THOMSON REUTERS CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION- REVISIONS TO SEGMENT REVENUES, ADJUSTED EBITDA AND THE RELATED MARGINS

     October 19, 2026

REVISED CONSOLIDATED ADJUSTED EARNINGS

Page 3

(UNAUDITED)

(millions of U.S. dollars, except margins)

On October 1, 2026, Thomson Reuters sold a 51% stake in its Global Print business to capital accounts advised by KKR, with the two parties forming a joint venture to operate the Global Print business, now operating as Westbridge Print. As a result of this transaction, Thomson Reuters will report Global Print in discontinued operations beginning in the third-quarter of 2026. Prior periods presented will be restated to reflect this change. The following supplemental information provides revised business segment information for each quarter and the six-month period of 2026, excluding the Global Print business. The information provides the company’s historical results on a continuing operations basis. Refer to the company’s press release dated October 19, 2026, “Thomson Reuters Provides Supplemental Financial Information Following Close of Global Print Transaction” for further information.

2026 QUARTERLY & JUNE YEAR-TO-DATE (YTD)

AS REPORTED

ADJUSTMENTS

AS REVISED

Q1 2026

Q2 2026

YTD 2026

Q1 2026

Q2 2026

YTD 2026

Q1 2026

Q2 2026

YTD 2026

Revenues

Legal Professionals

$756

$772

$1,528

–

–

–

$756

$772

$1,528

Corporates

608

537

1,145

–

–

–

608

537

1,145

Tax, Audit & Accounting Professionals

410

311

721

–

–

–

410

311

721

“Big 3” segments combined (1)

1,774

1,620

3,394

–

–

–

1,774

1,620

3,394

Reuters 

212

229

441

–

–

–

212

229

441

Global Print

112

111

223

(112)

(111)

(223)

–

–

–

Eliminations/Rounding

(11)

(6)

(17)

–

–

–

(11)

(6)

(17)

Total revenues

$2,087

$1,954

$4,041

($112)

($111)

($223)

$1,975

$1,843

$3,818

Adjusted EBITDA

Legal Professionals

$365

$371

$736

–

–

–

$365

$371

$736

Corporates

243

200

443

–

–

–

243

200

443

Tax, Audit & Accounting Professionals

221

120

341

–

–

–

221

120

341

“Big 3” segments combined (1)

829

691

1,520

–

–

–

829

691

1,520

Reuters 

34

48

82

–

–

–

34

48

82

Global Print

43

42

85

(43)

(42)

(85)

–

–

–

Corporate costs

(25)

(36)

(61)

(27)

(25)

(52)

(52)

(61)

(113)

Total adjusted EBITDA (1)

$881

$745

$1,626

($70)

($67)

($137)

$811

$678

$1,489

Adjusted EBITDA margin

Legal Professionals

48.3 %

48.1 %

48.2 %

–

–

–

48.3 %

48.1 %

48.2 %

Corporates

40.0 %

37.2 %

38.7 %

–

–

–

40.0 %

37.2 %

38.7 %

Tax, Audit & Accounting Professionals

53.8 %

38.7 %

47.3 %

–

–

–

53.8 %

38.7 %

47.3 %

“Big 3” segments combined (1)

46.7 %

42.7 %

44.8 %

–

–

–

46.7 %

42.7 %

44.8 %

Reuters 

16.1 %

20.8 %

18.6 %

–

–

–

16.1 %

20.8 %

18.6 %

Global Print

38.6 %

37.7 %

38.2 %

–

–

–

–

–

–

Total adjusted EBITDA margin (1)

42.2 %

38.1 %

40.2 %

(110) bp

(130) bp

(120) bp

41.1 %

36.8 %

39.0 %

Adjusted earnings

Adjusted EBITDA

$881

$745

$1,626

($70)

($67)

($137)

$811

$678

$1,489

Adjustments:

Depreciation and Software Amortization (2)

(165)

(168)

(333)

2

2

4

(163)

(166)

(329)

Net Interest expense

(39)

(47)

(86)

–

–

–

(39)

(47)

(86)

Income tax

(129)

(94)

(223)

11

10

21

(118)

(84)

(202)

Dividends declared on preference shares

(1)

(1)

(2)

–

–

–

(1)

(1)

(2)

Adjusted earnings (1)

