Thomson-Reuters Corp

Strong operational momentum; guidance raised - Q2 2026 organic revenue +8% YoY (with Big 3 organic +10%, up from 9% in recent quarters). - Full-year 2026 outlook raised to ~8% total & organic revenue growth (top end of prior 7.5–8%) and Big 3 9.5–10% (up from prior ~9.5%). - Margins: still targeting ~40% adjusted EBITDA margin for 2026 (year-over-year improvement), consistent with management confidence in operating leverage.

Big 3 acceleration led by Legal Professionals + Corporates; TAAP timing drag (expect catch-up) - Legal Professionals organic +10%: government improved to +5% YoY (from +1% Q1). Legal ex-government +11%, matching Q1. - Corporates organic +10% (from 9%): recurring +9%, transactions +24%; strong from Pagero, Indirect Tax, CLEAR, CoCounsel Legal, international. - Tax, Audit & Accounting organic +8%: key growth in CoCounsel tax/audit, Latin America, SafeSend, but: - Transactional growth missed expectations due to go-to-market execution issues and timing. - Also ~1% drag from two product updates shifting recognition to 2H—management expects it to normalize and TAAP to accelerate in 2H (with new AI-driven U.S. offerings and benefits from Brazil Domínio expansion).

Reuters + Global Print: Reuters steady, Print decline in line - Reuters organic +4%, driven by LSEG Data & Analytics news agreement and Agency. - Global Print organic -3% YoY, in line with expectations (important mainly because the business is being separated—see below).