# EDGAR Filing Document

**Accession Number:** 0001075124
**File Stem:** 0001193125-26-205012
**Filing Date:** 2026-5
**Character Count:** 67331
**Document Hash:** bb572d57a1595e2924a166c5a8f9a45e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-205012.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001193125-26-205012

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20260505

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOMSON REUTERS CORP /CAN/
- **CENTRAL INDEX KEY:** 0001075124
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS PUBLISHING [2741]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 980176673
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31349
- **FILM NUMBER:** 26940411

**BUSINESS ADDRESS:**
- **STREET 1:** 19 DUNCAN STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 3H1
- **BUSINESS PHONE:** 4166877500

**MAIL ADDRESS:**
- **STREET 1:** 19 DUNCAN STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 3H1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMSON CORP /CAN/
- **DATE OF NAME CHANGE:** 19981211

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of May 2026** 

**Commission File Number: 001-31349** 

## THOMSON REUTERS CORPORATION
**(Translation of registrant's name into English)** 

**19 Duncan Street, Toronto,** 

**Ontario M5H 3H1, Canada** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **THOMSON REUTERS CORPORATION** | **THOMSON REUTERS CORPORATION** |
| (Registrant) | (Registrant) |
| By: | /s/ Jennifer Ruddick |
|  | Name: Jennifer Ruddick |
|  | Title: Deputy Company Secretary |

---

Date: May 5, 2026

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit Number | Description |
| 99.1 | News release dated May 5, 2026 – Thomson Reuters Reports First-Quarter 2026 Results |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g116991dsp4.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results**

**TORONTO, May 5, 2026** - Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the first quarter ended March 31, 2026:

● Strong revenue growth in the first quarter

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| | |
|:---|:---|
| <sup>⚪</sup> | Total company revenues up 10% / organic revenues up 8%  |

---

---

| | |
|:---|:---|
| <sup>⚪</sup> | Organic revenues up 9% for the "Big 3" segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals)  |

---

● Maintained full-year 2026 outlook for organic revenue growth, adjusted EBITDA margin and free cash flow

● Increased annualized common share dividend by 10% to $2.62, announced February 2026

● Completed $605 million return of capital transaction on May 4; and reduced share count by approximately 6.5 million shares by way of share consolidation transaction

● Repurchased $262 million, or 2.5 million common shares under the $600 million share repurchase program announced on February 25, 2026

"We have delivered an encouraging start to 2026," said Steve Hasker, President and CEO of Thomson Reuters. "Our positive momentum reflects the trust professionals place in Thomson Reuters in the moments that matter most. Across law, tax, audit and compliance, professionals accountable for high-stakes outcomes are choosing our AI products, built to the standards their work demands - grounded in authoritative content, designed and tested by our domain experts, and created to produce results that can be verified and audited under real-world scrutiny. We call this 'fiduciary-grade AI.' "

**<u>Consolidated Financial Highlights - Three Months Ended March 31</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Three months ended March 31,**<br> (Millions of U.S. dollars, except for EPS)<br> (unaudited) | &nbsp;&nbsp;&nbsp; **Three months ended March 31,**<br> (Millions of U.S. dollars, except for EPS)<br> (unaudited) | &nbsp;&nbsp;&nbsp; **Three months ended March 31,**<br> (Millions of U.S. dollars, except for EPS)<br> (unaudited) | &nbsp;&nbsp;&nbsp; **Three months ended March 31,**<br> (Millions of U.S. dollars, except for EPS)<br> (unaudited) | &nbsp;&nbsp;&nbsp; **Three months ended March 31,**<br> (Millions of U.S. dollars, except for EPS)<br> (unaudited) |  |
|  | **2026** | **2025** | **Change** |  |  |
| &nbsp;&nbsp;&nbsp; **<u>IFRS Financial Measures</u>**<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenues | $2087 | $1900 | 10% |  |  |
| &nbsp;&nbsp;&nbsp; Operating profit | 639 | 563 | 14% |  |  |
| &nbsp;&nbsp;&nbsp; Diluted earnings per share (EPS) | $1.03 | $0.96 | 7% |  |  |
| &nbsp;&nbsp;&nbsp; Net cash provided by operating activities | $505 | $445 | 13% |  |  |
|  | **2026** | **2025** | **Change** | **Change at<br>Constant<br>Currency** |  |
| &nbsp;&nbsp;&nbsp; **<u>Non-IFRS Financial Measures</u>**<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Revenue growth in constant currency |  |  |  | 8 | % |
| &nbsp;&nbsp;&nbsp; Organic revenue growth |  |  |  | 8 | % |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA | $881 | $809 | 9% | 9 | % |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA margin | 42.2% | 42.3% | -10bp | 40bp |  |
| &nbsp;&nbsp;&nbsp; Adjusted EPS | $1.23 | $1.12 | 10% | 10 | % |
| &nbsp;&nbsp;&nbsp; Free cash flow | $332 | $277 | 19% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> *(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.* | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(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.*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(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.*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(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.*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(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.*  | <br>|

---

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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 2 of 18

**Revenues** increased 10% due to 10% growth in recurring revenues (77% of total revenues) and 15% growth in transactions revenues, partly offset by a 4% 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 5% decline in Global Print.

