Page 1

THOMSON REUTERSⓇ NEWS RELEASE Thomson Reuters Reports First - Quarter 2021 Results TORONTO , May 4 , 2021 - Thomson Reuters ( TSX / NYSE : TRI ) today reported results for the first quarter ended March 31 , 2021 , updated its revenue outlook for the full year and provided an outlook for the second quarter 2021 . " Our first - quarter performance reflects a strong start to the year , and we are encouraged by the momentum we see building . Our customers are more confident in an improving economic environment and those positive prevailing tailwinds were reflected in strong sales across our businesses . Despite the improving outlook , risks remain as the pandemic is still significantly impacting many parts of the world . However , we are encouraged by the first quarter's results and our increasing confidence is reflected in our new outlook for the second quarter and the increase to the low end of our revenue outlook for the full year , " said Steve Hasker , president and CEO of Thomson Reuters . Consolidated Financial Highlights - Three Months Ended March 31 IFRS Financial Measures ( ¹ ) Revenues Operating profit Diluted earnings per share ( EPS ) Cash flow from operations Non - IFRS Financial Measures ( ¹ ) Revenues Adjusted EBITDA Adjusted EBITDA margin Adjusted EPS Free cash flow O Three Months Ended March 31 , ( Millions of U.S. dollars , except for adjusted EBITDA margin and EPS ) ( unaudited ) 2021 $ 1,580 $ 387 $ 10.13 $ 380 O $ 1,580 $ 558 35.3 % $ 0.58 $ 239 2020 $ 1,520 $ 290 $ 0.39 $ 176 $ 1,520 $ 480 31.6 % $ 0.48 $ 35 Change 4 % 34 % n / m 115 % 4 % 16 % 370bp 21 % 570 % Change at Constant Currency ( 1 ) In addition to results reported in accordance with International Financial Reporting Standards ( IFRS ) , the company uses certain non - IFRS financial measures as supplemental indicators of its operating performance and financial position . These and other non - IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this news release . n / m : not meaningful Revenues increased 4 % due to growth in recurring revenues and a 1 % favorable impact from foreign currency . Organic revenues increased 3 % , driven by 3 % growth in recurring revenues , which comprised 77 % of total revenues . 3 % 15 % 360bp 19 % The company's " Big 3 ” segments ( Legal Professionals , Corporates and Tax & Accounting Professionals ) , which collectively 81 % of total revenues , reported nue growth of 5 % . Operating profit increased 34 % due to higher revenues and a favorable impact from the revaluation of warrants that the company held in Refinitiv until they were exercised in connection with the closing of the sale to London Stock Exchange Group ( LSEG ) on January 29 , 2021 . Adjusted EBITDA , which excludes the impact of the warrant revaluation , among other items , increased 16 % due to higher revenues and lower costs , which reflected the impact from cost - reduction initiatives in 2020. The related margin increased to 35.3 % from 31.6 % in the prior - year period . Diluted EPS increased to $ 10.13 per share from $ 0.39 per share in the prior - year period due to the gain on the sale of the company's investment in Refinitiv to LSEG .