Management’s Discussion and Analysis EXHIBIT 99.1

This management’s discussion and analysis is designed to provide you with a narrative explanation through the eyes of our management of how we performed, as well as information about our financial condition and future prospects. As this management’s discussion and analysis is intended to supplement and complement our financial statements, we recommend that you read this in conjunction with our consolidated interim financial statements for the three and six months ended June 30, 2026, our 2025 annual consolidated financial statements and our 2025 annual management’s discussion and analysis. This management's discussion and analysis contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Forward-looking statements include, but are not limited to, our 2026 outlook, statements regarding the sale of 51% of the Global Print business to capital accounts advised by KKR and our expectations related to general economic conditions and market trends and their anticipated effects on our business segments. For additional information related to forward-looking statements, material assumptions and material risks associated with them, please see the “Outlook,” and “Additional Information - Cautionary Note Concerning Factors That May Affect Future Results” sections of this management’s discussion and analysis. This management’s discussion and analysis is dated as of August 4, 2026, unless otherwise indicated.

We have organized our management’s discussion and analysis in the following key sections:

Unless otherwise indicated or the context otherwise requires, references in this discussion to “we,” “our,” “us”, the “Company” and “Thomson Reuters” are to Thomson Reuters Corporation and our subsidiaries.

Basis of presentation

We prepare our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board.

In the first quarter of 2026, we changed our segment reporting to reflect how we currently manage our segments. Prior period amounts have been revised to reflect the current presentation. Refer to the “Additional information” section of this management’s discussion and analysis for further information.

Other than earnings per share, we report our results in millions of U.S. dollars, but we compute 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.

Use of non-IFRS financial measures

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

Glossary of key terms

The following terms in this management’s discussion and analysis have the following meanings, unless otherwise indicated:

Executive Summary

Our company

Thomson Reuters (TSX/Nasdaq: TRI) powers business-critical professions with Fiduciary-Grade AITM they can trust in the moments that matter. We unite unparalleled expertise, proprietary content, and seamless workflows to help our customers move with speed, think with clarity, and lead with confidence. Across our products, we 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 thomsonreuters.com.

We derive a significant portion of our revenues from selling information and software solutions, mostly on a recurring subscription basis. Our professional-grade solutions are built on comprehensive proprietary content and deep domain expertise with software, embedded AI capabilities and automation tools. We believe our workflow solutions make our customers more productive by streamlining how they operate, enabling them to focus on higher value activities. Many of our customers use our solutions that are deeply integrated into their workflows, which has led to strong customer retention. We believe that our customers trust us because of our decades serving high-stakes workflows, where accuracy and reliability are non-negotiable, our enterprise-grade security and governance built for regulated environments, and our deep understanding of their businesses and industries. They rely on our services for navigating a rapidly changing and increasingly complex digital and global landscape. Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments.

For the first six months of 2026, we were organized as five reportable segments, reflecting how our products and services are managed and offered to target customers as described below.

We refer to our Legal Professionals, Corporates and Tax, Audit & Accounting Professionals segments, on a combined basis, as our “Big 3” segments.

Our businesses are supported by a corporate center that manages our commercial and technology operations, including those around our sales capabilities, digital customer experience, and product and content development, as well as our global facilities. Costs relating to these activities are allocated to our business segments. We also report “Corporate costs”, which includes expenses for centrally managed functions such as finance, legal, human resources and the executive office. These costs are not allocated to the segments and are included in consolidated adjusted EBITDA.

Financial Highlights

Strong revenue growth continued in the second quarter as our revenues increased 9% in total and in constant currency. On an organic basis, revenues grew 8%, which reflected 9% growth in recurring revenues, 11% growth in transactions revenues and a 3% decline in Global Print. Our "Big 3" segments, which comprised 83% of total revenues, increased 10% on an organic basis driven by 9% growth in recurring revenues and 13% growth in transactions revenues.

Our operating profit increased 28% and adjusted EBITDA increased 10%. Adjusted EBITDA margin increased to 38.1% from 37.8% in the prior-year period. Foreign currency contributed 10bp to the year-over-year change in adjusted EBITDA margin.

In August 2026, we raised our 2026 full-year outlook for total and organic revenue growth to approximately 8.0% for our total company, and to a range of 9.5% to 10.0% for our "Big 3" segments. All other metrics in our 2026 full-year outlook are unchanged from our previous 2026 full-year outlook communicated on May 5, 2026.

Our full-year 2026 outlook includes the forecasted results of the Global Print segment, consistent with the way we have presented our 2026 full-year outlook in the past our prior 2026 full-year outlooks. We will report our Global Print business as a discontinued operation when we release our third quarter results and plan to provide an updated full-year 2026 outlook at that time. See "Global Print Business Transaction" below and the “Outlook” section of this management’s discussion and analysis for further information.