● The company's "Big 3" segments reported organic revenue growth of 9% and collectively comprised 85% of total revenues.

**Operating profit** increased 14% primarily due to net impact of higher revenues and operating expenses.

● Adjusted EBITDA increased 9% primarily due to the same factors that impacted operating profit. The related margin decreased to 42.2% from 42.3% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 50 basis points.

**Diluted EPS** increased to $1.03 per share compared to $0.96 per share in the prior-year period as higher operating profit was partly offset by lower results from discontinued operations and higher net interest expense. Diluted EPS also benefited from a reduction in weighted-average common shares outstanding due to share repurchases.

● Adjusted EPS, which excludes discontinued operations, as well as other adjustments, increased to $1.23 per share compared to $1.12 per share in the prior-year period, primarily due to higher adjusted EBITDA partly offset by higher net interest expense. Adjusted EPS also benefited from a reduction in weighted-average common shares.

**Net cash provided by operating activities** increased by $60 million primarily due to higher cash benefits from the net impact of higher revenues and operating expenses.

● Free cash flow increased by $55 million primarily due to the increase in net cash provided by operating activities.

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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 3 of 18

**<u>Highlights by Customer Segment – Three Months Ended March 31</u>**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; *(Millions of U.S. dollars)*<br> *(unaudited)* | &nbsp;&nbsp;&nbsp; *(Millions of U.S. dollars)*<br> *(unaudited)* | &nbsp;&nbsp;&nbsp; *(Millions of U.S. dollars)*<br> *(unaudited)* | &nbsp;&nbsp;&nbsp; *(Millions of U.S. dollars)*<br> *(unaudited)* | &nbsp;&nbsp;&nbsp; *(Millions of U.S. dollars)*<br> *(unaudited)* | &nbsp;&nbsp;&nbsp; *(Millions of U.S. dollars)*<br> *(unaudited)* |  |
|  | **Three months ended** | **Three months ended** |  |  |  |  |
|  | **March 31,** | **March 31,** | **Change** | **Change** | **Change** |  |
|  | **2026** | **2025<sup>(2)</sup>** | **Total** | **Constant<br>Currency<sup>(1)</sup>** | **Organic<sup>(1)(3)</sup>** |  |
| &nbsp;&nbsp;&nbsp; **<u>Revenues</u>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Legal Professionals | $756 | $688 | 10% | 8% | 9 | % |
| &nbsp;&nbsp;&nbsp; Corporates | 608 | 548 | 11% | 9% | 9 | % |
| &nbsp;&nbsp;&nbsp; Tax, Audit & Accounting Professionals | 410 | 358 | 15% | 14% | 10 | % |
| &nbsp;&nbsp;&nbsp; "Big 3" Segments Combined<sup>(1)</sup> | 1774 | 1594 | 11% | 10% | 9 | % |
| &nbsp;&nbsp;&nbsp; Reuters | 212 | 196 | 8% | 7% | 6 | % |
| &nbsp;&nbsp;&nbsp; Global Print | 112 | 116 | -4% | -5% | -5 | % |
| &nbsp;&nbsp;&nbsp; Eliminations/Rounding | (11) | (6) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total Revenues** | $**2087** | $**1900** | **10%** | **8%** | **8** | **%** |
| &nbsp;&nbsp;&nbsp; <u>**Adjusted EBITDA**</u><sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Legal Professionals | $365 | $336 | 9% | 8% |  |  |
| &nbsp;&nbsp;&nbsp; Corporates | 243 | 215 | 13% | 13% |  |  |
| &nbsp;&nbsp;&nbsp; Tax, Audit & Accounting Professionals | 221 | 208 | 6% | 6% |  |  |
| &nbsp;&nbsp;&nbsp; "Big 3" Segments Combined<sup>(1)</sup> | 829 | 759 | 9% | 9% |  |  |
| &nbsp;&nbsp;&nbsp; Reuters | 34 | 39 | -13% | -4% |  |  |
| &nbsp;&nbsp;&nbsp; Global Print | 43 | 44 | -2% | -3% |  |  |
| &nbsp;&nbsp;&nbsp; Corporate costs | (25) | (33) | n/a | n/a |  |  |
| &nbsp;&nbsp;&nbsp; **Total Adjusted EBITDA** | $**881** | $**809** | **9%** | **9%** |  |  |
| &nbsp;&nbsp;&nbsp; <u>**Adjusted EBITDA Margin**</u><sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Legal Professionals | 48.3% | 48.7% | -40bp | -30bp |  |  |
| &nbsp;&nbsp;&nbsp; Corporates | 40.0% | 39.3% | 70bp | 130bp |  |  |
| &nbsp;&nbsp;&nbsp; Tax, Audit & Accounting Professionals | 53.8% | 56.6% | -280bp | -240bp |  |  |
| &nbsp;&nbsp;&nbsp; "Big 3" Segments Combined<sup>(1)</sup> | 46.7% | 47.3% | -60bp | -20bp |  |  |
| &nbsp;&nbsp;&nbsp; Reuters | 16.1% | 20.0% | -390bp | -190bp |  |  |
| &nbsp;&nbsp;&nbsp; Global Print | 38.6% | 37.8% | 80bp | 80bp |  |  |
| &nbsp;&nbsp;&nbsp; **Total Adjusted EBITDA Margin** | **42.2%** | **42.3%** | **-10bp** | **40bp** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> *(1) 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. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.*<br> *(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the first-quarter of 2025, see the "Revision to Prior-Year Segment Results" section of this news release.*<br> *(3) Computed for revenue growth only.* <br> *n/a: not applicable*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(1) 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. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.* <br> *(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the first-quarter of 2025, see the "Revision to Prior-Year Segment Results" section of this news release.* <br> *(3) Computed for revenue growth only.* <br> *n/a: not applicable*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(1) 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. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.* <br> *(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the first-quarter of 2025, see the "Revision to Prior-Year Segment Results" section of this news release.* <br> *(3) Computed for revenue growth only.* <br> *n/a: not applicable*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(1) 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. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.* <br> *(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the first-quarter of 2025, see the "Revision to Prior-Year Segment Results" section of this news release.* <br> *(3) Computed for revenue growth only.* <br> *n/a: not applicable*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(1) 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. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.* <br> *(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the first-quarter of 2025, see the "Revision to Prior-Year Segment Results" section of this news release.* <br> *(3) Computed for revenue growth only.* <br> *n/a: not applicable*  | &nbsp;&nbsp;&nbsp;&nbsp; <br> *(1) 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. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue.* <br> *(2) For comparative purposes, 2025 segment results have been revised to reflect the current period presentation. For additional information, including a summary of how the changes impacted results for the first-quarter of 2025, see the "Revision to Prior-Year Segment Results" section of this news release.* <br> *(3) Computed for revenue growth only.* <br> *n/a: not applicable*  | <br>|

