* F W S N S L X 5 W J X J S Y F Y N T S
+ N W X Y 6 Z F W Y J W
6
+ N W X Y V Z F W Y J W N S I Z X Y W ^ M N L M Q N L M Y X
Capital markets industry highlights
Benchmark yields, 2006 - March 2025
Real estate investment volumes by region, 2007 - Q1 2025
Direct investment volumes (US$ billion)
7%
6%
5%
4%
3%
2%
1%
0%
-1%
1M SOFR
Euro Area 10-year Government Bond Yields
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2018 2019 2020 2021 2022 2023 2024
1,400
Asia Pacific EMEA Americas
1,274
1,069
884
712
615
145 138 184
1,200
1,000
800
600
400
200
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Q1 2023
Q1 2024
Q1 2025
0
First Quarter Highlights
-
During the first quarter, global direct investment was up 38% local currency (34% USD) with gains across all three regions; Americas investment activity increased 36% local currency (37% USD), EMEA increased 46% local currency (41% USD), and Asia Pacific increased 30% local currency (20% USD).
-
Interest rate cuts in the second half of 2024 coupled with the increased prevalence of institutional capital beginning in the fourth quarter 2024 led to continued growth in transaction activity in the first quarter of 2025.
-
Debt markets remained strong in the first quarter with lending activity balanced across lender types.
Notes:
-
Source: JLL Research, April 2025, FRED Economic Data; Benchmark yields data as of March 2025
-
Real estate investment includes office, multifamily residential, retail, hotels, industrial, mixed use, healthcare and alternatives sectors. Excludes entity-level and development transactions.
Capital markets industry trends
Dry powder in closed-end funds, 2007 - H1 2024
$573
$684 $642
$630 $600
$170
800
Quarterly investment volumes by sector, Q4 2021 - Q4 2024
Living / Multi-housing Industrial & Logistics Office Retail Hotels & Hospitality
US$ Billions
600
400
200
0
125
100
US$ Billions
75
50
25
H1 2024
0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Global fundraising for closed-end funds Share of investment volume by sector
250
US$ Billions
200
150
100
50
0
$264
100%
$205
$218
$144 $143
$154 $150
46
30
41
27
24
37
$57
47
35
12
14
13
20
$89 $102
47
19
18
16 18
35
47
47
30
25
11
50
40
29
32
42
29
$169 $182
53
64
39
25
42
53
$181
99
49
70
$113 $124
45
62
37
64
47
$73
24
45
21
27
31
$164
40
32
48
62
44
49
18
69
27
48
46
37
57
52
23
$117
16
23
42 $30
36 30
16
13
22
18
33
75%
50%
25%
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Q1 2025
0%
5%
7%
24%
5%
8%
20%
5%
7%
15%
4%
10%
5%
6%
14%
5%
7%
7%
15%
6%
8%
15%
6%
7%
16%
25%
24%
21%
21%
35%
23%
39%
36%
22%
20%
24%
24%
20%
13%
10%
15%
10%
20%
23%
33%
31%
26%
27%
28%
2010 2015 2018 2021 2022 2023 2024 Q1 2025
Notes:
Q1
Living / Multi-housing Industrial & Logistics Office Retail Hotels & Hospitality Other
-
Source: JLL Research, April 2025, Preqin, as of April 21, 2025. Upward revisions to dry powder were made at the close of 2024 by Preqin. Full year 2024 dry powder will become available via Preqin in Q3 2025.
Office leasing industry highlights
Global office leasing volumes by region, 2007 - Q1 2025 Rental growth for prime office assets, annual
20.4%
6.3% 8.2%
2.4% 2.8% 4.6% 4.1% 3.4% 4.2% 4.7% 4.0%
2.9%
2.9% 3.1%
(2.5)%
-2.3%
-0.2%
-0.1%
(17.6)%
30%
North America
Europe
Asia Pacific
41
32
36
33
36
8
9
10
50
40
Millions sqm
30
20
10
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Q1 2023
Q1 2024
Q1 2025
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Q1 2025
0
20%
Rental Change (y-o-y %)
10%
0%
-10%
-20%
First Quarter Highlights
-
Global office leasing volumes in the first quarter were up 9% versus the prior-year quarter across all three geographies, with North America up 15%, Asia Pacific up 3% and EMEA up 4%.