$547

$435

$982

($57)

($55)

($112)

$490

$380

$870

Adjusted earnings per share (1)

$1.23

$0.99

$2.22

($0.13)

($0.13)

($0.25)

$1.10

$0.87

$1.97

Weighted average shares (in millions)

444.7

438.6

441.7

444.7

438.6

441.7

The Company reports its results in millions of U.S. dollars, but computes margins using whole-dollars to be more precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.
(1) Non-IFRS measures. Refer to the reconciliations of adjusted EBITDA and adjusted earnings to most comparable IFRS measure and the reconciliation of adjusted EBITDA margin, both of which are included within this post. The “Big 3” segments are the combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. Information for the “Big 3” segments is useful to management and investors as these businesses will comprise approximately 90% of total company revenues as revised and represent the core of the company’s business information services product offerings. All “Big 3” financial measures are non-IFRS.
(2) Represents depreciation and amortization of internally developed software.

THOMSON REUTERS CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION- REVISIONS TO SEGMENT REVENUES, ADJUSTED EBITDA AND THE RELATED MARGINS

     October 19, 2026

REVISED CONSOLIDATED ADJUSTED EARNINGS

Page 4

(Unaudited)

(millions of U.S. dollars, except margins, share and per share amounts)

On October 1, 2026, Thomson Reuters sold a 51% stake in its Global Print business to capital accounts advised by KKR, with the two parties forming a joint venture to operate the Global Print business, now operating as Westbridge Print. As a result of this transaction, Thomson Reuters will report Global Print in discontinued operations beginning in the third-quarter of 2026. Prior periods presented will be restated to reflect this change. The following supplemental information provides revised business segment information for each quarter and the full year of 2025, excluding the Global Print business. The information provides the company’s historical results on a continuing operations basis. Refer to the company’s press release dated October 19, 2026, “Thomson Reuters Provides Supplemental Financial Information Following Close of Global Print Transaction” for further information.

2025 QUARTERLY & FULL YEAR

AS REPORTED (3)

ADJUSTMENTS

AS REVISED (3)

Q1 2025

Q2 2025

Q3 2025

Q4 2025 

FY 2025 

Q1 2025

Q2 2025

Q3 2025

Q4 2025

FY 2025

Q1 2025

Q2 2025

Q3 2025

Q4 2025

FY 2025

Revenues

Legal Professionals

$688

$704

$721

$730

$2,843

–

–

–

–

–

$688

$704

$721

$730

$2,843

Corporates

548

480

489

506

2,023

–

–

–

–

–

548

480

489

506

2,023

Tax, Audit & Accounting Professionals

358

274

247

412

1,291

–

–

–

–

–

358

274

247

412

1,291

“Big 3” segments combined (1)

1,594

1,458

1,457

1,648

6,157

–

–

–

–

–

1,594

1,458

1,457

1,648

6,157

Reuters 

196

218

207

232

853

–

–

–

–

–

196

218

207

232

853

Global Print

116

114

124

136

490

(116)

(114)

(124)

(136)

(490)

–

–

–

–

–

Eliminations/Rounding

(6)

(5)

(6)

(7)

(24)

–

–

–

–

–

(6)

(5)

(6)

(7)

(24)

Total revenues

$1,900

$1,785

$1,782

$2,009

$7,476

($116)

($114)

($124)

($136)

($490)

$1,784

$1,671

$1,658

$1,873

$6,986

Adjusted EBITDA

Legal Professionals

$336

$339

$353

$326

$1,354

–

–

–

–

–

$336

$339

$353

$326

$1,354

Corporates

215

172

177

163

727

–

–

–

–

–

215

172

177

163

727

Tax, Audit & Accounting Professionals

208

110

76

220

614

–

–

–

–

–

208

110

76

220

614

“Big 3” segments combined (1)

759

621

606

709

2,695

–

–

–

–

–

759

621

606

709

2,695

Reuters 

39

45

42

48

174

–

–

–

–

–

39

45

42

48

174

Global Print

44

41

46

54

185

(44)

(41)

(46)

(54)

(185)

–

–

–

–

–

Corporate costs

(33)

(29)

(22)

(34)

(118)

(33)

(32)

(33)

(36)

(134)

(66)

(61)

(55)

(70)

(252)

Total adjusted EBITDA (1)