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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 4 of 18

*Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at* ***<u>constant</u>*** ***<u>currency</u>*** *(which excludes the impact of foreign currency) as the company believes this provides the best basis to measure performance.* 

**<u>Legal Professionals</u>**

**Revenues** increased 8% at constant currency. Organic revenue growth was 9%.

● Recurring revenues increased 9% (98% of total, all organic). Organic revenue growth was primarily driven by Westlaw and CoCounsel.

● Transactions revenues decreased 2% (2% of total, all organic).

**Adjusted EBITDA** increased 9% to $365 million.

● The margin decreased to 48.3% from 48.7%, primarily driven by higher revenues offset by higher technology and other costs, and to a lesser extent, a negative impact from foreign currency.

**<u>Corporates</u>**

**Revenues** increased 9% at constant currency, all organic.

● Recurring revenues increased 8% (74% of total, all organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel, Practical Law, Pagero, CLEAR and the segment's international businesses.

● Transactions revenues increased 12% (26% of total, all organic). Organic revenue growth was primarily driven by Confirmation, Pagero, Indirect Tax and the segment's international businesses.

**Adjusted EBITDA** increased 13% to $243 million.

● The margin increased to 40.0% from 39.3% driven by higher operating leverage. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 60 basis points.

**<u>Tax, Audit & Accounting Professionals</u>**

**Revenues** increased 14% at constant currency, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 10%.

● Recurring revenues increased 10% (56% of total, all organic). Organic revenue growth was primarily driven by tax and audit products, including CoCounsel, as well as the segment's Latin America business.

● Transactions revenues increased 18% (44% of total, increased 11% organic). Organic revenue growth was primarily driven by SafeSend, SurePrep, UltraTax and Confirmation.

**Adjusted EBITDA** increased 6% to $221 million.

● The margin decreased to 53.8% from 56.6% primarily due to higher technology and other costs. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 40 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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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 5 of 18

**<u>Reuters</u>**

**Revenues** increased 7% at constant currency (increased 6% 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** decreased 13% to $34 million and the margin decreased to 16.1% from 20.0%, primarily due to foreign currency, which negatively impacted the year-over-year change in adjusted EBITDA margin by 200 basis points, as well as higher editorial and other costs.

**<u>Global Print</u>**

**Revenues** decreased 5% at constant currency, all organic, driven by lower shipment volumes.

**Adjusted EBITDA** decreased 2% to $43 million, and the margin increased to 38.6% from 37.8% reflecting lower expenses.

**<u>Corporate Costs</u>**

**Corporate costs** were $25 million compared to $33 million in the prior-year period, which included a corporate charge that did not repeat.

**<u>2026 Outlook</u>**

The company maintained its 2026 full-year outlook announced on February 5, 2026 for all metrics, except for net interest expense which is expected to be in the $180 - $190 million range compared to the $150 - $160 million range in the company's February 2026 outlook. The increase reflects the impact of the $1.2 billion share repurchase program and return of capital and share consolidation transactions, as announced on February 25, 2026, on the company's net debt position.

The company's outlook for 2026 in the table below assumes constant currency rates and incorporates the recent 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.

The company expects its second-quarter 2026 organic revenue growth to be in a range of 7% - 8% and its adjusted EBITDA margin to be approximately 38%.

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.

