<p>仲量联行（JLL）已召开第四季度财报电话会议。请继续阅读以获取会议的主要亮点。</p>
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<p>仲量联行最新的财报电话会议传达了自信的语气，强调了业务的强劲增长和盈利能力的明显进展。管理层指出，收入和每股收益（EPS）均实现了两位数的增长，调整后的息税折旧摊销前利润（EBITDA）创下纪录，现金生成强劲，杠杆率显著降低，同时将识别出的逆风视为可控，并被广泛的运营势头所抵消。</p>
<h2>持续的收入和利润增长势头</h2>
<p>JLL 延续了增长势头，连续第七个季度实现两位数的收入增长，并且连续九个季度实现两位数的 EPS 增长。2025 年全年收入增长 11%，第四季度收入增长 10%，进一步证明交易性和经常性业务都在推动公司的增长。</p>
<h2>创纪录的调整后 EBITDA 和利润率成就</h2>
<p>2025 年调整后 EBITDA 达到 14.5 亿美元，同比增长 22%，并处于指导范围的上限。管理层还报告称，JLL 已经实现了中期利润率目标，表明成本控制、业务组合变化和生产力举措正在转化为持久的盈利能力增长。</p>
<h2>资本市场和租赁推动交易性强劲</h2>
<p>交易性业务表现突出，投资销售和相关资本市场活动环比加速约 26-27%，债务咨询收入增长 20%。在两年内，投资销售增长 63%，债务咨询增长 90%，而第四季度租赁收入增长 17%，其中办公租赁增长 26%，工业租赁增长 11%。</p>
<h2>房地产管理服务和项目管道的增长</h2>
<p>房地产管理服务实现了稳健扩张，第四季度收入增长 9%，全年增长 11%，得益于工作场所管理和项目管理的双位数增长。管理层指出，健康的项目管道支持 REMS 在 2026 年继续增长，帮助平衡更具周期性的交易性收入流。</p>
<h2>现金生成、去杠杆和资本回报</h2>
<p>2025 年自由现金流达到创纪录水平，现金转换率远高于公司的长期平均水平，净杠杆率年末仅为 0.2 倍，而全年平均为 0.9 倍。JLL 在第四季度回购了 8000 万美元的股票，年初至今回购了 2.12 亿美元，随着资产负债表变得非常保守，管理层表示计划在 2026 年加大回购力度。</p>
<h2>技术、数据和人工智能提升生产力</h2>
<p>技术部门显示出实质性进展，第四季度和全年软件收入均实现双位数增长，并在第四季度实现盈利。高管们强调，专有数据和人工智能工具正在提升生产力，支持利润率扩张和每位生产者的更高收入，同时与数据中心相关的工作在多个业务线中翻倍。</p>
<h2>改善租赁质量和市场信号</h2>
<p>除了交易量的增长，租赁质量指标也有所改善，根据内部数据，办公需求达到了自 2019 年以来的最高水平。至少 10 万平方英尺的大型租赁同比增长约 15%，第四季度租金上涨约 4%，平均租赁期限延长至约八年，所有这些都指向更稳固的基本面。</p>
<h2>医疗成本逆风</h2>
<p>一个显著的短期拖累来自美国医疗精算成本的上升，这在第四季度造成了约 1100 万美元的利润逆风。这些更高的转嫁成本减少了管理费用，尽管 JLL 通过一次性成本措施抵消了大部分影响，限制了整体收益的损失。</p>
<h2>物业管理合同流失和退出</h2>
<p>物业管理收入增长受到合同流失率上升和故意退出低利润合同的限制，特别是在中国。管理层预计这些措施将在 2026 年中期之前对收入产生压力，但认为更干净的账簿和更好的经济效益应该支持后期更健康的增长和利润率。</p>
<h2>投资管理费用压力</h2>
<p>投资管理表现较弱，季度和全年收入均下降，激励费用如预期下降。部分影响被由于收购活动增加而带来的更高交易费用所抵消，但这种组合变化突显了该部门对业绩和费用结构的敏感性。</p>
<h2>营运资金和佣金动态</h2>
<p>现金流时机受到更高应计佣金和与增长相关的营运资金需求的影响，这也对增量利润率施加了压力。激励补偿的分配有利于第四季度，同时抵消了第三季度，而更高的佣金层级的启动使得季度间比较变得嘈杂，尽管基础增长轨迹保持不变。</p>
<h2>技术增长速度和更艰难的比较在前</h2>
<p>尽管软件业务实现了双位数增长并进入盈利状态，管理层承认技术产品的收入扩张速度低于他们的预期。他们还警告说，交易性业务在 2026 年部分时间可能面临更艰难的同比比较，尽管管道健康。</p>
<h2>宏观经济和市场敏感性</h2>
<p>高管们承认，近期市场波动和地缘政治紧张局势仍然影响全球资本流动，并可能减缓交易复苏的步伐。即使房地产活动的宏观背景总体上是积极的，JLL 仍将这些外部因素视为交易量潜在的短期波动来源。</p>
<h2>前瞻性指导和展望</h2>
<p>对于 2026 年，仲量联行预计调整后的 EBITDA 将在 15.75 亿美元至 16.75 亿美元之间，意味着中间值大约增长 12%，并在 2025 年 22% 的 EBITDA 增长基础上进一步扩大利润率。管理层预计租赁、资本市场和 REMS 将持续强劲，短期内物业管理和医疗成本压力将存在，并计划利用低负债的资产负债表和强劲的自由现金流来增加股票回购。</p>
<p>仲量联行的财报电话会议描绘了一幅公司受益于周期性复苏和结构性生产力提升的图景，同时积极应对特定的逆风。对于投资者而言，持续增长、创纪录的盈利能力、严格的资本配置以及对回购的更自信态度的结合，表明该公司正在为即使在波动的宏观环境中也能持续创造价值做好准备。</p>

仲量联行

<p>仲量联行 (JLL) 报告了强劲的第四季度财报，强调了双位数的收入和每股收益增长，调整后的息税折旧摊销前利润创纪录达到 14.5 亿美元，以及强劲的现金生成能力。该公司达成了中期利润率目标，并计划在 2026 年增加股票回购。交易业务实现了显著增长，投资销售在两年内增长了 63%。然而，美国医疗保健成本上升和物业管理人员流动率可能会在短期内影响收入。尽管面临挑战，JLL 对其运营势头和持续增长的前景保持乐观，预计将持续到 2026 年</p>

<p>Jones Lang Lasalle ((JLL)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>仲量联行（JLL）已召开第四季度财报电话会议。请继续阅读以获取会议的主要亮点。</p>
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</div><p>Jones Lang LaSalle’s latest earnings call struck a confident tone, underscoring strong growth across the business and clear progress on profitability. Management highlighted double‑digit revenue and EPS gains, record adjusted EBITDA, robust cash generation, and sharply lower leverage, while framing identified headwinds as manageable and outweighed by broad‑based operational momentum.</p>
