Management’s Discussion and Analysis EXHIBIT 99.1

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, 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 consolidated interim financial statements for the three and six months ended June 30, 2026, our 2025 annual consolidated financial statements and our 2025 annual management’s discussion and analysis. 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, statements regarding the sale of 51% of the Global Print business to capital accounts advised by KKR 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 August 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.

In the first quarter of 2026, we changed our segment reporting to reflect how we currently manage our segments. Prior period amounts have been revised to reflect the current presentation. Refer to the “Additional information” section of this management’s discussion and analysis for further information.

Other than earnings per share, 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.

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 Appendix B for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS measures.

Glossary of key terms

The following terms in this management’s discussion and analysis have the following meanings, unless otherwise indicated:

Executive Summary

Our company

Thomson Reuters (TSX/Nasdaq: TRI) powers business-critical professions with Fiduciary-Grade AITM 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 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 that are 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.

For the first six months of 2026, we were 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 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.

Financial Highlights

Strong revenue growth continued in the second quarter as our revenues increased 9% in total and in constant currency. On an organic basis, revenues grew 8%, which reflected 9% growth in recurring revenues, 11% growth in transactions revenues and a 3% decline in Global Print. Our "Big 3" segments, which comprised 83% of total revenues, increased 10% on an organic basis driven by 9% growth in recurring revenues and 13% growth in transactions revenues.

Our operating profit increased 28% and adjusted EBITDA increased 10%. Adjusted EBITDA margin increased to 38.1% from 37.8% in the prior-year period. Foreign currency contributed 10bp to the year-over-year change in adjusted EBITDA margin.

In August 2026, we raised our 2026 full-year outlook for total and organic revenue growth to approximately 8.0% for our total company, and to a range of 9.5% to 10.0% for our "Big 3" segments. All other metrics in our 2026 full-year outlook are unchanged from our previous 2026 full-year outlook communicated on May 5, 2026.

Our full-year 2026 outlook includes the forecasted results of the Global Print segment, consistent with the way we have presented our 2026 full-year outlook in the past our prior 2026 full-year outlooks. We will report our Global Print business as a discontinued operation when we release our third quarter results and plan to provide an updated full-year 2026 outlook at that time. See "Global Print Business Transaction" below and the “Outlook” section of this management’s discussion and analysis for further information.

Our capital capacity and liquidity remain a key asset to support acquisitions and returns to shareholders. In the second quarter of 2026, we generated net cash flows from operating activities of $920 million and free cash flow of $727 million. In aggregate, we returned $980 million to our common shareholders from our $605 million return of capital and share consolidation transactions, $100 million under our February 2026 share repurchase plan, and $275 million in dividends. We also repaid our $500 million 3.35% notes upon maturity with cash on hand and commercial paper borrowings. In July 2026, we completed our February 2026 $600 million share repurchase program. See the “Liquidity and Capital Resources” and "Subsequent Events" sections of this management’s discussion and analysis for additional information.

Global Print Transaction

On July 14, 2026, we announced that we signed a definitive agreement to enter into a joint venture with KKR, a leading global investment firm. As part of the transaction, we will sell a 51% stake in our Global Print business to capital accounts advised by KKR and retain a 49% equity interest in the joint venture. We will receive approximately $500 million in gross proceeds at closing and expect the transaction to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. We expect to record a pre-tax gain on the transaction at the time of closing.

We will maintain intellectual property rights and full editorial control over our content portfolio. This new joint venture will hold an exclusive license to distribute the content in print and on ProView, Global Print’s eBook platform, under which it will pay us a royalty in return. We will also provide certain operational services to the joint venture under a multi-year transition services agreement. The royalty plus the transition services agreement will largely offset stranded costs from the separation.

The Global Print business will be classified as a discontinued operation in the third quarter of 2026 and will no longer be presented as a reportable segment. Once the transaction closes, we expect our total company organic revenue growth rate will increase 60bp to 70bp on an annual basis and we expect a minimal impact on total company adjusted EBITDA margin.

As part of the transaction, we have agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances.

Results of Operations

Our revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over the contract term and our costs are generally incurred evenly throughout the year. However, at the segment level, revenues on a consecutive quarter basis can be impacted by seasonality, most notably in our Tax, Audit & Accounting Professionals business, where revenues tend to be concentrated in the first and fourth quarters.