-
The global vacancy rate inched 10 basis points higher to 16.9% in the first quarter, driven by North America and EMEA, compared with 16.8% in the fourth quarter 2024 and 16.5% a year ago.
-
In the U.S. office market, higher office attendance helped occupiers gain clarity on future space needs, supported the continued moderation of tenant downsizing and increased the prevalence of larger transactions.
Notes:
-
-
Source: JLL Research, April 2025
-
North America represents U.S. and Canadian markets only for quarterly results, U.S. only for annual results; Prime Office Rental Growth: unweighted average of 30 major markets
Industrial leasing industry highlights
North America Gross Leasing Europe Gross Leasing Asia Pacific Net Absorption
-19%
-1%
20%
21 8 4
18
15 6 3
Millions sqm
12
4 2
9
6
3
0
5-year Q4 Avg (2019-2023)
Q1 2024 Q1 2025
2
0
5-year Q4 Avg (2019-2023)
Q1 2024 Q1 2025
1
0
5-year Q4 Avg (2019-2023)
Q1 2024 Q1 2025
First Quarter Highlights
-
Global activity in the industrial sector declined year-over-year during the first quarter across North America and EMEA, although demand showed signs of stabilization; in Asia Pacific, activity remained robust in the first quarter.
-
The dynamic policy backdrop has led to uncertainty as companies assess the impact to supply chains, production and the economy; in the short-term, occupiers exposed to higher tariffs or other restrictions are prioritizing short-term planning and flexibility, while more domestically-focused companies are seeing less of an immediate impact.
Notes:
-
-
Source: JLL Research, April 2025
-
North America Gross Leasing: 60 city markets; EMEA Gross Leasing: 13 national markets; Asia Pacific Net Absorption: 34 city markets
( T S X T Q N I F Y J I K N S F S H N F Q X
Consolidated first quarter 2025 financial results
Q1 2025
Q1 2024
'25/'24 % Chg. USD
'25/'24 % Chg.
Local Currency
Growth rates represent % change over Q1 2024
Revenue
$5,746M
$5,125M
12%
13%
Gross Contract Costs
$3,942M
$3,499M
13%
14%
Platform operating expenses
$1,664M
$1,510M
10%
11%
Adjusted EBITDA
$225M
$187M
20%
20%
Adjusted Net Income
$112M
$86M
30%
28%
Adjusted Diluted EPS
$2.31
$1.78
30%
28%
First Quarter Highlights
-
Transaction-based businesses were collectively up 14% local currency, driven by broad-based growth across all major asset classes in Leasing and Investment Sales, Debt/Equity Advisory.
-
Resilient revenue business lines continued to deliver strong growth, collectively up 13% local currency, led by Workplace Management and Project Management.
-
The improved profit and margin was largely driven by Transactional revenue growth, partially offset by incremental investments in the platform (notably technology and artificial intelligence capabilities) across segments to drive future growth.
Notes:
-
-
Effective beginning Q1 2025, the company reports Project Management, within Real Estate Management Services, in Resilient revenue. Prior period financial information was recast to conform with this presentation.
