Exhibit 99.1

Annual Report 2025

March 5, 2026

Information in this annual report is provided as of March 4, 2026 unless otherwise indicated.

Certain statements in this annual report are forward-looking. These forward-looking statements are based on certain assumptions and reflect our current expectations. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of the factors that could cause actual results to differ materially from current expectations are discussed in the “Risk Factors” section of this annual report as well as in materials that we from time to time file with, or furnish to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of the date of this annual report. Except as may be required by applicable law, we disclaim any intention or obligation to update or revise any forward-looking statements.

The following terms in this annual report have the following meanings, unless otherwise indicated:

Non-IFRS financial measures are defined and reconciled to the most directly comparable measure in the “Management’s Discussion and Analysis” section of this annual report. See Appendix A of the Management’s Discussion and Analysis for a description of our non-IFRS financial measures, including an explanation of why we believe they are useful measures of our performance. See Appendices B and C of the Management’s Discussion and Analysis for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS measures. Non-IFRS measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.

For information regarding our disclosure requirements under applicable Canadian and U.S. laws and regulations, please see the “Cross Reference Tables” section of this annual report.

Information contained on our website or any other websites identified in this annual report is not part of this annual report. All website addresses listed in this annual report are intended to be inactive, textual references only. The Thomson Reuters logo and our other trademarks, trade names and service names mentioned in this annual report are the property of Thomson Reuters.

Front cover photo credit: REUTERS/Karen Toro; Page 11 photo credit: REUTERS/Evelyn Hockstein; and Page 17 photo credit: REUTERS/Navesh Chitrakar

Table of Contents

Business

Overview

Who We Are and What We Do

Thomson Reuters powers business-critical professions with AI they can trust in the moments that matter. We unite unparalleled expertise, proprietary content, and seamless workflows to help our customers move with speed, think with clarity, and lead with confidence. Across our products, we combine highly specialized software and insights to empower professionals with the data, intelligence and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. Thomson Reuters shares are listed on the Toronto Stock Exchange and the Nasdaq (symbol: TRI). Our website is thomsonreuters.com.

We are organized as five reportable segments, reflecting how our products and services are managed and offered to target customers.

Our businesses are supported by a corporate center that manages our commercial and technology operations, including those around our sales capabilities, digital customer experience, and product and content development, as well as our global facilities. Costs relating to these activities are allocated to our business segments. We also report “Corporate costs”, which includes expenses for certain centrally managed functions such as finance, legal, human resources and the executive office. These costs are not allocated to the segments and are included in consolidated adjusted EBITDA.

Our Business Model and Key Operating Characteristics

We derive a significant portion of our revenues from selling information and software solutions, mostly on a recurring subscription basis. Our professional-grade solutions are built on comprehensive proprietary content and deep domain expertise with software, embedded AI capabilities and automation tools. We believe our workflow solutions make our customers more productive by streamlining how they operate, enabling them to focus on higher value activities. Many of our customers use our solutions deeply integrated into their workflows, which has led to strong customer retention. We believe that our customers trust us because of our decades serving high-stakes workflows, where accuracy and reliability are non-negotiable, our enterprise-grade security and governance built for regulated environments, and our deep understanding of their businesses and industries. They rely on our services for navigating a rapidly changing and increasingly complex digital and global landscape. Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments.

Some of our key business and operating characteristics are:

* The news agreement with the Data & Analytics business of LSEG.

Our Strategy and Key Priorities

We strive to be the leading content-driven technology company that empowers professionals to navigate complex legal, tax, audit, accounting, compliance, government, corporate and media environments. We do this through professional-grade solutions specifically designed for high-stakes work, leveraging the depth and breadth of our proprietary content, which is meticulously curated and continually enhanced by thousands of subject matter experts and legal editors.

Because our data and insights are built on this uniquely curated intellectual capital, our content reflects a high level of quality and expertise that supports our customers’ professional needs, underpinned by enterprise-grade security and governance. This strong foundation enables us to be positioned to combine next-generation AI technologies with our existing strengths to serve customers in new and differentiated ways centered on four core pillars that guide our strategies:

The rapid pace of AI innovation continues to drive significant transformation across the industries we serve, reinforcing the importance of our strategy and our priorities for 2026:

Three-Year History

Customer Segments

Our business is a customer-focused structure organized in five reportable customer segments: Legal Professionals, Corporates, Tax, Audit & Accounting Professionals, Reuters and Global Print. This structure allows us to focus on the customer so we can partner with them to solve challenges that they face in their businesses. For additional information about the financial results of our customer segments, please see the “Management’s Discussion and Analysis” section of this annual report.

Legal Professionals

Our Legal Professionals segment delivers professional-grade, agentic AI-enabled solutions for customers across law firms, courts and government. Our next generation AI solution, CoCounsel Legal, with Deep Research grounded in Westlaw and Practical Law, is purpose-built to deliver rigorous, end-to-end legal research results and workflow automation.

Today, legal professionals are navigating a period of significant transformation. Regulation and compliance requirements continue to grow in complexity, increasing the operational burden on legal teams. At the same time, corporate legal departments are becoming more sophisticated and cost-conscious purchasers of legal services, prompting law firms to focus on delivering measurable value through improved processes and the latest technology. Meanwhile, new associates are demonstrating a strong appetite for solutions that enable them to work effectively and sustainably, and legal career pathways are set to evolve as AI adoption grows.

Against this backdrop, it is critical that the legal profession is equipped with AI solutions that deliver defensible results, safeguard confidential data, and operate inside professional and regulatory frameworks. Thomson Reuters is well positioned to meet this need through our unparalleled legal content: 1.9 billion documents in the Westlaw database from over 3,500 authoritative sources, enhanced by 1,500 attorney editors who create 1.6 million editorial updates per year.

We are also building our first vertical-specific legal Large Language Model (LLM) which will be trained on our content, data and expertise. This includes our legal-specific data with validation frameworks such as the West Key Number System, our proprietary taxonomy of the law, and KeyCite with 1.4 billion citation relationships, providing AI outputs that meet professional standards.

We will continue to scale our agentic AI capabilities, combining proprietary legal content, deep domain expertise, and professional-grade AI to help legal teams work with greater speed, precision, and confidence, supported by robust privacy commitments.

In addition to law firms, we also serve government customers, including federal, state, and local organizations, with solutions that support mission-critical workflows where security, reliability, and accuracy are essential. This includes helping courts run more efficiently and productively and helping government organizations undertake risk management and tackle fraud.

We also serve legal professionals across Europe, Asia-Pacific, Latin America, and the Middle East with solutions that combine global platform capabilities with jurisdiction-specific content, local expertise and AI-enabled workflows tailored to regional legal frameworks.

The following provides a summary of Legal Professionals’ 2025 revenues by type of customer.

Legal Professionals’ primary global competitors are LexisNexis (which is owned by RELX Group) and Wolters Kluwer. Legal Professionals also competes with other companies that provide legal and regulatory information, legal workflow and drafting software providers, and with AI-enabled software companies that support legal professionals.

Corporates

Our Corporates segment serves a range of customers, from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-driven products, powered by leading-edge technologies, including AI, and integrated compliance workflow solutions to help them achieve their business outcomes.

Our Corporates customers operate in an environment of sustained regulatory change, evolving technology, expanding reporting obligations and heightened expectations for speed, productivity and precision. Evolving compliance requirements—such as Environmental, Social and Governance reporting, sanctions and tariffs, and enhanced "know your counterparty" practices, are increasing the volume and complexity of compliance and risk decisions. At the same time, compliance teams across tax, trade, legal and risk are being asked to do more with constrained resources, as tax departments face greater demands for efficiency and productivity and many general counsels navigate growing regulatory complexity. Digital mandates, including global minimum tax developments and the continued rollout of e-invoicing and other continuous transaction control regimes, are accelerating the shift toward cloud-based, data-driven compliance and workflow transformation.

We believe these dynamics create the opportunity for Thomson Reuters to serve as a trusted partner for Corporates customers by helping them navigate regulatory complexity, improve operational efficiency and manage risk with greater confidence. Our strategy is built around Thomson Reuters ONESOURCE+, which unifies tax, trade, legal and risk functions through an intelligent compliance network. We combine proprietary content and domain expertise with AI-driven workflow software and analytics, including CoCounsel AI and agentic technology, that are embedded in customers' day-to-day processes. Our approach focuses on embedding AI in workflows, connecting data across compliance functions and delivering intelligent automation to help customers drive efficiency, reduce risk and cost and unlock growth for businesses.

The following provides a summary of Corporates’ 2025 revenues by type of customer.

Corporates’ primary global competitors include LexisNexis, Wolters Kluwer and Bloomberg. Corporates also competes with focused software providers such as Avalara, Mitratech, Vertex and Sovos and at times with large technology companies, enterprise resource planning software solution companies, and highly focused and venture capital-backed startups. While the largest global accounting firms are significant customers of Thomson Reuters, they can also be competitors.

Tax, Audit & Accounting Professionals

Our Tax, Audit & Accounting Professionals segment serves tax, audit and accounting professionals with AI-powered research and workflow solutions. We introduced agentic AI into our core offerings, which use advanced reasoning models paired with an AI assistant that orchestrates complex work, backed by Checkpoint’s comprehensive proprietary content and deep domain expertise from our tax editors and subject matter experts. Our customers range from sole practitioners to the largest global firms providing tax compliance, audit, advisory and accounting services.

The profession faces an unprecedented talent shortage, which defines the strategic imperative for our business. The pipeline of qualified professionals has contracted sharply, with fewer graduates pursuing accounting certification even as demand intensifies. Simultaneously, regulatory complexity continues to increase as tax codes grow, cross-jurisdictional requirements expand and audit standards tighten. Meanwhile, client expectations have moved beyond compliance focused tasks to include higher-value advisory services. These converging pressures require firms to deliver more with constrained resources while maintaining high quality and accuracy. Our solutions address this imperative by streamlining the end-to-end process, from research and compliance to workflow automation and client advisory.

The following provides a summary of Tax, Audit & Accounting Professionals’ 2025 revenues by type of customer.

Strategic customers represent the largest firms across Tax and Audit workflows.

Tax Workflow

We provide end-to end workflows to streamline the entirety of the tax lifecycle, from client onboarding and data gathering through document processing, tax planning, and filing. Strategic acquisitions, including Materia, SafeSend and Additive, have expanded our platform capabilities. In 2025, we launched CoCounsel for Tax and Audit, Ready to Review and Ready to Advise. Ready to Review introduced agentic tools that automate and enhance tax research and return preparation workflows. Ready to Advise, our AI-enabled tax planning solution built on the CoCounsel platform, leverages authoritative Checkpoint content and deep tax expertise to analyze client data and identify tailored planning strategies, ranked by relevance and potential impact. It delivers step-by-step guidance backed by authoritative knowledge and integrated workflow tools, enabling firms to scale advisory services efficiently and generate incremental revenue.

