Thomson Reuters Second Quarter Report 2025

Unaudited Consolidated Financial Statements EXHIBIT 99.2

THOMSON REUTERS CORPORATION

CONSOLIDATED INCOME STATEMENT

(unaudited)


		Three Months Ended June 30,			Six months ended June 30,
(millions of U.S. dollars, except per share amounts)	Notes		2025	2024	2025	2024
CONTINUING OPERATIONS
Revenues	2		1,785	1,740	3,685	3,625
Operating expenses	5		(1,124)	(1,090)	(2,232)	(2,171)
Depreciation			(28)	(29)	(55)	(57)
Amortization of computer software			(178)	(154)	(352)	(307)
Amortization of other identifiable intangible assets			(24)	(23)	(49)	(48)
Other operating gains (losses), net	6		5	(29)	2	(70)
Operating profit			436	415	999	972
Finance costs, net:
Net interest expense	7		(35)	(36)	(65)	(76)
Other finance (costs) income	7		(48)	2	(58)	24
Income before tax and equity method investments			353	381	876	920
Share of post-tax (losses) earnings in equity method investments	8		(4)	61	(10)	53
Tax (expense) benefit	9		(52)	402	(144)	335
Earnings from continuing operations			297	844	722	1,308
Earnings (loss) from discontinued operations, net of tax			16	(3)	25	11
Net earnings			313	841	747	1,319
Earnings (loss) attributable to:
Common shareholders			313	841	747	1,322
Non-controlling interests			-	-	-	(3)

Earnings per share:	10
Basic earnings (loss) per share:
From continuing operations			$0.66	$1.87	$1.60	$2.90
From discontinued operations			0.03	(0.01)	0.05	0.02
Basic earnings per share			$0.69	$1.86	$1.65	$2.92
Diluted earnings (loss) per share:
From continuing operations			$0.66	$1.87	$1.60	$2.89
From discontinued operations			0.03	(0.01)	0.05	0.03
Diluted earnings per share			$0.69	$1.86	$1.65	$2.92

The related notes form an integral part of these consolidated financial statements.

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Thomson Reuters Second Quarter Report 2025

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(unaudited)


		Three months ended June 30,			Six months ended June 30,
(millions of U.S. dollars)	Notes		2025	2024	2025	2024
Net earnings			313	841	747	1,319

Other comprehensive income (loss):
Items that have been or may be subsequently reclassified to net earnings:
Cash flow hedges adjustments to net earnings	7		(27)	12	(24)	42
Cash flow hedges adjustments to equity			25	(12)	20	(33)
Related tax benefit on cash flow hedges adjustments to equity			-	-	1	-
Foreign currency translation adjustments to equity			200	(16)	302	(87)
			198	(16)	299	(78)
Items that will not be reclassified to net earnings:
Fair value adjustments on financial assets	11		3	8	(3)	9
Related tax (expense) benefit on fair value adjustments on financial assets			-	(2)	1	(2)
Remeasurement on defined benefit pension plans			30	(5)	38	12
Related tax expense on remeasurement on defined benefit pension plans			(7)	(2)	(9)	(6)
			26	(1)	27	13
Other comprehensive income (loss)			224	(17)	326	(65)
Total comprehensive income			537	824	1,073	1,254

Comprehensive income (loss) for the period attributable to:
Common shareholders:
Continuing operations			521	827	1,048	1,251
Discontinued operations			16	(3)	25	11
Non-controlling interests			-	-	-	(8)
Total comprehensive income			537	824	1,073	1,254

The related notes form an integral part of these consolidated financial statements.

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Thomson Reuters Second Quarter Report 2025

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(unaudited)


		June 30,	December 31,
(millions of U.S. dollars)	Notes	2025	2024
ASSETS
Cash and cash equivalents	11	664	1,968
Trade and other receivables		1,088	1,087
Other financial assets	11	63	35
Prepaid expenses and other current assets		441	400
Current assets		2,256	3,490
Property and equipment, net		375	386
Computer software, net		1,636	1,453
Other identifiable intangible assets, net		3,134	3,134
Goodwill		7,835	7,262
Equity method investments	8	284	269
Other financial assets	11	454	442
Other non-current assets	12	625	625
Deferred tax		1,367	1,376
Total assets		17,966	18,437

LIABILITIES AND EQUITY
Liabilities
Current indebtedness	11	499	973
Payables, accruals and provisions	13	892	1,091
Current tax liabilities		187	197
Deferred revenue		1,164	1,062
Other financial liabilities	11	112	113
Current liabilities		2,854	3,436
Long-term indebtedness	11	1,342	1,847
Provisions and other non-current liabilities	14	643	675
Other financial liabilities	11	212	232
Deferred tax		299	241
Total liabilities		5,350	6,431
Equity
Capital	15	3,578	3,498
Retained earnings		9,933	9,699
Accumulated other comprehensive loss		(895)	(1,191)
Total equity		12,616	12,006
Total liabilities and equity		17,966	18,437
Contingencies (note 18)

The related notes form an integral part of these consolidated financial statements.

