Business

Thomson Reuters Reports Fourth-Quarter and Full-Year 2025 Results

Published

2 months ago

5 February 2026

TORONTO, Feb. 5, 2026 /PRNewswire/ — Thomson Reuters (TSX/Nasdaq: TRI) today reported results for the fourth quarter and full year ended December 31, 2025:

Solid revenue momentum continued in the fourth quarter and full year 2025
- Full-year total company revenues up 3% / organic revenues up 7%
- Fourth-quarter total company revenues up 5% / organic revenues up 7%
- Organic revenues up 9% for the “Big 3” segments (Legal Professionals, Corporates and Tax, Audit & Accounting Professionals) in the fourth quarter and full year
Met full-year 2025 outlook for organic revenue growth and adjusted EBITDA margin for total company and “Big 3”; Met free cash flow outlook
Full-year 2026 outlook anticipates organic revenue growth of approximately 7.5% – 8.0% and adjusted EBITDA margin expansion of approximately 100 basis points from 39.2% in 2025
Increased annualized dividend by 10% to $2.62 per common share (33^rd consecutive annual increase)

“Our fourth‑quarter results capped a year of important progress for Thomson Reuters,” said Steve Hasker, President and CEO of Thomson Reuters. “We are seeing tangible benefits from our continued investments in AI, accelerating our pace of product innovation and leveraging technology to reimagine how we work. As we move into 2026, we will continue to scale our agentic capabilities to deliver greater speed, clarity, and confidence for our customers – further demonstrating the value of professional‑grade tools built on quality content and deep subject‑matter expertise.”

Hasker added, “We remain focused on allocating capital to drive long-term shareholder value creation. Last year we executed several strategic acquisitions and continued to return capital to shareholders, enabling us to enter this year with a stronger and more strategically aligned portfolio with improved growth prospects.”

Consolidated Financial Highlights – Three Months Ended December 31

Three months ended December 31, Advertisement
(Millions of U.S. dollars, except for EPS)
(unaudited)

IFRS Financial Measures⁽¹⁾	2025 Advertisement	2024	Change
Revenues	$2,009 Advertisement	$1,909	5 %
Operating profit	$540 Advertisement	$722	-25 %
Diluted earnings per share (EPS)	$0.74 Advertisement	$1.30	-43 %
Net cash provided by operating activities	$756 Advertisement	$564	35 %

Non-IFRS Financial Measures⁽¹⁾	2025 Advertisement	2024	Change	Change at Constant Currency
Revenue growth in constant currency Advertisement				5 %
Organic revenue growth				7 %
Adjusted EBITDA Advertisement	$777	$718	8 %	8 % Advertisement
Adjusted EBITDA margin	38.7 %	37.6 %	110bp Advertisement	140bp
Adjusted EPS	$1.07	$1.01 Advertisement	6 %	7 %
Free cash flow	$581 Advertisement	$425	38 %

(1) In addition to results reported in accordance with International Financial Reporting Standards (IFRS), the company uses certain non- IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.

Revenues increased 5% due to 6% growth in recurring revenues (84% of total revenues) and 11% growth in transactions revenues, partly offset by a 6% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 3%. Foreign currency had a slightly positive impact on revenue growth.

Organic revenues increased 7% reflecting 9% growth in recurring revenues, 8% growth in transactions revenues and a 6% decline in Global Print.
The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.

Operating profit decreased 25% primarily due to other operating gains in the prior-year period substantially related to the sale of FindLaw, as well as higher amortization of software in the current period. These items more than offset the net impact of higher revenues and operating expenses.

Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 8% and the related margin increased to 38.7% from 37.6% in the prior-year period, primarily due to higher operating leverage. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 30 basis points.

Diluted EPS decreased to $0.74 per share compared to $1.30 per share in the prior-year period primarily due to lower operating profit. Additionally, the prior-year period also included currency benefits reflected in other finance costs or income.

Adjusted EPS, which excludes net other operating gains, other finance costs or income, as well as other adjustments, increased to $1.07 per share compared to $1.01 per share in the prior-year period, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software and interest expense.

Net cash provided by operating activities increased by $192 million as higher cash benefits from the net impact of higher revenues and operating expenses and certain component changes in working capital were partly offset by higher income tax payments.

Free cash flow increased by $156 million as higher net cash provided by operating activities was partly offset by lower cash flows from other investing activities, which included a cash flow benefit in the prior-year period.

Highlights by Customer Segment – Three Months Ended December 31

(Millions of U.S. dollars)

(unaudited)

Three months ended
December 31,

Change

2025

2024

Total

Constant
Currency⁽¹⁾

Organic⁽¹⁾⁽²⁾

Revenues

Legal Professionals

$738

$729

1 %

9 %

Corporates

496

458

8 %

7 %

9 %

Tax, Audit & Accounting Professionals

414

366

13 %

11 %

“Big 3” Segments Combined⁽¹⁾

1,648

1,553

6 %

5 %

9 %

Reuters

232

218

7 %

6 %

5 %

Global Print

136

144

-6 %

Eliminations/Rounding

(7)

(6)

Total Revenues

$2,009

$1,909

5 %

7 %

Adjusted EBITDA⁽¹⁾

Legal Professionals

$327

$299

9 %

Corporates

160

153

4 %

Tax, Audit & Accounting Professionals

222

196

14 %

13 %

“Big 3” Segments Combined⁽¹⁾

709

648

9 %

Reuters

7 %

12 %

Global Print

-2 %

Corporate costs

(34)

(30)

n/a

Total Adjusted EBITDA

$777

$718

8 %

Adjusted EBITDA Margin⁽¹⁾

Legal Professionals

44.3 %

41.0 %

330bp

350bp

Corporates

32.2 %

33.5 %

-130bp

-70bp

Tax, Audit & Accounting Professionals

53.6 %

53.4 %

20bp

0bp

“Big 3” Segments Combined⁽¹⁾

43.0 %

41.7 %

130bp

150bp

Reuters

21.0 %

20.8 %

20bp

140bp

Global Print

39.6 %

38.2 %

140bp

160bp

Total Adjusted EBITDA Margin

38.7 %

37.6 %

110bp

140bp

(1) See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and
other non-IFRS financial measures. To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value
adjustments related to acquired deferred revenue.

(2) Computed for revenue growth only.

n/a: not applicable

Unless otherwise noted, all revenue growth comparisons by customer segment in this news release are at constant currency (which excludes the impact of foreign currency) as the company believes this provides the best basis to measure performance.

Legal Professionals

Revenues increased 1% despite the disposal of FindLaw in the prior-year period, which negatively impacted recurring and transactions revenue growth. Organic revenue growth was 9%.

Recurring revenues increased 1% (97% of total, increased 8% organic). Organic revenue growth was primarily driven by Westlaw, CoCounsel and Practical Law.
Transactions revenues were essentially unchanged (3% of total, increased 28% organic).

Adjusted EBITDA increased 9% to $327 million.

The margin increased to 44.3% from 41.0% primarily reflecting higher operating leverage as well as the disposal of the lower margin FindLaw business in the prior-year period.

Corporates

Revenues increased 7% despite a negative impact from the sale of certain non-core businesses. Organic revenues increased 9%.

Recurring revenues increased 7% (88% of total, increased 9% organic). Organic revenue growth was primarily driven by Indirect Tax, Direct Tax, Westlaw, Practical Law, Pagero and the segment’s international businesses.
Transactions revenues increased 7% (12% of total, all organic). Organic revenue growth was primarily driven by increases in Indirect Tax, Global Trade and the segment’s international businesses.

Adjusted EBITDA increased 4% to $160 million and the margin decreased to 32.2% from 33.5%. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 60 basis points.

Tax, Audit & Accounting Professionals

Revenues increased 13%, including the acquisition impact of SafeSend which was reflected in transactions revenues. Organic revenue growth was 11%.

Recurring revenues increased 12% (86% of total, all organic). Organic revenue growth was primarily driven by UltraTax, CoCounsel and the segment’s Latin America business.
Transactions revenues increased 19% (14% of total, increased 3% organic). Organic revenue growth was primarily driven by SafeSend and the segment’s international businesses.

Adjusted EBITDA increased 14% to $222 million and the margin increased to 53.6% from 53.4%.

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 6% (5% organic), primarily due to higher generative AI related transactional content licensing revenue in the Agency business, as well as a contractual price increase from the company’s news agreement with the Data & Analytics business of London Stock Exchange Group (LSEG).

Adjusted EBITDA increased 7% to $48 million and the margin increased to 21.0% from 20.8%.

Global Print

Revenues decreased 6%, all organic, driven by lower shipment volumes.

Adjusted EBITDA decreased 2% to $54 million, and the margin increased to 39.6% from 38.2% reflecting lower expenses.

Corporate Costs

Corporate costs were $34 million compared to $30 million in the prior-year period.

Consolidated Financial Highlights – Year Ended December 31

Year ended December 31, Advertisement
(Millions of U.S. dollars, except for EPS)
(unaudited)

IFRS Financial Measures⁽¹⁾	2025 Advertisement	2024	Change
Revenues	$7,476 Advertisement	$7,258	3 %
Operating profit	$2,132 Advertisement	$2,109	1 %
Diluted EPS	$3.33 Advertisement	$4.89	-32 %
Net cash provided by operating activities	$2,651 Advertisement	$2,457	8 %

Non-IFRS Financial Measures⁽¹⁾	2025 Advertisement	2024	Change	Change at Constant Currency
Revenue growth in constant currency Advertisement				3 %
Organic revenue growth				7 %
Adjusted EBITDA Advertisement	$2,936	$2,779	6 %	5 % Advertisement
Adjusted EBITDA margin	39.2 %	38.2 %	100bp Advertisement	80bp
Adjusted EPS	$3.92	$3.77 Advertisement	4 %	4 %
Free cash flow	$1,950 Advertisement	$1,828	7 %

(1) In addition to results reported in accordance with IFRS, the company uses certain non-IFRS financial measures as supplemental indicators of its operating performance and financial position. See the “Non-IFRS Financial Measures” section and the tables appended to this news release for additional information on these and other non-IFRS financial measures, including how they are defined and reconciled to the most directly comparable IFRS measures.

Revenues increased 3% due to 3% growth in recurring revenues (81% of total revenues) and 5% growth in transactions revenues, partly offset by a 6% decline in Global Print. Total company revenue growth was negatively impacted by net acquisitions and disposals of 4%. Foreign currency had no impact on revenue growth.

Organic revenues increased 7% reflecting 9% growth in recurring revenues, 4% growth in transactions revenues and a 5% decline in Global Print.
The company’s “Big 3” segments reported organic revenue growth of 9% and collectively comprised 82% of total revenues.

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

Adjusted EBITDA, which excludes amortization of software, as well as other adjustments, increased 6% and the related margin increased to 39.2% from 38.2%, primarily due to higher operating leverage. Foreign currency contributed 20 basis points to the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $3.33 per share compared to $4.89 per share in the prior year primarily because the prior-year period included a $468 million or a $1.04 per share non-cash tax benefit related to tax legislation enacted in Canada.

Adjusted EPS, which excludes the non-cash tax benefit, as well as other adjustments, increased to $3.92 per share compared to $3.77 per share in the prior year, primarily due to higher adjusted EBITDA, partly offset by higher amortization of internally developed software, income tax expense and interest expense.

Net cash provided by operating activities increased by $194 million as higher cash benefits from the net impact of higher revenues and operating expenses and certain component changes in working capital were partly offset by higher income tax payments.

Free cash flow increased by $122 million as higher net cash provided by operating activities was partly offset by higher capital expenditures and lower cash flows from other investing activities.

Highlights by Customer Segment – Year Ended December 31

(Millions of U.S. dollars)

(unaudited)

Year ended
December 31,

Change

2025

2024

Total

Constant
Currency⁽¹⁾

Organic⁽¹⁾⁽²⁾

Revenues

Legal Professionals

$2,868

$2,922

-2 %

8 %

Corporates

1,987

1,844

8 %

7 %

9 %

Tax, Audit & Accounting Professionals

1,302

1,165

12 %

13 %

11 %

“Big 3” Segments Combined⁽¹⁾

6,157

5,931

4 %

9 %

Reuters

853

832

3 %

2 %

1 %

Global Print

490

519

-6 %

-5 %

Eliminations/Rounding

(24)

Total Revenues

$7,476

$7,258

3 %

7 %

Adjusted EBITDA⁽¹⁾

Legal Professionals

$1,356

$1,302

4 %

3 %

Corporates

716

671

7 %

6 %

Tax, Audit & Accounting Professionals

623

527

18 %

19 %

“Big 3” Segments Combined⁽¹⁾

2,695

2,500

8 %

7 %

Reuters

174

196

-11 %

Global Print

185

188

-2 %

Corporate costs

(118)

(105)

n/a

Total Adjusted EBITDA

$2,936

$2,779

6 %

5 %

Adjusted EBITDA Margin⁽¹⁾

Legal Professionals

47.3 %

44.6 %

270bp

250bp

Corporates

36.0 %

36.3 %

-30bp

Tax, Audit & Accounting Professionals

47.1 %

45.2 %

190bp

150bp

“Big 3” Segments Combined⁽¹⁾

43.6 %

42.1 %

150bp

130bp

Reuters

20.4 %

23.6 %

-320bp

-290bp

Global Print

37.7 %

36.2 %

150bp

120bp

Total Adjusted EBITDA Margin

39.2 %

38.2 %

100bp

80bp

(2) Computed for revenue growth only.

n/a: not applicable

2026 Outlook

The company’s outlook for 2026 in the table below assumes constant currency rates and does not factor in the impact of any future acquisitions or dispositions that may occur during the year. Thomson Reuters believes that this type of guidance provides useful insight into the anticipated performance of its businesses.

The company expects its first-quarter 2026 organic revenue growth to be approximately 7% and its adjusted EBITDA margin to be approximately 42%.

The company’s 2026 outlook is forward-looking information that is subject to risks and uncertainties (see “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions”). In particular, the company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact the company’s ability to achieve its outlook.

Reported Full-Year 2025 Results and Full-Year 2026 Outlook

Total Thomson Reuters	FY 2025 Reported	FY 2026 Advertisement Outlook
Total Revenue Growth	3%⁽²⁾	7.5% – 8.0% Advertisement
Organic Revenue Growth⁽¹⁾	7 %	7.5% – 8.0%
Adjusted EBITDA Margin⁽¹⁾ Advertisement	39.2 %	+100bps vs 2025
Corporate Costs	$118 million Advertisement	$115 – $125 million
Free Cash Flow⁽¹⁾	$1.95 billion	~ $2.1 billion Advertisement
Accrued Capex as % of Revenues⁽¹⁾	8.2 %	~ 8.0%
Depreciation & Amortization of Software Advertisement Depreciation & Amortization of Internally Developed Software Amortization of Acquired Software	$832 million $626 million Advertisement $206 million	$890– $910 million $680 – $690 million $210 – $220 million Advertisement
Net Interest Expense	$143 million	$150 – $160 million
Effective Tax Rate on Adjusted Earnings⁽¹⁾ Advertisement	18.5 %	~ 19%
“Big 3” Segments⁽¹⁾	FY 2025 Advertisement Reported	FY 2026 Outlook
Total Revenue Growth Advertisement	4%⁽²⁾	~ 9.5%
Organic Revenue Growth	9 % Advertisement	~ 9.5%
Adjusted EBITDA Margin	43.6 %	+100bps vs 2025 Advertisement


(1)	Non-IFRS financial measures. See the “Non-IFRS Financial Measures” section below as well as the tables appended to this news release for more information.
(2)	Total revenue growth reflects the impact of the disposals of FindLaw and other non-core businesses in December 2024. Advertisement

The information in this section is forward-looking. Actual results, which will include the impact of currency, future acquisitions and dispositions completed during 2026, and macroeconomic events outside of the company’s control may differ materially from the company’s 2026 outlook. The information in this section should also be read in conjunction with the section below entitled “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions.” The company’s 2026 outlook is also based on certain assumptions described in the cross-referenced section, which the company believes are reasonable in the circumstances, and is subject to a number of risks, including those specifically identified in the cross-referenced section and those facing the company generally.

Segment Name Changes

As reflected in this earnings release, the company changed the names of its Tax & Accounting Professionals segment to Tax, Audit & Accounting Professionals and its 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 segments’ composition or the measurement of the segments’ results as previously or currently reported.

Dividends and Common Shares Outstanding

The company announced today that its Board of Directors approved a 10% or $0.24 per share annualized increase in the dividend to $2.62 per common share, representing the 33^rd consecutive year of dividend increases and the fifth consecutive 10% increase. A quarterly dividend of $0.655 per share is payable on March 10, 2026 to common shareholders of record as of February 17, 2026.

Thomson Reuters had approximately 445.0 million common shares outstanding as of February 3, 2026.

$1.0 Billion Share Repurchase Program

In August 2025, the company announced its plan to repurchase up to $1.0 billion of its common shares under a Normal Course Issuer Bid that was approved by the Toronto Stock Exchange (TSX). In late October 2025, the company completed the program by repurchasing 6.0 million of its common shares.

Thomson Reuters

Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products 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 tr.com.

NON-IFRS FINANCIAL MEASURES

Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

This news release includes certain non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, such as adjusted EBITDA (other than at the customer segment level) and the related margin, free cash flow, adjusted earnings and the effective tax rate on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a percentage of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, selected measures excluding the impact of foreign currency, changes in revenues computed on an organic basis as well as all financial measures for the “Big 3” segments. The company modified its definition of net debt to account for interest rate swap arrangements entered into during the third quarter of 2025. The change did not have a material impact on its calculation of net debt.

Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position as well as for internal planning purposes and the company’s business outlook. Additionally, Thomson Reuters uses non-IFRS measures as the basis for management incentive programs. These measures do not have any 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. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables.