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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 6 of 18

***<u>Reported Full-Year 2025 Results and Full-Year 2026 Outlook</u>***

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Total Thomson Reuters** | **FY 2025** <br> **Reported**  | **FY 2026**<br> **Outlook**<br> **2/5/2026** | **FY 2026**<br> **Outlook**<br> **5/5/2026** |
| &nbsp;&nbsp;&nbsp; Total Revenue Growth | 3%<sup>(2)</sup> | 7.5% - 8.0% | Unchanged |
| &nbsp;&nbsp;&nbsp; Organic Revenue Growth<sup>(1)</sup> | 7% | 7.5% - 8.0% | Unchanged |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA Margin<sup>(1)</sup> | 39.2% | +100bps vs 2025 | Unchanged |
| &nbsp;&nbsp;&nbsp; Corporate Costs | $118 million | $115 - $125 million | Unchanged |
| &nbsp;&nbsp;&nbsp; Free Cash Flow<sup>(1)</sup> | $1.95 billion | ~$2.1 billion | Unchanged |
| &nbsp;&nbsp;&nbsp; Accrued Capex as % of Revenues<sup>(1)</sup> | 8.2% | ~8.0% | Unchanged |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation & Amortization of Software<br>Depreciation & Amortization of Internally Developed Software<br>Amortization of Acquired Software | $832 million<br> $626 million<br> $206 million | $890- $910 million<br> $680 - $690 million<br> $210 - $220 million | Unchanged<br> Unchanged<br> Unchanged |
| &nbsp;&nbsp;&nbsp; Net Interest Expense | $143 million | $150 - $160 million | $180 - $190 million |
| &nbsp;&nbsp;&nbsp; Effective Tax Rate on Adjusted Earnings<sup>(1)</sup> | 18.5% | ~19% | Unchanged |
| &nbsp;&nbsp;&nbsp;**"Big 3" Segments<sup>(1)</sup>** | **FY 2025<br>Reported** | **FY 2026<br>Outlook<br>2/5/2026** | **FY 2026<br>Outlook<br>5/5/2026** |
| &nbsp;&nbsp;&nbsp; Total Revenue Growth | 4%<sup>(2)</sup> | ~9.5% | Unchanged |
| &nbsp;&nbsp;&nbsp; Organic Revenue Growth | 9% | ~9.5% | Unchanged |
| &nbsp;&nbsp;&nbsp; Adjusted EBITDA Margin | 43.6% | +100bps vs 2025 | Unchanged |

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(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 information in this section is forward-looking. Actual results, which will include the impact of currency, future acquisitions and dispositions completed during 2026, and macroeconomic events outside of the company's control 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."***

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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 7 of 18

**<u>Return of Capital and Share Consolidation</u>**

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.

**<u>Share Repurchases - Update on $600 Million Share Repurchase Program</u>**

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. The company repurchased 2.5 million of its common shares for a total spend of $262 million.

As of May 4, 2026, Thomson Reuters had approximately 436.5 million common shares outstanding.

**<u>Acquisition</u>**

In February 2026, the company acquired Noetica, Inc., a New York-based AI-native start-up that transforms transaction-deal data into structured market intelligence for deal professionals. This business will be primarily reported in the Legal Professionals segment.

**<u>Dividends</u>**

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 per share is payable on June 10, 2026 to common shareholders of record as of May 20, 2026.

**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 <u>thomsonreuters.com</u>.

**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.* 

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 8 of 18

*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** 

Effective January 1, 2026, the company made changes to its segment reporting to reflect how it currently manages its segments. The changes reflect 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 first-quarter 2025 reported amounts:

● Legal Professionals revenues decreased $5 million to $688 million, adjusted EBITDA was unchanged at $336 million and adjusted EBITDA margin increased 30 basis points to 48.7%;

● Corporates revenues increased $7 million to $548 million, adjusted EBITDA increased $2 million to $215 million and adjusted EBITDA margin decreased 10 basis points to 39.3%; and

● Tax, Audit & Accounting Professionals revenues decreased $2 million to $358 million, adjusted EBITDA decreased $2 million to $208 million and adjusted EBITDA margin decreased 10 basis points to 56.6%.

**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 and the "2026 Outlook" section, 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* <u>thomsonreuters.com</u>*.*

*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 61-62 of the company's 2025 annual report. The company's annual report was 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* <u>thomsonreuters.com</u>*.* 

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 9 of 18

*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 Samina Ansari Director, Corporate Affairs +1 44 778 852 9542 <u>samina.ansari@thomsonreuters.com</u> INVESTORS Gary Bisbee, CFA Head of Investor Relations +1 646 540 3249 <u>gary.bisbee@thomsonreuters.com</u>

**Thomson Reuters will webcast a discussion of its first-quarter 2026 results and its 2026 business outlook today beginning at 9:00 a.m. Eastern Daylight Time (EDT). You can access the webcast by visiting <u>ir.thomsonreuters.com</u>. An archive of the webcast will be available following the presentation.** 

