Slides
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Thomson Reuters 2026 Second - Quarter Results August 5 , 2026 REUTERS / Florion Goga Thomson Reuters ™
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• Welcome / Introduction Gary Bisbee • Second - Quarter 2026 Highlights Steve Hasker Portfolio Evolution Continues Product & Innovation Updates • Financial Review Gary Bischoping Second - Quarter 2026 Results 2026 Full - Year Outlook Update • Q & A Agenda 2
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Special Note Special Note Regarding Forward - Looking Statements, Material Assumptions and Material Risks This presentation consists of these slides and the associated remarks and comments, which are related and intended to be pres ent ed and understood together. Certain statements in this presentation and discussion are forward - looking, including, but not limited to, statements regarding the company’s full - year 2026 outlook, the statements regarding the sale of 51% of the Global Print business to capital accounts advised by KKR, and other expectations regarding t he future financial and operational performance of the company and its individual business segments, including the company’s strategic priorities, initiatives and opportunities, st ate ments regarding investments in AI and the application and impact of AI in current and future products and the company’s expectations regarding its liquidity and capital resources. Whi le the company believes that it has a reasonable basis for making forward - looking statements in this presentation, they are not a guarantee of future performance or outcomes and there is no assurance that any of the events described in any forward - looking statement will materialize. Forward - looking statements are subject to a number of risks, uncertainties and assum ptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond our company’s control and th e effects of them can be difficult to predict. Some of the factors that could cause actual results to differ materially from current expectations are discussed in the “Risk Factors” se cti on of our annual report and in other materials that we from time to time file with, or furnish to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Co mmi ssion. Thomson Reuters’ annual and quarterly reports are also available in the “Investor Relations” section of thomsonreuters.com. Our company has provided a business outlook for the purpose of presenting information about current expectations for full - year 2 026. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward - looking statements which reflect expectations only as of the date of this presentation. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward - looking statements. The company’s business outlook is based on information currently available to the company and is based on various external an d i nternal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors th at the company believes are appropriate under the circumstances. Please refer to the MD&A section of our 2025 annual report and our earnings release dated August 5, 2026, each of which is available on www.thomsonreuters.com, for a discussion of material assumptions and material risks related to our business outlook. Non - IFRS and Other Supplementary Financial Measures This presentation contains disclosures of certain non - IFRS financial measures. These measures include adjusted EBITDA and the re lated margin (other than at the customer segment level), free cash flow, adjusted earnings, adjusted EPS, effective tax rate on adjusted earnings, accrued capital expenditure s e xpressed as a percentage of revenues, net debt to adjusted EBITDA leverage ratio, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic ba sis (including as adjusted for the Global Print transaction) as well as all financial measures for the “Big 3”. Please see our earnings release dated August 5, 2026 or our website at thomsonreuters.com