The company’s outlook contains various non-IFRS financial measures. The company believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for purposes of its outlook only, the company is unable to reconcile these non-IFRS measures to the most directly comparable IFRS measures because it cannot predict, with reasonable certainty, the impacts of changes in foreign exchange rates which impact (i) the translation of its results reported at average foreign currency rates for the year, and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, the company cannot reasonably predict the occurrence or amount of other operating gains and losses that generally arise from business transactions that the company does not currently anticipate.

ROUNDING

Other than EPS, the company reports its results in millions of U.S. dollars, but computes 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.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS

Certain statements in this news release, including, but not limited to, statements in Mr. Hasker’s comments and the “2026 Outlook” section, are forward-looking. The words “will”, “expect”, “believe”, “target”, “estimate”, “could”, “should”, “intend”, “predict”, “project” and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond the company’s control and the effects of them can be difficult to predict.

Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, those discussed on pages 16-27 in the “Risk Factors” section of the company’s 2024 annual report. These and other risk factors are discussed in materials that Thomson Reuters from time-to-time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters’ annual and quarterly reports are also available in the “Investor Relations” section of tr.com.

The company’s business 2026 outlook is based on information currently available to the company and is based on various external and internal assumptions made by the company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the company believes are appropriate under the circumstances. Material assumptions and material risks may cause actual performance to differ from the company’s expectations underlying its business outlook. In particular, the global economy has experienced substantial disruption due to concerns regarding economic effects associated with the macroeconomic backdrop and ongoing geopolitical risks. The company’s business outlook assumes that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility, however, these conditions may last substantially longer than expected and any worsening of the global economic or business environment could impact the company’s ability to achieve its outlook and affect its results and other expectations. Material assumptions related to the company’s revenue outlook are that uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility; there will be a continued need for trusted products and services that help customers navigate evolving and complex legal, tax, audit, accounting, regulatory, geopolitical and commercial changes, developments and environments, and for cloud-based digital tools that drive productivity; Thomson Reuters will have a continued ability to deliver innovative products that meet evolving customer demands; the company will acquire new customers through expanded and improved digital platforms, simplification of the product portfolio and through other sales initiatives; and the company will improve customer retention through commercial simplification efforts and customer service improvements. Material assumptions related to the company’s adjusted EBITDA margin outlook are its ability to achieve revenue growth targets; the company’s business mix continues to shift to higher-growth product offerings; and integration expenses associated with recent acquisitions will reduce margins. Material assumptions related to the company’s free cash flow outlook are its ability to achieve its revenue and adjusted EBITDA margin targets; and accrued capital expenditures approximate the percentage of revenues as set forth in the company’s outlook. Material assumptions related to the company’s effective tax rate on adjusted earnings outlook are its ability to achieve its adjusted EBITDA target; the mix of taxing jurisdictions where the company recognized pre-tax profit or losses in 2025 does not significantly change; no unexpected changes in tax laws or treaties within the jurisdictions where the company operates; no significant charges or benefits from the finalization of prior tax years; depreciation and amortization of internally developed software as set forth in the company’s outlook; and net interest expense as set forth in the company’s outlook.

Material risks related to the company’s revenue outlook are that ongoing geopolitical instability and uncertainty regarding interest rates and inflation, continue to impact the global economy. The severity and duration of any one, or a combination, of these conditions could impact the global economy and lead to lower demand for our products and services (beyond our assumption that these disruptions will cause periods of volatility); uncertainty in the legal regulatory regime relating to artificial intelligence (AI) has made it difficult for the company to predict the risks associated with the use of AI in its businesses and products. Future legislation may make it harder for the company to conduct its business using AI, lead to regulatory fines or penalties, require it to change its product offerings or business practices or prevent or limit its use of AI; demand for the company’s products and services could be reduced by changes in customer buying patterns or in its inability to execute on key product design or customer support initiatives; competitive pricing actions and product innovation could impact the company’s revenues; and the company’s sales, commercial simplification and product initiatives may be insufficient to retain customers or generate new sales. Material risks related to the company’s adjusted EBITDA margin outlook are the same as the risks above related to the revenue outlook; higher than expected inflation may lead to greater than anticipated increase in labor costs, third-party supplier costs and costs of print materials; and acquisition and disposal activity may dilute the company’s adjusted EBITDA margin. Material risks related to the company’s free cash flow outlook are the same as the risks above related to the revenue and adjusted EBITDA margin targets; a weaker macroeconomic environment could negatively impact working capital performance, including the ability of the company’s customers to pay; capital expenditures may be higher than currently expected; and the timing and amount of tax payments to governments may differ from the company’s expectations. Material risks related to the company’s effective tax rate on adjusted earnings outlook are the same as the risks above related to adjusted EBITDA; a material change in the geographical mix of the company’s pre-tax profits and losses; a material change in current tax laws or treaties to which the company is subject, and did not expect; resolution of tax audits may cause material changes to assessments of uncertain tax positions as compared to current estimates; and depreciation and amortization of internally developed software as well as net interest expense may be significantly higher or lower than expected.

The company has provided an outlook for the purpose of presenting information about current expectations for the period presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release.

Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

CONTACTS

Thomson Reuters will webcast a discussion of its fourth-quarter and full-year 2025 results and its 2026 business outlook today beginning at 8:30 a.m. Eastern Standard Time (EST). You can access the webcast by visiting ir.tr.com. An archive of the webcast will be available following the presentation.

Thomson Reuters Corporation Advertisement
Consolidated Income Statement
(millions of U.S. dollars, except per share data)
(unaudited)
	Three Months Ended December 31, Advertisement		Year Ended December 31,
	2025	2024	2025 Advertisement	2024
CONTINUING OPERATIONS
Revenues	$2,009 Advertisement	$1,909	$7,476	$7,258
Operating expenses Advertisement	(1,231)	(1,183)	(4,578)	(4,471) Advertisement
Depreciation	(28)	(26)	(111) Advertisement	(113)
Amortization of software	(187)	(160) Advertisement	(721)	(618)
Amortization of other identifiable intangible assets	(25) Advertisement	(22)	(98)	(91)
Other operating gains, net Advertisement	2	204	164	144 Advertisement
Operating profit	540	722	2,132 Advertisement	2,109
Finance costs, net:
Net interest expense	(40) Advertisement	(28)	(143)	(125)
Other finance (costs) income Advertisement	(4)	53	(55)	45 Advertisement
Income before tax and equity method investments	496	747	1,934 Advertisement	2,029
Share of post-tax (losses) earnings in equity method investments	(5)	(5) Advertisement	(28)	40
Tax (expense) benefit	(158) Advertisement	(135)	(423)	123
Earnings from continuing operations Advertisement	333	607	1,483	2,192 Advertisement
(Loss) earnings from discontinued operations, net of tax	(1)	(20)	19 Advertisement	15
Net earnings	$332	$587 Advertisement	$1,502	$2,207
Earnings (loss) attributable to:
Common shareholders Advertisement	$332	$587	$1,502	$2,210 Advertisement
Non-controlling interests	–	–	– Advertisement	(3)

Earnings per share:
Basic earnings (loss) per share:
From continuing operations Advertisement	$0.75	$1.35	$3.29	$4.86 Advertisement
From discontinued operations	(0.01)	(0.05)	0.05 Advertisement	0.03
Basic earnings per share	$0.74	$1.30 Advertisement	$3.34	$4.89
Diluted earnings (loss) per share:
From continuing operations Advertisement	$0.75	$1.34	$3.29	$4.85 Advertisement
From discontinued operations	(0.01)	(0.04)	0.04 Advertisement	0.04
Diluted earnings per share	$0.74	$1.30 Advertisement	$3.33	$4.89

Basic weighted-average common shares	445,215,119 Advertisement	450,077,127	448,971,715	450,609,712
Diluted weighted-average common shares Advertisement	445,597,771	450,600,114	449,532,466	451,239,490 Advertisement

Thomson Reuters Corporation
Consolidated Statement of Financial Position
(millions of U.S. dollars) Advertisement
(unaudited)
	December 31,	December 31,
	2025 Advertisement	2024
Assets
Cash and cash equivalents	$511 Advertisement	$1,968
Trade and other receivables	1,143	1,087 Advertisement
Other financial assets	94	35
Prepaid expenses and other current assets Advertisement	480	400
Current assets	2,228 Advertisement	3,490

Property and equipment, net	361	386 Advertisement
Software, net	1,645	1,453
Other identifiable intangible assets, net Advertisement	3,102	3,134
Goodwill	7,913 Advertisement	7,262
Equity method investments	202	269 Advertisement
Other financial assets	466	442
Other non-current assets Advertisement	680	625
Deferred tax	1,343 Advertisement	1,376
Total assets	$17,940	$18,437 Advertisement

Liabilities and equity
Liabilities
Current indebtedness	$795 Advertisement	$973
Payables, accruals and provisions	1,090	1,091 Advertisement
Current tax liabilities	224	197
Deferred revenue Advertisement	1,251	1,062
Other financial liabilities	108 Advertisement	113
Current liabilities	3,468	3,436 Advertisement

Long-term indebtedness	1,328	1,847
Provisions and other non-current liabilities Advertisement	656	675
Other financial liabilities	210 Advertisement	232
Deferred tax	364	241 Advertisement
Total liabilities	6,026	6,431

Equity Advertisement
Capital	3,597	3,498
Retained earnings Advertisement	9,220	9,699
Accumulated other comprehensive loss	(903) Advertisement	(1,191)
Total equity	11,914	12,006 Advertisement
Total liabilities and equity	$17,940	$18,437

Thomson Reuters Corporation
Consolidated Statement of Cash Flow
(millions of U.S. dollars)
(unaudited) Advertisement
	Three Months Ended December 31,		Year Ended December 31,
	2025	2024 Advertisement	2025	2024
Cash provided by (used in):
Operating activities Advertisement
Earnings from continuing operations	$333	$607	$1,483 Advertisement	$2,192
Adjustments for:
Depreciation	28 Advertisement	26	111	113
Amortization of software Advertisement	187	160	721	618 Advertisement
Amortization of other identifiable intangible assets	25	22	98 Advertisement	91
Share of post-tax losses (earnings) in equity method investments	5	5 Advertisement	28	(40)
Net gains on disposals of businesses and investments	(1) Advertisement	(195)	(165)	(192)
Deferred tax Advertisement	9	47	60	(640) Advertisement
Other	49	(22)	272 Advertisement	151
Changes in working capital and other items	122	(76) Advertisement	43	176
Operating cash flows from continuing operations	757 Advertisement	574	2,651	2,469
Operating cash flows from discontinued operations Advertisement	(1)	(10)	–	(12) Advertisement
Net cash provided by operating activities	756	564	2,651 Advertisement	2,457
Investing activities
Acquisitions, net of cash acquired	(20) Advertisement	(130)	(843)	(622)
Proceeds related to disposals of businesses and investments Advertisement	2	297	254	326 Advertisement
Proceeds from sales of LSEG shares	–	–	– Advertisement	1,854
Capital expenditures	(158)	(161) Advertisement	(634)	(607)
Other investing activities	– Advertisement	40	1	46
Taxes paid on sales of LSEG shares and disposals Advertisement	(29)	(115)	(62)	(317) Advertisement
Net cash (used in) provided by investing activities	(205)	(69)	(1,284) Advertisement	680
Financing activities
Repayments of debt	– Advertisement	–	(999)	(290)
Net (repayments) borrowings under short-term loan facilities Advertisement	(49)	–	290	(139) Advertisement
Payments of lease principal	(16)	(17)	(64) Advertisement	(63)
Repurchases of common shares	(330)	– Advertisement	(1,000)	(639)
Dividends paid on preference shares	(1) Advertisement	(1)	(4)	(5)
Dividends paid on common shares Advertisement	(256)	(236)	(1,035)	(944) Advertisement
Purchase of non-controlling interests	–	–	– Advertisement	(384)
Other financing activities	(6)	2 Advertisement	(16)	5
Net cash used in financing activities	(658) Advertisement	(252)	(2,828)	(2,459)
Translation adjustments Advertisement	–	(6)	4	(8) Advertisement
(Decrease) increase in cash and cash equivalents	(107)	237	(1,457) Advertisement	670
Cash and cash equivalents at beginning of period	618	1,731 Advertisement	1,968	1,298
Cash and cash equivalents at end of period	$511 Advertisement	$1,968	$511	$1,968

Thomson Reuters Corporation
Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA⁽¹⁾
(millions of U.S. dollars)
(unaudited) Advertisement

	Three months ended December 31,		Year ended December 31,
	2025	2024 Advertisement	2025	2024
Earnings from continuing operations	$333 Advertisement	$607	$1,483	$2,192
Adjustments to remove: Advertisement
Tax expense (benefit)	158	135	423 Advertisement	(123)
Other finance costs (income)	4	(53) Advertisement	55	(45)
Net interest expense	40 Advertisement	28	143	125
Amortization of other identifiable intangible assets Advertisement	25	22	98	91 Advertisement
Amortization of software	187	160	721 Advertisement	618
Depreciation	28	26 Advertisement	111	113
EBITDA	$775 Advertisement	$925	$3,034	$2,971
Adjustments to remove: Advertisement
Share of post-tax losses (earnings) in equity method investments	5	5	28 Advertisement	(40)
Other operating gains, net	(2)	(204) Advertisement	(164)	(144)
Fair value adjustments*	(1) Advertisement	(8)	38	(8)
Adjusted EBITDA⁽¹⁾ Advertisement	$777	$718	$2,936	$2,779 Advertisement
Adjusted EBITDA margin⁽¹⁾	38.7 %	37.6 %	39.2 % Advertisement	38.2 %

* Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.

Thomson Reuters Corporation Advertisement
Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow⁽¹⁾
(millions of U.S. dollars)
(unaudited)

	Three months ended December 31, Advertisement		Year ended December 31,
	2025	2024	2025 Advertisement	2024
Net cash provided by operating activities	$756	$564 Advertisement	$2,651	$2,457
Capital expenditures	(158) Advertisement	(161)	(634)	(607)
Other investing activities Advertisement	–	40	1	46 Advertisement
Payments of lease principal	(16)	(17)	(64) Advertisement	(63)
Dividends paid on preference shares	(1)	(1) Advertisement	(4)	(5)
Free cash flow⁽¹⁾	$581 Advertisement	$425	$1,950	$1,828

Thomson Reuters Corporation
Reconciliation of Capital Expenditures to Accrued Capital Expenditures⁽¹⁾
(millions of U.S. dollars)
(unaudited) Advertisement
							Year ended December 31,
							2025
Capital expenditures							$634 Advertisement
Remove: IFRS adjustment to cash basis							(18)
Accrued capital expenditures⁽¹⁾							$616 Advertisement
Accrued capital expenditures as a percentage of revenues⁽¹⁾							8.2 %

(1) Refer to page 21 for additional information on non-IFRS financial measures.

Thomson Reuters Corporation
Reconciliation of Net Earnings to Adjusted Earnings⁽¹⁾
Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency⁽¹⁾
(millions of U.S. dollars, except for share and per share data) Advertisement
(unaudited)

	Three months ended December 31,		Year ended December 31,
	2025 Advertisement	2024	2025	2024
Net earnings Advertisement	$332	$587	$1,502	$2,207 Advertisement
Adjustments to remove:
Fair value adjustments*	(1)	(8) Advertisement	38	(8)
Amortization of acquired software	53 Advertisement	38	206	147
Amortization of other identifiable intangible assets Advertisement	25	22	98	91 Advertisement
Other operating gains, net	(2)	(204)	(164) Advertisement	(144)
Other finance costs (income)	4	(53) Advertisement	55	(45)
Share of post-tax losses (earnings) in equity method investments	5 Advertisement	5	28	(40)
Tax on above items⁽¹⁾ Advertisement	(5)	36	(35)	(9) Advertisement
Tax items impacting comparability⁽¹⁾	66	5	57 Advertisement	(478)
Loss (earnings) from discontinued operations, net of tax	1	20 Advertisement	(19)	(15)
Interim period effective tax rate normalization⁽¹⁾	2 Advertisement	7	–	–
Dividends declared on preference shares Advertisement	(1)	(1)	(4)	(5) Advertisement
Adjusted earnings⁽¹⁾⁽²⁾	$479	$454	$1,762 Advertisement	$1,701
Adjusted EPS⁽¹⁾⁽²⁾	$1.07	$1.01 Advertisement	$3.92	$3.77
Total change	6 % Advertisement		4 %
Foreign currency	-1 %		0 % Advertisement
Constant currency	7 %		4 %
Diluted weighted-average common shares (millions) Advertisement	445.6	450.6	449.5	451.2 Advertisement

Reconciliation of Effective Tax Rate on Adjusted Earnings⁽¹⁾							Year ended December 31,
							2025 Advertisement
Adjusted earnings							$1,762
Plus: Dividends declared on preference shares							4 Advertisement
Plus: Tax expense on adjusted earnings							401
Pre-tax adjusted earnings							$2,167 Advertisement

IFRS tax expense							$423
Remove tax related to:
Amortization of acquired software Advertisement							46
Amortization of other identifiable intangible assets							23
Share of post-tax losses in equity method investments Advertisement							2
Other finance costs							2
Other operating gains, net Advertisement							(43)
Other items							5
Subtotal – Remove tax benefit on pre-tax items removed from adjusted earnings Advertisement							35
Remove: Tax items impacting comparability							(57)
Total – Remove all items impacting comparability Advertisement							(22)
Tax expense on adjusted earnings							$401
Effective tax rate on adjusted earnings Advertisement							18.5 %


*Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, which are a component of operating expenses, as well as adjustments related to acquired deferred revenue.

(1)	Refer to page 21 for additional information on non-IFRS financial measures. Advertisement
(2)	The adjusted earnings impact of non-controlling interests, which was applicable to the year-ended December 31, 2024, was not material.

Thomson Reuters Corporation Advertisement
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency⁽¹⁾ and Organic Basis⁽¹⁾
(millions of U.S. dollars)
(unaudited)
	Three months ended December 31, Advertisement			Change
		2025	2024	Total Advertisement	Foreign Currency		SUBTOTAL Constant Currency	Net Acquisitions/ (Disposals)		Organic Advertisement
Total Revenues
Legal Professionals		$738	$729 Advertisement	1 %		0 %	1 %		-8 % Advertisement	9 %
Corporates		496	458 Advertisement	8 %		1 %	7 %		-2 % Advertisement	9 %
Tax, Audit & Accounting Professionals		414	366 Advertisement	13 %		0 %	13 %		2 % Advertisement	11 %
“Big 3” Segments Combined⁽¹⁾		1,648	1,553 Advertisement	6 %		1 %	5 %		-4 % Advertisement	9 %
Reuters		232	218 Advertisement	7 %		1 %	6 %		1 % Advertisement	5 %
Global Print		136	144 Advertisement	-6 %		0 %	-6 %		0 % Advertisement	-6 %
Eliminations/Rounding		(7)	(6) Advertisement
Total Revenues		$2,009	$1,909	5 % Advertisement		1 %	5 %		-3 %	7 % Advertisement

Recurring Revenues
Legal Professionals		$716	$707 Advertisement	1 %		0 %	1 %		-7 % Advertisement	8 %
Corporates		434	401 Advertisement	8 %		1 %	7 %		-2 % Advertisement	9 %
Tax, Audit & Accounting Professionals		357	319 Advertisement	12 %		0 %	12 %		0 % Advertisement	12 %
“Big 3” Segments Combined⁽¹⁾		1,507	1,427 Advertisement	6 %		1 %	5 %		-4 % Advertisement	9 %
Reuters		183	173 Advertisement	6 %		1 %	5 %		1 % Advertisement	4 %
Eliminations/Rounding		(7)	(6) Advertisement
Total Recurring Revenues		$1,683	$1,594	6 % Advertisement		1 %	5 %		-4 %	9 % Advertisement

Transactions Revenues
Legal Professionals		$22	$22 Advertisement	0 %		-1 %	0 %		-28 % Advertisement	28 %
Corporates		62	57 Advertisement	9 %		2 %	7 %		0 % Advertisement	7 %
Tax, Audit & Accounting Professionals		57	47 Advertisement	20 %		1 %	19 %		16 % Advertisement	3 %
“Big 3” Segments Combined⁽¹⁾		141	126 Advertisement	11 %		1 %	10 %		2 % Advertisement	8 %
Reuters		49	45 Advertisement	10 %		1 %	9 %		2 % Advertisement	8 %
Total Transactions Revenues		$190	$171 Advertisement	11 %		1 %	10 %		2 % Advertisement	8 %


Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

(1)	Refer to page 21 for additional information on non-IFRS financial measures. Advertisement

Thomson Reuters Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency⁽¹⁾ and Organic Basis⁽¹⁾
(millions of U.S. dollars) Advertisement
(unaudited)
	Year ended December 31,			Change
		2025 Advertisement	2024	Total	Foreign Currency		SUBTOTAL Constant Currency Advertisement	Net Acquisitions/ (Disposals)		Organic
Total Revenues
Legal Professionals Advertisement		$2,868	$2,922	-2 %		0 % Advertisement	-2 %		-10 %	8 %
Corporates Advertisement		1,987	1,844	8 %		0 % Advertisement	7 %		-1 %	9 %
Tax, Audit & Accounting Professionals Advertisement		1,302	1,165	12 %		-1 % Advertisement	13 %		3 %	11 %
“Big 3” Segments Combined⁽¹⁾ Advertisement		6,157	5,931	4 %		0 % Advertisement	4 %		-5 %	9 %
Reuters Advertisement		853	832	3 %		1 % Advertisement	2 %		1 %	1 %
Global Print Advertisement		490	519	-6 %		0 % Advertisement	-5 %		0 %	-5 %
Eliminations/Rounding Advertisement		(24)	(24)
Total Revenues		$7,476 Advertisement	$7,258	3 %		0 %	3 % Advertisement		-4 %	7 %

Recurring Revenues
Legal Professionals Advertisement		$2,789	$2,828	-1 %		0 % Advertisement	-1 %		-10 %	9 %
Corporates Advertisement		1,670	1,543	8 %		0 % Advertisement	8 %		-2 %	9 %
Tax, Audit & Accounting Professionals Advertisement		937	867	8 %		-2 % Advertisement	10 %		0 %	10 %
“Big 3” Segments Combined⁽¹⁾ Advertisement		5,396	5,238	3 %		0 % Advertisement	3 %		-6 %	9 %
Reuters Advertisement		712	668	7 %		1 % Advertisement	6 %		1 %	5 %
Eliminations/Rounding Advertisement		(24)	(24)
Total Recurring Revenues		$6,084 Advertisement	$5,882	3 %		0 %	3 % Advertisement		-5 %	9 %

Transactions Revenues
Legal Professionals Advertisement		$79	$94	-16 %		1 % Advertisement	-17 %		-21 %	4 %
Corporates Advertisement		317	301	5 %		0 % Advertisement	5 %		0 %	5 %
Tax, Audit & Accounting Professionals Advertisement		365	298	22 %		0 % Advertisement	23 %		10 %	12 %
“Big 3” Segments Combined⁽¹⁾ Advertisement		761	693	10 %		0 % Advertisement	10 %		1 %	9 %
Reuters Advertisement		141	164	-14 %		1 % Advertisement	-15 %		0 %	-16 %
Total Transactions Revenues Advertisement		$902	$857	5 %		0 % Advertisement	5 %		1 %	4 %


Growth percentages are computed using whole dollars. As a result, percentages calculated from reported amounts may differ from those presented, and growth components may not total due to rounding. Advertisement

(1)	Refer to page 21 for additional information on non-IFRS financial measures.

Thomson Reuters Corporation Advertisement
Reconciliation of Changes in Adjusted EBITDA⁽¹⁾ and Related Margin⁽¹⁾ to Changes on a Constant Currency Basis⁽¹⁾
(millions of U.S. dollars)
(unaudited)
	Three months ended December 31, Advertisement			Change
		2025	2024	Total Advertisement	Foreign Currency		Constant Currency
Adjusted EBITDA⁽¹⁾
Legal Professionals Advertisement		$327	$299	9 %		0 % Advertisement	9 %
Corporates		160	153 Advertisement	4 %		0 %	4 %
Tax, Audit & Accounting Professionals Advertisement		222	196	14 %		1 % Advertisement	13 %
“Big 3” Segments Combined⁽¹⁾		709	648 Advertisement	9 %		0 %	9 %
Reuters Advertisement		48	45	7 %		-5 % Advertisement	12 %
Global Print		54	55 Advertisement	-2 %		0 %	-2 %
Corporate costs Advertisement		(34)	(30)	n/a		n/a Advertisement	n/a
Total Adjusted EBITDA		$777	$718 Advertisement	8 %		0 %	8 %

Adjusted EBITDA Margin⁽¹⁾ Advertisement
Legal Professionals		44.3 %	41.0 %	330bp Advertisement		-20bp	350bp
Corporates		32.2 % Advertisement	33.5 %	-130bp		-60bp	-70bp Advertisement
Tax, Audit & Accounting Professionals		53.6 %	53.4 %	20bp Advertisement		20bp	0bp
“Big 3” Segments Combined⁽¹⁾		43.0 % Advertisement	41.7 %	130bp		-20bp	150bp Advertisement
Reuters		21.0 %	20.8 %	20bp Advertisement		-120bp	140bp
Global Print		39.6 % Advertisement	38.2 %	140bp		-20bp	160bp Advertisement
Total Adjusted EBITDA Margin		38.7 %	37.6 %	110bp Advertisement		-30bp	140bp

Thomson Reuters Corporation Advertisement
Reconciliation of Changes in Adjusted EBITDA⁽¹⁾ and Related Margin⁽¹⁾ to Changes on a Constant Currency Basis⁽¹⁾
(millions of U.S. dollars)
(unaudited)
	Year ended December 31, Advertisement			Change
		2025	2024	Total Advertisement	Foreign Currency		Constant Currency
Adjusted EBITDA⁽¹⁾
Legal Professionals Advertisement		$1,356	$1,302	4 %		1 % Advertisement	3 %
Corporates		716	671 Advertisement	7 %		0 %	6 %
Tax, Audit & Accounting Professionals Advertisement		623	527	18 %		0 % Advertisement	19 %
“Big 3” Segments Combined⁽¹⁾		2,695	2,500 Advertisement	8 %		0 %	7 %
Reuters Advertisement		174	196	-11 %		-1 % Advertisement	-11 %
Global Print		185	188 Advertisement	-2 %		1 %	-2 %
Corporate costs Advertisement		(118)	(105)	n/a		n/a Advertisement	n/a
Total Adjusted EBITDA		$2,936	$2,779 Advertisement	6 %		0 %	5 %

Adjusted EBITDA Margin⁽¹⁾ Advertisement
Legal Professionals		47.3 %	44.6 %	270bp Advertisement		20bp	250bp
Corporates		36.0 % Advertisement	36.3 %	-30bp		0bp	-30bp Advertisement
Tax, Audit & Accounting Professionals		47.1 %	45.2 %	190bp Advertisement		40bp	150bp
“Big 3” Segments Combined⁽¹⁾		43.6 % Advertisement	42.1 %	150bp		20bp	130bp Advertisement
Reuters		20.4 %	23.6 %	-320bp Advertisement		-30bp	-290bp
Global Print		37.7 % Advertisement	36.2 %	150bp		30bp	120bp Advertisement
Total Adjusted EBITDA Margin		39.2 %	38.2 %	100bp Advertisement		20bp	80bp


n/a: not applicable
Growth percentages and margins are computed using whole dollars. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding. Advertisement
(1)	Refer to page 21 for additional information on non-IFRS financial measures.

Reconciliation of adjusted EBITDA margin⁽¹⁾

To compute segment and consolidated adjusted EBITDA margin, the company excludes fair value adjustments related to acquired deferred revenue from its IFRS revenues. The charts below reconcile IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.

	Three months ended December 31, 2025
(millions of U.S. dollars) (unaudited)	IFRS revenues	Remove fair value adjustments to acquired deferred revenue Advertisement	Revenues excluding fair value adjustments to acquired deferred revenue	Adjusted EBITDA	Adjusted EBITDA Margin
Legal Professionals Advertisement	$738	–	$738	$327 Advertisement	44.3 %
Corporates	496	– Advertisement	496	160	32.2 %
Tax, Audit & Accounting Professionals Advertisement	414	–	414	222 Advertisement	53.6 %
“Big 3” Segments Combined⁽¹⁾	1,648	– Advertisement	1,648	709	43.0 %
Reuters Advertisement	232	–	232	48 Advertisement	21.0 %
Global Print	136	– Advertisement	136	54	39.6 %
Eliminations/Rounding Advertisement	(7)	–	(7)	– Advertisement	n/a
Corporate costs	–	– Advertisement	–	(34)	n/a
Consolidated totals Advertisement	$2,009	–	$2,009	$777 Advertisement	38.7 %

	Year ended December 31, 2025
(millions of U.S. dollars) (unaudited) Advertisement	IFRS revenues	Remove fair value adjustments to acquired deferred revenue	Revenues excluding fair value adjustments to acquired deferred revenue	Adjusted EBITDA Advertisement	Adjusted EBITDA Margin
Legal Professionals	$2,868	– Advertisement	$2,868	$1,356	47.3 %
Corporates Advertisement	1,987	–	1,987	716 Advertisement	36.0 %
Tax, Audit & Accounting Professionals	1,302	$20 Advertisement	1,322	623	47.1 %
“Big 3” Segments Combined⁽¹⁾ Advertisement	6,157	20	6,177	2,695 Advertisement	43.6 %
Reuters	853	– Advertisement	853	174	20.4 %
Global Print Advertisement	490	–	490	185 Advertisement	37.7 %
Eliminations/Rounding	(24)	– Advertisement	(24)	–	n/a
Corporate costs Advertisement	–	–	–	(118) Advertisement	n/a
Consolidated totals	$7,476	$20 Advertisement	$7,496	$2,936	39.2 %

	Three months ended December 31, 2024
(millions of U.S. dollars) (unaudited)	IFRS revenues	Remove fair value adjustments to acquired deferred revenue Advertisement	Revenues excluding fair value adjustments to acquired deferred revenue	Adjusted EBITDA	Adjusted EBITDA Margin
Legal Professionals Advertisement	$729	–	$729	$299 Advertisement	41.0 %
Corporates	458	$1 Advertisement	459	153	33.5 %
Tax, Audit & Accounting Professionals Advertisement	366	–	366	196 Advertisement	53.4 %
“Big 3” Segments Combined⁽¹⁾	1,553	1 Advertisement	1,554	648	41.7 %
Reuters Advertisement	218	–	218	45 Advertisement	20.8 %
Global Print	144	– Advertisement	144	55	38.2 %
Eliminations/Rounding Advertisement	(6)	–	(6)	– Advertisement	n/a
Corporate costs	–	– Advertisement	–	(30)	n/a
Consolidated totals Advertisement	$1,909	$1	$1,910	$718 Advertisement	37.6 %


n/a: not applicable
Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.
(1) Advertisement	Refer to page 21 for additional information on non-IFRS financial measures.

Reconciliation of adjusted EBITDA margin⁽¹⁾ Advertisement
	Year ended December 31, 2024
(millions of U.S. dollars) (unaudited)	IFRS revenues	Remove fair value adjustments to acquired deferred revenue Advertisement	Revenues excluding fair value adjustments to acquired deferred revenue	Adjusted EBITDA	Adjusted EBITDA Margin
Legal Professionals Advertisement	$2,922	$1	$2,923	$1,302 Advertisement	44.6 %
Corporates	1,844	6 Advertisement	1,850	671	36.3 %
Tax, Audit & Accounting Professionals Advertisement	1,165	–	1,165	527 Advertisement	45.2 %
“Big 3” Segments Combined⁽¹⁾	5,931	7 Advertisement	5,938	2,500	42.1 %
Reuters Advertisement	832	2	834	196 Advertisement	23.6 %
Global Print	519	– Advertisement	519	188	36.2 %
Eliminations/Rounding Advertisement	(24)	–	(24)	– Advertisement	n/a
Corporate costs	–	– Advertisement	–	(105)	n/a
Consolidated totals Advertisement	$7,258	$9	$7,267	$2,779 Advertisement	38.2 %

n/a: not applicable

Margins are computed using whole dollars, as a result, margins calculated from reported amounts may differ from those presented due to rounding.

Thomson Reuters Corporation
Reconciliation of Net Debt⁽¹⁾ and Leverage Ratio of Net Debt to Adjusted EBITDA⁽¹⁾
(millions of U.S. dollars)
(unaudited) Advertisement
	December 31,		December 31,
		2025	2024 Advertisement
Current indebtedness		$795	$973
Long-term indebtedness Advertisement		1,328	1,847
Total debt		2,123 Advertisement	2,820
Swaps		16	21 Advertisement
Total debt after swaps		2,139	2,841
Remove fair value adjustments for hedges Advertisement		(2)	5
Total debt after hedging arrangements		2,137 Advertisement	2,846
Collateral assets		(7)	– Advertisement
Remove transaction costs, premiums or discounts, included in the carrying value of debt		28	22
Add: Lease liabilities (current and non-current) Advertisement		249	256
Less: Cash and cash equivalents		(511) Advertisement	(1,968)
Net debt		$1,896	$1,156 Advertisement
Leverage ratio of net debt to adjusted EBITDA
Adjusted EBITDA		$2,936	$2,779 Advertisement
Net debt/adjusted EBITDA		0.6:1	0.4:1


(1) Advertisement	Refer to page 21 for additional information on non-IFRS financial measures.

Non-IFRS Financial Measures	Definition Advertisement	Why Useful to the Company and Investors
Adjusted EBITDA and the related margin	Represents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, Thomson Reuters share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that the company does not consider to be controllable activities for this purpose. Also, represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess the company’s ability to incur and service debt. Advertisement
Adjusted earnings and adjusted EPS	Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired software), other operating gains and losses, certain asset impairment charges, other finance costs or income, Thomson Reuters share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in the company’s computation of adjusted earnings. The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item. Advertisement Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders.	Provides a more comparable basis to analyze earnings. Advertisement These measures are commonly used by shareholders to measure performance. Advertisement
Effective tax rate on adjusted earnings	Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax expense or benefit plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability. In interim periods, the company also makes an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes. Advertisement	Provides a basis to analyze the effective tax rate associated with adjusted earnings. The company’s effective tax rate computed in accordance with IFRS may be more volatile by quarter because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year. Therefore, the company believes that using the expected full-year effective tax rate provides more comparability among interim periods. Advertisement
Free cash flow	Net cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on the company’s preference shares.	Helps assess the company’s ability, over the long term, to create value for its shareholders as it represents cash available to repay debt, pay common dividends, fund share repurchases and acquisitions.
Changes before the impact of foreign currency or at constant currency Advertisement	The changes in revenues, adjusted EBITDA and the related margin, and adjusted EPS before currency (at constant currency or excluding the effects of currency) are determined by converting the current and equivalent prior period’s local currency results using the same foreign currency exchange rate.	Provides better comparability of business trends from period to period.
Changes in revenues computed on an organic basis	Represent changes in revenues of the company’s existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods. Advertisement	Provides further insight into the performance of the company’s existing businesses by excluding distortive impacts and serves as a better measure of the company’s ability to grow its business over the long term.
Accrued capital expenditures as a percentage of revenues	Accrued capital expenditures divided by revenues, where accrued capital expenditures include amounts that remain unpaid at the end of the reporting period. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Reflects the basis on which the company manages capital expenditures for internal planning purposes. Advertisement
“Big 3” segments	The company’s combined Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments. All measures reported for the “Big 3” segments are non-IFRS financial measures.	The “Big 3” segments comprised approximately 80% of revenues and represent the core of the company’s business information service product offerings. Advertisement
Net debt and leverage ratio of net debt to adjusted EBITDA	Net debt is total debt, plus related hedging instruments and collateral balances, along with lease liabilities, excluding unamortized transaction costs and any premiums or discounts on debt, minus cash and cash equivalents. We exclude specific hedging components to reflect the net cash outflow upon debt maturity. Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter. Advertisement	Provides a commonly used measure of a company’s leverage and its ability to pay its debt. Given that the company hedges some of its debt to manage risk, the company includes hedging instruments as it believes it provides a better measure of the total obligation associated with its outstanding debt. Since the company plans to hold its debt and related hedges until maturity, the net debt calculation is adjusted to reflect the net cash outflow at maturity, after deducting cash and cash equivalents. The company’s non-IFRS measure is aligned with the calculation of its internal target leverage ratio and is more conservative than the maximum ratio allowed under the contractual covenants in its credit facility. Advertisement

Please refer to reconciliations for the most directly comparable IFRS financial measures.

View original content to download multimedia:https://www.prnewswire.com/news-releases/thomson-reuters-reports-fourth-quarter-and-full-year-2025-results-302680103.html

SOURCE Thomson Reuters

Business

BNY Mellon Appreciation Fund Q1 2026 Commentary

Published

1 minute ago

19 April 2026

NewsAdmin

BNY Mellon Appreciation Fund Q1 2026 Commentary

Business

Iran to resume international flights from Mashhad airport on Monday

Published

14 minutes ago

19 April 2026

NewsAdmin

Iran to resume international flights from Mashhad airport on Monday

Tehran: Iran will resume international flights on Monday from Mashhad airport in the country’s northeast, its civil aviation authority said.

“Permission to operate international passenger flights at Mashhad Airport has been issued, starting tomorrow,” state TV said, quoting the Civil Aviation Organisation.

The organisation later said travellers can now “purchase tickets for international routes to and from Mashhad Airport,” according to the official IRNA news agency.

Iranian airports have been closed since the outbreak of war with Israel and the United States on February 28.

The Civil Aviation Organisation had said earlier that it would start a phased reopening of Iran’s airspace, beginning with transit flights, followed by operations from eastern airports.

Airports in Tehran — Imam Khomeini and Mehrabad airports — are expected to reopen in the third phase, with western airports resuming operations in the final phase.

Business

Alger Capital Appreciation Fund Q1 2026 Commentary

Published

21 minutes ago

19 April 2026

NewsAdmin

Alger Capital Appreciation Fund Q1 2026 Commentary

Fred Alger Management, LLC (“Alger”) is a privately held $27.4 billion growth equity investment manager. Alger is a pioneer of actively managed, growth equity investing. Their journey over the past six decades has been defined by navigating change, embracing disruption, and investing in innovation. Note: This account is not managed or monitored by Fred Alger Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Fred Alger Management’s official channels.

Business

Rowan Street Q1 2026 Letter

Published

44 minutes ago

19 April 2026

NewsAdmin

Q1 - 1st Quarter Period write on sticky notes isolated on Office Desk. Stock market concept — syahrir maulana/iStock via Getty Images

Dear Partners,

The first quarter of 2026 gave investors plenty to worry about. Rising tensions in the Middle East pushed oil prices higher, inflation concerns resurfaced, and the long-anticipated pivot to lower interest rates continues to be postponed. Markets, never short on imagination, have begun spinning familiar narratives: that expensive money punishes growth, that AI’s promises may exceed its near-term returns, and that the safer bet lies in energy, cyclicals, and businesses whose cash flows arrive sooner rather than later. There is also a growing fear that AI itself may disrupt entire categories of existing software businesses — rendering yesterday’s winners obsolete overnight.

We will not pretend these concerns are frivolous. They are not. When the cost of capital rises, the arithmetic of investing genuinely changes — a dollar earned a decade from now is worth less today than it was in a world of cheap money. That is not opinion; it is math. And we have always believed in taking math seriously.

But here is what we have also learned, after watching markets swing from greed to panic across many cycles: the headlines that feel most urgent are rarely the ones that determine long-term outcomes. The businesses that compound wealth over decades do so not because they were spared from difficult environments, but because they were built to endure them. We have spent the past decade building a portfolio of exactly that kind.

None of what we are seeing today is new. Different costumes, same play.

Performance in Context

During the first quarter, Rowan Street declined 19.8%, compared to a 4.3% decline for the S&P 500. That is not a result we enjoy reporting. At the same time, it reflects the more concentrated approach we take and is not unusual for portfolios built around a smaller number of high-conviction investments.

We invest in a focused group of businesses that we believe can compound value at attractive rates over long periods of time. In the short term, their stock prices can be more volatile—particularly in environments like the one we are experiencing today, where interest rates are higher and investor focus has shifted toward businesses with nearer-term cash flows.

Rowan Street is designed for long-term compounding, not for minimizing short-term volatility or closely tracking a benchmark. As a result, returns can differ meaningfully from year to year.

We have seen this before.

In early 2022, we went through a similar period where stock prices declined sharply, even as the underlying businesses continued to perform well. At the time, we wrote that the portfolio was, in many ways, in one of the strongest positions in our history despite the decline in stock prices.

That did not feel obvious at the time. What followed was a period where business performance ultimately reasserted itself. The fund returned +102.6% (net) in 2023, +56.6% in 2024, and +11.1% in 2025.

As Benjamin Graham observed:

“In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”

A Post-Quarter Update

We are writing this letter in mid-April, approximately two weeks after quarter-end. Since March 31, markets have moved sharply — and our portfolio has recovered approximately half of the first quarter decline. Based on our internal estimates as of April 17, year-to-date performance stands at approximately -10%, compared to the official quarter-end figure of -19.8%. We note that this mid-month figure is an internal estimate only, has not been verified by our fund administrator, and reflects only a partial month.

We share this not to suggest the difficult period is behind us — it may not be. We share it because it illustrates precisely the point we are making throughout this letter. The fundamentals of the businesses we own have not changed. Their competitive positions, earnings power, and long-term prospects remain intact, in our view. What changed was the price multiple. This is what long-term ownership of exceptional businesses actually looks like. Price and value diverge. Sometimes dramatically. The investors who benefit are those with the temperament to remain focused on the underlying businesses, not the day-to-day movements of their stock prices.

Volatility is the Price of Admission

The table below shows the annual returns of our largest holdings by portfolio weight as of March 31, 2026 and illustrates a simple reality of long-term investing: even exceptional businesses experience significant volatility. We have included an April 17 column to reflect the meaningful recovery in our portfolio since quarter-end, as discussed in the Performance section above. The figures reflect annual stock price returns and do not represent Rowan Street Capital fund performance or returns achieved by the fund on these positions.

The April 17 column tells its own story — and it is the same story this letter is built around. This is what long-term ownership actually looks like in practice. Not a smooth upward line — but a recurring series of gains, losses, and tests of conviction. Drawdowns of 30%, 50%, even 75% are not unusual. They are a recurring feature of owning exceptional businesses — not anomalies.

Everyone describes themselves as a long-term investor. Very few are willing to endure what that actually looks like. Volatility is the price of admission.

The charts that follow bring this pattern to life across three of our largest holdings — Meta Platforms, Tesla, and Shopify. Different businesses, different drawdowns, same lesson.

Meta Platforms (META)

Meta has delivered a cumulative return of approximately 1,300% since its IPO, or about 21% annually. The path to those returns, however, has been anything but smooth.

Over the past decade, the stock has experienced numerous drawdowns of 30% or more, several declines of 50% or more, and, most notably, a decline of nearly 80% in 2022.

These periods were not isolated events — they were a recurring feature of owning this business. And yet for those who remained focused on the underlying fundamentals, the long-term outcome has been exceptional.

We believe today represents one of the most compelling opportunities in Meta we have seen since 2022. Please read our full analysis below — including our views on the AI spending debate, the recent legal setbacks, and why we believe the market may be repeating a familiar mistake.

Tesla (TSLA)

Tesla provides an even more striking example—not just of volatility, but of how disproportionate long-term outcomes can be relative to the experience along the way.

Since its IPO in 2010, the stock has delivered a cumulative return of approximately 22,000%, or about 41% annually. Looking at that result today, the path can appear almost inevitable. In reality, it was anything but.

There were multiple periods along the way where the stock declined sharply—on numerous occasions by more than 50%, and once by over 70%—often accompanied by shifting narratives around the business. At different points, the concerns ranged from questions about the company’s survival, to valuation, to increasing competition, founder behavior and execution risk.

Each of those moments felt uncertain in real time. And yet, for investors who were able to remain focused on the long-term trajectory of the business, the outcome has been extraordinary.

The biggest winners rarely feel comfortable to own.

While Tesla has demonstrated this pattern over many years, our ownership of the business is still relatively recent.

We outlined our investment thesis in detail in our Q3 2025 letter, and our view remains unchanged. From here, our role is not to predict short-term movements, but to remain disciplined and allow the long-term economics of the business to play out.

Shopify (SHOP)

Shopify has been an exceptional business over time, compounding at over 40% annually since its IPO.

The path to those returns, however, has been far from smooth, including several sharp drawdowns and a decline of more than 80% in 2022.

We experienced this firsthand. After initiating our position in early 2022, the stock declined by an additional ~50%. We believed the drawdown reflected multiple compression, not fundamental deterioration. The business continued to grow revenues, expand its merchant ecosystem, and strengthen its competitive position. The price was broken. The company was not.

It did not feel good. The best opportunities rarely do.

What followed was a long and uncomfortable period of patience before payoff. The stock rebounded 124% in 2023 — and yet we were still underwater on our investment. It was not until 2024 — when Shopify generated over $1 billion in operating profit for the first time and the stock gained another 37% — that we finally got our capital back and began generating real returns. The stock then rose 51% in 2025, making it our best performer of the year.

Three years of patience. Three years of watching the business execute while the stock tested our conviction repeatedly.

More recently the stock has again declined meaningfully — down 26% at quarter-end, though it has since recovered to approximately -17% as of mid-April. There is nothing unusual about that. It is the same pattern, playing out again.

Shopify is a clear example of why patience — especially through periods of valuation compression — is often required before fundamentals are fully reflected in stock prices. In our experience, the returns in businesses like Shopify are earned by those willing to endure periods when stock prices and business performance temporarily move in opposite directions.

Underlying Business Performance

Despite the recent decline in stock prices, the underlying businesses we own continue to perform well. Based on current estimates, our portfolio companies are expected to grow revenues at approximately 18% annually and earnings at approximately 21% annually over the next several years. These figures represent a weighted average across a group of businesses operating in different industries and geographies.

In our experience, periods like this — when price and value diverge — have consistently provided the most attractive investment opportunities.

In our Q2 2025 letter, we wrote that our edge does not come from predicting short-term market movements, but from our willingness to own a concentrated group of high-quality businesses and remain focused on their long-term compounding potential.

That principle is far easier to articulate when markets are rising than when they are declining. Periods like the one we are experiencing today are when that discipline is tested — and, in our view, when it matters most.

Portfolio Update: Constellation Software

During the quarter, we initiated a position in Constellation Software (TSE: CSU) (CNSWF), funded by the sale of the remainder of our Spotify position. Constellation is one of the most exceptional capital allocation platforms in the public markets — a company that has compounded shareholder capital at approximately 28% annually since its 2006 IPO by systematically acquiring and operating mission-critical vertical market software businesses. The stock has recently declined approximately 50% from its highs, creating what we believe is a rare entry point into a business of this quality. For those interested in a detailed discussion of our investment thesis — including our views on the AI disruption narrative and the recent leadership transition — we have published a full write-up on our Substack.

The Opportunity Today

We want to be direct with our partners and with anyone considering investing alongside us for the first time.

We have been here before — not just as observers, but as participants with real stakes. In 2021-2022, when our portfolio declined sharply we remained focused on the underlying businesses and their long-term prospects. We wrote at the time that we believed the portfolio was in one of the strongest positions in its history. Few wanted to hear it. Even fewer wanted to invest. What followed was a cumulative net return of approximately +252% over the subsequent three-year period (2023–2025).

We are not promising a repeat. No honest investor can make that claim.

But here is what we can say with conviction: the businesses we own today are stronger than they were in 2022. Their competitive positions are deeper, their earnings power is greater, and their long-term opportunities are larger. In many ways, we believe this is the strongest and most focused portfolio we have built since our inception in 2015 — a small group of exceptional businesses that have each been tested through adversity and emerged with their competitive positions intact or strengthened.

And yet their stock prices have declined meaningfully from recent highs. In our view, the gap between what these businesses are worth and what the market is willing to pay for them today is as wide as it has been since that period.

We have invested a significant majority of our personal net worth alongside yours. We earn nothing unless our partners make money. That is not a marketing line — it is the structure we chose deliberately on day one, because we believe it is the only honest way to manage other people’s capital.

Periods like this are never comfortable. They were not comfortable in 2022, and they are not comfortable today. But in our eleven years of managing capital through euphoria and despair, one lesson has proven itself repeatedly: it is precisely in these moments — when prices are low, sentiment is poor, and patience feels unrewarded — that the most important long-term returns are made.

To our existing partners — thank you for your continued trust and patience. We have been here before, and we remain as convicted as ever in the businesses we own together. If your circumstances allow, we believe adding to your investment at current levels represents one of the more compelling opportunities we have seen since 2022.

To those considering investing alongside us for the first time — if this way of thinking resonates with you, we would welcome the opportunity to partner over the long term.

Best regards,

Alex and Joe

DISCLOSURES

The information contained in this letter is provided for informational purposes only, is not complete, and does not contain certain material information about our fund, including important disclosures relating to the risks, fees, expenses, liquidity restrictions and other terms of investing, and is subject to change without notice. The information contained herein does not take into account the particular investment objective or financial or other circumstances of any individual investor. An investment in our fund is suitable only for qualified investors that fully understand the risks of such an investment. An investor should review thoroughly with his or her adviser the funds definitive private placement memorandum before making an investment determination. Rowan Street is not acting as an investment adviser or otherwise making any recommendation as to an investor’s decision to invest in our funds. This document does not constitute an offer of investment advisory services by Rowan Street, nor an offering of limited partnership interests our fund; any such offering will be made solely pursuant to the fund’s private placement memorandum. An investment in our fund will be subject to a variety of risks (which are described in the fund’s definitive private placement memorandum), and there can be no assurance that the fund’s investment objective will be met or that the fund will achieve results comparable to those described in this letter, or that the fund will make any profit or will be able to avoid incurring losses. As with any investment vehicle, past performance cannot ensure any level of future results. IF applicable, fund performance information gives effect to any investments made by the fund in certain public offerings, participation in which may be restricted with respect to certain investors. As a result, performance for the specified periods with respect to any such restricted investors may differ materially from the performance of the fund. All performance information for the fund is stated net of all fees and expenses, reinvestment of interest and dividends and include allocation for incentive interest and have not been audited (except for certain year end numbers). The methodology used to determine the Top 5 holdings is the largest portfolio positions by weight. The top 5 do not reflect all fund positions. The Top 5 can and will vary at any given point and there is no guarantee the fund will meet any specific level of performance. Net returns presented are net of fund expenses and pro-forma performance fees. Rowan Street Capital does not charge fixed management fees.

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

Business

War crisis revives stagflation dangers for global economy

Published

52 minutes ago

19 April 2026

NewsAdmin

War crisis revives stagflation dangers for global economy

New York: The cumulative global impact of seven weeks of war in the Middle East will begin to emerge in the coming week, in a second round of business surveys from multiple countries.

Whether the twin blows affecting growth and inflation seen in purchasing manager indexes after the first month of the Iran conflict intensified during month two will be a key focus.

The initial take for April in economies from Australia to the US will be published on Thursday. Among those covered by Bloomberg forecasts, indexes in Germany, France, the euro zone and the UK are all anticipated to show broad deterioration, while the American indicators are seen little changed.

Ultimately, the numbers may point to the degree that stagflation is lurking. That ominous term – evoking the noxious mix of surging prices and stalling growth of the 1970s – was cited by Chris Williamson, chief business economist at PMI-compiler S&P Global, when summing up risks highlighted by the overall global measure in March.

The survey numbers follow a week of bleak stock-taking in Washington, where finance chiefs were warned by the International Monetary Fund of a range of potential outcomes that included a near-recession for the world. Notwithstanding the current Middle East ceasefire, the damage to growth and inflation can’t be easily undone.

“Even if the war ends tomorrow, it would take quite some time for the recovery to kick in,” IMF Managing Director Kristalina Georgieva told Bloomberg Television. “The impact is already baked in.”
For all the gloom, multiple policymakers remain cautious about how to respond. European Central Bank chief economist Philip Lane described how he and his colleagues may treat reports such as the PMIs when they set interest rates later this month.”We will have a rich set of survey data,” Lane said in Washington. “Of course, the people who are answering those surveys are looking at the same world we are looking at.” And for now, not many will have a decisive idea about what’s going to happen, he added.

ECB officials will also get French business confidence on Thursday and Germany’s closely watched Ifo business climate gauge on Friday. Their Federal Reserve peers will see the University of Michigan’s sentiment index, also at the end of the week.