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Thomson Reuters Second Quarter Report 2025

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOW

(unaudited)


		Three months ended June 30,			Six months ended June 30,
(millions of U.S. dollars)	Notes		2025	2024	2025	2024
Cash provided by (used in):
OPERATING ACTIVITIES
Earnings from continuing operations			297	844	722	1,308
Adjustments for:
Depreciation			28	29	55	57
Amortization of computer software			178	154	352	307
Amortization of other identifiable intangible assets			24	23	49	48
Share of post-tax losses (earnings) in equity method investments	8		4	(61)	10	(53)
Deferred tax			(1)	(545)	18	(695)
Other	16		105	73	169	121
Changes in working capital and other items	16		107	189	(186)	46
Operating cash flows from continuing operations			742	706	1,189	1,139
Operating cash flows from discontinued operations			4	(1)	2	(2)
Net cash provided by operating activities			746	705	1,191	1,137
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	17		(24)	(19)	(630)	(467)
Proceeds (payments) related to disposals of businesses and investments			5	-	5	(4)
Proceeds from sales of LSEG shares	8		-	610	-	1,854
Capital expenditures			(163)	(152)	(314)	(297)
Other investing activities			-	6	1	6
Taxes paid on sales of LSEG shares and disposals of businesses			-	(121)	-	(137)
Net cash (used in) provided by investing activities			(182)	324	(938)	955
FINANCING ACTIVITIES
Repayments of debt			(999)	-	(999)	(48)
Net repayments under short-term loan facilities	11		-	(703)	-	(139)
Payments of lease principal			(16)	(16)	(33)	(31)
Repurchases of common shares	15		-	(287)	-	(639)
Dividends paid on preference shares			(1)	(2)	(2)	(3)
Dividends paid on common shares	15		(260)	(235)	(519)	(472)
Purchase of non-controlling interests	17		-	(4)	-	(384)
Other financing activities			1	2	(10)	1
Net cash used in financing activities			(1,275)	(1,245)	(1,563)	(1,715)
Translation adjustments			4	(3)	6	(5)
(Decrease) increase in cash and cash equivalents			(707)	(219)	(1,304)	372
Cash and cash equivalents at beginning of period			1,371	1,889	1,968	1,298
Cash and cash equivalents at end of period			664	1,670	664	1,670
Supplemental cash flow information is provided in note 16.
Interest paid, net of debt related hedges	7		(54)	(59)	(72)	(84)
Interest received	7		13	17	32	30
Income taxes paid	16		(42)	(170)	(150)	(283)

Interest received and interest paid are reflected as operating cash flows.

Income taxes paid are reflected as either operating or investing cash flows depending on the nature of the underlying transaction.

The related notes form an integral part of these consolidated financial statements.

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Thomson Reuters Second Quarter Report 2025

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited)


(millions of U.S. dollars)	Stated share capital	Contributed surplus	Total capital	Retained earnings	Unrecognized gain (loss) on financial instruments	Foreign currency translation adjustments	Total accumulated other comprehensive loss (“AOCL”)	Shareholders' equity	Non- controlling interests	Total equity
Balance, December 31, 2024	2,067	1,431	3,498	9,699	19	(1,210)	(1,191)	12,006	-	12,006
Net earnings	-	-	-	747	-	-	-	747	-	747
Other comprehensive income (loss)	-	-	-	29	(5)	302	297	326	-	326
Total comprehensive income (loss)	-	-	-	776	(5)	302	297	1,073	-	1,073
Transfer of gain on disposal of equity investments to retained earnings	-	-	-	1	(1)	-	(1)	-	-	-
Dividends declared on preference shares	-	-	-	(2)	-	-	-	(2)	-	(2)
Dividends declared on common shares	-	-	-	(536)	-	-	-	(536)	-	(536)
Shares issued under Dividend Reinvestment Plan (“DRIP”)	17	-	17	-	-	-	-	17	-	17
Stock compensation plans	94	(31)	63	(5)	-	-	-	58	-	58
Balance, June 30, 2025	2,178	1,400	3,578	9,933	13	(908)	(895)	12,616	-	12,616


