Track market-moving stories before they get noisy

Chair and CEO of Intercontinental Exchange Jeff Sprecher speaks during the FIA Global Cleared Markets Conference Boca 2026, in Boca Raton, Florida, U.S., March 11, 2026. REUTERS/Marco Bello Purchase Licensing Rights, opens new tab

CompaniesJuly 30 (Reuters) - Intercontinental Exchange (ICE.N), opens new tab said on Thursday it will acquire bond trading platform MarketAxess Holdings (MKTX.O), opens new tab in a deal valued at $5.7 billion to ​expand fixed-income offerings.

ICE shares were up 1.7% before the bell, after ‌it also reported higher quarterly profit, boosted by trading activity.

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Under the terms of the acquisition, ICE will buy all outstanding shares of the trading platform for $167 each in cash, the ​exchange operator said, which is a 33% premium to its previous closing ​price.

MarketAxess shares jumped 28% premarket, after having lost nearly 31% this ⁠year.

ICE said the combined entity will offer a single platform for fixed-income traders, ​combining pre-trade price analytics, electronic execution and post-trade compliance tools.

"Together, we will build ​the fixed-income ecosystem that investors have always deserved - one that is transparent, efficient, fully connected, and accessible to all," ICE CEO Jeff Sprecher said in a statement.

ROBUST RESULTSICE's results were boosted ​by volatility from the U.S.-Iran war and shifting interest rate and AI ​expectations, as investors hedged.

Prolonged conflicts in Ukraine and the Middle East also drove oil-market volatility, fueling ‌growth ⁠in ICE's energy segment, though the second quarter saw a 13% revenue drop in the segment.

That hedging pushed interest rates average daily volume up 24% year over year, while agriculture and metals volumes rose 36%.

In the quarter, revenue in its ​exchanges segment, its ​biggest revenue generator, ⁠rose 3% to $1.46 billion.

The fixed-income and data services segment, through which it sells subscription-based pricing data for certain debt assets, ​posted an 8% jump in revenue. Mortgage technology revenue was ​up 5%.

"Against ⁠a backdrop of rapid change in global markets, our customers continued to turn to ICE's regulated markets, trusted data and mission-critical technology to transfer risk," Sprecher said.

Net ⁠income attributable ​to ICE came in at $958 million, or $1.69 per ​share, in the three months ended June 30, compared with $851 million, or $1.48 per share, in the ​year earlier.

Reporting by Pritam Biswas in Bengaluru; Editing by Joyjeet Das and Vijay Kishore

Our Standards: The Thomson Reuters Trust Principles., opens new tab

CompaniesJuly 30 (Reuters) - Medical products maker Baxter International (BAX.N), opens new tab on Thursday raised its annual profit forecast and beat Wall Street estimates for quarterly ​results, banking on robust sales of its medical ‌products such as IV solutions.

Shares of the Deerfield, Illinois-based company jumped 14% in premarket trading.

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Investors and analysts are closely monitoring whether the ​loss of enhanced, pandemic-driven subsidies under Obamacare, ​or Affordable Care Act, plans is reducing elective ⁠procedure volumes and demand for surgical products used ​in those procedures.

Baxter is in the middle of a ​turnaround effort, led by its cost-cutting actions, after a period of uncertainty around its infusion pump business.

The medical device maker ​said strength in drug compounding and IV solutions ​was partly offset by lower infusion systems sales following a hold ‌on ⁠its Novum pump shipments and installations.

Last quarter Baxter said the Novum infusion pump shipment hold is expected to remain in place throughout 2026 as customers await ​clarity on ​additional corrections.

Baxter ⁠now expects 2026 adjusted profit per share of $1.95 to $2.15, compared with its prior outlook of $1.85 to $2.05.

Second-quarter sales at its ​largest medical products and therapies segment, which includes IV ​solutions, ⁠rose 7% to $2.08 billion from a year ago.

The company earned 56 cents per share on an adjusted basis in the quarter, compared ⁠with ​estimates of 37 cents, according to LSEG ​data.

Revenue for the quarter came in at $2.96 billion, beating estimates of $2.80 billion.

Reporting ​by Christy Santhosh in Bengaluru; Editing by Joyjeet Das

Our Standards: The Thomson Reuters Trust Principles., opens new tab

10h14 ▪ 3 min read ▪ by Eddy S.

Summarize this article with:

Binance.US is entering the battle of prediction markets, a rapidly expanding sector. With a DCM license application submitted to the CFTC, the crypto platform wants to stake its claim. But could this offensive redefine the playing field for BNB?

In brief Binance.US is applying for a DCM license with the CFTC to launch prediction markets in the United States. A risky strategy to diversify its offering and revive growth after regulatory difficulties. BNB could benefit, but competition and regulators could derail everything. Binance Attacks Prediction Markets With a CFTC License in Sight Binance.US is no longer content to dominate spot trading. The crypto giant is preparing a strong entry into prediction markets, a sector so far dominated by Kalshi and Polymarket. Indeed, at the Rare Evo conference in Las Vegas, CEO Stephen Gregory announced a DCM (Designated Contract Market) license application with the CFTC for August 2026. A bold move, because without this license, it is legally impossible to offer these products to U.S. traders.

This offensive fits into a diversification strategy where, after months of regulatory turbulence, Binance is betting on perpetual contracts and betting markets to revive its growth. With $25 billion in volume traded on regulated platforms in 2025, the prediction market is lucrative. But beware! The CFTC is rewriting its rules and state regulators could play spoilsport. One thing is certain, Binance does not intend to stand by as a spectator.

Binance in the Prediction Market, a Boon for BNB? If Binance.US obtains its DCM license, BNB, its native token, could benefit. Historically, strategic announcements from Binance (launch of new products, regulatory expansions) have often boosted BNB’s value. The booming prediction markets could then attract new users to its ecosystem, thereby increasing demand for the token.

However, not everything is won. Competition is fierce as Kalshi and Polymarket already dominate the sector, and American regulators will not give up easily. Moreover, prediction markets are speculative by nature, which could harm Binance’s image, already tarnished by lawsuits in 2023-2024. Finally, a crucial question: will traders massively adopt these new products? If yes, BNB could soar. If not, this offensive could turn into a futile effort.

Binance.US is betting on prediction markets to revive its growth. But between strict regulations and tough competition, success is not guaranteed. Will BNB really benefit? And you, do you think this strategy is a winner or too risky?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Thursday, 30 July 2026 08:30 AM

Topic: 

Earnings COLUMBUS, OH / ACCESS Newswire / July 30, 2026 / SCI Engineered Materials, Inc. ("SCI" or "Company") (OTCQB:SCIA), today reported financial results for the three months and six months ended July 30, 2026.

Jeremy Young, President and Chief Executive Officer, commented, "SCI's second quarter results reflect solid achievements throughout the Company. Revenue increased significantly compared to a year ago due to higher raw material input costs, favorable product mix and increased volume. We are gaining traction in key markets consistent with our growth strategy through expanded marketing initiatives, increased demand for SCI's products and services, and the addition of new customers."

Mr. Young added, "We recently ordered manufacturing equipment and added staff to enhance future growth. In addition to increased product sales, interest in SCI's breadth of services to fulfill specific customer needs is growing, including debinding capabilities for commercial additive manufacturing applications and specialty diffusion bonding. Customer emphasis on domestic manufacturing is increasing as they seek to prioritize their sourcing requirements with price sensitivity."

Revenue

Revenue increased 163% to a record $9,485,119 for the three months ended June 30, 2026, versus $3,609,304 for the same period last year. The year-over-year increase was due to higher raw material input costs, product mix and higher volume.

For the first six months of 2026, revenue increased 148% to $17,645,481 from $7,109,536 a year ago, led by product mix, higher raw material input costs and volume.

Order backlog was $7.9 million at June 30, 2026, versus $7.1 million at March 31, 2026, and $3.4 million at June 30, 2025.

Gross profit

Gross profit increased 97% to $2,276,455 for the second quarter of 2026 versus $1,158,157 a year ago, due to the increase in revenue. The Company's gross profit margin declined to 24.0% from 32.1% last year principally due to higher raw material input costs and product mix.

Gross profit for the first six months of 2026 increased 93% to $4,311,575 from $2,230,971 last year due to the increase in revenue. The gross profit margin declined to 24.4% from 31.4% for the same period a year ago reflecting higher raw material input costs and product mix compared to the same period in 2025.

Operating expenses

Operating expenses increased 9% to $876,989 for the three months ended June 30, 2026, versus $802,350 a year ago. The year-over-year increase was primarily due to higher compensation and benefits for Marketing and Sales, including additional staff, and higher Research and Development materials and supplies, partially offset by lower General and Administrative expense.

Operating expenses for the first six months of 2026 were $2,423,185, including fraud expense of $562,026, compared to $1,572,625 for the same period last year. Key factors in the year-over-year comparison include the 2026 first quarter fraud expense, higher Marketing and Sales compensation and benefits expense, including increased staff, additional materials and supplies for Research and Development, and slightly higher General and Administrative compensation and benefits versus the first six months of 2025.

Fraud expense

On February 10, 2026, the Company reported it was subjected to an imposter scam of $898,325 executed in conjunction with bank fraud. As of June 30, 2026, the Company recovered $336,299 of that amount resulting in fraud expense of $562,026 recorded in the first quarter. On July 12, 2026, the Company was informed that a $250,000 claim related to its Smart Cyber insurance policy was approved. When the insurance proceeds are realized they will reduce the fraud expense to $312,026.

Net interest income

Net interest income was $110,359 for the second quarter of 2026 versus $115,680 the prior year primarily due to lower interest rates compared to the same period a year ago. For the first half of 2026, net interest income was $219,445 compared to $213,810 last year primarily due to an increase in cash and cash equivalents since 2025 year-end.

Income taxes

The Company's income tax expense increased 217% to $339,549 for the three months ended June 30, 2026, from $107,028 last year due to higher taxable income. Income tax expense for the first half of 2026 was $475,297 versus $197,980 a year ago, an increase of 140%. The Company's effective tax rate for the second quarter and first half of 2026 was 22.5% compared to 22.7% for the same periods in 2025. The deferred tax liability was $763,983 at June 30, 2026, versus $389,572 at December 31, 2025.

Net income

Net income increased 221% to $1,170,276 for the second quarter of 2026 compared to $364,459 a year ago due to higher gross profit. Net income per share was $0.26 for the three months ended June 30, 2026, versus $0.08 for the same period a year ago.

For the first half of 2026, net income increased 142% to $1,632,538 from $674,176 for the first half of 2025. Net income per share was $0.37 for the six months ended June 30, 2026, versus $0.15 a year ago. Weighted average shares outstanding were approximately 3% below the comparable three- and six-month periods in 2025 due to the Company's share repurchase program initiated on December 1, 2025.

Cash and cash equivalents and Investments in marketable securities

Cash and cash equivalents were $9,889,753 at June 30, 2026, compared to $7,939,000 at December 31, 2025, an increase of approximately 25%. Investments in marketable securities totaled $3,368,250 at June 30, 2026, compared to $3,367,125 at December 31, 2025.

About SCI Engineered Materials, Inc.

