contract turnover we are actioning to continue to dampen revenue growth through the middle of next year, offset by an improved margin outlook.

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，合約續約率穩定。考慮到需要時間來整合新業務，以及我們將面臨嚴峻的同比比較，短期成長可能會放緩。在專案管理方面，客戶活動依然保持良好勢頭，這為我們在第四季度繼續保持成長勢頭奠定了基礎。在物業管理方面，我們預計我們正在實施的合約週轉率上升將繼續抑制明年年中之前的收入成長，但利潤率前景的改善將抵消這一影響。

From the segment overall, we continue to target healthy annual margin expansion, though the quarterly progression is not likely to be linear as we balance investing to drive long-term growth and profitability with near-term business performance.

從整體來看，我們將繼續以健康的年度利潤率成長為目標，儘管由於我們需要在推動長期成長和獲利能力的投資與近期業務表現之間取得平衡，季度進展可能不會呈線性成長。

Moving next to Leasing Advisory. Revenue growth accelerated despite a tougher comparison. On a two-year stack basis, Leasing revenue grew nearly 30%. Growth was broad-based across major asset classes led by office with continued momentum in the US. Globally, office leasing revenue growth accelerated to 14% and notably outpaced the 2% increase in market volume, according to JLL Research highlighted by US outperformance from both higher volume and deal size. Industrial leasing revenue grew 6% globally, driven by continued strength in the US.

接下來是租賃諮詢。儘管面臨更嚴峻的基數挑戰，但營收成長依然加速。以兩年累計計算，租賃收入成長了近 30%。各大資產類別均實現全面成長，其中辦公資產引領成長，美國市場持續維持成長動能。根據仲量聯行研究報告顯示，全球辦公大樓租賃收入成長加速至 14%，顯著超過了市場交易量 2% 的成長，其中美國市場表現尤為突出，交易量和交易規模均高於其他國家。受美國市場持續強勁成長的推動，全球工業租賃收入成長了 6%。

The increase in Leasing Advisory adjusted EBITDA was primarily driven by Leasing revenue growth, mostly offset by the year-over-year impact from the timing of incentive compensation accrual. Absent this phasing impact, the incremental margin would have been much closer to our historical norm, which we continue to target on a full year basis.

租賃諮詢業務調整後 EBITDA 的成長主要由租賃收入成長所推動，但大部分被激勵性薪資計提時間帶來的年比影響所抵銷。如果沒有這種分階段實施的影響，增量利潤率本應更接近我們過去的平均水平，而我們也將繼續以全年為目標實現這一水平。

Looking ahead, we entered the fourth quarter with a healthy Leasing pipeline as client demand for high-quality assets continue. Business confidence as measured by the OECD has been resilient over the past year in the face of a dynamic macro backdrop providing reason for cautious optimism for continued growth in the near term.

展望未來，隨著客戶對高品質資產的需求持續成長，我們進入第四季時擁有健康的租賃業務儲備。經合組織衡量的商業信心在過去一年中，儘管宏觀經濟形勢瞬息萬變，但仍保持了韌性，這為短期內持續成長提供了謹慎樂觀的理由。

Shifting to our Capital Market Services segment, growth trends accelerated across each business line, most notably within Debt Advisory, Investment Sales and Equity Advisory. Strength in debt markets and an improvement in bidder dynamics drove a 47% increase in Debt Advisory and 22% growth in Investment Sales on the back of more challenging comparisons.

轉向我們的資本市場服務部門，各業務線的成長趨勢均有所加速，其中債務諮詢、投資銷售和股權諮詢的成長最為顯著。債務市場的強勁表現和競標者動態的改善，使得債務諮詢業務成長了 47%，投資銷售業務成長了 22%，而同期基數卻更高。

On a two-year stacked basis, Debt Advisory revenue grew 68% and Investment Sales increased 37%. The increase in Capital Markets Services adjusted EBITDA and margin was largely attributable to the higher transactional revenues, partly offset by the $7.2 million of incremental expenses associated with loan related losses. The majority of these expenses were related to the closing of the loan where fraud was associated with the borrower that we discussed in prior earnings calls.

以兩年累計計算，債務諮詢收入增加了 68%，投資銷售收入增加了 37%。資本市場服務調整後 EBITDA 和利潤率的成長主要歸功於交易收入的增加，但部分被與貸款相關損失有關的 720 萬美元新增支出所抵銷。這些費用大部分都與我們先前財報電話會議中討論過的、涉及借款人詐欺的貸款結清有關。

Looking ahead, our global Investment Sales, Debt and Equity Advisory pipeline remains strong, and we are encouraged by the highly liquid capital markets, increased fundraising activity and improving bidder momentum. The strength of our differentiated data-driven global platform positions us to continue to gain market share globally.

展望未來，我們的全球投資銷售、債務和股權諮詢業務依然強勁，我們對流動性強的資本市場、不斷增加的籌資活動和不斷增強的競標勢頭感到鼓舞。我們差異化的、數據驅動的全球平台優勢使我們能夠繼續在全球擴大市場份額。

Turning to investment management. Revenue growth was driven by higher incentive fees. Strong growth in our US core open-end funds mostly offset the impact of the large client asset dispositions in fourth quarter 2024, resulting in largely unchanged advisory fees from a year ago. We've raised $3.4 billion of private equity capital year-to-date compared with $2.7 billion for the full year 2024, reflecting continued strong demand for credit and core strategies. Capital raising and valuation increases led the sequential quarter increase in assets under management. As it takes several quarters to deploy new capital, we expect a gradual recovery in advisory fee growth over the coming year.

