Earnings release
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Thomson Reuters ™ NEWS RELEASE Thomson Reuters Reports Second - Quarter 2026 Results TORONTO , August 5 , 2026 - Thomson Reuters ( TSX / Nasdaq : TRI ) today reported results for the second quarter ended June 30 , 2026 : • • • • • Strong revenue growth in the second quarter 0 Total company revenues up 9 % / organic revenues up 8 % O Organic revenues up 10 % for the " Big 3 " segments ( Legal Professionals , Corporates and Tax , Audit & Accounting Professionals ) Raised full - year 2026 total and organic revenue growth outlook to approximately 8.0 % for the total company , and to a range of 9.5 % to 10.0 % for the " Big 3 " segments Announced signing of definitive agreement with KKR to form a joint venture to operate the Global Print business , where Thomson Reuters will sell a 51 % stake to capital accounts advised by KKR with Thomson Reuters receiving approximately $ 500 million in gross proceeds on closing Completed $ 605 million return of capital transaction on May 4 , 2026 and reduced share count by approximately 6.5 million shares by way of share consolidation Completed $ 600 million share repurchase program announced on February 25 , 2026 Repaid $ 500 million 3.35 % notes in May 2026 " We saw strong momentum continue in the second quarter , underscored by 10 % organic revenue growth in our " Big 3 " segments , " said Steve Hasker , President and CEO of Thomson Reuters . " Our priority for the second half of the year is further deepening our leadership in trusted Fiduciary - Grade Al solutions . We are very pleased with the recent release of CoCounsel Legal and the very strong evaluation results of the first production ready version of the Thomson LLM . The recently announced Global Print transaction with KKR allows us to sharpen our focus on content - powered Al solutions that provide fiduciary grade outcomes for our professional markets . " Consolidated Financial Highlights - Three Months Ended June 30 Three months ended June 30 , ( Millions of U.S. dollars , except for EPS ) ( unaudited ) IFRS Financial Measures ( 1 ) Revenues 2026 2025 Change $ 1,954 $ 1,785 9 % Operating profit $ 558 $ 436 28 % Diluted earnings per share ( EPS ) $ 1.02 $ 0.69 48 % Net cash provided by operating activities $ 920 $ 746 23 % Change at Constant Non - IFRS Financial Measures ( 1 ) 2026 2025 Change Currency Revenue growth in constant currency 9 % Organic revenue growth 8 % Adjusted EBITDA $ 745 $ 678 10 % 9 % Adjusted EBITDA margin 38.1 % 37.8 % 30bp 20bp Adjusted EPS $ 0.99 $ 0.87 14 % 13 % Free cash flow $ 727 $ 566 29 % ( 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 . See the " Non - IFRS Financial Measures " section and the tables appended to this news release for additional information on these and other non - IFRS financial measures , including how they are defined and reconciled to the most directly comparable IFRS measures .
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Thomson Reuters Reports Second-Quarter 2026 Results Page 2 of 22 Revenues increased 9% due to 9% growth in recurring revenues (82% of total revenues) and 16% growth in transactions revenues, partly offset by a 3% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. • Organic revenues increased 8% reflecting 9% growth in recurring revenues, 11% growth in transactions revenues and a 3% decline in Global Print. • The company’s “Big 3” segments reported organic revenue growth of 10% and collectively comprised 83% of total revenues. Operating profit increased 28%, primarily due to the net impact of higher revenues and operating expenses as well as other operating gains in the current-year period, partly offset by higher amortization of software. • Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 10% and the related margin increased to 38.1% from 37.8% in the prior-year period. Foreign currency contributed 10 basis points to the year-over-year change in adjusted EBITDA margin. Diluted EPS increased to $1.02 per share compared to $0.69 per share in the prior-year period, primarily due to higher operating profit and, to a lesser extent, a benefit from a reduction in weighted-average common shares outstanding. • Adjusted EPS increased to $0.99 per share compared to $0.87 per share in the prior-year period, primarily due to higher adjusted EBITDA and a benefit from a reduction in weighted-average common shares outstanding, partly offset by higher amortization of internally developed software. Net cash provided by operating activities increased by $174 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses and certain favorable changes in working capital. • Free cash flow increased by $161 million primarily due to higher net cash provided by operating activities, partly offset by higher capital expenditures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 3 of 22 Highlights by Customer Segment – Three Months Ended June 30 (Millions of U.S. dollars) (unaudited) Three months ended June 30, Change 2026 2025(2) Total Constant Currency(1) Organic(1)(3) Revenues Legal Professionals $772 $704 10% 9% 10% Corporates 537 480 12% 11% 10% Tax, Audit & Accounting Professionals 311 274 14% 12% 8% "Big 3" Segments Combined(1) 1,620 1,458 11% 10% 10% Reuters 229 218 5% 5% 4% Global Print 111 114 -3% -3% -3% Eliminations/Rounding (6) (5) Total Revenues $1,954 $1,785 9% 9% 8% Adjusted EBITDA(1) Legal Professionals $371 $339 10% 9% Corporates 200 172 17% 15% Tax, Audit & Accounting Professionals 120 110 9% 7% "Big 3" Segments Combined(1) 691 621 12% 10% Reuters 48 45 5% 10% Global Print 42 41 2% 1% Corporate costs (36) (29) n/a n/a Total Adjusted EBITDA $745 $678 10% 9% Adjusted EBITDA Margin(1) Legal Professionals 48.1% 48.1% 0bp -10bp Corporates 37.2% 35.7% 150bp 130bp Tax, Audit & Accounting Professionals 38.7% 38.9% -20bp -40bp "Big 3" Segments Combined(1) 42.7% 42.3% 40bp 30bp Reuters 20.8% 20.8% 0bp 80bp Global Print 37.7% 36.0% 170bp 150bp Total Adjusted EBITDA Margin 38.1% 37.8% 30bp 20bp (1) The company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on th ese and other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue. (2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For addition al information, including a summary of how the changes impacted results for the three and six months ended June 30, 2025, see th e “Revision to Prior-Year Segment Results” section of this news release. (3) Computed for revenue growth only. n/a: not applicable