-
Q1 2025 Organic Revenue growth up 13% local currency
-
Non-GAAP items listed above include Adjusted Net Income, Adjusted Diluted EPS, Adjusted EBITDA
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
' Z X N S J X X X J L R J S Y X W J X Z Q Y X
First quarter 2025 financial results - Business segments
$M. Growth rates in local currency; represent % change over Q1 2024
Operating Expenses
Revenue Gross Contract Costs Segment Platform
Adjusted EBITDA
Real Estate
$4,569
$3,930
$602
$66
Management Services
14%
15%
10%
(9)%
Leasing
$586
$2
$499
$97
Advisory
13%
(68)%
12%
29%
Capital Markets
$435
$1
$419
$49
Services
16%
(92)%
16%
90%
Investment
$99
$8
$78
$16
Management
(4)%
(3)%
3%
(22)%
Software and
$57
$1
$66
$(3)
Technology Solutions
6%
(35)%
7%
37%
Consolidated
$5,746
13%
$3,942
14%
$1,664
11%
$225
20%
Notes:
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
Real Estate Management Services
Growth rates represent % change over Q1 2024
Revenue Adjusted EBITDA
$M
$4,569
$2,872
$3,264
$656
$748
$430
$446
$4,069 $111
$M
$71
$66
(9)%
local currency
$113
+14%
local currency
Q1 2024 Q1 2025
Property Management
Q1 2024 Q1 2025
Gross contract costs: $3,469 $3,930
First Quarter Highlights
-
Real Estate Management Services revenue growth of 14% local currency (12% USD) was led by strong performance in Workplace Management (up 15% local currency / 14% USD), largely from a balanced mix of wins and mandate expansions, as incremental pass-through costs augmented high single-digit management fee growth.
-
Project Management revenue growth of 16% local currency (14% USD) was driven by the U.S. and Asia Pacific, as a near-double-digit management fee increase was supplemented by higher pass-through costs.
-
The change in Adjusted EBITDA and margin was primarily due to i) continued investments in our technology platform (including in artificial intelligence and project management capabilities) and
ii) incremental human capital investments in the latter half of 2024, most notably in Project Management, to support future business growth.
Notes:
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
Leasing Advisory
Growth rates represent % change over Q1 2024
Revenue Adjusted EBITDA
$M
$566
$497
+13%
local currency
$520
$23
$586
$M
$75
+29%
local currency
$20
$97
Q1 2024 Q1 2025
Leasing
Advisory, Consulting and Other
Q1 2024 Q1 2025
Gross contract costs: $6 $2
First Quarter Highlights
-
Leasing Advisory revenue growth of 13% local currency / USD was driven by broad-based leasing growth across asset classes, led by offices and accelerated momentum in industrial.
-
Leasing revenue growth of 15% local currency (14% USD) was supported by double-digit growth across many geographies, most notably the U.S., Canada, Greater China and Germany.
-
U.S. office leasing revenue increased for the fifth consecutive quarter, exceeding Q1 2019 levels, partially driven by an increase in the number of large leasing deals across nearly all asset classes.
-
Globally, office leasing revenue grew 18% over the prior year quarter, outperforming market volume growth of 9%, according to JLL Research.
-
Adjusted EBITDA and margin improvements were largely driven by revenue growth as well as continued improvement in platform leverage.
Notes:
-
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
Capital Markets Services
Growth rates represent % change over Q1 2024
Revenue Adjusted EBITDA
$M
$259
$313
$80
$39
$82
$41
$378
$M
$435
$49
$25
+90%
local currency
+16%
local currency
Q1 2024 Q1 2025
Q1 2024 Q1 2025
Gross contract costs: $14 $1
MSR: $(9) $(13)
First Quarter Highlights
-
Capital Markets Services revenue growth of 16% local currency (15% USD) was led by debt advisory (~45% growth) and investment sales (~15% growth), most notably in the U.S.
-
Excluding the impact of Mortgage Servicing Rights (MSRs), Investment Sales, Debt/Equity Advisory and Other revenue growth of 22% local currency / USD with growth across all major asset classes, led by residential, hotels and industrial.
-
Investment sales revenue grew approximately 46% in the U.S., outperforming the broader market volume growth of 42% according to JLL Research.
-
Adjusted EBITDA and margin improvements were largely attributable to transactional revenue growth and continued improvement in platform leverage.
