Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Q3 2025 Earnings Presentation
20 slides from Thomson Reuters's earnings presentation, Nov 4, 2025
Slide 1: Thomson Reuters 2025 Third-Quarter Results
Thomson Reuters 2025 Third - Quarter Results November 4, 2025
Slide 2: Agenda
Agenda • Welcome / Introduction Gary Bisbee • Third - Quarter 2025 Highlights Steve Hasker Westlaw Content Provides Durable Differentiation • Financial Review Mike Eastwood Third - Quarter 2025 Results 2025 Full - Year Outlook and 2026 Financial Framework Updates • Q&A 2
Slide 3: Special Note
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: Third-Quarter 2025 Highlights
Thomson Reuters Third - Quarter 2025 Highlights Steve Hasker President & CEO
Slide 5: Third-Quarter 2025 Highlights
Third - Quarter 2025 Highlights 1. Momentum continues with Q3 results meeting or exceeding expectations • Q3 organic revenue growth of 7%, driven by 9% recurring revenue growth • “Big 3” (Legal, Corporates, and Tax & Accounting) organic revenue growth of 9% • Modest Q3 adjusted EBITDA margin upside
Slide 6: Third-Quarter 2025 Consolidated Results
Third - Quarter 2025 Consolidated Results IFRS Financial Measures ($ millions) 2025 2024 Change Revenues $1,782 $1,724 Up 3% Operating profit $593 $415 Up 43% Diluted earnings per share (EPS) $0.94 $0.67 Up 40% Cash flow from operations $704 $756 Down 7% Change at Constant Organic Non - IFRS Financi
Slide 7: Third-Quarter 2025 Revenue Growth by Segment
Third - Quarter 2025 Revenue Growth by Segment Reported revenues up 3% to $1.8 billion Organic revenues up 7% Organic recurring revenues up 9% Tax Corporates Reuters News Global Print Professionals Tax & Legal Professionals Corporates Accounting Reuters News Reuters News Global Print Professionals $
Slide 8: Westlaw Content Provides Durable Differentiation
Westlaw Content Provides Durable Differentiation
Slide 9: Westlaw Content, Editorial & Tools Deliver Trusted Results and Durable Differentiation
Westlaw Content, Editorial & Tools Deliver Trusted Results and Durable Differentiation Extensive Legal Content Industry - Leading Editorial Capabilities • 100+ years of editorially - enhanced US case law • 1.6 million new editorial enhancements per year • 1.9 billion documents in Westlaw database •
Slide 10: Westlaw Advantage: Content & Editorial + Agentic AI = New Standard for Legal Research
Westlaw Advantage: Content & Editorial + Agentic AI = New Standard for Legal Research Query Analysis Intelligent Deep Analysis Iterative Validation & Report 1 & Planning 2 Content Search 3 & Discovery 4 Refinement 5 Enhancement 6 Generation ▶ Parses legal question ▶ Searches 14.7 million ▶ Discovers
Slide 11: Financial Review Third-Quarter 2025 Results
Financial Review Third - Quarter 2025 Results Mike Eastwood Chief Financial Officer
Slide 12: Legal, Corporates, Tax & Accounting Professionals Revenues
Third - Quarter 2025 Legal, Corporates, Tax & Accounting Professionals Revenues ($ millions) Third Quarter Nine Months Constant Constant Revenues 2025 2024 Total Currency Organic 2025 2024 Total Currency Organic Legal Professionals 728 745 - 2% - 2% +9% 2,130 2,193 - 3% - 3% +8% Corporates 478 437 +
Slide 13: Consolidated Revenues
Third - Quarter 2025 Consolidated Revenues ($ millions) Third Quarter Nine Months Constant Constant Revenues 2025 2024 Total Currency Organic 2025 2024 Total Currency Organic Reuters News 207 199 +4% +4% +3% 621 614 +1% +1% - Global Print 124 128 - 4% - 4% - 4% 354 375 - 6% - 5% - 5% Eliminations /
Slide 14: Consolidated Adjusted EBITDA
Third - Quarter 2025 Consolidated Adjusted EBITDA ($ millions) Third Quarter Nine Months Constant Constant Adjusted EBITDA 2025 2024 Total Currency 2025 2024 Total Currency Legal Professionals 354 334 +6% +5% 1,029 1,003 +3% +2% Margin 48.7% 44.9% 48.3% 45.7% Corporates 174 162 +8% +7% 556 518 +7% +
Slide 15: Adjusted Earnings Per Share (EPS)
Adjusted Earnings Per Share (EPS) ($ millions except per share amounts & share count) Third Quarter Nine Months 2025 2024 % Change 2025 2024 % Change Adjusted EBITDA 672 609 +10% 2,159 2,061 +5% Depreciation & Amortization of Computer Software (210) (181) (617) (545) Add back: Acquired Software Amor
Slide 16: Consolidated Free Cash Flow
Consolidated Free Cash Flow ($ millions) Third Quarter Nine Months 2025 2024 Change 2025 2024 (1) Change Net Cash from Operations, before change in WC 597 555 42 1,974 1,900 74 Changes in working capital and other items 107 201 (94) (79) (7) (72) Net Cash Provided by Operating Activities 704 756 (52
Slide 17: 2025 Outlook and 2026 Financial Framework Update
2025 Outlook and 2026 Financial Framework Update
Slide 18: Updated 2025 Outlook
Updated 2025 Outlook FY 2024 FY 2025 FY 2025 FY 2025 Total Thomson Reuters Outlook (2) Outlook (2) Outlook (2) Reported 2/6/25 8/6/25 11/4/25 Total Revenue Growth 7% 3.0% - 3.5% Unchanged Unchanged Organic Revenue Growth (1) 7% 7.0% - 7.5% Unchanged Unchanged Adjusted EBITDA Margin (1) 38.2% ~ 39% U
Slide 19: Updated 2026 Financial Framework
Updated 2026 Financial Framework 2026 Financial 2026 Financial 2026 Financial Total Thomson Reuters (1) (2) Framework Framework Framework 2/8/24 2/6/25 11/4/25 Organic Revenue Growth Total TR 6.5% - 8.0% 7.5% - 8.0% Unchanged Big 3 8.0% - 9.0% ~ 9.5% Unchanged Adjusted EBITDA Margin 50+ bps expansio
Slide 20: Q&A
Q&A 2P°% Thomson ele Reuters”