Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Q1 2026 Earnings Presentation
19 slides from Thomson Reuters's earnings presentation, May 5, 2026
Slide 1: Thomson Reuters 2026 First-Quarter Results
REUTERS/Joe Skipper Pascal Rossignol Thomson Reuters 2026 First - Quarter Results May 5, 2026
Slide 2: Agenda
Agenda • Welcome / Introduction Gary Bisbee • First - Quarter 2026 Highlights Steve Hasker Fiduciary - Grade AI & Product Adoption Updates • Financial Review Mike Eastwood First - Quarter 2026 Results Gary Bischoping 2026 Full - Year Outlook • 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: Thomson Reuters First-Quarter 2026 Highlights
Thomson Reuters First - Quarter 2026 Highlights Steve Hasker President & CEO
Slide 5: First-Quarter 2026 Highlights
First - Quarter 2026 Highlights 1. Strong Q1 exceeds expectations for revenue, with margins in - line • Q1 Total TR organic revenue growth improves to 8%, driven by 8% recurring revenue growth • “Big 3” (Legal, Corporates and Tax, Audit & Accounting) organic revenue growth of 9% • Q1 adjusted EBITDA
Slide 6: First-Quarter 2026 Consolidated Results
First - Quarter 2026 Consolidated Results IFRS Financial Measures ($ millions) 2026 2025 Change Revenues $2,087 $1,900 Up 10% Operating profit $639 $563 Up 14% Diluted earnings per share (EPS) $1.03 $0.96 Up 7% Net cash provided by operating activities $505 $445 Up 13% Change at Constant Organic Non
Slide 7: First-Quarter 2026 Revenue Growth by Segment
First - Quarter 2026 Revenue Growth by Segment Reported revenues up 10% to $ 2.1 billion Organic revenues up 8% Organic recurring revenues up 8% Tax Corporates Reuters News Global Print Professionals Tax, Audit & Legal Professionals Corporates Accounting Reuters News Reuters Global Print Professiona
Slide 8: Fiduciary-Grade AI & Product Adoption Updates
Fiduciary - Grade AI & Product Adoption Updates
Slide 9: We are Uniquely Equipped to Deliver Fiduciary-Grade AI
We are Uniquely Equipped to Deliver Fiduciary - Grade AI Fiduciary work is governed by professional standards and regulatory oversight, has little room for error, and validation of outputs is key TR Fiduciary - grade AI – AI purpose - built for fiduciaries: grounded in authoritative content, shaped
Slide 10: Positive Customer Feedback for our Agentic AI Solutions
Positive Customer Feedback for our Agentic AI Solutions Westlaw Advantage Deep Research Next generation CoCounsel Legal (Alpha users) “ Deep Research [in Westlaw Advantage] is an order of magnitude better than any AI legal research tool we’ve used, producing much deeper and more complete analysis. I
Slide 11: Financial Review
Financial Review First - Quarter 2026 Results 2026 Outlook Mike Eastwood Chief Financial Officer Gary Bischoping Incoming Chief Financial Officer
Slide 12: Legal Professionals, Corporates, Tax, Audit & Accounting Professionals Revenues
First - Quarter 2026 Legal Professionals, Corporates, Tax, Audit & Accounting Professionals Revenues ($ millions) First Quarter Constant Revenues 2026 2025 Total Currency Organic Legal Professionals 756 688 +10% +8% +9% Corporates 608 548 +11% +9% +9% Tax, Audit & Accounting 410 358 +15% +14% +10% P
Slide 13: Consolidated Revenues
First - Quarter 2026 Consolidated Revenues ($ millions) First Quarter Constant Revenues 2026 2025 Total Currency Organic Reuters 212 196 +8% +7% +6% Global Print 112 116 - 4% - 5% - 5% Eliminations / Rounding (11) (6) Total Revenues 2,087 1,900 +10% +8% +8% 13
Slide 14: Consolidated Adjusted EBITDA
First - Quarter 2026 Consolidated Adjusted EBITDA ($ millions) First Quarter Constant Adjusted EBITDA 2026 2025 Total Currency Legal Professionals 365 336 +9% +8% Margin 48.3% 48.7% Corporates 243 215 +13% +13% Margin 40.0% 39.3% Tax, Audit & Accounting Professionals 221 208 +6% +6% Margin 53.8% 56.
Slide 15: Adjusted Earnings Per Share (EPS)
Adjusted Earnings Per Share (EPS) ($ millions except per share amounts & share count) First Quarter 2026 2025 % Change Adjusted EBITDA 881 809 +9% Depreciation & Amortization of Software (221) (201) Add back: Acquired Software Amortization 56 49 Net Interest Expense (39) (30) Income Tax (129) (120)
Slide 16: Consolidated Free Cash Flow
Consolidated Free Cash Flow ($ millions) First Quarter 2026 2025 Change Net Cash from Operations, before change in WC 810 738 72 Changes in working capital and other items (305) (293) (12) Net Cash Provided by Operating Activities 505 445 60 Capital Expenditures (156) (151) (5) Other Investing Activ
Slide 17: 2026 Outlook
2026 Outlook ¢F°% Thomson ele Reuters”
Slide 18: Reaffirming 2026 Outlook
Reaffirming 2026 Outlook FY 2026 FY 2026 Total Thomson Reuters FY 2025 Outlook (2) Outlook (2) Reported 2/5/26 5/5/26 Total Revenue Growth 3% 7.5% - 8.0% Unchanged Organic Revenue Growth (1) 7% 7.5% - 8.0% Unchanged Adjusted EBITDA Margin (1) 39.2% +100 bps Y/Y Unchanged Corporate Costs $118 million
Slide 19: Q&A
Q&A ¢F°% Thomson ele Reuters”