TRI: Debate Tracker

Research evidence excerpt

TRI: Debate Tracker

RBC Dominion Securities Inc.

Drew McReynolds, CFA, CA, CPA (Analyst)

(416) 842-3805, drew.mcreynolds@rbccm.com

Ryland Conrad (Analyst)

(416) 842-4123, ryland.conrad@rbccm.com

Sarah McKeown (Associate)

(416) 842-3806, sarah.mckeown@rbccm.com

June 18, 2026

Thomson Reuters Corporation Outperform

NASDAQ: TRI; USD 79.25; TSX: TRIRESEARCH Debate Tracker Price Target USD 129.00

Our view: Given the accelerating pace of structural change driven Scenario Analysis* by agentic AI, our Thomson Reuters debate tracker monitors industry

developments that could have an impact on what we believe are the Downside Current Price Upside

key debates driving investor sentiment/valuation - notably the TAM Scenario Price Target Scenario

opportunity, competition, moat durability, pricing power and margins. 70.00 79.25 129.00 175.00

While we caution that our debate tracker does not capture the full breadth/ 8% 66% 124%

depth of all relevant industry developments, our goal by contextualizing a *Implied Total ReturnsEQUITY reasonable scope of developments on a timely basis is to help investors Key Statistics

through greater awareness better navigate this change. SharesDividend:O/S (MM): 444.62.62 MarketYield: Cap (MM): 35,2323.3%

Enterprise Val. (MM): 37,554

Key points: Avg. Daily Volume: 2,065,067

• Incremental developments. While incremental developments through Strategic Ownership: Woodbridge (68% equity)

the first half of June were not overly eventful, multiple developments RBC Estimates touched each of our five debates on Thomson Reuters with these FY Dec 2025A 2026E 2027E 2028E

developments skewing modestly negative for competition, moat and Revenue 7.5 8.1 8.7 9.4

pricing, and largely neutral for TAM and margins. Notable developments Margin 39.3% 40.0% 41.0% 41.9%