轉向投資管理。營收成長主要得益於更高的激勵費用。美國核心開放式基金的強勁成長基本上抵消了 2024 年第四季大客戶資產處置的影響，導致諮詢費與一年前基本持平。今年迄今為止，我們已籌集了 34 億美元的私募股權資本，而 2024 年全年目標為 27 億美元，這反映出市場對信貸和核心策略的持續強勁需求。資本募集和估值成長帶動了管理資產規模的環比成長。由於新資本的部署需要幾個季度的時間，我們預計未來一年諮詢費成長將逐步恢復。

Moving to Software & Technology Solutions. Double-digit growth in software revenue was mostly offset by reduced discretionary technology solutions spend from certain large existing clients. We remain focused on attaining sustained profitability of our direct revenue-generating technology businesses. And as an extension of Christian's earlier remarks, driving closer alignment as well as top and bottom line synergies between our technology products and core businesses.

轉向軟體和技術解決方案。軟體收入的兩位數成長基本上被某些大型現有客戶可自由支配的技術解決方案支出減少所抵消。我們將繼續專注於實現直接創收技術業務的持續獲利。作為克里斯蒂安先前演講的延伸，我們將推動技術產品與核心業務之間更緊密的協調，以及在收入和利潤方面的協同效應。

Of note, we no longer include carried interest in the segment performance and have recast historical financials accordingly. Shifting to free cash flow, balance sheet and capital allocation. The higher free cash flow in the quarter was largely due to improved collections and earnings growth. Year-to-date free cash flow achieved its highest level since 2021 and in part reflects our ongoing efforts to drive working capital efficiency and approve upon our long-term average free cash flow conversion ratio of 80%.

值得注意的是，我們不再將附帶權益計入分部業績，並已相應地重述了歷史財務資料。轉向自由現金流、資產負債表和資本配置。本季自由現金流增加主要是因為收款情況改善和獲利成長。今年迄今的自由現金流達到了 2021 年以來的最高水平，部分反映了我們為提高營運資本效率而持續做出的努力，並實現了 80% 的長期平均自由現金流轉換率。

Our free cash flow generation contributed to a reduction in net debt, which, along with higher adjusted EBITDA over the trailing 12 months, led to the improvement in reported net leverage to 0.8 times. We continue to manage to a full year average leverage ratio of 1.0 times, the midpoint of our zero to 2 times target range.

我們的自由現金流產生有助於減少淨債務，再加上過去 12 個月調整後的 EBITDA 增加，使得報告的淨槓桿率改善至 0.8 倍。我們繼續保持全年平均槓桿率為 1.0 倍，這是我們 0 到 2 倍目標範圍的中點。

Capital deployment priorities remain focused first on driving organic growth and productivity across business lines. Our acquisition pursuits remain focused on augmenting organic initiatives that enhance our capabilities and deepen our client relationships across multiple business lines, particularly within our resilient businesses.

資本部署的優先事項仍然是先推動各業務線的內生成長和生產力提升。我們的收購活動仍然專注於增強自身實力，並深化我們在多個業務領域（尤其是在我們具有韌性的業務領域）的客戶關係。

Returning capital to shareholders remains a high priority. In the quarter, share repurchases totaled $70 million, bringing the year-to-date total to $131 million, notably above expected full year stock compensation dilution and full year 2024 repurchases of $80 million.

向股東返還資本仍是重中之重。本季股票回購總額為 7,000 萬美元，使今年迄今的總額達到 1.31 億美元，明顯高於預期的全年股票薪資稀釋和 2024 年全年回購 8,000 萬美元。

Looking ahead, we intend to continue to at least offset annual stock compensation dilution with the total repurchase amount depending on the broader operating environment, other M&A or investment opportunities, valuation and leverage outlook.

展望未來，我們計劃繼續至少透過股票回購總額來抵銷年度股票薪資稀釋，具體取決於更廣泛的經營環境、其他併購或投資機會、估值和槓桿前景。

Regarding our 2025 full year financial outlook, the market backdrop overall remains constructive despite mixed economic indicators in the evolving policy environment. Given our strong year-to-date performance, pipeline and underlying business trends, we increased the low end of our full year adjusted EBITDA target range by $75 million, resulting in a new range of $1.375 billion to $1.45 billion.

關於我們 2025 年全年財務展望，儘管政策環境不斷變化，經濟指標喜憂參半，但總體而言，市場前景依然樂觀。鑑於我們今年迄今強勁的業績、專案儲備和基本業務趨勢，我們將全年調整後 EBITDA 目標範圍的下限提高了 7,500 萬美元，新的範圍為 13.75 億美元至 14.5 億美元。

Additionally, our consistent progress in margin expansion and focus on operating efficiency has put us on track to achieve this year, the low end of our midterm adjusted EBITDA margin target range. This is in line with our original time line provided in November 2022 and consistent with our expectation of achieving the margin ahead of the top line target, reflecting our continuous commitment to drive stakeholder value.

此外，我們在利潤率擴張和提高營運效率方面取得的持續進展，使我們預計在今年實現中期調整後 EBITDA 利潤率目標範圍的下限。這與我們 2022 年 11 月提供的原定時間表一致，也符合我們實現利潤率高於營收目標的預期，體現了我們不斷致力於提升利害關係人價值的承諾。

Christian, back to you.

