Earnings release
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Exhibit 99.1 Thomson Reuters Reports Third-Quarter 2026 Results TORONTO, November 3, 2026 - Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the third quarter ended September 30,2026: ● Strong revenue growth in the third quarter ¡ Total company revenues up 10% ¡ Organic revenues up 10% in total and 10% for the “Big 3” segments (Legal Professionals, Corporates and Tax, Audit &Accounting Professionals) ● Closed the sale of a 51% stake in the Global Print business to capital accounts advised by KKR for gross proceeds ofapproximately $500 million on October 1, 2026 ● Updated full-year 2026 outlook for the total company to exclude Global Print business ¡ Total revenue growth of approximately 9.5% and organic revenue growth of approximately 8.5% - 9.0% ¡ Adjusted EBITDA margin of approximately 39% ¡ Revenue growth and adjusted EBITDA margin guidance for the “Big 3” segments are unchanged from 2026 outlookcommunicated on August 5, 2026 ● Issued $1.3 billion and Canadian (CDN) $1.0 billion of notes for total proceeds of approximately $2.0 billion in September2026 ● Completed $600 million share repurchase program announced in February 2026 “We are pleased with our third-quarter momentum, as revenue growth and margins came in ahead of our prior expectations,” said SteveHasker, President and CEO of Thomson Reuters. “Customer engagement with the next generation of CoCounsel Legal has been veryencouraging, and we are excited about the recent launch of the next generation of CoCounsel Tax, Audit & Accounting. Customerdiscussions around commercial opportunities for Thomson LLM continue, and we remain optimistic about its potential. We are confident inthe growing success of our innovation engine, which positions us well to deliver sustainable growth and long-term value for shareholders.” Consolidated Financial Highlights - Three Months Ended September 30 Three months ended September 30,(2) (Millions of U.S. dollars, except for EPS) (unaudited) 2026 2025 Change IFRS Financial Measures(1) Revenues $1,833 $1,658 10% Operating profit $ 402 $ 517 -22% Diluted earnings per share (EPS) $ 0.78 $ 0.94 -17% Net cash provided by operating activities $ 599 $ 704 -15% 2026 2025 Change Change atConstantCurrency Non-IFRS Financial Measures(1) Revenue growth in constant currency 10% Organic revenue growth 10% Adjusted EBITDA $ 651 $ 593 10% 9% Adjusted EBITDA margin 35.5% 35.8% -30bp -30bp Adjusted EPS $ 0.81 $ 0.71 14% 13% Free cash flow $ 408 $ 526 -23% (1) In addition to results reported in accordance with International Financial Reporting Standards (IFRS), the company uses certain non-IFRS financial measures assupplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to thisnews release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directlycomparable IFRS measures. (2) In the three and nine months ended September 30, 2026, the Global Print business was reported as discontinued operations. Prior-year period amounts havebeen revised to conform to the current period’s presentation, as appropriate.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 2 of 23 Revenues increased 10% due to 9% growth in recurring revenues (88% of total revenues) and 27% growth in transactions revenues.Foreign currency and net acquisitions and disposals did not have a significant impact on total company revenue growth. ● Organic revenues increased 10% reflecting 8% growth in recurring revenues and 23% growth in transactions revenues. ● The company’s “Big 3” segments reported organic revenue growth of 10% and collectively comprised 88% of total revenues. Operating profit decreased 22% primarily related to a prior-year period other operating gain from the sale of the company’s remainingminority equity interest in the Elite business, and to a lesser extent, higher amortization of software in the current period, partly offset bythe net impact of higher revenues and operating expenses. ● Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased10% and the related margin decreased to 35.5% from 35.8% in the prior-year period. Foreign currency had no impact on theyear-over-year change in adjusted EBITDA margin. Diluted EPS decreased to $0.78 per share compared to $0.94 per share in the prior-year period, primarily due to lower operating profit,partly offset by lower income tax expense and a benefit from a reduction in weighted-average common shares outstanding. ● Adjusted EPS increased to $0.81 per share compared to $0.71 per share in the prior-year period, primarily due to higheradjusted EBITDA and a benefit from a reduction in weighted-average common shares outstanding, partly offset by higheramortization of internally developed software and higher net interest expense. Net cash provided by operating activities decreased by $105 million as higher cash benefits from the net impact of higher revenuesand operating expenses were more than offset by certain unfavorable changes in working capital and higher income tax payments. ● Free cash flow decreased by $118 million primarily due to lower net cash provided by operating activities and higher capitalexpenditures.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 3 of 23 Highlights by Customer Segment – Three Months Ended September 30 (Millions of U.S. dollars)(unaudited) Three months ended September 30, Change 2026 2025(2) Total ConstantCurrency(1) Organic(1)(3) Revenues Legal Professionals $ 788 $ 721 9% 9% 9% Corporates 544 489 11% 11% 10% Tax, Audit & Accounting Professionals 276 247 11% 10% 10% “Big 3” Segments Combined(1) 1,608 1,457 10% 10% 10% Reuters 232 207 12% 13% 12% Eliminations/Rounding (7) (6) Total Revenues $1,833 $1,658 10% 10% 10% Adjusted EBITDA(1) Legal Professionals $ 368 $ 353 4% 4% Corporates 197 177 11% 10% Tax, Audit & Accounting Professionals 83 76 10% 8% “Big 3” Segments Combined(1) 648 606 7% 6% Reuters 56 42 37% 37% Corporate Center(4) (53) (55) n/a n/a Total Adjusted EBITDA $ 651 $ 593 10% 9% Adjusted EBITDA Margin(1) Legal Professionals 46.6% 49.0% -240bp -250bp Corporates 36.2% 36.3% -10bp -40bp Tax, Audit & Accounting Professionals 30.2% 30.6% -40bp -70bp “Big 3” Segments Combined(1) 40.3% 41.7% -140bp -150bp Reuters 24.3% 19.9% 440bp 450bp Total Adjusted EBITDA Margin 35.5% 35.8% -30bp -30bp (1) The company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRSFinancial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, includinghow they are defined and reconciled to the most directly comparable IFRS measures. To compute segment and consolidated adjusted EBITDA margin, thecompany 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 additional information, including a summary ofhow the changes impacted results for the three and nine months ended September 30, 2025, see the “Revision to Prior-Year Results” section of this newsrelease. (3) Computed for revenue growth only. (4) Corporate Center includes costs for centrally managed functions and certain content and editorial costs associated with our former Global Print business.n/a: not applicable