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Thomson Reuters Reports Second-Quarter 2026 Results Page 4 of 22 Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (which excludes the impact of foreign currency) as the company believes this provides the best basis to measure performance. Legal Professionals Revenues increased 9% at constant currency. Organic revenue growth was 10%. • Recurring revenues increased 9% (97% of total, all organic). Organic revenue growth was primarily driven by Westlaw and CoCounsel. • Transactions revenues increased 16% (3% of total, 18% organic) driven by CLEAR. Adjusted EBITDA increased 10% to $371 million. • The margin was 48.1%, unchanged from the prior-year period. Corporates Revenues increased 11% at constant currency. Organic revenue growth was 10%. • Recurring revenues increased 9% (86% of total, all organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel, Indirect Tax, Pagero, CLEAR and the segment’s international businesses. • Transactions revenues increased 27% (14% of total, 24% organic). Organic revenue growth was primarily driven by Confirmation, Pagero, Trust, Checkpoint, Indirect Tax and the segment’s international businesses. Adjusted EBITDA increased 17% to $200 million. • The margin increased to 37.2% from 35.7% driven by operating leverage. Foreign currency benefited the year-over-year change in adjusted EBITDA margin by 20 basis points. Tax, Audit & Accounting Professionals Revenues increased 12% at constant currency, including the acquisition impact of SafeSend in the prior-year period, which is reflected in transactions revenues. Organic revenue growth was 8%. • Recurring revenues increased 9% (67% of total, all organic). Organic revenue growth was primarily driven by tax and audit products, including GoSystem and CoCounsel, as well as Cloud Audit Suite and the segment’s Latin America business. • Transactions revenues increased 17% (33% of total, 6% organic). Organic revenue growth was primarily driven by SafeSend. Adjusted EBITDA increased 9% to $120 million. • The margin decreased to 38.7% from 38.9%. Foreign currency benefited the year-over-year change in adjusted EBITDA margin by 20 basis points. The Tax, Audit & Accounting Professionals segment is the company’s most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 5 of 22 Reuters Revenues increased 5% at constant currency (4% organic), primarily due to higher Agency revenues and a contractual price increase from the company's news agreement with the Data & Analytics business of London Stock Exchange Group. Adjusted EBITDA increased 5% to $48 million and the margin was 20.8%, unchanged from the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 80 basis points. Global Print Revenues decreased 3% at constant currency, all organic, driven by lower shipment volumes. Adjusted EBITDA increased 2% to $42 million, and the margin increased to 37.7% from 36.0%, reflecting lower expenses. Corporate Costs Corporate costs were $36 million compared to $29 million in the prior-year period. Consolidated Financial Highlights - Six Months Ended June 30 Six months ended June 30, (Millions of U.S. dollars, except for EPS) (unaudited) IFRS Financial Measures(1) 2026 2025 Change Revenues $4,041 $3,685 10% Operating profit $1,197 $999 20% Diluted EPS $2.05 $1.65 24% Net cash provided by operating activities $1,425 $1,191 19% Non-IFRS Financial Measures(1) 2026 2025 Change Change at Constant Currency Revenue growth in constant currency 9% Organic revenue growth 8% Adjusted EBITDA $1,626 $1,487 9% 9% Adjusted EBITDA margin 40.2% 40.1% 10bp 30bp Adjusted EPS $2.22 $2.00 11% 11% Free cash flow $1,059 $843 26% (1) In addition to results reported in accordance with IFRS, the company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 6 of 22 Revenues increased 10% due to 10% growth in recurring revenues (79% of total revenues) and 15% growth in transactions revenues, partly offset by a 3% decline in Global Print. Total company revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. • Organic revenues increased 8% reflecting 8% growth in recurring revenues, 10% growth in transactions revenues and a 4% decline in Global Print. • The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 84% of total revenues. Operating profit increased 20%, primarily due to the net impact of higher revenues and operating expenses as well as other operating gains in the current-year period, partly offset by higher amortization of software. • Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 9% and the related margin increased to 40.2% from 40.1% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 20 basis points. Diluted EPS increased to $2.05 per share compared to $1.65 per share in the prior-year period, primarily due to higher operating profit and, to a lesser extent, a benefit from a reduction in weighted-average common shares outstanding. • Adjusted EPS increased to $2.22 per share compared to $2.00 per share in the prior-year period, primarily due to higher adjusted EBITDA and a benefit from a reduction in weighted-average common shares outstanding, partly offset by higher amortization of internally developed software. Net cash provided by operating activities increased by $234 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses and certain favorable changes in working capital. • Free cash flow increased by $216 million primarily due to higher net cash provided by operating