for a reconciliation of each of Tho mso n Reuters’ measures to the most directly comparable IFRS financial measure. The earnings release can be found on SEDAR+ at www.sedarplus.com. As discussed in this presentation, generative AI as a percent of our annualized contract value (ACV) and capital capacity are su pplementary financial measures. ACV is the annualized value of all active subscription product contracts at a particular point in time. Generative AI enabled products are those th at have such capabilities embedded as part of the offering. Capital Capacity is a measure of the company’s capacity to invest, and assumes cumulative free cash flow after dividend payme nts and net leverage of 2.5x through the period discussed. 3
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Thomson Reuters Second - Quarter 2026 Highlights Steve Hasker President & CEO
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1. Strong momentum continues with Q2 results meeting or exceeding expectations • Q2 organic revenue growth of 8%, driven by 9% recurring revenue growth • “Big 3” (Legal, Corporates, and Tax, Audit & Accounting) organic revenue growth accelerated to 10% 2. Raised FY 2026 Total and Organic revenue guidance to high end of ranges • Total Revenue and Organic Revenue outlooks raised to ~8.0% (from 7.5% - 8.0%) • “Big 3” Total and Organic Revenue growth raised to range of 9.5% - 10.0% (from ~9.5%) • No other changes to 2026 outlook 3. Global Print JV with KKR sharpens focus, improves revenue growth and mix • On July 14 th , we announced an agreement to sell a majority stake in our Global Print business to KKR for ~$500 million • Expected strategic benefits: 1) sharpens focus on content - powered AI solutions serving fiduciaries; 2) accretive to organic reve nue growth; 3) improves revenue quality 4. AI - driven innovation momentum continues • Westlaw Advantage momentum continues; CoCounsel Legal next generation beta completed, early access begun • Thomson LLM update - Benchmarking performance study yields strong results; growing focus on commercialization 5. Robust liquidity and capital capacity to support additional M&A and shareholder returns • Net leverage of 0.9x at June 30; we estimate ~$9B of capital capacity by 2028 Second - Quarter 2026 Highlights 5
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Reported revenues up 9% to $ 2.0 billion Organic revenues up 8% Organic recurring revenues up 9% Legal Professionals $0.8B +10% (+10% organic) Tax Professionals Corporates $0.5B +12% (+10% organic) Corporates Tax, Audit & Accounting Professionals $0.3B +14% (+8% organic) Reuters News Reuters News $0.2B +5 % (+4% organic) Global Print $0.1B - 3% ( - 3 % organic) Reuters Second - Quarter 2026 Revenue Growth by Segment Reported Revenues Global Print “Big 3” grew 10% organically (83% total revenues) 6
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Portfolio Evolution Continues Product & Innovation Updates
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87% 1% 12% 81% 8% 11% Portfolio Evolution Continues with Global Print JV, Leaving Stronger, Faster Growth TR 8 $6.8 billion 6% Total Organic Revenue Growth, I ncluding 7% for “ Big 3” 80 % Recurring $7.4 billion 8% Total Organic Revenue Growth, Including 9% for “Big 3” 86% Recurring “Big 3” Reuters Print (1) Measures computed as the last twelve - month (LTM) of reported revenues, adjusted to (i) exclude Global Print and (ii) include an estimate of the content licensing royalty Thomson Reuters expects to receive from Global Print following the close of the transaction. Fo r a reconciliation of Illustrative 2026 Q2 LTM Revenue to Actual 6/30/26 LTM revenue, see the “Investor Relations” section of thomsonreuters.com. Illustrative 2026 Q2 LTM Revenue (1) 2023 Revenue (As Reported, including Global Print revenues) (Excludes Global Print, Includes Estimated Global Print JV Royalty)
