Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Q1 2025 Earnings Presentation
18 slides from Thomson Reuters's earnings presentation, May 1, 2025
Slide 1: Thomson Reuters 2025 First-Quarter Results
REUTERS David W Cemy. Thomson Reuters 2025 First-Quarter Results May 1, 2025 Thomson Reuters”
Slide 2: Agenda
Agenda ¢ Welcome / Introduction Gary Bisbee ¢ First-Quarter 2025 Highlights Improving Revenue Mix Driving Growth Steve Hasker ¢ Financial Review First-Quarter 2025 Results 2025 Full-Year Outlook \ Mike Eastwood ° Q&A ) Thomson Reuters”
Slide 3: Special Note Regarding Forward-Looking Statements
Special Note Special Note Regarding Forward-Looking Statements, Material Assumptions and Material Risks This presentation consists of these slides and the associated remarks and comments, which are related and intended to be presented and understood together. Certain statements in this presentation
Slide 4: Thomson Reuters First-Quarter 2025 Highlights
Thomson Reuters First-Quarter 2025 Highlights Steve Hasker President & CEO ois Thomson *.° Reuters™ eee
Slide 5: First-Quarter 2025 Highlights
First-Quarter 2025 Highlights 1. Good momentum continues with Qi results meeting or exceeding expectations * Ql Total TR organic revenue growth of 6%, driven by 9% recurring revenue growth * “Big 3” (Legal, Corporates and Tax & Accounting) organic revenue growth of 9% * Qladjusted EBITDA margin upsi
Slide 6: First-Quarter 2025 Consolidated Results
First-Quarter 2025 Consolidated Results IFRS Financial Measures (S millions) 2025 2024 Change Revenues $1,900 $1,885 Up 1% Operating profit $563 $557 Up 1% Diluted earnings per share (EPS) $0.96 $1.06 Down 9% Net cash provided by operating activities $445 $432 Up 4% Change at Constant Organic Non-IF
Slide 7: Tax Professionals, Corporates, Reuters News, Global Print
Tax Corporates Reuters News Global Print Professionals Reuters News
Slide 8: Improving Revenue Mix Driving Growth
Improving Revenue Mix Driving Growth oro, Thomson ele Reuters”
Slide 9: Improving Revenue Mix Contributing to Revenue Acceleration
Improving Revenue Mix Contributing to Revenue Acceleration Revenue Mix Products Growing 10%+ Other Products Global Print 2024 Revenue” $7.0 billion 2019 Revenue $5.9 billion 7% Organic Growth 4% Organic Growth Thomson Reuters” (1) 2024 excludes revenue from FindLaw, which was sold in December 2024.
Slide 10: Financial Review
Financial Review First-Quarter 2025 Results 2025 Outlook Mike Eastwood Chief Financial Officer or°. Thomson ele Reuters”
Slide 11: First-Quarter 2025 Legal, Corporates, Tax & Accounting Professionals Revenue
First-Quarter 2025 Legal, Corporates, Tax & Accounting Professionals Revenue ($ millions) First Quarter Constant Revenues 2025 2024 Total Currency Organic Legal Professionals 693 721 -4% -3% +8% Corporates 541 507 +7% +7% +9% Tax & Accounting Professionals 360 328 +10% +12% +11% “Big 3” Revenues 159
Slide 12: First-Quarter 2025 Consolidated Revenues
First-Quarter 2025 Consolidated Revenues ($ millions) First Quarter Constant Revenues 2025 2024 Total Currency Organic -4% -3% +8% 47% +7% +9% +10% 12% +11% “Big 3” Revenues 1,594 1,556 +2% +3% +9% Reuters News 196 210 -7% -7% -7% Global Print 116 124 -6% -5% -5% Eliminations / Rounding (6) (5) Tota
Slide 13: First-Quarter 2025 Consolidated Adjusted EBITDA
First-Quarter 2025 Consolidated Adjusted EBITDA ($ millions) First Quarter Constant Adjusted EBITDA 2025 2024 Total Currency Legal Professionals 336 342 4 7 Margin 48.4% 47.4% 2% 2% Corporates 213 193 Margin 39.4% 37.8% 10% 10% Tax & Accounting Professionals 210 181 Margin 56.7% 55.0% 117% 117% “Big
Slide 14: Adjusted Earnings Per Share (EPS)
Adjusted Earnings Per Share (EPS) ($ millions except per share amounts & share count) First Quarter 2025 2024 % Change Adjusted EBITDA 809 806 - Add back: Acquired Software Amortization 49 38 Interest Expense (30) (40) Income Tax (120) (119) Dividend declared on preference shares (1) (1) Adjusted Ea
Slide 15: Consolidated Free Cash Flow
Consolidated Free Cash Flow ais} ($ millions) First Quarter 2025 2024 Change Net Cash from Operations, before change in WC 738 728 10 Changes in working capital and other items (293) (296) 3 Net Cash Provided by Operating Activities 445 432 13 Capital Expenditures (151) (145) (6) Other Investing Act
Slide 16: 2025 Outlook
2025 Outlook ¢F°% Thomson ele Reuters”
Slide 17: Reaffirming 2025 Outlook
Reaffirming 2025 Outlook 7 FY 2024 FY 2025 FY 2025 Total Thomson Reuters Outlook ?) Outlook 2) Reported 2/6/25 5/1/25 Total Revenue Growth 7% 3.0% - 3.5% Unchanged. Organic Revenue Growth ® 7% 7.0% - 7.5% Unchanged Adjusted EBITDA Margin“ 38.2% ~ 39% Unchanged Corporate Costs $105 million $120 - $13
Slide 18: Q&A
Q&A ¢F°% Thomson ele Reuters”