activities, partly offset by higher capital expenditures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 7 of 22 Highlights by Customer Segment – Six Months Ended June 30 (Millions of U.S. dollars) (unaudited) Six months ended June 30, Change 2026 2025(2) Total Constant Currency(1) Organic(1)(3) Revenues Legal Professionals $1,528 $1,392 10% 9% 9% Corporates 1,145 1,028 11% 10% 10% Tax, Audit & Accounting Professionals 721 632 14% 13% 9% "Big 3" Segments Combined(1) 3,394 3,052 11% 10% 9% Reuters 441 414 6% 6% 5% Global Print 223 230 -3% -4% -4% Eliminations/Rounding (17) (11) Total Revenues $4,041 $3,685 10% 9% 8% Adjusted EBITDA(1) Legal Professionals $736 $675 9% 9% Corporates 443 387 15% 14% Tax, Audit & Accounting Professionals 341 318 7% 6% "Big 3" Segments Combined(1) 1,520 1,380 10% 9% Reuters 82 84 -3% 4% Global Print 85 85 0% -1% Corporate costs (61) (62) n/a n/a Total Adjusted EBITDA $1,626 $1,487 9% 9% Adjusted EBITDA Margin(1) Legal Professionals 48.2% 48.4% -20bp -20bp Corporates 38.7% 37.6% 110bp 130bp Tax, Audit & Accounting Professionals 47.3% 48.9% -160bp -140bp "Big 3" Segments Combined(1) 44.8% 44.9% -10bp 0bp Reuters 18.6% 20.4% -180bp -50bp Global Print 38.2% 36.9% 130bp 120bp Total Adjusted EBITDA Margin 40.2% 40.1% 10bp 30bp (1) The company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information o n these and other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue. (2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For addition al information, including a summary of how the changes impacted results for the three and six months ended June 30, 2025, see th e “Revision to Prior-Year Segment Results” section of this news release. (3) Computed for revenue growth only. n/a: not applicable 2026 Outlook The company raised its 2026 full-year outlook for total and organic revenue growth for the total company and its "Big 3" segments to reflect the performance of its businesses during the first six months of the year. All other metrics are unchanged from the previous 2026 full-year outlook communicated on May 5, 2026. The company’s outlook for 2026 in the table below assumes constant currency rates and incorporates the February 2026 Noetica acquisition, but excludes the impact of any future acquisitions or dispositions that may occur during the remainder of the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 8 of 22 The company signed a definitive agreement to enter into a joint venture with KKR. As part of the transaction, Thomson Reuters will sell a 51% stake in its Global Print business to capital accounts advised by KKR. Thomson Reuters will receive approximately $500 million in gross proceeds at closing. The transaction is expected to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. The company's full-year 2026 outlook includes the forecasted results of the Global Print segment, consistent with its prior 2026 full-year outlooks. The company will report its Global Print business as a discontinued operation when it releases its third quarter results and plans to provide an updated full-year 2026 outlook at that time. The company’s 2026 outlook is forward-looking information that is subject to risks and uncertainties (see “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions”). In particular, the company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company’s ability to achieve its outlook. Reported Full-Year 2025 Results and Full-Year 2026 Outlook Total Thomson Reuters FY 2025 Reported FY 2026 Outlook 2/5/2026 FY 2026 Outlook 5/5/2026 FY 2026 Outlook 8/5/2026 Total Revenue Growth 3%(2) 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% +100bps vs 2025 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 Depreciation & Amortization of Internally Developed Software Amortization of Acquired Software $832 million $626 million $206 million $890- $910 million $680 - $690 million $210 - $220 million Unchanged Unchanged Unchanged Unchanged 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” Segments(1) FY 2025 Reported FY 2026 Outlook 2/5/2026 FY 2026 Outlook 5/5/2026 FY 2026 Outlook 8/5/2026 Total Revenue Growth 4%(2) ~ 9.5% Unchanged 9.5% - 10.0% Organic Revenue Growth 9% ~ 9.5% Unchanged 9.5% - 10.0% Adjusted EBITDA Margin 43.6% +100bps vs 2025 Unchanged Unchanged (1) Non-IFRS financial measures. See the “Non-IFRS Financial Measures” section below as well as the tables appended to this news release for more information. (2) Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024. The company's third-quarter 2026 outlook includes the forecasted results of the Global Print segment, consistent with its prior 2026 quarterly outlooks. The company expects its third-quarter 2026 organic revenue growth to be approximately 8% and its adjusted EBITDA margin to be approximately 36%.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 9 of 22 The information in this section is forward-looking. Actual results, which will include the impact of currency, and future acquisitions and dispositions completed during 2026 may differ materially from the company’s 2026 outlook. The information in this section should also be read in conjunction with the section below entitled “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions.” Global Print Transaction On July 14, 2026, Thomson Reuters announced that it signed a definitive agreement to enter into a joint venture with KKR, a leading global investment firm. As part of the transaction, Thomson Reuters will sell a 51% stake in its Global Print business to capital accounts advised by KKR and retain a 49% equity interest in the joint venture. Thomson Reuters will receive approximately $500 million in gross proceeds at closing and expects the transaction to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. We expect to record a pre-tax gain on the transaction at the time of closing. Thomson Reuters will also maintain intellectual property rights and full editorial control over its content