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 10 of 18

**Thomson Reuters Corporation** 

**Consolidated Income Statement** 

(millions of U.S. dollars, except per share data)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  **CONTINUING OPERATIONS** |  |  |
|  Revenues | $2087 | $1900 |
|  Operating expenses | (1203) | (1108) |
|  Depreciation | (28) | (27) |
|  Amortization of software | (193) | (174) |
|  Amortization of other identifiable intangible assets | (24) | (25) |
|  Other operating losses, net |  | (3) |
|  Operating profit | 639 | 563 |
|  Finance costs, net: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest expense | (39) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance income (costs) | 9 | (10) |
|  Income before tax and equity method investments | 609 | 523 |
|  Share of post-tax losses in equity method investments | (7) | (6) |
|  Tax expense | (125) | (92) |
|  **Earnings from continuing operations** | 477 | 425 |
| (Loss) earnings from discontinued operations, net of tax | (18) | 9 |
|  Net earnings | $459 | $434 |
|  Earnings attributable to common shareholders | $459 | $434 |
|  **Earnings per share:** |  |  |
|  Basic and diluted earnings (loss) per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From continuing operations | $1.07 | $0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From discontinued operations | (0.04) | 0.02 |
|  Basic and diluted earnings per share | $1.03 | $0.96 |
|  Basic weighted-average common shares | 444561933 | 450289884 |
|  Diluted weighted-average common shares | 444657277 | 450829350 |

---

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 11 of 18

**Thomson Reuters Corporation** 

**Consolidated Statement of Financial Position** 

(millions of U.S. dollars)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  **Assets** |  |  |
|  Cash and cash equivalents | $400 | $511 |
|  Trade and other receivables | 1184 | 1143 |
|  Other financial assets | 89 | 94 |
|  Prepaid expenses and other current assets | 460 | 480 |
|  **Current assets** | 2133 | 2228 |
|  Property and equipment, net | 341 | 361 |
|  Software, net | 1697 | 1645 |
|  Other identifiable intangible assets, net | 3077 | 3102 |
|  Goodwill | 8056 | 7913 |
|  Equity method investments | 193 | 202 |
|  Other financial assets | 460 | 466 |
|  Other non-current assets | 686 | 680 |
|  Deferred tax | 1301 | 1343 |
|  **Total assets** | $17944 | $17940 |
|  **Liabilities and equity** |  |  |
|  **Liabilities** |  |  |
|  Current indebtedness | $1120 | $795 |
|  Payables, accruals and provisions | 934 | 1090 |
|  Current tax liabilities | 204 | 224 |
|  Deferred revenue | 1162 | 1251 |
|  Other financial liabilities | 109 | 108 |
|  **Current liabilities** | 3529 | 3468 |
|  Long-term indebtedness | 1328 | 1328 |
|  Provisions and other non-current liabilities | 662 | 656 |
|  Other financial liabilities | 229 | 210 |
|  Deferred tax | 384 | 364 |
|  **Total liabilities** | 6132 | 6026 |
|  **Equity** |  |  |
|  Capital | 3613 | 3597 |
|  Retained earnings | 9150 | 9220 |
|  Accumulated other comprehensive loss | (951) | (903) |
|  **Total equity** | 11812 | 11914 |
|  **Total liabilities and equity** | $17944 | $17940 |

---

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 12 of 18

**Thomson Reuters Corporation** 

**Consolidated Statement of Cash Flow** 

(millions of U.S. dollars)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Cash provided by (used in):** |  |  |
|  **Operating activities** |  |  |
|  Earnings from continuing operations | $477 | $425 |
|  Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 28 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of software | 193 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other identifiable intangible assets | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of post-tax losses in equity method investments | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax | 36 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 46 | 64 |
|  Changes in working capital and other items | (305) | (293) |
|  Operating cash flows from continuing operations | 506 | 447 |
|  Operating cash flows from discontinued operations | (1) | (2) |
|  Net cash provided by operating activities | 505 | 445 |
|  **Investing activities** |  |  |
|  Acquisitions, net of cash acquired | (212) | (606) |
|  Proceeds related to disposals of businesses and investments | 1 |  |
|  Capital expenditures | (156) | (151) |
|  Other investing activities |  | 1 |
|  Net cash used in investing activities | (367) | (756) |
|  **Financing activities** |  |  |
|  Net borrowings under short-term loan facilities | 322 |  |
|  Payments of lease principal | (16) | (17) |
|  Repurchases of common shares | (262) |  |
|  Dividends paid on preference shares | (1) | (1) |
|  Dividends paid on common shares | (280) | (259) |
|  Other financing activities | (11) | (11) |
|  Net cash used in financing activities | (248) | (288) |
|  Translation adjustments | (1) | 2 |
|  Decrease in cash and cash equivalents | (111) | (597) |
|  Cash and cash equivalents at beginning of period | 511 | 1968 |
|  Cash and cash equivalents at end of period | $400 | $1371 |

---

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 13 of 18

**Thomson Reuters Corporation** 

**Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA<sup>(1)</sup>** 

(millions of U.S. dollars)

