TMX Group (X) investor relations material

Growth strategy and financial performance

• Accelerated global growth strategy supported by CAD 2 billion in recent inorganic investments, aiming to sustain momentum through 2027.

• Revenue is on track to reach CAD 2 billion by 2027, two years ahead of the original 2029 target, driven by strong organic and inorganic growth.

• Double-digit revenue and EPS growth have outpaced long-term guidance, with high-growth businesses now contributing over 50% of total revenue.

• Execution of global growth strategy and integration of recent acquisitions, such as Cboe Australia and VettaFi, are top priorities.

• Financial and management capacity remain strong, with leverage expected to stay within comfortable ranges despite ongoing M&A activity.

Capital formation and listings

• IPO and listings activity is robust, with nearly 300 listings year-to-date and a strong pipeline of companies considering public markets.

• The two-tier TSX Venture and TSX ecosystem is unique, enabling early-stage companies to list, grow, and graduate, attracting international interest.

• Regulatory engagement and tax policy advocacy have made Canadian markets more attractive, with ongoing efforts to reduce burdens and support growth.

• Corporate Solutions business, including transfer agency and newswire services, is a high-growth segment, targeting 50% of Capital Formation revenue by 2030.

M&A and global expansion

• Recent M&A includes the BOX and MEMX combination, aiming to create a leading U.S. options and trading venue with modernized technology.

• Cboe Australia acquisition offers opportunities to replicate Canadian ETF and venture market success, and expand Corporate Solutions internationally.

• Cboe Canada deal is expected to strengthen the domestic market, create cost synergies, and simplify market connectivity for clients.