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Innovation Momentum Continues with Robust 2026 Product Roadmap 9 2026 Q1 Q2 H2 CoCounsel for Tax and Audit Next gen 3.0 Agent, including MCP integration with client workflows, other capabilities CoCounsel Legal UK Agentic Deep Research on Westlaw & PL CLEAR Investigate Agentic AI investigations across public records Pagero Added Coverage Poland, Croatia, Greece & Belgium live in Q1; France goes live Sept. 1 Westlaw Advantage Canada & Australia Agentic legal research in new markets Thomson LLM outperforms frontier models on specific professional tasks ONESOURCE Sales & Use Tax AI Touchless indirect - tax compliance CoCounsel Legal Next Gen Ground - up agentic rebuild; beta Apr, early access June CoCounsel + Anthropic CoCounsel Legal MCP with Claude Global Trade Research AI CoCounsel - powered; passed US customs broker exams CoCounsel Legal Canada Canada launch; European legal research added HighQ & Legal Tracker AI dashboards, MCP; first CoCounsel spend integration Thomson LLM Integrations into CoCounsel Legal, powering key features such as Tabular A nalysis CoCounsel Legal Next Gen GA Agentic Intelligence, grounded in WL and PL Authority CoCounsel and Westlaw Brief Builder Everything litigators need to draft litigation briefs with confidence SYNERGY 2026 (November) Next wave of agentic AI unveilings (TAAP & Corporates) Substantive New Features New Products
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Financial Review Second - Quarter 2026 Results Updated 2026 Outlook Gary Bischoping Chief Financial Officer
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IFRS Financial Measures ($ millions) 2026 2025 Change Revenues $1,954 $1,785 Up 9% Operating profit $558 $436 Up 28% Diluted earnings per share (EPS) $1.02 $0.69 Up 48% Cash flow from operations $920 $746 Up 23% Non - IFRS Financial Measures ($ millions) 2026 2025 Change Change at Constant Currency Organic Growth Revenues $1,954 $1,785 Up 9% Up 9% Up 8% Adjusted EBITDA $745 $678 Up 10% Up 9% Adjusted EBITDA margin 38.1% 37.8% Up 30 bps Up 20 bps Adjusted EPS $0.99 $0.87 Up 14% Up 13% Free cash flow $727 $566 Up 29% Second - Quarter 2026 Consolidated Results 11
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Second - Quarter 2026 Legal Professionals, Corporates, Tax, Audit & Accounting Professionals Revenues 12 ($ millions) Second Quarter Six Months Revenues 2026 2025 Total Constant Currency Organic 2026 2025 Total Constant Currency Organic Legal Professionals 772 704 +10% +9% +10% 1,528 1,392 +10% +9% +9% Corporates 537 480 +12% +11% +10% 1,145 1,028 +11% +10% +10% Tax, Audit & Accounting Professionals 311 274 +14% +12% +8% 721 632 +14% +13% +9% “Big 3” Revenues 1,620 1,458 +11% +10% +10% 3,394 3,052 +11% +10% +9%
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Second - Quarter 2026 Consolidated Revenues 13 ($ millions) Second Quarter Six Months Revenues 2026 2025 Total Constant Currency Organic 2026 2025 Total Constant Currency Organic Reuters 229 218 +5% +5% +4% 441 414 +6% +6% +5% Global Print 111 114 - 3% - 3% - 3% 223 230 - 3% - 4% - 4% Eliminations / Rounding (6) (5) (17) (11) Total Revenues 1,954 1,785 +9% +9% +8% 4,041 3,685 +10% +9% +8%
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Second - Quarter 2026 Consolidated Adjusted EBITDA 14 ($ millions) Second Quarter Six Months Adjusted EBITDA 2026 2025 Total Constant Currency 2026 2025 Total Constant Currency Legal Professionals Margin 371 48.1% 339 48.1% +10% +9% 736 48.2% 675 48.4% +9% +9% Corporates Margin 200 37.2% 172 35.7% +17% +15% 443 38.7% 387 37.6% +15% +14% Tax, Audit & Accounting Professionals Margin 120 38.7% 110 38.9% +9% +7% 341 47.3% 318 48.9% +7% +6% “Big 3” Adjusted EBITDA Margin 691 42.7% 621 42.3% +12% +10% 1,520 44.8% 1,380 44.9% +10% +9% Reuters Margin 48 20.8% 45 20.8% +5% +10% 82 18.6% 84 20.4% - 3% +4% Global Print Margin 42 37.7% 41 36.0% +2% +1% 85 38.2% 85 36.9% - - 1% Corporate Costs (36) (29) (61) (62) Total Adjusted EBITDA Margin 745 38.1% 678 37.8% +10% +9% 1,626 40.2% 1,487 40.1% +9% +9%