(millions of U.S. dollars)	Stated share capital	Contributed surplus	Total capital	Retained earnings	Unrecognized gain on financial instruments	Foreign currency translation adjustments	AOCL	Shareholders' equity	Non- controlling interests (see note 17)	Total equity
Balance, December 31, 2023	1,901	1,504	3,405	8,680	21	(1,042)	(1,021)	11,064	-	11,064
Net earnings	-	-	-	1,322	-	-	-	1,322	(3)	1,319
Other comprehensive income (loss)	-	-	-	6	16	(82)	(66)	(60)	(5)	(65)
Total comprehensive income (loss)	-	-	-	1,328	16	(82)	(66)	1,262	(8)	1,254
Non-controlling interests on acquisition of subsidiaries	-	-	-	-	-	-	-	-	388	388
Purchase of non-controlling interests	-	-	-	(4)	-	-	-	(4)	(380)	(384)
Dividends declared on preference shares	-	-	-	(3)	-	-	-	(3)	-	(3)
Dividends declared on common shares	-	-	-	(487)	-	-	-	(487)	-	(487)
Shares issued under DRIP	15	-	15	-	-	-	-	15	-	15
Repurchases of common shares (see note 15)	(18)	-	(18)	(234)	-	-	-	(252)	-	(252)
Stock compensation plans	108	(87)	21	-	-	-	-	21	-	21
Balance, June 30, 2024	2,006	1,417	3,423	9,280	37	(1,124)	(1,087)	11,616	-	11,616

The related notes form an integral part of these consolidated financial statements.

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Thomson Reuters Second Quarter Report 2025

Thomson Reuters Corporation

Notes to Consolidated Financial Statements (unaudited)

(unless otherwise stated, all amounts are in millions of U.S. dollars)

Note 1: Business Description and Basis of Preparation

General business description

Thomson Reuters Corporation is an Ontario, Canada corporation with common shares listed on the Toronto Stock Exchange (“TSX”) and on the U.S. stock exchange, Nasdaq Global Select Market (“Nasdaq”), under the ticker symbol “TRI”, and its Series II preference shares are listed on the TSX.

Unless otherwise indicated or the context otherwise requires, references in these consolidated financial statements to the “Company” and “Thomson Reuters” are to Thomson Reuters Corporation and its subsidiaries.

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.

These unaudited interim consolidated financial statements (“interim financial statements”) were approved by the Audit Committee of the Board of Directors of the Company on August 5, 2025.

Basis of preparation

The interim financial statements were prepared using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2024, except as described below. The interim financial statements comply with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board ("IASB"), have been omitted or condensed.

The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving more judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements have been disclosed in note 2 of the consolidated financial statements for the year ended December 31, 2024.

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, among other factors. While the Company is closely monitoring these conditions to assess potential impacts on its businesses, some of management’s estimates and judgments may be more variable and may change materially in the future due to the significant uncertainty created by these circumstances.

The accompanying interim financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2024, which are included in the Company’s 2024 annual report.

References to “$” are to U.S. dollars, references to “C$” are to Canadian dollars, references to “£” are to British pounds sterling and references to SEK are to Swedish Kronor.

Changes in accounting policies

IAS 21, The Effect of Changes in Foreign Exchange Rates

In August 2023, the IASB issued amendments to IAS 21, which provide guidance on the determination of an exchange rate to translate transactions and financial statements denominated or presented in a currency that is not exchangeable into another currency. The amendments were effective for reporting periods beginning January 1, 2025 and did not have a material impact on the Company’s financial statements.

Recent accounting pronouncements

IFRS 18, Presentation and Disclosure in Financial Statements and associated amendments to IAS 7, Statement of Cash Flows

In April 2024, the IASB issued IFRS 18 and amendments to IAS 7. IFRS 18 will replace IAS 1, Presentation of Financial Statements. Both IFRS 18 and amendments to IAS 7 are effective for reporting periods beginning January 1, 2027.

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Thomson Reuters Second Quarter Report 2025

IFRS 18 will change the presentation of the Company’s financial statements and add new disclosure requirements. Specifically, the new standard requires:

•

The consolidated income statement to be structured according to operating, investing and financing categories, and include additional subtotals for “Operating Profit” and “Profit Before Financing and Income Taxes”;

•

Management-defined performance measurements (“MPM's”), which represent certain of the Company’s non-IFRS measures, to be identified, defined, and have an explanation why each one is useful. Each MPM must be reconciled to the most directly comparable IFRS subtotal. All disclosures related to MPM’s must be disclosed in a single footnote within the consolidated financial statements; and

•

The application of enhanced guidance related to the grouping of financial information associated with amounts presented within the financial statements, otherwise known as aggregation or disaggregation.