$809

$678

$672

$777

$2,936

($77)

($73)

($79)

($90)

($319)

$732

$605

$593

$687

$2,617

Adjusted EBITDA margin

Legal Professionals

48.7 %

48.1 %

49.0 %

44.7 %

47.6 %

–

–

–

–

–

48.7 %

48.1 %

49.0 %

44.7 %

47.6 %

Corporates

39.3 %

35.7 %

36.3 %

32.2 %

35.9 %

–

–

–

–

–

39.3 %

35.7 %

36.3 %

32.2 %

35.9 %

Tax, Audit & Accounting Professionals

56.6 %

38.9 %

30.6 %

53.4 %

46.9 %

–

–

–

–

–

56.6 %

38.9 %

30.6 %

53.4 %

46.9 %

“Big 3” segments combined (1)

47.3 %

42.3 %

41.7 %

43.0 %

43.6 %

–

–

–

–

–

47.3 %

42.3 %

41.7 %

43.0 %

43.6 %

Reuters 

20.0 %

20.8 %

19.9 %

21.0 %

20.4 %

–

–

–

–

–

20.0 %

20.8 %

19.9 %

21.0 %

20.4 %

Global Print

37.8 %

36.0 %

37.1 %

39.6 %

37.7 %

–

–

–

–

–

–

–

–

–

–

Total adjusted EBITDA margin (1)

42.3 %

37.8 %

37.7 %

38.7 %

39.2 %

(150) bp

(180) bp

(190) bp

(200) bp

(180) bp

40.8 %

36.0 %

35.8 %

36.7 %

37.4 %

Adjusted earnings

Adjusted EBITDA

$809

$678

$672

$777

$2,936

($77)

($73)

($79)

($90)

($319)

$732

$605

$593

$687

$2,617

Adjustments:

Depreciation and Software Amortization (2)

(152)

(154)

(158)

(162)

(626)

2

2

3

2

9

(150)

(152)

(155)

(160)

(617)

Net Interest expense

(30)

(35)

(38)

(40)

(143)

–

–

–

–

–

(30)

(35)

(38)

(40)

(143)

Income tax

(120)

(94)

(92)

(95)

(401)

12

11

12

16

51

(108)

(83)

(80)

(79)

(350)

Dividends declared on preference shares

(1)

(1)

(1)

(1)

(4)

–

–

–

–

–

(1)

(1)

(1)

(1)

(4)

Adjusted earnings (1)

$506

$394

$383

$479

$1,762

($63)

($60)

($64)

($72)

($259)

$443

$334

$319

$407

$1,503

Adjusted earnings per share (1)

$1.12

$0.87

$0.85

$1.07

$3.92

($0.14)

($0.13)

($0.14)

($0.16)

($0.58)

$0.98

$0.74

$0.71

$0.91

$3.34

Weighted average shares (in millions)

450.8

451.2

450.3

445.6

449.5

450.8

451.2

450.3

445.6

449.5

The Company reports its results in millions of U.S. dollars, but computes margins using whole-dollars to be more precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.
(1) Non-IFRS measures. Refer to the reconciliations of adjusted EBITDA and adjusted earnings to most comparable IFRS measure and the reconciliation of adjusted EBITDA margin, both of which are included within this post. The “Big 3” segments are the combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. Information for the “Big 3” segments is useful to management and investors as these businesses comprise approximately 90% of total company revenues as revised and represent the core of the company’s business information services product offerings. All “Big 3” financial measures are non-IFRS.
(2) Represents depreciation and amortization of internally developed software.
(3) Reflects February 5, 2026 revisions between Legal Professionals, Corporates and Tax, Audit & Accounting Professionals to transfer certain customers reflecting how the segments are managed prospectively.

