financial measures are defined and reconciled to the most directly comparable measure in the “Management’s Discussion and Analysis” section of this annual report. See Appendix A of the Management’s Discussion and Analysis for a description of our financial measures, including an explanation of why we believe they are useful measures of our performance. See Appendices B and C of the Management’s Discussion and Analysis for reconciliations of our financial measures to the most directly comparable IFRS measures. 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.

Business			2
Overview			2
Customer Segments			5
Legal Professionals			5
Corporates			5
Tax & Accounting Professionals			6
Reuters News			6
Global Print			6
Key Brands			7
Additional Business Information			10
Corporate Center			10
The Role of Thomson Reuters Enterprise Centre			10
Operations & Technology			10
Innovation, Research and Development			10
Go To Market			10
Intellectual Property			11
Acquisitions and Dispositions			11
Thomson Reuters Venture Fund			11
Human Capital Management			12
Environmental, Social and Governance (ESG)			13
Properties and Facilities			15
Risk Factors			16
Management’s Discussion and Analysis			28
Consolidated Financial Statements			81
Governance			142
Executive Officers			142
Directors			144
Audit Committee			147
Principal Accountant Fees and Services			148
Woodbridge			149
Controlled Company			149
Independent Directors			150
Presiding Directors at Meetings of Non-Management and Independent Directors			151
Code of Business Conduct and Ethics			151
Additional Disclosures			151
Additional Information			152
Description of Capital Structure			152
Market for Securities			153
Dividends			154
Transfer Agents and Registrars			155
Ratings of Debt Securities			155
Investment in LSEG			156
Material Contracts			156
Principal Subsidiaries			159
Interests of Experts			160
Further Information and Disclosures			160
Cross Reference Tables			162
Annual Information Form (Form 51-102F2) Cross Reference Table			162
Form 40-F Cross Reference Table			163

Thomson Reuters informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. We serve professionals across legal, tax, audit, accounting, compliance, government, and media. Our 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. Thomson Reuters shares are listed on the Toronto Stock Exchange and the Nasdaq (symbol: TRI). Our website is

2024 marked another year of good revenue momentum driven by strong growth in recurring and transactions revenues. Revenues increased 7% in total, in constant currency and on an organic basis, compared to the prior year. Revenues for our “Big 3” segments increased 8% in total and in constant currency, and 9% on an organic basis. Our revenue performance met the targets set out in our 2024 outlook, which was last updated in November 2024. Operating profit declined 10% due to lower gains from the sales of businesses in 2024 compared to 2023, as well as higher computer software amortization expense. Adjusted EBITDA, which excludes the gains on sale of businesses, computer software amortization expense and other adjustments, increased 4% compared to the prior year. Adjusted EBITDA margin of 38.2% was in line with our updated 2024 outlook but below the prior year adjusted EBITDA margin of 39.3%. The adjusted EBITDA margin performance was due to a higher growth in expenses versus revenues reflecting costs associated with investments and higher incentive compensation based on strong business performance, as well as the impact of acquisitions and divestitures. The adjusted EBITDA margin of our “Big 3” segments was 42.1% in 2024 compared to 43.8% in 2023.

In 2024, we generated net cash from operating activities of $2.5 billion and achieved our 2024 outlook with $1.8 billion of free cash flow. As mentioned above, we acquired Pagero, which boosted our indirect tax workflow automation solutions for our Corporates customers, as well as Safe Sign Technologies and Materia both of which onboarded key talent and are expected to accelerate our generative AI roadmap. In the Reuters News segment, we acquired World Business Media (The Insurer), which adds subscription professional content focused on the (re)insurance industry. Additionally, we completed the sale of FindLaw and certain other businesses. We also received $1.9 billion of gross proceeds from the sale of our remaining LSEG shares.

Organic revenue growth, adjusted EBITDA margin, free cash flow as well as all financial measures for our “Big 3” segments are measures. Please see the “Management’s Discussion and Analysis” section of this annual report for additional information about our measures, including how they are defined and reconciled to the most directly comparable IFRS measure.