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | |
|  | **March 31,** | **March 31,** | **Year ended**<br>**December 31,** |
|  | **2026** | **2025** | **2025** |
|  **Earnings from continuing operations** | $477 | $425 | $1483 |
|  **Adjustments to remove:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense | 125 | 92 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance (income) costs | (9) | 10 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest expense | 39 | 30 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other identifiable intangible assets | 24 | 25 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of software | 193 | 174 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 28 | 27 | 111 |
|  **EBITDA** | $877 | $783 | $3034 |
|  **Adjustments to remove:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of post-tax losses in equity method investments | 7 | 6 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating losses (gains), net |  | 3 | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments\* | (3) | 17 | 38 |
|  **Adjusted EBITDA<sup>(1)</sup>** | $**881** | $**809** | $**2936** |
|  **Adjusted EBITDA margin<sup>(1)</sup>** | **42.2%** | **42.3%** | **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<sup>(1)</sup>** 

(millions of U.S. dollars)

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | |
|  | **March 31,** | **March 31,** | **Year ended**<br>**December 31,** |
|  | **2026** | **2025** | **2025** |
|  **Net cash provided by operating activities** | $505 | $445 | $2651 |
|  Capital expenditures | (156) | (151) | (634) |
|  Other investing activities |  | 1 | 1 |
|  Payments of lease principal | (16) | (17) | (64) |
|  Dividends paid on preference shares | (1) | (1) | (4) |
|  **Free cash flow<sup>(1)</sup>** | $**332** | $**277** | $**1950** |

---

**Thomson Reuters Corporation** 

**Reconciliation of Capital Expenditures to Accrued Capital Expenditures<sup>(1)</sup>** 

(millions of U.S. dollars)

(unaudited)

---

| | |
|:---|:---|
| | **Year ended**<br>**December 31,** |
|  | **2025** |
|  **Capital expenditures** | $634 |
|  Remove: IFRS adjustment to cash basis | (18) |
|  **Accrued capital expenditures<sup>(1)</sup>** | $**616** |
|  **Accrued capital expenditures as a percentage of revenues<sup>(1)</sup>** | **8.2%** |

---

(1) Refer to page 18 for additional information on non-IFRS financial measures.

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 14 of 18

**Thomson Reuters Corporation** 

**Reconciliation of Net Earnings to Adjusted Earnings<sup>(1)</sup>** 

**Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency<sup>(1)</sup>** 

(millions of U.S. dollars, except for share and per share data)

(unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** | **Year ended<br>December 31,** |
|  | **2026** | **2025** | **2025** |
|  **Net earnings** | $459 | $434 | $1502 |
|  **Adjustments to remove:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustments\* | (3) | 17 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired software | 56 | 49 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other identifiable intangible assets | 24 | 25 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating losses (gains), net |  | 3 | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance (income) costs | (9) | 10 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of post-tax losses in equity method investments | 7 | 6 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax on above items<sup>(1)</sup> | (14) | (24) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax items impacting comparability<sup>(1)</sup> | (1) | 1 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (earnings) from discontinued operations, net of tax | 18 | (9) | (19) |
|  Interim period effective tax rate normalization<sup>(1)</sup> | 11 | (5) |  |
|  Dividends declared on preference shares | (1) | (1) | (4) |
|  **Adjusted earnings<sup>(1)</sup>** | $**547** | $**506** | $**1762** |
|  **Adjusted EPS<sup>(1)</sup>** | $**1.23** | $**1.12** |  |
|  Total change | 10% |  |  |
|  Foreign currency | 0% |  |  |
|  Constant currency | 10% |  |  |
|  Diluted weighted-average common shares (millions) | 444.7 | 450.8 |  |

---

---

| | |
|:---|:---|
| **Reconciliation of Full-Year Effective Tax Rate on Adjusted Earnings<sup>(1)</sup>** | **Year ended<br>December 31,** |
|  | **2025** |
|  **Adjusted earnings** | $**1762** |
|  Plus: Dividends declared on preference shares | 4 |
|  Plus: Tax expense on adjusted earnings | 401 |
|  **Pre-tax adjusted earnings** | $**2167** |
|  **IFRS tax expense** | $**423** |
|  Remove tax related to: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of acquired software | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of other identifiable intangible assets | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share of post-tax losses in equity method investments | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance costs | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating gains, net | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 18 for additional information on non-IFRS financial measures.

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 15 of 18

**Thomson Reuters Corporation** 

**Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency<sup>(1)</sup> and Organic Basis<sup>(1)</sup>** 

(millions of U.S. dollars)

(unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** | **Change** | **Change** | **Change** | **Change** | **Change** |
|  | **2026** | **2025** | **Total** | **Foreign<br>Currency** | **<u>SUBTOTAL</u><br>Constant<br>Currency** | **Net<br>Acquisitions/<br>(Disposals)** | **Organic** |
|  **<u>Total Revenues</u>** |  |  |  |  |  |  |  |
|  Legal Professionals | $756 | $688 | 10% | 1% | 8% | 0% | 9% |
|  Corporates | 608 | 548 | 11% | 2% | 9% | 0% | 9% |
|  Tax, Audit & Accounting Professionals | 410 | 358 | 15% | 1% | 14% | 3% | 10% |
|  "Big 3" Segments Combined<sup>(1)</sup> | 1774 | 1594 | 11% | 1% | 10% | 1% | 9% |
|  Reuters | 212 | 196 | 8% | 1% | 7% | 1% | 6% |
|  Global Print | 112 | 116 | -4% | 1% | -5% | 0% | -5% |
|  Eliminations/Rounding | (11) | (6) |  |  |  |  |  |
|  **Total Revenues** | $**2087** | $**1900** | **10%** | **1%** | **8%** | **1%** | **8%** |
|  **<u>Recurring Revenues</u>** |  |  |  |  |  |  |  |
|  Legal Professionals | $739 | $670 | 10% | 1% | 9% | 0% | 9% |
|  Corporates | 449 | 407 | 10% | 2% | 8% | 0% | 8% |
|  Tax, Audit & Accounting Professionals | 229 | 205 | 12% | 2% | 10% | 0% | 10% |
|  "Big 3" Segments Combined<sup>(1)</sup> | 1417 | 1282 | 10% | 2% | 9% | 0% | 9% |
|  Reuters | 186 | 175 | 6% | 1% | 5% | 1% | 5% |
|  Eliminations/Rounding | (8) | (6) |  |  |  |  |  |
|  **Total Recurring Revenues** | $**1595** | $**1451** | **10%** | **2%** | **8%** | **0%** | **8%** |
|  **<u>Transactions Revenues</u>** |  |  |  |  |  |  |  |
|  Legal Professionals | $17 | $18 | -1% | 1% | -2% | 0% | -2% |
|  Corporates | 159 | 141 | 13% | 1% | 12% | 0% | 12% |
|  Tax, Audit & Accounting Professionals | 181 | 153 | 18% | 0% | 18% | 8% | 11% |
|  "Big 3" Segments Combined<sup>(1)</sup> | 357 | 312 | 15% | 1% | 14% | 4% | 11% |
|  Reuters | 26 | 21 | 22% | 0% | 21% | 3% | 18% |
|  Eliminations/Rounding | (3) |  |  |  |  |  |  |
|  **Total Transactions Revenues** | **380** | **333** | **15%** | **1%** | **14%** | **4%** | **10%** |
|  | **Year ended<br>December 31,** | **Year ended<br>December 31,** | **Change** | **Change** | **Change** | **Change** | **Change** |
|  | **2025** | **2024** | **Total** | **Foreign<br>Currency** | **<u>SUBTOTAL</u><br>Constant<br>Currency** | **Net<br>Acquisitions/<br>(Disposals)** | **Organic** |
|  **<u>Total Revenues</u>** |  |  |  |  |  |  |  |
|  Legal Professionals | $2843 | $2902 | -2% | 0% | -2% | -10% | 8% |
|  Corporates | 2023 | 1875 | 8% | 0% | 7% | -1% | 9% |
|  Tax, Audit & Accounting Professionals | 1291 | 1154 | 12% | -1% | 13% | 3% | 11% |
|  "Big 3" Segments Combined<sup>(1)</sup> | 6157 | 5931 | 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** | $**7476** | $**7258** | **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.* 

(1) Refer to page 18 for additional information on non-IFRS financial measures.

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**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 16 of 18

**Thomson Reuters Corporation** 

**Reconciliation of Changes in Adjusted EBITDA<sup>(1)</sup> and Related Margin<sup>(1)</sup> to Changes on a Constant Currency Basis<sup>(1)</sup>** 

(millions of U.S. dollars)

(unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended<br>March 31,** | **Three months ended<br>March 31,** | **Change** | **Change** | **Change** |
|  | **2026** | **2025** | **Total** | **Foreign<br>Currency** | **Constant<br>Currency** |
|  **<u>Adjusted EBITDA</u><sup>(1)</sup>** |  |  |  |  |  |
|  Legal Professionals | $365 | $336 | 9% | 1% | 8% |
|  Corporates | 243 | 215 | 13% | 0% | 13% |
|  Tax, Audit & Accounting Professionals | 221 | 208 | 6% | 0% | 6% |
|  "Big 3" Segments Combined<sup>(1)</sup> | 829 | 759 | 9% | 1% | 9% |
|  Reuters | 34 | 39 | -13% | -9% | -4% |
|  Global Print | 43 | 44 | -2% | 1% | -3% |
|  Corporate costs | (25) | (33) | n/a | n/a | n/a |
|  **Total Adjusted EBITDA** | $**881** | $**809** | **9%** | **0%** | **9%** |
|  **<u>Adjusted EBITDA Margin</u><sup>(1)</sup>** |  |  |  |  |  |
|  Legal Professionals | 48.3% | 48.7% | -40bp | -10bp | -30bp |
|  Corporates | 40.0% | 39.3% | 70bp | -60bp | 130bp |
|  Tax, Audit & Accounting Professionals | 53.8% | 56.6% | -280bp | -40bp | -240bp |
|  "Big 3" Segments Combined<sup>(1)</sup> | 46.7% | 47.3% | -60bp | -40bp | -20bp |
|  Reuters | 16.1% | 20.0% | -390bp | -200bp | -190bp |
|  Global Print | 38.6% | 37.8% | 80bp | 0bp | 80bp |
|  **Total Adjusted EBITDA Margin** | **42.2%** | **42.3%** | **-10bp** | **-50bp** | **40bp** |

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**Reconciliation of adjusted EBITDA margin<sup>(1)</sup>** 