Audit Workflow

We provide audit firms with a suite of cloud-based tools designed to streamline engagement workflows, enhance accuracy, and elevate client service through AI-enabled automation. Our newest solutions include CoCounsel Audit, Audit Intelligence Analyze, and Audit Intelligence Test. Audit Intelligence Analyze uses AI to accelerate transaction analysis, identify items for review, optimize sample selection, and direct attention toward higher-risk areas. Audit Intelligence Test reduces manual effort during testing by automating the matching of selected samples to supporting evidence, validating collected amounts, and maintaining documentation within the workflow.

Tax, Audit & Accounting Professionals' competitors include Wolters Kluwer's CCH business, Bloomberg Industry Group, Intuit, Drake Software, and CaseWare, as well as emerging technology startups serving the profession.

Reuters

Reuters is a leading provider of trusted news, insight and analysis. Founded in 1851, it brings together world-class journalism, industry expertise and cutting-edge technology with unparalleled speed, reliability and accuracy to enable people to make better decisions. Reuters is committed to the Thomson Reuters Trust Principles, including that of independence, integrity and freedom from bias, and is an essential source of business, financial and world news delivered to financial firms exclusively via LSEG products, to the world’s media organizations, and to professionals via industry events and Reuters.com. In 2025, Reuters delivered approximately 3.6 million unique news stories, 829,000 pictures and images and 142,000 video stories and numerous industry events.

For more information on the Thomson Reuters Trust Principles, please see the “Additional Information – Material Contracts – Thomson Reuters Trust Principles and Thomson Reuters Founders Share Company” section of this annual report.

Reuters’ primary global competitors include Bloomberg, the Associated Press, Agence France-Presse and Getty.

Global Print

Global Print is a leading provider of information, primarily in print format, to legal and tax professionals, government (including federal, state and local government lawyers and judges), law schools and corporations. Global Print also leverages its capabilities through offering commercial printing services to a wide range of book publishers including those in trade, government, associations, faith-based organizations, universities and children’s books. The business serves customers primarily in the United States, Canada and the United Kingdom. Global Print’s primary global competitors are LexisNexis and Wolters Kluwer.

Key Products

Our customer-focused structure enables us to have broader conversations with our customers, with a more cohesive go-to-market approach. We believe that this focus will create opportunities to deepen relationships with customers on more of our products and services across their organizations, increase sales to existing customers, improve retention and attract new customers. The following table provides information about our key products and target customers.

Additional Business Information

Corporate Center

Our corporate center seeks to foster a group-wide approach to management while allowing our business segments sufficient operational flexibility to serve their customers effectively. Our corporate center centrally manages our Operations & Technology group, our commercial operations and certain functions such as finance, legal and human resources.

The Role of Thomson Reuters Enterprise Centre

The Thomson Reuters Enterprise Centre in Switzerland has a pivotal role in our business operations and strategic initiatives. Key decisions on company-wide strategy and global commercial policies are led by a senior Executive Leadership team in Switzerland representing multiple functions across Strategy, Product, Operations & Technology, Engineering, Labs, Legal, Risk & Compliance and Finance. This strengthens our speed of innovation, collaboration and direction setting across our global business.

Operations & Technology

Our Operations & Technology group consolidates essential corporate functions into a cohesive team, encompassing product engineering, technology delivery and service, data and analytics, AI innovation, digital transformation, customer service, procurement, real estate, collections and content operations. This unified approach provides a strong foundation for accelerating our scale and growth strategies, allowing us to focus resources effectively on key priorities. In 2026, we will continue to advance our products and service through AI innovation.

We aim to deliver AI enhancements across our product suite, enabling the agility and speed that our customers demand, while simultaneously improving margin through AI-driven process optimization.

Our commitment to transformation ensures our content, products and services evolve to meet customer needs, while we continue to focus on securing customer data and global systems as part of our ongoing security program enhancements.

Innovation, Research and Development

Innovation remains a cornerstone of our strategy and a key driver of competitive advantage. In 2025, we advanced our commitment to applied research and technology development through Thomson Reuters Labs—our dedicated research and innovation arm. Building on the momentum from 2024, we expanded the Labs’ capabilities and deepened its integration with product engineering, accelerating delivery of AI-powered solutions across our portfolio.

For over three decades, Thomson Reuters Labs has been at the forefront of emerging technologies in high-stakes professional domains. In 2025, Labs delivered new AI capabilities across Westlaw, Practical Law, CoCounsel for Legal, CoCounsel for Tax, CLEAR, ONESOURCE+ and Reuters. These innovations enable legal professionals to perform complex, multi‑step research and analyze large volumes of litigation documents in a fraction of the time previously required. For tax and accounting, Labs developed solutions that automate return preparation and help firms surface and deliver personalized advisory strategies at scale. The organization continues to advance the state of the art in professional‑grade AI through active engagement with the global research community, participating in nearly 30 AI conferences and contributing around 70 articles, patents, workshops, and peer‑reviewed publications.

In addition to organic development, we strengthened our innovation pipeline through strategic acquisitions. These investments brought in specialized capabilities in areas such as workflow automation, advanced legal research and AI-driven analytics, enabling us to accelerate product development and deliver integrated solutions faster. By combining these new technologies with our trusted content and human expertise, we are creating a more connected ecosystem that supports professionals across tax, legal, compliance and risk domains.

As we progress toward our ambition to become the world’s leading content-driven technology company, innovation is not just a function—it is a mindset. By combining cutting-edge technology with human expertise, we continue to redefine how trusted answers are delivered in an ever-changing world.

Go to Market

In 2025, we continued to modernize and unify our go-to-market model to reflect how professionals evaluate, buy, and adopt technology today. Our approach combines direct sales, digital commerce, partner channels and proactive customer success motions, supported by expanding AI capabilities and a more integrated global commercial organization.

We primarily sell our products and services directly to our customers through our sales team. We enhanced coordination across go-to-market, marketing, customer success and partnerships to deliver a more consistent and connected customer experience. Teams leveraged AI-powered insights and improved revenue insight technology to better identify opportunities, prioritize accounts, and support cross-portfolio selling. This enabled more integrated conversations around our solutions, reflecting customers’ increasing preference for connected capabilities rather than point products.

In addition, we sell some of our products and services online directly to customers. In 2025, we expanded our digital commerce capabilities, offering more of our solutions online and scaling guided self-serve pathways. Customers could trial, purchase and manage products more easily through enhanced onboarding flows, improved in-product support and AI-driven recommendations that helped accelerate adoption and value realization. These investments broadened our reach across smaller firms and emerging customer segments while also reducing acquisition and servicing costs.

Partnerships remained a strategic growth driver. We expanded our relationships across system integrators, resellers, referral partners and technology providers, opening new routes to market and accelerating our reach across
geographies and customer segments. New partner programs supported joint solutions, co-marketing initiatives and Application Program Interface (API)-based integrations.

APIs allow our software platforms to connect with those of other companies, providing customers with data and access to the services of both companies. We continued to advance our API capabilities as customers increasingly looked to integrate Thomson Reuters content and AI into their existing technology stacks. Enhanced APIs across our portfolio improved interoperability with third-party platforms, expanded workflow automation and opened new opportunities for embedded use cases. This ecosystem approach supports customers' end-to-end processes and creates more flexible deployment models for our solutions. As our capabilities related to APIs continue to grow, it will further enable our ability to provide more robust solutions in collaboration with our partners to solve our customers’ business challenges.

In 2025, we expanded and formalized our customer success organization to create a scalable, proactive engagement

model focused on adoption, value realization and long-term outcomes. Standardized playbooks, digital success programs and data‑driven health insights enabled us to support customers more efficiently and consistently. This work lays the foundation for continued improvements in retention, net revenue retention and cross-portfolio expansion.

Our 2025 go-to-market progress strengthened our commercial foundation and improved how we serve customers across their lifecycle. With enhanced digital buying experiences, a deeper partner ecosystem, expanded API connectivity and a unified customer success model, we continue to evolve our go-to-market approach to meet the needs of modern professionals and support sustained growth in 2026 and beyond.

Intellectual Property

Our products and services primarily consist of information and original content distributed across multiple platforms. We protect these offerings and their underlying content through a comprehensive intellectual property (IP) portfolio. Our IP strategy relies on four key elements: patents and trade secrets that safeguard our innovative content creation and delivery methods; trademarks that protect our brand identity; and copyrights that secure our proprietary content, databases and software source code. We believe our current IP holdings adequately support our business operations.

To strengthen our IP position, we employ both technical and commercial safeguards within our content distribution systems. We actively expand our patent portfolio through global patent applications and acquisitions of patent-holding companies. Our online presence is protected through registered domain names, while our trademarks and copyrights are maintained through strategic registrations and active enforcement against potential infringers. Corporate acquisitions further enhance our IP assets, typically adding trademarks, copyrights, patents, and web domains to our portfolio.

We continuously assess how emerging AI regulations and concepts intersect with intellectual property law to protect our technology, source code, and content. For additional details on IP‑related risks, please refer to the "Risk Factors" section of this annual report.

Acquisitions and Dispositions

Acquisitions – Acquired businesses can strengthen our offerings and enable us to extend our platform with new capabilities that we believe will provide opportunities to expand our positions, better serve our customers and supplement our organic revenue growth. Generally, the businesses that we acquire initially have lower margins than our existing businesses, largely reflecting their stage of development and the costs of integration.

In January 2025, we acquired SafeSend, a United States-based cloud-native provider of technology for tax and accounting professionals. SafeSend automates the ‘last‑mile’ of the tax return, including assembly, review, taxpayer e‑signature and delivery. In July 2025, we acquired TimeBase, a leading provider of Australian legislative information, offering a comprehensive platform for legal professionals to find, search, track and understand legislation. In August 2025, we acquired the commercial and licensing operations of Imagn Images, a US-based sports photography agency. In September 2025, we acquired Additive AI, a San Francisco‑based startup, founded in 2023, that uses cutting‑edge AI to automate tax document processing for tax and accounting professionals. More recently, in February 2026, we acquired Noetica, Inc., a New York-based AI-native start-up that transforms transaction-deal data into structured market intelligence for deal professionals.

We expect that acquisitions will continue to play an important role in our strategy going forward and we expect to continue to make acquisitions from time to time that we believe will strengthen our positions in key growth segments. See the “Liquidity and Capital Resources” section of the "Management’s Discussion and Analysis" for additional information about our capital strategy.

Dispositions – As part of our continuing strategy to optimize our portfolio of businesses and ensure that we are investing in parts of our business that offer the greatest opportunities to achieve growth and returns, we have sold a number of non-core businesses and product lines during the last several years which were not compatible with our strategy.

For more information on acquisitions and dispositions that we made in the last two years, please see the “Management’s Discussion and Analysis” section of this annual report.

