Slides
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REUTERS/Florion Goga November 3, 2026 Thomson Reuters 2026 Third-Quarter Results
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• Welcome / Introduction Gary Bisbee • Third-Quarter 2026 Highlights Steve Hasker Product and Innovation Updates • Financial Review Gary Bischoping Third-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 presented 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, statements related to the closing of the October 1, 2026 Global Print transaction, including the joint venture royalty arrangement, the transition services agreement and the expected financial impacts and reporting changes as a result of the transaction, expectations regarding the future financial and operational performance of the company and its individual business segments, including the company’s strategic priorities, initiatives and opportunities, statements 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. While 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 assumptions 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 the 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” section 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 Commission. 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 2026. 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 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. 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 related margin (other than at the customer segment level), free cash flow, adjusted earnings, adjusted EPS, effective tax rate on adjusted earnings, accrued capital expenditures expressed 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 basis (including as adjusted for the Global Print transaction) as well as all financial measures for the “Big 3”. Please see our earnings release dated November 3, 2026 or our website at thomsonreuters.com for a reconciliation of each of Thomson 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) is a supplementary financial measure. ACV is the annualized value of all active subscription product contracts at a particular point in time. Generative AI enabled products are those that 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 payments and net leverage of 2.5x through the period discussed. 3
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Thomson Reuters Third-Quarter 2026 Highlights Steve Hasker President & CEO
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1. Momentum continues with Q3 results meeting or exceeding expectations • Q3 organic revenue growth of 10%, driven by 8% recurring revenue growth • “Big 3” (Legal, Corporates, and Tax, Audit & Accounting) organic revenue growth of 10% 2. 2026 Outlook revised to incorporate Global Print transaction; Organic revenue growth raised • Total Revenue and Organic Revenue outlooks raised from ~8.0% to ~9.5% and 8.5% - 9.0%, respectively, to incorporate the Global Print transaction • “Big 3” Total and Organic Revenue growth reaffirmed at range of 9.5% - 10.0% • Several other guidance line items updated to incorporate the treatment of Global Print as Discontinued Operations 3. Broad-based innovation momentum continues • CoCounsel Legal (next generation) customer engagement off to strong start; Brief Builder extends Westlaw innovation • Next generation version of CoCounsel for Tax, Audit and Accounting launched; Brings truly agentic workflow execution • Pagero country coverage expansion supports continued strong growth; IDC recognition for Transactional Compliance solutions 4. Robust liquidity and capital capacity to support capital allocation priorities • Capital Allocation updates: Repurchased $238M of shares in Q3, completing $600M NCIB announced in February; Issued ~$2B of new notes; Completed sale of 51% stake in Global Print business on 10/1 • Net leverage of 1.0x at September 30 Third-Quarter 2026 Highlights 5
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Legal Professionals $0.8B +9% (+9% organic) Corporates $0.5B +11% (+10% organic) Tax, Audit & Accounting Professionals $0.3B +11% (+10% organic) Reuters News $0.2B +12% (+12% organic) Reuters Third-Quarter 2026 Revenue Growth by Segment Reported Revenues “Big 3” grew 10% organically (88% total revenues) 6 Reported revenues up 10% to $1.8 billion Organic revenues up 10% Organic recurring revenues up 8%
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Product and Innovation Updates
