Thomson Reuters Corporation

The document does not mention any current or planned fundraising through debt or equity. Key points related to capital allocation include: - No specific commitments to additional capital returns or fundraising announced as of now. - Discussions about share buybacks (NCIB) ongoing, with $262 million bought back in Q1 and plans to buy back the remaining $338 million in Q2. - Focus on balanced capital allocation including dividends (increased annually), strategic M&A, and share buybacks. - Strong balance sheet and capital capacity ($9 billion through 2028) position the company to be both aggressive and opportunistic in inorganic opportunities. - No explicit mention of issuing new debt or equity for fundraising in the near term. Therefore, there is no indication of immediate or planned fundraising via debt or equity in the presented excerpts.

- The company emphasizes a balanced capital allocation approach, including strategic M&A opportunities alongside capital returns. - There is no specific mention of current or planned capital expenditures (capex) in the provided text. - The focus includes continued investment in innovation and AI product roadmaps, such as Westlaw Advantage, CoCounsel Legal, and the proprietary Thomson legal LLM. - Discussions around capital allocation and potential further share buybacks (NCIB) are ongoing with the Board, with no specific commitments announced yet. - They highlight considerable capital capacity (over $9 billion estimated through 2028) to be opportunistic and aggressive in inorganic opportunities, indicating strategic investments may be pursued. - Investments also include AI-driven automation initiatives to drive productivity improvements. - Overall, the strategy blends organic innovation investments with opportunistic strategic M&A, supported by a strong balance sheet and liquidity.

- Legal segment expected to accelerate organic growth in H2 2026 and into 2027, particularly after lapping government cancellations and downgrades in 2025 (Page 16). - Legal professionals (excluding government) achieved 11% organic growth in Q1 2026, up from 9% in Q4 2025, with confidence in sustaining 11%-13% full-year growth (Pages 13, 6, 3). - Corporate segment organic growth at 9% in Q1, with 8% recurring and 12% transactional growth, expected to moderate slightly in Q2 but strong pipeline remains (Page 6). - Tax, audit, and accounting professionals grew 10% organically in Q1; full-year guidance remains 11%-13%, despite some revenue recognition shifts (Pages 13, 6). - Strong momentum in AI-enabled products (Westlaw Advantage, CoCounsel), with AI-related ACV growing from 15% to 30% over five quarters, expected to continue expanding across markets and firm sizes (Pages 9, 8). - Growth driven by AI innovation, reimagined workflows, and market expansion into mid- to down-market firms and international territories (Pages 9, 14).

- Organic revenue growth guidance for full year 2026 is reaffirmed at 7.5% to 8%, with the Big 3 segments expected to grow approximately 9.5%. - Legal professionals segment is expected to grow around 9%, at the upper end of the previous 8%-9% outlook. - Tax, audit, and accounting professionals are expected to achieve organic growth of 11% to 13% for the full year. - Adjusted EBITDA margins are projected to expand by 100 basis points in 2026, reaching approximately 40%. - Adjusted EPS grew 10% in Q1 to $1.23, with confidence in continued earnings growth supported by strong operational leverage and AI-driven productivity gains. - Free cash flow is expected to be approximately $2.1 billion in 2026, up 19% from prior year Q1. - Increased investments in AI and product innovation underpin confidence in sustained profitable growth and margin expansion.

- Westlaw Advantage shows very strong sales with a fast start since its launch in August 2025. - The pipeline for Q2 is robust across global Westlaw, midsized firms, and small law segments. - Expectation is for Westlaw Advantage to have a strong Q2 and strong 2026 and 2027 performance. - Legal professionals’ adoption of AI-enabled products like CoCounsel and Westlaw Advantage is accelerating, contributing to revenue growth. - CoCounsel monthly SKUs have quadrupled year-over-year with strong growth internationally. - Number of Westlaw Advantage users and deep research searches have increased 7x in the last 6 months. - CoCounsel for tax and audit weekly conversation volume grew 5x since September. - Overall, momentum in net sales and bookings throughout the year remains very strong based on the current pipeline and customer interest.