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 4 of 23 Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (whichexcludes 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, all organic. ● Recurring revenues increased 9% (97% of total, all organic). Organic revenue growth was primarily driven by Westlaw andCoCounsel Legal. ● Transactions revenues increased 20% (3% of total, all organic) primarily driven by CLEAR. Adjusted EBITDA increased 4% to $368 million. ● The margin decreased to 46.6% from 49.0%, reflecting higher technology and other costs. Corporates Revenues increased 11% at constant currency. Organic revenue growth was 10%. ● Recurring revenues increased 8% (86% of total, all organic). Organic revenue growth was primarily driven by CoCounselLegal, Pagero, CLEAR and the segment’s international businesses. ● Transactions revenues increased 32% (14% of total, 23% organic). Organic revenue growth was primarily driven by Pagero,Indirect Tax, Additive, and the segment’s international businesses. Adjusted EBITDA increased 11% to $197 million. ● The margin decreased to 36.2% from 36.3%. Foreign currency benefited the year-over-year change in adjusted EBITDAmargin by 30 basis points. Tax, Audit & Accounting Professionals Revenues increased 10% at constant currency, all organic. ● Recurring revenues increased 10% (73% of total, all organic). Organic revenue growth was primarily driven by tax and auditproducts, including GoSystem, CoCounsel Tax, Audit & Accounting, Cloud Audit Suite, and the segment’s Latin Americabusiness. ● Transactions revenues increased 11% (27% of total, all organic). Organic revenue growth was primarily driven by SafeSend,SurePrep and Additive. Adjusted EBITDA increased 10% to $83 million. ● The margin decreased to 30.2% from 30.6%. Foreign currency benefited the year-over-year change in adjusted EBITDAmargin by 30 basis points. The Tax, Audit & Accounting Professionals segment is the company’s most seasonal business with approximately 60% of full-yearrevenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generallyhigher 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 Third-Quarter 2026 ResultsPage 5 of 23 Reuters Revenues increased 13% at constant currency (12% organic), primarily due to higher generative AI content licensing revenues whichwere largely transactional in nature as well as higher Agency and Professional revenues, and a contractual price increase from thecompany’s news agreement with the Data & Analytics business of London Stock Exchange Group. Adjusted EBITDA increased 37% to $56 million and the margin increased to 24.3% from 19.9% driven by the higher transactionsrevenues. Corporate Center Corporate Center costs were $53 million compared to $55 million in the prior-year period. Consolidated Financial Highlights - Nine Months Ended September 30 Nine months ended September 30,(2) (Millions of U.S. dollars, except for EPS) (unaudited) 2026 2025 Change IFRS Financial Measures(1) Revenues $5,651 $5,113 11% Operating profit $1,471 $1,370 7% Diluted EPS $ 2.83 $ 2.59 9% Net cash provided by operating activities $2,024 $1,895 7% 2026 2025 Change Change atConstantCurrency Non-IFRS Financial Measures(1) Revenue growth in constant currency 10% Organic revenue growth 9% Adjusted EBITDA $2,140 $1,930 11% 10% Adjusted EBITDA margin 37.9% 37.6% 30bp 40bp Adjusted EPS $ 2.78 $ 2.43 14% 14% Free cash flow $1,467 $1,369 7% (1) In addition to results reported in accordance with IFRS, the company uses certain non-IFRS financial measures as supplemental indicators of its operatingperformance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information onthese and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures. (2) In the three and nine months ended September 30, 2026, the Global Print business was reported as discontinued operations. Prior-year period amounts havebeen revised to conform to the current period’s presentation, as appropriate.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 6 of 23 Revenues increased 11% due to 9% growth in recurring revenues (85% of total revenues) and 18% growth in transactions revenues. Totalcompany revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. ● Organic revenues increased 9% reflecting 8% growth in recurring revenues and 13% growth in transactions revenues. ● The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 89% of total revenues. Operating profit increased 7% as the net impact of higher revenues and operating expenses was partly offset by higher other operatinggains in the prior-year period which included a gain on the sale of the company’s remaining minority equity interest in the Elite business,as well as higher amortization of software in the current period. ● Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased11% and the related margin increased to 37.9% from 37.6% in the prior-year period. Foreign currency negatively impacted theyear-over-year change in adjusted EBITDA margin by 10 basis points. Diluted EPS increased to $2.83 per share compared to $2.59 per share in the prior-year period, primarily due to higher operating profitand, to a lesser extent, a benefit from a reduction in weighted-average common shares outstanding. ● Adjusted EPS increased to $2.78 per share compared to $2.43 per share in the prior-year period, primarily due to higheradjusted EBITDA and a benefit from a reduction in weighted-average common shares outstanding, partly offset by higheramortization of internally developed software and higher net interest expense. Net cash provided by operating activities increased by $129 million primarily due to higher cash benefits from the net impact of higherrevenues and operating expenses, partly offset by certain unfavorable changes in working capital and higher income tax payments. ● Free cash flow increased by $98 million primarily due to higher net cash provided by operating activities, partly offset byhigher capital expenditures.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 7 of 23 Highlights by Customer Segment – Nine Months Ended September 30 (Millions of U.S. dollars)(unaudited) Nine months ended September 30, Change 2026 2025(2) Total ConstantCurrency(1) Organic(1)(3) Revenues Legal Professionals $2,316 $2,113 10% 9% 9% Corporates 1,689 1,517 11% 10% 10% Tax, Audit & Accounting Professionals 997 879 13% 12% 10% “Big 3” Segments Combined(1) 5,002 4,509 11% 10% 9% Reuters 673 621 8% 8% 7% Eliminations/Rounding (24) (17) Total Revenues $5,651 $5,113 11% 10% 9% Adjusted EBITDA(1) Legal Professionals $1,104 $1,028 7% 7% Corporates 640 564 14% 13% Tax, Audit & Accounting Professionals 424 394 8% 6% “Big 3” Segments Combined(1) 2,168 1,986 9% 8% Reuters 138 126 10% 15% Corporate Center(4) (166) (182) n/a n/a Total Adjusted EBITDA $2,140 $1,930 11% 10% Adjusted EBITDA Margin(1) Legal Professionals 47.7% 48.6% -90bp -100bp Corporates 37.9% 37.2% 70bp 80bp Tax, Audit & Accounting Professionals 42.5% 43.9% -140bp -130bp “Big 3” Segments Combined(1) 43.3% 43.9% -60bp -50bp Reuters 20.5% 20.2% 30bp 120bp Total Adjusted EBITDA Margin 37.9% 37.6% 30bp 40bp (1) The company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRSFinancial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, includinghow they are defined and reconciled to the most directly comparable IFRS measures. To compute segment and consolidated adjusted EBITDA margin, thecompany 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 additional information, including a summary ofhow the changes impacted results for the three and nine months ended September 30, 2025, see the “Revision to Prior-Year Results” section of this newsrelease. (3) Computed for revenue growth only. (4) Corporate Center includes costs for centrally managed functions and certain content and editorial costs associated with our former Global Print business.n/a: not applicable