We strive to be a leading content-driven technology company that empowers professionals to navigate legal, tax, accounting, compliance, government, and media environments. In 2024, we accelerated our progress on delivering generative solutions, including rapidly evolving our CoCounsel AI Assistant, acquiring Materia to target generative AI use cases in the Tax & Accounting market, and working on proprietary legal AI models in TR Labs.

Tax & Accounting Professionals’ competitors include the CCH business of Wolters Kluwer, Bloomberg Industry Group, Intuit, Drake Software, CaseWare and Sage. Tax & Accounting Professionals also competes with software that serve tax, accounting and audit professionals.

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

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

Brand		Type of Product/Service		Legal Professionals		Corporates		Tax & Accounting Professionalss
Cloud Audit Suite		End-to-end solution providing accuracy and efficiency throughout the audit process through a suite of tools including: engagement management and trial balance capabilities, guided assurance with assisted decision making, online confirmations and embedded disclosure examples. Its cloud-based technology offers the ability to work from anywhere, collaborate with colleagues in real time and securely access audit data.
UltraTax & CS Professional Suite		Scalable, integrated suite of desktop and online software applications that encompass key aspects of a professional accounting firm’s operations, from collecting client data and preparing and filing tax returns to the overall management of the accounting practice.
SafeSend		Cloud-based software that automates assembly, review, e-signature and secure delivery of tax returns for individuals and entities.
SurePrep		Software and services that automate tax preparation, supporting a digital tax workflow for accounting firms and their clients. Solutions TaxCaddy, 1040SCAN and SPbinder streamline the entire 1040 tax process for tax professionals and taxpayers.

Thomson Reuters Annual Report 2024		Page 9

Page 10		Thomson Reuters Annual Report 2024

revenue streams. Our successful commercial partnership with cPaperless, LLC, SurePrep, LLC and Pagero Group AB (publ) provided us with confidence in the strategic and cultural fit of these businesses at Thomson Reuters and ultimately supported our acquisition thesis, as discussed in the “Acquisitions and Dispositions” section below. Partnerships continue to be a strategic lever to expand our global reach and our associated sales and revenue.

Application Program Interfaces (APIs) allow our software platforms to connect with those of other companies, providing customers with data and access to the services of both companies. This will open new channels, business models and product offerings and will help grow our partner ecosystem to support the customers’ lifecycle. In 2025, we plan to continue expanding our API ecosystem to improve the experience of existing and new customers. As our capabilities related to APIs continue to grow, it will further enable our ability to provide more robust solutions in collaboration with our partners to solve our customers’ business challenges.

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

In January 2024, we acquired Pagero Group AB (publ), a publicly traded Swedish company and a global leader in and indirect tax solutions. In addition, in January 2024, we acquired World Business Media Limited (The Insurer), a and subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry.

In August 2024, we acquired Safe Sign Technologies, a startup developing legal-specific large language models. In October 2024, we acquired Credere Technologies, Inc., doing business as Materia, a startup that specializes in the development of an agentic AI assistant for the tax, audit and accounting profession. More recently, in January 2025, we acquired cPaperless, LLC, doing business as SafeSend, a cloud-native provider of technology for tax and accounting professionals.

 – As part of our continuing strategy to optimize our portfolio of businesses and ensure that we are investing in parts of our business that offer the greatest opportunities to achieve growth and returns, we have sold a number of businesses and product lines during the last several years which are not compatible with our strategy. In December 2024, we sold our FindLaw business to Internet Brands.

Our talent priorities continue to focus on addressing shifting organizational needs and business realities. In an world, jobs are changing rapidly and continuously. Our talent strategy in turn must also be agile, flexible and proactive. Our focus is on helping employees build skills necessary for an future and supporting their career growth. We continued our series of company-wide Learning Days this year, focusing events on integrating AI into work, strengthening business acumen and building greater knowledge about our evolving product portfolio and customers. We also increased our commitment to career development with the launch of Grow My Way, an initiative to support career growth in our dynamic work environment. Its purpose is to support individuals’ skill development and enable leaders to deploy talent to meet rapidly changing business needs. Our journey with building AI capabilities for all employees continued at scale this year. In 2024, a substantial number of our colleagues regularly used AI tools, surpassing our initial expectations.

