Thomson Reuters Reports Third-Quarter 2025 Results

Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the third quarter ended September 30, 2025:

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— Solid revenue momentum continued in the third quarter

— Total company revenues up 3% / organic revenues up 7%

— Organic revenues up 9% for the “Big 3” segments (Legal Professionals, Corporates and Tax & Accounting Professionals)

— Reaffirmed full-year 2025 outlook for all metrics

— Updated full-year 2026 financial framework, raising expectations for adjusted EBITDA margin expansion and free cash flow; all other metrics are unchanged

— Completed $1.0 billion share repurchase program announced in August 2025

“Our third-quarter results reflectcontinued momentum and the ongoing execution of our AI-driven innovation strategy,” said Steve Hasker, President and CEO of Thomson Reuters. “The growth in organic revenue highlights the impact of our agentic AI solutions like CoCounsel Legal and CoCounsel for tax, audit and accounting. We are launching new products and reshaping professional workflows by combining our expertise and trusted, authoritative content with cutting-edge technology. This is how we are empowering our customers to navigate increasing complexity and stay ahead.”

Mr. Hasker added, “With a robust capital position and a clear focus on our long-term investment strategy, we are well-positioned to build on this momentum, assess further inorganic opportunities, and continue delivering sustained growth and shareholder value.”

Consolidated Financial Highlights – Three Months Ended September 30

Three Months Ended September 30, (Millions of U.S. dollars, except for EPS) (unaudited) IFRS Financial Measures(1) 2025 2024 Change Revenues $1,782 $1,724 3% Operating profit $593 $415 43% Diluted earnings per share (EPS) $0.94 $0.67 40% Net cash provided by operating activities $704 $756 -7% Non-IFRS Financial Measures(1) 2025 2024 Change Change at Constant Currency Revenue growth in constant currency 3% Organic revenue growth 7% Adjusted EBITDA $672 $609 10% 9% Adjusted EBITDA margin 37.7% 35.3% 240bp 220bp Adjusted EPS $0.85 $0.80 6% 5% Free cash flow $526 $591 -11% (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.

Revenues increased 3% due to 3% growth in recurring revenues (83% of total revenues) and 12% growth in transactions revenues, partly offset by a 4% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 4%. Foreign currency had no significant impact on revenue growth.

— Organic revenues increased 7% reflecting 9% growth in recurring revenues, 4% growth in transactions revenues and a 4% decline in Global Print.

— The company's “Big 3” segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.

Operating profit increased 43% driven by an other operating gain on the sale of the company's remaining minority equity interest in the Elite business as well as higher revenues, partly offset by higher amortization of computer software.

— Adjusted EBITDA, which excludes other operating gains and amortization of computer software, as well as other adjustments, increased 10% and the related margin increased to 37.7% from 35.3% in the prior-year period, primarily due to higher operating leverage. Foreign currency contributed 20 basis points to the year-over-year change in adjusted EBITDA margin.

Diluted EPS increased to $0.94 per share compared to $0.67 per share in the prior-year period primarily due to higher operating profit.

— Adjusted EPS, which excludes other operating gains, as well as other adjustments, increased to $0.85 per share compared to $0.80 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher interest expense and amortization of internally developed software.

Net cash provided by operating activities decreased by $52 million as the cash benefits from higher operating profit were more than offset by certain changes in working capital.

— Free cash flow decreased by $65 million due to lower net cash provided by operating activities and higher capital expenditures.

Highlights by Customer Segment – Three Months Ended September 30

(Millions of U.S. dollars) (unaudited) Three months ended Change September30, 2025 2024 Total Constant Organic(1)(2) Currency(1) Revenues Legal Professionals $728 $745 -2% -2% 9% Corporates 478 437 10% 9% 9% Tax & Accounting Professionals 251 221 13% 15% 10% “Big 3” Segments Combined(1) 1,457 1,403 4% 4% 9% Reuters News 207 199 4% 4% 3% Global Print 124 128 -4% -4% -4% Eliminations/Rounding (6) (6) Total Revenues $1,782 $1,724 3% 3% 7% Adjusted EBITDA(1) Legal Professionals $354 $334 6% 5% Corporates 174 162 8% 7% Tax & Accounting Professionals 78 59 32% 33% “Big 3” Segments Combined(1) 606 555 9% 8% Reuters News 42 40 1% 2% Global Print 46 43 8% 6% Corporate costs (22) (29) n/a n/a Total Adjusted EBITDA $672 $609 10% 9% Adjusted EBITDA Margin(1) Legal Professionals 48.7% 44.9% 380bp 330bp Corporates 36.5% 36.8% -30bp -50bp Tax & Accounting Professionals 31.2% 26.8% 440bp 410bp “Big 3” Segments Combined(1) 41.7% 39.5% 220bp 180bp Reuters News 19.9% 20.4% -50bp -30bp Global Print 37.1% 33.1% 400bp 330bp Total Adjusted EBITDA Margin 37.7% 35.3% 240bp 220bp (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. (2)Computed for revenue growth only. n/a: not applicable

Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constantcurrency (which excludes the impact of foreign currency) as Thomson Reuters believes this provides the best basis to measure performance.