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8 In September, CoCounsel Legal Next Gen has surpassed the prior version on every engagement and retention measure we track, including volume of work done, days per week of use, retention, and product NPS We Are Shipping Products and Capabilities At an Accelerating Pace (The number of new releases into CoCounsel is up ~50% in Q3 vs. Q1) • New litigation drafting capability grounded in trusted Westlaw authority and Practical Law guidance • Agentic with “human-in-the-loop” design, allowing lawyers to guide and review the tool's output at each step to ensure accuracy and reliability • Currently supports five litigation brief types, growing to 24 later this week • Brings together legal content from >100 countries into CoCounsel workflows • Legal teams can now research cross- border questions with source traceability to TR’s trusted legal content and vetted official legal and regulatory sources • NextGen Agentic versions of CoCounsel Legal launched in Q4 in the UK, Canada, and Australia • Follows U.S. general availability release by less than three months, a meaningful acceleration vs. past release timing CoCounsel Next Gen Goes International Multinational CoCounsel Legal Westlaw Brief Builder Encouraging Start for CoCounsel Legal Next Gen, as Innovation Pace Accelerates
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9 E-invoicing Mandates are Driving Pagero Growth 90+ Jurisdictions served +8 Countries added in 2026 50+ New country mandates expected TR Key Transactional Compliance Offerings VAT Sales and Use Tax Global Trade e-invoicing IDC MarketScape has recognized TR as a Leader across five Vendor Assessment studies (1) • Fully agentic AI Platform: Built specifically for the Tax, Audit, and Accounting professionals • Delivers End Products: Moves from source documents & client data to finished, defensible work product • Governance & Trust: Draws on Checkpoint’s 12M+ primary source & analytical documents to provide clear audit trails to validate outputs • Agentic Orchestration: Integrates with existing TR and third-party products, with native MCP connectivity Next Gen CoCounsel for Tax, Audit, and Accounting Tax, Audit & Accounting and Corporates Innovation Driving Growth 1) IDC MarketScape reports recognizing Thomson Reuters as a Leader: IDC MarketScape: Worldwide Compliant e-Invoicing 2026 Vendor Assessment, IDC MarketScape: Worldwide Global Trade Management for Manufacturers and Exporters 2025 Vendor Assessment, IDC MarketScape: Worldwide Global Trade Management for Retailers and Importers 2025 Vendor Assessment, IDC MarketScape: Worldwide Value-Added Tax Management Applications 2024 Vendor Assessment, IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales and Use Tax Automation Software for Enterprise 2024 Vendor Assessment
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Financial Review Third-Quarter 2026 Results Updated 2026 Outlook Gary Bischoping Chief Financial Officer
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IFRS Financial Measures ($ millions) 2026 2025 Change Revenues $1,833 $1,658 Up 10% Operating profit $402 $517 Down 22% Diluted earnings per share (EPS) $0.78 $0.94 Down 17% Cash flow from operations $599 $704 Down 15% Non-IFRS Financial Measures ($ millions) 2026 2025 Change Change at Constant Currency Organic Growth Revenues $1,833 $1,658 Up 10% Up 10% Up 10% Adjusted EBITDA $651 $593 Up 10% Up 9% Adjusted EBITDA margin 35.5% 35.8% Down 30 bps Down 30 bps Adjusted EPS $0.81 $0.71 Up 14% Up 13% Free cash flow $408 $526 Down 23% Third-Quarter 2026 Consolidated Results 11
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Third-Quarter 2026 Legal Professionals, Corporates, Tax, Audit & Accounting Professionals Revenues 12 ($ millions) Third Quarter Nine Months Revenues 2026 2025 Total Constant Currency Organic 2026 2025 Total Constant Currency Organic Legal Professionals 788 721 +9% +9% +9% 2,316 2,113 +10% +9% +9% Corporates 544 489 +11% +11% +10% 1,689 1,517 +11% +10% +10% Tax, Audit & Accounting Professionals 276 247 +11% +10% +10% 997 879 +13% +12% +10% “Big 3” Revenues 1,608 1,457 +10% +10% +10% 5,002 4,509 +11% +10% +9%
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Third-Quarter 2026 Consolidated Revenues 13 ($ millions) Third Quarter Nine Months Revenues 2026 2025 Total Constant Currency Organic 2026 2025 Total Constant Currency Organic Reuters 232 207 +12% +13% +12% 673 621 +8% +8% +7% Eliminations / Rounding (7) (6) (24) (17) Total Revenues 1,833 1,658 +10% +10% +10% 5,651 5,113 +11% +10% +9%
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Third-Quarter 2026 Consolidated Adjusted EBITDA 14 ($ millions) Third Quarter Nine Months Adjusted EBITDA 2026 2025 Total Constant Currency 2026 2025 Total Constant Currency Legal Professionals Margin 368 46.6% 353 49.0% +4% +4% 1,104 47.7% 1,028 48.6% +7% +7% Corporates Margin 197 36.2% 177 36.3% +11% +10% 640 37.9% 564 37.2% +14% +13% Tax, Audit & Accounting Professionals Margin 83 30.2% 76 30.6% +10% +8% 424 42.5% 394 43.9% +8% +6% “Big 3” Adjusted EBITDA Margin 648 40.3% 606 41.7% +7% +6% 2,168 43.3% 1,986 43.9% +9% +8% Reuters Margin 56 24.3% 42 19.9% +37% +37% 138 20.5% 126 20.2% +10% +15% Corporate Center (53) (55) (166) (182) Total Adjusted EBITDA Margin 651 35.5% 593 35.8% +10% +9% 2,140 37.9% 1,930 37.6% +11% +10%
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($ millions except per share amounts & share count) Third Quarter Nine Months 2026 2025 % Change 2026 2025 % Change Adjusted EBITDA 651 593 +10% 2,140 1,930 +11% Depreciation & Amortization of Software (226) (207) (671) (610) Add back: Acquired Software Amortization 58 52 174 153 Net Interest Expense (51) (38) (137) (103) Income Tax (81) (80) (283) (271) Dividends declared on preference shares (1) (1) (3) (3) Adjusted Earnings 350 319 1,220 1,096 Adjusted EPS $0.81 $0.71 +14% $2.78 $2.43 +14% Foreign Currency Impact $0.01 $0.02 Diluted Weighted Average Common Shares 434.0M 439.1M Adjusted Earnings Per Share (EPS) 15
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Consolidated Free Cash Flow 16 ($ millions) Third Quarter Nine Months 2026 2025 Change 2026 2025 Change Net Cash from Operations, before change in WC 619 530 89 2,023 1,777 246 Changes in working capital and other items (72) 105 (177) (168) (80) (88) Net Cash Provided by Operating Activities 547 635 (88) 1,855 1,697 158 Capital Expenditures (176) (161) (15) (508) (475) (33) Other Investing Activities 1 0 1 1 1 0 Payments of Lease Principal (15) (14) (1) (45) (47) 2 Dividends Paid on Preference Shares (1) (1) 0 (3) (3) 0 Free Cash Flow (Continuing Operations) 356 459 (103) 1,300 1,173 127 Free Cash Flow (Discontinued Operations) 52 67 (15) 167 196 (29) Free Cash Flow 408 526 (118) 1,467 1,369 98
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Global Print Transaction – Financial Impact and Modelling Tips Transaction Details & Financial Impact • Transaction Closed: Sale of 51% stake in Global Print (now Westbridge Print) completed on 10/1 and now reported as Discontinued Operations • Financial Impact • Organic Revenue Growth: Anticipate 60- 70 bps accretion to organic revenue growth (post close) • Adjusted EBITDA Margin: Expected to be approximately neutral to adjusted EBITDA margins on an annual basis, from the 10/1 close date • Revenue Mix: “Big 3” rises to ~87% of revenue from ~82% in 2025; Recurring revenue to ~86% from ~81% in 2025 Financial Details & Modelling Tips • On October 19, we issued a supplemental schedule with revised historical financial information treating Global Print as Discontinued Operations • The Discontinued Operations reporting in historical periods and for Q3 does not account for content licensing royalty or transition services (TSA) payments TR will receive from Westbridge Print beginning in Q4 • The royalty, which equates to 20% of Westbridge’s Professional revenue (85% - 90% of its total), will be reported in revenue 35.5% Q3 Adjusted EBITDA Margin Royalty + TSA Impact (Illustrative) Illustrative Q3 Margin, with Royalty/TSA +110bps 36.6% Illustrative Impact of Royalty and TSA on Q3 Margins 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) 8/5/26 Total Revenue Growth 3% ~ 8.0% Organic Revenue Growth (1) 7% ~ 8.0% Adjusted EBITDA Margin (1) 39.2% +100 bps Y/Y Corporate Center (3) $118 million $115 - $125 million Free Cash Flow (1) (4) $1.95 billion ~ $2.1 billion Accrued Capex as % of Revenues (1) 8.2% ~ 8.0% Depreciation & Amortization of Software $832 million $890 - $910 million Depreciation & Amortization of Internally Developed Software $626 million $680 - $690 million Amortization of Acquired Software $206 million $210 - $220 million Net Interest Expense $143 million $180 - $190 million Effective Tax Rate on Adjusted Earnings (1) 18.5% ~ 19% Big 3 (1) FY 2025 Reported FY 2026 Outlook (2) 8/5/26 Total Revenue Growth 4% 9.5% - 10.0% Organic Revenue Growth 9% 9.5% - 10.0% Adjusted EBITDA Margin 43.6% +100 bps Y/Y Including Global Print Continuing Operations 3) Corporate Center includes costs for centrally managed functions and on a continuing operations basis, certain content and editorial costs associated with our former Global Print business. 4) Free cash flow includes continuing and discontinued operations. FY 2025 As Revised FY 2026 Outlook (2) 11/3/26 4% ~ 9.5% 8% 8.5% - 9.0% 37.4% ~ 39% $252 million $190 - $195 million $1.95 billion ~ $2.1 billion 8.8% 8.5% - 9.0% $823 million ~ $900 million $617 million ~ $670 million $206 million ~ $230 million $143 million ~ $190 million 18.8% ~ 19% FY 2025 As Revised FY 2026 Outlook (2) 11/3/26 4% 9.5% - 10.0% 9% 9.5% - 10.0% 43.6% +100 bps Y/Y
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Q&A