Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Q4 2025 Earnings Presentation
24 slides from Thomson Reuters's earnings presentation, Feb 5, 2026
Slide 1: Thomson Reuters 2025 Fourth-Quarter Results
REUTERS/Michaela Rehle Thomson Reuters 2025 Fourth - Quarter Results February 5, 2026
Slide 2: Agenda
Agenda • Welcome / Introduction Gary Bisbee • Fourth - Quarter & Full - Year 2025 Highlights Steve Hasker Reimagining How We Work: Leveraging AI Internally • Financial Review Mike Eastwood Fourth - Quarter & Full - Year 2025 Results 2026 Full - Year Outlook • Q&A 2
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 pres ent ed and understood together. Certain statements in this presentat
Slide 4: Fourth Quarter & Full-Year 2025 Highlights
Thomson Reuters Fourth - Quarter & Full - Year 2025 Highlights Steve Hasker President & CEO
Slide 5: Fourth Quarter & Full-Year 2025 Highlights
Fourth - Quarter & Full - Year 2025 Highlights 1. Good 2025 performance as organic revenue, adjusted EBITDA margin, and FCF met expectations • Q4 organic revenue growth of 7%, driven by 9% recurring revenue growth • Q4 “Big 3” (Legal, Corporates, and Tax, Audit & Accounting) organic revenue growth o
Slide 6: Fourth Quarter 2025 Consolidated Results
Fourth - Quarter 2025 Consolidated Results IFRS Financial Measures ($ millions) 2025 2024 Change Revenues $2,009 $1,909 Up 5% Operating profit $540 $722 Down 25% Diluted earnings per share (EPS) $0.74 $1.30 Down 43% Net cash provided by operating activities $756 $564 Up 35% Change at Constant Organi
Slide 7: Revenue Growth by Segment
Fourth - Quarter 2025 Revenue Growth by Segment Reported revenues up 5% to $2.0 billion Organic revenues up 7% Organic recurring revenues up 9% Tax Corporates Global Print Professionals Tax, Audit & Legal Corporates Accounting Reuters Global Print Professionals Professionals $0.7B $0.5B $0.4B $0.2B
Slide 8: Full-Year 2025 Consolidated Results
Full - Year 2025 Consolidated Results IFRS Financial Measures ($ millions) 2025 2024 Change Revenues $7,476 $7,258 Up 3% Operating profit $2,132 $2,109 Up 1% Diluted EPS $3.33 $4.89 Down 32% Net cash provided by operating activities $2,651 $2,457 Up 8% Change at Constant Organic Non - IFRS Financial
Slide 9: Full-Year 2025 Actual Results vs. Updated Guidance
Full - Year 2025 Actual Results vs. Updated Guidance 2025 Outlook 2025 Results 2025 Total Thomson Reuters 11.04.25 Before Currency Reported Before Currency Total Revenue Growth 3.0% - 3.5% 3.0% 3.0% Organic Revenue Growth (1) 7.0% - 7.5% 7.0% 7.0% Adjusted EBITDA Margin (1) ~ 39% 39.1% 39.2% Corpora
Slide 10: Reimagining How We Work: Leveraging AI Internally
Reimagining How We Work: Leveraging AI Internally
Slide 11: Leveraging AI Internally to Drive Productivity & Speed
Reimagining How We Work: Leveraging AI Internally to Drive Productivity & Speed We are on a journey to reimagine how we work with AI - driven automation to drive productivity, accelerate decision - making and improve customer experiences 2023+ 2025+ Adding top - down disciplined structure to drive U
Slide 12: Driving Measurable Business Impact through the Internal Use of AI
Driving Measurable Business Impact through the Internal Use of AI Four Examples of AI - Enabled Workforce Transformation Product Engineering Content Operations Customer Service TR General Counsel • Agent assist Leveraging TR tools for : legal • AI- enabled code generation Use • Auto responses resear
Slide 13: Financial Review
Financial Review Fourth - Quarter & Full - Year 2025 Results 2026 Outlook Mike Eastwood Chief Financial Officer
Slide 14: Legal, Corporates, Tax, Audit & Accounting Revenues
Fourth - Quarter & Full - Year 2025 Legal Professionals, Corporates, Tax, Audit & Accounting Professionals Revenues ($ millions) Fourth Quarter Full Year Constant Constant Revenues 2025 2024 Total Currency Organic 2025 2024 Total Currency Organic Legal Professionals 738 729 +1% +1% +9% 2,868 2,922 -
Slide 15: Consolidated Revenues
Fourth - Quarter & Full - Year 2025 Consolidated Revenues ($ millions) Fourth Quarter Full Year Constant Constant Revenues 2025 2024 Total Currency Organic 2025 2024 Total Currency Organic Reuters 232 218 +7% +6% +5% 853 832 +3% +2% +1% Global Print 136 144 - 6% - 6% - 6% 490 519 - 6% - 5% - 5% Elim
Slide 16: Consolidated Adjusted EBITDA
Fourth - Quarter & Full - Year 2025 Consolidated Adjusted EBITDA ($ millions) Fourth Quarter Full Year Constant Constant Adjusted EBITDA 2025 2024 Total Currency 2025 2024 Total Currency Legal Professionals 327 299 +9% +9% 1,356 1,302 +4% +3% Margin 44.3% 41.0% 47.3% 44.6% Corporates 160 153 +4% +4%
Slide 17: Adjusted Earnings Per Share (EPS)
Adjusted Earnings Per Share (EPS) ($ millions except per share amounts & share count) Fourth Quarter Full Year 2025 2024 % Change 2025 2024 % Change Adjusted EBITDA 777 718 +8% 2,936 2,779 +6% Depreciation & Amortization of Software (215) (186) (832) (731) Add back: Acquired Software Amortization 53
Slide 18: Consolidated Free Cash Flow
Consolidated Free Cash Flow ($ millions) Fourth Quarter Full Year 2025 2024 (1) Change 2025 2024 (1) Change Net Cash from Operations, before change in WC 634 641 (7) 2,608 2,541 67 Changes in working capital and other items 122 (77) 199 43 (84) 127 Net Cash Provided by Operating Activities 756 564 1
Slide 19: Capital Structure and Allocation Updates
Capital Structure and Allocation Updates
Slide 20: Significant Financial Capacity - Ready to Put to Work
Significant Financial Capacity - Ready to Put to Work • Capital structure and liquidity position remain strong: • Capital capacity expected to grow to ~$11B by 2028 • Expected to provide significant organic and inorganic growth opportunities; continue to assess acquisition candidates • As of Q4 ‘25,
Slide 21: Balanced Capital Allocation History
Balanced Capital Allocation History We have allocated $15+ billion over the past 5 years in support of our capital allocation priorities: annual dividend growth, st rategic M&A, additional shareholder returns, and supporting a strong investment grade balance sheet 2026 Annualized Dividend Increases
Slide 22: 2026 Outlook
2026 Outlook iF Thomson ele Reuters”
Slide 23: 2026 Outlook
2026 Outlook FY 2025 2026 2026 Total Thomson Reuters Framework (2) Outlook (2) Reported 11/4/2025 2/5/2026 Total Revenue Growth 3% 7.5% - 8.0% Organic Revenue Growth (1) 7% 7.5% - 8.0% 7.5% - 8.0% Adjusted EBITDA Margin (1) 39.2% +100 bps Y/Y +100 bps Y/Y Corporate Costs $118 million $115 - $125 mil
Slide 24: Q&A
Q&A iF Thomson ele Reuters”