Legal Professionals

Revenues decreased 2% due to the disposal of FindLaw, which negatively impacted recurring and transactions revenues. Organic revenue growth was 9%.

— Recurring revenues decreased 2% (97% of total, increased 9% organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel, CoCounsel Drafting, Practical Law, and the segment's international businesses.

— Transactions revenues decreased 22% (3% of total, increased 3% organic).

Adjusted EBITDAincreased 6% to $354 million.

— The margin increased to 48.7% from 44.9% primarily reflecting higher operating leverage due in part to the disposal of the FindLaw business.

Corporates

Revenuesincreased 9%, all organic.

— Recurring revenues increased 8% (89% of total, increased 9% organic). Organic revenue growth was primarily driven by Indirect Tax, Direct Tax, Pagero, Practical Law, and the segment's international businesses.

— Transactions revenues increased 19% (11% of total, increased 5% organic). Organic revenue growth was primarily driven by increases in Pagero, Indirect Tax, Confirmation and Global Trade.

Adjusted EBITDAincreased 8% to $174 million and the margin decreased to 36.5% from 36.8%.

Tax & Accounting Professionals

Revenuesincreased 15%, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 10%.

— Recurring revenues increased 9% (73% of total, all organic). Organic revenue growth was primarily driven by the segment's Latin America business and its tax and audit products.

— Transactions revenues increased 36% (27% of total, increased 12% organic). Organic revenue growth was primarily driven by SafeSend, UltraTax, Confirmation and the segment's international businesses.

Adjusted EBITDAincreased 32% to $78 million.

— The margin increased to 31.2% from 26.8%, primarily reflecting operating leverage on higher revenue growth.

The Tax & 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.

Reuters News

Revenuesincreased 4%, 3% organic, primarily due to higher Agency revenues and a contractual price increase from our news agreement with the Data & Analytics business of London Stock Exchange Group (LSEG).

Adjusted EBITDA increased 1% to $42 million and the margin decreased to 19.9% from 20.4%.

Global Print

Revenuesdecreased 4%, all organic, driven by lower shipment volumes.

Adjusted EBITDA increased 8% to $46 million, and the margin increased to 37.1% from 33.1%, both reflecting lower expenses.

Corporate Costs

Corporate costswere $22 million compared to $29 million in the prior-year period.

Consolidated Financial Highlights – Nine Months Ended September 30

Nine Months Ended September 30, (Millions of U.S. dollars, except for EPS) (unaudited) IFRS Financial Measures(1) 2025 2024 Change Revenues $5,467 $5,349 2% Operating profit $1,592 $1,387 15% Diluted EPS $2.59 $3.59 -28% Net cash provided by operating activities $1,895 $1,893 0% Non-IFRS Financial Measures(1) 2025 2024 Change Change at Constant Currency Revenue growth in constant currency 2% Organic revenue growth 7% Adjusted EBITDA $2,159 $2,061 5% 4% Adjusted EBITDA margin 39.3% 38.5% 80bp 70bp Adjusted EPS $2.85 $2.76 3% 3% Free cash flow $1,369 $1,403 -3% (1) In addition to results reported in accordance with IFRS, the company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.

Revenues increased 2% due to 3% growth in recurring revenues (81% of total revenues) and 4% growth in transactions revenues, partly offset by a 6% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 4%. Foreign currency had no significant impact on revenue growth.

— Organic revenues increased 7% reflecting 9% growth in recurring revenues, 3% 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 82% of total revenues.

Operating profit increased 15% driven by an other operating gain on the sale of the company's remaining minority equity interest in the Elite business in the current-year period compared to other operating losses in the prior-year period. Higher revenues also contributed to growth. These items were partly offset by higher operating expenses and amortization of computer software.

— Adjusted EBITDA, which excludes other operating gains and losses, amortization of computer software, as well as other adjustments, increased 5% and the related margin increased to 39.3% from 38.5%. Foreign currency contributed 10 basis points to the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $2.59 per share compared to $3.59 per share in the prior-year period primarily because the prior-year period included a $468 million or $1.04 per share non-cash tax benefit related to tax legislation enacted in Canada.

— Adjusted EPS, which excludes the non-cash tax benefit, other operating gains and losses, as well as other adjustments, increased to $2.85 per share compared to $2.76 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software.

Net cash provided by operating activities was essentially unchanged as the cash benefits from higher operating profit were offset by certain changes in working capital.

— Free cash flow decreased by $34 million primarily due to higher capital expenditures.