Thomson Reuters Venture Fund

During 2025, Thomson Reuters Ventures deepened its commitment to investing in AI‑powered innovation that helps professionals operate more productively and with greater insight. Beyond investing, Thomson Reuters Ventures stayed active in the ecosystem through programming that convenes founders, investors and partners to discuss the evolving AI‑driven startup and professional landscape. Thomson Reuters Ventures prioritizes companies building practical solutions that align with Thomson Reuters customers' needs to reduce friction in core workflows and deliver faster, complementary trusted outcomes.

Human Capital Management

Employees

The following table sets forth information on the approximate number of employees by region and unit as of December 31, 2025.

We believe that we generally have good relations with our employees, unions and works councils, although we have had disputes from time to time with the various unions that represent some of our employees. Our senior management team is committed to maintaining good relations with our employees, unions and works councils.

Overview

Our human capital practices and initiatives are designed to attract, develop and retain talented employees across our global business. At Thomson Reuters, our global team fuels innovation through their curiosity and ambition. We foster a values-driven culture that attracts top talent, empowers our people to grow and lets them do the work that matters most. We aim to ensure employees feel valued, have meaningful opportunities to develop and are empowered to succeed. Our priorities span key areas including compensation and benefits, culture and engagement, talent acquisition, learning and development and inclusion and belonging.

We are continuing to build talent for the future by integrating AI into day-to-day work, strengthening business acumen and deepening knowledge of our evolving product portfolio and customers. In 2025, we launched refreshed values to support how we work and guide our decisions and behaviors for how we deliver for our customers and colleagues.

We remain committed to career development through Grow My Way, an initiative that supports continuous skill building and enables leaders to deploy talent effectively as business needs change. As our AI capabilities mature, we are shifting from measuring AI tool adoption alone to capturing the operational and business impacts enabled, such as improved cycle times, quality, customer outcomes and productivity.

Supporting and developing people leaders remains a priority. In 2025, we focused on building skills around critical conversations and leading through ambiguity. We will continue broadening people leader development through the introduction of Leading at TR, with upskilling focus areas around setting clear goals, delivering quality feedback, improving empowerment and decision making and leading change. This leadership program is designed to strengthen leadership effectiveness at all levels, accelerate performance and reinforce a culture of accountability, collaboration and results.

Our investments in learning, career development and AI are reflected in employee feedback. In our most recent organizational health survey, scores related to learning and innovation increased and remain top quartile, with:

We voluntarily publish a range of human capital metrics in our securities filings and on our website, including our Social Impact & ESG Report. Certain metrics are not publicly disclosed due to competitive considerations. We expect human capital management to remain an important focus area for management and the Board of Directors, supporting strong stewardship of the organization, advancing societal objectives and contributing to our strategic advantage in the marketplace.

For additional information on our human capital management practices, please see the “Environmental, Social and Governance (ESG)” section below.

Environmental, Social and Governance (ESG)

Our company is dedicated to serving institutions and businesses that keep the wheels of commerce turning, uphold justice and taxation systems, fight fraud, support law enforcement and report on world events with impartiality, as an important source of unbiased news globally. We pursue ESG initiatives because they contribute to value creation for our customers, employees, shareholders and other stakeholders. The Board and its committees oversee different ESG-related areas that are of the greatest importance to the organization and our stakeholders to achieve our long-term strategic objectives. Ultimately, though, our ESG-related initiatives require employees who take on responsibility for them and are empowered to achieve them.

Our ESG-related workstreams include sustainability, inclusion and belonging, community relations and volunteerism. ESG factors are considered in our Enterprise Risk Management (ERM) processes. Our financial support of the Thomson Reuters Foundation also contributes to our ongoing ESG efforts.

We believe in the power of collaboration with the international business community, so we are signatories of the United Nations Global Compact (UNGC), a non-binding United Nations (U.N.) pact to encourage businesses and firms worldwide to adopt sustainable and socially responsible policies. We are also aligned with the United Nations Guiding Principles on Business and Human Rights (UNGPs), which augment our longstanding commitment to the UNGC, the U.N. Declaration on Human Rights and other international standards.

In 2025, we updated our ESG double materiality assessment to ensure the continued alignment of our ESG initiatives with our business strategy and to comply with new global regulations. This assessment enables us to identify and prioritize the ESG issues that are most likely to impact our business and stakeholders in the short and long-term, and establishes a robust foundation for our ongoing sustainability reporting and management processes. In 2025, we also completed our second company-wide human rights impact assessment (HRIA) of our global operations, products and services. This assessment examined potential impacts across stakeholder groups and helped us to identify salient human rights risks which were then mapped against the expectations of the UNGPs and which now inform our human rights strategy and roadmap. Our commitment to respecting human rights throughout our operations will continue to guide our work and the recommendations from this comprehensive ESG assessment will continue to help us identify, assess and proactively respond to salient and material risks across our enterprise. Finally, in March 2023, we released our human rights policy, which informs our colleagues, customers, shareholders and those in the communities where we operate and do business, of our commitment and approach to human rights.

Our 2025 Social Impact & ESG Report, which we anticipate publishing later in 2026, will contain more information about our ESG strategy and results and will be available on our website at thomsonreuters.com.

Environmental Practices

We aim to continue to reduce our environmental impact globally. We continue to source renewable energy for 100% of our operations. We have achieved this largely by purchasing renewable energy credits to match our electricity use. We are also working closely with our suppliers to drive lower emissions within our supply chain. We will continue to measure and manage our own emissions and environmental impacts and continue to find ways to further assess, monitor and improve our carbon footprint.

Social Practices

Our values and culture

At Thomson Reuters, our team is committed to solving big challenges for our customers and supporting skill building for colleagues to thrive in an AI-enabled future. In 2025, we introduced new company values that are rooted in our purpose to Inform the Way Forward and the Thomson Reuters Trust Principles. These values elevate us to a higher standard of customer excellence, product innovation, teamwork and success.

Inclusion and Belonging

As a global company with employees located around the world, inclusion and belonging are core to our purpose and values, fostering an inclusive workplace where people with varied backgrounds, perspectives and experiences can grow and thrive. We believe this gives us access to the broadest talent pool, leads to better decision making and fosters greater innovation.

Health and Wellbeing

Our people remain our greatest asset and we are steadfast in our commitment to fostering a supportive and empowering workplace environment. We offer employee benefit plans, tools, resources and workplace practices that promote mental, physical, financial and social wellbeing.

Central to our employee experience is a strong focus on mental health and wellbeing. Our Mindful Leadership Training is a key component of our Managing at TR program, ensuring that all new managers are equipped to lead effectively. Additionally, we offer global resources such as employee assistance programs, meditation apps and mindfulness discussions, highlighted during our May and October Mental Health campaigns.

Thomson Reuters upholds its commitment to flexibility through our hybrid working policy and the “Flex My Way” initiative. These global flexible workplace policies enable employees to balance family and customer needs effectively. With offerings like Bereavement Leave, Caregiver Paid Time Off, Sabbatical Leave, Parental Leave, Work From Anywhere policy and local paid and unpaid time off policies, we ensure our employees can take the time they need, when they need it. Together, these efforts underline our unwavering dedication to cultivating a physically, mentally, financially and socially healthy workplace for all.

Community and Social Impact

Thomson Reuters annually provides 16 hours of paid volunteer time off (VTO) to every employee and provides an additional 20 hours of paid VTO to a subset of employees with law degrees to provide legal pro bono aid to not-for-profit organizations.

In 2025, our employees logged a total of approximately 63,000 volunteer hours, including over 10,000 hours in total pro bono support to not-for-profit organizations around the world. In addition to VTO, Thomson Reuters offers a global Corporate Match program to match eligible employee donations as well as a Volunteer Rewards Program in which an employee earns corporate funding for reaching 20 hours of volunteering. In 2025, donations by our employees together with our corporate matching and rewards donations totaled approximately $2.2 million to over 1,900 not-for-profits in 26 countries.

Finally, we provide some of our products and services free of charge to various not-for-profit organizations to support their initiatives, including access to our Westlaw, Practical Law, HighQ and CoCounsel products. For example, since 2010, Thomson Reuters has made our CLEAR product available to the National Center for Missing and Exploited Children. Additionally, through our AI for Justice legal aid initiative, not-for-profit legal organizations can utilize CoCounsel, our premier AI-powered legal assistant.

The Thomson Reuters Foundation

The Thomson Reuters Foundation works to bolster the resilience of independent media, strengthen access to the law and promote responsible business practices. It leverages its unique combination of media and legal expertise, together with data intelligence, to inform, connect and empower professionals and civil society to strengthen free, fair and informed societies. It delivers its work through capacity-building programs, legal support, research, news, data-driven products and events, including its flagship annual forum, the Trust Conference.

Additional information on the Foundation can be found at www.trust.org.

Governance Practices

Our Board and its committees oversee ESG initiatives. The Corporate Governance Committee of the board of directors evaluates our ESG strategy and progress and is updated regularly by our management. We remain committed to our values and ethics through our governance practices, which include our Code of Business Conduct and Ethics.

Properties and Facilities

We own and lease office space and facilities around the world to support our businesses. We believe that our properties are in good condition and are adequate and suitable for our present purposes. The following table provides summary information about our principal properties as of December 31, 2025.

Risk Factors

The risks and uncertainties below represent the risks that our management believes could be material. If any of the events or developments discussed below actually occurs, our business, financial condition or results of operations could be adversely affected. Other factors not presently known to us or that we presently believe are not material could also affect our future business and operations. The risks below are organized by categories and are not necessarily listed in the order of priority to our company.

Strategic Risks

We operate in highly competitive markets and may be adversely affected by this competition.

The markets for our information, software, services and news are highly competitive and are subject to rapid technological changes and evolving customer demands and needs, including, as an example, the ongoing transformation brought on by the development and use of AI and the capabilities it offers across the spectrum of how businesses operate. Our customers increasingly look to us for solutions to help them adapt, improve efficiency and demonstrate value through leveraging technology to deliver a differentiated work product. If we fail to compete effectively and with speed to market, we may not retain key customers and our revenues, profitability and cash flows could be adversely affected.

We face more competition from fast-moving and agile competitors as AI continues to be integrated into the markets in which we compete. The rapid advancements in coding tools may enable new and existing competitors to create competing offerings rapidly, or they may incorporate AI into their products and solutions sooner and more successfully than we do, resulting in greater, faster and more effective adoption by customers, which could impair our ability to compete effectively and adversely affect our business, financial condition and results of operations. If we are not able to provide products, services and solutions that compete effectively, we could experience reduced sales and our business could be adversely affected. Our established, principal competitors have substantial resources, with recognized brands, technological expertise and market experience. With the acceleration of AI technologies there is a risk of our deep domain expertise and content-driven technology focus being undermined by competitors who evolve to provide comparable information and services to our customer base. Our business may be adversely impacted by risks such as the following:

We may be adversely affected by uncertainty, downturns and changes in the markets that we serve, particularly in the legal, tax, audit and accounting industries.