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 in the second quarter increased 9% in total and in constant currency. Total revenue growth reflected 9% growth in recurring revenues (82% of total revenues), 16% growth in transactions revenues and a 3% decline in Global Print. Total revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. On an organic basis, revenues increased 8% which reflected 9% growth in recurring revenues, 11% growth in transactions revenues and a 3% decline in Global Print revenues. Revenues from the “Big 3” segments (83% of total revenues) increased 11% in total and 10% on a constant currency basis. On an organic basis, revenues increased 10%, driven by 9% growth in recurring revenues and 13% growth in transactions revenues.

Revenues in the six-month period increased 10% in total and 9% in constant currency. Total revenue growth reflected 10% growth in recurring revenues (79% of total revenues), 15% growth in transactions revenues and a 3% decline in Global Print. Total revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. On an organic basis, revenues increased 8% which reflected 8% growth in recurring revenues, 10% growth in transactions revenues, and a 4% decline in Global Print revenues. Revenues from the “Big 3” segments (84% of total revenues) increased 11% in total and 10% on a constant currency basis. On an organic basis, revenues increased 9%, driven by 9% growth in recurring revenues and 12% growth in transactions revenues.

In both periods, the U.S. dollar weakened against many of the currencies we transact in compared to the prior-year periods, including the British pound sterling and Brazilian real. Overall, changes in foreign exchange rates increased revenue growth by approximately 1% in the second quarter and six-month period.

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

Operating profit increased 28% and 20% in the second quarter and six-month period, respectively, as the net impact of higher revenues and operating expenses as well as higher other operating gains, were partly offset by higher amortization of software.

Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 10% and 9% in the second quarter and six-month period, respectively. The second quarter increase in adjusted EBITDA reflected increases of 12% in the “Big 3” segments, 5% in Reuters, and 2% in Global Print. The six-month increase in adjusted EBITDA reflected a 10% increase in the “Big 3” segments, a 3% decline in Reuters, and no change in Global Print.

In the second quarter, adjusted EBITDA margin increased to 38.1% from 37.8% in the prior-year period. Foreign currency contributed 10bp to the year-over-year change in adjusted EBITDA margin. In the six month period, adjusted EBITDA margin increased to 40.2% from 40.1% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 20bp.

Adjusted EBITDA less accrued capital expenditures increased in both periods as higher adjusted EBITDA was partly offset by higher accrued capital expenditures. The related margin was unchanged in the second quarter, and decreased 40bp in the six-month period due to higher accrued capital expenditures.

Operating expenses

Operating expenses, excluding fair value adjustments, increased in total and on a constant currency basis in both periods primarily due to higher compensation-related and technology costs.

Depreciation and amortization

Other operating gains, net

Other operating gains, net of $68 million in both periods of 2026 were primarily related to acquisitions and investments. Other operating gains, net were $5 million and $2 million in the second quarter and six-month period of 2025, respectively.

Net interest expense

Net interest expense increased primarily due to higher interest expense from an increase in our commercial paper borrowings and lower interest income resulting from lower cash balances due to our equity transactions and maturity of debt. The increase was partly offset by lower interest expense from the repayment of our $500 million 3.35% notes in May 2026 and our C$1.4 billion (U.S. $999 million) 2.239% notes in May 2025. See the "Liquidity and Capital Resources" section of the management's discussion and analysis for further information.

Other finance income (costs)

Other finance income (costs) compared to prior-year periods reflected lower foreign exchange impacts primarily due to a reduction of intercompany funding arrangements.

Share of post-tax losses in equity method investments

Share of post-tax losses in equity method investments were not significant in all periods.

Tax expense

Tax expense was $71 million and $196 million in the second quarter and six-month period of 2026, and $52 million and $144 million in the second quarter and six-month period of 2025, respectively. Tax expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Tax expense or benefit in interim periods is not necessarily indicative of the tax benefit or expense for the full year because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year.

The comparability of our tax expense was impacted by various transactions and accounting adjustments during each period. The following table sets forth certain components within income tax expense that impact comparability from period to period:

The items described above impact the comparability of our tax expense or benefit for each period, therefore, we remove them from our calculation of adjusted earnings, along with the pre-tax items to which they relate. The computation of our adjusted tax expense is set forth below:

(1) Adjustment to reflect income taxes based on estimated full-year effective tax rates. Earnings or losses for interim periods under IFRS generally reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full-year income taxes.

Results of discontinued operations

All periods included earnings or losses relating to a tax indemnity due to changes in foreign exchange and interest rates associated with the indemnifying party’s credit profile. The six month period of 2026 also included losses recognized from the resolution of a tax dispute on a portion of the receivable balance from LSEG relating to the tax indemnity.