Highlights by Customer Segment – Nine Months Ended September 30

(Millions of U.S. dollars) (unaudited) Nine months ended Change September30, 2025 2024 Total Constant Organic(1)(2) Currency(1) Revenues Legal Professionals $2,130 $2,193 -3% -3% 8% Corporates 1,491 1,386 8% 8% 9% Tax & Accounting Professionals 888 799 11% 13% 11% “Big 3” Segments Combined(1) 4,509 4,378 3% 3% 9% Reuters News 621 614 1% 1% 0% Global Print 354 375 -6% -5% -5% Eliminations/Rounding (17) (18) Total Revenues $5,467 $5,349 2% 2% 7% Adjusted EBITDA(1) Legal Professionals $1,029 $1,003 3% 2% Corporates 556 518 7% 7% Tax & Accounting Professionals 401 331 21% 22% “Big 3” Segments Combined(1) 1,986 1,852 7% 7% Reuters News 126 151 -17% -17% Global Print 131 133 -2% -2% Corporate costs (84) (75) n/a n/a Total Adjusted EBITDA $2,159 $2,061 5% 4% Adjusted EBITDA Margin(1) Legal Professionals 48.3% 45.7% 260bp 210bp Corporates 37.3% 37.2% 10bp -10bp Tax & Accounting Professionals 44.2% 41.5% 270bp 230bp “Big 3” Segments Combined(1) 43.9% 42.3% 160bp 120bp Reuters News 20.2% 24.6% -440bp -440bp Global Print 37.0% 35.5% 150bp 110bp Total Adjusted EBITDA Margin 39.3% 38.5% 80bp 70bp (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. (2)Computed for revenue growth only. n/a: not applicable

2025 Outlook

The company reaffirmed its 2025 full-year outlook, last updated on August 6, 2025, for all measures. Total revenue growth and organic revenue growth are trending towards the lower-end of the 3.0% to 3.5% and 7.0% to 7.5% ranges, respectively. The organic revenue growth outlook for the company's “Big 3” segments remains at approximately 9%.

The company's outlook for 2025 in the table below assumes constant currency rates and does not factor in 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 fourth-quarter 2025 organic revenue growth to be approximately 7%, including approximately 9% organic revenue growth for its “Big 3” segments, and its adjusted EBITDA margin to be approximately 39%.

The company's 2025 outlook is forward-looking information that is subject to risks and uncertainties (see “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions”). In particular, the company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company's ability to achieve its outlook.

Reported Full-Year 2024 Results and Full-Year 2025 Outlook

Total Thomson Reuters FY 2024 FY 2025 FY 2025 FY 2025 Reported Outlook Outlook Outlook 2/6/2025 8/6/2025 11/4/2025Total Revenue Growth 7% 3.0 – 3.5%(2) Unchanged UnchangedOrganic Revenue Growth(1) 7% 7.0 – 7.5 % Unchanged UnchangedAdjusted EBITDA Margin(1) 38.2% 39% Unchanged UnchangedCorporate Costs $105 million $120 – $130 million Unchanged UnchangedFree Cash Flow(1) $1.8 billion $1.9 billion Unchanged UnchangedAccrued Capex as % of Revenues(1) 8.4% 8% Unchanged UnchangedDepreciation & Amortization of Computer Software $731 million $835 – $855 million $825 – $835 million UnchangedDepreciation & Amortization of $584 million $635 – $655 million $625 – $635 million UnchangedInternally Developed Software $147 million $200 million Unchanged UnchangedAmortization of Acquired SoftwareNet Interest Expense $125 million $150 million $130 million UnchangedEffective Tax Rate on Adjusted 17.6% 19% Unchanged UnchangedEarnings(1)”Big 3″ Segments(1) FY 2024 FY 2025 FY 2025 FY 2025 Reported Outlook Outlook Outlook 2/6/2025 8/6/2025 11/4/2025Total Revenue Growth 8% 4%(2) Unchanged UnchangedOrganic Revenue Growth 9% 9% Unchanged UnchangedAdjusted EBITDA Margin 42.1% 43% Unchanged Unchanged(1) Non-IFRS financial measures. See the “Non-IFRS Financial Measures” section below as well as the tables appended to this news release for more information.(2) Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024.

Updated 2026 Financial Framework

The company updated its full-year 2026 financial framework provided on February 6, 2025. It now expects adjusted EBITDA margin expansion of approximately 100 basis points, up from the prior view of 50 basis points or more, and also expects free cash flow of approximately $2.1 billion, which is the high end of the prior $2.0 to $2.1 billion range.

All other measures remained unchanged. The company continues to target an organic revenue growth range of 7.5% to 8.0%, driven by an approximately 9.5% organic growth rate for the “Big 3” segments. It anticipates accrued capital expenditures as a percentage of revenues to be approximately 8%, and an effective tax rate of approximately 19%.

The updated financial framework assumes constant currency rates and does not factor in the impact of any future acquisitions or dispositions that may occur during this time horizon.

The information in this section is forward-looking. Actual results, which will include the impact of currency and future acquisitions and dispositions completed during 2025 and 2026, may differ materially from the company's 2025 outlook and 2026 financial framework. 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.”

Recent Acquisition

In September 2025, the company acquired Additive AI, Inc. (Additive), a U.S. based specialist in AI-powered tax document processing for tax and accounting professionals. Additive's GenAI-native platform ingests and parses complex U.S. federal tax forms, including schedule K-1, during tax preparation. This business is reported in the Tax & Accounting Professionals segment.

Sale of minority equity interest in Elite

In September 2025, the company sold its remaining minority interest in the Elite business, a provider of financial practice management solutions to law firms. The company received proceeds of $231 million from the transaction and recorded a pre-tax gain of $161 million.