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

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

We believe in the power of collaboration with the international business community, so we are signatories of the United Nations Global Compact (UNGC), a United Nations (U.N.) pact to encourage businesses and firms worldwide to adopt sustainable and socially responsible policies. We are actively partnering to advance the Sustainable Development Goals, particularly SDG 16 –  We are also aligned with the United Nations Guiding Principles on Business and Human Rights (UNGPs), which augment our longstanding commitment to the UNGC, the U.N. Declaration on Human Rights, and other international standards.

In 2024, we continued work to update our ESG materiality assessment to comply with new global regulations. This assessment is helping us identify and prioritize the ESG issues that are most likely to impact our business and stakeholders in the short and long-term. We also completed our first human rights impact assessment (HRIA) and roadmap in 2024. Finally, in March 2023, we released our human rights policy, which informs our colleagues, customers, shareholders and those in the communities where we operate and do business, of our commitment and approach to human rights.

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

Thomson Reuters annually provides 16 hours of paid volunteer time off (VTO) to every employee and provides an additional 20 hours of paid VTO to a subset of employees with law degrees to provide legal pro bono aid to not-for-profit organizations. In 2024, our employees logged a total of over 51,000 volunteer hours and over 9,000 hours in total pro bono support to organizations around the world. In addition to VTO, Thomson Reuters offers a global Corporate Match program to match eligible employee donations as well as a Volunteer Rewards Program in which an employee earns corporate funding for reaching 20 hours of volunteering. In 2024, donations by our employees together with our corporate matching and rewards donations totaled approximately $2 million to over 1,900 not-for-profits in 26 countries.

Finally, we provide some of our products and services free of charge to various organizations to support their initiatives. For example, Thomson Reuters has provided access to our CLEAR product to the National Center for Missing and Exploited Children since 2010. We also provide our Westlaw, Practical Law and HighQ products to various organizations.

Additional information on the Foundation can be found at

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

While we are focused on growing our businesses organically, acquisitions and other strategic transactions remain an important part of our growth strategy to expand and enhance our products, services and customer base and to enter new geographic areas. In 2024, we acquired Pagero Group AB (publ), a publicly traded Swedish company and a global leader in and indirect tax solutions. We also acquired World Business Media Limited, a cross-platform and subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry, which is now part of our Reuters News segment, Safe Sign Technologies, a startup developing legal-specific large language models, and Credere Technologies, Inc., doing business as Materia, a startup that specializes in the development of an agentic AI assistant for the tax, audit and accounting profession. More recently, in January 2025, we acquired cPaperless, LLC, doing business as SafeSend, a cloud-native provider of technology for tax and accounting professionals.

There is an increasing focus from stakeholders concerning corporate responsibility, specifically relating to ESG initiatives and corporate sustainability reporting. We pursue ESG initiatives because they contribute to value creation for our customers, employees, shareholders and other stakeholders. In 2024, we continued work to update our ESG double materiality assessment to comply with new global regulations. We have set a number of targets related to these initiatives and identified and prioritized ESG issues, risks and opportunities. Standards for tracking and reporting ESG matters continue to evolve and we may not be able to implement new and changing standards in ways that meet the expectations of all of our stakeholders. If we fail to satisfy the expectations of investors, customers, vendors, employees, regulators and other stakeholders related to our ESG performance and in our corporate sustainability reporting or our ESG initiatives are not executed as planned, it could adversely affect our reputation, business, share price, financial condition or results of operations. Due to the shifting legal and policy landscape, our reputation also may be harmed by negative perceptions that our customers, employees and other stakeholders may have about our action or inaction on social, ethical, or political issues.