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 8 of 23 Global Print Transaction On October 1, 2026, Thomson Reuters completed the sale of a 51% stake in its Global Print business to capital accounts advised by KKR,with the two parties forming a joint venture to operate the Global Print business, now operating as Westbridge Print. Thomson Reutersreceived approximately $500 million in gross proceeds at closing and retained a 49% equity interest in the joint venture. Westbridge Print,an independent company, serves legal and tax professionals across 13 countries and provides commercial printing services to bookpublishers across a wide range of markets. Thomson Reuters maintains intellectual property rights and full editorial control over its contentportfolio. Beginning in the fourth quarter of 2026, Westbridge Print will pay a royalty to Thomson Reuters equal to 20% of its Professional revenues(approximately 85% – 90% of its total revenues) for the exclusive license to distribute the company’s intellectual property in print and onProView, its eBook platform. Additionally, Westbridge Print entered a multi-year agreement whereby it will reimburse the company forcertain transition services as the joint venture migrates to a stand-alone entity. The royalty and transition services reimbursement arelargely expected to offset the stranded costs from the separation. As a result, the company expects the impact from the Global Printtransaction to be approximately neutral to its adjusted EBITDA margin following the transaction close, as well as 60 – 70 basis pointsaccretive to its annual organic revenue growth rate. As part of the transaction, Thomson Reuters has agreed to provide certain financial support designed to give KKR a minimum return on itsequity investment in the joint venture under certain circumstances. The company also expects to record a pre-tax gain on the transactionin the fourth quarter of 2026. Updated 2026 Outlook On August 5, 2026, Thomson Reuters provided a full year 2026 outlook for the company, which included its Global Print business (August2026 outlook). On November 3, 2026, the company updated its 2026 full-year outlook for the total company to remove and reflect theresults of its Global Print business as discontinued operations (November 2026 outlook). As a result, the financial measures presented forthe total company in its November 2026 outlook were updated to reflect its expected performance on a continuing operations basis. Thecompany’s November 2026 outlook for its “Big 3” segments was unchanged from its August 2026 outlook. In addition to the updates to reflect the November 2026 outlook on a continuing operations basis, the company also raised its full year2026 outlook for net interest expense to approximately $190 million representing the upper end of the $180 million - $190 million rangefrom the company’s August 2026 outlook. The company’s updated outlook for net interest expense incorporates the recent debt issuanceand the proceeds from the Global Print transaction. The company also adjusted its November 2026 outlook for depreciation andamortization of software. The table below presents the company’s November 2026 outlook on a continuing operations basis, which excludes the Global Printbusiness, as well as the August 2026 outlook, which includes Global Print. Both full year 2026 outlooks assume constant currency ratesand exclude the impact of any future acquisitions or dispositions that may occur during the remainder of the year. Thomson Reutersbelieves that this type of guidance provides useful insight into the anticipated performance of its businesses. The company’s August 2026 and November 2026 outlooks are forward-looking information that are subject to risks and uncertainties (see“Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions”). In particular, the company continues tooperate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolvinginterest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impactthe company’s ability to achieve its outlook.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 9 of 23 Reported and Revised Full-Year 2025 Results; August 2026 and November 2026 Full-Year Outlook Including Global Print Continuing Operations Total Thomson Reuters FY 2025Reported FY 2026Outlook8/5/2026 FY 2025Revised FY 2026Outlook11/3/2026 Total Revenue Growth 3%(4) ~ 8.0% 4%(4) ~ 9.5% Organic Revenue Growth(1) 7% ~ 8.0% 8% 8.5% - 9.0% Adjusted EBITDA Margin(1) 39.2% +100bps vs 2025 37.4% ~ 39% Corporate Center(2) $118 million $115 - $125 million $252 million $190 - $195 million Free Cash Flow(1)(3) $1.95 billion ~ $2.1 billion $1.95 billion ~ $2.1 billion Accrued Capex as % of Revenues(1) 8.2% ~ 8.0% 8.8% 8.5% - 9.0% Depreciation & Amortization of Software $832 million $890 - $910 million $823 million ~ $900 million Depreciation & Amortization of InternallyDeveloped Software $626 million $680 - $690 million $617 million ~ $670 millionAmortization of Acquired Software $206 million $210 - $220 million $206 million ~ $230 million Net Interest Expense $143 million $180 - $190 million $143 million ~ $190 million Effective Tax Rate on Adjusted Earnings(1) 18.5% ~ 19% 18.8% ~ 19% “Big 3” Segments(1) FY 2025Reported FY 2026Outlook8/5/2026 FY 2025Revised FY 2026Outlook11/3/2026 Total Revenue Growth 4%(4) 9.5% - 10.0% 4%(4) 9.5% - 10.0% Organic Revenue Growth 9% 9.5% - 10.0% 9% 9.5% - 10.0% Adjusted EBITDA Margin 43.6% +100bps vs 2025 43.6% +100bps vs 2025 (1) The company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS FinancialMeasures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they aredefined and reconciled to the most directly comparable IFRS measures.(2) Corporate Center includes costs for centrally managed functions and, on a continuing operations basis, certain content and editorial costs associated with our formerGlobal Print business. Starting October 1, 2026, Corporate Center will also include a royalty paid to Thomson Reuters from Westbridge Print and fees for certaintransition services as the joint venture migrates to a stand-alone entity.(3) Free cash flow includes continuing and discontinued operations.(4) Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024. The company expects its fourth-quarter 2026 organic revenue growth to be approximately 8% and its adjusted EBITDA margin to beapproximately 42%. The information in this section is forward-looking. Actual results, which will include the impact of currency, and futureacquisitions and dispositions completed during the remainder of 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 RegardingForward-Looking Statements, Material Risks and Material Assumptions.”