The amendments to IAS 7 were issued to align the presentation of the statement of cash flows, as prepared under the indirect method, to the changes prescribed to the income statement under IFRS 18.

Both IFRS 18 and the amendments to IAS 7 are disclosure related and do not impact the Company’s results of operations, financial condition, or cash flows. The Company is assessing the impact of these pronouncements on its disclosures.

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures. The amendments introduce:

•

An election permitting derecognition of financial liabilities that are settled through an electronic payment system before the actual settlement date, if certain conditions are met; and

•

Expanded disclosures for (a) investments in equity instruments and (b) financial liabilities that have features unrelated to basic lending risks, such as achieving sustainability targets, that could affect the cash flows of those liabilities.

The amendments are effective for reporting periods beginning on January 1, 2026. The Company is assessing the impact of the amendments on its financial statements and its disclosures.

Other pronouncements issued by the IASB and International Financial Reporting Interpretations Committee (“IFRIC”) are not applicable or consequential to the Company.

Note 2: Revenues

Revenues by type and geography

The following tables disaggregate revenues by type and geography and reconcile them to reportable segments (see note 3).


Revenues by type (millions of U.S. dollars)	Legal Professionals		Corporates		Tax & Accounting Professionals		Reuters News		Global Print		Eliminations / Rounding		Total
Three months ended June 30,	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Recurring	689	702	413	382	190	179	176	164	-	-	(5)	(7)	1,463	1,420
Transactions	20	25	59	60	87	71	42	41	-	-	-	-	208	197
Global Print	-	-	-	-	-	-	-	-	114	123	-	-	114	123
Total	709	727	472	442	277	250	218	205	114	123	(5)	(7)	1,785	1,740


Revenues by type (millions of U.S. dollars)	Legal Professionals		Corporates		Tax & Accounting Professionals		Reuters News		Global Print		Eliminations / Rounding		Total
Six months ended June 30,	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Recurring	1,364	1,400	813	752	397	378	351	328	-	-	(11)	(12)	2,914	2,846
Transactions	38	48	200	197	240	200	63	87	-	-	-	-	541	532
Global Print	-	-	-	-	-	-	-	-	230	247	-	-	230	247
Total	1,402	1,448	1,013	949	637	578	414	415	230	247	(11)	(12)	3,685	3,625

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Thomson Reuters Second Quarter Report 2025


Revenues by geography(1) (millions of U.S. dollars)	Legal Professionals		Corporates		Tax & Accounting Professionals		Reuters News		Global Print		Eliminations / Rounding		Total
Three months ended June 30,	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
U.S.	552	585	359	338	204	185	61	50	90	96	(5)	(7)	1,261	1,247
Canada	29	26	4	3	13	12	1	2	8	10	-	-	55	53
Other	8	8	23	23	44	39	3	2	3	3	-	-	81	75
Americas	589	619	386	364	261	236	65	54	101	109	(5)	(7)	1,397	1,375

U.K.	74	67	38	37	9	7	107	107	8	7	-	-	236	225
Other	13	11	35	28	1	2	34	31	1	2	-	-	84	74
EMEA	87	78	73	65	10	9	141	138	9	9	-	-	320	299

Asia Pacific	33	30	13	13	6	5	12	13	4	5	-	-	68	66
Total	709	727	472	442	277	250	218	205	114	123	(5)	(7)	1,785	1,740


Revenues by geography(1) (millions of U.S. dollars)	Legal Professionals		Corporates		Tax & Accounting Professionals		Reuters News		Global Print		Eliminations / Rounding		Total
Six months ended June 30,	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
U.S.	1,098	1,171	774	729	499	450	102	112	182	191	(11)	(12)	2,644	2,641
Canada	56	49	9	8	25	25	2	3	15	20	-	-	107	105
Other	16	15	46	49	85	77	5	4	6	6	-	-	158	151
Americas	1,170	1,235	829	786	609	552	109	119	203	217	(11)	(12)	2,909	2,897

U.K.	146	133	76	71	15	14	217	212	16	16	-	-	470	446
Other	24	21	76	63	3	3	63	59	2	3	-	-	168	149
EMEA	170	154	152	134	18	17	280	271	18	19	-	-	638	595

Asia Pacific	62	59	32	29	10	9	25	25	9	11	-	-	138	133
Total	1,402	1,448	1,013	949	637	578	414	415	230	247	(11)	(12)	3,685	3,625

(1)

Revenues by geography are based on the location of the customer. Revenues from the Reuters News agreement with the Data & Analytics business of London Stock Exchange Group (“LSEG”), the Company’s largest customer, are included entirely in the U.K. Canada represents the Company's country of domicile. Americas represents North America, Latin America and South America and EMEA represents Europe, Middle East and Africa.

