Thomson-Reuters Corp

Q3 performance: strong momentum, 10% organic revenue growth - Total company organic revenues grew 10% (Big 3 organic also grew 10% for the 2nd straight quarter, up from 9% prior periods). - Growth by segment (organic): Legal Professionals +9%, Corporates +10% (recurring +8%, transactions +23%), Tax/Audit/Accounting +10%. - Reuters organic revenue +12%, boosted by ~$19m transactional generative AI licensing; ex that licensing, Reuters grew 7%. - Profitability (consolidated): Adjusted EBITDA $651m (+10% YoY), margin 35.5% (down 30 bps YoY). - Adjusted EPS $0.81 (+14% YoY).

Full-year 2026 outlook raised (with Global Print now treated as discontinued operations) - Updated outlook: Total revenue ~9.5% and organic revenue 8.5%–9% (vs ~8% previously). - Big 3 outlook unchanged: total/organic 9.5%–10%. - Margin outlook: ~39% adjusted EBITDA margins for 2026 including Global Print discontinued-ops accounting; ex the print impact, margin outlook is unchanged. - Free cash flow ~ $2.1b (expects cash offset despite losing one quarter of Global Print cash flow). - Capex 8.5%–9% of revenue; raised net interest expense outlook (reflecting financing/proceeds). - Q4 expectations: ~8% organic revenue growth and ~42% adjusted EBITDA margin. - Reuters note for Q4: Reuters contribution to YoY revenue growth ~1.5 percentage points less than Q3 (and flattish Reuters YoY growth).

Key drivers/opportunities: CoCounsel acceleration, TA&A agentic upgrade, Pagero e-invoicing tailwind - CoCounsel Legal NextGen (major rebuild) is scaling fast: - In September (first full month after GA), surpassed prior version’s best month-to-date on engagement/retention. - Active users +60% (Sept vs Aug); NextGen users complete 2.4x the work vs prior peak and are active 44% more days/month. - Product NPS (early) >2x best month on record for prior version. - Feature release pace: new releases into CoCounsel nearly +50% in Q3 vs Q1. - CoCounsel Legal expansion: new multinational profile (100+ countries) and agentic versions launched in UK/Canada/Australia only 2–3 months after the US. - CoCounsel Tax/Audit/Accounting (NextGen): fully agentic and launched recently; moves from planning/answering to doing the work with audit trails, producing defensible outputs (Excel workbooks, memos, templates). - Pagero: supports e-invoicing across 90+ jurisdictions; added 8 countries YTD. - Pipeline: expects ~50 additional mandates in the next 3 years. - Transaction momentum strong: France e-invoicing mandate went live Sept 1; Q3 transaction growth benefited from Pagero implementation revenue. - Overall opportunity framing: AI-enabled “product moments” raising the annualized contract value (ACV) from GenAI-enabled products to 34%, up from 30% last quarter and 24% a year ago.