TMX Group (X) investor relations material

Strategic evolution and growth targets

• Aims to double revenue from CAD 1 billion to CAD 2 billion in seven years, accelerating growth pace.

• Seeks to increase recurring revenue to two-thirds of total, currently at about 53%.

• Targets 50% of revenue from outside Canada and 50% from Global Solutions, Insights, and Analytics.

• Focuses on global expansion and diversification beyond Canadian-centric operations.

• Growth strategy leverages both organic initiatives and disciplined M&A.

M&A activity and integration

• Three major deals in early 2026: Cboe Australia, Cboe Canada, and the BOX/MEMX merger.

• All acquisitions are expected to be accretive within the first year, even before synergies.

• Integration is staggered, with closed deals (Refi, Cboe Australia) and others pending regulatory approval.

• Each deal is evaluated for strategic fit, financial returns, and integration capacity.

• Integration workload is distributed across business units to avoid overtaxing resources.

Indexing and analytics expansion

• VettaFi acquisition has driven growth in thematic and bespoke indices, leveraging strong talent.

• Refi brings fundamental research-driven indices, diversifying asset classes and methodologies.

• Plans to integrate Refi and VettaFi, migrate technology, and cross-sell to a broader client base.

• Index and benchmark tuck-ins are a key part of ongoing diversification.

• Organic growth in the indexing business continues to outpace long-term guidance.