Corporates Segment Growth and Revenue Outlook

Q1 showed high organic growth (12%) boosted by non‐recurring and seasonal factors " " " ; Q2 reported 8% growth with cautious outlook due to seasonality and comparison challenges " " "

Q4 reported 10% organic growth with strong recurring revenue and an updated, more optimistic 2026 target (9%–11%) " " "

Increased confidence and a more positive forward outlook despite prior seasonality challenges.

Generative AI Adoption

Q1 noted tremendous early appetite, experimentation with multiple pricing models and early monetization risk " " " ; Q2 highlighted strong customer interest across firm sizes with test-and-learn phases " " "

Q4 showed steady adoption with Westlaw Precision ACV above 40% and a clear portfolio rollout (CoCounsel, Westlaw Precision enhancements) while acknowledging ongoing investment risks " "

Adoption has matured and become more established, although investment and monetization risks remain a focus.

Legal Professionals Segment Performance and Product Lifecycle Challenges

Q1 reported a stable 7% growth driven by core products but underperformance in FindLaw, with early generative AI momentum " " " ; Q2 confirmed 7% growth with international contributions but noted headwinds from FindLaw " " "

Q4 maintained 7% organic revenue growth with contributions from migration projects and generative AI products while continuing to face product lifecycle challenges (e.g. sunsetting small products) " "

Consistent performance across periods with ongoing challenges from slower-growing legacy products offset by new AI enhancements.

Operational Execution Challenges and Prolonged Sales Cycles

Q1 and Q2 detailed prolonged sales cycles in the Corporates segment and operational hurdles impacting performance " "

Q4 continued to acknowledge prolonged sales cycles but emphasized strategic initiatives and rigorous execution measures for improvement in 2025 " "

Challenges persist; however, there is a renewed focus on operational execution to mitigate these issues.

International Expansion Opportunities

Q1 offered detailed expansion strategies targeting Brazil, Mexico, Japan, and other key regions as approximately 20% revenue from international markets " " ; Q2 underlined international businesses as key contributors for several segments " " "

Q4 did not explicitly highlight international expansion as a standalone topic, mentioning international business contributions only in passing " "

A reduced explicit emphasis in Q4 suggests that international expansion is less front‐and‐center compared to earlier detailed discussions.

Acquisition Strategy and Integration Costs Impacting Margins

Q1 recounted the Pagero acquisition and anticipated higher integration spending, while upholding EBITDA guidance " " " " ; Q2 emphasized acquisition activity (Pagero, SurePrep, Casetext) and noted integration costs impacting margins short term " "

Q4 reiterated the “Build, Partner, Buy” strategy, with several acquisitions (including Pagero) and integration costs acknowledged as weighing on margins presently but positioned for long‑term profitability " " "

A consistent acquisition strategy continues, with integration costs remaining a short‑term drag while long-term margin improvement is anticipated.

Reliance on Nonrecurring and Seasonal Revenue Impacts

Q1 acknowledged significant contributions from nonrecurring transactional revenues (e.g. Reuters AI licensing, tax-related offerings) that bolstered growth temporarily " " " ; Q2 detailed similar nonrecurring GenAI licensing deals and seasonal effects (especially in Tax & Accounting) " "

Q4 detailed the impact of one‑off revenues (e.g. Reuters generative AI licensing) and typical seasonal revenue mix challenges impacting organic growth comparisons, with an expected drag on future growth " "

A constant factor across all periods, with repeated caution that nonrecurring and seasonal items can distort true underlying growth.