SCI Engineered Materials is a global supplier and manufacturer of advanced materials for PVD thin film applications and works closely with end users and OEMs to develop innovative, customized solutions. Additional information is available at www.sciengineeredmaterials.com or follow SCI Engineered Materials, Inc. at:

https://www.linkedin.com/company/sci-engineered-materials.-inc
https://www.facebook.com/sciengineeredmaterials/
https://x.com/SciMaterials

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, customer guidance, forecasts, plans of the Company and its management. These forward-looking statements involve numerous risks and uncertainties, including without limitation, other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025. One or more of these factors has affected and could affect the Company's projections in the future. Therefore, there can be no assurances that the forward-looking statements included in this press release will prove to be accurate. Due to the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other persons, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

Contact: Robert Lentz
(614) 439-6006

SCI ENGINEERED MATERIALS, INC.
CONDENSED BALANCE SHEETS

ASSETS

June 30,

December 31,

2026

2025

(UNAUDITED)

Current Assets

Cash and cash equivalents

$

9,889,753

$

7,939,000

Investments - marketable securities, short term

799,250

298,125

Accounts receivable, less allowance for doubtful accounts

1,041,650

720,364

Inventories

3,624,420

1,091,471

Prepaid purchase orders and expenses

379,820

196,491

Total current assets

15,734,893

10,245,451

Property and Equipment, at cost

11,491,339

10,854,986

Less accumulated depreciation and amortization

(8,018,015

)

(8,020,249

)

Property and equipment, net

3,473,324

2,834,737

Investments, net - marketable securities, long term

2,569,000

3,069,000

Right of use asset, net

959,224

1,061,709

Other assets

58,993

61,461

Total other assets

3,587,217

4,192,170

TOTAL ASSETS

$

22,795,434

$

17,272,358

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

Operating lease, short term

$

232,011

$

212,561

Accounts payable

477,280

245,523

Customer deposits

4,546,123

829,158

Accrued expenses

418,765

568,503

Total current liabilities

5,674,179

1,855,745

Deferred tax liability

763,983

389,572

Operating lease, long term

727,212

849,148

Total liabilities

7,165,374

3,094,465

Total shareholders' equity

15,630,060

14,177,893

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

22,795,434

$

17,272,358

SCI ENGINEERED MATERIALS, INC
STATEMENTS OF INCOME
(UNAUDITED)

THREE MONTHS ENDED JUNE 30,

SIX MONTHS ENDED JUNE 30,

2026

2025

2026

2025

Revenue

$

9,485,119

$

3,609,304

$

17,645,481

$

7,109,536

Cost of revenue

7,208,664

2,451,147

13,333,906

4,878,565

Gross profit

2,276,455

1,158,157

4,311,575

2,230,971

General and administrative expense

512,090

549,540

1,154,133

1,097,361

Fraud expense

-

-

562,026

-

Research and development expense

147,433

107,374

290,043

209,641

Marketing and sales expense

217,466

145,436

416,983

265,623

Income from operations

1,399,466

355,807

1,888,390

658,346

Interest income, net

110,359

115,680

219,445

213,810

Income before provision for income taxes

1,509,825

471,487

2,107,835

872,156

Income tax expense

339,549

107,028

475,297

197,980

NET INCOME

$

1,170,276

$

364,459

$

1,632,538

$

674,176

Earnings per share - basic and diluted

Income per common share

Basic

$

0.26

$

0.08

$

0.37

$

0.15

Diluted

$

0.26

$

0.08

$

0.37

$

0.15

Weighted average shares outstanding

Basic

4,450,003

4,574,686

4,460,059

4,571,425

Diluted

4,450,003

4,578,926

4,460,059

4,575,729

SCI ENGINEERED MATERIALS, INC
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)

SIX MONTHS ENDED JUNE 30,

2026

2025

CASH PROVIDED BY (USED IN):

Operating activities

$

3,088,988

$

1,923,241

Investing activities

(870,735

)

(705,976

)

Financing activities

(267,500

)

-

NET INCREASE IN CASH

1,950,753

1,217,265

CASH - Beginning of period

7,939,000

6,753,403

CASH - End of period

$

9,889,753

$

7,970,668

SOURCE: SCI Engineered Materials, Inc.

Ostium has concluded that its July exploit originated from compromised off-chain infrastructure rather than a flaw in its smart contracts, after an investigation found the attacker manipulated price reporting to drain 23.75 million USDC from the protocol’s liquidity vault.

Summary

Ostium said its investigation found the July exploit originated from compromised off chain infrastructure rather than a flaw in its smart contracts. Fraudulent BTC USD price reports allowed the attacker to drain 23.75 million USDC from the protocol’s OLP liquidity vault. The protocol said automated monitoring detected the attack, trading resumed on July 23, and user collateral remained unaffected. A recovery plan for affected liquidity providers is being finalized and will be shared in a separate update. According to Ostium’s post-mortem published on Wednesday, the attacker gained unauthorized access to the protocol’s off-chain infrastructure and used it to submit fraudulent BTC-USD price reports. 

The manipulated reports allowed the attacker to create artificial trading profits at the expense of the public OLP vault, while the protocol found no evidence that its smart contracts or governance multisigs had been compromised.

Ostium says exploit bypassed off-chain systems During its investigation, Ostium said the initial breach occurred outside the protocol’s on-chain infrastructure. The team stated that its findings did not identify any vulnerability in the protocol’s smart contract logic or any compromise involving the multisigs responsible for governing the protocol.

Instead, the attacker abused forwarder paths that the protocol already recognized as valid. Ostium explained that the exploit began with a small test transaction involving a 100 USDC position, producing roughly 897.8 USDC in artificial profit before the attacker expanded the operation.

Following the successful test, the attacker executed the primary batch of transactions, transferring about 11.9 million USDC to a beneficiary wallet. Ostium said six additional standalone exploit cycles followed, bringing the total loss from the OLP vault to 23.75 million USDC.

Earlier reporting from blockchain security firm Blockaid had attributed the incident to a compromised oracle signer private key, saying the attacker bypassed the protocol’s price verification process by submitting manipulated price reports through a registered PriceUpKeep forwarder. At the time, Blockaid estimated that between $11.86 million and $18 million USDC had been withdrawn during approximately 20 trading loops, based on the exploit activity visible on-chain while the attack was still unfolding.

Automated monitoring limited additional losses While the exploit succeeded in draining funds from the liquidity vault, Ostium said its automated monitoring systems detected the abnormal activity before additional withdrawals could take place. The protocol subsequently halted trading while its investigation continued and has since migrated to a new production environment with updated security controls.

Trading resumed on July 23 after the migration was completed.

Ostium also said trader collateral remained unaffected throughout the incident because user margin stayed inside the protocol’s trading contracts rather than the compromised liquidity pool.

The team added that it is still finalizing a separate recovery plan for liquidity providers whose funds were affected by the exploit. According to the protocol, further details will be released in a dedicated update.

Oracle infrastructure remained central to the attack Although Ostium’s latest report attributes the incident to unauthorized access to its off-chain infrastructure, its findings are consistent with the attack path previously outlined by Blockaid, which concluded that compromised signing credentials allowed fraudulent price reports to pass the protocol’s verification process.

According to Blockaid’s earlier analysis, the attacker repeatedly opened and closed positions through delegated actions after submitting favorable future-dated price reports. Because the manipulated reports appeared valid to the protocol, each trading cycle generated profits for the attacker while transferring losses to the OLP liquidity vault instead of relying on a vulnerability in the smart contract code itself.

The incident has drawn attention to the security of supporting infrastructure that decentralized finance protocols rely on for external market data. In Ostium’s case, both the protocol’s post-mortem and Blockaid’s earlier investigation concluded that the exploit did not originate from flaws in the core smart contracts.

Ostium exploit followed Nasdaq partnership The exploit occurred only weeks after Ostium expanded its institutional presence through a partnership with Nasdaq announced in May. At the time, the protocol said Nasdaq’s market data would support equity perpetual products listed on the platform.

Ostium also disclosed during that announcement that it had processed more than $50 billion in cumulative trading volume.

Before the exploit, the protocol had raised approximately $27.8 million from investors including General Catalyst, Jump Crypto, Coinbase Ventures, Wintermute and GSR, according to previous company disclosures.

Group 1 Automotive (GPI - Free Report) came out with quarterly earnings of $9.61 per share, missing the Zacks Consensus Estimate of $10.79 per share. This compares to earnings of $11.52 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -10.94%. A quarter ago, it was expected that this auto dealer would post earnings of $8.93 per share when it actually produced earnings of $8.66, delivering a surprise of -3.02%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Group 1 Automotive, which belongs to the Zacks Automotive - Retail and Whole Sales industry, posted revenues of $5.39 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 4.69%. This compares to year-ago revenues of $5.7 billion. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Group 1 Automotive shares have lost about 9% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Group 1 Automotive?While Group 1 Automotive has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Group 1 Automotive was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $11.42 on $5.77 billion in revenues for the coming quarter and $41.57 on $22.66 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Retail and Whole Sales is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, AutoNation (AN - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.

This auto retailer is expected to post quarterly earnings of $5.43 per share in its upcoming report, which represents a year-over-year change of -0.6%. The consensus EPS estimate for the quarter has been revised 1.1% higher over the last 30 days to the current level.

AutoNation's revenues are expected to be $6.97 billion, down 0.1% from the year-ago quarter.

, /PRNewswire/ -- Blue Owl Capital Inc. (NYSE:OWL) ("Blue Owl") today reported its financial results for the second quarter ended June 30, 2026.

"Blue Owl's ongoing growth in the second quarter reflects the strong investment performance we continue to generate across strategies and the diversification of our business across platforms and geographies. We reached $319 billion of AUM, a five-fold increase since our listing five years ago, and we think our success to date has been a result of our focus on creating outstanding outcomes for the investors in our strategies," said Doug Ostrover and Marc Lipschultz, Co-CEOs of Blue Owl. "The results we reported this morning continue to demonstrate the resilience of our business and highlight our positioning as a key provider of scaled capital solutions in this evolving market landscape."

Blue Owl issued its full detailed presentation of its second quarter ended June 30, 2026 results, which can be viewed through the Shareholders section of Blue Owl's website at https://ir.blueowl.com/Investors/events-and-presentations.

Dividend

Blue Owl declared a quarterly dividend of $0.23 per Class A Share, payable on August 27, 2026, to shareholders of record at the close of business on August 13, 2026.

Quarterly Investor Call Details:

Blue Owl will host its second quarter 2026 investor call via public webcast on July 30, 2026 at 10:00 a.m. ET. To register, please visit the Shareholders section of Blue Owl's website at https://ir.blueowl.com/overview.

The conference call may be accessed by dialing +1 (888) 330-2454 (U.S. callers) or +1 (240) 789-2714 (non-U.S. callers); conference ID 4153114. For those unable to listen to the live broadcast, there will be a webcast replay available on the Shareholders section of Blue Owl's website.

All callers will need to enter the Conference ID followed by the # sign and reference "Blue Owl Capital" once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected.

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $319 billion in assets under management as of June 30, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,380 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com or LinkedIn: https://www.linkedin.com/company/blue-owl-capital.

Forward-Looking Statements

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "should," "future," "propose," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl's shares on the New York Stock Exchange; Blue Owl's ability to manage growth; Blue Owl's ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geopolitical and competitive factors.

Investor Contact
Ann Dai
Head of Investor Relations
[email protected] 

Media Contact
[email protected]

SOURCE Blue Owl Capital

Second-Quarter Revenues Increase 21% to New Record

Operational Efficiency Opportunities Expected to Drive $350 Million of Cash Flow Benefits

Raises Full-Year 2026 Revenues Guidance and Reaffirms Adjusted EBITDA Guidance

RALEIGH, N.C., July 30, 2026 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE: MLM) (Martin Marietta or the Company), a leading national supplier of aggregates and other building materials, today reported results for the second quarter ended June 30, 2026.

Second-Quarter Highlights
(Financial highlights are for continuing operations)

 Quarter Ended June 30,(in millions, except per share and per ton data)2026  2025  % ChangeRevenues4$1,947  $1,609  21%Gross profit2$495  $496  (0)%Earnings from operations5$372  $413  (10)%Net earnings from continuing operations attributable to Martin Marietta6$256  $292  (12)%Adjusted EBITDA from continuing operations1$638  $565  13%Earnings per diluted share from continuing operations6$4.26  $4.84  (12)%Adjusted earnings per diluted share from continuing operations1$5.00  $4.84  3%        Aggregates product line       Shipments (tons) 61.6   52.7  17%Average selling price per ton (ASP)3$22.74  $23.21  (2)%Revenues$1,533  $1,320  16%Gross profit2$418  $430  (3)%Gross profit per ton2$6.78  $8.15  (17)%
1 Non-GAAP financial measures; see pages 14 and 16 for reconciliations to the nearest GAAP financial measures.
2 Quarter ended June 30, 2026, gross profit, aggregates gross profit and aggregates gross profit per ton included a charge of $52 million, $52 million and $0.84 per ton, respectively, for the impact of selling acquired inventory after markup to fair value as part of acquisition accounting.
3 Organic mix-adjusted ASP is 4 percent.

For additional notes, see page 13.