THOMSON REUTERS CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA (1)

October 19, 2026

(Unaudited)

                   Page 5

(millions of U.S. dollars)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Three Months Ended December 31, 2025

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

Earnings from continuing operations

$425

($63)

$362

$297

($60)

$237

$428

($64)

$364

$333

($71)

$262

Adjustments to remove:

Tax expense

92

(12)

80

52

(11)

41

121

(12)

109

158

(16)

142

Other finance costs (income)

10

–

10

48

–

48

(7)

–

(7)

4

–

4

Net interest expense

30

–

30

35

–

35

38

–

38

40

–

40

Amortization of other identifiable intangible assets

25

–

25

24

–

24

24

–

24

25

–

25

Amortization of software

174

–

174

178

–

178

182

(1)

181

187

–

187

Depreciation

27

(2)

25

28

(2)

26

28

(2)

26

28

(2)

26

EBITDA

783

(77)

706

662

(73)

589

814

(79)

735

775

(89)

686

Adjustments to remove:

Share of post-tax losses in equity method investments

6

–

6

4

–

4

13

–

13

5

–

5

Other operating losses (gains), net

3

–

3

(5)

–

(5)

(160)

–

(160)

(2)

(1)

(3)

Fair value adjustments (2)

17

–

17

17

–

17

5

–

5

(1)

–

(1)

Adjusted EBITDA(1)

$809

($77)

$732

$678

($73)

$605

$672

($79)

$593

$777

($90)

$687

Full Year Ended December 31, 2025

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

YTD (Six Months Ended June 30, 2026)

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

Earnings from continuing operations

$1,483

($258)

$1,225

$477

($57)

$420

$444

($51)

$393

$921

($108)

$813

Adjustments to remove:

Tax expense

423

(51)

372

125

(11)

114

71

(9)

62

196

(20)

176

Other finance costs (income)

55

–

55

(9)

–

(9)

(8)

–

(8)

(17)

–

(17)

Net interest expense

143

–

143

39

–

39

47

–

47

86

–

86

Amortization of other identifiable intangible assets

98

–

98

24

–

24

25

–

25

49

–

49

Amortization of software

721

(1)

720

193

–

193

201

–

201

394

–

394

Depreciation

111

(8)

103

28

(2)

26

27

(2)

25

55

(4)

51

EBITDA

3,034

(318)

2,716

877

(70)

807

807

(62)

745

1,684

(132)

1,552

Adjustments to remove:

Share of post-tax losses in equity method investments

28

–

28

7

–

7

4

–

4

11

–

11

Other operating (gains) losses, net

(164)

(1)

(165)

–

–

–

(68)

(5)

(73)

(68)

(5)

(73)

Fair value adjustments (2)

38

–

38

(3)

–

(3)

2

–

2

(1)

–

(1)

Adjusted EBITDA(1)

$2,936

($319)

$2,617

$881

($70)

$811

$745

($67)

$678

$1,626

($137)

$1,489

(1) The Company defines adjusted EBITDA as earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges, and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue. See reconciliation of adjusted EBITDA margin included in this post. These measures provide a consistent basis to evaluate operating profitability and performance trends by excluding items that the Company does not consider to be controllable activities for this purpose.
(2) Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.

THOMSON REUTERS CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS AND ADJUSTED EPS (earnings per share) (1)

October 19, 2026

(Unaudited)

                   Page 6

(millions of U.S. dollars)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Three Months Ended December 31, 2025

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

Net Earnings

$434

–

$434

$313

–

$313

$423

–

$423

$332

–

$332

Adjustments to remove:

Fair value adjustments (2)

17

–

17

17

–

17

5

–

5

(1)

–

(1)

Amortization of acquired software

49

–

49

52

52

52

–

52

53

–

53

Amortization of other identifiable intangible assets

25

–

25

24

–

24

24

–

24

25

–

25

Other operating losses (gains), net

3

–

3

(5)

–

(5)

(160)

–

(160)

(2)

(1)

(3)

Other finance costs (income)

10

–

10

48

–

48

(7)

–

(7)

4

–

4

Share of post-tax losses in equity method investments

6

–

6

4

–

4

13

–

13

5

–

5

Tax on above items

(24)

–

(24)

(22)

–

(22)

16

–

16

(5)

–

(5)

Tax items impacting comparability

1

–

1

(21)

–

(21)

11

–

11

66

66

(Earnings) loss from discontinued operations, net of tax

(9)

(63)

(72)

(16)

(60)

(76)

5

(64)

(59)

1

(71)

(70)

Interim period effective tax rate normalization (3)

(5)

–

(5)

1

–

1

2

–

2

2

2

Dividends declared on preference shares

(1)

–

(1)

(1)

–

(1)

(1)

–

(1)

(1)

–

(1)

Adjusted Earnings(1)

$506

($63)

$443

$394

($60)