We operate in a dynamic external environment that is rapidly shifting due to innovations in technology, evolving global regulation and information proliferation. Uncertainty, downturns and changes that impact our business can also arise as a result of conditions in global financial markets, changes in macroeconomic factors, changes in laws and regulations, trade policy uncertainty, political conditions and election outcomes, political and social unrest, wars and conflicts, terrorist acts, cyber-attacks, economic and regulatory sanctions, natural disasters and public health crises and other factors over which we have no control.

Our performance depends on the financial health and strength of our customers, which in turn is primarily dependent on the general economy in the United States (72% of our 2025 revenues) and secondarily on the general economies in the U.K., Canada, Brazil and other economies of Europe, Asia Pacific and Latin America. The global economy continues to experience substantial disruption and uncertainty due to persisting geopolitical tensions, ongoing protectionism measures (including the imposition of new tariffs, as well as related retaliatory measures), weaker global demand, an evolving interest rate and inflationary backdrop, supply chain disruptions, labour shortages and other events. These factors may create unprecedented economic conditions, including the possibility of an economic recession that may last substantially longer than expected and create stress on economic growth and market volatility. These conditions could lead to limited business opportunities for our customers, creating significant cost pressures for some of them, which could lead to lower demand for our products and services. We are unable to predict the extent of impact or duration of any such economic conditions, or their ultimate impact on demand for our products and services. In 2025, we derived 82% of our revenues from our Legal Professionals, Corporates and Tax, Audit & Accounting Professionals businesses. Global uncertainty and changing economic conditions can impact these industries.

The profitability of our products and services relies on our customers’ demand for and usage of our products and services. While we endeavour to accurately predict these trends, with the impact of changing technology on our customers’ business models, it has become difficult to accurately predict our customers’ demand for our products and services. Cost-cutting, reduced spending or reduced activity by customers may decrease demand for and usage of some of our products and services. This could adversely affect our business, financial condition and results of operations by reducing our revenues, which could in turn reduce the profitability of some of our products and services. Some of our customers may also slow down decision-making or delay planned renewals or implementations because of economic conditions and rapidly changing technology such as AI, which may disrupt historical spending patterns.

Trends in the industries we serve may change the way our customers operate and thus may impact our business. We have noted the following trends:

We may not be successful in our AI initiatives, and AI may expose us to certain risks, which could adversely affect our business, reputation, or financial condition and results of operations.

We are making significant investments in AI-based initiatives, including generative and agentic AI. As with other investments, there are significant risks involved in the development and application of AI and there can be no assurance that the usage of AI will enhance our products or services, meet the needs and expectations of our customers, or be beneficial to our business, including our efficiency or profitability.

The development of AI technologies is complex and evolving and there are technical challenges associated with achieving desired levels of accuracy, efficiency and reliability. AI algorithms, models and data may have limitations, including inherent human biases, errors, or inability to handle certain data types or scenarios. Failure of our AI technologies to produce accurate results may have a negative impact on our reputation and adversely affect our business and we may be subject to legal and regulatory scrutiny and increased litigation. Given that the development, adoption and use of AI technologies remains fast-paced, it is not possible to predict all the risks related to the use of AI and the impact they may have on the company.

If we are unable to keep pace with rapid technological developments to provide new products, services, applications and functionalities to meet our customers’ needs, attract new customers and retain existing ones, expand into new geographic markets and identify areas of higher growth, our ability to generate revenues or achieve higher levels of revenue growth in the future may be adversely affected.

Our growth strategy involves enhancing our current products and developing innovative new products, product features, and services in a timely and cost-effective manner to meet our customers’ needs. This includes anticipating and responding to industry trends and technological changes, expanding into new geographic markets and maintaining a strong position in the sectors that we serve.

Technologies such as AI, ML, data synthesis and user-generated capabilities have created the need to adapt rapidly to the shifting landscape and to generate insights from these technologies to increase the value that our solutions and services bring to our customers. While we are focused on these changes to the technological landscape, if we fail to adapt, or do not adapt quickly enough, our business, financial condition and results of operations could be adversely impacted.

We continue to focus on driving growth through more collaboration and stronger relationships with both established and emerging companies and incubators. We are also continuing to increase our focus on partnerships and APIs. Some of these initiatives combine another company’s technology, data or other capabilities with our products and services. These initiatives involve a number of risks, including the risk that the expected synergies will not be realized, that they may require substantial expenditures and take considerable time and that the expected results may ultimately not be achieved, that a new initiative may conflict or detract from our existing businesses, or that security measures may not be adequate or could adversely impact our brand and reputation. In addition, our ability to adopt new services and develop new technologies may be inhibited by industry-wide standards, new laws and regulations, resistance to change from our customers, limitations in technological ability or third parties’ IP rights. While we believe

these initiatives will be attractive to our customers, allow us to innovate more quickly and build sales channels in segments that we could not have reached as quickly on our own, we are unable to provide any assurances that these initiatives will increase our revenue growth.

Over the last few years, we have made significant investments designed to improve and enhance the functionality and performance of several of our key products, such as Westlaw, CoCounsel, HighQ, Legal Tracker, CLEAR, Checkpoint Edge, Practical Law, ONESOURCE and SurePrep. We have also successfully migrated customers from legacy offerings to our current propositions and continued to enhance the reliability and resiliency of the technology infrastructure that we use to deliver products and services. However, if our customers’ adoption rates for existing and new products and services are lower than our expectations, our revenues may be lower and our results of operations may be adversely affected.

We may be unable to derive fully the anticipated benefits from our existing or future acquisitions, dispositions, or other strategic transactions, including joint ventures and investments.

While we are focused on growing our businesses organically, acquisitions and other strategic transactions remain an important part of our growth strategy to expand and enhance our products, services and customer base and to enter new geographic areas.

In 2025, we acquired SafeSend, a United States-based cloud-native provider of technology for tax and accounting professionals. We also acquired Additive AI, a San Francisco-based startup, founded in 2023, which uses cutting-edge AI to automate tax document processing for tax and accounting professionals, as well as TimeBase, a leading provider of Australian legislative information, offering a comprehensive platform for legal professionals to find, search, track and understand legislation. Lastly, we acquired the commercial and licensing operations of Imagn Images, a US-based sports photography agency.

In the future, we may not be able to successfully identify attractive acquisitions or other strategic transaction opportunities or make acquisitions or other strategic transactions on terms that are satisfactory to our company from a commercial perspective. In addition, competition for acquisitions in the industries in which we operate during recent years has escalated and may increase the price of acquisitions or other strategic transactions, which could cause us to refrain from making certain acquisitions. Our ability to execute on opportunities may also be affected by factors beyond our control, including without limitation, commercial or regulatory changes that may subject us to increased regulatory scrutiny from competition and antitrust authorities in connection with acquisitions and other strategic transactions. Achieving the expected returns and synergies from existing and future acquisitions or other strategic transactions will depend in part upon our ability to integrate the products and services, technology, administrative functions and personnel of these businesses into our segments in an efficient and effective manner. We cannot guarantee that we will be able to do so, or that our acquired businesses, joint ventures or investments will perform at anticipated levels or that we will be able to obtain these synergies. Management resources may also be diverted from operating our existing businesses to certain acquisition and other strategic transaction integration challenges. If we are unable to successfully integrate acquired businesses and other strategic transactions, as applicable, our anticipated revenues and profits may be lower. Our profit margins may also be lower, or diluted, following the acquisition of, or strategic transactions involving, companies whose profit margins are less than those of our existing businesses. Certain acquisitions may initially incur losses which would reduce our earnings per share in certain periods.

We have also historically decided from time to time to dispose of assets or businesses that are no longer aligned with strategic objectives or our current business portfolio. These transactions may involve challenges and risks. There can be no assurance that future divestitures will occur, or if a transaction does occur, there can be no assurance as to the potential value created by the transaction. The process of exploring strategic alternatives or selling a business could also negatively impact customer decision-making and cause uncertainty and negatively impact our ability to attract, retain and motivate key employees. Any failures or delays in completing divestitures, including separation activities, could have an adverse effect on our business, financial condition and results of operations and on our ability to execute our strategy. Although we have established procedures and processes to mitigate these risks, there is no assurance that those procedures and processes will be effective or that these transactions will be successful. In addition, we expend costs and management resources to complete divestitures and manage post-closing arrangements. Completed divestitures may also result in continued financial involvement in the divested business, such as through guarantees, indemnifications, transition services arrangements or other financial arrangements, following the transaction.

Our brands and reputation are important company assets and are key to our ability to remain a trusted source of information and news.

The integrity of our brands and reputation is key to our ability to remain a trusted source of information and news and to attract and retain customers. Negative publicity regarding our company or actual, alleged or perceived issues regarding one of our products or services could harm our relationship with customers.

Failure to protect our brands or a failure by our company to uphold the Thomson Reuters Trust Principles may also adversely impact our credibility as a trusted supplier of content and may have a negative impact on our information and news business.

There is a focus from some stakeholders on corporate responsibility, specifically relating to ESG initiatives and corporate sustainability reporting. We pursue ESG initiatives because they contribute to value creation for our customers, employees, shareholders and other stakeholders. In 2025, we completed our second ESG double materiality assessment to comply with new global regulations. We have set a number of targets related to these initiatives and identified and prioritized ESG issues, risks and opportunities. Standards for tracking and reporting ESG matters continue to evolve and we may not be able to implement new and changing standards in ways that meet the expectations of all of our stakeholders. If we fail to satisfy the expectations of investors, customers, vendors, employees, regulators and other stakeholders related to our ESG performance and in our corporate sustainability reporting or our ESG initiatives are not executed as planned, it could adversely affect our reputation, business, share price, financial condition or results of operations. Due to the shifting legal and policy landscape, as well as changing stakeholder expectations, our reputation also may be harmed by negative perceptions that our customers, employees and other stakeholders may have about our action or inaction on social, ethical, or political issues.

Social and ethical issues relating to the use of new and evolving technologies, such as AI, in our products and services could adversely affect our business, financial condition or results of operations.

Many of our products and services use new and evolving technologies, such as AI. These often present social and ethical risks and challenges that could affect their adoption and therefore our business. For example, the use of AI in our products may give rise to risks related to harmful content, inaccuracy, misinformation, bias, discrimination, IP infringement or misappropriation, defamation, data privacy and cybersecurity, among others. We may not have insight into, or control over, the practices of third parties who utilize AI technologies. As such, we cannot guarantee that third parties will not use AI technologies for improper purposes. If we enable or offer AI solutions, or enter into partnerships with third parties or engage third party vendors in respect of AI technologies, that result in any of the foregoing or otherwise draw controversy due to their perceived or actual impact on society, we may experience brand or reputational harm, competitive harm or legal liability and regulatory scrutiny.

Evolving government regulation related to AI use and ethics, or requirements from third-party groups, such as local bar associations or tax licensing boards, may also increase the burden and cost of research and development in this area and failure to properly remediate AI usage or ethics issues may cause public confidence in AI to be undermined, which could slow adoption of AI in our products and services. The rapid evolution of AI will require the application of resources to develop, test and maintain our products and services to help ensure that AI is implemented ethically in order to minimize unintended, harmful impacts. If we do not maintain ethical and transparent policies and procedures related to AI, this could result in reputational harm and legal liability, which could adversely affect our business, financial condition or results of operations.

Technology and Data Risks

We and our third-party providers face risks related to cybersecurity threats and incidents that could adversely affect our reputation, business, results of operations, and financial condition.

In connection with our business, we rely extensively on our own and third-party information technology systems and infrastructure to provide our products and services and operate our business. Further, we rely on our own and third-party content and other data and information published as part of our products and services. Our company has been subject to and is increasingly likely to continue to be the target of, cyber-attacks and incidents that could negatively impact our systems, information and data. Cyber-threats and cyber-attacks vary in technique and sources, are persistent, frequently change and are increasingly becoming more sophisticated and targeted. Especially with the use of emerging technologies, such as advanced forms of AI, cyber-attacks and incidents have become increasingly more difficult to detect and prevent. The occurrence of these attacks and incidents may also increase due to the increased reliance on information technology, growing number of integrations and network connections with third-party services, customers, or partners, remote access from hybrid and remote workers, heightened geopolitical tensions and the prominence of our Reuters business.

While we and third-party information services that we use have information security programs and security measures in place designed to protect our information technology systems and infrastructure, these programs and these measures may not prevent all material breaches caused by cyber-attacks and incidents, including without limitation:

As a third-party supplier, we are sometimes provided with a trusted connection to a customer’s information technology systems and infrastructure. If malicious parties compromise our information technology systems and infrastructure, including without limitation embedding malicious hardware, components or software, they could gain access to our or our customers’ systems and information. In addition, if a customer experiences a cybersecurity incident or cyber-attack it could result in a compromise or breach of our own information technology systems and infrastructure, which could adversely affect our company’s reputation, business, results of operations and financial condition even if we were not responsible for the breach. In addition to cyber-attacks on and incidents related to our third-party providers’ information technology systems and infrastructure, our outsourcing of certain functions requires us to sometimes grant network access to third parties. If our third-party providers do not maintain adequate security measures, do not require their sub-contractors to maintain adequate security measures or do not perform as anticipated and in accordance with contractual requirements, it could adversely affect our company’s reputation, business, results of operations and financial condition even if we were not responsible for the incident.

We collect, store, use, transmit and otherwise process information and data, including without limitation public records, IP, proprietary business information, product content and personal data pertaining to our company, our employees and contractors, our customers and their clients, our providers and other individuals. A number of our customers, their clients and providers, our providers and third-party business partners and our employees and contractors also entrust us with storing and securing their own data and information. Our businesses also include certain subscription-based screening products which we sell to institutional customers and governments to enable them to satisfy various regulatory obligations.

Any cyber-attacks on or incidents involving our own and third-party information technology systems and infrastructure that process this information and data have in the past resulted in and could in the future result in, the unauthorized access to, loss, manipulation, destruction of, or disclosure of personal and business information. None of these attacks and incidents that have impacted our company to-date have resulted in a material adverse impact for our business. We seek to mitigate these risks through our ability to detect, escalate and respond to known and potential risks through our Enterprise Security Incident Management processes; however, any cyber-attacks on or incidents involving our own and third-party information technology systems and infrastructure could potentially result in additional costs to our company to enhance security or to respond to occurrences, loss of trust and harm to our brand, loss of sales and an inability to gain new ones, violations of contracts leading to contract terminations and litigation, violations of privacy or other laws leading to penalties, fines, regulatory action or litigation, harm to our brand and reputation and otherwise adversely impact our business, financial condition and results of operations. While we maintain what we believe is sufficient insurance coverage that may (subject to certain policy terms and conditions

including self-insured deductibles) cover certain aspects of third-party security and cyber-risks and business interruption, our insurance coverage may not always cover all costs or losses and it does not extend to any reputational damage or costs incurred to improve systems as a result of these types of incidents.

We rely heavily on our cloud providers and local data center providers as well as key software-as-a-service (SaaS) providers to provide services from sales to billing; any impacts from these providers could adversely affect our ability to serve our customers and could negatively impact our revenues, ability to retain customers and reputation.

Most of our products and services are delivered electronically and our customers depend on our ability to receive, store, process, transmit and otherwise rapidly handle very substantial quantities of data and transactions on computer-based networks. Our customers also depend on the continued capacity, reliability and security of our cloud and third-party infrastructure, data centres, networks, telecommunications and other electronic delivery systems, including online access. Our employees also depend on these systems for our internal use. Rapidly evolving technology may require us to further rely on third party partners and vendors to provide and support our services, which can add costs and risks and impact margins. If we fail to anticipate or misjudge customers’ rapidly changing needs and expectations or adapt to emerging technological trends, our business, financial condition and results of operations could suffer.

Substantially all of our offerings are SaaS or cloud-based that provide customers with online access. We are dependent on third-party service providers to maintain the cloud infrastructure that we use to operate our business. If these third-party service providers fail, consolidate, stop providing certain services or implement cost-cutting efforts, our business could be adversely affected.

Any significant failure, compromise, cybersecurity incident, data privacy breach, disruptive cyber-attack, or interruption of our systems or a third-party service provider’s, including operational service disruptions, sabotage, break-ins, war, terrorist activities, human error, misuse of AI, AI systems failures, natural disaster, power or coding loss and computer viruses, could cause our or a third-party service provider’s systems to operate slowly or could interrupt service for periods of time. The frequency and intensity of weather events related to climate change are also increasing, which could increase the likelihood and severity of such disasters as well as related damage and business interruptions if any of our or our key third-party service providers’ facilities or systems are affected. While we and our key third-party service providers have disaster recovery and business continuity plans that utilize industry standards and best practices, including back-up facilities for primary data centers, a testing program and staff training, the systems are not always fully redundant and disaster recovery and business continuity plans may not always be sufficient or effective. To the extent that our telecommunications, information technology systems, cloud-based service providers or other networks are managed or hosted by third parties, we would need to coordinate with these third parties to resolve any issues. In the past, when we have experienced slow operation of our systems or service interruptions, some of our products, services, websites, information or data have been unavailable for a limited period of time, but none of these occurrences have been material to our business to date. Disruptions and outages to our products could have a negative effect on our revenues, ability to retain customers and reputation.

Our ability to effectively use the Internet may also be impaired due to infrastructure failures, service outages at third-party internet service providers or increased government regulation. In addition, we are facing significant increases in our use of power and data storage. We may experience shortage of capacity and increased costs associated with such usage. These events may affect our ability to store, process and transmit data and services to our customers.

Further, our ability to continue to develop and effectively deploy AI technologies is dependent on access to specific third-party equipment and other infrastructure, such as processing hardware and network capacity, which we cannot control the availability of, especially in a highly competitive environment. This reliance on third parties creates additional risks such as data loss, product outages, price fluctuations and other challenges inherent in working with third parties.

Operational Risks

If we do not continue to attract, engage and retain the right management, key employees and skills to the organization, we may not be able to execute our global strategies and businesses.

The completion and execution of our strategies depends on our ability to continue to attract and retain high quality and talented management and employee base across all of our businesses and global locations and to foster employee engagement at all levels in the company. We compete with many businesses that are seeking skilled individuals, particularly those with experience in technology, cybersecurity, data science, AI and ML and product management. More recently, with the rapid increase and the use of and investment in AI by a number of companies, the market for skilled personnel in AI in particular is very competitive. Some of the companies we compete with in this space for experienced personnel have greater resources than we have and may offer more lucrative compensation packages than we offer or provide such other incentives that we may not be able to offer. We have experienced and we expect to continue to experience significant competition in hiring and retaining such employees. Our ability to execute on our AI strategy will be adversely affected if we are unable to retain, hire and engage highly skilled employees in this space. Competition for sales professionals in our Legal Professionals, Corporates and Tax, Audit &

Accounting Professionals segments can also be intense as other companies seek to enhance their positions in our market segments.

If we are unable to continue to identify or be successful in attracting, motivating and retaining the appropriate qualified personnel for our businesses and to continue to enhance our inclusive and engaging culture, it could adversely affect our ability to execute our strategies.

If we are unable to successfully adapt to organizational changes and other strategic initiatives, our reputation, business, financial condition and results of operations could be impacted.

The transformation of our workforce due to the impact of AI is expected to become an important driver of future productivity, but only if we adopt and integrate new technologies in an effective and responsible manner. Our ability to successfully manage organizational changes and upskill our talent, including from the changes from the impact of AI, is important for our future business success. In particular, our reputation and results of operations could be harmed if employee morale, engagement or productivity decline as a result of organizational changes.

Furthermore, we may not realize all of the cost savings, incremental revenue and synergies that we expect to achieve from our strategic initiatives due to a variety of factors, including, but not limited to, unexpected operational or technological challenges, higher than expected costs or expenses, delays in the anticipated timing of activities and other unexpected costs associated with operating our business. If we are unable to achieve the cost savings, incremental revenue or synergies that we expect to achieve from our strategic initiatives, it could adversely affect our profitability and related margins.

Our ability to realize our go-to-market strategies and any change to those strategies relies on our people and underlying processes and systems. We regularly monitor our team capacity and supporting systems and processes, to drive effectiveness and align with customer preferences.

Operating globally involves challenges that we may not be able to meet and that may adversely affect our ability to grow.

As part of our globalization efforts, we operate regional teams and shared resource operational centers, particularly in emerging markets, that work across our segments to combine local expertise with global capabilities to address specific customer needs. We sometimes modify existing products and services for local markets, but we also develop products and services specifically for local markets.

We believe that there are advantages to operating globally, including a proportionately reduced exposure to the market developments of a single country or region. However, there are certain risks inherent in doing business globally which may adversely affect our business and ability to grow. These risks include:

Adverse developments in any of these areas could cause our actual results to differ materially from expected results. Challenges associated with operating globally may increase for our company as we continue to expand into geographic areas that we believe present the highest growth opportunities. We may also be required or may decide to cease or modify operations in a particular country as a result of a risk described above, which could adversely affect our business, financial condition and results of operations.

We are dependent on third parties for data, information and other services.

We obtain significant data and information through licensing arrangements with content providers, some of which may be viewed as competitors. Some providers may seek to increase fees for providing their proprietary content or services and others may not offer our company an opportunity to renew existing agreements. We also depend on public sources for certain data and information.