克里斯蒂安，把機會交還給你。

Thank you, Kelly. Back in 2017, we communicated our Beyond strategy backed up with a financial target for 2025. Since then, we have demonstrated a consistent ability to both raise and achieve our margin targets as a company.

謝謝你，凱莉。早在 2017 年，我們就公佈了我們的「超越」策略，並設定了 2025 年的財務目標。自那時以來，我們公司一直展現出持續提升和實現利潤率目標的能力。

As we near the end of 2025 and approach our midterm target margin range, we are actively developing the next evolution of JLL's strategy charting the path to top and bottom line growth to 2030 and refreshing our financial targets, which we will share with you all during the first quarter of 2026. We are encouraged by improving tailwinds for our industry as well as the opportunity to fortify and scale the contributions of our resilient and transactional businesses. There's significant runway ahead for our company to continue to drive long-term value creation.

隨著 2025 年即將結束，我們即將達到中期目標利潤率範圍，我們正在積極制定 JLL 策略的下一階段發展計劃，以規劃到 2030 年實現營收和利潤增長的路徑，並更新我們的財務目標，我們將在 2026 年第一季度與大家分享這些目標。我們對產業發展有利因素的改善感到鼓舞，同時也看到了加強和擴大我們具有韌性的交易業務貢獻的機會。我們公司未來還有很大的發展空間，可以繼續推動長期價值創造。

I would like to once again thank all of our colleagues around the world for their resilience and collective focus on delivering for our clients and shareholders. We're excited to continue building an even stronger leading business with you all in the years to come.

我再次感謝世界各地的同事們，感謝他們的韌性和為客戶和股東創造價值的共同努力。我們很高興能與大家一起，在未來的幾年裡繼續打造一個更強大的領導企業。

Operator, please explain the Q&A process.

操作員，請解釋問答流程。

(Operator Instructions) Anthony Paolone, JPMorgan.

（操作說明）安東尼·保隆，摩根大通。

My first question revolves around Property Management and REM, just more broadly. You talked about moderating growth there. And I just wanted to make sure I understand, was that for the broader business segment? And can you put some brackets around what that means? And just also like what is the reason for the churn and on Property Management and what's kind of the drag there?

我的第一個問題主要圍繞著物業管理和房地產管理。你當時談到了控製成長。我只是想確認我的理解是否正確，這是針對更廣泛的業務領域嗎？你能用括號把這句話的意思解釋一下嗎？還有，造成人員流動和物業管理不善的原因是什麼？這方面又存在哪些阻礙因素？

Anthony, it's Christian. As we explained, we have taking our Property Management business into a global business line last year, and we are evaluating now all the different country businesses, the profitability of those businesses and we are really focused on driving margin in that business.

安東尼，這是基督教的。正如我們解釋的那樣，去年我們將物業管理業務發展成為一項全球業務，現在我們正在評估所有不同國家的業務及其盈利能力，我們真正專注於提高該業務的利潤率。

And so we are getting out of some of those contracts, most notably in Asia Pacific, and so when you look at the overall growth ratio, it is muted, but there are still areas, especially here in the US, where we still show nice single-digit growth in that business.

因此，我們正在解除一些合同，尤其是在亞太地區，所以當你看到整體增長率時，它顯得較為平緩，但仍然有一些領域，尤其是在美國，我們在該業務中仍然保持著不錯的個位數增長。

So I guess if we move away from Property Management and just think more broadly around like traditional outsourcing and facilities, I think is there any real change in what's happening with the growth rate there?

所以我想，如果我們拋開物業管理，更廣泛地考慮傳統的業務外包和設施管理，我認為這方面的成長率會發生真正的變化嗎？

No, not at all. That business is still striving ahead very strongly. As you saw, we had really strong growth in the quarter and our Project Management business was plus 24%, and our Workplace Management business was plus 8%, and we see that continue going forward as we have said multiple times. This is a long-term trend, and we don't see any kind of barriers to that trend.

不，完全不是。這家企業目前仍在強勁發展中。正如你所看到的，我們本季實現了非常強勁的成長，專案管理業務成長了 24%，工作場所管理業務成長了 8%，正如我們多次所說，我們預計這種成長勢頭將持續下去。這是一個長期趨勢，我們看不到任何阻礙這一趨勢的因素。

So what you see within the Property Management business, it's still a result of us taking a very localized business within JLL now into run as a global segment and we have seen just contracts, which we don't want to pursue longer term, but these are all pretty much exclusively down in Asia Pacific.

所以，您在物業管理業務中看到的，仍然是我們把仲量聯行內部一個非常本地化的業務轉變為一個全球性業務板塊的結果。我們看到的只是一些我們不想長期追求的合同，但這些合約幾乎都集中在亞太地區。

Yes. Thanks, and maybe I'll just layer a couple of thoughts on top of that. For our Facilities Management business, as Christian noted, we do expect continued growth over the medium and long term. That's, of course, not linear. And just given timing of some contract ramping and things like that, we do expect a little bit of moderation on top of some particularly strong comps in prior year as well over the next couple of quarters.

是的。謝謝，或許我還會在此基礎上補充一些想法。正如克里斯蒂安所指出的，對於我們的設施管理業務，我們預計中長期內將持續成長。當然，這並不是一個線性過程。考慮到一些合約生效時間等因素，我們預計在接下來的幾個季度裡，在去年同期業績表現強勁的基礎上，會出現一些放緩的趨勢。

On the Property Management side, as Christian noted, we are taking a hard look at a set of contracts and intentionally making choices in order to drive margin. We expect that process to continue through the first two quarters of next year as well, at which point we expect to have kind of turned the corner on that and be looking at on a more global basis, a positive growth outlook.