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 10 of 23 Debt Issuance In September 2026, the company issued the following notes: ● CDN$350 million 4.13% Notes due 2029 ● CDN$350 million 4.48% Notes due 2031 ● CDN$300 million Floating rate notes due 2029 ● $800 million 5.10% Notes due 2028 ● $500 million 5.75% Notes due 2033 The Canadian dollar notes issued were immediately swapped into U.S. dollars by way of cross-currency interest rate swaps. The companyused the proceeds of approximately $2.0 billion in aggregate for general corporate purposes, which included repayment of borrowingsunder its commercial paper program. Notice of Intent to Voluntarily Delist TR Finance LLC Notes (Nasdaq: TRI43A, TRI40, TRI35) The company announced today that it has notified the Nasdaq Stock Market LLC (Nasdaq) of its decision to voluntarily delist from theNasdaq Global Select Market TR Finance LLC’s 4.500% notes due May 23, 2043 (CUSIP: 87268LAC1 / ISIN: US87268LAC19), 5.850%notes due April 15, 2040 (CUSIP: 87268LAB3 / ISIN: US87268LAB36) and 5.500% debentures due August 15, 2035 (CUSIP: 87268LAE7/ ISIN: US87268LAE74) (collectively, the Notes), and its intention to file a Notification of Removal from Listing on Form 25 on or aboutNovember 13, 2026 (Form 25) with the US Securities and Exchange Commission (SEC). As a result, the company expects the delisting ofthe Notes to become effective on or about November 23, 2026, from which time the Notes will no longer be listed on the Nasdaq. TheCompany has not made arrangements for the listing and/or registration of the Notes on another national securities exchange or quotationmedium. The company has decided to delist the Notes from the Nasdaq due to the direct and indirect costs of maintaining the listing. Thedelisting will not affect the terms of the Notes or TR Finance LLC’s obligations under the indentures governing the Notes, and the Noteswill remain outstanding. $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 amendedNormal Course Issuer Bid that was approved by the TSX. In July 2026, the company completed the program, repurchasing a total of6.2 million common shares for $600 million. As of October 30, 2026, Thomson Reuters had approximately 433.5 million common shares outstanding. 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 33rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 pershare is payable on December 10, 2026 to common shareholders of record as of November 18, 2026. Thomson Reuters Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people andorganizations 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, visitthomsonreuters.com. NON-IFRS FINANCIAL MEASURES Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued bythe International Accounting Standards Board (IASB). This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financialmeasures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earningsand the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 11 of 23 percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreigncurrency, 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 positionas well as for internal planning purposes and the company’s business outlook. Additionally, Thomson Reuters uses non-IFRS measuresas the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS andtherefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed asalternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined andreconciled 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 itemsthat are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, forpurposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRSmeasures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) thetranslation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related tointercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operatinggains 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 wholedollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, andgrowth components may not total due to rounding. REVISION TO PRIOR-YEAR RESULTS On October 1, 2026, Thomson Reuters completed the sale of a 51% stake in its Global Print business to capital accounts advised by KKR,with the two parties forming a joint venture to operate the Global Print business, now operating as Westbridge Print. In three-month andnine-month periods ended September 30, 2026, the Global Print business was reported as discontinued operations. Prior-year periodamounts have been revised to reflect this change. See previous news release, “Thomson Reuters Provides Supplemental FinancialInformation Following Close of Global Print Transaction” available in the Investor Relations section of thomsonreuters.com and also filedwith Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Additionally, in the first quarter of 2026, the company changed its segment reporting to reflect how it currently manages its segments. Thechange 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 September 30, 2025 ● Legal Professionals revenues decreased $7 million to $721 million, adjusted EBITDA decreased $1 million to $353 million andadjusted EBITDA margin increased 30 basis points to 49.0%; ● Corporates revenues increased $11 million to $489 million, adjusted EBITDA increased $3 million to $177 million and adjustedEBITDA margin decreased 20 basis points to 36.3%; and ● Tax, Audit & Accounting Professionals revenues decreased $4 million to $247 million, adjusted EBITDA decreased $2 millionto $76 million and adjusted EBITDA margin decreased 60 basis points to 30.6%. Nine months ended September 30, 2025 ● Legal Professionals revenues decreased $17 million to $2,113 million, adjusted EBITDA decreased $1 million to$1,028 million and adjusted EBITDA margin increased 30 basis points to 48.6%; ● Corporates revenues increased $26 million to $1,517 million, adjusted EBITDA increased $8 million to $564 million andadjusted EBITDA margin decreased 10 basis points to 37.2%; and ● Tax, Audit & Accounting Professionals revenues decreased $9 million to $879 million, adjusted EBITDA decreased $7 millionto $394 million and adjusted EBITDA margin decreased 30 basis points to 43.9%.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 12 of 23 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,statements related to the closing of the October 1, 2026 Global Print transaction and the corresponding joint venture royalty arrangementand transition services agreement, the provision of certain financial support to KKR, the expected financial impacts from, and pre-tax gainon, the transaction and statements in respect of the voluntary delisting of the Notes from the Nasdaq are forward looking. The words “will”,“expect”, “believe”, “target”, “estimate”, “could”, “should”, “intend”, “predict”, “project” and similar expressions identify forward-lookingstatements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, theyare 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 couldcause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions arebeyond 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 byforward-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 fromtime-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 andinternal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expectedfuture developments, as well as other factors that the company believes are appropriate under the circumstances. Material assumptionsand material risks may