Net earnings, diluted EPS, adjusted earnings and adjusted EPS

Net earnings and diluted EPS increased in both periods primarily due to higher operating profit.

Adjusted earnings and adjusted EPS increased in both periods primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software.

Diluted and adjusted EPS in both periods benefited from a reduction in weighted-average common shares outstanding due to our return of capital transaction and share repurchases under our share repurchase program.

Segment results

The following is a discussion of our five reportable segments and our Corporate costs for the three and six months ended June 30, 2026. We assess revenue growth for each segment, as well as the businesses within each segment, on a total, constant currency and an organic basis. See Appendix A of this management’s discussion and analysis for additional information on our non-IFRS financial measures.

Legal Professionals

Revenues increased in total, in constant currency, and on an organic basis in both periods. In the second quarter, revenues increased 10% on an organic basis due to 9% growth in recurring revenues (97% of the Legal Professionals segment revenues in the quarter) primarily driven by Westlaw and CoCounsel and 18% growth in transactions revenues primarily driven by CLEAR. In the six-month period, organic revenue growth of 9% was due to 9% growth in both recurring and transactions revenues driven substantially by the same products as in the second quarter.

Segment adjusted EBITDA increased 10% in the second quarter and 9% in the six-month period. The related margin was unchanged at 48.1% in the second quarter and decreased 20bp to 48.2% in the six-month period. Both periods reflected the impact of higher revenues offset by higher technology and other costs. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 10bp in the second quarter and had no impact in the six-month period.

Corporates

Revenues increased in total, in constant currency, and on an organic basis in both periods. Revenues increased 10% on an organic basis in both periods due to growth in recurring (86% of the Corporates segment revenues in the quarter) and transactions revenues. Organic recurring revenue growth of 9% in the second quarter and 8% in the six-month period were both led by Westlaw, CoCounsel, Indirect Tax, Pagero, CLEAR and the segment’s international businesses. Organic transactions revenue growth of 24% in the second quarter and 16% in the six-month period were led by Confirmation, Pagero, Trust, Checkpoint, Indirect Tax and the segment’s international businesses.

Segment adjusted EBITDA increased 17% in the second quarter and 15% in the six-month period. The related margin increased 150bp to 37.2% in the second quarter and 110bp to 38.7% in the six-month period driven by higher operating leverage in both periods. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 20bp in the second quarter and negatively impacted segment adjusted EBITDA margin by 20bp in the six-month period.

Tax, Audit & Accounting Professionals

Revenues increased on a total and constant currency basis in both periods, which included the impact of the SafeSend acquisition in 2025 within transactions revenues. In the second quarter, revenues increased 8% on an organic basis due to 9% growth in recurring revenues (67% of the Tax, Audit & Accounting Professionals segment revenues in the quarter) and 6% growth in transactions revenues. Organic recurring revenue growth was primarily driven by tax and audit products, which include GoSystem and CoCounsel, as well as Cloud Audit Suite and the segment’s Latin America business. Organic transactions revenue growth was primarily driven by SafeSend. In the six-month period, organic revenue growth of 9% reflected 10% growth in recurring revenues and 9% growth in transactions revenues. Organic recurring revenue growth was driven substantially by the same products as in the second quarter. Organic transactions revenue growth was driven by SafeSend, SurePrep and UltraTax.

Segment adjusted EBITDA increased 9% in the second quarter and 7% in the six-month period. The related margin decreased 20bp to 38.7% in the second quarter and decreased 160bp to 47.3% in the six-month period. Both periods reflected the impact of higher revenues offset by higher technology and other costs. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 20bp in the second quarter and negatively impacted segment adjusted EBITDA margin by 20bp in the six-month period.

The Tax, Audit & Accounting Professionals segment is the company’s most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.

Reuters

Revenues increased in total, in constant currency, and on an organic basis in both periods primarily due to higher Agency revenues and a contractual price increase from our news agreement with the Data & Analytics business of LSEG.

Reuters and the Data & Analytics business of LSEG have an agreement pursuant to which Reuters supplies news and information services to LSEG through October 1, 2048. In the first six months of 2026, Reuters recorded revenues of $207 million under this agreement, compared to $199 million in the prior-year period.

Segment adjusted EBITDA increased 5% and the related margin was unchanged in the second quarter. In the six-month period, segment adjusted EBITDA decreased 3% and the related margin decreased 180bp to 18.6% due to higher editorial costs. Foreign currency negatively impacted the year-over-year change in segment adjusted EBITDA margin by 80bp and 130bp in the second quarter and six-month period, respectively.