In addition, we rely on third-party service providers for telecommunications and other services that we have outsourced, such as certain human resources administrative functions, facilities management, IT services and accounts payable and receivable. Any failure by the third-party service providers we work with to comply with applicable laws, regulations, or agreements, could result in formal investigations or enforcement actions, fines, litigation, claims or negative publicity and could result in significant liability and otherwise have an adverse effect on our reputation and business.

If we are unable to maintain or renegotiate commercially acceptable arrangements with these content or service providers or find substitutes or alternative sources of equivalent content or service, our business could be adversely affected. Our revenues and margins could also be reduced if some of our competitors obtained exclusive rights to provide or distribute certain types of data or information that was viewed as critical by our customers.

Legal, Regulatory and Intellectual Property Risks

We are subject to a significant number of laws and may incur fines, penalties, litigation, and other losses for violating these laws. We may be adversely affected by changes in legislation and regulation, which may also impact how we provide products and services and how we collect and use information and data.

We are subject to a broad and evolving array of laws and regulations, including those governing privacy, data protection, AI, anti-money laundering (AML), economic sanctions, trade controls, accessibility and other compliance areas. Legislative and regulatory changes that impact our company and legislative and regulatory changes that impact our customers’ industries also impact how we provide products and services to our customers. While regulatory developments may create opportunities for new services—particularly for our Legal Professionals, Corporate, and Tax, Audit & Accounting Professionals segments—certain changes could also reduce demand for existing products or services.

There has been a rapid increase in the use of and the investment in AI by many companies and organizations which has resulted in a significant focus by regulators on the use of AI. Although several jurisdictions around the globe have already proposed or enacted laws governing AI (e.g. EU AI Act and individual U.S. state AI laws), there is still uncertainty in the legal regulatory regime relating to AI. The uncertain and fragmented regulatory landscape for AI may require significant investment to adapt our products and practices to comply with evolving legal requirements, the scope of which remains unclear. Future legislation may make it harder for us to conduct our business using AI, lead to regulatory fines or penalties for non-compliance, require us to change our product offerings or business practices, prevent or limit our use of AI or impact our ability to provide insights from data and use certain data to develop our products. If our use of AI is restricted in the future, our business may be less efficient, or we may be at a competitive disadvantage. Any of these factors could adversely affect our business, financial condition and results of operations. In addition, the evolving AI regulatory environment could affect our customers’ desire to use products with AI due to the unknown nature of the risks associated with such use, may increase our liability related to the use of AI products by our customers that are beyond our control and result in an increase in our research and development costs to tailor our products and solutions to comply with legal requirements across different jurisdictions related to customer use.

Additionally, in the ordinary course of business, we collect, store, use and transmit certain types of information and data that are subject to an increasing number of different laws and regulations. In particular, the data security, data protection and privacy laws and regulations that we are subject to often vary by jurisdiction and include, as two examples and without limitation, the General Data Protection Regulation (GDPR) in the E.U. and various U.S. state and federal laws and regulations. Proposed and existing legislation in other countries and regions around the world related to privacy, data security, data protection and other related areas may also impact how we provide products and services and how we collect and use information.

Some of these laws and regulations require us to collect affirmative opt-in consent and/or include a right for individuals to opt out or object to having their data shared with third parties and/or a right to be informed about what data about them is being shared, among other things. The viability and perceived value of some of our risk and fraud and screening products could be adversely impacted through the requirements of these laws and regulations and the exercise of these rights. Some of these laws and regulations, along with industry changes (such as the industry elimination of third-party cookies), could adversely impact our collection and use of certain information and our digital advertising revenue.

We are also subject to data localization laws in certain countries, which require us to store and process certain types of data within a particular country. We are also subject to various data transfer restrictions that either limit our ability to transfer, or require us to guarantee a certain level of protection when transferring data from one country to another. The regulatory landscape in various countries where we operate continues to evolve and sometimes includes strict local rules regarding the use (or restrictions on use) of encryption technologies as well as broad governmental rights related to Internet monitoring and regulation of Internet transmissions.

These laws and regulations are continuously evolving and complying with applicable laws and regulations involves significant costs and time. Existing, new and proposed legislation, regulations and regulatory guidance, including changes in the manner in which such legislation and regulations are interpreted by courts, may also:

Governmental action (including laws or economic or political policies that restrict the use of specific companies, equipment or services, including those deemed to be sensitive to national interests) can also create some legal uncertainties. It is difficult to predict in what form laws and regulations will be adopted, changed or repealed, how they will be construed by the relevant courts, or the extent to which any changes might adversely affect us.

Although we have implemented policies and procedures that are designed to ensure compliance with applicable laws, rules and regulations, we could be subject to civil or criminal fines and penalties and other enforcement actions, litigation or other claims, reputational damage and loss in revenue (e.g., from contracts terminated for non-compliance), which, either individually or in the aggregate, could have a material adverse effect on our business, operations and financial condition. See “Contingencies – Lawsuits and Legal Claims” in the “Management’s Discussion and Analysis” section of this annual report.

Our IP rights are valuable and external factors threaten to diminish their value, which in turn may adversely affect our business, financial condition and results of operations.

Thomson Reuters' products and services incorporate advanced technologies built on our proprietary content and are delivered through a variety of media. To safeguard our proprietary content, know-how, and technology, we rely in part on agreements with customers, employees, consultants, advisors, suppliers, and other third parties. We also protect our rights through patents, trademarks, copyrights, and other IP protections covering our content, products and services, and brand, as well as through technical and commercial safeguards embedded in our delivery channels. Despite these measures, third parties may still copy, infringe upon, or otherwise benefit from our proprietary rights. In addition, we operate in certain countries where legal protections for IP may be uncertain or ineffective. While we believe we have taken appropriate steps to protect our IP, we cannot guarantee that infringement will not occur. If we are unable to protect these rights, our financial conditions and results of operations could be adversely affected.

The IP of an acquired business may also be an important component of the value that we agree to pay for such a business. However, such acquisitions are subject to the risks that the acquired business may not own the scope of IP that we believe we are acquiring, that the IP is dependent upon open-source licenses or other licenses from third parties, or that the acquired business infringes the IP rights of others. If we are not able to successfully integrate acquired businesses’ IP rights, our financial condition and results of operations may be adversely affected.

With the increasing maturity of AI technology, some of our competitors may also be able to develop new products or services that are similar to ours without infringing our IP rights, which could adversely affect our financial condition and results of operations. While our proprietary content is often the differentiator that allows us to provide a superior product, uncertainty exists in the scope of IP protection offered under copyright law as authorities and courts in crucial jurisdictions begin to grapple with the application of copyright law to generative AI, which could result in an inability to rely on traditional copyright to adequately protect our content and source code. In addition, AI-generated content's copyrightability also presents a complex issue that varies across jurisdictions, where the concept of "authorship" often requires human creativity, which raises questions about whether AI-generated works meet this standard. The lack of a unified approach to AI-generated content creates challenges for global copyright harmonization. As our content teams work to adopt AI into their business processes, we will need to balance the priority of copyrightability and consider mitigation tactics, such as human modification to establish copyright or reliance on contractual terms that limit licenses uses.

Additionally, if unauthorized disclosure of our source code occurs through security breach, cyber-attack or otherwise, we would lose future trade secret protection for that source code. Such loss could make it easier for third parties to compete with our products by utilizing our content or copying functionality, which could cause us to lose customers and could adversely affect our revenue and operating margins. If we cannot protect our IP against unauthorized copying, use, or other misappropriation, our business could be harmed. In addition, other companies may have (or in the future may obtain) patents or other proprietary rights that would prevent, limit, or interfere with our ability to make, use, or sell our own AI products.

Tax matters, including changes to tax laws, regulations and treaties, could impact our effective tax rate and our results of operations.

We operate in many countries and our earnings are subject to taxation in multiple jurisdictions at varying rates. We seek to organize our affairs in a tax efficient manner, taking account of the jurisdictions in which we operate. In 2025, our effective tax rate was lower than the Canadian corporate income tax rate due largely to lower tax rates and differing tax rules applicable to certain of our operating and financing subsidiaries outside Canada. Our effective tax rate has fluctuated in the past and is likely to fluctuate in the future, reflecting the mix of taxing jurisdictions in which pre-tax profits and losses are recognized. Our effective tax rate and our cash tax cost in the future will depend on the laws of numerous countries and the provisions of multiple income tax treaties between various countries in which we operate. Our effective tax rate and our tax cost could also be adversely affected by changes, possibly with retroactive effect, in tax laws and regulations, international treaties and tax accounting standards and/or uncertainty over their application and interpretation.

One relatively recent change in tax law is the enactment of a global minimum tax regime (“Pillar Two” of the ongoing international tax reform initiative sponsored by the Organization for Economic Co-operation and Development (OECD) in a number of jurisdictions, including Canada, the U.K., the E.U. and Switzerland, beginning in 2024. Pillar Two generally imposes an alternative minimum tax of 15% on adjusted book income. The OECD and national tax administrations continue to develop further guidance on how Pillar Two’s provisions will be applied or otherwise administered, which may be different from our interpretation. Furthermore, certain aspects of Pillar Two could be modified in the future. Due to potential volatility in differences between book and taxable income, the impact of Pillar Two is difficult to predict and may adversely affect our financial condition and results of operations.

Various tax-related legislative initiatives have been proposed or are being discussed that if enacted, could adversely affect our tax positions and/or our tax liabilities. For instance, many countries have enacted or are considering digital service taxes, which could subject Thomson Reuters to tax in additional jurisdictions or to increased taxes in jurisdictions in which it already has a taxable presence.

We are subject to regular audits, examinations and reviews by tax authorities in Canada, the U.K., the U.S. and other jurisdictions during the ordinary course of business. While we believe the positions that we take on our tax filings are sustainable and supported by the weight of law, certain positions taken have been or may be challenged by the applicable tax authorities. We may be required in some instances to pay additional taxes to a tax authority while contesting a matter through available administrative or judicial remedies. We regularly assess the likely outcomes of these audits to determine the adequacy of our tax provision. However, our judgments may not be sustained and the amounts ultimately paid could be different from the amounts previously recorded. If any such challenge results in an adverse outcome, including unforeseen tax-related liabilities, this could negatively affect our financial condition and results of operations for the period at issue and on an ongoing basis. Many governments in jurisdictions where we operate are facing budget deficits and challenges and, as a result, may look to increase their tax revenues through increased audit activity and tax reform.

We operate in a litigious environment which may adversely affect our business, financial condition and results of operations.

We are from time to time involved in and may in the future become involved in legal actions and claims arising in the ordinary course of business, including employment and labor matters, customer and commercial matters, privacy and data protection matters, defamation matters, tax matters, antitrust matters, unfair business practices matters and IP

infringement matters. The outcome of all of the matters against our company is subject to future resolution, including uncertainties of litigation. Litigation outcomes are difficult to predict with certainty due to various factors, including but not limited to: the preliminary nature of some claims; uncertain damage theories and demands; an incomplete factual record; uncertainty concerning legal theories and procedures and their resolution by the courts, at both trial and appellate levels; and the unpredictable nature of opposing parties.