cause actual performance to differ from the company’s expectations underlying its 2026 business outlook. Inparticular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with themacroeconomic backdrop and ongoing geopolitical risks. The company’s 2026 business outlook assumes that uncertain macroeconomicand geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may lastsubstantially longer than expected and any worsening of the global economic or business environment could impact the company’s abilityto achieve its outlook and affect its results and other expectations. The company provided a November 2026 outlook and its previouslycommunicated August 2026 outlook for comparative purposes. For a discussion of material assumptions and material risks related to boththe November 2026 outlook and August 2026 outlook see pages 18-19 of the company’s second-quarter management’s discussion andanalysis (MD&A) for the period ended June 30, 2026. In addition to the material risks and assumptions included in the company’s second-quarter management’s discussion and analysis (MD&A), the November 2026 outlook is subject to an additional material assumption andmaterial risk. The material assumption is that, specific to the November 2026 outlook, the company’s adjusted EBITDA margin outlookanticipates that royalty revenue from the joint venture combined with the transition services reimbursement will offset stranded costs fromits former Global Print business. The material risk is that the combined royalty and expense reimbursement will be lower and unable tofully offset stranded costs. The company’s quarterly MD&A and annual report were filed with, or furnished to, the Canadian securitiesregulatory 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. Thisinformation may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statementswhich 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-lookingstatements. CONTACTS MEDIAZoe ZanettosDirector, Corporate Communications+1 647 202 8948zoe.zanettos@thomsonreuters.com INVESTORSGary Bisbee, CFAHead of Investor Relations+1 646 540 3249gary.bisbee@thomsonreuters.com Thomson Reuters will webcast a discussion of its third-quarter 2026 results and its 2026 business outlook today beginning at8:30 a.m. Eastern Standard Time (EST). You can access the webcast by visiting ir.thomsonreuters.com. An archive of thewebcast will be available following the presentation.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 13 of 23 Thomson Reuters CorporationConsolidated Income Statement (millions of U.S. dollars, except per share data)(unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 CONTINUING OPERATIONS Revenues $ 1,833 $ 1,658 $ 5,651 $ 5,113 Operating expenses (1,181) (1,070) (3,509) (3,222) Depreciation (24) (26) (75) (77) Amortization of software (202) (181) (596) (533) Amortization of other identifiable intangible assets (23) (24) (72) (73) Other operating (losses) gains, net (1) 160 72 162 Operating profit 402 517 1,471 1,370 Finance costs, net: Net interest expense (51) (38) (137) (103) Other finance income (costs) 2 7 19 (51) Income before tax and equity method investments 353 486 1,353 1,216 Share of post-tax losses in equity methodinvestments (5) (13) (16) (23) Tax expense (59) (109) (235) (230) Earnings from continuing operations 289 364 1,102 963 Earnings from discontinued operations, net of tax 50 59 144 207 Net earnings $ 339 $ 423 $ 1,246 $ 1,170 Earnings attributable to common shareholders $ 339 $ 423 $ 1,246 $ 1,170 Earnings per share: Basic and diluted earnings per share: From continuing operations $ 0.66 $ 0.81 $ 2.50 $ 2.13 From discontinued operations 0.12 0.13 0.33 0.46 Basic and diluted earnings per share $ 0.78 $ 0.94 $ 2.83 $ 2.59 Basic weighted-average common shares 433,709,654 449,783,419 438,884,848 450,244,795 Diluted weighted-average common shares 434,017,155 450,283,728 439,135,684 450,796,588
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 14 of 23 Thomson Reuters CorporationConsolidated Statement of Financial Position (millions of U.S. dollars)(unaudited) September 30,2026 December 31,2025 Assets Cash and cash equivalents $ 1,394 $ 511 Trade and other receivables 1,154 1,143 Other financial assets 135 94 Prepaid expenses and other current assets 421 480 Current assets excluding assets held for sale 3,104 2,228 Assets held for sale 353 — Current assets 3,457 2,228 Property and equipment, net 303 361 Software, net 1,664 1,645 Other identifiable intangible assets, net 3,034 3,102 Goodwill 7,857 7,913 Equity method investments 163 202 Other financial assets 480 466 Other non-current assets 713 680 Deferred tax 1,237 1,343 Total assets $ 18,908 $ 17,940 Liabilities and equity Liabilities Current indebtedness $ 565 $ 795 Payables, accruals and provisions 1,071 1,090 Current tax liabilities 247 224 Deferred revenue 1,191 1,251 Other financial liabilities 81 108 Current liabilities excluding liabilities associated with assets held for sale 3,155 3,468 Liabilities associated with assets held for sale 34 — Current liabilities 3,189 3,468 Long-term indebtedness 3,247 1,328 Provisions and other non-current liabilities 613 656 Other financial liabilities 276 210 Deferred tax 359 364 Total liabilities 7,684 6,026 Equity Capital 3,095 3,597 Retained earnings 9,095 9,220 Accumulated other comprehensive loss (966) (903) Total equity 11,224 11,914 Total liabilities and equity $ 18,908 $ 17,940
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 15 of 23 Thomson Reuters CorporationConsolidated Statement of Cash Flow (millions of U.S. dollars)(unaudited) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 Cash provided by (used in): Operating activities Earnings from continuing operations $ 289 $ 364 $1,102 $ 963 Adjustments for: Depreciation 24 26 75 77 Amortization of software 202 181 596 533 Amortization of other identifiable intangible assets 23 24 72 73 Share of post-tax losses in equity method investments 5 13 16 23 Net gains on disposals of businesses and investments — (162) — (164) Deferred tax 7 32 53 49 Other 69 52 109 223 Changes in working capital and other items (72) 105 (168) (80) Operating cash flows from continuing operations 547 635 1,855 1,697 Operating cash flows from discontinued operations 52 69 169 198 Net cash provided by operating activities 599 704 2,024 1,895 Investing activities Acquisitions, net of cash acquired (13) (193) (261) (823) Proceeds related to disposals of businesses and investments — 247 1 252 Capital expenditures (176) (161) (508) (475) Other investing activities 1 — 1 1 Taxes (paid) received on disposals — (33) 7 (33) Investing cash flows from continuing operations (188) (140) (760) (1,078) Investing cash flows from discontinued operations — (1) (1) (1) Net cash used in investing activities (188) (141) (761) (1,079) Financing activities Proceeds from debt 2,022 — 2,022 — Repayments of debt — — (500) (999) Net (repayments) borrowings under short-term loan facilities (1,068) 339 237 339 Payments of lease principal (15) (14) (45) (47) Payments for return of capital on common shares — — (605) — Repurchases of common shares (238) (670) (600) (670) Dividends paid on preference shares (1) (1) (3) (3) Dividends paid on common shares (274) (260) (829) (779) Other financing activities (21) — (56) (10) Financing cash flows from continuing operations 405 (606) (379) (2,169) Financing cash flows from discontinued operations — (1) (1) (1) Net cash provided by (used in) financing activities 405 (607) (380) (2,170) Translation adjustments 1 (2) — 4 Increase (decrease) in cash and cash equivalents 817 (46) 883 (1,350) Cash and cash equivalents at beginning of period 577 664 511 1,968 Cash and cash equivalents at end of period $ 1,394 $ 618 $1,394 $ 618