portfolio. This new joint venture will hold an exclusive license to distribute the content in print and on ProView, Global Print’s eBook platform, under which it will pay Thomson Reuters a royalty in return. The transaction is not subject to any financing conditions. As part of the transaction, Thomson Reuters has agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances. The Global Print business will be classified as a discontinued operation in the third quarter of 2026 and will no longer be a reportable segment. Return of Capital and Share Consolidation On May 4, 2026, the company returned $605 million to its shareholders and reduced its common shares outstanding by approximately 6.5 million, in accordance with its previously announced return of capital and share consolidation transactions. The transactions consisted of a special cash distribution of $1.435518 per participating common share and a share consolidation, or “reverse stock split”, which reduced the number of outstanding common shares at a ratio of 1 pre-consolidated share for 0.984560 post-consolidated shares, which was proportional to the special cash distribution. $600 Million Share Repurchase Program and Common Shares Outstanding In February 2026, the company announced its plan to repurchase up to $600 million of additional common shares under an amended Normal Course Issuer Bid that was approved by the TSX. In July 2026, the company completed the program, repurchasing a total of 6.2 million common shares for $600 million, consisting of 3.6 million shares for $362 million through June 30, 2026 and 2.6 million shares for $238 million in July 2026. As of August 3, 2026, Thomson Reuters had approximately 433.2 million common shares outstanding. Debt Repayment In May 2026, the company repaid its $500 million 3.35% notes upon maturity with cash on hand and commercial paper borrowings. Dividends In February 2026, the company announced a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33 rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on September 10, 2026 to common shareholders of record as of August 19, 2026.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 10 of 22 Thomson Reuters Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com. NON-IFRS FINANCIAL MEASURES Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the “Big 3” segments. Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company’s business outlook. Additionally, Thomson Reuters uses non- IFRS measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables. The company's outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate. ROUNDING Other than EPS, the company reports its results in millions of U.S. dollars, but computes percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding. REVISION TO PRIOR-YEAR SEGMENT RESULTS In the first quarter of 2026, the company changed its segment reporting to reflect how it currently manages its segments. The change reflects the transfer of certain customers and their related revenues and expenses among the company's Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. These changes impact the financial results of the company's segments, but do not change its consolidated financial results. The following summarizes the changes to the applicable segment's reported amounts. Three months ended June 30, 2025 • Legal Professionals revenues decreased $5 million to $704 million, adjusted EBITDA was unchanged at $339 million and adjusted EBITDA margin increased 30 basis points to 48.1%; • Corporates revenues increased $8 million to $480 million, adjusted EBITDA increased $3 million to $172 million and adjusted EBITDA margin was unchanged at 35.7%; and • Tax, Audit & Accounting Professionals revenues decreased $3 million to $274 million, adjusted EBITDA decreased $3 million to $110 million and adjusted EBITDA margin decreased 40 basis points to 38.9%.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 11 of 22 Six months ended June 30, 2025 • Legal Professionals revenues decreased $10 million to $1,392 million, adjusted EBITDA was unchanged at $675 million and adjusted EBITDA margin increased 30 basis points to 48.4%; • Corporates revenues increased $15 million to $1,028 million, adjusted EBITDA increased $5 million to $387 million and adjusted EBITDA margin decreased 10 basis points to 37.6%; and • Tax, Audit & Accounting Professionals revenues decreased $5 million to $632 million, adjusted EBITDA decreased $5 million to $318 million and adjusted EBITDA margin decreased 20 basis points to 48.9%. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS Certain statements in this news release, including, but not limited to, statements in Mr. Hasker’s comments, the “2026 Outlook” section, and statements regarding the company's expectations with respect to the Global Print transaction including its current expectation that the transaction will close in the fourth quarter of 2026 are forward looking. The words “will”, “expect”, “believe”, “target”, “estimate”, “could”, “should”, “intend”, “predict”, “project” and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company’s control and the effects of them can be difficult to predict. Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages 19-32 in the “Risk Factors” section of the company’s 2025 annual report. These and other risk factors are discussed in materials that Thomson Reuters from time-to-time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters’ annual and quarterly reports are also available in the “Investor Relations” section of thomsonreuters.com. The company's 2026 business outlook is based on information currently available to the company and is based on various external and internal 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 that the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company’s expectations underlying its 2026 business outlook. In particular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company’s 2026 business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the company’s ability to achieve its outlook and affect its results and other expectations. For a discussion of material assumptions and material risks related to the company’s 2026 outlook see pages 16-17 of the company’s first-quarter management’s discussion and analysis (MD&A) for the period ended March 31, 2026. The company’s quarterly MD&A and annual report were filed with, or furnished to, the Canadian securities regulatory authorities and the U.S. SEC and are also available in the “Investor Relations” section of thomsonreuters.com. The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. 