Exhibit 99.1

Management’s Discussion and Analysis

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, 2024, our 2023 annual consolidated financial statements and our 2023 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 2024 outlook, 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 July 31, 2024.

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 (IASB).

Other than EPS, 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 more 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.

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As of September 30, 2023, we amended our definition of adjusted earnings to exclude amortization from acquired computer software. While we have always excluded amortization from acquired identifiable intangible assets other than computer software from our definition of adjusted earnings, this change aligns our treatment of amortization for all acquired intangible assets. Prior period amounts were revised for comparability.

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:

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Executive Summary

Our company

Thomson Reuters (NYSE / TSX: TRI) 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, 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. For more information, visit tr.com.

We derive most of our revenues from selling information and software solutions, primarily on a recurring subscription basis. Our solutions blend deep domain knowledge with software 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 as part of their workflows, which has led to strong customer retention. We believe that our customers trust us because of our history and dependability and our deep understanding of their businesses and industries, and they rely on our services for navigating a rapidly changing and increasingly complex digital world. 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.

We are organized as five reportable segments reflecting how we manage our businesses.

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We refer to our Legal Professionals, Corporates and Tax & 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 and human resources.

Key Financial Highlights

Good revenue momentum continued in the second quarter. Our revenues increased 6%, compared to the second quarter of 2023, on both a total and organic basis, reflecting growth in recurring and transactions revenues in our “Big 3” segments. Interest in our generative AI offerings remains high and we continue to progress the execution of our product roadmap and investment plan. Our operating profit decreased 50% in the second quarter, primarily because the prior period included a $347 million gain on the sale of a majority stake in our Elite business. Our adjusted EBITDA decreased 2%, and the related margin decreased to 37.1% from 40.1% in the prior-year period, as higher revenues were more than offset by investments to position ourselves for continued growth and by the impact of acquisitions.

Due to our strong revenue performance in the first half of the year, we raised our full-year 2024 outlook for total and organic revenue growth for our total company and our “Big 3” segments to reflect the high end of the ranges we provided in our outlook on May 2, 2024. We also updated our guidance for the component parts of depreciation and amortization of computer software, and for interest expense. Refer to the “Outlook” section of this management’s discussion and analysis for further information.

Our capital capacity and liquidity remain a key asset. In the second quarter of 2024, we sold our remaining shares in LSEG for gross proceeds of $0.6 billion. We completed our current share repurchase program with the return of $287 million to shareholders. See the “Liquidity and Capital Resources” section of this management’s discussion and analysis for additional information.

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, our revenues from quarter to consecutive quarter can be impacted by seasonality, particularly in our Tax & Accounting 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.

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Consolidated results

Revenues

Revenues in the second quarter increased 6% in total and in constant currency due to growth in recurring and transactions revenues. A contribution from acquisitions was offset by the loss of revenues from the divestiture of our Elite business. On an organic basis, total revenues increased 6%, driven by 8% growth in recurring revenues (82% of total revenues) and 5% growth in transactions revenues. Global Print revenues declined 7% on an organic basis.

Revenues in the six-month period increased 7% in total and in constant currency driven by growth in recurring and transactions revenues. Total revenues were negatively impacted by 1% as the loss of revenues from the divestiture of Elite more than offset the contribution from acquisitions. On an organic basis, total revenues increased 8%, driven by 8% growth in recurring revenues (78% of total revenues) and 15% growth in transactions revenues. Global Print revenues declined 9% on an organic basis.

In both periods, foreign currency had no net impact on our consolidated revenue growth.

Revenues from the “Big 3” segments in the second quarter increased 7% in total and 8% in constant currency. Foreign currency had a 1% negative impact on revenue growth. On an organic basis, revenues increased 8%, driven by 9% growth in recurring revenues and 5% growth in transactions revenues. In the six-month period, revenues from the “Big 3” segments increased 8% in total and in constant currency. Foreign currency had no net impact on revenue growth. On an organic basis, revenues increased 9%, driven by 9% growth in recurring revenues and 11% growth in transactions revenues. In both periods, the “Big 3” segments represented approximately 82% of our total revenues.

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

Operating profit decreased 50% and 27% in the second quarter and six-month period, respectively, primarily because both periods of 2023 included a $347 million gain on the sale of a majority stake in our Elite business.

In the second quarter, adjusted EBITDA, which excludes the gain on sale of Elite as well as other items, decreased 2% and the related margin decreased to 37.1% from 40.1% in the prior-year period as higher revenues were more than offset by higher costs, which included growth investments and the impact from acquisitions. In the six-month period, adjusted EBITDA increased 8% and the related margin increased to 40.0% from 39.4% in the prior-year period as higher revenues more than offset higher costs. Foreign currency contributed 30bp and 20bp to the year-over-year change in adjusted EBITDA margin in the second quarter and six-month period, respectively.

Adjusted EBITDA less accrued capital expenditures and the related margin decreased in the second quarter due to lower adjusted EBITDA and higher accrued capital expenditures. In the six-month period, adjusted EBITDA less accrued capital expenditures increased as higher adjusted EBITDA more than offset higher accrued capital expenditures. The related margin was unchanged compared to the prior-year period.

Operating expenses

In both periods, operating expenses, excluding fair value adjustments, increased in total and on a constant currency basis as higher costs from acquisitions, investments as well as higher product, marketing and sales expenses related to higher revenues more than offset lower costs due to the Elite divestiture in June 2023.

Depreciation and amortization

Other operating (losses) gains, net