TMX Group Limited Reports Results for the Second Quarter of 2026

Revenue of $487.5 million, up 16% from $421.7 million in Q2/25 Diluted earnings per share of $0.51, up 96% from $0.26 in Q2/25, including a 20 cent per share increase related to net foreign exchange gains in Q2/26 compared with losses in Q2/25 Adjusted diluted earnings per share 1 of $0.62, up 19% from $0.52 in Q2/25 Toronto, Ontario--(Newsfile Corp. - July 30, 2026) - TMX Group Limited (TSX: X) ("TMX Group") announced results for the second quarter ended June 30, 2026. Commenting on the company's performance, John McKenzie, Chief Executive Officer of TMX Group, said: "We continue to build on upward momentum across our global enterprise, delivering another excellent quarter, highlighted by strong performances from traditional businesses and areas of expansion. In a year marked by pronounced year-over-year growth in revenue and earnings per share, our focus is on the future.

We have taken demonstrative steps forward in executing our growth strategy in 2026: investing in domestic markets and expansion into Australia, the continued transformation of our Global Insights product portfolio, and today's announced strategic investment to create MEMX Group. Together, these initiatives stand as a clear representation of our commitment to pushing the evolution of TMX, accelerating our global expansion, and creating competitive advantages for our growing client base." Commenting on the company's second quarter, David Arnold, Chief Financial Officer of TMX Group, said: "TMX's high performance business model hit on all cylinders in the second quarter, delivering outstanding results, including an 18% increase in income from operations, and 19% year-over-year growth in earnings per share on an adjusted diluted basis. Overall organic revenue increased 12% from the second quarter of 2025, reflecting double-digit revenue growth in all segments.

The first half of 2026 was marked by significant milestone initiatives designed to accelerate the pursuit of our transformational objectives, and as we move further into the second half of the year we remain committed to advancing our long-term strategy and delivering increased value to our shareholders." Key Highlights for the Second Quarter of 2026 Revenue increased by 16% from Q2/25. Revenue excluding recent acquisitions of ETF Stream, Verity, and nuclear sector indices grew by 12% in Q2/26 compared with Q2/25 driven by continued growth in Global Insights, increases across all listing fees revenue and TSX Trust revenue in Capital Formation, an 18% increase in MX trading volumes, and a 15% increase in equity trading volumes. Operating expenses increased by 13% from Q2/25, or 10% when excluding recent acquisitions of ETF Stream, Verity and nuclear sector indices, merger and acquisition related items, litigation costs, and prior year strategic re-alignment costs.

This increase was primarily driven by higher IT spend, a write-down of an intangible asset in Q2/26, headcount growth and merit increases, and higher short-term incentive plan costs. These increases were partially offset by $3.4 million of lower long-term employee performance incentive plan costs in Q2/26 compared with Q2/25, largely driven by lower share prices in Q2/26. In June 2026, TMX Group announced an agreement to acquire RAFI Indices, LLC (RAFI Indices) from Research Affiliates Global Holdings, LLC (Research Affiliates), a global index provider and investment advisor, for US$490.0 million ($683.2 million) in total consideration.

The acquisition will more than triple TMX VettaFi's Assets Under Indexing (AUI), and will significantly expand equity portfolio coverage of TMX VettaFi into fundamental strategies. This transaction is anticipated to close by the end of Q3 2026, subject to regulatory approval and customary closing conditions. In July 2026, TMX Group and MEMX, an exchange operator and market technology provider, announced a definitive agreement for the strategic combination of MEMX and BOX 2 into US$2.3 billion ($3.2 billion 3 ) MEMX Group.

The strategic combination includes funding of approximately US$800 million ($1.1 billion 4 ) in cash, plus the contribution of TMX's existing BOX stake, and is supported by key MEMX and BOX participants rolling equity into the new combined group. TMX will hold an approximate 59% ownership interest in the combined business. The proposed combination will significantly enhance MEMX's capabilities and scale by bringing together two leaders in the US listed options market.

The transaction is expected to close in the second half of 2027, subject to regulatory approval and customary closing conditions. RESULTS OF OPERATIONS Non-GAAP Measures Adjusted net income is a non-GAAP measure 5 , and adjusted earnings per share, adjusted diluted earnings per share, and adjusted earnings per share compound annual growth rate (CAGR) are non-GAAP ratios 6 , and do not have standardized meanings prescribed by GAAP and are, therefore, unlikely to be comparable to similar measures presented by other companies. Management uses these measures, and excludes certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance, including, in some cases, our ability to generate cash.

Management also uses these measures to more effectively measure performance over time, and excluding these items increases comparability across periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors. We present adjusted earnings per share, adjusted diluted earnings per share, and adjusted net income to indicate ongoing financial performance from period to period, exclusive of a number of adjustments as outlined under the heading "Adjusted Net Income attributable to equity holders of TMX Group and Adjusted Earnings Per Share Reconciliation for Q2/26 and Q2/25" and "Adjusted Net Income attributable to equity holders of TMX Group and Adjusted Earnings Per Share Reconciliation for 1H/26 and 1H/25".

