Slide 1: TMX Group Limited Reports Results for the First Quarter of 2026
TMX Group Limited Reports Results for the First Quarter of 2026 • Record Revenue of $488.2 million, up 16% from $419.1 million in Q1/25 • Diluted earnings per share of $0.80, up 111% from $0.38 in Q1/25, including 21 cents per share related to litigation, dispute and related items in Q1/26 • Adjuste
Slide 2: Key Highlights for the First Quarter of 2026
Key Highlights for the First Quarter of 2026 • Revenue increased by 16% from Q1/25. Revenue excluding recent acquisitions of Bond Indices, ETF Stream, Verity, and nuclear sector indices grew by 14% in Q1/26 compared with Q1/25 driven by higher additional listings and TSX Trust revenue in Capital For
Slide 3: Results of Operations: Non-GAAP Measures
RESULTS OF OPERATIONS Non-GAAP Measures Adjusted net income is a non-GAAP measure2, and adjusted earnings per share, adjusted diluted earnings per share, and adjusted earnings per share compound annual growth rate (CAGR) are non-GAAP ratios3, and do not have standardized meanings prescribed by GAAP
Slide 4: Quarter ended March 31, 2026 Compared with Quarter ended March 31, 2025
Quarter ended March 31, 2026 (Q1/26) Compared with Quarter ended March 31, 2025 (Q1/25) The information below reflects the financial statements of TMX Group for Q1/26 compared with Q1/25. (in millions of dollars, except per $ increase / % increase / Q1/26 Q1/25 share amounts) (decrease) (decrease) R
Slide 5: Adjusted Net Income and Adjusted Earnings per Share Reconciliation
higher costs for litigation, dispute and related items, $1.6 million of higher acquisition, integration and related items, partially offset by $4.6 million of strategic re-alignment costs in Q1/25. There were also higher headcount and related costs, merit increases, higher severance, higher IT costs
Slide 6: Pre-tax Adjustments and Adjusted Net Income Reconciliation
(in millions of dollars) pre-tax adjustments Q1/26 Q1/25 Compensation and benefits 3.8 8.8 Information and trading systems 0.2 — Selling, general, and administration 9.1 3.5 Depreciation and amortization 30.8 28.5 8 Total adjustments to operating expenses 43.9 40.8 Net Finance Costs (15.3) (1.1) Oth
Slide 7: Adjusted Earnings per Share Reconciliation Q1/26 and Q1/25
Q1/26 Q1/25 (unaudited) Basic Diluted Basic Diluted Earnings per share $0.81 $0.80 $0.38 $0.38 Adjustments related to: Amortization of intangibles related to acquisitions14 0.08 0.08 0.08 0.08 Acquisition, integration and related items15 0.01 0.01 0.01 0.01 Litigation, dispute and related items16 (0
Slide 8: Revenue
Revenue (in millions of dollars) Q1/26 Q1/25 $ increase % increase Capital Formation $85.5 $66.7 $18.8 28% Equities and Fixed Income Trading 83.0 69.9 13.1 19% and Clearing Derivatives Trading and Clearing 124.0 109.1 14.9 14% Global Insights19 195.7 173.4 22.3 13% $488.2 $419.1 $69.1 16% Revenue wa
Slide 9: Operating expenses
Operating expenses in Q1/26 were $249.6 million, up $11.9 million or 5%, from $237.7 million in Q1/25. The increase reflected $7.7 million higher operating expenses related to Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nucle
Slide 10: Additional Information: Equity-accounted investments, Other Income, Net finance costs
Additional Information Share of loss from equity-accounted investments (in millions of dollars) Q1/26 Q1/25 $ decrease % decrease $(0.2) $(0.6) $0.4 67% • In Q1/26, our share of loss from equity-accounted investments decreased by $0.4 million. Other Income (in millions of dollars) Q1/26 Q1/25 $ incr
Slide 11: Net income attributable to non-controlling interests
• In Q1/25, there was a decrease in net deferred income tax liabilities and a corresponding decrease in income tax expense related to changes in U.S. state apportionment, which decreased our effective tax rate by approximately 1%. Net income attributable to non-controlling interests (in millions of
Slide 12: Comparative Figures, Financial Statements and Governance
COMPARATIVE FIGURES Certain comparative figures have been reclassified in order to conform with the financial presentation adopted in the current year. In 2025, we revised the composition of our adjusted net income and adjusted earnings per share to exclude dispute and litigation costs and costs for
Slide 13: Caution Regarding Forward-Looking Information
CAUTION REGARDING FORWARD-LOOKING INFORMATION This press release of TMX Group contains “forward-looking information” (as defined in applicable Canadian securities legislation) that is based on expectations, assumptions, estimates, projections and other factors that management believes to be relevant
Slide 14: Assumptions related to long term financial objectives
service providers; dependence of trading operations on a small number of clients; risks associated with our clearing operations; challenges related to international expansion; restrictions on ownership of TMX Group common shares; inability to protect our intellectual property; adverse effect of a sy
Slide 15: Forward-looking assumptions and cautions
• free cash flow generation consistent with historical run rate; and • a limited impact from inflation, rising interest rates and supply chain constraints on our plans to grow our business over the long term including on the ability of our listed issuers to raise capital. While we anticipate that su
Slide 16: About TMX Group (TSX:X) and Teleconference / Audio Webcast
About TMX Group (TSX:X) TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange,