TMX Group (X) investor relations material

Business performance and market trends

• Strong capital formation in early 2026, with robust secondary financings and IPO pipeline, though some slowdown due to Middle East events.

• Derivatives business surged after initial quiet period; equity volumes comparable to pandemic highs.

• Global Insights segment, including Datalinx, VettaFi, and Trayport, continues to deliver high single to double-digit growth.

• Demand for proprietary raw data remains high, with clients preferring to generate their own insights using AI.

• AI seen as an opportunity for productivity and efficiency, not a major disruptor to core data businesses.

Innovation, technology, and industry shifts

• Tokenization viewed as a solution for post-trade friction and collateral management, with focus on regulatory alignment and liquidity preservation.

• U.S. regulatory developments around tokenization are closely monitored, with plans to follow best practices to avoid liquidity fragmentation.

• AI and tokenization may drive both innovation and new entrants, but clear rules of engagement and regulatory cooperation are emphasized.

• Post-trade modernization completed, enabling greater operational efficiency and new collateral management services.

• Modernized infrastructure positions the organization ahead of global peers and ready for future digital asset integration.

Strategic growth initiatives and outlook

• AlphaX US platform exceeded benchmarks in its first year, targeting quality execution and aiming for scalable U.S. market share.

• Technology developed for AlphaX US will be leveraged across Canadian markets, supporting long-term innovation.

• Growth strategy targets over 50% revenue from outside Canada, two-thirds recurring revenue, and half from Global Insights.

• M&A is used to accelerate strategic goals, with a balanced pipeline across business segments.

• Continued focus on innovation, global partnerships, and community-driven growth as key pillars for future expansion.