Global Print

Revenues decreased in total, in constant currency, and on an organic basis in both periods primarily due to lower shipment volumes.

Segment adjusted EBITDA increased 2% in the second quarter and was unchanged in the six-month period. The related margin increased 170bp to 37.7% in the second quarter and 130bp to 38.2% in the six-month period due to lower costs. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 20bp in the second quarter and 10bp in the six-month period.

See the "Global Print Transaction" section within the "Executive Summary" of this management’s discussion and analysis for additional information.

Corporate costs

Liquidity and Capital Resources

We have historically maintained a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings and returns to shareholders. We are focused on having the investment capacity to drive revenue growth, both organically and through acquisitions, while also maintaining our long-term financial leverage and credit ratings and continuing to provide returns to shareholders. We have diverse sources of liquidity to support our ongoing operations and the achievement of our disciplined capital strategy including cash and cash equivalents, cash provided by operating activities, and the ability to issue commercial paper, issue debt securities and borrow under our credit facility. Our principal uses of cash are for debt repayments, debt servicing costs, dividend payments, capital expenditures, share repurchases and acquisitions.

In the first six months of 2026, we spent $248 million on acquisitions, which substantially related to Noetica, Inc., a New York-based AI-native start-up that transforms transaction-deal data into structured market intelligence for deal professionals, repaid our $500 million 3.35% notes upon maturity with cash on hand and commercial paper borrowings, and returned $1,522 million to our common shareholders. Returns to common shareholders consisted of: (i) the repurchase of 3.6 million of our common shares for $362 million under our February 2026 plan to repurchase up to $600 million of our common shares under an amended Normal Course Issuer Bid (NCIB) approved by the TSX (which program was completed in July 2026); (ii) $555 million in dividends to our common shareholders and; (iii) $605 million of return of capital and share consolidation transactions, which consisted of a special cash distribution of $1.435518 per participating common share and a share consolidation, or "reverse stock split", that reduced the number of outstanding common shares by approximately 6.5 million. Refer to the "Share repurchases – NCIB" and "Return of capital and share consolidation transactions" subsections below and "Subsequent Events" sections of this management’s discussion and analysis for additional information.

Our capital strategy approach has provided us with a strong capital structure and liquidity position, which enables us to pursue organic and inorganic opportunities in key growth segments and drive shareholder returns. Our disciplined approach and highly recurring cash generative business model have allowed us to weather economic volatility in recent years caused by macroeconomic and geopolitical factors, while continuing to invest in our business.

We expect that the operating leverage of our business will increase our free cash flow if we increase revenues as contemplated by our outlook. We continue to target: (i) a leverage ratio of 2.5x net debt to adjusted EBITDA; (ii) a payout of 50% to 60% of our expected free cash flow as dividends to our shareholders; (iii) a return of at least 75% of our annual free cash flow to our shareholders in the form of dividends and share repurchases; and (iv) a return on invested capital (ROIC) that is double or more of our weighted-average cost of capital over time.

As of June 30, 2026, we had $577 million of cash and cash equivalents, and a net debt to adjusted EBITDA leverage ratio of 0.9:1, below our target leverage ratio of 2.5:1. As calculated under our credit facility covenant, our net debt to EBITDA leverage ratio as of June 30, 2026 was 0.8:1, which is also below the maximum leverage ratio allowed under the credit facility of 4.5:1.

We believe that our existing sources of liquidity will be sufficient to fund our expected cash requirements in the normal course of business for the next 12 months.

Certain information above in this section is forward-looking and should be read in conjunction with the section entitled “Additional Information - Cautionary Note Concerning Factors That May Affect Future Results”.

Cash flow

Summary of consolidated statement of cash flow

Operating activities. Net cash provided by operating activities increased by $174 million and $234 million in the second quarter and six-month period, respectively, primarily due to higher cash benefits from the net impact of higher revenues and operating expenses, as well as certain favorable changes in working capital.

Investing activities. Net cash used in investing activities of $206 million and $573 million in the second quarter and six-month period of 2026, respectively, included $36 million and $248 million of acquisition spend and $177 million and $333 million of capital expenditures, respectively. In the six-month period, acquisition spend primarily included our acquisition of Noetica in the first quarter.

Net cash used in investing activities of $182 million and $938 million in the second quarter and six-month period of 2025, respectively, included $163 million and $314 million of capital expenditures, respectively. The six-month period also included $630 million of acquisition spend, which was predominantly our SafeSend acquisition.