Notes:
-
Net non-cash MSR and mortgage banking derivative activity shown as "MSR" above
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
Investment Management
Growth rates represent % change over Q1 2024
Revenue
$M
Adjusted EBITDA
$M
$9
(4)%
local currency
$92
$89
$103
$2$99 $1
$9
$21
$16
(22)%
local currency
Q1 2024 Q1 2025
Advisory Fees
Transaction Fees and Other
Incentive Fees
Q1 2024 Q1 2025
Gross contract costs: $8 $8
First Quarter Highlights
-
Investment Management's revenue decline of 4% local currency (5% USD) was primarily due to lower advisory fees (down 2% local currency / 3% USD) in line with declines in assets under management (AUM), reflecting asset disposition activity in the fourth quarter of 2024.
-
AUM of $82.3 billion at quarter end declined 6% local currency (8% USD) over the trailing 12 months, primarily reflecting net dispositions and withdrawals.
-
Adjusted EBITDA change was driven by lower revenue, foreign currency transaction losses in the current quarter, and the timing of certain expenses.
Notes:
-
-
AUM reported on a one quarter lag
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
Software and Technology Solutions
Growth rates represent % change over Q1 2024
Revenue Adjusted EBITDA
$M $M
$(3)
$54
$57
+6%
local currency
$(5)
+37%
local currency
Q1 2024 Q1 2025
Q1 2024 Q1 2025
Gross contract costs: $1 $1
First Quarter Highlights
-
Software and Technology Solutions revenue increased 6% local currency / USD due to increased bookings from software, partially offset by technology solutions.
-
Adjusted EBITDA and margin improvement were primarily attributable to the year-over-year change in carried interest benefit and higher revenue, partially offset by growth in revenue-related expenses.
Notes:
-
-
Included in Adjusted EBITDA for Software and Technology Solutions is carried interest benefit of $2.4 million for Q1 2025 and a carried interest benefit of $0.1 million for Q1 2024 related to equity (losses) earnings of the segment
-
As of March 31, 2025, JLL Spark - investments in proptech total ~$430 million, with the portfolio currently valued at ~$370 million, including notes receivables
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
( F U N Y F Q F Q Q T H F Y N T S F S I G F Q F S H J X M J J Y
Debt and leverage
Highlights:
-
Strong balance sheet with ample liquidity provides operational flexibility.
-
Sequential quarter increase in net debt primarily attributable to annual incentive compensation payments made in the first quarter reflecting typical seasonality. Additionally, there was a $100 million investment in JLL Income Property Trust.
Debt and leverage ($M) Q1 2025 Q4 2024 Q1 2024
-
-
Year-over-year decrease in net debt largely reflected improved cash flow from operations.
Cash and cash equivalents 432 416 397
Total debt
Short-term borrowings Commercial paper Credit facility
Long term senior notes
2,186
88
900
420
778
1,217
154
200
100
763
2,298
125
-
1,395
778
Total Net Debt $1,754 $801 $1,901
Adjusted TTM EBITDA $1,224 $1,186 $1,013
Net Debt /Adjusted TTM EBITDA 1.4x 0.7x 1.9x Corporate Liquidity $3,312 $3,616 $2,302
Notes:
-
Refer to pages 23 - 26 for definitions and reconciliations of non-GAAP financial measures
-
Commercial Paper, Credit Facility and Long-Term Senior Notes amounts shown are gross of debt issuance costs
-
Credit Facility figures shown in table above represent amounts drawn
Investment Grade Credit Ratings
Moody's: Baa1 S&P: BBB+
$3.30B
Credit Facility
Maturing in November 2028
$2.5B
Commercial Paper Program
$900M Outstanding as of March 2025
$400M
LT Senior Notes (Public Offering)
5-yr debt 6.875% fixed (due 2028)
€350M
LT Senior Euro Notes (Private Placement)
10-yr debt 1.96% fixed (due 2027)
12-yr debt 2.21% fixed (due 2029)
Return of capital to shareholders
51,105
$601
50,024
$343
47,508
47,510
47,416
47,513
$20
$62
$80
$100
$700 52,000
$600 51,000
$500 50,000
US$ Millions
$400
$300
49,000
Shares in 000s
48,000
$200 47,000
$100 46,000
$0
2020 2021 2022 2023 2024 2025 YTD
45,000
Highlights
-
Strong balance sheet provides flexibility to invest in the business while also returning cash to shareholders.