<div class="lb-trans"><p>仲量联行最新的财报电话会议传达了自信的语气，强调了业务的强劲增长和盈利能力的明显进展。管理层指出，收入和每股收益（EPS）均实现了两位数的增长，调整后的息税折旧摊销前利润（EBITDA）创下纪录，现金生成强劲，杠杆率显著降低，同时将识别出的逆风视为可控，并被广泛的运营势头所抵消。</p>
</div><h2>Sustained Top- and Bottom-Line Momentum</h2>
<div class="lb-trans"><h2>持续的收入和利润增长势头</h2>
</div><p>JLL extended its growth streak with a seventh straight quarter of double‑digit revenue gains and nine quarters running of double‑digit EPS growth. Full‑year 2025 revenue rose 11% and fourth‑quarter revenue increased 10%, reinforcing that both transactional and recurring businesses are contributing to the company’s momentum.</p>
<div class="lb-trans"><p>JLL 延续了增长势头，连续第七个季度实现两位数的收入增长，并且连续九个季度实现两位数的 EPS 增长。2025 年全年收入增长 11%，第四季度收入增长 10%，进一步证明交易性和经常性业务都在推动公司的增长。</p>
</div><h2>Record Adjusted EBITDA and Margin Achievement</h2>
<div class="lb-trans"><h2>创纪录的调整后 EBITDA 和利润率成就</h2>
</div><p>Adjusted EBITDA reached $1.45 billion for 2025, up 22% year over year and landing at the top end of guidance. Management also reported that JLL has already achieved its midterm margin target, signaling that cost discipline, mix shifts, and productivity initiatives are translating into durable profitability gains.</p>
<div class="lb-trans"><p>2025 年调整后 EBITDA 达到 14.5 亿美元，同比增长 22%，并处于指导范围的上限。管理层还报告称，JLL 已经实现了中期利润率目标，表明成本控制、业务组合变化和生产力举措正在转化为持久的盈利能力增长。</p>
</div><h2>Capital Markets and Leasing Drive Transactional Strength</h2>
<div class="lb-trans"><h2>资本市场和租赁推动交易性强劲</h2>
</div><p>Transactional businesses were a standout, with investment sales and related capital markets activity accelerating roughly 26–27% quarter over quarter and debt advisory revenue up 20%. On a two‑year basis, investment sales climbed 63% and debt advisory 90%, while Q4 leasing revenue rose 17% led by a 26% jump in office and 11% in industrial.</p>
<div class="lb-trans"><p>交易性业务表现突出，投资销售和相关资本市场活动环比加速约 26-27%，债务咨询收入增长 20%。在两年内，投资销售增长 63%，债务咨询增长 90%，而第四季度租赁收入增长 17%，其中办公租赁增长 26%，工业租赁增长 11%。</p>
</div><h2>Growth in Real Estate Management Services and Pipeline</h2>
<div class="lb-trans"><h2>房地产管理服务和项目管道的增长</h2>
</div><p>Real estate management services delivered solid expansion, with revenue up 9% in the quarter and 11% for the full year, powered by workplace management and double‑digit project management growth. Management pointed to a healthy pipeline that supports continued REMS momentum into 2026, helping balance the more cyclical transactional revenue streams.</p>
<div class="lb-trans"><p>房地产管理服务实现了稳健扩张，第四季度收入增长 9%，全年增长 11%，得益于工作场所管理和项目管理的双位数增长。管理层指出，健康的项目管道支持 REMS 在 2026 年继续增长，帮助平衡更具周期性的交易性收入流。</p>
</div><h2>Cash Generation, Deleveraging and Capital Returns</h2>
<div class="lb-trans"><h2>现金生成、去杠杆和资本回报</h2>
</div><p>Free cash flow reached a record level in 2025, with cash conversion running well above the firm’s long‑term average and net leverage ending the year at just 0.2x, versus a 0.9x full‑year average. JLL repurchased $80 million of stock in Q4 and $212 million year‑to‑date, and with the balance sheet now very conservative, management signaled plans to step up buybacks in 2026.</p>
<div class="lb-trans"><p>2025 年自由现金流达到创纪录水平，现金转换率远高于公司的长期平均水平，净杠杆率年末仅为 0.2 倍，而全年平均为 0.9 倍。JLL 在第四季度回购了 8000 万美元的股票，年初至今回购了 2.12 亿美元，随着资产负债表变得非常保守，管理层表示计划在 2026 年加大回购力度。</p>
</div><h2>Technology, Data and AI Boost Productivity</h2>
<div class="lb-trans"><h2>技术、数据和人工智能提升生产力</h2>
</div><p>The technology segment showed tangible progress, posting double‑digit software revenue growth for both the quarter and the year and reaching profitability in Q4. Executives stressed that proprietary data and AI tools are lifting productivity, supporting margin expansion and higher revenue per producer, while data center‑related work doubled across multiple lines of business.</p>
<div class="lb-trans"><p>技术部门显示出实质性进展，第四季度和全年软件收入均实现双位数增长，并在第四季度实现盈利。高管们强调，专有数据和人工智能工具正在提升生产力，支持利润率扩张和每位生产者的更高收入，同时与数据中心相关的工作在多个业务线中翻倍。</p>
</div><h2>Improving Leasing Quality and Market Signals</h2>
<div class="lb-trans"><h2>改善租赁质量和市场信号</h2>
</div><p>Beyond volume gains, leasing quality metrics improved, with office demand reaching its highest level since 2019 according to internal data. Large leases of at least 100,000 square feet were up about 15% year over year, rents climbed roughly 4% in Q4, and average lease terms extended to around eight years, all pointing to firmer fundamentals.</p>
<div class="lb-trans"><p>除了交易量的增长，租赁质量指标也有所改善，根据内部数据，办公需求达到了自 2019 年以来的最高水平。至少 10 万平方英尺的大型租赁同比增长约 15%，第四季度租金上涨约 4%，平均租赁期限延长至约八年，所有这些都指向更稳固的基本面。</p>
</div><h2>Healthcare Cost Headwind</h2>
<div class="lb-trans"><h2>医疗成本逆风</h2>
</div><p>One notable near‑term drag came from higher U.S. healthcare actuarial costs, which created an approximate $11 million profit headwind in the quarter. These higher pass‑through costs reduced management fees, although JLL offset most of the impact through discrete, one‑time cost actions, limiting the damage to overall earnings.</p>
<div class="lb-trans"><p>一个显著的短期拖累来自美国医疗精算成本的上升，这在第四季度造成了约 1100 万美元的利润逆风。这些更高的转嫁成本减少了管理费用，尽管 JLL 通过一次性成本措施抵消了大部分影响，限制了整体收益的损失。</p>
</div><h2>Property Management Turnover and Contract Exits</h2>
<div class="lb-trans"><h2>物业管理合同流失和退出</h2>
</div><p>Property management revenue growth was constrained by elevated contract turnover and the deliberate exit of low‑margin contracts, particularly in China. Management expects these actions to weigh on revenue through about mid‑2026, but argues that the cleaner book and better economics should support healthier growth and margins later in the year.</p>
<div class="lb-trans"><p>物业管理收入增长受到合同流失率上升和故意退出低利润合同的限制，特别是在中国。管理层预计这些措施将在 2026 年中期之前对收入产生压力，但认为更干净的账簿和更好的经济效益应该支持后期更健康的增长和利润率。</p>
</div><h2>Investment Management Fee Pressures</h2>
<div class="lb-trans"><h2>投资管理费用压力</h2>
</div><p>Investment management had a softer showing, with revenue down in both the quarter and full year as incentive fees declined as expected. Some of this was offset by higher transaction fees from increased acquisition activity, but the mix shift underscores how sensitive this segment remains to performance and fee structures.</p>
<div class="lb-trans"><p>投资管理表现较弱，季度和全年收入均下降，激励费用如预期下降。部分影响被由于收购活动增加而带来的更高交易费用所抵消，但这种组合变化突显了该部门对业绩和费用结构的敏感性。</p>