Note 3: Segment Information

The Company is organized as five reportable segments, reflecting how the businesses are managed. The segments offer products and services to target customers as described below.

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.

Corporates

Serves corporations, ranging from small businesses to multinational organizations, including the seven largest global accounting firms, with the Company’s 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 the Corporates segment) with research and workflow products powered by leading-edge technologies, including generative AI.

Reuters News

Supplies business, financial and global news and data 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.

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Thomson Reuters Second Quarter Report 2025

Information by segment and reconciliations to the consolidated income statement are set forth below:


	Three months ended June 30,			Six months ended June 30,
(millions of U.S. dollars)		2025	2024	2025	2024
Revenues
Legal Professionals		709	727	1,402	1,448
Corporates		472	442	1,013	949
Tax & Accounting Professionals		277	250	637	578
Reuters News		218	205	414	415
Global Print		114	123	230	247
Eliminations/Rounding		(5)	(7)	(11)	(12)
Revenues		1,785	1,740	3,685	3,625

Adjusted EBITDA
Legal Professionals		339	327	675	669
Corporates		169	163	382	356
Tax & Accounting Professionals		113	91	323	272
Reuters News		45	51	84	111
Global Print		41	43	85	90
Total reportable segments adjusted EBITDA		707	675	1,549	1,498
Corporate costs		(29)	(29)	(62)	(46)
Fair value adjustments(1)		(17)	4	(34)	2
Depreciation		(28)	(29)	(55)	(57)
Amortization of computer software		(178)	(154)	(352)	(307)
Amortization of other identifiable intangible assets		(24)	(23)	(49)	(48)
Other operating gains (losses), net		5	(29)	2	(70)
Operating profit		436	415	999	972
Net interest expense		(35)	(36)	(65)	(76)
Other finance (costs) income		(48)	2	(58)	24
Share of post-tax (losses) earnings in equity method investments		(4)	61	(10)	53
Tax (expense) benefit		(52)	402	(144)	335
Earnings from continuing operations		297	844	722	1,308

(1)

Includes acquired deferred revenue of $10 million (2024 - $2 million) and $20 million (2024 - $6 million) in the three and six months ended June 30, 2025, respectively.

Reuters News revenues included $5 million (2024 - $7 million) and $11 million (2024 - $12 million) in the three and six months ended June 30, 2025, respectively, primarily from content-related services that it provided to the Legal Professionals, Corporates and Tax & Accounting Professionals segments.

In accordance with IFRS 8, Operating Segments, the Company discloses certain information about its reportable segments based upon measures used by management in assessing the performance of those reportable segments. The profitability measure is defined below and may not be comparable to similar measures of other companies.

Segment Adjusted EBITDA

•

Segment adjusted EBITDA represents earnings or loss from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of computer software and other identifiable intangible assets, the Company’s share of post-tax earnings or losses in equity method investments, other operating gains or losses, certain asset impairment charges, corporate related items and fair value adjustments, including those related to acquired deferred revenue.

•

The Company does not consider these excluded items to be controllable operating activities for purposes of assessing the current performance of the reportable segments.

Each segment includes an allocation of costs, based on usage or other applicable measures, for centralized support services such as technology-related services, commercial operations, marketing costs, and product and content development. Additionally, product costs are allocated when one segment sells products managed by another segment. Corporate costs, which includes expenses for centrally managed functions such as finance, legal and human resources, are not allocated to the segments.

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Thomson Reuters Second Quarter Report 2025

Note 4: Seasonality

The Company’s revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as it records a large portion of its revenues ratably over the contract term and its costs are generally incurred evenly throughout the year. However, at the segment level, revenues on a consecutive quarter basis can be impacted by seasonality, most notably in the Company’s Tax & Accounting Professionals business, where revenues tend to be concentrated in the first and fourth quarters.