Dividends

In February 2025, the company announced a 10% or $0.22 per share annualized increase in the dividend to $2.38 per common share, representing the 32nd consecutive year of dividend increases and the fourth consecutive 10% increase. A quarterly dividend of $0.595 per share is payable on December 10, 2025 to common shareholders of record as of November 18, 2025.

$1.0 Billion Share Repurchase Program

In August 2025, the company announced its plan to repurchase up to $1.0 billion of its common shares under a new Normal Course Issuer Bid that was approved by the TSX. In late October 2025, the Company completed the program by repurchasing 6.0 million of its common shares. Thomson Reuters had approximately 444.8 million common shares outstanding as of October 31, 2025.

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 tr.com.

NON-IFRS FINANCIAL MEASURES

Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the “Big 3” segments. The company modified its definition of net debt to account for interest rate swap arrangements entered into during the third quarter of 2025. The change did not have a material impact on its calculation of net debt.

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 and financial framework. Additionally, Thomson Reuters uses non-IFRS measures as the basis for management incentive programs. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables.

The company's outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook and financial framework 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 and financial framework 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.

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 “2025 Outlook” and the “Updated 2026 Financial Framework” sections, 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 16-27 in the “Risk Factors” section of the company's 2024 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 tr.com.

The company's business outlook and financial framework are based on information currently available to the company and are 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 business outlook and financial framework. 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 business outlook and financial framework assume 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 financial framework, as well as affect its results and other expectations. For a discussion of material assumptions and material risks related to the company's 2025 outlook which, in all material respects, apply to the 2026 financial framework, see pages 18-19 of the company's second-quarter management's discussion and analysis (MD&A) for the period ended June 30, 2025. The company's quarterly MD&A and 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 oftr.com.

The company has provided an outlook and financial framework 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 INVESTORSGehna Singh Kareckas Gary Bisbee, CFASenior Director, Corporate Affairs Head of Investor Relations+1 613 979 4272 +1 646 540 3249gehna.singhkareckas@tr.com gary.bisbee@tr.com

Thomson Reuters will webcast a discussion of its third-quarter 2025 results, its 2025 business outlook, and its updated 2026 financial framework today beginning at 9:00 a.m. Eastern Standard Time (EST). You can access the webcast by visiting ir.tr.com. An archive of the webcast will be available following the presentation.