We collect, store, use, transmit, and otherwise process information and data, including without limitation public records, intellectual property, proprietary business information, product content, and personal data pertaining to our company, our employees and contractors, our customers and their clients, our providers, and other individuals. A number of our customers, their clients and providers, our providers and third-party business partners and our employees and contractors also entrust us with storing and securing their own data and information. Our businesses also include certain subscription-based screening products which we sell to institutional customers and governments to enable them to satisfy various regulatory obligations. Any cyber-attacks on or incidents involving our own and third-party information technology systems and infrastructure that process this information and data have in the past resulted in, and could in the future result in, the unauthorized access to, loss, manipulation, destruction of, or disclosure of personal and business information. None of these attacks and incidents that have impacted our company have resulted in a material adverse impact for our business. We seek to mitigate these risks through our ability to detect, escalate and respond to known and potential risks through our Enterprise Security Incident Management processes; however, any cyber-attacks on or incidents involving our own and third-party information technology systems and infrastructure could potentially result in additional costs to our company to enhance security or to respond to occurrences, loss of trust and harm to our brand, loss of sales and an inability to gain new ones, violations of contracts leading to contract terminations and litigation, violations of privacy or other laws leading to penalties, fines, regulatory action or litigation, harm to our brand and reputation, and otherwise adversely impact our business, financial condition, and results of operations. While we maintain what we believe is sufficient insurance coverage that may (subject to certain policy terms and conditions including self-insured deductibles) cover certain aspects of third-party security and cyber-risks and business interruption, our insurance coverage may not always cover all costs or losses and it does not extend to any reputational damage or costs incurred to improve systems as a result of these types of incidents.

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

We are subject to a significant number of laws, including without limitation relating to privacy, data security, data protection, AI, anti-money laundering, sanctions and other trade controls, electronic and mobile communications, competition, direct marketing, digital advertising, digital accessibility and security requirements, the use of public records and other areas which have become more prevalent and developed in recent years. Legislative and regulatory changes that impact our company, and legislative and regulatory changes that impact our customers’ industries also impact how we provide products and services to our customers. The evolving regulatory landscape is also enabling new types of services, which can benefit our Legal Professionals, Corporates and Tax & Accounting Professionals segments. However, some types of legal or regulatory changes could also result in reduced demand for certain products or services.

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

Many of our products and services are based on information delivered through a variety of media, including online, software-based applications, smartphones, tablets, books, journals and dedicated transmission lines. We rely, in part, on agreements with our customers, employees, consultants, advisors, suppliers and other third parties to protect our confidential and proprietary content, and technology. We also rely on patent, trademark, copyright and other intellectual property to protect our proprietary rights in our content, our products and services and our valuable brand, as well as and technical and commercial preventative measures incorporated into our content delivery channels. Despite these efforts, third parties may nonetheless copy, infringe or otherwise profit from our proprietary rights. We also conduct business in some countries where the extent of legal protection for intellectual property rights is uncertain or may be ineffective. Although we have taken appropriate measures to protect our intellectual property, we cannot guarantee that our intellectual property rights will not be infringed. If we are not able to protect our intellectual property rights, our financial results may be adversely affected.

We operate in many countries worldwide and our earnings are subject to taxation in many different jurisdictions and at different rates. We seek to organize our affairs in a tax efficient manner, taking account of the jurisdictions in which we operate. In 2024, our effective tax rate was lower than the Canadian corporate income tax rate due largely to lower tax rates and differing tax rules applicable to certain of our operating and financing subsidiaries outside Canada. Our effective tax rate has fluctuated in the past and is likely to fluctuate in the future, reflecting the mix of taxing jurisdictions in which profits and losses are recognized. Our effective tax rate and our cash tax cost in the future will depend on the laws of numerous countries and the provisions of multiple income tax treaties between various countries in which we operate. Our effective tax rate and our tax cost could also be adversely affected by changes, possibly with retroactive effect, in tax laws and regulations, international treaties and tax accounting standards and/or uncertainty over their application and interpretation.

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

Various legislative initiatives have been proposed or are being discussed that if enacted, could adversely affect our tax positions and/or our tax liabilities. For instance, many countries have enacted or are considering digital service taxes, which could subject Thomson Reuters to tax in additional jurisdictions or to increased taxes in jurisdictions in which it already has a taxable presence. The U.S. government has indicated that it considers some tax laws, notably digital services tax regimes and aspects of Pillar Two, of several foreign countries to be extraterritorial and / or discriminatory against U.S. multinational companies. It has proposed retaliatory taxes and other measures against companies based in countries having such laws, including Canada, if its concerns are not addressed. If the U.S. government were to impose such retaliatory measures against Thomson Reuters, they may adversely affect our financial results.

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

We are from time to time involved in and may in the future become involved in legal actions and claims arising in the ordinary course of business, including employment matters, customer and commercial matters, privacy and data protection matters, defamation matters, unfair business practices matters and intellectual property infringement matters. The outcome of all of the matters against our company is subject to future resolution, including uncertainties of litigation. Litigation outcomes are difficult to predict with certainty due to various factors, including but not limited to: the preliminary nature of some claims; uncertain damage theories and demands; an incomplete factual record; uncertainty concerning legal theories and procedures and their resolution by the courts, at both trial and appellate levels; and the unpredictable nature of opposing parties.

In 2024, 81% of our revenues were derived from subscriptions or similar contractual arrangements, which result in recurring revenues. In the short to medium term, our revenues are supported by a relatively fixed cost base that is generally not impacted by fluctuations in revenues. Because a high proportion of our revenues is recurring, we believe that our revenue patterns are generally more stable compared to other business models that primarily involve the sale of products in discrete However, there is often a lag in realizing the impact of current sales or cancellations in our reported revenues, as we recognize revenues over the term of the arrangement. Because of this lag effect, our revenues are typically slower to decline when economic conditions deteriorate but are also often slower to return to growth when economic activity improves, as compared to other businesses that are not subscription-based. Our transactions revenues (12% of our 2024 revenues), which include volume-based fees related to online searches and tax filings, and transactions in our Confirmation, Reuters Events and SurePrep businesses, fees from software licenses with no future obligations, professional fees from service and consulting arrangements and advertising and sponsorship revenues in our Reuters Professional business fluctuate based on the condition of the economic environment.

We may issue dollar-denominated debt in the future and would expect to hedge any such debt into U.S. dollars, as has been our practice. In addition, an increase in interest rates from current levels could adversely affect our results in future periods.

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

In this management’s discussion and analysis, we discuss our results on an IFRS and basis. We use financial measures, which include ratios that incorporate one or more 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 financial measures provide more insight into our performance. 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 financial measures, including an explanation of why we believe they are useful measures of our performance. Refer to Appendices B and C for reconciliations of our financial measures to the most directly comparable IFRS measures.

		Legal Professionals   Serves law firms and governments with research and workflow products powered by leading-edge technologies, including generative AI, focusing on intuitive legal research and integrated legal workflow solutions that combine content, tools and analytics.		2024 Revenues
		Corporates   Serves corporations, ranging from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-driven products, powered by leading-edge technologies, including generative AI, and integrated compliance workflow solutions to help them achieve their business outcomes.
		Tax & Accounting Professionals   Serves tax, audit and accounting firms (other than the seven largest, which are served by our Corporates segment) with research and workflow products powered by leading-edge technologies, including generative AI.
		Reuters News   Supplies business, financial and global news to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and to financial firms exclusively via LSEG products.
		Global Print   Provides legal and tax information primarily in print format to customers around the world and provides commercial printing services to a wide range of book publishers.

Thomson Reuters Annual Report 2024		Page 29

Attractive Industry		Balanced and Diversified Leadership		Attractive Business Model		Strong Competitive Positioning		Disciplined Financial Policies
•   Currently our “Big 3” segments operate in an estimated $28 billion market expected to grow between 8% and 11% over the next 5 years   •   Legal, Tax & Risk markets are prime for content-driven innovation		•   A leader in key Legal Professionals, Corporates, Tax & Accounting Professionals and News segments   •   Resilient businesses, historically stable, through periods of macroeconomic uncertainty   •   Approximately 450,000 customers; largest customer is approximately 5% of revenues*		•   81% of revenues were recurring in 2024   •   Fixed cost model supports operating leverage as we grow   •   Strong and consistent cash generation capabilities		•   Proprietary content plus data and human expertise combined with AI and ML are key differentiators   •   Products deeply embedded in customers’ daily workflows   •   91% retention rate in 2024		•   Focused and incentivized on organic revenue growth and free cash flow growth   •   Balance investing in business and returning capital to shareholders   •   Committed to maintaining investment grade rating with stable capital structure   •   Significant potential capital capacity affords optionality

		Revenues by type   Recurring revenues primarily consist of fees to access products or services over time, such as Westlaw, Practical Law and many of our tax compliance products. Our products are generally provided under subscription arrangements that have terms ranging from one to five years, which most customers renew at the end of each term. Because most of our revenues are recurring, we believe that our revenue patterns are generally more stable compared to other businesses that primarily sell products in discrete or one-off arrangements. However, as we generally recognize recurring revenues ratably over the contract term, there is a lag in realizing the impact of current sales or cancellations in our reported revenues. As a result, our revenues are typically slower to decline when economic conditions worsen, but slower to return to growth when economic activity improves, compared to other businesses that are not subscription-based.   Transactions revenues include volume-based fees, such as certain fees related to online searches and tax filings, as well as transactions in our Confirmation, Reuters Events and SurePrep businesses. We also charge fees for software licenses and professional fees for service and consulting arrangements. Transactions revenues are recognized primarily at a point in time and, based on their type, can fluctuate significantly from period to period.   Global Print revenues largely consist of fees for content that is delivered primarily in traditional paper format. We also earn fees from printing materials for third-party publishers. We expect that Global Print revenues will continue to decline each year, as customers continue to migrate to online products. Print revenues are recognized at the point of shipment or, if sold under a subscription arrangement, ratably over the contract term.
		Revenues by geography   In 2024, 73% of our revenues were U.S.-based. We also operate regional teams outside of the U.S., including in emerging markets, where we serve regional customers by either modifying existing products and services for their needs or developing specific products for the local market. Changes in foreign currency exchange rates relative to our business outside the U.S. may cause variation in our revenue performance from period to period. In 2024, however, changes in foreign exchange rates had a less than 1% negative impact on our revenue growth compared to the prior year.

Page 30		Thomson Reuters Annual Report 2024

2024 marked another year of good revenue momentum driven by strong growth in recurring and transactions revenues. Revenues increased 7% in total, in constant currency and on an organic basis, compared to the prior year. Revenues for our “Big 3” segments increased 8% in total and in constant currency, and 9% on an organic basis. Our revenue performance met the targets set out in our 2024 outlook, which was last updated in November 2024. Operating profit declined 10% due to lower gains from the sales of businesses in 2024 compared to 2023, as well as higher computer software amortization expense. Adjusted EBITDA, which excludes the gains on sale of businesses, computer software amortization expense and other adjustments, increased 4% compared to the prior year. Adjusted EBITDA margin of 38.2% was in line with our updated 2024 outlook but below the prior year adjusted EBITDA margin of 39.3%. The adjusted EBITDA margin performance was due to a higher growth in expenses versus revenues reflecting costs associated with investments and higher incentive compensation based on strong business performance, as well as the impact of acquisitions and divestitures. The adjusted EBITDA margin of our “Big 3” segments was 42.1% in 2024 compared to 43.8% in 2023.

