TMX Group (X) investor relations material

Executive summary

• Achieved fifth consecutive quarter of double-digit revenue growth, with Q3 2025 revenue up 18% year-over-year to $418.6 million and strong performance across all business units.

• Adjusted diluted EPS rose 27% to $0.52 and income from operations increased 23% compared to Q3 last year.

• Strategic focus on transformational growth (TM2X) and technology investments is accelerating revenue and operational leverage.

• Organic revenue growth (excluding recent acquisitions) was 17%, driven by derivatives, equities, and Global Insights divisions.

• The company completed the acquisition of Verity, a buy-side research management and analytics provider, for $98 million to $136.3 million, enhancing its data and analytics offerings.

Financial highlights

• Q3 2025 revenue reached $418.6 million, up 18% year-over-year; operating expenses rose 14% year-over-year, with 7% increase on a comparable basis excluding litigation and acquisition costs.

• Diluted EPS increased 43% to $0.43; adjusted diluted EPS up 27% to $0.52.

• Net income attributable to equity holders was $120.5 million (+46% YoY); adjusted net income was $146.3 million (+27% YoY).

• Cash flows from operating activities were $156.7 million, down 8% year-over-year.

• Dividend of $0.22 per share declared, maintaining a 42% payout ratio.

Outlook and guidance

• Management targets continued double-digit organic revenue growth, supported by diversified business lines, recent acquisitions, and global expansion.

• Trayport expected to maintain 10%+ revenue CAGR over the long term.

• Strategic investments in AI, data analytics, and technology to drive future growth and productivity.

• Long-term objectives include growing recurring revenue, expanding outside Canada, and maintaining disciplined expense management.