Ward Nye, Chair, President and CEO of Martin Marietta, stated, “Building on our positive trends entering 2026, Martin Marietta delivered record second-quarter revenues and Adjusted EBITDA from continuing operations. Revenues increased 21% and Adjusted EBITDA from continuing operations grew 13%, driven by strong organic performance and acquisition contributions. Infrastructure and heavy nonresidential construction activity across much of our footprint supported favorable shipment trends and underscored the earnings power and resilience of our business model. Most importantly, our team delivered the safest first half in the Company's history, as measured by Total Injury Incident and Lost-Time Incident Rates. Based on our strong first-half results and continued momentum, we are raising our full-year revenue guidance to a range of $7.2 billion to $7.4 billion and reaffirming our full-year Adjusted EBITDA from continuing operations guidance of $2.36 billion to $2.5 billion.

"The quarter was also notable for the announcement of several value creating transactions. Most significantly, and consistent with our strategic plan, on June 27, we entered into a definitive agreement to combine with Lhoist North America (LNA), the nation's leading producer of high-calcium lime, dolomitic lime and industrial mineral products. The planned combination advances our SOAR 2030 objective to expand our differentiated upstream Specialties platform, broadens our participation across infrastructure, manufacturing and industrial end markets and leverages our core quarrying and mineral resource management expertise. The transaction also establishes Martin Marietta as the nation's leading producer of limestone products and further enhances our portfolio of scarce, long-lived reserves. As the transaction has not yet closed, our revised 2026 guidance does not include any contribution from LNA.

"Additionally, on May 15 we completed the acquisition of New Frontier Materials (NFM), expanding our leading aggregates platform along the I-70 corridor. Together, these transactions further strengthen our portfolio by deepening our leadership position in aggregates while accelerating the planned expansion of our differentiated upstream Specialties platform.

"Beyond these portfolio actions, our expanded enterprise review identified opportunities that are expected to generate approximately $350 million of annualized cash flow improvements as we optimize our evolving asset base, network footprint, and sustaining capital requirements. Through disciplined inventory management and reductions in capital spending, we have unlocked more than $200 million of cash year-to-date compared with the prior-year period. Combined with our strong second-quarter organic cost performance, these actions reflect meaningful progress toward our efficiency and cash generation objectives."

Mr. Nye concluded, "Martin Marietta's portfolio today reflects years of disciplined investment and thoughtful portfolio shaping. As we advance our SOAR 2030 objectives, we remain focused on responsible capital allocation, enterprise excellence and preserving the financial flexibility that has long distinguished our Company. Supported by high-quality assets, extensive limestone and granite reserves and favorable long-term demand fundamentals, we believe Martin Marietta is uniquely positioned to compound shareholder value through disciplined execution, attractive growth and superior stewardship of our irreplaceable mineral resources."

Second-Quarter Financial and Operating Results

(All financial and operating results are for continuing operations and comparisons are versus the prior-year second quarter, unless otherwise noted)

Building Materials Business

Aggregates

Second-quarter aggregates shipments increased 17.0 percent to a record of 61.6 million tons, reflecting a full quarter of contributions from the operations acquired from Quikrete Holdings, Inc. (QUIKRETE), a partial-quarter of contributions from NFM and organic shipment growth of 2.3 percent driven by strong infrastructure and heavy nonresidential demand across our geographic footprint. ASP decreased 2.0 percent to $22.74 per ton, primarily reflecting acquisition-related mix headwinds. Organic ASP increased 2.1 percent and organic mix-adjusted ASP7 increased 3.7 percent, reflecting continued strong organic shipment momentum in the Central and West Divisions where average selling prices are below the Company's average.

Aggregates gross profit decreased 3 percent to $418 million, inclusive of the $52 million non-cash charge associated with the fair market value purchase accounting inventory step-up adjustments. Cost management efforts supported strong organic cost performance with cost of goods sold per ton increasing 3.6 percent, including 150 basis points from higher pass-through external freight costs.

Other Building Materials

Other Building Materials revenues increased 12 percent to $303 million while gross profit decreased 14 percent to $34 million. Gross profit declined due to higher ready mix concrete raw material costs combined with lower organic paving revenues and job margins.

Specialties Business

Specialties delivered revenues of $152 million and gross profit of $50 million, both quarterly records. These results reflected contributions from the July 2025 Premier Magnesia, LLC acquisition and organic pricing gains across all products.

The Company's lime business delivered 4.0 percent ASP growth, or 5.0 percent on a mix-adjusted8 basis, and 0.9 percent shipment growth resulting in gross profit growth of 7 percent.

Portfolio Optimization

On June 27, 2026, the Company entered into a definitive agreement to combine with LNA, a subsidiary of Lhoist Group, in a transaction valued at approximately $13.5 billion, consisting of cash and shares of Martin Marietta common stock. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions. LNA is a leading producer of high-calcium lime, dolomitic lime and industrial mineral products serving diversified end markets through a network of 20 quarries and production facilities and 45 distribution terminals.

On May 15, 2026, the Company acquired NFM, a complementary aggregates-led bolt-on business serving the greater St. Louis metropolitan area producing over 8 million tons of aggregates annually.

Cash Generation, Capital Allocation and Liquidity

Cash provided by operating activities for the six months ended June 30, 2026, was $339 million, compared with $605 million for the prior-year period, primarily reflecting higher income tax payments related to the taxable gain recognized on the February 2026 divestiture of the Midlothian cement business and the Company's remaining Texas ready mix concrete operations in conjunction with the QUIKRETE asset exchange completed February 2026.

Cash paid for property, plant and equipment additions for the six months ended June 30, 2026, was $314 million.

During the six months ended June 30, 2026, the Company returned $302 million to shareholders through dividend payments and share repurchases. As of June 30, 2026, 10.7 million shares remained available under the current repurchase authorization.

As of June 30, 2026, the Company had $112 million of unrestricted cash and cash equivalents on hand and $742 million of unused borrowing capacity under its existing credit facilities.

On July 15, 2026, the Company secured a commitment for a new three-year senior unsecured term loan facility in an aggregate principal amount of $1.5 billion subject to consummation of the LNA acquisition and other customary conditions.

Non-GAAP Financial Information

This earnings release includes financial measures not prepared in accordance with United States generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are provided in the Appendix. Management believes these non-GAAP measures are widely used by investors to evaluate the Company’s performance and, when considered alongside the Company’s consolidated financial statements, offer valuable insight into the Company’s ongoing and expected business results. These measures also inform internal evaluations of overall business performance. Management recognizes that reported results are influenced by numerous factors, and the adjustments in non-GAAP measures may not reflect all such impacts. Additionally, these measures may not be comparable to similarly titled measures used by other companies.

Conference Call Information

Martin Marietta will discuss its second-quarter 2026 earnings results today, July 30, 2026, via a conference call and live webcast beginning at 10:00 a.m. Eastern Time. To participate, dial +1 (646) 307-1963 and enter conference ID 7217352. Participants are encouraged to dial in at least 15 minutes before the scheduled start time to ensure a timely connection. An on-demand replay will be posted to the Company's website approximately two hours after the conclusion of the live broadcast and will be available for one year. Access links for both the live and archived events, along with the Q2 2026 Supplemental Information, are available on the Investors section of the Company's website.

About Martin Marietta

Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of aggregates and other building materials. Through a network of operations spanning 29 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources necessary for building the solid foundations on which our communities thrive. Martin Marietta’s Specialties business provides high-purity magnesia and dolomitic lime products used worldwide in environmental, industrial, agricultural and specialty applications. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.

Investor Contact:

Jacklyn Rooker
Vice President, Investor Relations
+1 (919) 510-4736
[email protected]

MLM-E.

This earnings release contains forward-looking statements under the federal securities laws, including the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties and are based on assumptions that the Company believes are reasonable, but which may differ materially from actual results. These statements reflect the Company’s current expectations or forecasts of future events. You can identify these statements because they do not relate only to historical or current facts and may use words such as “guidance,” “anticipate,” “may,” “expect,” "could," “should,” “believe,” "estimate," "forecast," "intend," "outlook," "plan," "project," "schedule," “will,” and other words of similar meaning in connection with future events or future performance. Any or all of the Company’s forward-looking statements herein and in other publications may prove to be incorrect.

Second-quarter results and trends described in this release may not necessarily be indicative of the Company’s future performance. The Company’s outlook is subject to risks and uncertainties and is based on assumptions that the Company believes are reasonable but which may be materially different from actual results. Factors that the Company currently believes could cause actual results to differ materially from the forward-looking statements, including the outlook and 2026 Guidance, include, but are not limited to: the Company’s ability to address challenges, including shipment declines caused by economic and weather events beyond its control; a widespread decline in aggregates pricing, including reduced shipment volume negatively affecting price; the termination, capping, reduction or suspension of federal and/or state fuel tax(es) or other revenue related to public construction; the level and timing of federal, state or local transportation or infrastructure or public projects funding, including any issues arising from such budgets, particularly in Texas, North Carolina, Colorado, California, Georgia, Florida, South Carolina, Arizona, Iowa and Minnesota; the United States Congress’ inability to reach agreement internally or with the Executive Branch on policy affecting the federal budget; a prolonged Federal government shutdown; the ability of states or other entities to finance approved projects through tax revenues or alternative financing; construction spending levels in the Company’s markets; reductions in defense spending and impacts on construction activity on or near military bases; declines in energy-related construction due to changes in oil production or capital spending, particularly in Texas; sustained high mortgage interest rates and factors leading to a slowdown in private construction in some areas; unfavorable weather, including storms, hurricanes, wildfires, timing of seasons, drought, rainfall, or extreme temperatures affecting production schedules, shipment volumes, product/geographic mix and profitability; volatility in fuel and energy costs, including diesel, electricity, natural gas and consumables like steel, explosives, tires and conveyor belts, as well as natural gas for the Company’s Specialties business; increased raw materials costs, such as bitumen; rising costs of repair and supply parts; construction labor shortages and supply chain challenges; labor relations risks, such as unionization efforts, work stoppages or strikes; workforce demographics-related challenges in recruiting and retaining skilled employees, particularly for physically demanding roles in rural or less-populated areas; unexpected equipment failures, unscheduled maintenance, industrial accident or prolonged production disruption; resiliency and potential declines of the Company's construction end-use markets; potential impacts of disease outbreaks, epidemics, pandemics, or similar health threats, or fear of such events, and related economic/societal responses, affecting suppliers, customers, partners or employees; the performance of the overall United States economy; governmental regulation, including environmental laws and climate change regulations at state and federal levels; implementation of emissions taxes, carbon-pricing schemes, or stricter climate-related rules that could increase operating costs or restrict Specialties production; delays or difficulties in securing timely land use approvals or environmental permits amid changing regulatory expectations; increasing legal actions or public pressure related to environmental impact, emissions, or land use could result in reputational harm or financial liability; failure to meet evolving environmental, social, and governance (ESG) standards or investor benchmarks may affect access to capital or shareholder confidence; changes in external ESG ratings or methodologies could affect investor sentiment or index inclusion; increasing competition for water access or stricter water usage regulations could impact production, especially in drought-prone regions; outcomes of environmental or land-use proceedings, or increased costs associated with regulatory obligations, including site reclamation; elevated premiums or reduced coverage availability for property, casualty, or environmental liability could increase risk exposure; transportation availability and investment in rail infrastructure impacting the movement of materials especially to the Company’s Texas, Southeast and Gulf Coast markets, the movement of essential dolomitic lime to the Company’s Specialties plant in Manistee, Michigan and its customers, and the movement of magnesite from the Company's Specialties' Gabbs, Nevada facility to processing plants in North Carolina, Indiana and Pennsylvania and the Company's customers; increased transportation costs, including increases from energy price fluctuations, fuel surcharges, and compliance with tightening regulations, including water shipments; availability of trucks and licensed drivers for material transport; availability and cost of construction equipment in the United States; weakness in the steel industry markets served by the Company’s dolomitic lime products; geopolitical risks affecting costs, supply chain, oil and gas prices, including conflict zones such as Iran, Russia-Ukraine, Israel-Middle East and potential China-Taiwan tensions; trade disputes and tariffs impacting the U.S. economy; unplanned cost changes or customer realignments affecting earnings; dependence on information technology and automated systems; risks related to third-party vendors, including exposure to cybersecurity vulnerabilities or service outages; inflation pressures on production and interest costs; customer concentration in construction markets increasing the risk of potential losses on customer receivables; demand levels, production volumes, and cost management affecting operating leverage and profitability; risks related to the Company's pending LNA transaction, including the timing of consummation of the transaction; the ability to satisfy closing conditions, transaction costs or that the closing of the transaction does not occur; the risk that any regulatory approval required to complete the transaction is not obtained, or is obtained subject to conditions that are not anticipated or that the Company is not obligated to accept; the diversion of management time on transaction-related issues; global economic conditions; adverse industry conditions; the risk that the Securities Sale Agreement may be terminated, including in circumstances that would require the Company to pay a termination fee; the Company’s ability to obtain the financing on favorable terms or at all and the resulting increase in the Company’s indebtedness and potential effects on the Company’s credit ratings; the issuance of newly-issued shares of Martin Marietta common stock as consideration payable at the closing of the LNA Transaction and the resulting dilution to the Company’s existing shareholders; and potential business uncertainty, including changes to existing business relationships during the pendency of the transaction that could affect financial performance, integration challenges, market conditions, and the impact of the transaction on the Company's stakeholders; the possibility that acquisition synergies may not be realized as expected or within anticipated timeframes, potentially impacting profitability and debt covenant compliance; risks related to executive succession, retention and leadership development critical to strategy execution, including impacts from unexpected leadership changes; changes in tax laws or interpretations, including those related to acquisitions or divestitures, which could increase tax rates; violation of the Company’s debt covenants in the event of price and/or volume instability; new or revised accounting rules could impact financial reporting, asset valuations, or covenant compliance; challenges in implementing new technologies or automation systems could lead to inefficiencies, cost overruns, or operational disruptions; cybersecurity risks; downward pressure on the Company’s common stock price affecting goodwill impairment evaluations; potential credit rating downgrades to non-investment grade; and other risk factors listed from time to time in the Company’s SEC filings.

You should also review the risk factors discussed in Martin Marietta’s Annual Report on Form 10-K for the year ended December 31, 2025, the forthcoming Form 10-Q for the quarter ended June 30, 2026, and other periodic SEC filings. All forward-looking statements should be evaluated with these considerations in mind. Other risks and uncertainties not presently known or currently deemed immaterial may also affect the Company’s performance or the accuracy of forward-looking statements. The Company undertakes no obligation to update any such forward-looking statements.

 MARTIN MARIETTA MATERIALS, INC.
Unaudited Statements of Earnings
  Three Months Ended
 Six Months Ended
 June 30,
 June 30,
(in millions, except per share data)2026
 2025
 2026
 2025
Revenues$1,947  $1,609  $3,309  $2,771 Cost of revenues 1,452   1,113   2,504   1,960 Gross Profit 495   496   805   811 Selling, general and administrative expenses 116   104   249   230 Acquisition, divestiture and integration expenses 18   2   24   4 Other operating income, net (11)  (23)  (1)  (14)Earnings from Operations 372   413   533   591 Interest expense 59   57   115   113 Other nonoperating income, net (7)  (9)  (19)  (19)Earnings from continuing operations before income tax expense 320   365   437   497 Income tax expense 64   73   101   101 Earnings from continuing operations 256   292   336   396 (Loss) Earnings from discontinued operations, net of income tax (benefit) expense (5)  36   1,428   48 Consolidated net earnings 251   328   1,764   444 Less: Net earnings attributable to noncontrolling interests —   —   —   — Net Earnings Attributable to Martin Marietta$251  $328  $1,764  $444             Net Earnings (Loss) Attributable to Martin Marietta           Basic earnings per share from continuing operations$4.27  $4.85  $5.57  $6.54 Basic (loss) earnings per share from discontinued operations (0.09)  0.59   23.75   0.79 Total basic earnings per share attributable to common shareholders$4.18  $5.44  $29.32  $7.33             Diluted earnings per share from continuing operations$4.26  $4.84  $5.56  $6.52 Diluted (loss) earnings per share from discontinued operations (0.09)  0.59   23.71   0.79 Total diluted earnings per share attributable to common shareholders$4.17  $5.43  $29.27  $7.31             Weighted-Average Common Shares Outstanding           Basic 60.1   60.3   60.2   60.6 Diluted 60.2   60.4   60.3   60.7  MARTIN MARIETTA MATERIALS, INC.
Unaudited Reportable Segment* Financial Highlights
(Continuing Operations Only)
             Three Months Ended
 Six Months Ended
 June 30,
 June 30,
(in millions)2026
 2025
 2026
 2025
Revenues           East Group$972  $878  $1,807  $1,636 West Group 823   641   1,208   958 Total Building Materials business 1,795   1,519   3,015   2,594 Specialties 152   90   294   177 Total$1,947  $1,609  $3,309  $2,771             Earnings (Loss) from operations           East Group$295  $302  $525  $539 West Group 81   92   38   50 Total Building Materials business 376   394   563   589 Specialties 42   31   77   64 Total reportable segments 418   425   640   653 Corporate (46)  (12)  (107)  (62)Earnings from operations 372   413   533   591 Interest expense 59   57   115   113 Other nonoperating income, net (7)  (9)  (19)  (19)Earnings from continuing operations before income tax expense$320  $365  $437  $497 *In connection with the closing of the Quikrete asset exchange during the quarter ended March 31, 2026, the Company updated its reportable segments. As of March 31, 2026, the Building Materials business includes two reportable segments: East Group (comprised of the East and Southwest divisions) and West Group (comprised of the Central and West divisions). The Company has recast all comparative prior-period information presented in this earnings release to reflect the updated reportable segments. MARTIN MARIETTA MATERIALS, INC.
Unaudited Product Line Financial Highlights
(Continuing Operations Only)
  Three Months Ended
 Six Months Ended
 June 30,
 June 30,
(in millions)20262025
 20262025
Revenues           Building Materials           Aggregates$1,533  $1,320  $2,675  $2,322 Other Building Materials 303   271   420   393 Less: Interproduct sales (41)  (72)  (80)  (121)Total Building Materials business 1,795   1,519   3,015   2,594 Specialties 152   90   294   177 Total$1,947  $1,609  $3,309  $2,771             Gross profit (loss)           Building Materials           Aggregates$418  $430  $706  $726 Other Building Materials 34   39   18   21 Total Building Materials business 452   469   724   747 Specialties 50   36   95   74 Corporate (7)  (9)  (14)  (10)Total$495  $496  $805  $811             Depreciation, Depletion and Amortization*           Building Materials           Aggregates$166  $125  $298  $237 Other Building Materials 13   10   24   20 Total Building Materials business 179   135   322   257 Specialties 11   4   21   9 Corporate 1   1   2   2 Total$191  $140  $345  $268 *Depreciation, depletion and amortization reflects the expense included in Cost of revenues and does not represent total depreciation, depletion and amortization. MARTIN MARIETTA MATERIALS, INC.Balance Sheet Data  June 30,
 December 31,
 2026
 2025
(in millions)Unaudited
 Audited
Assets   Cash and cash equivalents$112  $67 Restricted cash 8   — Accounts receivable, net 1,020   723 Inventories, net 1,169   1,078 Other current assets 131   95 Current assets held for sale 6   1,230 Property, plant and equipment, net 13,101   10,290 Intangible assets, net 4,524   4,073 Operating lease right-of-use assets, net 381   367 Other noncurrent assets 853   788 Total Assets$21,305  $18,711       Liabilities and Equity     Current maturities of long-term debt$860  $30 Other current liabilities 879   865 Long-term debt (excluding current maturities) 5,091   5,293 Other noncurrent liabilities 2,927   2,489 Total equity 11,548   10,034 Total Liabilities and Equity$21,305  $18,711  MARTIN MARIETTA MATERIALS, INC.
Unaudited Statements of Cash Flows
  Six Months Ended
 June 30,
(in millions)2026
 2025
Cash Flows from Operating Activities     Consolidated net earnings$1,764  $444 Adjustments to reconcile consolidated net earnings to net cash provided
by operating activities:     Depreciation, depletion and amortization 371   321 Stock-based compensation expense 41   37 Gain on divestitures and sales of assets (1,977)  (15)Deferred income taxes, net 278   9 Changes in operating assets and liabilities, net of effects of acquisitions
and divestitures:     Accounts receivable, net (269)  (226)Inventories, net 61   (42)Accounts payable 55   48 Other assets and liabilities, net 25   35 Other items, net (10)  (6)Net Cash Provided by Operating Activities 339   605 Cash Flows from Investing Activities     Additions to property, plant and equipment (314)  (412)Acquisitions, net of cash acquired (733)  — Proceeds from divestitures and sales of assets 469   18 Investments in life insurance contracts, net 10   1 Investments in limited liability company —   (44)Other investing activities, net —   (15)Net Cash Used for Investing Activities (568)  (452)Cash Flows from Financing Activities     Proceeds from borrowings 1,085   — Repayments of debt (460)  — Payments on finance lease obligations (10)  (12)Dividends paid (102)  (97)Repurchases of common stock (200)  (450)Shares withheld for employees’ income tax obligations (27)  (29)Other financing activities, net (4)  1 Net Cash Provided by (Used for) Financing Activities 282   (587)Net Increase (Decrease) in Cash and Cash Equivalents 53   (434)Cash and Cash Equivalents, beginning of period 67   670 Cash and Cash Equivalents, end of period$120  $236 
MARTIN MARIETTA MATERIALS, INC.
Additional Notes

4. Revenues for the quarters ended June 30, 2026, and June 30, 2025, included the sales of products and services to customers (net of any discounts or allowances) and freight revenues for continuing operations.

5. Earnings from operations for the quarter ended June 30, 2026, included charges of $58 million for acquisition, divestiture and integration expenses, the impact of selling acquired inventory after markup to fair value as part of acquisition accounting for transactions meeting the Company's threshold for adding back for purposes of Adjusted EBITDA from continuing operations; and an asset and portfolio rationalization charge.

6. Net earnings from continuing operations attributable to Martin Marietta and earnings per diluted share from continuing operations for the quarter ended June 30, 2026, included charges of $45 million and $0.74 per diluted share, respectively, for acquisition, divestiture and integration expenses, the impact of selling acquired inventory after markup to fair value as part of acquisition accounting for transactions meeting the Company's threshold for adding back for purposes of Adjusted EBITDA from continuing operations; and an asset and portfolio rationalization charge.

7. Organic mix-adjusted ASP represents Organic ASP adjusted to reflect consistent geographic mix between periods and is calculated by comparing Organic ASP for current-period shipments to Organic ASP for shipments in the comparable prior period. Please refer to the Investors section of the Company's website for definitions of ASP and Organic ASP.

8. Lime mix-adjusted ASP represents ASP for the Company's lime business adjusted to reflect consistent product mix between periods and is calculated by comparing ASP for current-period shipments to ASP for shipments in the comparable prior period. Please refer to the Investors section of the Company's website for a definition of ASP.

MARTIN MARIETTA MATERIALS, INC.
Non-GAAP Financial Measures

Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization; earnings/loss from nonconsolidated equity affiliates; acquisition, divestiture and integration expenses; the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting (Inventory Markup); and an asset and portfolio rationalization charge, or Adjusted EBITDA from continuing operations, is an indicator used by the Company and investors to evaluate the Company's operating performance from period to period. The Company has elected to add back, for purposes of its Adjusted EBITDA from continuing operations calculation, acquisition, divestiture and integration expenses and the Inventory Markup only for transactions with consideration of at least $2.0 billion for the Building Materials business or $200 million for the Specialties business.

Adjusted EBITDA from continuing operations is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to net earnings attributable to Martin Marietta, earnings from operations, or operating cash flow. For further information on Adjusted EBITDA, refer to the Company’s website at www.martinmarietta.com.