We have also presented long term adjusted EPS CAGR as a financial objective which is the growth rate in adjusted diluted earnings per share over time, exclusive of adjustments that impact the comparability of adjusted EPS from period to period, including those outlined under the heading "Adjusted Net Income attributable to equity holders of TMX Group and Adjusted Earnings Per Share Reconciliation for Q2/26 and Q2/25" and "Adjusted Net Income attributable to equity holders of TMX Group and Adjusted Earnings Per Share Reconciliation for 1H/26 and 1H/25". The adjusted EPS CAGR is based on the assumptions outlined under the heading "Caution Regarding Forward Looking Information - Assumptions related to long term financial objectives". Similarly, we present the dividend payout ratio based on dividends paid divided by adjusted earnings per share as a measure of TMX Group's ability to make dividend payments, exclusive of a number of adjustments as outlined under the heading "Adjusted Net Income attributable to equity holders of TMX Group and Adjusted Earnings Per Share Reconciliation for Q2/26 and Q2/25" and "Adjusted Net Income attributable to equity holders of TMX Group and Adjusted Earnings Per Share Reconciliation for 1H/26 and 1H/25".

Debt to adjusted EBITDA ratio is a non-GAAP measure defined as total long term debt and debt maturing within one year divided by adjusted EBITDA. Adjusted EBITDA is calculated as net income excluding interest expense, income tax expense, depreciation and amortization, acquisition, integration and related items, litigation, dispute and related items, one-time income (loss), and other significant items that are not reflective of TMX Group's underlying business operations. Quarter ended June 30, 2026 (Q2/26) Compared with Quarter ended June 30, 2025 (Q2/25) The information below reflects the interim financial statements (unless otherwise indicated) of TMX Group for Q2/26 compared with Q2/25.

Net Income attributable to equity holders of TMX Group and Earnings per Share Net income attributable to equity holders of TMX Group in Q2/26 was $142.6 million, or $0.52 per common share on a basic and $0.51 on a diluted basis, compared with a net income attributable to equity holders of TMX Group of $74.1 million, or $0.27 per common share on a basic and $0.26 on a diluted basis for Q2/25. The increase in net income attributable to equity holders of TMX Group reflects higher income from operations of $35.0 million, driven by an increase in revenue of $65.8 million, partially offset by an increase in operating expenses of $30.8 million. There were also lower net finance costs driven by a net foreign exchange gain on USD-denominated intercompany loans in Q2/26 compared with losses in Q2/25.

The 16% increase in revenue from Q2/25 to Q2/26 was largely attributable to an 18% increase in Global Insights driven by a 40% increase in TMX VettaFi and a 22% increase in TMX Datalinx; a 15% increase in Derivatives Trading and Clearing; a 13% increase in Capital Formation driven by higher TSX Trust and growth across all listing fees revenue; and a 16% increase in Equities and Fixed Income Trading driven by stronger volumes. There was an increase in revenue attributable to a favourable FX impact largely driven by a stronger USD relative to CAD in Q2/26 compared with Q2/25. Revenue excluding ETF Stream, Verity, and nuclear sector indices was up 12% in Q2/26 compared with Q2/25.

The higher expenses reflected approximately $7.7 million higher operating expenses related to ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025). There were also $5.7 million of higher acquisition, integration and related items, $2.2 million higher amortization expenses related to acquired intangibles, $1.6 million of higher costs for litigation, dispute and related items, partially offset by $7.4 million of strategic re-alignment costs in Q2/25. There was also higher IT spend, a write-down of an intangible asset in Q2/26, merit increases, higher headcount and related costs, higher short-term incentive plan costs, increased bad debt expense including a reversal of a provision in Q2/25, higher BOX related expenses, higher severance, a gain on an asset retirement obligation recognized in Q2/25, and higher travel and entertainment costs including conference hosting.

These increases were partially offset by $3.4 million of lower long-term employee performance incentive plan costs in Q2/26 compared with Q2/25, largely driven by lower share prices in Q2/26. Adjusted Net Income attributable to equity holders of TMX Group 9 and Adjusted Earnings per Share 10 Reconciliation for Q2/26 and Q2/25 The following tables present reconciliations of net income attributable to equity holders of TMX Group to adjusted net income attributable to equity holders of TMX Group and earnings per share to adjusted earnings per share. The financial results have been adjusted for the following: The amortization expenses of intangible assets in Q2/25 and Q2/26 related to the Maple transaction (TSX, TSXV, MX, Alpha, Shorcan), TSX Trust, TMX Trayport (including VisoTech and Tradesignal), AST Canada, BOX, Wall Street Horizon (WSH), TMX VettaFi, Newsfile, and iNDEX Research.