Regardless of the merits of legal actions and claims, such matters can be expensive, time consuming or harmful to our reputation and in recognition of these considerations, we may seek to settle such matters. While we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject to various exclusions as well as caps on amounts recoverable. Due to the inherent uncertainty in the litigation process, the resolution of any particular legal proceeding could result in changes to our products and business practices and could have a material adverse effect on our financial position and results of operations.

We are significantly dependent on technology and the rights related to it. From time to time, we have been sued by other parties for allegedly violating their patents, copyrights or other forms of IP. Our company and other companies have experienced alleged claims from third parties whose sole or primary business is to monetize IP. If an infringement suit against our company is successful, to be able to continue selling a particular product or service, we may be required to compensate the party bringing the suit either by paying a lump sum or ongoing license fees. This type of compensation could be significant, in addition to legal fees and other costs that we would incur defending such a claim.

We might also be prevented by a court from continuing to provide an affected product or service and may be caused to alter our business practices. We may also be required to defend or indemnify any customers who have been sued for allegedly infringing a third party’s patent or copyright in connection with using one of our products or services. Responding to IP claims, regardless of the validity, can be costly and time consuming and may have a material adverse effect on our business and reputation as well as our financial performance, financial condition and cash flows.

Antitrust/competition-related claims or investigations could result in changes to how we do business and could be costly.

We are subject to applicable antitrust and competition laws and regulations in the countries where we have operations. These laws and regulations seek to prevent and prohibit anti-competitive activity. From time to time, we may be subject to antitrust/competition-related claims and investigations. Following such a claim or investigation, we may be required to change the way that we offer a particular product or service and if we are found to have violated antitrust or competition laws or regulations, we may be subject to fines or penalties. Any antitrust or competition-related claim or investigation could be costly for our company in terms of time and expense and could have an adverse effect on our financial condition and results of operations.

Financial Risks

We generate a significant percentage of our revenues from recurring, subscription-based arrangements, and our ability to maintain existing revenues and generate higher revenues is dependent in part on maintaining a high renewal rate.

In 2025, 81% of our revenues were derived from subscriptions or similar contractual arrangements, which result in recurring revenues. In the short to medium term, our revenues are supported by a relatively fixed cost base that is generally not impacted by fluctuations in revenues. Because a high proportion of our revenues is recurring, we believe that our revenue patterns are generally more stable compared to other business models that primarily involve the sale of products in discrete or one-off arrangements. However, there is often a lag in realizing the impact of current sales or cancellations in our reported revenues, as we recognize revenues over the term of the arrangement. Because of this lag effect, our revenues are typically slower to decline when economic conditions deteriorate but are also often slower to return to growth when economic activity improves, as compared to other businesses that are not subscription-based. Our transactions revenues (12% of our 2025 revenues), which include volume-based fees related to online searches and tax filings, fees from software licenses with no future obligations, professional fees from service and consulting arrangements and advertising and sponsorship revenues in our Reuters Professional business fluctuate based on the condition of the economic environment.

Our subscription and similar contractual arrangements typically have terms ranging from one to five years, which most customers renew at the end of each term. Renewal dates are spread over the course of the year. Many of our customer agreements have automatic renewal provisions, but customers are often able to terminate these types of agreements prior to automatic renewal of a new term by providing appropriate notice to us within a specified time period. In order to maintain existing revenues and to generate higher revenues, we are dependent on a significant number of our customers to renew their arrangements with us. Our revenues could also be lower if a significant number of our customers renewed their arrangements with us, but reduced the amount of their spending.

Our government business contractual arrangements are typically cancellable at will by the customer, which presents the risk that government contracts may be terminated without notice or cause. In addition, government contracts may be subject to government policy changes, audits, reviews and efficiency initiatives that could adversely affect the demand for our products and services by government customers. These risks of the government business could impact our revenues and reputation.

Currency and interest rate fluctuations and volatility in global markets may have a significant impact on our reported revenues and earnings.

Our financial statements are expressed in U.S. dollars and are, therefore, subject to movements in exchange rates on the translation of the financial information of businesses whose functional currencies are not U.S. dollars. We recognize revenues and incur expenses in many currencies and are thereby exposed to the impact of fluctuations in various foreign currency exchange rates. We monitor the financial stability of the foreign countries in which we operate. Volatility and uncertainty in global markets in the future could adversely affect our results.

Exchange rate movements in our foreign currency exposures may cause fluctuations in our consolidated financial statements. If our operations outside of the U.S. expand, we would expect this exposure to grow. We monitor foreign currency exposures on a regular basis and some of our largest foreign currency exposures are currently to the British pound sterling, the Mexican Peso, the Brazilian real, the Indian rupee and the Swiss Franc. We have historically, and may in the future, hedge some of our foreign currency exposure if we believe that it may be material to our financial condition and results of operations.

We may issue non-U.S. dollar-denominated debt in the future and would expect to hedge any such debt into U.S. dollars, as has been our practice.

In addition, an increase in interest rates from current levels could adversely affect our results in future periods.

Our credit ratings may be downgraded, which may impede our access to the debt markets or raise our borrowing rates.

Our access to financing depends on, among other things, suitable market conditions and the maintenance of suitable long-term credit ratings. Our credit ratings may be adversely affected by various factors, including increased debt levels, decreased earnings, declines in customer demands, increased competition, a further deterioration in general economic and business conditions and adverse publicity. Any downgrades in our credit ratings may impede our access to the debt markets or raise our borrowing rates. For additional information on our current credit ratings, please see the “Additional Information – Ratings of Debt Securities” section of this annual report.

We have significant funding obligations for pension arrangements that are affected by factors outside of our control.

We have significant funding obligations for various pension arrangements that are affected by factors outside of our control, including market factors and changes in legislation. In the past, we have contributed to our pension plans to pre-fund certain obligations. We may be required or we may opt to make additional contributions to some pension plans in the future and the amounts of any such contributions may be material.

Valuations of obligations for material plans are determined by independent actuaries and require assumptions in respect of expected mortality, inflation and medical cost trends, along with the discount rates used to measure obligations. These assumptions are reviewed annually. While we believe that these assumptions are appropriate given current economic conditions, significant differences in actual experience or significant changes in assumptions may materially affect our valuations of pension obligations and related future expenses. In addition, the performance of the markets within which we hold our pension assets (primarily equity and fixed income markets), which may be influenced by general economic conditions, including interest rates, inflation and currency exchange rates, may impact the funding level of our funded plans and required contributions.

We may be required to take future impairment charges that would reduce our reported assets and earnings.

Goodwill and other identifiable intangible assets comprise a substantial portion of our total assets. We are required under IFRS to test our goodwill and identifiable intangible assets with indefinite lives for impairment on an annual basis. We also are required by IFRS to perform an interim or periodic review of our goodwill and all identifiable intangible assets if events or changes in circumstances indicate that impairment may have occurred. Impairment testing requires our company to make significant estimates about our future performance and cash flows, as well as other assumptions. Economic, legal, regulatory, competitive, contractual and other factors as well as changes in our company’s share price and market capitalization may affect these assumptions. If our testing indicates that impairment has occurred relative to current fair values, we may be required to record an impairment charge in the period the determination is made. Recognition of an impairment would reduce our reported assets and earnings.

Corporate Structure Risks

Woodbridge controls our company and is in a position to affect our governance and operations.

Woodbridge and its affiliates beneficially owned approximately 70% of our common shares as of March 2, 2026. For so long as Woodbridge maintains its controlling interest in our company, it will generally be able to approve matters submitted to a majority vote of our shareholders without the consent of other shareholders, including, among other things, the election of our Board. In addition, Woodbridge may be able to exercise a controlling influence over our business and affairs, the selection of our senior management, the acquisition or disposition of our assets, our access to capital markets, the payment of dividends and any change of control of our company, such as a merger or take-over. The effect of this control may be to limit the price that investors are willing to pay for our shares. In addition, a sale of shares by Woodbridge or the perception of the market that a sale may occur may adversely affect the market price of our shares. For additional information, please see the “Governance – Woodbridge” section of this annual report.

Thomson Reuters Founders Share Company holds a Thomson Reuters Founders Share in our company and may be in a position to affect our governance and management.

Thomson Reuters Founders Share Company was established to safeguard the Thomson Reuters Trust Principles, including that of integrity, independence and freedom from bias in the gathering and dissemination of information and news. The Thomson Reuters Founders Share Company holds a Thomson Reuters Founders Share in our company. The interest of the Thomson Reuters Founders Share Company in safeguarding the Trust Principles may conflict with our other business objectives, impose additional costs or burdens on us or otherwise affect our management and governance. In addition, the Founders Share enables the Thomson Reuters Founders Share Company to exercise extraordinary voting power to safeguard the Trust Principles and to thwart those whose holdings of voting shares of Thomson Reuters threaten the Trust Principles. As a result, the Thomson Reuters Founders Share Company may prevent a change of control (including by way of a take-over bid or similar transaction) of our company in the future. We have agreed not to effect a sale (or similar transactions) of Reuters to an unrelated third-party or to effect or permit material acquisitions by, or material dispositions from, Reuters unless we have received Thomson Reuters Founders Share Company’s prior written consent. The effect of the rights of the Thomson Reuters Founders Share Company may be to limit the price that investors are willing to pay for our shares. For additional information, please see the “Additional Information – Material Contracts” section of this annual report.

Management’s Discussion and Analysis

This management’s discussion and analysis is designed to provide you with a narrative explanation through the eyes of our management of how we performed in the last two years, as well as information about our financial condition and future prospects. As this management’s discussion and analysis is intended to supplement and complement our financial statements, we recommend that you read this in conjunction with our 2025 and 2024 annual consolidated financial statements. This management's discussion and analysis contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Forward-looking statements include, but are not limited to, our 2026 outlook and our expectations related to general economic conditions and market trends and their anticipated effects on our business segments. For additional information related to forward-looking statements, material assumptions and material risks associated with them, please see the “Outlook” and “Additional Information - Cautionary Note Concerning Factors That May Affect Future Results” sections of this management’s discussion and analysis. This management’s discussion and analysis is dated as of March 4, 2026, unless otherwise indicated.

We have organized our management’s discussion and analysis in the following key sections:

Unless otherwise indicated or the context otherwise requires, references in this discussion to “we,” “our,” “us”, the “Company” and “Thomson Reuters” are to Thomson Reuters Corporation and our subsidiaries.

Basis of Presentation

We prepare our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

Other than EPS, we report our results in millions of U.S. dollars, but we compute percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

In the fourth quarter of 2025, we changed the names of our Tax & Accounting Professionals segment to Tax, Audit & Accounting Professionals and our Reuters News segment to Reuters to reflect the broader scope of the activities in each of the respective segments. These name changes did not change the segment's composition or the measurement of the segment's results as previously or currently reported.