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 acquired deferred revenue.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (millions of U.S. dollars)<br> (unaudited) <br> **Three months ended March 31, 2026** | **IFRS revenues** | **Remove fair value<br>adjustments to<br>acquired deferred<br>revenue** | **Revenues excluding<br>fair value<br>adjustments to<br>acquired deferred<br>revenue** | **Adjusted EBITDA** | **Adjusted EBITDA<br>Margin** |
|  Legal Professionals | $756 |  | $756 | $365 | 48.3% |
|  Corporates | 608 |  | 608 | 243 | 40.0% |
|  Tax, Audit & Accounting Professionals | 410 |  | 410 | 221 | 53.8% |
|  "Big 3" Segments Combined<sup>(1)</sup> | 1774 |  | 1774 | 829 | 46.7% |
|  Reuters | 212 |  | 212 | 34 | 16.1% |
|  Global Print | 112 |  | 112 | 43 | 38.6% |
|  Eliminations/Rounding | (11) |  | (11) |  | n/a |
|  Corporate costs |  |  |  | (25) | n/a |
|  Consolidated totals | $2087 |  | $2087 | $881 | 42.2% |
| **Three months ended March 31, 2025** |  |  |  |  |  |
|  Legal Professionals | $688 |  | $688 | $336 | 48.7% |
|  Corporates | 548 |  | 548 | 215 | 39.3% |
|  Tax, Audit & Accounting Professionals | 358 | $10 | 368 | 208 | 56.6% |
|  "Big 3" Segments Combined<sup>(1)</sup> | 1594 | 10 | 1604 | 759 | 47.3% |
|  Reuters | 196 |  | 196 | 39 | 20.0% |
|  Global Print | 116 |  | 116 | 44 | 37.8% |
|  Eliminations/Rounding | (6) |  | (6) |  | n/a |
|  Corporate costs |  |  |  | (33) | n/a |
|  Consolidated totals | $1900 | $10 | $1910 | $809 | 42.3% |

---

*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 18 for additional information on non-IFRS financial measures.

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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 17 of 18

**Thomson Reuters Corporation** 

**"Big 3" Segments and Consolidated Adjusted EBITDA<sup>(1)</sup> and the Related Margins<sup>(1)</sup>** 

(millions of U.S. dollars)

(unaudited)

---

| | |
|:---|:---|
|  | **Year ended**<br>**December 31,** |
|  | **2025** |
|  **<u>Adjusted EBITDA</u><sup>(1)</sup>** |  |
|  Legal Professionals | $1354 |
|  Corporates | 727 |
|  Tax, Audit & Accounting Professionals | 614 |
|  "Big 3" Segments Combined<sup>(1)</sup> | 2695 |
|  Reuters | 174 |
|  Global Print | 185 |
|  Corporate costs | (118) |
|  **Total Adjusted EBITDA** | $**2936** |
|  **<u>"Big 3" Segments Combined<sup>(1)</sup></u>** |  |
|  Adjusted EBITDA | $2695 |
|  Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue | $6177 |
|  Adjusted EBITDA margin | 43.6% |
|  **<u>Consolidated<sup>(1)</sup></u>** |  |
|  Adjusted EBITDA | $2936 |
|  Revenues, excluding $20 million of fair value adjustments to acquired deferred revenue | $7496 |
|  Adjusted EBITDA margin | 39.2% |

---

**Thomson Reuters Corporation** 

**Reconciliation of Net Debt<sup>(1)</sup> and Leverage Ratio of Net Debt to Adjusted EBITDA<sup>(1)</sup>** 

(millions of U.S. dollars)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  Current indebtedness | $1120 | $795 |
|  Long-term indebtedness | 1328 | 1328 |
|  Total debt | 2448 | 2123 |
|  Swaps | 17 | 16 |
|  Total debt after swaps | 2465 | 2139 |
|  Remove fair value adjustments for hedges | (3) | (2) |
|  Total debt after hedging arrangements | 2462 | 2137 |
|  Collateral assets | (1) | (7) |
|  Remove transaction costs, premiums or discounts, included in the carrying value of debt | 27 | 28 |
|  Add: Lease liabilities (current and non-current) | 234 | 249 |
|  Less: Cash and cash equivalents | (400) | (511) |
|  Net debt | $2322 | $1896 |
|  Leverage ratio of net debt to adjusted EBITDA |  |  |
|  Adjusted EBITDA | $3008 | $2936 |
|  Net debt/adjusted EBITDA | 0.8:1 | 0.6:1 |

---

(1) Refer to page 18 for additional information on non-IFRS financial measures.

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![LOGO](g116991g85k45.jpg)

**Thomson Reuters Reports First-Quarter 2026 Results** 

Page 18 of 18

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Non-IFRS Financial Measures** | **Definition** | **Why Useful to the Company and Investors** |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; 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.<br>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.<br>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.<br>These measures are commonly used by shareholders to measure performance. |
| &nbsp;&nbsp;&nbsp; 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.<br>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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>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. |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; 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. |
| &nbsp;&nbsp;&nbsp; "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. |
| &nbsp;&nbsp;&nbsp; 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.<br>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.<br>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. |

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*Please refer to reconciliations for the most directly comparable IFRS financial measures.*