正如克里斯蒂安所指出的，在物業管理方面，我們正在認真審視一系列合同，並有意做出選擇以提高利潤率。我們預計這一過程將持續到明年前兩個季度，屆時我們預計情況將有所好轉，並在全球範圍內看到積極的成長前景。

Okay. Got it. And then just my follow-up is just as it relates to free cash flow, it seems like the conversion there is tracking and you're just inside your leverage target. So just trying to bridge like the buyback and whether or not that ramps up more dramatically in the next couple of quarters or not?

好的。知道了。然後，我的後續問題是，就自由現金流而言，轉換率似乎正在跟踪，而且你們的槓桿率也剛好達到目標水準。所以，我們只是想了解股票回購的情況，以及在接下來的幾季裡，股票回購是否會大幅增加？

Well, as you have seen, we have ramped it up already in the third quarter, and you can probably assume that this is describing a bit of a trend. Leverage ratio is now very low. And as long as we don't identify any really strong M&A opportunities, which will add immediately value to our shareholders, we will continue to see the repurchasing of our shares as a very attractive use of our cash.

正如你所看到的，我們在第三季度已經加大了力度，你大概可以認為這反映了一種趨勢。目前的槓桿率非常低。只要我們沒有發現任何真正強勁的併購機會，能夠立即為股東創造價值，我們就會繼續認為回購股票是現金的一個非常有吸引力的用途。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Christian, on your Agentic AI solutions, I guess as we think about that from an investor standpoint, where could we start to see some of these solutions impacting financials? Is it a combo of both producer productivity gains that could help top line growth along with efficiency gains and the cost structure. And then is there any detail you can share on where you've seen the biggest benefit so far as you look across the organization?

Christian，關於您的 Agentic AI 解決方案，我想從投資者的角度來看，我們可以從哪些方面開始看到這些解決方案對財務狀況產生影響？生產者生產力的提升、效率的提升以及成本結構的最佳化，是否共同促進了營收成長？那麼，在您審視整個組織的過程中，您能否分享一下目前為止您認為哪些方面獲益最大？

Yes. For the time being, the main benefit is around efficiency gains. What we are doing is we are going thoroughly through all our processes within the organization and define those processes, if possible, move those processes in one of our shared service centers and then within the shared service centers within a couple of months, they are trying to replace some of that by using AI tools in order to take those efficiencies up.

是的。就目前而言，主要好處在於效率提升。我們正在做的，是徹底審查組織內的所有流程，並盡可能地定義這些流程，將這些流程轉移到我們的共享服務中心之一，然後在幾個月內，共享服務中心嘗試使用人工智慧工具來取代其中的一些流程，以提高效率。

And that goes across the board that is within our support services, but it is also within our business lines. So we see productivity, for example, going significantly up in our Capital Markets business where the revenue per head is going up very significantly. And it's not only because the market is more supportive, but we have a whole load of tools, which are supporting our brokers to drive their efficiency.

這一點不僅適用於我們的支援服務部門，也適用於我們的業務部門。例如，我們看到資本市場業務的生產力顯著提高，人均收入也顯著成長。這不僅是因為市場更有利，而且我們還擁有大量工具，可以幫助我們的經紀人提高效率。

Got it. Very helpful. Maybe then on Capital Markets, I guess, how are you thinking about trends there heading into -- I guess we're talking more than a month through the seasonally important fourth quarter. I know deal closings can always shift the timing of revenue recognition out some, but we think you have decent visibility given the time it takes for deals to close.

知道了。很有幫助。那麼，關於資本市場，我想，您如何看待即將進入——我想我們說的是進入季節性重要第四季度的一個多月——的趨勢？我知道交易完成總是會稍微推遲收入確認的時間，但考慮到交易完成所需的時間，我們認為您已經擁有相當不錯的可見性。

So just how are you thinking about it? What have you roughly factored into the guide for the year? And what does the pipeline look like as we think about heading into 2026?

所以你是怎麼考慮的？您在製定年度指南時大致考慮了哪些因素？那麼，展望 2026 年，我們的發展計畫是什麼樣的呢？

Well, as you have seen, the pace of growth accelerated in the third quarter quite significantly. And there is good momentum while we moved into the fourth quarter and frankly, we don't see that changing. The healthy bit about that is we don't see a hockey stick recovery. We see a very steady recovery of the capital markets transaction volumes in the US but also around the globe. And so overall, our outlook for that business is very positive.

正如你所看到的，第三季的成長速度顯著加快。進入第四季度後，我們保持了良好的發展勢頭，坦白說，我們認為這種情況不會改變。令人欣慰的是，我們沒有看到類似曲棍球棒式的反彈。我們看到美國乃至全球資本市場交易量都在穩定復甦。因此，總體而言，我們對該業務的前景非常樂觀。

Got it. Good to hear. And maybe can I sneak one more in, just in. I am -- I might be wrong on this, but I think this is the first time in a long time where AUM was supported by modest valuation increases. So does it seem like we've maybe started to bottom out for CRE valuations just I thought that was really interesting to see.

