Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Q2 2025 Earnings Presentation
21 slides from Thomson Reuters's earnings presentation, Aug 6, 2025
Slide 1: 2025 Second-Quarter Results
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Slide 2: Agenda
Agenda ¢ Welcome / Introduction Gary Bisbee (— ~ * Second-Quarter 2025 Highlights Steve Hasker L Product & Innovation Update David Wong J (— >) ¢ Financial Review Mike Eastwood Second-Quarter 2025 Results 2025 Full-Year Outlook Update ° Q&A Thomson Reuters”
Slide 3: Special Note Regarding Forward-Looking Statements
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Slide 4: Second-Quarter 2025 Highlights
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Slide 5: Second-Quarter 2025 Highlights
Second-Quarter 2025 Highlights 1. Good momentum continues with Q2 results meeting or exceeding expectations * Q2 organic revenue growth of 7%, driven by 9% recurring revenue growth * “Big 3” (Legal, Corporates, and Tax & Accounting) organic revenue growth of 9% * Modest Q2 adjusted EBITDA margin ups
Slide 6: Second-Quarter 2025 Consolidated Results
Second-Quarter 2025 Consolidated Results IFRS Financial Measures ($ millions) 2025 2024 Change Revenues $1,785 $1,740 Up 3% Operating profit $436 $415 Up 5% Diluted earnings per share (EPS) $0.69 $1.86 Down 63% Cash flow from operations $746 $705 Up 5% Change at Constant Organic Non-IFRS Financial M
Slide 7: Tax Professionals, Corporates, Reuters News, Global Print
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Slide 8: Product & Innovation Update
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Slide 9: Innovation Momentum Continues, Highlighted by Recent Agentic AI Launches
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Slide 10: Thomsor Reuters'
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Slide 12: CoCounsel Legal: Transforming Legal Work with Agentic AI and Deep Research
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Slide 13: Financial Review
Financial Review Second-Quarter 2025 Results Updated 2025 Outlook Mike Eastwood Chief Financial Officer Thomson Reuters"
Slide 14: Legal, Corporates, Tax & Accounting Professionals Revenues
Second-Quarter2025 Legal, Corporates, Tax & Accounting Professionals Revenues ($ millions) Second Quarter Six Months Constant Constant Revenues 2025 2024 Total Currency Organic 2025 2024 Total Currency Organic Legal Professionals 709 727 -2% -3% +8% 1,402 1,448 -3% -3% +8% Corporates 472 442 +7% +6%
Slide 15: Consolidated Revenues
Second-Quarter 2025 Consolidated Revenues ($ millions) Second Quarter Six Months Constant Constant Revenues 2025 2024 Total Currency Organic 2025 2024 Total Currency Organic Legal Professionals 709 727 -2% -3% +8% 1,402 1,448 -3% -3% +8% Corporates 472 442 +7% +6% +9% 1,013 949 +7% +7% +9% Tax & Acc
Slide 16: Consolidated Adjusted EBITDA
Second-Quarter 2025 Consolidated Adjusted EBiTDA ($ millions) Second Quarter Six Months Constant Constant Adjusted EBITDA 2025 2024 Total Currency 2025 2024 Total Currency Legal Professionals 339 327 +4% +3% 675 669 +1% Margin 47.8% 45.0% 48.1% 46.2% Corporates 169 163 +3% +3% 382 356 +7% +6% Margin
Slide 17: Adjusted Earnings Per Share (EPS)
Adjusted Earnings Per Share (EPS) ($ millions except per share amounts & share count) Second Quarter Six Months 2025 2024 % Change 2025 2024 % Change Adjusted EBITDA 678 646 +5% 1,487 1,452 +2% Depreciation & Amortization of Computer Software (206) (183) (407) (364) Add back: Acquired Software Amort
Slide 18: Consolidated Free Cash Flow
Consolidated Free Cash Flow ($ millions) Second Quarter Six Months 2025 2024 (1) Change 2025 2024 (1) Change Net Cash from Operations, before change in Wc 639 617 22 1,377 1,345 32 Changes in working capital and other items 107 88 19 (186) (208) 22 Net Cash Provided by Operating Activities 746 705 4
Slide 19: 2025 Outlook Update
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Slide 20: Updated 2025 Outlook
Updated 2025 Outlook FY 2024 FY2025 FY2025 Total Thomson Reuters Outlook (2) Outlook (2) Reported 2/6/25 8/6/25 Total Revenue Growth 7% 3.0% - 3.5% Unchanged Organic Revenue Growth (1) 7% 7.0% -7.5% Unchanged Adjusted EBITDA Margin () 38.2% ~ 39% Unchanged CorporateCosts $105 million $120 - $130 mil
Slide 21: Q&A
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