Reconciliation of Net Earnings from Continuing Operations Attributable to Martin Marietta to Adjusted EBITDA from Continuing Operations

 Three Months Ended
 Six Months Ended
 June 30,
 June 30,
(in millions)2026
 2025
 2026
 2025
Net earnings from continuing operations attributable to Martin Marietta$256  $292  $336  $396 Add back:           Interest expense, net of interest income 58   56   112   107 Income tax expense for controlling interests 64   73   101   101 Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates 202   144   367   279 Acquisition, divestiture and integration expenses 11   —   15   — Impact of selling acquired inventory after markup to fair value as part of acquisition accounting 45   —   67   — Asset and portfolio rationalization charge 2   —   3   — Adjusted EBITDA from continuing operations$638  $565  $1,001  $883 
MARTIN MARIETTA MATERIALS, INC.
Non-GAAP Financial Measures

Reconciliation of 2026 Net Earnings from Continuing Operations Attributable to Martin Marietta Guidance to the 2026 Adjusted EBITDA from Continuing Operations Guidance

(in millions)Mid-Point of Range* Net earnings from continuing operations attributable to Martin Marietta$1,043 Add back:  Interest expense, net of interest income 223 Income tax expense for controlling interests 279 Depreciation, depletion and amortization expense and earnings/loss from nonconsolidated equity affiliates 800 Acquisition, divestiture and integration expenses 15 Impact of selling acquired inventory after markup to fair value as part of acquisition accounting 67 Asset and portfolio rationalization charge 3 Adjusted EBITDA from continuing operations guidance$2,430 *The Company's 2026 guidance does not include any contributions from the proposed LNA transaction announced on June 29, 2026. MARTIN MARIETTA MATERIALS, INC.
Non-GAAP Financial Measures

Adjusted earnings per diluted share from continuing operations is a non-GAAP financial measure used by the Company and by investors to evaluate operating performance and enhance comparability across reporting periods. The Company calculates Adjusted earnings per diluted share from continuing operations by excluding the impact of certain items that management believes are not indicative of the Company's underlying performance from period to period, including impacts directly related to acquisition and divestiture activity as well as asset and portfolio rationalization charges. The Company has elected to add back, for purposes of its Adjusted earnings per diluted share from continuing operations calculation, acquisition, divestiture and integration expenses, the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and the revaluation of deferred tax liabilities, only for transactions with consideration of at least $2.0 billion for the Building Materials business or $200 million for the Specialties business.

Adjusted earnings per diluted share from continuing operations is not defined by accounting principles generally accepted in the United States (GAAP) and, as such, should not be construed as an alternative to earnings per diluted share from continuing operations. For further information on Adjusted earnings per diluted share from continuing operations, refer to the Company’s website at www.martinmarietta.com.

Reconciliation of Earnings per Diluted Share from Continuing Operations to Adjusted Earnings per Diluted Share from Continuing Operations

 Three Months Ended
 Six Months Ended
 June 30,
 June 30,
(per diluted share)2026
 2025
 2026
 2025
Earnings per diluted share from continuing operations$4.26  $4.84  $5.56  $6.52 Add back:           Acquisition, divestiture and integration expenses 0.14   —   0.20   — Impact of selling acquired inventory after markup to fair value as part of acquisition accounting 0.58   —   0.86   — Asset and portfolio rationalization charge 0.02   —   0.04   — Revaluation of deferred tax liabilities —   —   0.26   — Adjusted earnings per diluted share from continuing operations$5.00  $4.84  $6.92  $6.52 

July 30, 2026 06:45 ET  | Source: Apollo Global Management, Inc.

NEW YORK, July 30, 2026 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (the “Company”) announced today that its outstanding 6.75% Series A Mandatory Convertible Preferred Stock (the “Preferred Stock”) will automatically convert into shares of the Company’s common stock on July 31, 2026 (the “conversion date”). The conversion rate for each share of Preferred Stock will be 0.5074 shares of the Company’s common stock. Cash will be paid in lieu of fractional shares of common stock.

As previously announced, holders of record at the close of business on July 15, 2026 will separately receive a final quarterly cash dividend of $0.8438 per share on the Preferred Stock, payable on the conversion date.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
[email protected]

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
[email protected]

JLL achieved a record second-quarter diluted earnings per share of $4.59, up 100% versus the prior-year quarter (in local currency1)

, /PRNewswire/ -- Jones Lang LaSalle Incorporated (NYSE: JLL) today reported strong operating performance for the second quarter of 2026. Diluted earnings per share was $4.59, up 98% in USD and 100% in local currency (LC), and adjusted diluted earnings per share1 was $5.26, up 59% in USD and 61% in LC. Net income attributable to common shareholders grew 92% in USD and 94% in LC while Adjusted EBITDA increased 32% in USD and 33% in LC to $386.3 million.

The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Advisory, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Advisory revenues.

Aggregation of Segment Adjusted EBITDA (in millions) Revenue was $6.9 billion, up 11% in USD (10% in LC1), with Advisory4 revenues up 21% in LC and Resilient4 revenues up 8% in LC Real Estate Management Services was up 8% in LC, driven by ongoing strength in Workplace Management Leasing Advisory grew 24% in LC, with increased momentum in office, industrial and data centers globally, most notably in the U.S. Capital Markets Services was up 19% in LC, led by Investment Sales, Debt and Equity Advisory with broad-based growth across sectors Accelerated profit growth and margin expansion driven by higher revenues and incremental platform leverage Share repurchases were $110 million this quarter, bringing the total in the first half of 2026 to $410 million Second-quarter cash inflow from operating activities increased to $488.1 million, up $155.3 million (47%) from the prior-year quarter "JLL's record second-quarter performance is the product of our compelling value proposition and growing demand for our core services. Continued acceleration in Advisory revenues and disciplined execution across JLL drove robust profit growth, margin expansion and cash flow generation," said Christian Ulbrich, JLL CEO. "We continue to deliver superior client outcomes with a One JLL approach. Given our year-to-date performance and strong underlying business momentum, we are raising our full-year Adjusted EPS target range, reflecting 34% year-over-year growth at the mid-point."

Summary Financial Results
   

($ in millions, except per share data, "LC" = local currency)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change
in USD

% Change
in LC

2026

2025

% Change
in USD

% Change
in LC

Revenue

$   6,927.9

$     6,250.1

11 %

10 %

$  13,314.4

$   11,996.5

11 %

10 %

Net income attributable to common shareholders

$      215.6

$       112.3

92 %

94 %

$      374.6

$       167.6

124 %

130 %

Adjusted net income attributable to common shareholders1

246.8

159.4

55

57

410.6

271.0

52

56

Diluted earnings per share

$        4.59

$        2.32

98 %

100 %

$        7.91

$         3.46

129 %

135 %

Adjusted diluted earnings per share1

5.26

3.30

59

61

8.67

5.60

55

59

Adjusted EBITDA1

$      386.3

$       291.7

32 %

33 %

$      659.9

$       516.5

28 %

29 %

Cash flows from operating activities

$      488.1

$       332.8

47 %

n/a

$     (266.9)

$      (434.8)

39 %

n/a

Free Cash Flow6

438.0

288.4

52

n/a

(381.9)

(523.7)

27

n/a

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release.

Consolidated Second-Quarter 2026 Performance Highlights:

Consolidated

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Real Estate Management Services

$         5,368.4

$         4,949.9

8 %

8 %

$        10,434.1

$         9,576.4

9 %

8 %

Leasing Advisory

836.9

676.8

24

24

1,523.2

1,262.9

21

20

Capital Markets Services

620.2

520.3

19

19

1,155.4

955.6

21

19

Investment Management

102.4

103.1

(1)

1

201.7

201.6

—

—

Total revenue

$         6,927.9

$         6,250.1

11 %

10 %

$        13,314.4

$        11,996.5

11 %

10 %

Gross contract costs6

$         4,574.3

$         4,186.8

9 %

9 %

$          8,917.0

$          8,129.1

10 %

8 %

Platform operating expenses, excluding Carried interest

2,037.7

1,847.1

10

10

3,870.8

3,513.9

10

9

Carried interest (benefit) expense(a)

(0.7)

(2.5)

72

74

0.1

(4.9)

n.m.

n.m.

Restructuring and acquisition charges5

25.7

21.3

21

20

31.0

41.0

(24)

(25)

Total operating expenses

$         6,637.0

$         6,052.7

10 %

9 %

$        12,818.9

$        11,679.1

10 %

8 %

Net non-cash MSR and mortgage banking derivative activity1

$             (10.3)

$               (4.2)

(145) %

(143) %

$              (15.8)

$              (17.1)

8 %

8 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance Highlights are calculated and presented on a local currency basis, unless otherwise noted.

(a) Carried interest expense/benefit is associated with Equity earnings/losses on Proptech Investments.

Revenue

Revenue increased 10% compared with the prior-year quarter. Collectively, Advisory revenue growth accelerated to 21% and was led by Leasing Advisory, up 24%, and Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services, up 25% (excluding the impact of non-cash MSR and mortgage banking derivative activity). The aggregate 8% increase in Resilient revenues was highlighted by Workplace Management, within Real Estate Management Services, up 10%.

Refer to segment performance highlights for additional detail.

The following chart reflects the year-over-year change in revenue for each of the trailing eight quarters (QTD revenues, on a local currency basis). The chart shows the change in Advisory, Resilient and total revenue. Refer to Footnote 4 for the definitions of Resilient and Advisory revenues.

Profitability

($ in millions, except per share data, "LC" = local currency)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change
in USD

% Change
in LC

2026

2025

% Change
in USD

% Change
in LC

Net income attributable to common shareholders

$    215.6

$ 112.3

92 %

94 %

$    374.6

$     167.6

124 %

130 %

Adjusted net income attributable to common shareholders1

246.8

159.4

55

57

410.6

271.0

52

56

Diluted earnings per share

$     4.59

$   2.32

98 %

100 %

$      7.91

$      3.46

129 %

135 %

Adjusted diluted earnings per share1

5.26

3.30

59

61

8.67

5.60

55

59

Adjusted EBITDA1

$    386.3

$ 291.7

32 %

33 %

$    659.9

$     516.5

28 %

29 %

Effective tax rate ("ETR")

19.3 %

19.5 %

(20) bps

n/a

19.3 %

19.5 %

(20) bps

n/a

For the quarter, higher Adjusted EBITDA and margin were primarily driven by Capital Markets Services and Leasing Advisory, reflecting strong revenue growth and enhanced platform leverage. In addition, profit and margin growth included the absence of $14 million of loan loss expense recognized in the prior-year quarter associated with an enhanced loss-share agreement with Fannie Mae for a specific three-loan portfolio.

For the second quarter, the following items were the most meaningful year-over-year differences between net income attributable to common shareholders and related non-GAAP profit measures1:

Equity earnings - Investment Management and Proptech Investments: Aggregate equity losses of $3.0 million this quarter changed notably from the aggregate losses of $27.0 million in the prior-year quarter. Amortization of acquisition-related intangibles: Amortization associated with acquisition-related intangibles decreased from $16.0 million in the prior-year quarter to $5.5 million this quarter. The decline is associated with intangibles that fully amortized in the second half of 2025. As indicated in Note 7, Proptech Investments are presented outside of our reporting segments in "All Other" and not included within segment Adjusted EBITDA. Therefore, the aggregation of segment Adjusted EBITDA does not sum to consolidated totals.

Cash Flows and Capital Allocation:

($ in millions)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change
in USD

2026

2025

% Change
in USD

Cash flows from operating activities

$      488.1

$       332.8

47 %

$     (266.9)

$      (434.8)

39 %

Free Cash Flow6

438.0

288.4

52 %

(381.9)

(523.7)

27 %

The year-over-year improvement in operating cash flows was primarily attributable to higher cash provided by earnings. Free Cash Flow reflected the improvement in operating cash flows as well as higher capital expenditures, primarily associated with technology infrastructure and investments in workspace optimization.

During the second quarter, we completed the $200 million Accelerated Share Repurchase ("ASR") program we initiated in March 2026, resulting in the receipt of approximately 51,200 additional shares (bringing the total shares repurchased under the ASR to 638,400).

Total share repurchases, inclusive of the ASR, are presented below. As of June 30, 2026, $2.6 billion remained authorized for repurchase.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Total number of shares repurchased (in thousands)

405.8

176.5

1,304.1

251.8

Total paid for shares repurchased (in millions)

$                 110.0

$                  41.4

$                 410.0

$                  61.2

Net Debt, Leverage and Liquidity6:

June 30, 2026

March 31, 2026

June 30, 2025

Net Debt (in millions)

$                1,190.3

$                1,489.1

$                1,586.7

Net Leverage Ratio

0.7x

1.0x

1.2x

Corporate Liquidity (in millions)

$                3,413.2

$                3,396.2

$                3,321.4

The lower Net Debt, compared with March 31, 2026, was primarily attributable to positive free cash flow for the second quarter. The Net Debt reduction from June 30, 2025, reflected improved free cash flow over the trailing twelve months ended June 30, 2026, compared with the trailing twelve months ended June 30, 2025.