Thomson Reuters CorporationConsolidated Income Statement(millions of U.S. dollars, except per share data)(unaudited) Three Months Ended Nine Months Ended September30, September30, 2025 2024 2025 2024CONTINUING OPERATIONSRevenues $1,782 $1,724 $5,467 $5,349Operating expenses (1,115) (1,117) (3,347) (3,288)Depreciation (28) (30) (83) (87)Amortization of computer software (182) (151) (534) (458)Amortization of other identifiable intangible assets (24) (21) (73) (69)Other operating gains (losses), net 160 10 162 (60)Operating profit 593 415 1,592 1,387Finance costs, net:Net interest expense (38) (21) (103) (97)Other finance income (costs) 7 (32) (51) (8)Income before tax and equity method investments 562 362 1,438 1,282Share of post-tax (losses) earnings in equity method investments (13) (8) (23) 45Tax (expense) benefit (121) (77) (265) 258Earnings from continuing operations 428 277 1,150 1,585(Loss) earnings from discontinued operations, net of tax (5) 24 20 35Net earnings $423 $301 $1,170 $1,620Earnings (loss) attributable to:Common shareholders $423 $301 $1,170 $1,623Non-controlling interests – – – (3)Earnings per share:Basic earnings (loss) per share:From continuing operations $0.95 $0.61 $2.55 $3.51From discontinued operations (0.01) 0.06 0.04 0.08Basic earnings per share $0.94 $0.67 $2.59 $3.59Diluted earnings (loss) per share:From continuing operations $0.95 $0.61 $2.54 $3.51From discontinued operations (0.01) 0.06 0.05 0.08Diluted earnings per share $0.94 $0.67 $2.59 $3.59Basic weighted-average common shares 449,783,419 449,886,792 450,244,795 450,788,536Diluted weighted-average common shares 450,283,728 450,458,885 450,796,588 451,424,716Thomson Reuters CorporationConsolidated Statement of Financial Position(millions of U.S. dollars)(unaudited) September30, December31, 2025 2024AssetsCash and cash equivalents $618 $1,968Trade and other receivables 1,053 1,087Other financial assets 87 35Prepaid expenses and other current assets 428 400Current assets 2,186 3,490Property and equipment, net 357 386Computer software, net 1,680 1,453Other identifiable intangible assets, net 3,127 3,134Goodwill 7,909 7,262Equity method investments 203 269Other financial assets 442 442Other non-current assets 629 625Deferred tax 1,317 1,376Total assets $17,850 $18,437Liabilities and equityLiabilitiesCurrent indebtedness $838 $973Payables, accruals and provisions 947 1,091Current tax liabilities 216 197Deferred revenue 1,132 1,062Other financial liabilities 428 113Current liabilities 3,561 3,436Long-term indebtedness 1,338 1,847Provisions and other non-current liabilities 675 675Other financial liabilities 206 232Deferred tax 309 241Total liabilities 6,089 6,431EquityCapital 3,561 3,498Retained earnings 9,113 9,699Accumulated other comprehensive loss (913) (1,191)Total equity 11,761 12,006Total liabilities and equity $17,850 $18,437Thomson Reuters CorporationConsolidated Statement of Cash Flow(millions of U.S. dollars)(unaudited) Three Months Ended Nine Months Ended September30, September30, 2025 2024 2025 2024Cash provided by (used in):Operating activitiesEarnings from continuing operations $428 $277 $1,150 $1,585Adjustments for:Depreciation 28 30 83 87Amortization of computer software 182 151 534 458Amortization of other identifiable intangible assets 24 21 73 69Share of post-tax losses (earnings) in equity method investments 13 8 23 (45)Net (gains) losses on disposals of businesses and investments (162) (1) (164) 3Deferred tax 33 8 51 (687)Other 52 56 223 173Changes in working capital and other items 107 206 (79) 252Operating cash flows from continuing operations 705 756 1,894 1,895Operating cash flows from discontinued operations (1) – 1 (2)Net cash provided by operating activities 704 756 1,895 1,893Investing activitiesAcquisitions, net of cash acquired (193) (25) (823) (492)Proceeds related to disposals of businesses and investments 247 33 252 29Proceeds from sales of LSEG shares – – – 1,854Capital expenditures (162) (149) (476) (446)Other investing activities – – 1 6Taxes paid on sales of LSEG shares and disposals (33) (65) (33) (202)Net cash (used in) provided by investing activities (141) (206) (1,079) 749Financing activitiesRepayments of debt – (242) (999) (290)Net borrowings (repayments) under short-term loan facilities 339 – 339 (139)Payments of lease principal (15) (15) (48) (46)Repurchases of common shares (670) – (670) (639)Dividends paid on preference shares (1) (1) (3) (4)Dividends paid on common shares (260) (236) (779) (708)Purchase of non-controlling interests – – – (384)Other financing activities – 2 (10) 3Net cash used in financing activities (607) (492) (2,170) (2,207)Translation