Q2/26 also includes amortization expenses of intangible assets related to Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025). These costs are a component of Depreciation and amortization, and Non-controlling interests. Acquisition, integration and related items in Q2/25 and Q2/26 includes VettaFi (fully acquired on January 2, 2024), net increase in change in fair value related to contingent payments accrual assumed as part of previous acquisitions, namely Newsfile, iNDEX Research, and VettaFi's legacy acquisition of ROBO Global (acquired April 2023, prior to TMX acquisition of control), and potential merger, acquisition, and similar activities.

Acquisition, integration and related items in Q2/26 also includes Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), nuclear sector indices (October 2, 2025). These costs are included in Compensation and benefits, Selling, general and administration, Information and trading systems (Bond Indices), Net Finance Costs (VettaFi), and Non-controlling interests. Litigation, dispute and related items in Q2/25 and Q2/26 includes net settlement provisions, and external legal and other advisory services related to matters which are outside of the ordinary course of business operations.

These costs are included in Selling, general and administration. Corporate financing FX translation (gain) / loss in Q2/25 and Q2/26. These changes are included in Net Finance Costs in Q2/26 and Q2/25.

Q2/25 strategic re-alignment expenses are primarily included in Compensation and benefits and Information and trading systems. The table below summarizes the presentation of the pre-tax adjustments related to Q2/26 and Q2/25: Adjusted net income attributable to equity holders of TMX Group increased by 18% from $146.4 million in Q2/25 to $173.0 million in Q2/26 driven by an increase in income from operations. Adjusted diluted earnings per share increased by 10 cents from $0.52 in Q2/25 to $0.62 in Q2/26 reflecting an increase in income from operations, and lower share count.

Revenue Revenue was $487.5 million in Q2/26, up $65.8 million or 16% from $421.7 million in Q2/25 largely attributable to an 18% increase in Global Insights driven by a 40% increase in TMX VettaFi and a 22% increase in TMX Datalinx; a 15% increase in Derivatives Trading and Clearing; a 13% increase in Capital Formation driven by higher TSX Trust and growth across all listing fees revenue; and a 16% increase in Equities and Fixed Income Trading, driven by stronger volumes. There was an increase in revenue attributable to a favourable FX impact largely driven by a stronger USD relative to CAD in Q2/26 compared with Q2/25. Q2/26 revenue included $12.0 million higher revenue related to acquisitions of ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025).

Revenue excluding ETF Stream, Verity, and nuclear sector indices was up 12% in Q2/26 compared with Q2/25. Operating expenses Operating expenses in Q2/26 were $260.4 million, up $30.8 million or 13%, from $229.6 million in Q2/25. The increase reflected $7.7 million higher operating expenses related to ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025).

There were also $5.7 million of higher acquisition, integration and related items, $2.2 million higher amortization expenses related to acquired intangibles, $1.6 million of higher costs for litigation, dispute and related items, partially offset by $7.4 million of strategic re-alignment costs in Q2/25. Excluding the above mentioned expenses, operating expenses increased by approximately 10% in Q2/26 compared with Q2/25. The 10% or $21.0 million increase primarily reflects higher IT spend, a write-down of an intangible asset in Q2/26, merit increases, higher headcount and related costs, higher short-term incentive plan costs, increased bad debt expense including the reversal of a provision in Q2/25, higher BOX related expenses, higher severance, a gain on an asset retirement obligation recognized in Q2/25, and higher travel and entertainment costs including conference hosting.

These increases were partially offset by $3.4 million of lower long-term employee performance incentive plan costs in Q2/26 compared with Q2/25, largely driven by lower share prices in Q2/26. There was also approximately $1.0 million higher expenses attributable to FX impact driven by a weaker CAD relative to USD in Q2/26 compared with Q2/25. Additional Information Share of loss from equity-accounted investments In Q2/26, our share of loss from equity-accounted investments decreased by $0.1 million.

Net finance costs The decrease in net finance costs from Q2/25 to Q2/26 was primarily driven by a net foreign exchange gain on USD-denominated intercompany loans of $18.2 million in Q2/26 compared with net foreign exchange loss of $46.1 million in Q2/25, partially offset by a net fair value loss on contingent considerations of $10.9 million in Q2/26, compared with a $1.6 million gain in Q2/25. Income tax expense and effective tax rate The effective tax rate excluding below adjustments would have been approximately 27% for Q2/26, unchanged from Q2/25. Q2/26 Adjustments related to earn-out liabilities assumed from past acquisitions, which increased our effective tax rate by approximately 1.9%.

Deferred tax adjustments resulting from changes in tax rates and tax rate variances from jurisdictions with higher or lower than 26.5% collectively, which increased our effective tax rate by approximately 1.4%. Adjustments relating to foreign exchange gains, which decreased our effective tax rate by approximately 1.0%. Q2/25 There was a net capital loss from FX revaluations, which increased our effective tax rate by approximately 5%.

There was an increase in net deferred income tax liabilities and a corresponding increase in income tax expense primarily on intangibles related to acquisitions, which increased our effective tax rate by approximately 2%. Net income attributable to non-controlling interests The decrease in net income attributable to non-controlling interests (NCI) for Q2/26 compared to Q2/25 is primarily due to lower net income in BOX driven by higher expenses. Six months ended June 30, 2026 (1H/26) Compared with six months ended June 30, 2025 (1H/25) The information below is derived from the interim financial statements (unless otherwise indicated) of TMX Group for 1H/26 compared with 1H/25.

Net Income attributable to equity holders of TMX Group and Earnings per Share Net income attributable to equity holders of TMX Group in 1H/26 was $367.2 million, or $1.33 per common share on a basic and $1.32 per share on a diluted basis, compared with $180.0 million, or $0.65 per common share on a basic and $0.64 on a diluted basis for 1H/25. The increase in net income attributable to equity holders of TMX Group reflects higher income from operations, driven by an increase in revenue of $134.9 million partially offset by an increase in operating expenses of $42.7 million. There was also a net cash settlement payment of $83.8 million related to a legal dispute in 1H/26, and a $66.3 million decrease in net finance costs largely driven by a net foreign exchange gain on USD-denominated intercompany loans in 1H/26 compared with a net foreign exchange loss in 1H/25.

These increases were somewhat offset by higher income tax expense in 1H/26 compared with 1H/25. The 16% increase in revenue was largely attributable to a 16% increase in Global Insights driven by a 21% increase in TMX Datalinx, a 23% increase in TMX VettaFi, and a 7% increase in TMX Trayport; a 14% increase in Derivatives Trading and Clearing; a 20% increase in Capital Formation; and a 25% increase in Equities and Fixed Income Trading. The revenue increase from 1H/25 to 1H/26 included $22.6 million higher revenue related to the acquisitions of Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025).

Revenue excluding Bond Indices, ETF Stream, Verity, and the addition of nuclear sector indices grew 14% in 1H/26 compared with 1H/25. The 9% increase in operating expenses reflected approximately $15.7 million of operating expenses related to Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025), $7.3 million of higher acquisition, integration and related items, $5.4 million related to amortization of recently acquired intangibles (Bond Indices, ETF Stream, Verity and nuclear indices), and $5.3 million of higher costs related to litigation, dispute and related items. These increases were somewhat offset by $12.0 million of strategic re-alignment costs in 1H/25.

There were also merit increases, higher headcount and related costs, higher IT spend, increased severance, a write-down of an intangible asset in 1H/26, higher short-term employee performance incentive plan costs, increased bad debt expense including the reversal of a provision in 1H/25, higher BOX expenses, and increased travel and entertainment costs including conference hosting. These increases were offset by $13.9 million of lower long-term employee performance incentive plan costs in 1H/26 compared with 1H/25, largely driven by lower share prices in 1H/26. Adjusted Net Income 26 attributable to equity holders of TMX Group and Adjusted Earnings per Share 27 Reconciliation for 1H/26 and 1H/25 The following tables present reconciliations of net income attributable to equity holders of TMX Group to adjusted net income attributable to equity holders of TMX Group and earnings per share to adjusted earnings per share.

The financial results have been adjusted for the following: The amortization expenses of intangible assets in 1H/25 and 1H/26 related to the Maple transaction (TSX, TSXV, MX, Alpha, Shorcan), TSX Trust, TMX Trayport (including VisoTech and Tradesignal), AST Canada, BOX, and Wall Street Horizon (WSH), TMX VettaFi, Newsfile, and iNDEX Research. 1H/26 also includes amortization expenses of intangible assets related to Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), and Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025). These costs are a component of Depreciation and amortization, and Non-controlling interests. Acquisition, integration and related items in 1H/25 and 1H/26 includes VettaFi (fully acquired on January 2, 2024), Bond Indices (acquired February 20, 2025) and ETF Stream (acquired June 16, 2025), net increase in change in fair value related to contingent payments accrual assumed as part of previous acquisitions, namely Newsfile, iNDEX Research, and VettaFi's legacy acquisition of ROBO Global (acquired April 2023, prior to TMX acquisition of control), and potential merger, acquisition, and similar activities.

Acquisition, integration and related items in 1H/26 also includes Verity (acquired October 1, 2025), nuclear sector indices (October 2, 2025). These costs are included in Compensation and benefits, Selling, general and administration, Information and trading systems (Bond Indices), Net Finance Costs (VettaFi), and Non-controlling interests. Litigation, dispute and related items in 1H/25 and 1H/26 includes net settlement provisions, and external legal and other advisory services related to matters which are outside of the ordinary course of business operations.

These costs are included in Selling, general and administration. 1H/26 also included a net cash settlement related to a legal dispute, included in Other Income. Corporate financing FX translation (gain) / loss in 1H/25 and 1H/26. These changes are included in Net Finance Costs in 1H/26 and 1H/25. 1H/25 strategic re-alignment expenses are primarily included in Compensation and benefits and Information and trading systems.

The table below summarizes the presentation of the pre-tax adjustments related to 1H/26 and 1H/25: Adjusted net income attributable to equity holders of TMX Group increased by 26% from $282.7 million in 1H/25 to $355.5 million in 1H/26 driven by an increase in income from operations, partially offset by higher income tax expense. Adjusted diluted earnings per share increased by 27% or 27 cents from $1.01 in 1H/25 to $1.28 in 1H/26 primarily reflecting an increase in income from operations from 1H/25 to 1H/26 and lower share count, partially offset by higher income tax expense. Revenue Revenue was $975.7 million in 1H/26, up $134.9 million or 16% compared with $840.8 million in 1H/25 largely attributable to a 16% increase in Global Insights driven by a 21% increase in TMX Datalinx, a 23% increase in TMX VettaFi, and a 7% increase in TMX Trayport; a 14% increase in Derivatives Trading and Clearing; a 20% increase in Capital Formation, and a 25% increase in Equities and Fixed Income Trading.

There was also decreased revenue attributable to an unfavorable FX impact driven by a weaker USD relative to CAD, partially offset by a stronger ILS and GBP in 1H/26 compared with 1H/25. 1H/26 revenue included $22.6 million higher revenue related to the acquisitions of Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025). Revenue excluding Bond Indices, ETF Stream, Verity, and the addition of nuclear sector indices grew 14% in 1H/26 compared with 1H/25. Operating expenses Operating expenses in 1H/26 were $510.0 million, up $42.7 million or 9%, from $467.3 million in 1H/25.

The increase from 1H/25 to 1H/26 reflected approximately $15.7 million of operating expenses related to Bond Indices (acquired February 20, 2025), ETF Stream (acquired June 16, 2025), Verity (acquired October 1, 2025), and nuclear sector indices (October 2, 2025), $7.3 million of higher acquisition, integration and related items, $5.4 million related to amortization of recently acquired intangibles (Bond Indices, ETF Stream, Verity and nuclear indices), and $5.3 million of higher costs related to litigation, dispute and related items. Somewhat offsetting these increases was $12.0 million of strategic re-alignment costs in 1H/25. Excluding the above mentioned expenses, operating expenses increased by approximately 5% in 1H/26 compared with 1H/25.

The operating expense increase of approximately 5% or $21.0 million, reflects merit increases, higher headcount and related costs, higher IT spend, increased severance, a write-down of an intangible asset in 1H/26, higher short-term employee performance incentive plan costs, increased bad debt expense including the reversal of a provision in 1H/25, higher BOX expenses, and increased travel and entertainment costs including conference hosting. These increases were offset by $13.9 million of lower long-term employee performance incentive plan costs in 1H/26 compared with 1H/25, largely driven by lower share prices in 1H/26. There was also approximately $1.4 million lower expenses attributable to FX impact driven by a stronger CAD relative to USD, partially offset by a weaker CAD relative to GBP and ILS in 1H/26 compared with 1H/25.

Additional Information Share of loss from equity-accounted investments In 1H/26, our share of loss from equity-accounted investments decreased by $0.5 million. Other income In 1H/26, we received a cash payment of $91.1 million as part of the settlement of a legal dispute. In conjunction with this settlement, we recognized a provision of $7.3 million for unavoidable costs arising from the fulfillment of related contractual obligations.

Net finance costs The decrease in net finance costs from 1H/25 to 1H/26 was primarily driven by a $29.4 million net foreign exchange gain on USD-denominated intercompany loans in 1H/26 compared with a net foreign exchange loss of $46.0 million in 1H/25. This decrease was partially offset by a net fair value loss on contingent considerations of $6.8 million in 1H/26, compared with a $2.6 million gain in 1H/25, and lower interest income in 1H/26 compared with 1H/25. Income tax expense and effective tax rate The effective tax rates reconcile to TMX Group's statutory rates of approximately 27% for 1H/26 and 1H/25 as follows: 1H/26 Adjustments related to earn-out liabilities assumed from past acquisitions, which increased our effective tax rate by approximately 0.7%.

Deferred tax adjustments resulting from changes in tax rates and tax rate variances from jurisdictions with higher or lower than 26.5% collectively, which increased our effective tax rate by approximately 0.3%. Adjustments relating to foreign exchange gains, which decreased our effective tax rate by approximately 0.7%. 1H/25 There was a net capital loss from FX revaluations, which increased our effective tax rate by approximately 2%. There was an increase in net deferred income tax liabilities and a corresponding increase in income tax expense primarily on intangibles related to acquisitions, which increased our effective tax rate by approximately 1%.

Net income attributable to non-controlling interests The decrease in net income attributable to non-controlling interests for 1H/26 compared to 1H/25 is primarily due to lower net income in BOX driven by lower revenue and higher expenses. COMPARATIVE FIGURES Certain comparative figures have been reclassified in order to conform with the financial presentation adopted in the current year. In 2025, we revised the composition of our adjusted net income and adjusted earnings per share to exclude dispute and litigation costs and costs for deal-related activities.

As a result, adjusted net income and adjusted earnings per share for Q2/25 and 1H/25 were revised to reflect these changes. In 1H/26, we revised the presentation of the adjustments in the reconciliations of adjusted net income and adjusted earnings per share to consolidate formerly named items 'Integration costs', 'Acquisition and related costs', and 'Contingent payments accrual and fair value adjustment' and consolidate formerly named items 'Dispute and litigation costs' and 'BOX Consolidated Audit Trail (CAT) related expenses'. This was a change in presentation only and did not affect the total amount of adjusted net income or adjusted earnings per share.

Management uses these measures, and excludes certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance. For more information, please refer to "Results of Operations - Non-GAAP Measures" which outlines TMX Group's use of Non-GAAP measures. FINANCIAL STATEMENTS GOVERNANCE PRACTICE The Audit Committee of the Board of Directors of TMX Group (Board) reviewed this press release as well as the Q2/26 unaudited condensed consolidated interim financial statements (interim financial statements) and related Management's Discussion and Analysis (MD&A) and recommended they be approved by the Board of Directors.

Following review by the full Board, the Q2/26 interim financial statements, MD&A and the contents of this press release were approved. CONSOLIDATED FINANCIAL STATEMENTS Our Q2/26 interim financial statements are prepared in accordance with IFRS Accounting Standards ("IFRS") and IFRS Interpretations ("IFRIC"), as issued by the International Accounting Standards Board ("IASB"), unless otherwise specified. The interim financial statements are in compliance with IAS 34, Interim Financial Reporting.

Financial measures contained in the MD&A and this press release are based on these financial statements, unless otherwise specified. All amounts are in Canadian dollars unless otherwise indicated. ACCESS TO MATERIALS TMX Group has filed its Q2/26 interim financial statements and MD&A with Canadian securities regulators.

This press release should be read together with our Q2/26 interim financial statements and MD&A. These documents may be accessed through www.sedarplus.ca , or on the TMX Group website at www.tmx.com . We are not incorporating information contained on the website in this press release.

In addition, copies of these documents will be available upon request, at no cost, by contacting TMX Group Investor Relations by phone at +1 888 873-8392 or by e-mail at TMXshareholder@tmx.com . CAUTION REGARDING FORWARD-LOOKING INFORMATION This press release of TMX Group contains "forward-looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, assumptions, estimates, projections and other factors that management believes to be relevant as of the date of this press release. Often, but not always, such forward-looking information can be identified by the use of forward-looking words such as "plans," "expects," "projects", "is expected", "projected", "budget," "scheduled," "targeted," "estimates," "forecasts," "intends," "anticipates," "believes," or variations or the negatives of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will" be taken, occur or be achieved or not be taken, occur or be achieved.

Forward-looking information, by its nature, requires us to make assumptions and is subject to significant risks and uncertainties which may give rise to the possibility that our expectations or conclusions will not prove to be accurate and that our assumptions may not be correct. Examples of forward-looking information in this Press Release include, but are not limited to, our long-term revenue growth CAGR and adjusted EPS CAGR objectives; our target dividend payout ratio; our target debt to adjusted EBITDA ratio; our objectives regarding growing recurring revenue, revenue outside Canada and the percentage of Global Insights revenue as a percentage of total TMX Group revenue; our objectives related to the acquisition of VettaFi; our objectives related to the acquisition of Newsfile; our objectives related to the acquisition of iNDEX Research; our objectives related to the acquisition of ETF Stream; our objectives related to the acquisition of Verity; the anticipated benefits to TMX Group of the Cboe Canada and Cboe Australia, and RAFI Indices transactions; the ability to integrate Cboe Canada and Cboe Australia into TMX Group; the ability to integrate RAFI Indices into TMX Group; the expected impact on TMX's long-term growth strategy; the potential for geographic expansion; the timing and receipt of regulatory approval; closing of the transaction; the modernization of clearing platforms, including the expected amortization run-rate and timing and the expected savings related to the implementation of the modernization project; the expected cost savings and timing of the strategic re-alignment initiative; the cessation of market-making programs and the impact on rate per contract; other statements related to cost reductions; the ability to and the timing of achieving our targeted leverage range; the impact of the market capitalization of TSX and TSXV issuers overall (from 2024 to 2025); future changes to TMX Group's anticipated statutory income tax rate for 2026; factors relating to stock, and derivatives exchanges and clearing houses and the business, strategic goals and priorities, market conditions, pricing, proposed technology and other business initiatives and the timing and implementation thereof, financial results or financial condition, operations and prospects of TMX Group which are subject to significant risks and uncertainties. These risks include, but are not limited to: competition from other exchanges or marketplaces, including alternative trading systems and new technologies and alternative sources of financing, on a national and international basis; dependence on the economies of Canada, the United States and Australia; adverse effects on our results caused by global economic conditions (including geopolitical events, interest rate movements, or threats of recession) or uncertainties including changes in business cycles that impact our sector; failure to retain and attract qualified personnel; geopolitical and other factors which could cause business interruption; dependence on information technology; vulnerability of our networks and third-party service providers to security risks, including cyber-attacks; failure to properly identify or implement our strategies; regulatory constraints; constraints imposed by our level of indebtedness, risks of litigation or other proceedings; dependence on adequate numbers of customers; failure to develop, market or gain acceptance of new products; failure to close and effectively integrate acquisitions, including the Cboe Canada and Cboe Australia acquisition, and RAFI Indices acquisition, to achieve planned economics, or divest underperforming businesses; currency risk; adverse effect of new business activities; adverse effects from business divestitures; not being able to meet cash requirements because of our holding company structure and restrictions on paying inter-corporate dividends; dependence on third-party suppliers and service providers; dependence of trading operations on a small number of clients; risks associated with our clearing operations; challenges related to international expansion; restrictions on ownership of TMX Group common shares; inability to protect our intellectual property; adverse effect of a systemic market event on certain of our businesses; risks associated with the credit of customers; cost structures being largely fixed; the failure to realize cost reductions in the amount or the time frame anticipated; dependence on market activity that cannot be controlled; the regulatory constraints that apply to the business of TMX Group and its regulated subsidiaries, costs of on-exchange clearing and depository services, trading volumes (which could be higher or lower than estimated) and the resulting impact on revenues; future levels of revenues being lower than expected or costs being higher than expected.

Forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions in connection with the ability of TMX Group to successfully compete against global and regional marketplaces and other venues; business and economic conditions generally; exchange rates (including estimates of exchange rates from Canadian dollars to the U.S. dollar or GBP), commodities prices, the level of trading and activity on markets, and particularly the level of trading in TMX Group's key products; business development and marketing and sales activity; the continued availability of financing on appropriate terms for future projects; changes to interest rates and the timing thereof; productivity at TMX Group, as well as that of TMX Group's competitors; market competition; research and development activities; the successful introduction and client acceptance of new products and services; successful introduction of various technology assets and capabilities; the impact on TMX Group and its customers of various regulations; TMX Group's ongoing relations with its employees; and the extent of any labour, equipment or other disruptions at any of its operations of any significance other than any planned maintenance or similar shutdowns. Assumptions related to long-term financial objectives In addition to the assumptions outlined above, forward looking information related to long-term revenue CAGR objectives, and long-term adjusted earnings per share CAGR objectives are based on assumptions that include, but are not limited to: TMX Group's success in achieving growth initiatives and business objectives; continued investment in growth businesses and in transformation initiatives including next generation technology and systems; no significant changes to our effective tax rate, and number of shares outstanding; organic and inorganic growth in recurring revenue moderate levels of market volatility over the long term; level of listings, trading, and clearing consistent with historical activity; economic growth consistent with historical activity; no significant changes in regulations; continued disciplined expense management across our business; continued re-prioritization of investment towards enterprise solutions and new capabilities; free cash flow generation consistent with historical run rate; and a limited impact from inflation, rising interest rates and supply chain constraints on our plans to grow our business over the long term including on the ability of our listed issuers to raise capital. While we anticipate that subsequent events and developments may cause TMX Group's views to change, TMX Group has no intention to update this forward-looking information, except as required by applicable securities law.

This forward-looking information should not be relied upon as representing TMX Group's views as of any date subsequent to the date of this press release. TMX Group has attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward-looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations.

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of the factors that could affect TMX Group.

A description of the above-mentioned items is contained in the section "Enterprise Risk Management" of our 2025 Annual MD&A. About TMX Group (TSX: X) TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange , TSX Venture Exchange , TSX Alpha Exchange , The Canadian Depository for Securities , Montréal Exchange , Canadian Derivatives Clearing Corporation , TSX Trust , TMX Trayport , TMX Datalinx , TMX VettaFi and TMX Newsfile which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community.

TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London, Singapore, and Vienna. For more information about TMX Group, visit www.tmx.com . Follow TMX Group on X: @TMXGroup .

Teleconference / Audio Webcast TMX Group will host a teleconference / audio webcast to discuss the financial results for Q2/26. Time: 8:00 a.m. - 9:00 a.m. ET on Friday, July 31st, 2026 Participants may access the conference call via the webcast link: https://www.gowebcasting.com/14746 . The audio webcast of the conference call will also be available on TMX Group's website at www.tmx.com , under Investor Relations.

Alternatively, participants may join the live call by dialing 1-833-752-4317 or 1-647-846-2266. An audio replay of the conference call will be available at 1-855-669-9658 or 1-412-317-0088, 2013397#. 1 Adjusted diluted earnings per share is a non-GAAP ratio, see discussion under the heading "Non-GAAP Measures". Adjusted diluted earnings per share for Q1/25 has been restated, see discussion under the heading "Comparative Figures'. 2 Any references to BOX under the heading 'Key Highlights for the Second Quarter of 2026' refers to BOX Holdings Group LLC (which wholly owns BOX Options Market LLC), and BOX Exchange LLC collectively 3 Based on USD/CAD exchange rate of 1.4083 as of July 29, 2026. 4 Based on USD/CAD exchange rate of 1.4083 as of July 29, 2026. 5 As defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. 6 As defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. 7 Adjusted net income is a non-GAAP measure, see discussion under the heading "Non-GAAP Measures".

Revised to conform with current period composition. 8 Adjusted earnings per share is a non-GAAP ratio, see discussion under the heading "Non-GAAP Measures". Revised to conform with current period composition. 9 Adjusted net income is a non-GAAP measure, see discussion under the heading "Non-GAAP Measures". 10 Adjusted earnings per share is a non-GAAP ratio, see discussion under the heading "Non-GAAP Measures". 11 Revised to conform with current period composition. 12 Includes amortization expense of acquired intangibles for Bond Indices, ETF Stream, Verity, and nuclear sector indices in Q2/26. 13 Revised to conform with current period composition, consolidates formerly named items 'Integration costs', 'Acquisition and related costs', and 'Contingent payments accrual and fair value adjustment'. 14 Revised to conform with current period composition, consolidates formerly named items 'Dispute and litigation costs' and 'Other related items'. 15 Previously Net loss (gain) from translation of monetary assets and liabilities denominated in foreign currencies. 16 Adjusted net income is a non-GAAP measure, see discussion under the heading "Non-GAAP Measures". The reconciliation for Adjusted Net Income in Q2/26 is presented without rounding adjustments for better accuracy. 17 Includes amortization expense of acquired intangibles for Bond Indices, ETF Stream, Verity, and nuclear sector indices in Q2/26. 18 Revised to conform with current period composition, consolidates formerly named items 'Integration costs', 'Acquisition and related costs', and 'Contingent payments accrual and fair value adjustment'. 19 Revised to conform with current period composition, consolidates formerly named items 'Dispute and litigation costs' and 'Other related items'. 20 Previously Net loss (gain) from translation of monetary assets and liabilities denominated in foreign currencies. 21 Adjusted earnings per share is a non-GAAP ratio, see discussion under the heading "Non-GAAP Measures".

The reconciliation for adjusted earnings per share in Q2/26 is presented without rounding adjustments for better accuracy. 22 "Global Insights" was previously "Global Solutions, Insights and Analytics". 23 Effective Tax Rate is based on Income tax expense divided by Income before income tax expense less Non-controlling interests. Effective tax rate, including NCI, calculated from total Income before Income Tax Expense was 27% in Q2/26 and 29% in Q2/25. 24 Adjusted net income is a non-GAAP measure, see discussion under the heading "Non-GAAP Measures". Revised to conform with current period composition. 25 Adjusted earnings per share is a non-GAAP ratio, see discussion under the heading "Non-GAAP Measures".

Revised to conform with current period composition. 26 Adjusted net income is a non-GAAP measure, see discussion under the heading "Non-GAAP Measures". 27 Adjusted earnings per share is a non-GAAP ratio, see discussion under the heading "Non-GAAP Measures". 28 Includes amortization expense of acquired intangibles including Bond Indices, ETF Stream, Verity, and nuclear sector indices in 1H/26. 29 For additional information, see discussion under the heading "Initiatives and Accomplishments" in TMX Group's Q2 2026 MD&A. Revised to conform with current period composition. 30 Revised to conform with current period composition. 31 Previously Net loss (gain) from translation of monetary assets and liabilities denominated in foreign currencies. 32 Adjusted net income is a non-GAAP measure, see discussion under the heading "Non-GAAP Measures". The reconciliation for Adjusted Net Income in 1H/26 is presented without rounding adjustments for better accuracy.

Revised to conform with current period composition. 33 Includes amortization expense of acquired intangibles including Bond Indices, ETF Stream, Verity, and nuclear sector indices in 1H/26. 34 Revised to conform with current period composition, consolidates formerly named items 'Integration costs', 'Acquisition and related costs', and 'Contingent payments accrual and fair value adjustment'. 35 Revised to conform with current period composition, consolidates formerly named items 'Dispute and litigation costs' and 'Other related items'. 36 Previously Net loss (gain) from translation of monetary assets and liabilities denominated in foreign currencies. 38 Adjusted earnings per share is a non-GAAP ratio, see discussion under the heading "Non-GAAP Measures". The reconciliation for Adjusted earnings per share in 1H/26 is presented without rounding adjustments for better accuracy. Revised to conform with current period composition. 39 Effective Tax Rate is based on Income tax expense divided by Income before income tax expense excluding Non-controlling interests.

Effective tax rate, including NCI, calculated from total Income before Income Tax Expense was 25% in 1H/26 and 26% in 1H/25. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307215 Newsfile Corp. July 30, 2026 - 3:40 PM PDT News by QuoteMedia www.quotemedia.com