In addition to the Corporate Liquidity detailed above, we maintain a commercial paper program (the "Program") with $2.5 billion authorized for issuance. As of June 30, 2026, there was $420.0 million outstanding under the Program.

Real Estate Management Services Second-Quarter 2026 Performance Highlights:

Real Estate Management Services

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$        5,368.4

$         4,949.9

8 %

8 %

$       10,434.1

$         9,576.4

9 %

8 %

Workplace Management

3,707.7

3,349.1

11

10

7,290.6

6,612.7

10

9

Project Management

1,013.4

971.6

4

3

1,857.4

1,719.1

8

6

Property Management

468.6

454.4

3

3

939.7

900.0

4

3

Portfolio Services and Other

120.6

118.9

1

1

231.5

231.6

0

(1)

Software and Technology Solutions

58.1

55.9

4

4

114.9

113.0

2

1

Segment operating expenses

$        5,294.9

$         4,888.1

8 %

8 %

$       10,327.5

$         9,489.6

9 %

7 %

Segment platform operating expenses

734.0

714.6

3

2

1,435.8

1,385.1

4

2

Gross contract costs6

4,560.9

4,173.5

9

9

8,891.7

8,104.5

10

8

Adjusted EBITDA1

$          107.4

$            97.8

10 %

11 %

$          172.8

$           158.8

9 %

11 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Compared with the prior-year quarter, Real Estate Management Services achieved revenue growth across all business lines. Continued strong performance in Workplace Management highlighted the top-line increase, led by mandate expansions and complemented with new wins. Project Management revenue growth followed a strong increase in the prior-year quarter (up 22%) and reflected a low double-digit management fee increase in the Americas, augmented by higher pass-through costs due to contract mix, which outpaced slower growth in certain other geographies.

Higher Adjusted EBITDA and margin were primarily attributable to the revenue growth described above and incremental platform leverage.

Leasing Advisory Second-Quarter 2026 Performance Highlights:

Leasing Advisory

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$          836.9

$           676.8

24 %

24 %

$        1,523.2

$         1,262.9

21 %

20 %

Segment operating expenses

$          681.9

$           567.8

20 %

20 %

$        1,262.5

$         1,069.0

18 %

17 %

Segment platform operating expenses

678.3

564.5

20

20

1,256.5

1,063.7

18

17

Gross contract costs6

3.6

3.3

9

7

6.0

5.3

13

11

Adjusted EBITDA1

$          166.6

$           120.4

38 %

39 %

$          283.5

$           217.4

30 %

31 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Compared with the prior-year quarter, higher Leasing Advisory revenue was driven by accelerated momentum in the office, industrial and data center asset classes. Many geographies achieved double-digit revenue increases, highlighted by the U.S. with meaningful growth from Japan and the UK. Broad-based asset class growth across the U.S. was primarily driven by office and industrial - as a significant uptick in average deal size was complemented by higher volume. Office leasing revenue growth outperformed global office volumes (up 20% compared with market volumes up 2% according to JLL Research), highlighted by U.S. revenue outperformance (up 24% compared with market volumes up 12% according to JLL Research).

The increase in Segment platform operating expenses was primarily attributable to higher commission expense, driven by the revenue growth. Consistent with the first quarter, larger average deal size drove a higher average commission rate as higher tiers were achieved earlier this year.

Adjusted EBITDA and margin expansion were driven by revenue growth, net of higher commission expense, coupled with incremental platform leverage.

Capital Markets Services Second-Quarter 2026 Performance Highlights:

Capital Markets Services

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$          620.2

$           520.3

19 %

19 %

$        1,155.4

$           955.6

21 %

19 %

Investment Sales, Debt/Equity Advisory and Other, excluding Net non-cash MSR

482.5

384.8

25

25

890.5

710.3

25

24

Net non-cash MSR and mortgage banking derivative activity

(10.3)

(4.2)

(145)

(143)

(15.8)

(17.1)

8

8

Value and Risk Advisory

102.7

97.7

5

3

192.0

179.3

7

4

Loan Servicing

45.3

42.0

8

8

88.7

83.1

7

7

Segment operating expenses

$          546.7

$           488.3

12 %

11 %

$        1,021.9

$           908.5

12 %

11 %

Segment platform operating expenses

544.7

486.6

12

11

1,019.0

905.7

13

11

Gross contract costs6

2.0

1.7

18

8

2.9

2.8

4

(2)

Adjusted EBITDA1

$            95.2

$            54.7

74 %

74 %

$          172.3

$           103.3

67 %

69 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Capital Markets Services achieved top-line growth across all sectors, led by debt advisory and investment sales along with robust equity advisory activity. Debt advisory and investment sales grew 44% (71% on a two-year stacked basis) and 20% (30% on a two-year stacked basis), respectively, while equity advisory was up 53% compared with the prior-year quarter (100% on a two-year stacked basis). The increase in segment revenue was broad-based across most geographies and was led by the U.S., Japan and Australia, which significantly outpaced softness in investment sales in parts of Europe as deal timelines elongated. Specific for the U.S., investment sales revenue growth of over 53% outpaced the broader market, which grew 22% over the same period according to JLL Research.

Higher segment platform operating expenses was substantially driven by increased commission expense, correlated with the strong revenue growth. The higher average commission rate, versus the comparative period, reflected both the earlier achievement of higher commission tiers and the geographic mix of revenue. In addition, the company recognized $14 million of incremental expense in the prior-year quarter associated with a specific three-loan portfolio, as noted in the consolidated performance highlights.

Higher Adjusted EBITDA and margin expansion for the quarter were attributable to strong revenue growth, net of higher commission expense, the favorable year-over-year change in loan-related expenses, and platform leverage.

Investment Management Second-Quarter 2026 Performance Highlights:

Investment Management

($ in millions, "LC" = local currency)

Three Months Ended June 30,

%
Change
in USD

%
Change
in LC

Six Months Ended June 30,

%
Change
in USD

%
Change
in LC

2026

2025

2026

2025

Revenue

$          102.4

$           103.1

(1) %

1 %

$          201.7

$           201.6

— %

— %

Advisory fees

94.3

93.3

1

2

184.2

182.6

1

—

Incentive and transaction fees

8.1

9.8

(17)

(13)

17.5

19.0

(8)

(6)

Segment operating expenses

$            88.3

$            89.5

(1) %

(1) %

$          175.4

$           175.2

— %

(1) %

Segment platform operating expenses

80.5

81.2

(1)

(1)

159.0

158.7

—

(1)

Gross contract costs6

7.8

8.3

(6)

(6)

16.4

16.5

(1)

(1)

Adjusted EBITDA1

$            16.4

$            16.3

1 %

8 %

$            31.4

$            32.1

(2) %

1 %

Note: For discussion and reconciliation of non-GAAP financial measures, see the Notes following the Financial Statements in this news release. Percentage variances in the Performance
Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Investment Management revenue was largely consistent with the prior-year quarter. Advisory fees reflected growth associated with continued capital raise momentum over the trailing twelve months, most notably in North America, offset by anticipated lower fees from funds in Asia Pacific, as discussed in the first quarter.

Assets under management (AUM)3 was flat in USD and in local currency during the quarter, and increased 2% in USD and 1% in local currency over the trailing twelve months. Changes in AUM3 are detailed in the tables below (in billions):

Quarter-to-date

Beginning balance (March 31, 2026)

$           86.9

Asset acquisitions/takeovers

2.2

Asset dispositions/withdrawals

(2.5)

Valuation changes

0.7

Foreign currency translation

(0.5)

Change in uncalled committed capital and cash held

—

Ending balance (June 30, 2026)

$           86.8

Trailing Twelve Months

Beginning balance (June 30, 2025)

$           84.9

Asset acquisitions/takeovers

6.9

Asset dispositions/withdrawals

(8.4)

Valuation changes

2.4

Foreign currency translation

0.8

Change in uncalled committed capital and cash held

0.2

Ending balance (June 30, 2026)

$           86.8

About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of nearly 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Connect with us

https://www.linkedin.com/company/jll
https://www.facebook.com/jll
https://x.com/jll 

Live Webcast

Conference Call

Management will offer a live webcast for shareholders, analysts and investment professionals on Thursday, July 30, 2026, at 9:00 a.m. Eastern. Following the live broadcast, an audio replay will be available.

The link to the live webcast and audio replay can be accessed at the Investor Relations website: ir.jll.com.

The conference call can be accessed live over the phone by dialing (833) 461-5787; the conference ID number is 876293188. Listeners are asked to please dial in 10 minutes prior to the call start time and provide the conference ID number to be connected.

Supplemental Information

Contact

Supplemental information regarding the second quarter 2026 earnings call has been posted to the Investor Relations section of JLL's website: ir.jll.com.

If you have any questions, please contact Sean Coghlan, Head of Investor Relations.

Phone:

+1 312 252 8943

Email:

[email protected] 

Cautionary Note Regarding Forward-Looking Statements

Statements in this news release regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors, the occurrence of which are outside JLL's control which may cause JLL's actual results, performance, achievements, plans, and objectives to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL's business in general, please refer to those factors discussed under "Risk Factors," "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures about Market Risk," and elsewhere in JLL's Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this release, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in expectations or results, new information, developments or any change in events.

JONES LANG LASALLE INCORPORATED

Consolidated Statements of Operations (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except share and per share data)

2026

2025

2026

2025

Revenue

$          6,927.9

$          6,250.1

$          13,314.4

$       11,996.5

Operating expenses:

Compensation and benefits

$          3,134.2

$          2,835.1

$            6,070.3

$         5,509.7

Operating, administrative and other

3,419.9

3,128.6

6,602.6

5,989.1

Depreciation and amortization

57.2

67.7

115.0

139.3

Restructuring and acquisition charges5

25.7

21.3

31.0

41.0

Total operating expenses

$          6,637.0

$          6,052.7

$         12,818.9

$       11,679.1

Operating income

$             290.9

$             197.4

$              495.5

$            317.4

Interest expense, net of interest income

26.4

35.3

43.4

59.9

Equity (losses) earnings

(2.2)

(27.4)

5.3

(53.0)

Other income

3.3

2.5

5.7

4.2

Income before income taxes and noncontrolling interest

265.6

137.2

463.1

208.7

Income tax provision

51.3

26.7

89.4

40.7

Net income

214.3

110.5

373.7

168.0

Net (loss) income attributable to noncontrolling interest

(1.3)

(1.8)

(0.9)

0.4

Net income attributable to common shareholders

$            215.6

$            112.3

$            374.6

$           167.6

Basic earnings per common share

$              4.66

$             2.36

$              8.05

$             3.53

Basic weighted average shares outstanding (in 000's)

46,244

47,483

46,538

47,475

Diluted earnings per common share

$              4.59

$             2.32

$              7.91

$             3.46

Diluted weighted average shares outstanding (in 000's)

46,925

48,334

47,368

48,372

Please reference accompanying financial statement notes.

JONES LANG LASALLE INCORPORATED

Selected Segment Financial Data (Unaudited) (in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Real Estate Management Services

2026

2025

2026

2025

Revenue

$          5,368.4

$           4,949.9

$         10,434.1

$           9,576.4

Platform compensation and benefits

$             527.4

$              515.4

$           1,033.0

$              994.9

Platform operating, administrative and other

172.6

162.8

335.7

316.0

Depreciation and amortization

34.0

36.4

67.1

74.2

Segment platform operating expenses

734.0

714.6

1,435.8

1,385.1

Gross contract costs6

4,560.9

4,173.5

8,891.7

8,104.5

Segment operating expenses

$          5,294.9

$           4,888.1

$         10,327.5

$           9,489.6

Segment operating income

$               73.5

$                61.8

$              106.6

$                86.8

Adjustments:

Equity earnings

0.3

0.5

0.8

0.9

Depreciation and amortization(a)

33.0

35.4

65.2

72.3

Other income

1.1

—

1.1

(0.2)

Gain on disposition

(1.0)

—

(1.0)

—

Net loss (income) attributable to noncontrolling interest

0.5

0.1

0.1

(1.0)

Adjusted EBITDA1

$            107.4

$               97.8

$            172.8

$             158.8

(a) This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.