Financing activities. Net cash used in financing activities was $537 million and $785 million in the second quarter and six-month period of 2026, respectively. Both periods reflected the repayment of our $500 million 3.35% notes and $605 million return of capital and share consolidation transactions. Additionally, the second quarter and six-month period included $100 million and $362 million of share repurchases and $275 million and $555 million of dividend payments to our common shareholders, respectively. These outflows were partly offset by $983 million and $1,305 million of net borrowings under our commercial paper program in the second quarter and six-month period, respectively.

Net cash used in financing activities of $1,275 million and $1,563 million in the second quarter and six-month period of 2025 reflected the repayment of our C$1.4 billion (U.S. $999 million) 2.239% notes upon maturity. Additionally, the second quarter and six-month period included $260 million and $519 million of dividend payments to our common shareholders, respectively.

Refer to the “Commercial paper program”, “Dividends”, “Share repurchases– NCIB” and "Return of capital and share consolidation transactions" subsections below for additional information.

Cash and cash equivalents. Cash and cash equivalents were $577 million as of June 30, 2026 and $511 million as of December 31, 2025.

Of total cash and cash equivalents, $126 million and $140 million as of June 30, 2026 and December 31, 2025, respectively, were held in subsidiaries which have regulatory restrictions, contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and were therefore not available for general use by our company.

Free cash flow. Free cash flow increased by $161 million in the second quarter and $216 million in the six-month period primarily due to higher net cash provided by operating activities, partly offset by higher capital expenditures.

Additional information about our debt and credit arrangements, dividends and share repurchases is as follows:

We guarantee borrowings by our subsidiaries under the credit facility. We must also maintain a ratio of net debt as defined in the credit agreement (total debt plus hedging agreements, less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If we complete an acquisition with a purchase price of over $500 million, we may elect, subject to notification, to temporarily increase the ratio of net debt to EBITDA to 5.0:1 at the end of the quarter within which the transaction closed and for each of the three immediately following fiscal quarters. At the end of that period, the ratio would revert to 4.5:1. As of June 30, 2026, we complied with this covenant as our ratio of net debt to EBITDA, as calculated under the terms of our syndicated credit facility, was 0.8:1.

We did not issue notes of term debt in the six months ended June 30, 2026. Thomson Reuters Corporation (TRC) and one of its U.S. subsidiaries, TR Finance LLC (TR Finance), may collectively issue up to $3.0 billion of unsecured debt securities from time to time through April 2027 under a base shelf prospectus. Any debt securities issued by TR Finance will be fully and unconditionally guaranteed on an unsecured basis by TRC and West Publishing Corporation, Thomson Reuters Applications Inc. and Thomson Reuters (Tax & Accounting) Inc., each of which is an indirect 100% owned U.S. and consolidated subsidiary of TRC. Any debt securities issued by TRC will also be guaranteed by the three U.S. subsidiary guarantors on the same basis as the TR Finance debt securities. Except for TR Finance and the subsidiary guarantors, none of TRC’s other subsidiaries have guaranteed or would otherwise become obligated with respect to any issued TR Finance or TRC debt securities. Neither TRC nor TR Finance has issued any debt securities under the prospectus. Please refer to Appendix D of this management’s discussion and analysis for condensed consolidating financial information of the Company, including TR Finance and the subsidiary guarantors.

In addition, we have credit support agreements with our counterparties under which one party may call on the other party to post cash collateral when the market value of the swaps exceeds specific thresholds, thus limiting credit exposure. As of June 30, 2026, we had a cash collateral receivable of $25 million (December 31, 2025 - $7 million) related to our fixed-to-floating interest rate swaps. Cash flows associated with collateral movements were classified as financing activities in the consolidated statement of cash flow.

The following table sets forth the credit ratings from rating agencies in respect of TRC and TR Finance's outstanding securities as of the date of this management's discussion and analysis:

These credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. Credit ratings may not reflect the potential impact of all risks on the value of securities. We cannot ensure that our credit ratings will not be lowered in the future or that rating agencies will not issue adverse commentaries regarding our securities.

Details of dividends declared per common share and dividends paid on common shares are as follows:

We may repurchase common shares in open market transactions on the TSX, Nasdaq and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or Nasdaq or under applicable law, including private agreement purchases or share purchase program agreement purchases if we receive, if applicable, an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases. The price that we will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by the TSX.

Details of share repurchases are as follows: