TMX Group (X) Scotiabank’s 27th Annual Financials Summit summary

Growth strategy and financial outlook

• H1 2026 organic revenue was CAD 975 million; reaching the CAD 2 billion revenue ambition by FY2026 was described as possible but touch-and-go, several years ahead of the 2029 target.

• Revenue growth was double-digit for eight consecutive quarters and the first two quarters of 2026, above the long-term mid- to high-single-digit range.

• Three announced transactions represented roughly CAD 2 billion in inorganic investment; momentum was expected to continue through H2 2026 and into 2027.

• Double-digit EPS growth remains a long-term objective; businesses expected to grow at high-single-digit to double-digit rates contribute over 50% of revenue.

• Strategy includes global expansion and increasing recurring revenue toward roughly two-thirds of the mix, with significant runway toward that objective.

Listings and capital formation

• YTD 2026 activity included roughly six large IPOs and close to 300 total listings; at least two or three more strong IPOs were expected before year-end.

• Pipeline included over 2,000 long-term prospects, roughly 500 companies in active dialogue for the next three years, and 85–90 for the next 12 months.

• TSX Venture had 15 YTD graduates to TSX; the two-tier market, SME focus, and international deal-maker networks were highlighted as listing advantages.

• Corporate Solutions contributes about 40% of Capital Formation revenue; target is 50% or more by 2030, supported by high-single- to double-digit-plus growth and broader product sales.

• Listings are expected to grow 5%–7% over the long term; regulatory burden reduction and tax-policy incentives remain advocacy priorities.

Acquisitions and integration

• Near-term priority is execution and integration; Cboe Australia, RAFI, and VettaFi had closed, while other announced transactions remained subject to regulatory review.

• MEMX and BOX are intended to create a stronger U.S. options venue with potential to compete as the fourth-largest; combined technology upgrades could support expansion.

• Expected ownership in the combined MEMX-BOX entity was roughly 55%–60%; increased shareholder rollovers could reduce the required investment from the previously estimated CAD 800 million.

• Cboe Canada was expected to close the following year, subject to review; anticipated benefits include cost synergies, simpler market connectivity, and expanded client products.

• Cboe Australia creates opportunities in ETFs, corporate listings, a potential venture market, and Corporate Solutions; integration work was underway after closing about a month earlier.