知道了。很高興聽到這個消息。或許我可以再偷偷加一個嗎？就加一個。我——我可能錯了，但我認為這是很長一段時間以來資產管理規模首次在估值適度增長的情況下得到支撐。所以，商業不動產估價似乎已經開始觸底反彈了，我覺得這真的很有趣。

Yes. Indeed, what we have seen is that we have had a small increase in underlying value. So we should read that as that the values have bottomed out, and we are now going on a slight increase again going forward.

是的。事實上，我們已經看到基礎價值略有成長。所以我們應該要理解為，這些數值已經觸底反彈，接下來又會小幅上漲。

Overall, the outlook for that business is healthy. We specifically, within our own organization, we had a strong equity raise in the third quarter. And as you know, that will then translate over the coming quarters into more assets under management and so it's a very predictable and therefore, a nice income stream for us.

總體而言，該業務前景良好。具體來說，在我們自己的組織內部，我們在第三季進行了強勁的股權融資。如您所知，這將在接下來的幾個季度轉化為更多的資產管理規模，因此，這對我們來說是一個非常可預測的，也是一個不錯的收入來源。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Just maybe coming back to the first questions on the Property Management and the exiting. If I heard you correctly, Christian, you said that this is primarily in APAC and the US still grew 2%. So if I heard the 2% correctly, without being disrespectful, that still sounds like a pretty soft number.

或許我們應該回到最初關於物業管理和退出的問題。克里斯蒂安，如果我沒聽錯的話，你說這主要發生在亞太地區，而美國仍然成長了 2%。所以，如果我沒聽錯的話，2%這個數字聽起來還是相當低，我這麼說並非不敬。

So just wondering if some of the kind of changes are also weighing in that business? Or if there's anything else going on and what do you think the growth of that business once you get through all this could ultimately be again?

所以我想知道，這類變化是否也對該行業產生了影響？或者，如果還有其他事情正在發生，你認為一旦度過這一切，這項業務最終的發展前景會如何？

I don't think I said 2%, if I'm not mistaken. I said mid-single-digit growth in the US. So not that, that is super exciting, mid-single digit, but it's at least more than 2%. So the decline is coming from -- the overall decline is coming from APAC only.

如果我沒記錯的話，我好像沒說過2%。我說美國經濟成長率將達到個位數中段。所以，雖然這個數字非常令人興奮，只有個位數，但至少超過了 2%。所以，整體下滑只來自亞太地區。

Okay. And in terms of whether the business could ultimately be in terms of growth, again, sorry if I misheard you, but mid-single digits, like you said, is still probably upside to that over time?

好的。至於這項業務最終是否能夠實現成長，如果我沒聽錯的話，請見諒，但正如你所說，個位數的中段成長率，從長遠來看，可能仍然有上升空間？

Yes. I mean we have higher ambitions than that. But just when you bring a business like this together, there's a lot of structural work to be done. And we don't want to get ahead of ourselves. We want to deliver exceptional services to our clients. And so you have to be mindful of how much new business you are taking on in a period like that. And we are very focused that we are getting to the right clients and delivering that outstanding service, what they would expect from JLL while we do that restructuring within that business.

是的。我的意思是，我們的目標遠不止於此。但是，當你把這樣企業組成的時候，還有很多結構性的工作要做。我們不想操之過急。我們致力於為客戶提供卓越的服務。因此，在這樣的時期，你必須注意自己承接了多少新業務。我們非常注重找到合適的客戶，並提供他們期望從仲量聯行獲得的卓越服務，同時我們也正在進行這項業務的重組。

Okay. Fair enough. And then secondarily, just quickly on industrial leasing, it sounds like good increase. But if I look at that slide that you have on it still fairly much below where we were in the last few years. So anything that you're observing to get kind of back to normal in that business? Yes, any trends you can share?

好的。很公平。其次，簡單來說，就工業租賃而言，聽起來成長動能不錯。但是，如果我看一下你展示的那張幻燈片，就會發現它仍然遠低於我們過去幾年的水平。那麼，你觀察到哪些跡象顯示該產業正在逐步恢復正常？是的，有什麼趨勢可以分享嗎？

Yes, I can take that one. Industrial leasing actually performed better than we would have expected. Our Leasing revenue globally in industrial was up 6%, up 9% in the US. The US number comes on the back of very strong growth in the first half. I wouldn't read too much into kind of a quarter-by-quarter change. We feel really good about the pipeline. The other thing that I would just note is that if you look at our industrial leasing growth on a two-year stack basis, we feel really good about that performance relative to the overall market performance.

是的，我可以接受。工業租賃業務的實際表現比我們預期的要好。我們全球工業租賃收入成長了 6%，美國成長了 9%。美國的數據是在上半年強勁成長的基礎上得出的。我不認為應該對這種按季度變化的情況過度解讀。我們對這條輸油管非常有信心。我還要指出一點，如果以兩年為週期來觀察我們的工業租賃成長情況，相對於整體市場表現而言，我們對此業績感到非常滿意。

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Capital Markets historically is the industry's highest margin business. I remember HFF margins were always in the 25% range. So how much upside in margins do you expect that business to have. And if you could put any parameters around it and say, the near to medium term, that would be great. I see a lot of opportunity to further scale that business.

從歷史上看，資本市場是業界利潤率最高的業務。我記得HFF的利潤率一直都在25%左右。那麼，你預計這家企業的利潤率還有多少提升空間？如果可以設定一些限制條件，比如說中短期，那就太好了。我認為這項業務有很大的拓展空間。

Thanks, Jade. I'll take that one. We don't provide, as a reminder, kind of segment-specific margin outlook. That said, given your question, we see a lot of upside in that business as well. As a reminder, as we went through kind of the downturn over the last couple of years, we really did not let go of our producers.