adjustments (2) 3 4 (2)(Decrease) increase in cash and cash equivalents (46) 61 (1,350) 433Cash and cash equivalents at beginning of period 664 1,670 1,968 1,298Cash and cash equivalents at end of period $618 $1,731 $618 $1,731Thomson Reuters CorporationReconciliation of Earnings from Continuing Operations to Adjusted EBITDA(1)(millions of U.S. dollars)(unaudited) Three months ended Nine months ended Year ended September30, September30, December 31, 2025 2024 2025 2024 2024Earnings from continuing operations $428 $277 $1,150 $1,585 $2,192Adjustments to remove:Tax expense (benefit) 121 77 265 (258) (123)Other finance (income) costs (7) 32 51 8 (45)Net interest expense 38 21 103 97 125Amortization of other identifiable intangible assets 24 21 73 69 91Amortization of computer software 182 151 534 458 618Depreciation 28 30 83 87 113EBITDA $814 $609 $2,259 $2,046 $2,971Adjustments to remove:Share of post-tax losses (earnings) in equity method 13 8 23 (45) (40)investmentsOther operating (gains) losses, net (160) (10) (162) 60 (144)Fair value adjustments* 5 2 39 – (8)Adjusted EBITDA(1) $672 $609 $2,159 $2,061 $2,779Adjusted EBITDA margin(1) 37.7% 35.3% 39.3% 38.5% 38.2%* 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 CorporationReconciliation of Net Cash Provided By Operating Activities to Free Cash Flow(1)(millions of U.S. dollars)(unaudited) Three months ended Nine months ended Year ended September30, September30, December31, 2025 2024 2025 2024 2024Net cash provided by operating activities $704 $756 $1,895 $1,893 $2,457Capital expenditures (162) (149) (476) (446) (607)Other investing activities – – 1 6 46Payments of lease principal (15) (15) (48) (46) (63)Dividends paid on preference shares (1) (1) (3) (4) (5)Free cash flow(1) $526 $591 $1,369 $1,403 $1,828Thomson Reuters CorporationReconciliation of Capital Expenditures to Accrued Capital Expenditures(1)(millions of U.S. dollars)(unaudited) Year ended December 31, 2024Capital expenditures $607Remove: IFRS adjustment to cash basis 2Accrued capital expenditures(1) $609Accrued capital expenditures as a percentage of revenues(1) 8.4%(1) Refer to page 23 for additional information on non-IFRS financial measures.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 ended Nine months ended Year ended September30, September30, December 31, 2025 2024 2025 2024 2024Net earnings $423 $301 $1,170 $1,620 $2,207Adjustments to remove:Fair value adjustments* 5 2 39 – (8)Amortization of acquired computer software 52 34 153 109 147Amortization of other identifiable intangible assets 24 21 73 69 91Other operating (gains) losses, net (160) (10) (162) 60 (144)Other finance (income) costs (7) 32 51 8 (45)Share of post-tax losses (earnings) in equity method 13 8 23 (45) (40)investmentsTax on above items(1) 16 (5) (30) (45) (9)Tax items impacting comparability(1) 11 (2) (9) (483) (478)Loss (earnings) from discontinued operations, net of tax 5 (24) (20) (35) (15)Interim period effective tax rate normalization(1) 2 3 (2) (7) -Dividends declared on preference shares (1) (1) (3) (4) (5)Adjusted earnings(1)(2) $383 $359 $1,283 $1,247 $1,701Adjusted EPS(1)(2) $0.85 $0.80 $2.85 $2.76Total change 6% 3%Foreign currency 1% 0%Constant currency 5% 3%Diluted weighted-average common shares (millions) 450.3 450.5 450.8 451.4Reconciliation of Effective Tax Rate on Adjusted Earnings(1) Year ended December 31, 2024Adjusted earnings $1,701Plus: Dividends declared on preference shares 5Plus: Tax expense on adjusted earnings 364Pre-tax adjusted earnings $2,070IFRS Tax benefit $(123)Remove tax related to:Amortization of acquired computer software 33Amortization of other identifiable intangible assets 22Share of post-tax earnings in equity method investments (7)Other finance income 19Other operating gains, net (56)Other items (2)Subtotal – Remove tax benefit on pre-tax items removed from adjusted earnings 9Remove: Tax items impacting comparability 478Total – Remove all items impacting comparability 487Tax expense on adjusted earnings $364Effective tax rate on adjusted earnings 17.6%*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 23 for additional information on non-IFRS financial measures.(2) The adjusted earnings impact of non-controlling interests, which was applicable to the nine-month period ended September 30, 2024 and the year-ended December 31, 2024, was not material.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 ended Change September30, 2025 2024 Total Foreign SUBTOTAL Net Organic Currency Constant Acquisitions/ Currency (Disposals)Total RevenuesLegal Professionals $728 $745 -2% 0% -2% -11% 9%Corporates 478 437 10% 1% 9% 0% 9%Tax & Accounting Professionals 251 221 13% -2% 15% 5% 10%”Big 3″ Segments Combined(1) 1,457 1,403 4% 0% 4% -5% 9%Reuters News 207 199 4% 1% 4% 1% 3%Global Print 124 128 -4% 0% -4% 0% -4%Eliminations/Rounding (6) (6)Total Revenues $1,782 $1,724 3% 0% 3% -4% 7%Recurring RevenuesLegal Professionals $709 $721 -2% 0% -2% -11% 9%Corporates 423 390 8% 1% 8% -2% 9%Tax & Accounting Professionals 183 170 7% -2% 9% 0% 9%”Big 3″ Segments Combined(1) 1,315 1,281 3% 0% 3% -7% 9%Reuters News 178 167 7% 0% 7% 1% 6%Eliminations/Rounding (6) (6)Total Recurring Revenues $1,487 $1,442 3% 0% 3% -6% 9%Transactions RevenuesLegal Professionals $19 $24 -21% 1% -22% -25% 3%Corporates 55 47 18% 0% 19% 14% 5%Tax & Accounting Professionals 68 51 35% -1% 36% 24% 12%”Big 3″ Segments Combined(1) 142 122 18% 0% 18% 10% 8%Reuters News 29 32 -11% 1% -13% 1% -14%Total Transactions Revenues $171 $154 12% 0% 11% 8% 4%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 23 for additional information on non-IFRS financial measures.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 ended Change September30, 2025 2024 Total Foreign SUBTOTAL Net Organic Currency Constant Acquisitions/ Currency (Disposals)Total RevenuesLegal Professionals $2,130 $2,193 -3% 0% -3% -11% 8%Corporates 1,491 1,386 8% 0% 8% -1% 9%Tax & Accounting Professionals 888 799 11% -2% 13% 3% 11%”Big 3″ Segments Combined(1) 4,509 4,378 3% 0% 3% -6% 9%Reuters News 621 614 1% 1% 1% 0% 0%Global Print 354 375 -6% 0% -5% 0% -5%Eliminations/Rounding (17) (18)Total Revenues $5,467 $5,349 2% 0% 2% -4% 7%Recurring RevenuesLegal Professionals $2,073 $2,121 -2% 0% -2% -11% 9%Corporates 1,236 1,142 8% 0% 8% -2% 10%Tax & Accounting Professionals 580 548 6% -3% 9% 0% 9%”Big 3″ Segments Combined(1) 3,889 3,811 2% 0% 2% -7% 9%Reuters News 529 495 7% 0% 7% 0% 6%Eliminations/Rounding (17) (18)Total Recurring Revenues $4,401 $4,288 3% 0% 3% -6% 9%Transactions RevenuesLegal Professionals $57 $72 -21% 1% -22% -19% -3%Corporates 255 244 5% 0% 5% 0% 5%Tax & Accounting Professionals 308 251 23% -1% 23% 9% 14%”Big 3″ Segments Combined(1) 620 567 9% 0% 9% 1% 9%Reuters News 92 119 -23% 2% -24% 0% -25%Total Transactions Revenues $712 $686 4% 0% 4% 1% 3% Year ended Change December 31, 2024 2023 Total Foreign SUBTOTAL Net Organic Currency Constant Acquisitions/ Currency (Disposals)Total RevenuesLegal Professionals $2,922 $2,807 4% 0% 4% -3% 7%Corporates 1,844 1,620 14% 0% 14% 4% 10%Tax & Accounting Professionals 1,165 1,058 10% -1% 11% 1% 10%”Big 3″ Segments Combined(1) 5,931 5,485 8% 0% 8% 0% 9%Reuters News 832 769 8% 0% 8% 2% 6%Global Print 519 562 -8% 0% -7% 0% -7%Eliminations/Rounding (24) (22)Total Revenues $7,258 $6,794 7% 0% 7% 0% 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 23 for additional information on non-IFRS financial measures.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 ended Change September30, 2025 2024 Total Foreign Constant Currency CurrencyAdjusted EBITDA(1)Legal Professionals $354 $334 6% 1% 5%Corporates 174 162 8% 1% 7%Tax & Accounting Professionals 78 59 32% 0% 33%”Big 3″ Segments Combined(1) 606 555 9% 1% 8%Reuters News 42 40 1% 0% 2%Global Print 46 43 8% 2% 6%Corporate costs (22) (29) n/a n/a n/aTotal Adjusted EBITDA $672 $609 10% 1% 9%Adjusted EBITDA Margin(1)Legal Professionals 48.7% 44.9% 380bp 50bp 330bpCorporates 36.5% 36.8% -30bp 20bp -50bpTax & Accounting Professionals 31.2% 26.8% 440bp 30bp 410bp”Big 3″ Segments Combined(1) 41.7% 39.5% 220bp 40bp 180bpReuters News 19.9% 20.4% -50bp -20bp -30bpGlobal Print 37.1% 33.1% 400bp 70bp 330bpTotal Adjusted EBITDA Margin 37.7% 35.3% 240bp 20bp 220bpThomson 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 ended Change September30, 2025 2024 Total Foreign Constant Currency CurrencyAdjusted EBITDA(1)Legal Professionals $1,029 $1,003 3% 1% 2%Corporates 556 518 7% 1% 7%Tax & Accounting Professionals 401 331 21% -1% 22%”Big 3″ Segments Combined(1) 1,986 1,852 7% 1% 7%Reuters News 126 151 -17% 1% -17%Global Print 131 133 -2% 1% -2%Corporate costs (84) (75) n/a n/a n/aTotal Adjusted EBITDA $2,159 $2,061 5% 0% 4%Adjusted EBITDA Margin(1)Legal Professionals 48.3% 45.7% 260bp 50bp 210bpCorporates 37.3% 37.2% 10bp 20bp -10bpTax & Accounting Professionals 44.2% 41.5% 270bp 40bp 230bp”Big 3″ Segments Combined(1) 43.9% 42.3% 160bp 40bp 120bpReuters News 20.2% 24.6% -440bp 0bp -440bpGlobal Print 37.0% 35.5% 150bp 40bp 110bpTotal Adjusted EBITDA Margin 39.3% 38.5% 80bp 10bp 70bpn/a: not applicableGrowth percentages and margins are computed using whole dollars. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.(1) Refer to page 23 for additional information on non-IFRS financial measures.