$334

$383

($64)

$319

$479

($72)

$407

Adjusted EPS (1)

$1.12

$0.98

$0.87

$0.74

$0.85

$0.71

$1.07

$0.91

Diluted weighted-average common shares (millions)

450.8

450.8

451.2

451.2

450.3

450.3

445.6

445.6

Full Year Ended December 31, 2025

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

YTD (Six Months Ended June 30, 2026)

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

As Reported

Adjustments

As Revised

Net earnings

$1,502

–

$1,502

$459

–

$459

$448

–

$448

$907

–

$907

Adjustments to remove:

Fair value adjustments (2)

38

–

38

(3)

–

(3)

2

–

2

(1)

–

(1)

Amortization of acquired software

206

–

206

56

–

56

60

–

60

116

–

116

Amortization of other identifiable intangible assets

98

–

98

24

–

24

25

–

25

49

–

49

Other operating gains, net

(164)

(1)

(165)

–

–

–

(68)

(5)

(73)

(68)

(5)

(73)

Other finance costs (income)

55

–

55

(9)

–

(9)

(8)

–

(8)

(17)

–

(17)

Share of post-tax losses in equity method investments

28

–

28

7

–

7

4

–

4

11

–

11

Tax on above items

(35)

–

(35)

(14)

–

(14)

(20)

1

(19)

(34)

1

(33)

Tax items impacting comparability

57

–

57

(1)

(1)

(3)

–

(3)

(4)

–

(4)

(Earnings) loss from discontinued operations, net of tax

(19)

(258)

(277)

18

(57)

(39)

(4)

(51)

(55)

14

(108)

(94)

Interim period effective tax rate normalization (3)

–

–

–

11

–

11

–

–

–

11

–

11

Dividends declared on preference shares

(4)

–

(4)

(1)

(1)

(1)

(1)

(2)

–

(2)

Adjusted Earnings(1)

$1,762

($259)

$1,503

$547

($57)

$490

$435

($55)

$380

$982

($112)

$870

Adjusted EPS (1)

$3.92

$3.34

$1.23

$1.10

$0.99

$0.87

$2.22

$1.97

Diluted weighted-average common shares (millions)

449.5

449.5

444.7

444.7

438.6

438.6

441.7

441.7

(1) The Company defines adjusted earnings as net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, our share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in our computation of adjusted earnings. The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item. Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders. These measures provide a more comparable basis to analyze earnings and are commonly used by shareholders to measure performance.

(2) Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.
(3) In interim periods, the company makes an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes. 

 

THOMSON REUTERS CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF ADJUSTED EBITDA MARGIN (1)

October 19, 2026

(Unaudited)

                Page 7

(millions of U.S. dollars)

Revised IFRS revenues

Remove fair value
adjustments to acquired
deferred revenue

Revised revenues
excluding fair value
adjustments to acquired
deferred revenue

Revised Adjusted
EBITDA

Revised Adjusted
EBITDA Margin

YTD (Six Months Ended June 30, 2026)

Legal Professionals

$1,528

–

$1,528

$736

48.2 %

Corporates

1,145

–

1,145

443

38.7 %

Tax, Audit & Accounting Professionals

721

–

721

341

47.3 %

“Big 3” Segments Combined(1)

3,394

–

3,394

1,520

44.8 %

Reuters

441

–

441

82

18.6 %

Eliminations/Rounding

(17)

–

(17)

–

n/a

Corporate costs

–

–

–

(113)

n/a

Consolidated totals

$3,818

–

$3,818

$1,489

39.0 %

Three Months ended June 30, 2026

Legal Professionals

$772

–

$772

$371

48.1 %

Corporates

537

–

537

200

37.2 %

Tax, Audit & Accounting Professionals

311

–

311

120

38.7 %

“Big 3” Segments Combined(1)

1,620

–

1,620

691

42.7 %

Reuters

229

–

229

48

20.8 %

Eliminations/Rounding

(6)

–

(6)

–

n/a

Corporate costs

–

–

–

(61)

n/a

Consolidated totals

$1,843

–

$1,843

$678

36.8 %

Three Months March 31, 2026

Legal Professionals

$756

–

$756

$365

48.3 %

Corporates

608

–

608

243

40.0 %

Tax, Audit & Accounting Professionals

410

–

410

221

53.8 %

“Big 3” Segments Combined(1)

1,774

–

1,774

829

46.7 %

Reuters

212

–

212

34

16.1 %

Eliminations/Rounding

(11)

–

(11)

–

n/a

Corporate costs

–

–

–

(52)

n/a

Consolidated totals

$1,975

–

$1,975

$811

41.1 %

(1) To compute segment and consolidated adjusted EBITDA margin, we exclude fair value adjustments related to acquired deferred revenue from our IFRS revenues. The chart above reconciles IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue. 