謝謝你，傑德。我選那個。再次提醒，我們不提供針對特定細分市場的利潤率展望。話雖如此，就你提出的問題而言，我們也認為該業務有很大的發展潛力。需要提醒的是，儘管過去幾年我們經歷了經濟低迷期，但我們並沒有放棄我們的生產人員。

And so we maintained that very strong cohort of producers and there is more productivity within that cohort that we believe we could achieve. And then to your point, there is a lot of leverage on the platform in that business. And so we see plenty of runway for margin expansion in our Capital Markets business.

因此，我們保留了這批非常強大的生產者隊伍，我們相信這群生產者隊伍的生產力還有提升空間。正如你所說，在這個行業中，平台確實具有很大的影響力。因此，我們認為資本市場業務的利潤率還有很大的提升空間。

On the multifamily loss, we've now seen multiple real estate services companies take broad charges and increase their reserves. Greystone, which is owned in joint venture by Cushman & Wakefield, had large charges.

關於多戶住宅損失，我們現在已經看到多家房地產服務公司提列了廣泛的費用並增加了儲備金。Greystone 由 Cushman & Wakefield 合資擁有，負債累累。

So I think that in your comments, you alluded to one instance of fraud, which was a legacy issue. It didn't sound like the charge was related to newly uncovered issues. So could you provide any commentary around the credit trends in multifamily and the context for that charge?

所以我認為，你在評論中暗示了一起詐欺事件，那是一個歷史遺留問題。聽起來這項指控與新發現的問題無關。那麼，您能否就多戶住宅的信貸趨勢以及相關背景提供一些評論？

Sure. So we actually had two loans with confirmed fraud. So one of those loans, we completely closed out this quarter, the loan with the enhanced loss sharing that we've spoken about in prior quarters, completely closed out in the third quarter, a very, very small portion of the charge was associated with closing that out.

當然。所以實際上我們有兩筆貸款被證實有詐欺行為。因此，其中一筆貸款，我們在本季度完全結清了，這筆貸款是我們在前幾個季度討論過的，採用了增強型損失分擔機制，已在第三季度完全結清，只有非常非常小一部分費用與結清這筆貸款有關。

There was a second loan with confirmed fraud as well, that as you will recall, we repurchased from Fannie. The underlying property and loan was sold in October 2025. We believe that's in very good standing at this point.

還有第二筆貸款也被證實有詐欺行為，您可能還記得，我們​​已經從房利美手中回購了這筆貸款。標的房產和貸款於 2025 年 10 月售出。我們認為目前情況非常好。

We did take a portion of the charge to cover the sale of that property and loan. And then we just have a normal course of business. We're constantly evaluating the portfolio of loans. And so we adjust our CECL reserves quarter-over-quarter. There can be volatility in those CECL reserves quarter-over-quarter, just depending on what we're seeing in the macro environment and with specific loans.

我們確實收取了一部分費用來支付該房產的出售和貸款。然後我們就照常進行日常業務。我們一直在評估貸款組合。因此，我們會逐季調整 CECL 準備金。CECL 準備金可能會出現季度間的波動，這取決於我們在宏觀環境和特定貸款方面所看到的情況。

And so a portion of the charge was associated with the CECL reserve change. If you look at our CECL reserve, again, like I said, that can be volatile quarter-to-quarter. We took a bit of a charge this quarter. But if you look at it on a trailing 12-month basis, we're up $700,000 in net CECL reserves.

因此，部分費用與 CECL 準備金變動有關。如果你看一下我們的 CECL 儲備金，就像我剛才說的，它可能會逐季波動。本季我們承擔了一些費用。但如果以過去 12 個月計算，我們的淨 CECL 儲備增加了 70 萬美元。

Okay. So that sounds fairly modest to me and not indicative of broader deterioration. So is it safe to assume most of these charges related to the fraud instances?

好的。所以我覺得這相當溫和，並不表示情況正在整體惡化。那麼，我們可以合理地假設這些指控大多與詐欺事件有關嗎？

I'm sorry, could you repeat the last part of your question?

抱歉，您能再說一次您問題的最後一部分嗎？

Is it fair to assume that the predominance of the charges related to the fraud issues rather than the general CECL reserve?

是否可以合理地假設，這些費用主要與詐欺問題有關，而不是與一般的 CECL 準備金有關？

Yes. It's about a little more than half is associated with the two loans that we previously discussed.

是的。其中略多於一半與我們之前討論過的兩筆貸款有關。

Mitch Germain, Citizens Bank.

米奇·傑曼，公民銀行。

The low-margin contracts that you're exiting, is this happening as the contract concludes. So is it safe to assume that we've got a couple more quarters and then that they all burn off. Is that the way we should think about it?

您正在退出的低利潤合約，這種情況是否發生在合約結束時？那麼，我們可以假設我們還有幾枚硬幣，然後它們都會燒光嗎？我們該這樣想嗎？

That's exactly right. So as we've gone through and done a pretty intensive portfolio review in our Property Management business. As we noted, we've identified some contracts that just don't make sense for us over the medium and long term, it takes a bit of time to exit those contracts. There are a lot of people associated with them.