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 acquired deferred revenue.

Three months ended September30, 2025(millions of U.S. dollars) IFRS Remove fair Revenues Adjusted Adjusted(unaudited) revenues value excluding EBITDA EBITDA adjustments fair value Margin to acquired adjustments deferred to acquired revenue deferred revenueLegal Professionals $728 – $728 $354 48.7%Corporates 478 – 478 174 36.5%Tax & Accounting Professionals 251 – 251 78 31.2%”Big 3″ Segments Combined(1) 1,457 – 1,457 606 41.7%Reuters News 207 – 207 42 19.9%Global Print 124 – 124 46 37.1%Eliminations/Rounding (6) – (6) – n/aCorporate costs – – – (22) n/aConsolidated totals $1,782 – $1,782 $672 37.7% Nine months ended September30, 2025(millions of U.S. dollars) IFRS Remove fair Revenues Adjusted Adjusted(unaudited) revenues value excluding EBITDA EBITDA adjustments fair value Margin to acquired adjustments deferred to acquired revenue deferred revenueLegal Professionals $2,130 – $2,130 $1,029 48.3%Corporates 1,491 – 1,491 556 37.3%Tax & Accounting Professionals 888 $20 908 401 44.2%”Big 3″ Segments Combined(1) 4,509 20 4,529 1,986 43.9%Reuters News 621 – 621 126 20.2%Global Print 354 – 354 131 37.0%Eliminations/Rounding (17) – (17) – n/aCorporate costs – – – (84) n/aConsolidated totals $5,467 $20 $5,487 $2,159 39.3% Three months ended September30, 2024(millions of U.S. dollars) IFRS Remove fair Revenues Adjusted Adjusted(unaudited) revenues value excluding EBITDA EBITDA adjustments fair value Margin to acquired adjustments deferred to acquired revenue deferred revenueLegal Professionals $745 – $745 $334 44.9%Corporates 437 $2 439 162 36.8%Tax & Accounting Professionals 221 – 221 59 26.8%”Big 3″ Segments Combined(1) 1,403 2 1,405 555 39.5%Reuters News 199 – 199 40 20.4%Global Print 128 – 128 43 33.1%Eliminations/Rounding (6) – (6) – n/aCorporate costs – – – (29) n/aConsolidated totals $1,724 $2 $1,726 $609 35.3%n/a: not applicableMargins 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.Reconciliation of adjusted EBITDA margin(1) Nine months ended September30, 2024(millions of U.S. dollars) IFRS Remove fair Revenues Adjusted Adjusted(unaudited) revenues value excluding EBITDA EBITDA adjustments fair value Margin to acquired adjustments deferred to acquired revenue deferred revenueLegal Professionals $2,193 $1 $2,194 $1,003 45.7%Corporates 1,386 6 1,392 518 37.2%Tax & Accounting Professionals 799 – 799 331 41.5%”Big 3″ Segments Combined(1) 4,378 7 4,385 1,852 42.3%Reuters News 614 1 615 151 24.6%Global Print 375 – 375 133 35.5%Eliminations/Rounding (18) – (18) – n/aCorporate costs – – – (75) n/aConsolidated totals $5,349 $8 $5,357 $2,061 38.5%Thomson Reuters Corporation”Big 3″ Segments and Consolidated Adjusted EBITDA(1) and the Related Margins(1)(millions of U.S. dollars)(unaudited) Year ended December31, 2024Adjusted EBITDA(1)Legal Professionals $1,302Corporates 671Tax & Accounting Professionals 527″Big 3″ Segments Combined(1) 2,500Reuters News 196Global Print 188Corporate costs (105)Total Adjusted EBITDA $2,779″Big 3″ Segments Combined(1)Adjusted EBITDA $2,500Revenues, excluding $7 million of fair value adjustments to acquired deferred revenue $5,938Adjusted EBITDA margin 42.1%Consolidated(1)Adjusted EBITDA $2,779Revenues, excluding $9 million of fair value adjustments to acquired deferred revenue $7,267Adjusted EBITDA margin 38.2%n/a: not applicableMargins 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.Thomson Reuters CorporationReconciliation of Net Debt(1) and Leverage Ratio of Net Debt to Adjusted EBITDA(1)(millions of U.S. dollars)(unaudited) September30, December31, 2025 2024Current indebtedness $838 $973Long-term indebtedness 1,338 1,847Total debt 2,176 2,820Swaps 8 21Total debt after swaps 2,184 2,841Remove fair value adjustments for hedges (2) 5Total debt after hedging arrangements 2,182 2,846Remove transaction costs, premiums or discounts, included in the carrying value of debt 27 22Add: Lease liabilities (current and non-current) 240 256Less: Cash and cash equivalents (618) (1,968)Net debt $1,831 $1,156Leverage ratio of net debt to adjusted EBITDAAdjusted EBITDA $2,877 $2,779Net debt/adjusted EBITDA 0.6:1 0.4:1(1) Refer to page 23 for additional information on non-IFRS financial measures.Non-IFRS Financial Measures Definition Why Useful to the Company and InvestorsAdjusted 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 computer software and other identifiable intangible assets, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue. Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that the company does not consider to be controllable activities for this purpose. Also, represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess the company's ability to incur and service debt.Adjusted earnings and adjusted EPS Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired computer 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. Provides a more comparable basis to analyze earnings. The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item. These measures are commonly used by shareholders to measure performance. 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.Effective tax rate on adjusted earnings Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax (benefit) expense plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability. Provides a basis to analyze the effective tax rate associated with adjusted earnings. 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. The company's effective tax rate computed in accordance with IFRS may be more volatile by quarter because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year. Therefore, the company believes that using the expected full-year effective tax rate provides more comparability among interim periods.Free cash flow Net cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on the company's preference shares. Helps assess the company's ability, over the long term, to create value for its shareholders as it represents cash available to repay debt, pay common dividends, fund share repurchases and acquisitions.Changes before the impact of foreign currency or at “constant currency” The changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency or excluding the effects of currency) are determined by converting the current and equivalent prior period's local currency results using the same foreign currency exchange rate. Provides better comparability of business trends from period to period.Changes in revenues computed on an “organic” basis Represent changes in revenues of the company's existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods. Provides further insight into the performance of the company's existing businesses by excluding distortive impacts and serves as a better measure of the company's ability to grow its business over the long term.Accrued capital expenditures as a percentage of revenues Accrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue. Reflects the basis on which the company manages capital expenditures for internal budgeting purposes.”Big 3″ segments The company's combined Legal Professionals, Corporates and Tax & Accounting Professionals segments. All measures reported for the “Big 3” segments are non-IFRS financial measures. The “Big 3” segments comprised approximately 80% of revenues and represent the core of the company's business information service product offerings.Net debt and leverage ratio of net debt to adjusted EBITDA Net debt is total debt, plus related hedging instruments and collateral balances, along with lease liabilities, excluding unamortized transaction costs and any premiums or discounts on debt, minus cash and cash equivalents. We exclude specific hedging components to reflect the net cash outflow upon debt maturity. 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. Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter. The company's non-IFRS measure is aligned with the calculation of its internal maximum leverage ratio and is more conservative than the maximum ratio allowed under the contractual covenants in its credit facility.Please refer to reconciliations for the most directly comparable IFRS financial measures.

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