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 news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements. CONTACTS MEDIA Zoe Zanettos Director, Corporate Communications +1 647 202 8948 zoe.zanettos@thomsonreuters.com INVESTORS Gary Bisbee, CFA Head of Investor Relations +1 646 540 3249 gary.bisbee@thomsonreuters.com Thomson Reuters will webcast a discussion of its second-quarter 2026 results and its 2026 business outlook today beginning at 8:30 a.m. Eastern Daylight Time (EDT). You can access the webcast by visiting ir.thomsonreuters.com. An archive of the webcast will be available following the presentation.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 12 of 22 Thomson Reuters Corporation Consolidated Income Statement (millions of U.S. dollars, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 CONTINUING OPERATIONS Revenues $1,954 $1,785 $4,041 $3,685 Operating expenses (1,211) (1,124) (2,414) (2,232) Depreciation (27) (28) (55) (55) Amortization of software (201) (178) (394) (352) Amortization of other identifiable intangible assets (25) (24) (49) (49) Other operating gains, net 68 5 68 2 Operating profit 558 436 1,197 999 Finance costs, net: Net interest expense (47) (35) (86) (65) Other finance income (costs) 8 (48) 17 (58) Income before tax and equity method investments 519 353 1,128 876 Share of post-tax losses in equity method investments (4) (4) (11) (10) Tax expense (71) (52) (196) (144) Earnings from continuing operations 444 297 921 722 Earnings (loss) from discontinued operations, net of tax 4 16 (14) 25 Net earnings $448 $313 $907 $747 Earnings attributable to common shareholders $448 $313 $907 $747 Earnings per share: Basic and diluted earnings (loss) per share: From continuing operations $1.01 $0.66 $2.08 $1.60 From discontinued operations 0.01 0.03 (0.03) 0.05 Basic and diluted earnings per share $1.02 $0.69 $2.05 $1.65 Basic weighted-average common shares 438,500,639 450,673,826 441,515,334 450,481,106 Diluted weighted-average common shares 438,611,374 451,204,832 441,709,328 451,025,807
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Thomson Reuters Reports Second-Quarter 2026 Results Page 13 of 22 Thomson Reuters Corporation Consolidated Statement of Financial Position (millions of U.S. dollars) (unaudited) June 30, December 31, 2026 2025 Assets Cash and cash equivalents $577 $511 Trade and other receivables 1,127 1,143 Other financial assets 116 94 Prepaid expenses and other current assets 449 480 Current assets 2,269 2,228 Property and equipment, net 342 361 Software, net 1,711 1,645 Other identifiable intangible assets, net 3,058 3,102 Goodwill 8,094 7,913 Equity method investments 168 202 Other financial assets 469 466 Other non-current assets 705 680 Deferred tax 1,263 1,343 Total assets $18,079 $17,940 Liabilities and equity Liabilities Current indebtedness $1,618 $795 Payables, accruals and provisions 1,014 1,090 Current tax liabilities 240 224 Deferred revenue 1,256 1,251 Other financial liabilities 318 108 Current liabilities 4,446 3,468 Long-term indebtedness 1,323 1,328 Provisions and other non-current liabilities 597 656 Other financial liabilities 206 210 Deferred tax 382 364 Total liabilities 6,954 6,026 Equity Capital 3,031 3,597 Retained earnings 9,047 9,220 Accumulated other comprehensive loss (953) (903) Total equity 11,125 11,914 Total liabilities and equity $18,079 $17,940
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Thomson Reuters Reports Second-Quarter 2026 Results Page 14 of 22 Thomson Reuters Corporation Consolidated Statement of Cash Flow (millions of U.S. dollars) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cash provided by (used in): Operating activities Earnings from continuing operations $444 $297 $921 $722 Adjustments for: Depreciation 27 28 55 55 Amortization of software 201 178 394 352 Amortization of other identifiable intangible assets 25 24 49 49 Share of post-tax losses in equity method investments 4 4 11 10 Deferred tax 12 (1) 48 18 Other 1 105 47 169 Changes in working capital and other items 207 107 (98) (186) Operating cash flows from continuing operations 921 742 1,427 1,189 Operating cash flows from discontinued operations (1) 4 (2) 2 Net cash provided by operating activities 920 746 1,425 1,191 Investing activities Acquisitions, net of cash acquired (36) (24) (248) (630) Proceeds related to disposals of businesses and investments, net of taxes 7 5 8 5 Capital expenditures (177) (163) (333) (314) Other investing activities - - - 1 Net cash used in investing activities (206) (182) (573) (938) Financing activities Repayments of debt (500) (999) (500) (999) Net borrowings under short-term loan facilities 983 - 1,305 - Payments of lease principal (15) (16) (31) (33) Payments for return of capital on common shares (605) - (605) - Repurchases of common shares (100) - (362) - Dividends paid on preference shares (1) (1) (2) (2) Dividends paid on common shares (275) (260) (555) (519) Other financing activities (24) 1 (35) (10) Net cash used in financing activities (537) (1,275) (785) (1,563) Translation adjustments - 4 (1) 6 Increase (decrease) in cash and cash equivalents 177 (707) 66 (1,304) Cash and cash equivalents at beginning of period 400 1,371 511 1,968 Cash and cash equivalents at end of period $577 $664 $577 $664