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($ millions except per share amounts & share count) Second Quarter Six Months 2026 2025 % Change 2026 2025 % Change Adjusted EBITDA 745 678 +10% 1,626 1,487 +9% Depreciation & Amortization of Software (228) (206) (449) (407) Add back: Acquired Software Amortization 60 52 116 101 Net Interest Expense (47) (35) (86) (65) Income Tax (94) (94) (223) (214) Dividend declared on preference shares (1) (1) (2) (2) Adjusted Earnings 435 394 982 900 Adjusted EPS $0.99 $0.87 +14% $2.22 $2.00 +11% Foreign Currency Impact $0.01 $0.01 Diluted Weighted Average Common Shares 438.6M 441.7M Adjusted Earnings Per Share (EPS) 15
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Consolidated Free Cash Flow 16 ($ millions) Second Quarter Six Months 2026 2025 Change 2026 2025 Change Net Cash from Operations, before change in WC 713 639 74 1,523 1,377 1 46 Changes in working capital and other items 2 07 1 07 100 (98) (186) 8 8 Net Cash Provided by Operating Activities 9 20 746 1 74 1,425 1,191 234 Capital Expenditures (177) (163) (14) (333) (314) (19) Other Investing Activities - - - - 1 (1) Payments of Lease Principal (15) (16) 1 (31) (33) 2 Dividends Paid on Preference Shares (1) (1) - (2) (2) - Free Cash Flow 727 566 1 61 1,059 843 216
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Global Print Transaction with KKR Sharpens Focus, Improves Revenue Growth & Mix ~$500M Proceeds to TR at Close 60 - 70 bps Organic Revenue Growth Accretion ~87% “Big 3” Revenue Mix (from ~82% in 2025) ~86% Recurring Revenue Mix (from ~81% in 2025) Strategic Rationale • Increases focus on authoritative content - powered AI solutions serving fiduciaries • Accretive to Organic Revenue Growth • Improves revenue quality with higher “Big 3” and Recurring mix Transaction Details • Proceeds to TR: ~ $500M at close • Accounting: equity method for retained 49% stake; Global Print reported as discontinued operations beginning Q3 • Timing: targeting Q4 close, subject to customary regulatory approvals Initial Thoughts on Financial Impact • Organic Revenue Growth – Anticipate 60 - 70 bps accretion (post close) • Margins – Expected to be approximately neutral (post close) to adjusted EBITDA margins • Improves Revenue Mix – “Big 3” rises to ~87% of revenue from ~82% in 2025; Recurring to ~86% from ~81% in 2025 17
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2026 Outlook Update
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19 Updated 2026 Outlook (1) Non - IFRS financial measures. All measures reported for the “Big 3” segments are non - IFRS (2) Before currency and excludes the impact of future acquisitions / dispositions Total Thomson Reuters FY 2025 Reported FY 2026 Outlook (2) 2/5/26 FY 2026 Outlook (2) 5/5/26 FY 2026 Outlook (2) 8/5/26 Total Revenue Growth 3% 7.5% - 8.0% Unchanged ~ 8.0% Organic Revenue Growth (1) 7% 7.5% - 8.0% Unchanged ~ 8.0% Adjusted EBITDA Margin (1) 39.2% +100 bps Y/Y Unchanged Unchanged Corporate Costs $118 million $115 - $125 million Unchanged Unchanged Free Cash Flow (1) $1.95 billion ~ $2.1 billion Unchanged Unchanged Accrued Capex as % of Revenues (1) 8.2% ~ 8.0% Unchanged Unchanged Depreciation & Amortization of Software $832 million $890 - $910 million Unchanged Unchanged Depreciation & Amortization of Internally Developed Software $626 million $680 - $690 million Unchanged Unchanged Amortization of Acquired Software $206 million $210 - $220 million Unchanged Unchanged Net Interest Expense $143 million $150 - $160 million $180 - $190 million Unchanged Effective Tax Rate on Adjusted Earnings (1) 18.5% ~ 19% Unchanged Unchanged Big 3 (1) FY 2025 Reported FY 2026 Outlook (2) 2/5/26 FY 2026 Outlook (2) 5/5/26 FY 2026 Outlook (2) 8/5/26 Total Revenue Growth 4% ~ 9.5% Unchanged 9.5% - 10.0% Organic Revenue Growth 9% ~ 9.5% Unchanged 9.5% - 10.0% Adjusted EBITDA Margin 43.6% +100 bps Y/Y Unchanged Unchanged
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Q&A