Three Months Ended June 30,

Six Months Ended June 30,

Leasing Advisory

2026

2025

2026

2025

Revenue

$            836.9

$            676.8

$          1,523.2

$           1,262.9

Platform compensation and benefits

$            593.4

$            479.3

$          1,092.0

$              906.1

Platform operating, administrative and other

74.1

74.2

142.2

134.6

Depreciation and amortization

10.8

11.0

22.3

23.0

Segment platform operating expenses

678.3

564.5

1,256.5

1,063.7

Gross contract costs6

3.6

3.3

6.0

5.3

Segment operating expenses

$            681.9

$            567.8

$          1,262.5

$           1,069.0

Segment operating income

$            155.0

$            109.0

$             260.7

$              193.9

Adjustments:

Equity (losses) earnings

—

—

(0.1)

—

Depreciation and amortization

10.8

11.0

22.3

23.0

Other income

1.8

1.7

3.1

2.7

Interest on employee loans, net of forgiveness

(1.0)

(1.3)

(2.5)

(2.2)

Adjusted EBITDA1

$            166.6

$            120.4

$            283.5

$              217.4

JONES LANG LASALLE INCORPORATED

Selected Segment Financial Data (Unaudited) Continued (in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Capital Markets Services

2026

2025

2026

2025

Revenue

$            620.2

$            520.3

$          1,155.4

$            955.6

Platform compensation and benefits

$            451.1

$            374.1

$             841.2

$            703.6

Platform operating, administrative and other

83.5

95.0

157.3

165.7

Depreciation and amortization

10.1

17.5

20.5

36.4

Segment platform operating expenses

544.7

486.6

1,019.0

905.7

Gross contract costs6

2.0

1.7

2.9

2.8

Segment operating expenses

$            546.7

$            488.3

$          1,021.9

$            908.5

Segment operating income

$              73.5

$              32.0

$             133.5

$              47.1

Adjustments:

Equity earnings

0.4

0.8

0.7

2.4

Depreciation and amortization

10.1

17.5

20.5

36.4

Other income

0.4

0.9

1.5

1.7

Net loss attributable to noncontrolling interest

0.8

—

1.6

—

Net non-cash MSR and mortgage banking derivative activity

10.3

4.2

15.8

17.1

     Loss on disposition

0.4

—

0.4

—

Interest on employee loans, net of forgiveness

(0.7)

(0.7)

(1.7)

(1.4)

Adjusted EBITDA1

$              95.2

$              54.7

$            172.3

$            103.3

Three Months Ended June 30,

Six Months Ended June 30,

Investment Management

2026

2025

2026

2025

Revenue

$            102.4

$            103.1

$            201.7

$            201.6

Platform compensation and benefits

$              62.2

$              60.9

$            121.4

$            119.2

Platform operating, administrative and other

16.0

17.5

32.5

33.8

Depreciation and amortization

2.3

2.8

5.1

5.7

Segment platform operating expenses

80.5

81.2

159.0

158.7

Gross contract costs6

7.8

8.3

16.4

16.5

Segment operating expenses

$              88.3

$              89.5

$            175.4

$            175.2

Segment operating income

$              14.1

$              13.6

$              26.3

$              26.4

Adjustments:

Depreciation and amortization

2.3

2.8

5.1

5.7

Other income

—

(0.1)

—

—

Adjusted EBITDA1

$              16.4

$              16.3

$              31.4

$              32.1

Equity earnings (losses)

$                5.1

$               (1.3)

$              10.6

$              (7.4)

JONES LANG LASALLE INCORPORATED

Consolidated Statement of Cash Flows (unaudited)

Six Months Ended
June 30,

Six Months Ended
June 30,

(in millions)

2026

2025

2026

2025

Cash flows from operating activities:

Cash flows from investing activities:

Net income

$ 373.7

$  168.0

Net capital additions – property and equipment

$ (115.0)

$  (88.9)

Business acquisitions, net of cash acquired

(19.2)

(6.1)

Reconciliation of net income to net cash used in operating activities:

Business dispositions, net of cash disposed

12.9

—

   Depreciation and amortization

115.0

139.3

Capital contributions to investments

(26.7)

(132.1)

   Equity (earnings) losses

(5.3)

53.0

Distributions of capital from investments

27.3

27.6

   Distributions of earnings from investments

17.5

9.1

Other, net

(4.8)

(0.9)

   Provision for loss on receivables and other assets

17.8

18.4

Net cash used in investing activities

(125.5)

(200.4)

   Amortization of stock-based compensation

78.1

66.0

Cash flows from financing activities:

   Net non-cash MSRs and mortgage banking derivative activity

15.8

17.1

Proceeds from borrowings under credit facility

3,606.0

5,483.0

   Accretion of interest and amortization of debt issuance costs

2.7

3.2

Repayments of borrowings under credit facility

(3,261.0)

(5,203.0)

   Other, net

7.4

(1.1)

Proceeds from issuance of commercial paper

2,435.0

1,525.0

Change in:

Repayments of commercial paper

(2,015.0)

(1,035.0)

   Receivables

19.0

171.9

Net repayments of short-term borrowings

(10.4)

(47.9)

   Reimbursable receivables and reimbursable payables

(247.0)

(150.9)

Payments of deferred business acquisition obligations and earn-outs

(16.4)

(8.4)

   Prepaid expenses and other assets

35.7

(26.1)

Repurchase of common stock

(409.0)

(59.9)

   Income taxes receivable, payable and deferred

(85.5)

(132.1)

Other, net

(77.4)

(36.3)

   Accounts payable, accrued liabilities and other liabilities

20.4

(82.1)

Net cash provided by financing activities

251.8

617.5

   Accrued compensation (including net deferred compensation)

(632.2)

(688.5)

Effect of currency exchange rate changes on cash, cash equivalents and restricted cash

(21.2)

35.5

Net cash used in operating activities

$ (266.9)

$ (434.8)

Net change in cash, cash equivalents and restricted cash

$ (161.8)

$   17.8

Cash, cash equivalents and restricted cash, beginning of the period

898.9

652.7

Cash, cash equivalents and restricted cash, end of the period

$ 737.1

$  670.5

Please reference accompanying financial statement notes.

JONES LANG LASALLE INCORPORATED

Consolidated Balance Sheets

June 30,

December 31,

June 30,

December 31,

(in millions, except share and per share data)

2026

2025

2026

2025

ASSETS

(unaudited)

LIABILITIES AND EQUITY

(unaudited)

Current assets:

Current liabilities:

Cash and cash equivalents

$         458.2

$         599.1

Accounts payable and accrued liabilities

$       1,243.1

$      1,398.1

Trade receivables, net of allowance

2,233.5

2,302.8

Reimbursable payables

2,283.5

2,539.6

Notes and other receivables

434.9

450.0

Accrued compensation and benefits

1,316.3

1,929.6

Reimbursable receivables

3,090.6

3,105.0

Short-term borrowings

83.4

92.7

Warehouse receivables

700.3

751.2

Current maturities of long-term debt, net

199.9

—

Short-term contract assets, net of allowance

351.3

340.1

Commercial paper, net of debt issuance costs

420.0

(0.2)

Restricted cash, prepaid and other

557.1

631.2

Short-term contract liability and deferred income

270.6

237.2

Total current assets

7,825.9

8,179.4

Warehouse facilities

700.3

759.1

Property and equipment, net of accumulated depreciation

635.5

630.6

Short-term operating lease liability

160.0

166.7

Operating lease right-of-use asset

670.4

712.3

Other

274.4

263.8

Goodwill

4,726.7

4,707.3

Total current liabilities

6,951.5

7,386.6

Identified intangibles, net of accumulated amortization

635.7

666.7

Noncurrent liabilities:

Investments

873.6

892.9

Credit facility, net of debt issuance costs

338.0

(8.5)

Long-term receivables

434.3

419.4

Long-term debt, net of debt issuance costs

596.4

805.9

Deferred tax assets, net

600.7

610.0

Long-term deferred tax liabilities, net

66.5

56.0

Deferred compensation plans

797.2

723.6

Deferred compensation

786.6

737.2

Other

264.2

258.9

Long-term operating lease liability

720.9

774.4

Total assets

$      17,464.2

$      17,801.1

Other

404.0

426.5

Total liabilities

9,863.9

10,178.1

Company shareholders' equity

Common stock

0.5

0.5

Additional paid-in capital

2,057.7

2,068.6

Retained earnings

7,443.3

7,114.0

Treasury stock

(1,434.9)

(1,094.0)

Shares held in trust

(13.8)

(13.8)

Accumulated other comprehensive loss

(591.1)

(572.5)

Total company shareholders' equity

7,461.7

7,502.8

Noncontrolling interest

138.6

120.2

Total equity

7,600.3

7,623.0

Total liabilities and equity

$      17,464.2

$     17,801.1

Please reference accompanying financial statement notes.

JONES LANG LASALLE INCORPORATED
Financial Statement Notes

1.  Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following:

(i)   Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA"),

(ii)   Adjusted net income attributable to common shareholders and Adjusted diluted earnings per share,

(iii)  Free Cash Flow (refer to Note 6),

(iv)  Net Debt (refer to Note 6) and

(v)   Percentage changes against prior periods, presented on a local currency basis.

However, non-GAAP financial measures should not be considered alternatives to measures determined in accordance with U.S. generally accepted accounting principles ("GAAP"). Any measure that eliminates components of a company's capital structure, cost of operations or investments, or other results has limitations as a performance measure. In light of these limitations, management also considers GAAP financial measures and does not rely solely on non-GAAP financial measures. Because the company's non-GAAP financial measures are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures used by other companies.

Adjustments to GAAP Financial Measures Used to Calculate non-GAAP Financial Measures

Net Non-Cash Mortgage Servicing Rights ("MSR") and Mortgage Banking Derivative Activity consists of the balances presented within Revenue composed of (i) derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity and (ii) gains recognized from the retention of MSR upon origination and sale of mortgage loans, offset by (iii) amortization of MSR intangible assets over the period that net servicing income is projected to be received. Non-cash derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity are calculated as the estimated fair value of loan commitments and subsequent changes thereof, primarily represented by the estimated net cash flows associated with future servicing rights. MSR gains and corresponding MSR intangible assets are calculated as the present value of estimated cash flows over the estimated mortgage servicing periods. The above activity is reported entirely within Revenue of the Capital Markets Services segment. Excluding net non-cash MSR and mortgage banking derivative activity reflects how the company manages and evaluates performance because the excluded activity is non-cash in nature.

Restructuring and Acquisition Charges primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes; (ii) acquisition, transaction and integration-related charges, including fair value adjustments, which are generally non-cash in the periods such adjustments are made, to assets and liabilities recorded in purchase accounting such as earn-out liabilities and intangible assets; and (iii) lease exit charges. Such activity is excluded as the amounts are generally either non-cash in nature or the anticipated benefits from the expenditures would not likely be fully realized until future periods. Restructuring and acquisition charges are excluded from segment operating results and therefore are not line items in the segments' reconciliation to Adjusted EBITDA.

Amortization of Acquisition-Related Intangibles is primarily associated with the fair value ascribed at closing of an acquisition to assets such as acquired management contracts, customer backlog and relationships, and trade name. Such activity is excluded as it is non-cash and the change in period-over-period activity is generally the result of longer-term strategic decisions and therefore not necessarily indicative of core operating results.

Gain or Loss on Disposition reflects the gain or loss recognized on the sale of businesses. Given the low frequency of business disposals by the company historically, the gain or loss directly associated with such activity is excluded as it is not considered indicative of core operating performance. In 2026, the $0.6 million net gain included a $1.0 million gain related to a business disposition within Real Estate Management Services, partially offset by a $0.4 million loss related to a disposition within Capital Markets Services, both during the second quarter.