Our capital capacity and liquidity remain a key asset to support acquisitions and returns to shareholders. In the second quarter of 2026, we generated net cash flows from operating activities of $920 million and free cash flow of $727 million. In aggregate, we returned $980 million to our common shareholders from our $605 million return of capital and share consolidation transactions, $100 million under our February 2026 share repurchase plan, and $275 million in dividends. We also repaid our $500 million 3.35% notes upon maturity with cash on hand and commercial paper borrowings. In July 2026, we completed our February 2026 $600 million share repurchase program. See the “Liquidity and Capital Resources” and "Subsequent Events" sections of this management’s discussion and analysis for additional information.

Global Print Transaction

On July 14, 2026, we announced that we signed a definitive agreement to enter into a joint venture with KKR, a leading global investment firm. As part of the transaction, we will sell a 51% stake in our Global Print business to capital accounts advised by KKR and retain a 49% equity interest in the joint venture. We will receive approximately $500 million in gross proceeds at closing and expect the transaction to close in the fourth quarter of 2026, subject to specified regulatory approvals and customary closing conditions. We expect to record a pre-tax gain on the transaction at the time of closing.

We will maintain intellectual property rights and full editorial control over our content portfolio. This new joint venture will hold an exclusive license to distribute the content in print and on ProView, Global Print’s eBook platform, under which it will pay us a royalty in return. We will also provide certain operational services to the joint venture under a multi-year transition services agreement. The royalty plus the transition services agreement will largely offset stranded costs from the separation.

The Global Print business will be classified as a discontinued operation in the third quarter of 2026 and will no longer be presented as a reportable segment. Once the transaction closes, we expect our total company organic revenue growth rate will increase 60bp to 70bp on an annual basis and we expect a minimal impact on total company adjusted EBITDA margin.

As part of the transaction, we have agreed to provide certain financial support designed to give KKR a minimum return on its equity investment in the joint venture under certain circumstances.

Results of Operations

Our revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over the contract term and our 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 our Tax, Audit & Accounting Professionals business, where revenues tend to be concentrated in the first and fourth quarters.

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

Consolidated results

Revenues

Revenues in the second quarter increased 9% in total and in constant currency. Total revenue growth reflected 9% growth in recurring revenues (82% of total revenues), 16% growth in transactions revenues and a 3% decline in Global Print. Total revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. On an organic basis, revenues increased 8% which reflected 9% growth in recurring revenues, 11% growth in transactions revenues and a 3% decline in Global Print revenues. Revenues from the “Big 3” segments (83% of total revenues) increased 11% in total and 10% on a constant currency basis. On an organic basis, revenues increased 10%, driven by 9% growth in recurring revenues and 13% growth in transactions revenues.

Revenues in the six-month period increased 10% in total and 9% in constant currency. Total revenue growth reflected 10% growth in recurring revenues (79% of total revenues), 15% growth in transactions revenues and a 3% decline in Global Print. Total revenue growth benefited approximately 1% from foreign currency and 1% from net acquisitions and disposals. On an organic basis, revenues increased 8% which reflected 8% growth in recurring revenues, 10% growth in transactions revenues, and a 4% decline in Global Print revenues. Revenues from the “Big 3” segments (84% of total revenues) increased 11% in total and 10% on a constant currency basis. On an organic basis, revenues increased 9%, driven by 9% growth in recurring revenues and 12% growth in transactions revenues.

In both periods, the U.S. dollar weakened against many of the currencies we transact in compared to the prior-year periods, including the British pound sterling and Brazilian real. Overall, changes in foreign exchange rates increased revenue growth by approximately 1% in the second quarter and six-month period.

Operating profit, adjusted EBITDA and adjusted EBITDA less accrued capital expenditures

Operating profit increased 28% and 20% in the second quarter and six-month period, respectively, as the net impact of higher revenues and operating expenses as well as higher other operating gains, were partly offset by higher amortization of software.

Adjusted EBITDA, which excludes other operating gains, amortization of software, as well as other adjustments, increased 10% and 9% in the second quarter and six-month period, respectively. The second quarter increase in adjusted EBITDA reflected increases of 12% in the “Big 3” segments, 5% in Reuters, and 2% in Global Print. The six-month increase in adjusted EBITDA reflected a 10% increase in the “Big 3” segments, a 3% decline in Reuters, and no change in Global Print.

In the second quarter, adjusted EBITDA margin increased to 38.1% from 37.8% in the prior-year period. Foreign currency contributed 10bp to the year-over-year change in adjusted EBITDA margin. In the six month period, adjusted EBITDA margin increased to 40.2% from 40.1% in the prior-year period. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margin by 20bp.

Adjusted EBITDA less accrued capital expenditures increased in both periods as higher adjusted EBITDA was partly offset by higher accrued capital expenditures. The related margin was unchanged in the second quarter, and decreased 40bp in the six-month period due to higher accrued capital expenditures.

Operating expenses

Operating expenses, excluding fair value adjustments, increased in total and on a constant currency basis in both periods primarily due to higher compensation-related and technology costs.

Depreciation and amortization

Other operating gains, net

Other operating gains, net of $68 million in both periods of 2026 were primarily related to acquisitions and investments. Other operating gains, net were $5 million and $2 million in the second quarter and six-month period of 2025, respectively.

Net interest expense