Use of Non-IFRS Financial Measures

In this management’s discussion and analysis, we discuss our results on an IFRS and non-IFRS basis. We use non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, as supplemental indicators of our operating performance and financial position as well as for internal planning purposes, our management incentive programs and our business outlook. We believe non-IFRS financial measures provide additional insight into our performance. Non-IFRS measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.

See Appendix A of this management’s discussion and analysis for a description of our non-IFRS financial measures, including an explanation of why we believe they are useful measures of our performance. Refer to Appendices B and D for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS measures.

Executive Summary

Our Company

Thomson Reuters (TSX/Nasdaq: TRI) powers business-critical professions with AI they can trust in the moments that matter. We unite unparalleled expertise, proprietary content, and seamless workflows to help our customers move with speed, think with clarity, and lead with confidence. Across our products, we combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.

We are organized as five reportable segments, reflecting how our products and services are managed and offered to target customers as described below.

We refer to our Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments, on a combined basis, as our “Big 3” segments.

Our businesses are supported by a corporate center that manages our commercial and technology operations, including those around our sales capabilities, digital customer experience, and product and content development, as well as our global facilities. Costs relating to these activities are allocated to our business segments. We also report “Corporate costs”, which includes expenses for certain centrally managed functions such as finance, legal, human resources and the executive office. These costs are not allocated to the segments and are included in consolidated adjusted EBITDA.

Our Business Model and Key Operating Characteristics

We derive a significant portion of our revenues from selling information and software solutions, mostly on a recurring subscription basis. Our professional-grade solutions are built on comprehensive proprietary content and deep domain expertise with software, embedded AI capabilities and automation tools. We believe our workflow solutions make our customers more productive by streamlining how they operate, enabling them to focus on higher value activities. Many of our customers use our solutions deeply integrated into their workflows, which has led to strong customer retention. We believe that our customers trust us because of our decades serving high-stakes workflows, where accuracy and reliability are non-negotiable, our enterprise-grade security and governance built for regulated environments, and our deep understanding of their businesses and industries. They rely on our services for navigating a rapidly changing and increasingly complex digital and global landscape. Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments.

Some of our key business and operating characteristics are:

* The news agreement with the Data & Analytics business of LSEG.

Financial Highlights and Accomplishments

2025 marked another year of solid revenue momentum driven by strong growth in recurring and transactions revenues. Revenues increased 3% in total and in constant currency and 7% on an organic basis, compared to the prior year. Revenues for our “Big 3” segments increased 4% in total and in constant currency, and 9% on an organic basis. Our revenue performance met the targets set out in our full-year 2025 outlook, which was last updated in August and reaffirmed in November 2025.

Operating profit increased 1%, primarily driven by the net impact of higher revenues and operating expenses, partly offset by higher amortization of software. Adjusted EBITDA, which excludes amortization of software, as well as other adjustments, increased 6% compared to the prior year. Our total company adjusted EBITDA margin was 39.2% and the "Big 3" segments adjusted EBITDA margin was 43.6%, compared to 38.2% and 42.1% in the prior year, respectively. The increases in adjusted EBITDA margin were driven by higher operating leverage. Our total company and "Big 3" segments adjusted EBITDA margins both met the targets within our updated 2025 outlook.

Our capital capacity and liquidity remain a key asset to support further acquisitions and returns to shareholders. In 2025, we generated net cash from operating activities of over $2.6 billion and achieved our updated 2025 outlook with over $1.9 billion of free cash flow. We spent $0.8 billion on acquisitions, completed a $1.0 billion share repurchase program, returned $1.0 billion in dividends to common shareholders, and repaid our C$1.4 billion (U.S. $999 million) 2.239% notes upon maturity.

In February 2026, we announced:

See "Subsequent Events" section of this management's discussion and analysis for further details of the above transactions.

Actual Performance vs. 2025 Updated Outlook

The table below compares our actual performance (before currency) to our updated full-year 2025 outlook. We met nearly all the metrics within our updated 2025 outlook, except for net interest expense, which was higher than our forecast primarily due to the pace of our share repurchase program that reduced cash balances faster than forecasted and declines in interest rates that led to lower interest income. Our updated 2025 outlook included non-IFRS financial measures, assumed constant currency rates relative to 2024, and included the impact of closed acquisitions and dispositions.

2026 Outlook

On February 5, 2026, we announced our 2026 outlook, which targets both total and organic revenue growth between 7.5% and 8.0%, including approximately 9.5% for the "Big 3" segments, and total company adjusted EBITDA margin expansion of approximately 100bp from the 39.2% reported in 2025. Refer to the “Outlook” section of this management’s discussion and analysis for additional information.

Acquisitions and Dispositions

Acquisitions. Acquired businesses can strengthen our offerings and enable us to extend our platform with new capabilities that we believe will provide opportunities to expand our positions, better serve our customers and supplement our organic revenue growth. Generally, the businesses that we acquire initially have lower margins than our existing businesses, largely reflecting their stage of development and the costs of integration. In 2025, we spent $843 million on acquisitions in aggregate. Acquisitions during the year included:

In 2024, we spent $1,006 million on acquisitions in aggregate, including $384 million to acquire the remaining portion of Pagero from minority shareholders. Acquisitions during the year included:

In addition, Thomson Reuters Ventures was launched in 2021 with the authority to invest up to $100 million to support companies that are building innovations to allow professionals to operate more productively and with greater insights. In February 2025, we announced that we committed $150 million to a second fund. We have invested $111 million since inception under both funds.

We expect that acquisitions and our Thomson Reuters Ventures Fund activities will continue to play an important role in our strategy, and we may make tactical acquisitions from time to time that we believe will strengthen our positions in key growth segments.

Dispositions. To ensure we are investing in parts of our business that offer the greatest opportunities to achieve growth and returns, we may sell businesses or investments from time to time. In 2025, we sold our remaining minority equity interest in the Elite business. In 2024, we sold our FindLaw business, an online legal directory and provider of website creation and hosting services, law firm marketing solutions, and peer rating services. We also sold certain other non-core businesses and investments.

In 2024, we also sold all of our remaining 16.0 million shares of LSEG that we indirectly owned through our direct investment in York Parent Limited and its subsidiaries (YPL) for $1,854 million of gross proceeds, which included $24 million received from the settlement of foreign exchange contracts.

Results of Operations

The section below contains non-IFRS measures where indicated. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Consolidated Results

Revenues

Revenues increased 3% on a total and constant currency basis, reflecting 3% growth in recurring revenues (81% of total revenues) and 5% growth in transactions revenues, partly offset by a decline in Global Print. Total company revenue growth was negatively impacted by 4% from net acquisitions and disposals. Foreign currency had no impact on revenue growth. On an organic basis, revenues increased 7%, reflecting 9% growth in recurring revenues, 4% growth in transactions revenues and a 5% decline in Global Print.

Revenues from the “Big 3” segments (82% of total revenues) increased 4% on a total and constant currency basis. On an organic basis, revenues increased 9%, driven by 9% growth in both recurring and transactions revenues.

Operating profit, adjusted EBITDA and adjusted EBITDA less accrued capital expenditures

Operating profit increased 1% primarily driven by the net impact of higher revenues and operating expenses, partly offset by higher amortization of software.

Adjusted EBITDA, which excludes amortization of software, as well as other adjustments, increased 6%, which reflected an 8% increase in the “Big 3” segments, partly offset by an 11% decline in Reuters and a 2% decline in Global Print. The related margin increased to 39.2% from 38.2% in the prior year, primarily due to higher operating leverage. Foreign currency contributed 20bp to the year-over-year change in adjusted EBITDA margin.

Adjusted EBITDA less accrued capital expenditures and the related margin increased due to higher adjusted EBITDA, which was partly offset by slightly higher accrued capital expenditures.

Operating expenses

Operating expenses, excluding fair value adjustments, increased in total and on a constant currency basis, primarily due to higher compensation-related and technology costs in our business, partially offset by lower costs due to the impact of net disposals, mainly related to FindLaw.

Depreciation and amortization

Other operating gains, net

In 2025, other operating gains, net, primarily reflected a gain of $161 million on the sale of our remaining interest in the Elite business, an equity method investment.

In 2024, other operating gains, net, reflected $196 million of gains from the sales of FindLaw and certain other non-core businesses, partly offset by an impairment of an equity method investment due to a decline in the value of its commercial real estate holding, acquisition-related deal costs, costs related to a legal provision, and other items.

Net interest expense

Net interest expense increased primarily due to lower interest income resulting from lower cash balances due to our share repurchases, maturity of debt, acquisitions and lower interest rates. These items more than offset the favorable impact from the repayment of various borrowings with cash on hand. We repaid our C$1.4 billion (U.S. $999 million) 2.239% notes in May 2025 and our $242 million, 3.85% notes in 2024.

Other finance (costs) income

Other finance (costs) income primarily included net foreign exchange losses in 2025 and net foreign exchange gains in 2024 on intercompany funding arrangements. In both years, the net foreign exchange losses or gains primarily related to the weakening or strengthening of the U.S. dollar on Canadian dollar denominated arrangements, respectively. Refer to the “Risk Management” section of this management’s discussion and analysis for a discussion on how we manage and mitigate our foreign currency risks.

Share of post-tax (losses) earnings in equity method investments

In 2025, share of post-tax losses in equity method investments primarily related to a commercial real estate holding. In 2024, share of post-tax earnings in equity method investments reflected our investment in YPL, partially offset by losses related to a commercial real estate holding.

In 2024, we sold our remaining 16.0 million LSEG shares that we had indirectly owned through YPL. We accounted for the investment in LSEG shares held by YPL at fair value, based on the share price of LSEG. As the investment in LSEG was denominated in British pounds sterling, we entered into a series of foreign exchange contracts to mitigate currency risk on our investment. Our share of post-tax earnings (losses) in our YPL investment was comprised of the following items:

Tax expense (benefit)

In 2025, our effective income tax rate on earnings from continuing operations was 22.2%. Tax expense was $423 million and included $72 million of tax charges related to the transfer of certain technology assets between our company's wholly owned subsidiaries to consolidate the ownership and management of these assets. We also recorded $40 million of tax expense related to the gain on sale of our minority stake in Elite.

In 2024, the net tax benefit of $123 million was due to a $468 million benefit from the recognition of a deferred tax asset relating to tax legislation enacted in Canada. The legislation reduced our ability to deduct interest expense against our Canadian taxable income, thereby increasing Canadian taxable profits such that we now expect to utilize tax loss carryforwards and other tax attributes, which we had not previously recognized as a deferred tax asset. Additionally in 2024, the tax benefit was partly offset by $54 million of tax expense related to the gain on sale of the FindLaw business.