完全正確。因此，我們對物業管理業務進行了相當深入的投資組合審查。正如我們所指出的，我們已經發現一些合約在中長期內對我們來說沒有意義，解除這些合約需要一些時間。與他們有關的人很多。

As you know, we want to make sure that there is a smooth exit from any situation where we've been actively serving a client. And so I would expect continued contract churn, again, very intentional in the Property Management business probably through about the first half of next year.

如您所知，我們希望確保在積極為客戶提供服務的任何情況下都能順利退出。因此，我預計合約變更將會持續，而且在物業管理行業，這種有意為之的變更可能會持續到明年上半年。

Got you. That's helpful. And then Christian, maybe broadly speaking, I know that there is some really good momentum across fundraising and also your investment sales business. But we're hearing about some pullback from institutions in terms of their real estate allocations. Are you seeing any of that with regards to your discussions and across the board with your -- either your customers or your talent?

抓到你了。那很有幫助。然後，克里斯蒂安，總的來說，我知道你的籌款業務和投資銷售業務都取得了非常好的發展勢頭。但我們聽說一些機構正在減少對房地產的配置。你在與客戶或人才的討論中，是否也普遍存在這種情況？

Not really, to be honest. We have -- as we saw -- as we spoke about earlier, in the second quarter, we saw a little bit of hesitation from overseas investors with regards to the US, but that has smoothened and we are now back into the longer-term allocations of their investments to the different geographies. We see pretty healthy interest from Asian and Middle Eastern investors to increase their real estate allocation. And so overall, I don't think that there's anything material changing to the long-term trend there that we have roughly 12% being allocated to real estate.

說實話，倒也不是。正如我們之前提到的，在第二季度，海外投資者對美國市場出現了一些猶豫，但這種情況已經有所緩解，他們現在又開始將投資長期分配到不同的地區。我們看到亞洲和中東投資者對增加房地產投資表現出相當濃厚的興趣。因此總的來說，我認為長期趨勢不會發生任何實質變化，目前大約有 12% 的資金分配給了房地產。

The challenge, which may be there is that there is just too much little -- too much product coming to market. I mean, the new build is at a very low level. And so the scarceness of institutional graded product is just becoming more notable, and that is one of the reasons why for the best products, prices continue to rise.

挑戰可能在於，市場上充斥著太多品質低劣的產品——太多產品湧入市場。我的意思是，新建築的水平非常低。因此，機構級評等產品的稀缺性越來越明顯，這也是優質產品價格持續上漲的原因之一。

Just as a follow-up, are you -- is that a suggestion that you think the cross-border capital allocation is going to start to improve?

最後再問一下，您—這是否意味著您認為跨國資本配置將會開始改善？

Directionally, yes. Especially when you look at relative attractiveness, there were some hopes that Europe would come out of the woods faster, which hasn't materialized so far and therefore, the relative attractiveness of the US has increased over the last couple of months, and we can immediately see that by the interest from overseas investors to invest into the US.

從方向上來說，是的。尤其是在相對吸引力方面，人們曾希望歐洲能更快地走出困境，但到目前為止，這種情況還沒有實現，因此，美國在過去幾個月裡的相對吸引力有所增加，我們可以立即從海外投資者對投資美國的興趣中看出這一點。

Julien Blouin, Goldman Sachs.

Julien Blouin，高盛集團。

Yes. I guess first just on margins. I mean, Leasing top line growth is strong, but I guess the incremental margins were relatively subdued. And I think you called out the timing of incentive compensation accrual timing. I guess just taking a step back, does it feel like the compensation environment for leasing brokers is getting more competitive and making it may be more difficult to realize some of the incremental margins we would otherwise expect.

是的。我想首先應該只考慮邊緣因素。我的意思是，租賃業務的營收成長強勁，但增量利潤率相對較低。我認為你指出了激勵性薪酬累積時間的問題。我想，退一步想一想，租賃經紀人的薪酬環境是否變得越來越有競爭力，導致我們可能更難實現原本預期的一些額外利潤？

I think -- I'll take that. I think the market for talent is always competitive, to be quite honest. We continue to -- I feel really good about our broker talent. We get a lot of interest, and we have a lot of stickiness around the brokers that we do have because of some of the investments that we've made in the platform that we provide.

我想——我接受。坦白說，我認為人才市場競爭一直都很激烈。我們繼續保持下去——我對我們的經紀人團隊感到非常滿意。我們獲得了很多人的關注，而且由於我們對所提供的平台進行了一些投資，我們現有的經紀人對我們非常忠誠。

And I would say the same on the recruitment side, we get a lot of people who are quite interested in coming over to JLL because of the platform investments that we've made. I don't see retention and recruitment as a significant headwind to profitability in the Leasing business or incremental margins.

在招募方面，我也想說同樣的話，由於我們對平台的投資，很多人都對加入仲量聯行非常感興趣。我不認為員工留任和招聘會對租賃業務的獲利能力或利潤率造成重大不利影響。

Got it. Okay. And then maybe stepping back, just margins more generally, do you still feel like you're on track to get to your sort of midterm margin targets that you've touched on in the past? I think there were sort of 16% to 19%.

知道了。好的。然後，或許退一步講，更廣泛地說，就利潤率而言，您是否仍然覺得您正朝著之前提到的中期利潤率目標穩步前進？我認為大概是 16% 到 19%。

And also, is the plan when you sort of come up with these 2030 targets to update those sort of margin targets as well, and more generally, I guess, why sort of persist with giving these longer-term targets when the longer-term visibility can be challenging in your business?