Interest on Employee Loans, Net of Forgiveness reflects interest accrued on employee loans less the amount of accrued interest forgiven. Certain employees (predominantly in Leasing Advisory and Capital Markets Services businesses) receive cash payments structured as loans, with interest. Employees earn forgiveness of the loan based on performance, generally calculated as a percentage of revenue production. Such forgiven amounts are reflected in Compensation and benefits expense. Given the interest accrued on these employee loans and subsequent forgiveness are non-cash and the amounts perfectly offset over the life of the loan, the activity is not indicative of core operating performance and is excluded from non-GAAP measures.

Equity Earnings/Losses (Investment Management and Proptech Investments) primarily reflects valuation changes on investments reported at fair value. Investments reported at fair value are increased or decreased each reporting period by the change in the fair value of the investment. Where the measurement alternative has been elected, our investment is increased or decreased upon observable price changes. Such activity is excluded as the amounts are generally non‑cash in nature and not indicative of core operating performance.

Note: Equity earnings/losses for segments other than Investment Management represent the results of unconsolidated operating ventures (not investments), and therefore the amounts are included in adjusted profit measures on both a segment and consolidated basis.

Credit Losses on Convertible Note Investments reflects credit impairments associated with pre-equity convertible note investments in early-stage proptech enterprises. Such losses are similar to the equity investment-related losses included in equity earnings/losses for Proptech Investments and are therefore consistently excluded from adjusted measures.

Reconciliation of Non-GAAP Financial Measures

Below are (i) a reconciliation of Net income attributable to common shareholders to Adjusted EBITDA, (ii) a reconciliation to Adjusted net income and (iii) components of Adjusted diluted earnings per share.

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

2026

2025

2026

2025

Net income attributable to common shareholders

$             215.6

$              112.3

$             374.6

$              167.6

Add:

Interest expense, net of interest income

26.4

35.3

43.4

59.9

Income tax provision

51.3

26.7

89.4

40.7

Depreciation and amortization(a)

56.2

66.7

113.1

137.4

Adjustments:

Restructuring and acquisition charges5

25.7

21.3

31.0

41.0

Net (gain) loss on disposition

(0.6)

—

(0.6)

—

Net non-cash MSR and mortgage banking derivative activity

10.3

4.2

15.8

17.1

Interest on employee loans, net of forgiveness

(1.7)

(2.0)

(4.2)

(3.6)

Equity (earnings) losses - Investment Mgmt and Proptech Investments(a)

3.0

27.0

(3.0)

55.7

Credit losses on convertible note investments

0.1

0.2

0.4

0.7

Adjusted EBITDA

$             386.3

$              291.7

$             659.9

$              516.5

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except share and per share data)

2026

2025

2026

2025

Net income attributable to common shareholders

$             215.6

$              112.3

$             374.6

$              167.6

Diluted shares (in thousands)

46,925

48,334

47,368

48,372

Diluted earnings per share

$               4.59

$                2.32

$               7.91

$                3.46

Net income attributable to common shareholders

$             215.6

$              112.3

$             374.6

$              167.6

Adjustments:

Restructuring and acquisition charges5

25.7

21.3

31.0

41.0

Net non-cash MSR and mortgage banking derivative activity

10.3

4.2

15.8

17.1

Amortization of acquisition-related intangibles(a)

5.5

16.0

11.4

32.1

Net (gain) loss on disposition

(0.6)

—

(0.6)

—

Interest on employee loans, net of forgiveness

(1.7)

(2.0)

(4.2)

(3.6)

Equity losses (earnings) - Investment Mgmt and Proptech Investments(a)

3.0

27.0

(3.0)

55.7

Credit losses on convertible note investments

0.1

0.2

0.4

0.7

Tax impact of adjusted items(b)

(11.1)

(19.6)

(14.8)

(39.6)

Adjusted net income attributable to common shareholders

$             246.8

$              159.4

$             410.6

$              271.0

Diluted shares (in thousands)

46,925

48,334

47,368

48,372

Adjusted diluted earnings per share

$               5.26

$                3.30

$               8.67

$                5.60

(a)

This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.

(b)

For all periods presented, the tax impact of adjusted items was calculated using the applicable statutory rates by tax jurisdiction.

Operating Results - Local Currency

In discussing operating results, the company refers to percentage changes in local currency, unless otherwise noted. Amounts presented on a local currency basis are calculated by translating the current period results of foreign operations to U.S. dollars using the foreign currency exchange rates from the comparative period. Management believes this methodology provides a framework for assessing performance and operations excluding the effect of foreign currency fluctuations.

The following table reflects the reconciliation to local currency amounts for consolidated (i) Revenue, (ii) Operating income and (iii) Adjusted EBITDA.

Three Months Ended June 30,

Six Months Ended June 30,

($ in millions)

2026

% Change

2026

% Change

Revenue:

At current period exchange rates

$           6,927.9

11 %

$          13,314.4

11 %

Impact of change in exchange rates

(38.1)

n/a

(160.5)

n/a

At comparative period exchange rates

$           6,889.8

10 %

$          13,153.9

10 %

Operating income:

At current period exchange rates

$             290.9

47 %

$             495.5

56 %

Impact of change in exchange rates

2.4

n/a

9.4

n/a

At comparative period exchange rates

$             293.3

49 %

$             504.9

59 %

Adjusted EBITDA:

At current period exchange rates

$             386.3

32 %

$             659.9

28 %

Impact of change in exchange rates

1.9

n/a

7.6

n/a

At comparative period exchange rates

$             388.2

33 %

$             667.5

29 %

2.  n.m.: "not meaningful," typically represented by a percentage change of greater than 1,000%, favorable or unfavorable.

3.  Assets under management data is primarily reported on a one-quarter lag. In addition, Investment Management raised $1.6 billion in total capital for the quarter ended June 30, 2026.

4.   The company defines "Resilient" revenue as (i) Workplace Management, Project Management, Property Management, and Software and Technology Solutions, within Real Estate Management Services, (ii) Value and Risk Advisory, and Loan Servicing, within Capital Markets Services and (iii) Advisory fees, within Investment Management.

The company defines "Advisory" revenue (previously referred to as "Transactional") as (i) Portfolio Services and Other, within Real Estate Management Services, (ii) Leasing Advisory, (iii) Investment Sales, Debt/Equity Advisory and Other, within Capital Markets Services and (iv) Incentive and transaction fees, within Investment Management.

5.  Restructuring and acquisition charges are excluded from the company's measure of segment operating results, although they are included within consolidated Operating income. For purposes of segment operating results, the allocation of Restructuring and acquisition charges to the segments is not a component of management's assessment of segment performance. The table below shows Restructuring and acquisition charges.

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

2026

2025

2026

2025

Severance and other employment-related charges

$              16.6

$              18.0

$              19.5

$              25.4

Restructuring, pre-acquisition and post-acquisition charges

9.1

10.7

11.0

19.1

Fair value adjustments that resulted in a net increase to earn-out liabilities from prior-period acquisition activity

—

(7.4)

0.5

(3.5)

Total Restructuring and acquisition charges

$              25.7

$              21.3

$              31.0

$              41.0

6.  "Gross contract costs" represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are directly or indirectly reimbursed through the fees we receive. These costs are presented on a gross basis in Operating expenses (with the corresponding fees in Revenue).

"Net Debt" is defined as the sum of the (i) Credit facility, inclusive of debt issuance costs, (ii) Long-term debt, inclusive of debt issuance costs, (iii) Commercial paper, inclusive of debt issuance costs and (iv) Short-term borrowings liability balances less Cash and cash equivalents.

"Net Leverage Ratio" is defined as Net Debt divided by the trailing twelve-month Adjusted EBITDA. Below is a reconciliation of total debt to Net Debt and the components of Net Leverage Ratio.

($ in millions)

June 30, 2026

March 31, 2026

June 30, 2025

Total debt

$                 1,648.5

$                 1,925.3

$                 1,988.1

Less: Cash and cash equivalents

458.2

436.2

401.4

Net Debt

$                 1,190.3

$                 1,489.1

$                 1,586.7

Divided by: Trailing twelve-month Adjusted EBITDA

$                 1,596.3

$                 1,501.7

$                 1,269.4

Net Leverage Ratio

0.7x

1.0x

1.2x

"Corporate Liquidity" is defined as the unused portion of the company's Credit facility plus Cash and cash equivalents.

"Free Cash Flow" is defined as cash provided by/used in operating activities less net capital additions - property and equipment. Below is a reconciliation of net cash provided by/used in operating activities to Free Cash Flow.

Six Months Ended June 30,

(in millions)

2026

2025

Net cash used in operating activities

$                  (266.9)

$                  (434.8)

Net capital additions - property and equipment

(115.0)

(88.9)

Free Cash Flow

$                  (381.9)

$                  (523.7)

7.  Our investments (inclusive of convertible notes receivable) in proptech funds and early to mid-stage proptech companies ("Proptech Investments") do not constitute an operating or reporting segment but are included in our consolidated results. As a result of this "All Other" presentation, tables and graphics presenting segment-level measures may not sum to consolidated totals.

Appendix: Additional Segment Detail

Three Months Ended June 30, 2026

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 3,707.7

1,013.4

468.6

120.6

58.1

$ 5,368.4

$   836.9

$   472.2

102.7

45.3

$   620.2

$    102.4

Gross contract costs6

$ 3,443.2

723.8

335.3

57.9

0.7

$ 4,560.9

$       3.6

$     1.2

0.8

—

$       2.0

$        7.8

Platform operating expenses

$    734.0

$   678.3

$   544.7

$      80.5

Adjusted EBITDA1

$    107.4

$   166.6

$     95.2

$      16.4

(a)

Included in Revenue is Net non-cash MSR and mortgage banking derivative activity of $10.3 million for the three months ended June 30, 2026 within Investment Sales, Debt/Equity Advisory and Other.

Three Months Ended June 30, 2025

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 3,349.1

971.6

454.4

118.9

55.9

$ 4,949.9

$   676.8

$   380.6

97.7

42.0

$   520.3

$    103.1

Gross contract costs6

$ 3,100.4

700.2

315.7

56.7

0.5

$ 4,173.5

$       3.3

$       0.8

0.9

—

$       1.7

$        8.3

Platform operating expenses

$    714.6

$   564.5

$   486.6

$      81.2

Adjusted EBITDA1

$      97.8

$   120.4

$     54.7

$      16.3

(a)

Included in Revenue is Net non-cash MSR and mortgage banking derivative activity of $4.2 million for the three months ended June 30, 2025 within Investment Sales, Debt/Equity Advisory and Other.

Appendix: Additional Segment Detail (continued)

Six Months Ended June 30, 2026

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 7,290.6

1,857.4

939.7

231.5

114.9

$ 10,434.1

$ 1,523.2

$   874.7

192.0

88.7

$ 1,155.4

$    201.7

Gross contract costs6

$ 6,782.0

1,315.6

674.0

118.8

1.3

$   8,891.7

$        6.0

$       1.7

1.2

—

$        2.9

$      16.4

Platform operating expenses

$   1,435.8

$ 1,256.5

$ 1,019.0

$    159.0

Adjusted EBITDA1

$      172.8

$    283.5

$    172.3

$      31.4

(a)

Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of $15.8 million for the six months ended June 30, 2026 within Investment Sales, Debt/Equity Advisory and Other.

Six Months Ended June 30, 2025

(in millions)

Real Estate Management Services

Capital Markets Services

Workplace
Mgmt

Project
Mgmt

Property
Mgmt

Portfolio
Services
and Other

Software
and Tech
Solutions

Total Real
Estate
Mgmt
Services

Leasing
Advisory

Invt Sales,
Debt/Equity
Advisory
and Other

Value and
Risk 
Advisory

Loan
Servicing

Total
Capital
Markets
Services

Investment
Mgmt

Revenue(a)

$ 6,612.7

1,719.1

900.0

231.6

113.0

$ 9,576.4

$ 1,262.9

$   693.2

179.3

83.1

$   955.6

$    201.6

Gross contract costs6

$ 6,141.0

1,220.2

628.1

114.0

1.2

$ 8,104.5

$        5.3

$       1.3

1.5

—

$       2.8

$      16.5

Platform operating expenses

$ 1,385.1

$ 1,063.7

$   905.7

$    158.7

Adjusted EBITDA1

$    158.8

$    217.4

$   103.3

$      32.1

(a)

Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of $17.1 million for the six months ended June 30, 2025 within Investment Sales, Debt/Equity Advisory and Other.

SOURCE JLL-IR