Note 5: Operating Expenses

The components of operating expenses include the following:


	Three months ended June 30,			Six months ended June 30,
(millions of U.S. dollars)		2025	2024	2025	2024
Salaries, commissions and allowances		593	601	1,166	1,171
Share-based payments		29	23	57	42
Post-employment benefits		36	31	68	62
Total staff costs		658	655	1,291	1,275
Goods and services(1)		370	353	740	726
Content		68	69	146	140
Telecommunications		12	10	23	19
Facilities		9	9	18	19
Fair value adjustments(2)		7	(6)	14	(8)
Total operating expenses		1,124	1,090	2,232	2,171

(1)

Goods and services include technology-related expenses, professional fees, consulting, contractors, marketing and other general and administrative costs.

(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.

Note 6: Other Operating Gains (Losses), Net

Other operating gains (losses), net, were $5 million and $2 million in the three and six months ended June 30, 2025, respectively, and were not significant.

Other operating gains (losses), net, were $(29) million and $(70) million in the three and six months ended June 30, 2024, respectively. Both periods included an impairment of an equity method investment, which reflected a decline in the value of the Company's commercial real estate holding. The six months ended June 30, 2024 also included acquisition-related deal costs and costs related to a legal provision.

Note 7: Finance Costs, Net

The components of finance costs, net, include interest expense (income) and other finance costs (income) as follows:


	Three months ended June 30,			Six months ended June 30,
(millions of U.S. dollars)		2025	2024	2025	2024
Interest expense:
Debt		28	36	58	76
Other, net		8	7	14	9
Fair value (gains) losses on cash flow hedges, transfer from equity		(28)	12	(27)	39
Net foreign exchange losses (gains) on debt		28	(12)	27	(39)
Net interest expense - debt and other		36	43	72	85
Net interest expense - leases		4	4	7	7
Net interest expense - pension and other post-employment benefit plans		6	6	13	12
Interest income		(11)	(17)	(27)	(28)
Net interest expense		35	36	65	76


	Three months ended June 30,			Six months ended June 30,
(millions of U.S. dollars)		2025	2024	2025	2024
Net losses (gains) due to changes in foreign currency exchange rates		50	(5)	56	(31)
Other		(2)	3	2	7
Other finance costs (income)		48	(2)	58	(24)

Page 50

Thomson Reuters Second Quarter Report 2025

Net losses (gains) due to changes in foreign currency exchange rates were principally comprised of amounts related to certain intercompany funding arrangements.

Note 8: Equity Method Investments

Equity method investments in the consolidated statement of financial position were $284 million and $269 million as of June 30, 2025 and December 31, 2024, respectively. The Company’s share of post-tax (losses) earnings in equity method investments in the consolidated income statement were $(4) million (2024 - $61 million) and $(10) million (2024 - $53 million) in the three and six months ended June 30, 2025, respectively.

In May 2024, the Company sold all of its remaining LSEG shares that it indirectly owned through its direct investment in York Parent Limited and its subsidiaries (“YPL”) which, from the date the remaining shares were sold, was no longer a material associate of the Company. In the three months ended June 30, 2024, the Company sold 5.9 million shares of LSEG and received $610 million of proceeds, which was net of a $33 million payment to settle its remaining foreign exchange contracts (see note 11). In the six months ended June 30, 2024, the Company sold 16.0 million shares of LSEG and received $1,854 million of proceeds, which was net of $24 million received from the settlement of foreign exchange contracts. All the proceeds, including amounts related to the settlement of the foreign exchange contracts, were presented as investing activities in the consolidated statement of cash flow.

The Company’s share of post-tax earnings (losses) in its YPL investment in the three and six months ended June 30, 2024 was comprised of the following items:


	Three months ended June 30,		Six months ended June 30,
(millions of U.S. dollars)		2024		2024
Decrease in LSEG share price		(36)		(86)
Foreign exchange gains (losses) on LSEG shares		3		(3)
Dividend income		6		6
Gain from call options		—		22
Historical excluded equity adjustment(1)		95		129
YPL - Share of post-tax earnings in equity method investments		68		68

(1)

Represents income from the recognition of the remaining cumulative impact of equity transactions that were excluded from the Company’s investment in YPL.

Set forth below is summarized financial information for 100% of YPL for the three and six months ended June 30, 2024.


	Three months ended June 30,		Six months ended June 30,
(millions of U.S. dollars)		2024		2024
Mark-to-market of LSEG shares		(136)		(394)
Dividend income		32		32
Gain from call options		18		92
Net loss

THOMSON REUTERS CORP /CAN/ 6-K