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 16 of 23 Thomson Reuters CorporationReconciliation of Earnings from Continuing Operations to Adjusted EBITDA(1) (millions of U.S. dollars)(unaudited) Three months endedSeptember 30, Nine months endedSeptember 30, Year endedDecember 31, Year endedDecember 31, 2026 2025 2026 2025 2025Reported 2025Revised(2) Earnings from continuing operations $ 289 $ 364 $1,102 $ 963 $ 1,483 $ 1,225 Adjustments to remove: Tax expense 59 109 235 230 423 372 Other finance (income) costs (2) (7) (19) 51 55 55 Net interest expense 51 38 137 103 143 143 Amortization of other identifiable intangibleassets 23 24 72 73 98 98 Amortization of software 202 181 596 533 721 720 Depreciation 24 26 75 77 111 103 EBITDA $ 646 $ 735 $2,198 $2,030 $ 3,034 $ 2,716 Adjustments to remove: Share of post-tax losses in equity methodinvestments 5 13 16 23 28 28 Other operating losses (gains), net 1 (160) (72) (162) (164) (165) Fair value adjustments* (1) 5 (2) 39 38 38 Adjusted EBITDA(1) $ 651 $ 593 $2,140 $1,930 $ 2,936 $ 2,617 Adjusted EBITDA margin(1) 35.5% 35.8% 37.9% 37.6% 39.2% 37.4% * Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinarycourse of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue. Thomson Reuters CorporationReconciliation of Net Cash Provided By Operating Activities to Free Cash Flow(1) (millions of U.S. dollars)(unaudited) Three months endedSeptember 30, Nine months endedSeptember 30, Year endedDecember 31, Year endedDecember 31, 2026 2025 2026 2025 2025Reported 2025Revised(2) Net cash provided by operating activities* $ 599 $ 704 $2,024 $1,895 $ 2,651 $ 2,651 Capital expenditures (176) (161) (508) (475) (634) (632) Other investing activities 1 — 1 1 1 1 Payments of lease principal (15) (14) (45) (47) (64) (63) Capital expenditures and payments of lease principal fromdiscontinued operations — (2) (2) (2) — (3) Dividends paid on preference shares (1) (1) (3) (3) (4) (4) Free cash flow(1) $ 408 $ 526 $1,467 $1,369 $ 1,950 $ 1,950 * Includes operating cash flows from discontinued operations of $52 million, $69 million, $169 million, $198 million and $274 million in the three months endedSeptember 30, 2026 and 2025, nine months ended September 30, 2026 and 2025 and the year ended December 31, 2025 - Revised, respectively. Thomson Reuters CorporationReconciliation of Capital Expenditures to Accrued Capital Expenditures(1) (millions of U.S. dollars)(unaudited) Year endedDecember 31, Year endedDecember 31, 2025Reported 2025Revised(2) Capital expenditures $ 634 $ 632 Remove: IFRS adjustment to cash basis (18) (18) Accrued capital expenditures(1) $ 616 $ 614 Accrued capital expenditures as a percentage of revenues(1) 8.2% 8.8% (1) Refer to page 23 for additional information on non-IFRS financial measures.(2) Revised to reflect the Global Print business as discontinued operations.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 17 of 23 Thomson Reuters CorporationReconciliation 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 endedSeptember 30, Nine months endedSeptember 30, Year endedDecember 31, Year endedDecember 31, 2026 2025 2026 2025 2025Reported 2025Revised(2) Net earnings $ 339 $ 423 $1,246 $1,170 $ 1,502 $ 1,502 Adjustments to remove: Fair value adjustments* (1) 5 (2) 39 38 38 Amortization of acquired software 58 52 174 153 206 206 Amortization of other identifiable intangible assets 23 24 72 73 98 98 Other operating losses (gains), net 1 (160) (72) (162) (164) (165) Other finance (income) costs (2) (7) (19) 51 55 55 Share of post-tax losses in equity methodinvestments 5 13 16 23 28 28 Tax on above items(1) (18) 16 (51) (30) (35) (35) Tax items impacting comparability(1) (2) 11 (6) (9) 57 57 Earnings from discontinued operations, net of tax (50) (59) (144) (207) (19) (277) Interim period effective tax rate normalization(1) (2) 2 9 (2) — — Dividends declared on preference shares (1) (1) (3) (3) (4) (4) Adjusted earnings(1) $ 350 $ 319 $1,220 $1,096 $ 1,762 $ 1,503 Adjusted EPS(1) $ 0.81 $ 0.71 $ 2.78 $ 2.43 Total change 14% 14% Foreign currency 1% 1% Constant currency 13% 14% Diluted weighted-average common shares (millions) 434.0 450.3 439.1 450.8 Reconciliation of Full-Year Effective Tax Rate on Adjusted Earnings(1) Year endedDecember 31, Year endedDecember 31, 2025Reported 2025Revised(2) Adjusted earnings $ 1,762 $ 1,503 Plus: Dividends declared on preference shares 4 4 Plus: Tax expense on adjusted earnings 401 350 Pre-tax adjusted earnings $ 2,167 $ 1,857 IFRS tax expense $ 423 $ 372 Remove tax related to: Amortization of acquired software 46 46 Amortization of other identifiable intangible assets 23 23 Share of post-tax losses in equity method investments 2 2 Other finance costs 2 2 Other operating gains, net (43) (43) Other items 5 5 Subtotal – Remove tax benefit on pre-tax items removed from adjusted earnings 35 35 Remove: Tax items impacting comparability (57) (57) Total – Remove all items impacting comparability (22) (22) Tax expense on adjusted earnings $ 401 $ 350 Effective tax rate on adjusted earnings 18.5% 18.8% * Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinarycourse of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.(1) Refer to page 23 for additional information on non-IFRS financial measures.(2) Revised to reflect the Global Print business as discontinued operations.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 18 of 23 Thomson Reuters CorporationReconciliation 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 endedSeptember 30, Change 2026 2025 Total ForeignCurrency SUBTOTALConstantCurrency NetAcquisitions/(Disposals) Organic Total Revenues Legal Professionals $ 788 $ 721 9% 0% 9% 0% 9% Corporates 544 489 11% 0% 11% 1% 10% Tax, Audit & Accounting Professionals 276 247 11% 1% 10% 0% 10% “Big 3” Segments Combined(1) 1,608 1,457 10% 0% 10% 0% 10% Reuters 232 207 12% 0% 13% 0% 12% Eliminations/Rounding (7) (6) Total Revenues $1,833 $1,658 10% 0% 10% 0% 10% Recurring Revenues Legal Professionals $ 768 $ 703 9% 0% 9% 0% 9% Corporates 468 433 8% 0% 8% 0% 8% Tax, Audit & Accounting Professionals 201 179 12% 2% 10% 0% 10% “Big 3” Segments Combined(1) 1,437 1,315 9% 0% 9% 0% 9% Reuters 188 178 5% 0% 6% 0% 5% Eliminations/Rounding (7) (6) Total Recurring Revenues $1,618 $1,487 9% 0% 8% 0% 8% Transactions Revenues Legal Professionals $ 20 $ 18 18% -1% 20% 0% 20% Corporates 76 56 34% 2% 32% 9% 23% Tax, Audit & Accounting Professionals 75 68 10% -1% 11% 0% 11% “Big 3” Segments Combined(1) 171 142 21% 0% 20% 4% 17% Reuters 44 29 56% -1% 57% 1% 56% Eliminations/Rounding — — Total Transactions Revenues $ 215 $ 171 27% 0% 26% 3% 23% Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth componentsmay not total due to rounding. (1) Refer to page 23 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 19 of 23 Thomson Reuters CorporationReconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency(1) and Organic Basis(1) (millions of U.S. dollars)(unaudited) Nine months endedSeptember 30, Change 2026 2025 Total ForeignCurrency SUBTOTALConstantCurrency NetAcquisitions/(Disposals) Organic Total Revenues Legal Professionals $2,316 $2,113 10% 1% 9% 