</div><h2>Working Capital and Commission Dynamics</h2>
<div class="lb-trans"><h2>营运资金和佣金动态</h2>
</div><p>Cash flow timing was affected by higher accrued commissions and growth‑related working capital needs, which also pressured incremental margins. Incentive compensation phasing benefited Q4 while offsetting Q3, and higher commission tiers kicked in, making quarter‑to‑quarter comparisons noisy even as the underlying growth trajectory remained intact.</p>
<div class="lb-trans"><p>现金流时机受到更高应计佣金和与增长相关的营运资金需求的影响，这也对增量利润率施加了压力。激励补偿的分配有利于第四季度，同时抵消了第三季度，而更高的佣金层级的启动使得季度间比较变得嘈杂，尽管基础增长轨迹保持不变。</p>
</div><h2>Tech Growth Pace and Tougher Comparisons Ahead</h2>
<div class="lb-trans"><h2>技术增长速度和更艰难的比较在前</h2>
</div><p>While the software business delivered double‑digit growth and crossed into profitability, management admitted that top‑line expansion in technology products has been slower than they had hoped. They also cautioned that tougher year‑over‑year comparisons in transactional lines could temper headline growth rates in parts of 2026 despite healthy pipelines.</p>
<div class="lb-trans"><p>尽管软件业务实现了双位数增长并进入盈利状态，管理层承认技术产品的收入扩张速度低于他们的预期。他们还警告说，交易性业务在 2026 年部分时间可能面临更艰难的同比比较，尽管管道健康。</p>
</div><h2>Macroeconomic and Market Sensitivities</h2>
<div class="lb-trans"><h2>宏观经济和市场敏感性</h2>
</div><p>Executives acknowledged that recent market volatility and geopolitical tensions still influence global capital flows and could moderate the pace of transaction recovery. Even with a broadly constructive macro backdrop for real estate activity, JLL framed these external factors as a source of potential near‑term variability in deal volumes.</p>
<div class="lb-trans"><p>高管们承认，近期市场波动和地缘政治紧张局势仍然影响全球资本流动，并可能减缓交易复苏的步伐。即使房地产活动的宏观背景总体上是积极的，JLL 仍将这些外部因素视为交易量潜在的短期波动来源。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导和展望</h2>
</div><p>For 2026, JLL guided to adjusted EBITDA of $1.575 billion to $1.675 billion, implying roughly 12% growth at the midpoint and further margin expansion on top of 2025’s 22% EBITDA increase. Management expects continued strength in leasing, capital markets, and REMS, near‑term property management and healthcare cost pressure, and plans to leverage a low‑debt balance sheet and robust free cash flow to increase share repurchases.</p>
<div class="lb-trans"><p>对于 2026 年，仲量联行预计调整后的 EBITDA 将在 15.75 亿美元至 16.75 亿美元之间，意味着中间值大约增长 12%，并在 2025 年 22% 的 EBITDA 增长基础上进一步扩大利润率。管理层预计租赁、资本市场和 REMS 将持续强劲，短期内物业管理和医疗成本压力将存在，并计划利用低负债的资产负债表和强劲的自由现金流来增加股票回购。</p>
</div><p>JLL’s earnings call painted a picture of a company benefiting from cyclical recovery and structural productivity gains while actively managing discrete headwinds. For investors, the combination of sustained growth, record profitability, disciplined capital allocation, and a more confident stance on buybacks suggests the firm is positioning itself for continued value creation even in a choppy macro environment.</p>
<div class="lb-trans"><p>仲量联行的财报电话会议描绘了一幅公司受益于周期性复苏和结构性生产力提升的图景，同时积极应对特定的逆风。对于投资者而言，持续增长、创纪录的盈利能力、严格的资本配置以及对回购的更自信态度的结合，表明该公司正在为即使在波动的宏观环境中也能持续创造价值做好准备。</p>
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仲量联行的财报电话会议显示出盈利增长的势头