In 2024, we generated net cash from operating activities of $2.5 billion and achieved our 2024 outlook with $1.8 billion of free cash flow. We acquired Pagero, which boosted our indirect tax workflow automation solutions for our Corporates customers, as well as Safe Sign Technologies and Materia both of which onboarded key talent and are expected to accelerate our generative AI roadmap. In the Reuters News segment, we acquired World Business Media (The Insurer), which adds subscription professional content focused on the insurance industry. Additionally, we completed the sale of FindLaw and certain other businesses. We also received $1.9 billion of gross proceeds from the sale of our remaining LSEG shares.

In January 2025, we acquired cPaperless, LLC, doing business as SafeSend, for $600 million in cash. SafeSend is a U.S. based cloud-native provider of technology for tax and accounting professionals. SafeSend automates the “last-mile” of the tax return, including assembly, review, taxpayer and delivery. See the “Subsequent Events” section of this management’s discussion and analysis for additional information.

The table below compares our actual performance (before currency) to our updated 2024 outlook, which we confirmed in November 2024. Our total company met all the metrics within our updated 2024 outlook. Our “Big 3” segments met our updated outlook for total and organic revenue growth, but came in lower by approximately 100bp for adjusted EBITDA margin reflecting higher investments and incentive compensation. Our updated full-year 2024 outlook included financial measures, assumed constant currency rates relative to 2023, and included the impact of closed acquisitions and dispositions.

(2) financial measures. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our financial measures to the most directly comparable IFRS financial measures.

Acquired businesses can strengthen our offerings and enable us to extend our platform with new capabilities that we believe will provide opportunities to expand our positions, better serve our customers and supplement our organic revenue growth. Generally, the businesses that we acquire initially have lower margins than our existing businesses, largely reflecting the costs of integration. In 2024, we spent $1,006 million on acquisitions in aggregate, including $384 million to acquire the remaining portion of Pagero from minority shareholders. Acquisitions during the year included:

To ensure we are investing in parts of our business that offer the greatest opportunities to achieve growth and returns, we may sell businesses or investments from time to time. In 2024, we sold our FindLaw business, an online legal directory and provider of website creation and hosting services, law firm marketing solutions, and peer rating services. We also sold certain other businesses and investments. In 2023, we sold a majority interest in our Elite business, a provider of financial and practice management solutions to law firms, to TPG, a global alternative asset management firm. We retained a 19.9% minority interest in the business.

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

Operating profit decreased 10%, primarily due to lower gains from the sales of businesses compared to the prior year. In 2024, we sold FindLaw and certain other businesses resulting in gains of $196 million. This compares to $342 million in 2023 which related to the sale of a majority stake in the company’s Elite business. Higher computer software amortization expense also contributed to the decline in operating profit.

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

Our share of earnings (losses) in our YPL investment was comprised of the following items:

Additionally, in January 2024, we began recording tax expense associated with the “Pillar Two model rules” as published by the Organization for Economic Cooperation and Development and enacted by key jurisdictions in which we operate. These rules are designed to ensure large multinational enterprises within the scope of the rules pay a minimum level of tax in each jurisdiction where they operate. In general, the “Pillar Two model rules” apply a system of taxes to bring the enterprise’s effective tax rate in each jurisdiction to a minimum of 15%. In 2024, we recorded $4 million of current tax expense which was attributable to our earnings in Switzerland. We have applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Additionally, the tax benefit or expense in each year reflected the mix of taxing jurisdictions in which profits and losses were recognized. The comparability of our tax expense was impacted by various transactions and accounting adjustments during each year. The following table sets forth certain components within income tax (benefit) expense that impacted comparability from year to year:

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

Net earnings and diluted EPS decreased, compared to the prior year, as lower income tax expense, which reflected a current year $468 million tax benefit related to tax legislation enacted in Canada, and currency benefits included in other finance income or costs were more than offset by a significant prior-year period increase in the value of our former investment in LSEG, as well as lower operating income.

Adjusted earnings and adjusted EPS, which excludes the tax benefit, other finance income or costs, changes in value of our former LSEG investment, gains on sales of businesses, as well as other adjustments, increased due to higher adjusted EBITDA.