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Thomson Reuters Reports Second-Quarter 2026 Results Page 15 of 22 Thomson Reuters Corporation Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA(1) (millions of U.S. dollars) (unaudited) Three months ended June 30, Six months ended June 30, Year ended December 31, 2026 2025 2026 2025 2025 Earnings from continuing operations $444 $297 $921 $722 $1,483 Adjustments to remove: Tax expense 71 52 196 144 423 Other finance (income) costs (8) 48 (17) 58 55 Net interest expense 47 35 86 65 143 Amortization of other identifiable intangible assets 25 24 49 49 98 Amortization of software 201 178 394 352 721 Depreciation 27 28 55 55 111 EBITDA $807 $662 $1,684 $1,445 $3,034 Adjustments to remove: Share of post-tax losses in equity method investments 4 4 11 10 28 Other operating gains, net (68) (5) (68) (2) (164) Fair value adjustments* 2 17 (1) 34 38 Adjusted EBITDA(1) $745 $678 $1,626 $1,487 $2,936 Adjusted EBITDA margin(1) 38.1% 37.8% 40.2% 40.1% 39.2% * Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue. Thomson Reuters Corporation Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow(1) (millions of U.S. dollars) (unaudited) Three months ended June 30, Six months ended June 30, Year ended December 31, 2026 2025 2026 2025 2025 Net cash provided by operating activities $920 $746 $1,425 $1,191 $2,651 Capital expenditures (177) (163) (333) (314) (634) Other investing activities - - - 1 1 Payments of lease principal (15) (16) (31) (33) (64) Dividends paid on preference shares (1) (1) (2) (2) (4) Free cash flow(1) $727 $566 $1,059 $843 $1,950 Thomson Reuters Corporation Reconciliation of Capital Expenditures to Accrued Capital Expenditures(1) (millions of U.S. dollars) (unaudited) Year ended December 31, 2025 Capital expenditures $634 Remove: IFRS adjustment to cash basis (18) Accrued capital expenditures(1) $616 Accrued capital expenditures as a percentage of revenues(1) 8.2% (1) Refer to page 22 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 16 of 22 Thomson Reuters Corporation Reconciliation of Net Earnings to Adjusted Earnings(1) Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency(1) (millions of U.S. dollars, except for share and per share data) (unaudited) Three months ended June 30, Six months ended June 30, Year ended December 31, 2026 2025 2026 2025 2025 Net earnings $448 $313 $907 $747 $1,502 Adjustments to remove: Fair value adjustments* 2 17 (1) 34 38 Amortization of acquired software 60 52 116 101 206 Amortization of other identifiable intangible assets 25 24 49 49 98 Other operating gains, net (68) (5) (68) (2) (164) Other finance (income) costs (8) 48 (17) 58 55 Share of post-tax losses in equity method investments 4 4 11 10 28 Tax on above items(1) (20) (22) (34) (46) (35) Tax items impacting comparability(1) (3) (21) (4) (20) 57 (Earnings) loss from discontinued operations, net of tax (4) (16) 14 (25) (19) Interim period effective tax rate normalization(1) - 1 11 (4) - Dividends declared on preference shares (1) (1) (2) (2) (4) Adjusted earnings(1) $435 $394 $982 $900 $1,762 Adjusted EPS(1) $0.99 $0.87 $2.22 $2.00 Total change 14% 11% Foreign currency 1% 1% Constant currency 13% 11% Diluted weighted-average common shares (millions) 438.6 451.2 441.7 451.0 Reconciliation of Full-Year Effective Tax Rate on Adjusted Earnings(1) Year ended December 31, 2025 Adjusted earnings $1,762 Plus: Dividends declared on preference shares 4 Plus: Tax expense on adjusted earnings 401 Pre-tax adjusted earnings $2,167 IFRS tax expense $423 Remove tax related to: Amortization of acquired software 46 Amortization of other identifiable intangible assets 23 Share of post-tax losses in equity method investments 2 Other finance costs 2 Other operating gains, net (43) Other items 5 Subtotal - Remove tax benefit on pre-tax items removed from adjusted earnings 35 Remove: Tax items impacting comparability (57) Total - Remove all items impacting comparability (22) Tax expense on adjusted earnings $401 Effective tax rate on adjusted earnings 18.5% *Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue. (1) Refer to page 22 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 17 of 22 Thomson Reuters Corporation Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1) (millions of U.S. dollars) (unaudited) Three months ended June 30, Change 2026 2025 Total Foreign Currency SUBTOTAL Constant Currency Net Acquisitions/ (Disposals) Organic Total Revenues Legal Professionals $772 $704 10% 0% 9% 0% 10% Corporates 537 480 12% 1% 11% 0% 10% Tax, Audit & Accounting Professionals 311 274 14% 2% 12% 4% 8% "Big 3" Segments Combined(1) 1,620 1,458 11% 1% 10% 1% 10% Reuters 229 218 5% 0% 5% 1% 4% Global Print 111 114 -3% 0% -3% 0% -3% Eliminations/Rounding (6) (5) Total Revenues $1,954 $1,785 9% 1% 9% 1% 8% Recurring Revenues Legal Professionals $748 $684 10% 0% 9% 0% 9% Corporates 462 421 10% 1% 9% 0% 9% Tax, Audit & Accounting Professionals 209 187 12% 2% 9% 0% 9% "Big 3" Segments Combined(1) 1,419 1,292 10% 1% 9% 0% 9% Reuters 188 176 7% 0% 6% 1% 6% Eliminations/Rounding (6) (5) Total Recurring Revenues $1,601 $1,463 9% 1% 9% 0% 9% Transactions Revenues Legal Professionals $24 $20 16% 0% 16% -2% 18% Corporates 75 59 27% 0% 27% 3% 24% Tax, Audit & Accounting Professionals 102 87 17% 0% 17% 11% 6% "Big 3" Segments Combined(1) 201 166 21% 0% 20% 7% 13% Reuters 41 42 -2% -3% 1% 1% -1% Eliminations/Rounding - - Total Transactions Revenues $242 $208 16% 0% 16% 6% 11% Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding. Refer to page 22 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 18 of 22 Thomson Reuters Corporation Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1) (millions of U.S. dollars) (unaudited) Six months ended June 30, Change 2026 2025 Total Foreign Currency SUBTOTAL Constant Currency Net Acquisitions/ (Disposals) Organic Total Revenues Legal Professionals $1,528 $1,392 10% 1% 9% 0% 9% Corporates 1,145 1,028 11% 1% 10% 