 
The Company reports its results in millions of U.S. dollars, but computes margins using whole-dollars to be more precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.

 

THOMSON REUTERS CORPORATION

SUPPLEMENTAL FINANCIAL INFORMATION- RECONCILIATION OF ADJUSTED EBITDA MARGIN (1)

October 19, 2026

(Unaudited)

   Page 8

(millions of U.S. dollars)

Revised IFRS
revenues

Remove fair value
adjustments to acquired
deferred revenue

Revised revenues
excluding fair value
adjustments to acquired
deferred revenue

Revised Adjusted
EBITDA

Revised Adjusted
EBITDA Margin

Year ended December 31, 2025

Legal Professionals

$2,843

–

$2,843

$1,354

47.6 %

Corporates

2,023

–

2,023

727

35.9 %

Tax, Audit & Accounting Professionals

1,291

20

1,311

614

46.9 %

“Big 3” Segments Combined(1)

6,157

20

6,177

2,695

43.6 %

Reuters

853

–

853

174

20.4 %

Eliminations/Rounding

(24)

–

(24)

–

n/a

Corporate costs

–

–

–

(252)

n/a

Consolidated totals

$6,986

$20

$7,006

$2,617

37.4 %

Three Months ended December 31, 2025

Legal Professionals

$730

–

$730

$326

44.7 %

Corporates

506

–

506

163

32.2 %

Tax, Audit & Accounting Professionals

412

–

412

220

53.4 %

“Big 3” Segments Combined(1)

1,648

–

1,648

709

43.0 %

Reuters

232

–

232

48

21.0 %

Eliminations/Rounding

(7)

–

(7)

–

n/a

Corporate costs

–

–

–

(70)

n/a

Consolidated totals

$1,873

–

$1,873

$687

36.7 %

Three Months ended September 30, 2025

Legal Professionals

$721

–

$721

$353

49.0 %

Corporates

489

–

489

177

36.3 %

Tax, Audit & Accounting Professionals

247

–

247

76

30.6 %

“Big 3” Segments Combined(1)

1,457

–

1,457

606

41.7 %

Reuters

207

–

207

42

19.9 %

Eliminations/Rounding

(6)

–

(6)

–

n/a

Corporate costs

–

–

–

(55)

n/a

Consolidated totals

$1,658

–

$1,658

$593

35.8 %

Three Months ended June 30, 2025

Legal Professionals

$704

–

$704

$339

48.1 %

Corporates

480

–

480

172

35.7 %

Tax, Audit & Accounting Professionals

274

10

284

110

38.9 %

“Big 3” Segments Combined(1)

1,458

10

1,468

621

42.3 %

Reuters

218

–

218

45

20.8 %

Eliminations/Rounding

(5)

–

(5)

–

n/a

Corporate costs

–

–

–

(61)

n/a

Consolidated totals

$1,671

$10

$1,681

$605

36.0 %

Three Months ended March 31, 2025

Legal Professionals

$688

–

$688

$336

48.7 %

Corporates

548

–

548

215

39.3 %

Tax, Audit & Accounting Professionals

358

10

368

208

56.6 %

“Big 3” Segments Combined(1)

1,594

10

1,604

759

47.3 %

Reuters

196

–

196

39

20.0 %

Eliminations/Rounding

(6)

–

(6)

–

n/a

Corporate costs

–

–

–

(66)

n/a

Consolidated totals

$1,784

$10

$1,794

$732

40.8 %

(1) To compute segment and consolidated adjusted EBITDA margin, we exclude fair value adjustments related to acquired deferred revenue from our IFRS revenues. The chart above reconciles IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.

 

The Company reports its results in millions of U.S. dollars, but computes margins using whole-dollars to be more precise. As a result, adjusted EBITDA margins calculated from reported amounts may differ from those presented.