0% 9% Corporates 1,689 1,517 11% 1% 10% 0% 10% Tax, Audit & Accounting Professionals 997 879 13% 1% 12% 2% 10% “Big 3” Segments Combined(1) 5,002 4,509 11% 1% 10% 1% 9% Reuters 673 621 8% 0% 8% 1% 7% Eliminations/Rounding (24) (17) Total Revenues $5,651 $5,113 11% 1% 10% 1% 9% Recurring Revenues Legal Professionals $2,255 $2,057 10% 1% 9% 0% 9% Corporates 1,379 1,261 9% 1% 8% 0% 8% Tax, Audit & Accounting Professionals 639 571 12% 2% 10% 0% 10% “Big 3” Segments Combined(1) 4,273 3,889 10% 1% 9% 0% 9% Reuters 562 529 6% 0% 6% 1% 5% Eliminations/Rounding (21) (17) Total Recurring Revenues $4,814 $4,401 9% 1% 8% 0% 8% Transactions Revenues Legal Professionals $ 61 $ 56 11% 0% 11% -1% 12% Corporates 310 256 21% 1% 20% 3% 18% Tax, Audit & Accounting Professionals 358 308 16% 0% 16% 7% 9% “Big 3” Segments Combined(1) 729 620 18% 0% 17% 5% 13% Reuters 111 92 21% -1% 23% 2% 21% Eliminations/Rounding (3) — Total Transactions Revenues $ 837 $ 712 18% 0% 18% 4% 13% Year endedDecember 31, Change 2025 2024 Total ForeignCurrency SUBTOTALConstantCurrency NetAcquisitions/(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% Eliminations/Rounding (24) (24) Total Revenues—Revised(2) $6,986 $6,739 4% 0% 4% -4% 8% Total Revenues including GlobalPrint (Reported) $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 componentsmay not total due to rounding. (1) Refer to page 23 for additional information on non-IFRS financial measures.(2) Revised to reflect the Global Print business as discontinued operations for the year ended December 31, 2025.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 20 of 23 Thomson Reuters CorporationReconciliation 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 endedSeptember 30, Change 2026 2025 Total ForeignCurrency ConstantCurrency Adjusted EBITDA(1) Legal Professionals $ 368 $ 353 4% 0% 4% Corporates 197 177 11% 1% 10% Tax, Audit & Accounting Professionals 83 76 10% 2% 8% “Big 3” Segments Combined(1) 648 606 7% 1% 6% Reuters 56 42 37% 0% 37% Corporate Center (53) (55) n/a n/a n/a Total Adjusted EBITDA $ 651 $ 593 10% 0% 9% Adjusted EBITDA Margin(1) Legal Professionals 46.6% 49.0% -240bp 10bp -250bp Corporates 36.2% 36.3% -10bp 30bp -40bp Tax, Audit & Accounting Professionals 30.2% 30.6% -40bp 30bp -70bp “Big 3” Segments Combined(1) 40.3% 41.7% -140bp 10bp -150bp Reuters 24.3% 19.9% 440bp -10bp 450bp Total Adjusted EBITDA Margin 35.5% 35.8% -30bp 0bp -30bp Thomson Reuters CorporationReconciliation of Changes in Adjusted EBITDA (1) and Related Margin(1) to Changes on a Constant Currency Basis(1) (millions of U.S. dollars)(unaudited) Nine months endedSeptember 30, Change 2026 2025 Total ForeignCurrency ConstantCurrency Adjusted EBITDA(1) Legal Professionals $1,104 $1,028 7% 1% 7% Corporates 640 564 14% 1% 13% Tax, Audit & Accounting Professionals 424 394 8% 1% 6% “Big 3” Segments Combined(1) 2,168 1,986 9% 1% 8% Reuters 138 126 10% -5% 15% Corporate Center (166) (182) n/a n/a n/a Total Adjusted EBITDA $2,140 $1,930 11% 0% 10% Adjusted EBITDA Margin(1) Legal Professionals 47.7% 48.6% -90bp 10bp -100bp Corporates 37.9% 37.2% 70bp -10bp 80bp Tax, Audit & Accounting Professionals 42.5% 43.9% -140bp -10bp -130bp “Big 3” Segments Combined(1) 43.3% 43.9% -60bp -10bp -50bp Reuters 20.5% 20.2% 30bp -90bp 120bp Total Adjusted EBITDA Margin 37.9% 37.6% 30bp -10bp 40bp 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 thosepresented, and growth components may not total due to rounding. (1) Refer to page 23 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 21 of 23 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 EBITDA margin, which excludes fair value adjustments related to acquireddeferred revenue. (millions of U.S. dollars)(unaudited)Three months ended September 30, 2026 IFRS revenues Remove fair valueadjustments toacquired deferredrevenue Revenues excludingfair valueadjustments toacquired deferredrevenue Adjusted EBITDA Adjusted EBITDAMargin Legal Professionals $ 788 — $ 788 $ 368 46.6% Corporates 544 — 544 197 36.2% Tax, Audit & Accounting Professionals 276 — 276 83 30.2% “Big 3” Segments Combined(1) 1,608 — 1,608 648 40.3% Reuters 232 — 232 56 24.3% Eliminations/Rounding (7) — (7) — n/a Corporate Center — — — (53) n/a Consolidated totals $ 1,833 — $ 1,833 $ 651 35.5% Nine months ended September 30, 2026 Legal Professionals $ 2,316 — $ 2,316 $ 1,104 47.7% Corporates 1,689 — 1,689 640 37.9% Tax, Audit & Accounting Professionals 997 — 997 424 42.5% “Big 3” Segments Combined(1) 5,002 — 5,002 2,168 43.3% Reuters 673 — 673 138 20.5% Eliminations/Rounding (24) — (24) — n/a Corporate Center — — — (166) n/a Consolidated totals $ 5,651 — $ 5,651 $ 2,140 37.9% Three months ended September 30, 2025 Legal Professionals $ 721 — $ 721 $ 353 49.0% Corporates 489 — 489 177 36.3% Tax, Audit & Accounting Professionals 247 — 247 76 30.6% “Big 3” Segments Combined(1) 1,457 — 1,457 606 41.7% Reuters 207 — 207 42 19.9% Eliminations/Rounding (6) — (6) — n/a Corporate Center — — — (55) n/a Consolidated totals $ 1,658 — $ 1,658 $ 593 35.8% Nine months ended September 30, 2025 Legal Professionals $ 2,113 — $ 2,113 $ 1,028 48.6% Corporates 1,517 — 1,517 564 37.2% Tax, Audit & Accounting Professionals 879 $ 20 899 394 43.9% “Big 3” Segments Combined(1) 4,509 20 4,529 1,986 43.9% Reuters 621 — 621 126 20.2% Eliminations/Rounding (17) — (17) — n/a Corporate Center — — — (182) n/a Consolidated totals $ 5,113 $ 20 $ 5,133 $ 1,930 37.6% 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 23 for additional information on non-IFRS financial measures.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 22 of 23 Thomson Reuters Corporation“Big 3” Segments and Consolidated Adjusted EBITDA(1) and the Related Margins(1) (millions of U.S. dollars)(unaudited) Year ended Year ended December 31, December 31, 2025Reported 2025Revised(2) Adjusted EBITDA(1) Legal Professionals $ 1,354 $ 1,354 Corporates 727 727 Tax, Audit & Accounting Professionals 614 614 “Big 3” Segments Combined(1) 2,695 2,695 Reuters 174 174 Global Print 185 — Corporate Center (118) (252) Total Adjusted EBITDA $ 2,936 $ 2,617 “Big 3” Segments Combined(1) Adjusted EBITDA $ 2,695 $ 2,695 Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue $ 6,177 $ 6,177 Adjusted EBITDA margin 43.6% 43.6% Consolidated(1) Adjusted EBITDA $ 2,936 $ 2,617 Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue $ 7,496 $ 7,006 Adjusted EBITDA margin 39.2% 37.4% Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding. Thomson Reuters CorporationReconciliation of Net Debt(1) and Leverage Ratio of Net Debt to Adjusted EBITDA(1) (millions of U.S. dollars)(unaudited) September 30,2026 December 31,2025 Current indebtedness $ 565 $ 795 Long-term indebtedness 3,247 1,328 Total debt 3,812 2,123 Swaps 108 16 Total debt after swaps 3,920 2,139 Remove fair value adjustments for hedges (1) (2) Total debt after hedging arrangements 3,919 2,137 Collateral assets (44) (7) Remove transaction costs, premiums or discounts, included in the carrying value of debt 38 28 Add: Lease liabilities (current and non-current) 228 249 Less: Cash and cash equivalents (1,394) (511) Net debt $ 2,747 $ 1,896 Leverage ratio of net debt to adjusted EBITDA Adjusted EBITDA(2) $ 2,827 $ 2,617 Net debt/adjusted EBITDA(2) 1.0:1 0.7:1 (1) Refer to page 23 for additional information on non-IFRS financial measures.(2) Revised to reflect the Global Print business as discontinued operations for the year ended December 31, 2025.