0% 10% Tax, Audit & Accounting Professionals 721 632 14% 1% 13% 3% 9% "Big 3" Segments Combined(1) 3,394 3,052 11% 1% 10% 1% 9% Reuters 441 414 6% 0% 6% 1% 5% Global Print 223 230 -3% 1% -4% 0% -4% Eliminations/Rounding (17) (11) Total Revenues $4,041 $3,685 10% 1% 9% 1% 8% Recurring Revenues Legal Professionals $1,487 $1,354 10% 1% 9% 0% 9% Corporates 911 828 10% 1% 8% 0% 8% Tax, Audit & Accounting Professionals 438 392 12% 2% 10% 0% 10% "Big 3" Segments Combined(1) 2,836 2,574 10% 1% 9% 0% 9% Reuters 374 351 7% 1% 6% 1% 5% Eliminations/Rounding (14) (11) Total Recurring Revenues $3,196 $2,914 10% 1% 9% 0% 8% Transactions Revenues Legal Professionals $41 $38 8% 1% 8% -1% 9% Corporates 234 200 17% 1% 17% 1% 16% Tax, Audit & Accounting Professionals 283 240 18% 0% 18% 9% 9% "Big 3" Segments Combined(1) 558 478 17% 0% 17% 5% 12% Reuters 67 63 6% -2% 8% 2% 6% Eliminations/Rounding (3) - Total Transactions Revenues $622 $541 15% 0% 15% 4% 10% Year ended December 31, Change 2025 2024 Total Foreign Currency SUBTOTAL Constant Currency Net Acquisitions/ (Disposals) Organic Total Revenues Legal Professionals $2,843 $2,902 -2% 0% -2% -10% 8% Corporates 2,023 1,875 8% 0% 7% -1% 9% Tax, Audit & Accounting Professionals 1,291 1,154 12% -1% 13% 3% 11% "Big 3" Segments Combined(1) 6,157 5,931 4% 0% 4% -5% 9% Reuters 853 832 3% 1% 2% 1% 1% Global Print 490 519 -6% 0% -5% 0% -5% Eliminations/Rounding (24) (24) Total Revenues $7,476 $7,258 3% 0% 3% -4% 7% Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding. Refer to page 22 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 19 of 22 Thomson Reuters Corporation Reconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1) (millions of U.S. dollars) (unaudited) Three months ended June 30, Change 2026 2025 Total Foreign Currency Constant Currency Adjusted EBITDA(1) Legal Professionals $371 $339 10% 0% 9% Corporates 200 172 17% 2% 15% Tax, Audit & Accounting Professionals 120 110 9% 2% 7% "Big 3" Segments Combined(1) 691 621 12% 1% 10% Reuters 48 45 5% -5% 10% Global Print 42 41 2% 1% 1% Corporate costs (36) (29) n/a n/a n/a Total Adjusted EBITDA $745 $678 10% 1% 9% Adjusted EBITDA Margin(1) Legal Professionals 48.1% 48.1% 0bp 10bp -10bp Corporates 37.2% 35.7% 150bp 20bp 130bp Tax, Audit & Accounting Professionals 38.7% 38.9% -20bp 20bp -40bp "Big 3" Segments Combined(1) 42.7% 42.3% 40bp 10bp 30bp Reuters 20.8% 20.8% 0bp -80bp 80bp Global Print 37.7% 36.0% 170bp 20bp 150bp Total Adjusted EBITDA Margin 38.1% 37.8% 30bp 10bp 20bp Thomson Reuters Corporation Reconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1) (millions of U.S. dollars) (unaudited) Six months ended June 30, Change 2026 2025 Total Foreign Currency Constant Currency Adjusted EBITDA(1) Legal Professionals $736 $675 9% 1% 9% Corporates 443 387 15% 1% 14% Tax, Audit & Accounting Professionals 341 318 7% 1% 6% "Big 3" Segments Combined(1) 1,520 1,380 10% 1% 9% Reuters 82 84 -3% -7% 4% Global Print 85 85 0% 1% -1% Corporate costs (61) (62) n/a n/a n/a Total Adjusted EBITDA $1,626 $1,487 9% 0% 9% Adjusted EBITDA Margin(1) Legal Professionals 48.2% 48.4% -20bp 0bp -20bp Corporates 38.7% 37.6% 110bp -20bp 130bp Tax, Audit & Accounting Professionals 47.3% 48.9% -160bp -20bp -140bp "Big 3" Segments Combined(1) 44.8% 44.9% -10bp -10bp 0bp Reuters 18.6% 20.4% -180bp -130bp -50bp Global Print 38.2% 36.9% 130bp 10bp 120bp Total Adjusted EBITDA Margin 40.2% 40.1% 10bp -20bp 30bp n/a: not applicable Growth percentages and margins are computed using whole dollars. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding. Refer to page 22 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 20 of 22 Reconciliation of adjusted EBITDA margin(1) To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue from its IFRS revenues. The charts below reconcile IFRS revenues to revenues used in the calculation of adjusted EB ITDA margin, which excludes fair value adjustments related to acquired deferred revenue. (millions of U.S. dollars) (unaudited) Three months ended June 30, 2026 IFRS revenues Remove fair value adjustments to acquired deferred revenue Revenues excluding fair value adjustments to acquired deferred revenue Adjusted EBITDA Adjusted EBITDA Margin Legal Professionals $772 - $772 $371 48.1% Corporates 537 - 537 200 37.2% Tax, Audit & Accounting Professionals 311 - 311 120 38.7% "Big 3" Segments Combined(1) 1,620 - 1,620 691 42.7% Reuters 229 - 229 48 20.8% Global Print 111 - 111 42 37.7% Eliminations/Rounding (6) - (6) - n/a Corporate costs - - - (36) n/a Consolidated totals $1,954 - $1,954 $745 38.1% Six months ended June 30, 2026 Legal Professionals $1,528 - $1,528 $736 48.2% Corporates 1,145 - 1,145 443 38.7% Tax, Audit & Accounting Professionals 721 - 721 341 47.3% "Big 3" Segments Combined(1) 3,394 - 3,394 1,520 44.8% Reuters 441 - 441 82 18.6% Global Print 223 - 223 85 38.2% Eliminations/Rounding (17) - (17) - n/a Corporate costs - - - (61) n/a Consolidated totals $4,041 - $4,041 $1,626 40.2% Three months ended June 30, 2025 Legal Professionals $704 - $704 $339 48.1% Corporates 480 - 480 172 35.7% Tax, Audit & Accounting Professionals 274 $10 284 110 38.9% "Big 3" Segments Combined(1) 1,458 10 1,468 621 42.3% Reuters 218 - 218 45 20.8% Global Print 114 - 114 41 36.0% Eliminations/Rounding (5) - (5) - n/a Corporate costs - - - (29) n/a Consolidated totals $1,785 $10 $1,795 $678 37.8% Six months ended June 30, 2025 Legal Professionals $1,392 - $1,392 $675 48.4% Corporates 1,028 - 1,028 387 37.6% Tax, Audit & Accounting Professionals 632 $20 652 318 48.9% "Big 3" Segments Combined(1) 3,052 20 3,072 1,380 44.9% Reuters 414 - 414 84 20.4% Global Print 230 - 230 85 36.9% Eliminations/Rounding (11) - (11) - n/a Corporate costs - - - (62) n/a Consolidated totals $3,685 $20 $3,705 $1,487 40.1% n/a: not applicable Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding. (1) Refer to page 22 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 21 of 22 Thomson Reuters Corporation “Big 