-
Share repurchases totaled $20 million in Q1 2025; approximately $990 million remains on our share repurchase authorization.
-
$1.2B repurchased at an average share price of $197 since the beginning of 2020.
+ N S F S H N F Q Y F W L J Y X
2025 Financial Targets
Adjusted EBITDA
2025 Consolidated Financial Targets
$1,250-$1,450M
3 T S , & & 5 W J H T S H N Q N F Y N T S X
Reconciliation of net income to adjusted net income and adjusted diluted earnings per share
Three Months Ended Mar 31
|
($M except per share data) Net income attributable to common shareholders Shares (in 000s) |
2025 |
2024 |
|
$55.3 48,376 |
$66.1 48,280 |
|
|
Diluted earnings per share |
$1.14 |
$1.37 |
|
Net income attributable to common shareholders |
$55.3 |
$66.1 |
|
Restructuring and acquisition charges |
19.7 |
1.7 |
|
Net non-cash MSR and mortgage banking derivative activity |
12.9 |
9.0 |
|
Amortization of acquisition-related intangibles(1) |
16.1 |
15.2 |
|
Interest on employee loans, net of forgiveness |
(1.6) |
(1.0) |
|
Equity losses - Investment Management and Software and Technology Solutions(1) |
28.7 |
4.9 |
|
Credit losses on convertible note investments |
0.5 |
- |
|
Tax impact of adjusted items(2) |
(20.0) |
(9.9) |
|
Adjusted net income |
$111.6 |
$86.0 |
|
Shares (in 000s) |
48,376 |
48,280 |
|
Adjusted diluted earnings per share(3) |
$2.31 |
$1.78 |
-
This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.
-
For the first quarter of 2025 and 2024, the tax impact of adjusted items was calculated using the applicable statutory rates by tax jurisdiction.
-
Calculated on a local currency basis, the results for the three months ended March 31, 2025 include $0.03 favorable impact due to foreign exchange rate fluctuations.
Reconciliation of net income attributable to common shareholders to adjusted EBITDA
Three Months Ended Mar 31
|
($M) |
2025 |
2024 |
|
Net income attributable to common shareholders |
$55.3 |
$66.1 |
|
Interest expense, net of interest income |
24.6 |
30.5 |
|
Income tax provision |
14.0 |
15.9 |
|
Depreciation and amortization(1) |
70.7 |
60.0 |
|
Restructuring and acquisition charges |
19.7 |
1.7 |
|
Net non-cash MSR and mortgage banking derivative activity |
12.9 |
9.0 |
|
Interest on employee loans, net of forgiveness |
(1.6) |
(1.0) |
|
Equity losses - Investment Management and Software and Technology Solutions(1) |
28.7 |
4.9 |
|
Credit losses on convertible note investments |
0.5 |
- |
|
Adjusted EBITDA |
$224.8 |
$187.1 |
-
This adjustment excludes the noncontrolling interest portion which is not attributable to common shareholders.
Non-GAAP measures
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:
-
Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA"),
-
Adjusted net income attributable to common shareholders and Adjusted diluted earnings per share,
-
Net Debt and
-
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 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.
Non-GAAP measures (cont.)
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.
Interest on Employee Loans, Net of Forgiveness reflects interest accrued on employee loans less the amount of accrued interest forgiven. Certain employees (predominantly in our Leasing and Capital Markets 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 Software and Technology Solutions) 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 in the remaining segments 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 Software and Technology Solutions' investments and are therefore consistently excluded from adjusted measures.
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
Disclaimer
Jones Lang LaSalle Inc. published this content on May 07, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2025 at 11:42 UTC.