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Thomson Reuters Reports Third-Quarter 2026 ResultsPage 23 of 23 Non-IFRS FinancialMeasures Definition Why Useful to the Company and Investors Adjusted EBITDAand the relatedmargin Represents earnings or losses from continuingoperations before tax expense or benefit, net interestexpense, other finance costs or income, depreciation,amortization of software and other identifiable intangibleassets, Thomson Reuters share of post-tax earnings orlosses in equity method investments, other operatinggains and losses, certain asset impairment charges andfair value adjustments, including those related toacquired deferred revenue. The related margin isadjusted EBITDA expressed as a percentage ofrevenues. For purposes of this calculation, revenues arebefore fair value adjustments to acquired deferredrevenue. Provides a consistent basis to evaluate operatingprofitability and performance trends by excludingitems that the company does not consider to becontrollable activities for this purpose. Also,represents a measure commonly reported and widelyused by investors as a valuation metric, as well as toassess the company’s ability to incur and servicedebt. Adjusted earningsand adjusted EPS Net earnings or loss including dividends declared onpreference shares but excluding the post-tax impacts offair value adjustments, including those related toacquired deferred revenue, amortization of acquiredintangible assets (attributable to other identifiableintangible assets and acquired software), other operatinggains and losses, certain asset impairment charges,other finance costs or income, Thomson Reuters shareof post-tax earnings or losses in equity methodinvestments, discontinued operations and other itemsaffecting comparability. Acquired intangible assetscontribute to the generation of revenues from acquiredcompanies, which are included in the company’scomputation of adjusted earnings. The post-tax amount of each item is excluded fromadjusted earnings based on the specific tax rules and taxrates associated with the nature and jurisdiction of eachitem. Adjusted EPS is calculated from adjusted earnings usingdiluted weighted-average shares and does not representactual earnings or loss per share attributable toshareholders. Provides a more comparable basis to analyzeearnings. These measures are commonly used by shareholdersto measure performance. Effective tax rateon adjustedearnings Adjusted tax expense divided by pre-tax adjustedearnings. Adjusted tax expense is computed as incometax expense or benefit plus or minus the income taximpacts of all items impacting adjusted earnings (asdescribed above), and other tax items impactingcomparability. In interim periods, the company also makes anadjustment to reflect income taxes based on theestimated full-year effective tax rate. Earnings or lossesfor interim periods under IFRS reflect income taxesbased on the estimated effective tax rates of each of thejurisdictions in which Thomson Reuters operates. Thenon-IFRS adjustment reallocates estimated full-yearincome taxes between interim periods but has no effecton full-year income taxes. Provides a basis to analyze the effective tax rateassociated with adjusted earnings. The company’s effective tax rate computed inaccordance with IFRS may be more volatile byquarter because the geographical mix of pre-taxprofits and losses in interim periods may be differentfrom that for the full year. Therefore, the companybelieves that using the expected full-year effective taxrate provides more comparability among interimperiods. Free cash flow Net cash provided by operating activities and otherinvesting activities, less capital expenditures, paymentsof lease principal and dividends paid on the company’spreference shares. Helps assess the company’s ability, over the longterm, to create value for its shareholders as itrepresents cash available to repay debt, pay commondividends, fund share repurchases and acquisitions. Changes beforethe impact offoreign currency orat constantcurrency The changes in revenues, adjusted EBITDA and therelated margin, and adjusted EPS before currency (atconstant currency or excluding the effects of currency)are determined by converting the current and equivalentprior period’s local currency results using the sameforeign currency exchange rate. Provides better comparability of business trends fromperiod to period.
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Changes inrevenuescomputed on anorganic basis Represent changes in revenues of the company’sexisting businesses at constant currency. The metricexcludes the distortive impacts of acquisitions anddispositions from not owning the business in bothcomparable periods. Provides further insight into the performance of thecompany’s existing businesses by excluding distortiveimpacts and serves as a better measure of thecompany’s ability to grow its business over the longterm. Accrued capitalexpenditures as apercentage ofrevenues Accrued capital expenditures divided by revenues,where accrued capital expenditures include amounts thatremain unpaid at the end of the reporting period. Forpurposes of this calculation, revenues are before fairvalue adjustments to acquired deferred revenue. Reflects the basis on which the company managescapital expenditures for internal planning purposes. “Big 3” segments The company’s combined Legal Professionals,Corporates and Tax, Audit & Accounting Professionalssegments. All measures reported for the “Big 3”segments are non-IFRS financial measures. The “Big 3” segments comprised approximately 89%of revenues and represent the core of the company’sbusiness information service product offerings. Net debt andleverage ratio ofnet debt toadjusted EBITDA Net debt is total debt, plus related hedging instrumentsand collateral balances, along with lease liabilities,excluding unamortized transaction costs and anypremiums or discounts on debt, minus cash and cashequivalents. We exclude specific hedging components toreflect the net cash outflow upon debt maturity. Net debt to adjusted EBITDA is net debt divided byadjusted EBITDA for the previous twelve-month periodending with the current fiscal quarter. Provides a commonly used measure of a company’sleverage and its ability to pay its debt. Given that thecompany hedges some of its debt to manage risk, thecompany includes hedging instruments as it believesit provides a better measure of the total obligationassociated with its outstanding debt. Since thecompany plans to hold its debt and related hedgesuntil maturity, the net debt calculation is adjusted toreflect the net cash outflow at maturity, afterdeducting cash and cash equivalents. The company’s non-IFRS measure is aligned with thecalculation of its internal target leverage ratio and ismore conservative than the maximum ratio allowedunder the contractual covenants in its credit facility. Please refer to reconciliations for the most directly comparable IFRS financial measures.