3” Segments and Consolidated Adjusted EBITDA(1) and the Related Margins(1) (millions of U.S. dollars) (unaudited) Year ended December 31, 2025 Adjusted EBITDA(1) Legal Professionals $1,354 Corporates 727 Tax, Audit & Accounting Professionals 614 "Big 3" Segments Combined(1) 2,695 Reuters 174 Global Print 185 Corporate costs (118) Total Adjusted EBITDA $2,936 "Big 3" Segments Combined(1) Adjusted EBITDA $2,695 Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue $6,177 Adjusted EBITDA margin 43.6% Consolidated(1) Adjusted EBITDA $2,936 Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue $7,496 Adjusted EBITDA margin 39.2% Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding. Thomson Reuters Corporation Reconciliation of Net Debt(1) and Leverage Ratio of Net Debt to Adjusted EBITDA(1) (millions of U.S. dollars) (unaudited) June 30, December 31, 2026 2025 Current indebtedness $1,618 $795 Long-term indebtedness 1,323 1,328 Total debt 2,941 2,123 Swaps 23 16 Total debt after swaps 2,964 2,139 Remove fair value adjustments for hedges (3) (2) Total debt after hedging arrangements 2,961 2,137 Collateral assets (25) (7) Remove transaction costs, premiums or discounts, included in the carrying value of debt 28 28 Add: Lease liabilities (current and non-current) 241 249 Less: Cash and cash equivalents (577) (511) Net debt $2,628 $1,896 Leverage ratio of net debt to adjusted EBITDA Adjusted EBITDA $3,075 $2,936 Net debt/adjusted EBITDA 0.9:1 0.6:1 (1) Refer to page 22 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Second-Quarter 2026 Results Page 22 of 22 Non-IFRS Financial Measures Definition Why Useful to the Company and Investors Adjusted EBITDA and the related margin Represents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue. Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that the company does not consider to be controllable activities for this purpose. Also, represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess the company’s ability to incur and service debt. Adjusted earnings and adjusted EPS Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, Thomson Reuters share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in the company’s computation of adjusted earnings. The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item. Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders. Provides a more comparable basis to analyze earnings. These measures are commonly used by shareholders to measure performance. Effective tax rate on adjusted earnings Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax expense or benefit plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability. In interim periods, the company also makes an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes. Provides a basis to analyze the effective tax rate associated with adjusted earnings. The company’s effective tax rate computed in accordance with IFRS may be more volatile by quarter because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year. Therefore, the company believes that using the expected full-year effective tax rate provides more comparability among interim periods. Free cash flow Net cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on the company’s preference shares. Helps assess the company's ability, over the long term, to create value for its shareholders as it represents cash available to repay debt, pay common dividends, fund share repurchases and acquisitions. Changes before the impact of foreign currency or at constant currency The changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency or excluding the effects of currency) are determined by converting the current and equivalent prior period’s local currency results using the same foreign currency exchange rate. Provides better comparability of business trends from period to period. Changes in revenues computed on an organic basis Represent changes in revenues of the company’s existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods. Provides further insight into the performance of the company’s existing businesses by excluding distortive impacts and serves as a better measure of the company’s ability to grow its business over the long term. Accrued capital expenditures as a percentage of revenues Accrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue. Reflects the basis on which the company manages capital expenditures for internal planning purposes. “Big 3” segments The company’s combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. All measures reported for the “Big 3” segments are non-IFRS financial measures. The “Big 3” segments comprised approximately 80% of revenues and represent the core of the company’s business information service product offerings. Net debt and leverage ratio of net debt to adjusted EBITDA Net debt is total debt, plus related hedging instruments and collateral balances, along with lease liabilities, excluding unamortized transaction costs and any premiums or discounts on debt, minus cash and cash equivalents. We exclude specific hedging components to reflect the net cash outflow upon debt maturity. Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter. Provides a commonly used measure of a company’s leverage and its ability to pay its debt. Given that the company hedges some of its debt to manage risk, the company includes hedging instruments as it believes it provides a better measure of the total obligation associated with its outstanding debt. Since the company plans to hold its debt and related hedges until maturity, the net debt calculation is adjusted to reflect the net cash outflow at maturity, after deducting cash and cash equivalents. The company’s non-IFRS measure is aligned with the calculation of its internal target leverage ratio and is more conservative than the maximum ratio allowed under the contractual covenants in its credit facility. Please refer to reconciliations for the most directly comparable IFRS financial measures.