另外，你們在訂定 2030 年目標時，是否也計劃更新這些利潤率目標？更普遍地說，我想，既然你們的業務長期前景難以預測，為什麼還要堅持設定這些長期目標呢？

So on the first part of your question, we do believe that we are on track to achieve the lower end of those margin targets that we had put out in 2022. So we feel quite good about that. Christian, perhaps I'll turn it over to you to talk about kind of the 2030 targets and longer-term visibility.

所以關於您問題的第一部分，我們相信我們正朝著實現我們在 2022 年制定的利潤率目標的下限穩步前進。所以我們對這一點感到非常滿意。克里斯蒂安，或許我該把麥克風交給你，讓你來談談 2030 年的目標和更長期的展望。

When we did the work for our strategy up to 2030, we were very encouraged when we went into the detail of the different service lines how much organic growth opportunity we are able to identify and you pair that with the opportunity AI is offering to our industry, which will help us to become even more efficient and on a continuous basis going forward. So I think we have good reason to believe that the margin trend, which we have shown over the last couple of years will continue going forward.

在製定到 2030 年的策略時，我們深入研究了各個服務線，發現其中蘊藏著巨大的有機成長機會，這讓我們倍感鼓舞。再加上人工智慧為我們產業帶來的機遇，將有助於我們持續提高效率，並持續發展。所以我認為我們有充分的理由相信，過去幾年我們所看到的利潤率成長趨勢將會持續下去。

(Operator Instructions) Seth Bergey, Citigroup.

（操作員說明）Seth Bergey，花旗集團。

I kind of want to go back to your comments on AI. How does it change the way you think about kind of your current head count needs and your future head count needs across kind of the business?

我想再回到你對人工智慧的評論。這會如何改變你對目前和未來整個業務部門人員需求的看法？

Well, as you will have observed, our overall head count is still growing, and we expect that to continue to grow, but that is very much driven by on-site colleagues who are working directly on the build environment of our clients. We also have a very strong growth of head count within our shared service centers, because the more you are able to define processes, you are able to move them into centers of excellence is.

正如您所觀察到的，我們的員工總數仍在增長，我們預計這種情況將繼續增長，但這很大程度上是由直接在客戶建築環境中工作的現場同事推動的。我們的共享服務中心的人員數量也出現了非常強勁的成長，因為你越能定義流程，就越能將它們轉移到卓越中心。

Where we see a more flattish development around head count is in our front offices, because the people working in those front offices are so strongly supported by the technology which we are offering that they are all becoming significantly more productive in what they are doing.

我們看到，前台部門的人員數量增長較為平緩，因為前台部門的員工得到了我們提供的強大技術支持，他們的工作效率都顯著提高。

Okay. Great. And then if I could just go back to kind of the comments on the REMS kind of growth business. And just a point of clarification. I think kind of on the prior call, you had talked about kind of expecting it to grow in the high single-digit, low double-digit range kind of for revenues on an organic basis.

好的。偉大的。然後，如果我能回到先前關於 REMS 成長業務的評論上來就好了。還有一點需要澄清。我認為在上一次電話會議上，您曾提到預計其收入將實現高個位數到低兩位數的有機成長。

Is the comments on the Asia Pacific, is that -- and kind of the growth being kind of high single digits. Is that specifically for the Project Management revenue? Or is that kind of the overall REMS business as well?

關於亞太地區的評論是——而且成長率接近兩位數。這是專門針對專案管理收入的嗎？或者說，REMS業務的整體情況也是如此？

That comment was meant to be for what we historically called our Work Dynamics business, which is growing all in all, high single digits, low double digit and then with the impact now of the Property Management coming into the REMS segment that brings it then overall more towards the high single digit, but the impact is not that dramatic.

那條評論原本是針對我們過去稱之為「工作動態」的業務而言的，該業務總體上正在增長，增長率接近兩位數，而現在物業管理業務併入 REMS 板塊，使其整體增長率更接近接近個位數，但影響並不顯著。

So you take 1%, 1.5% of the overall growth rate, while we are restructuring that business. And as Kelly alluded to, this will go over the next couple of quarters, but then -- but in the second half of next year, we will see growth coming back into that business. And longer term, we don't believe that the Property Management business will be dilutive to the overall growth of the REMS segment.

因此，在我們重組業務的同時，您將獲得整體成長率的 1% 或 1.5%。正如凱利所暗示的那樣，這種情況將持續幾個季度，但到了明年下半年，我們將看到該業務恢復成長。從長遠來看，我們認為物業管理業務不會稀釋 REMS 板塊的整體成長。

And just to clarify, it's our Property Management business where we are seeing some intentional contract churn, not the project Management business.

需要澄清的是，我們看到一些有意進行的合約變更發生在物業管理業務中，而不是專案管理業務中。

And that will conclude our question-and-answer session. I'll turn the call back over to Christian Ulbrich for closing comments.

我們的問答環節到此結束。我將把電話轉回給克里斯蒂安·烏爾布里希，請他做總結發言。

Thank you, operator. With no further questions, we will close today's call. On behalf of the entire JLL team, we thank you all for participating on the call today. We look forward to speaking with you again following the fourth quarter.

謝謝接線生。鑑於沒有其他問題，今天的電話會議到此結束。我謹代表仲量聯行全體團隊，感謝各位今天參加電話會議。我們期待在第四季結束後再次與您交流。

This concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。