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Why Invest In TMX

Accelerating Growth Across Our Business

TMX operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. We are a technology enabled, diversified, global business delivering profitable growth.

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Key Metrics

7%

2023 Revenue Growth

$1.28

2023 Diluted EPS

$356 M

2023 Net income

2.1%

Dividend
Yield1

53%

2023 Recurring
Revenue2

41%

Revenue from
outside Canada3

35%

2023 Revenue
from Global Solutions, Insights and Analytics 4

$524.9M

2023 Cash flows
from operating activities

1 Based on January 30, 2024 closing share price and quarterly dividend of $0.18 per common share declared on February 5, 2024.

2 Recurring revenue streams include substantially all of GSIA, as well as sustaining listing fees, custody fees, transfer agency fees, and other access / subscription based revenues.

3 From customers with an address outside Canada, based on 2023 revenue.

4 GSIA segment revenue as a percentage of total TMX Group revenue.

Our Client First Vision:

To be an indispensable solution for companies around the world to raise capital and the preferred destination for traders and investors to prosper.

Our Mission:

We power capital and commodity markets with client-centric, technology-driven global solutions.

Long Term Financial Objectives

Double Digit adjusted EPS CAGR1
Strong Growth* revenue CAGR
High Growth*
  • TSX Trust
  • Derivatives Trading & Clearing
  • GSIA - TMX Trayport
  • GSIA - TMX VettaFi
 Strong Growth*
  • Capital Formation
    (excl. TSX Trust)
  • GSIA: TMX Datalinx
 Market Growth*
  • Equity & FI Trading Clearing
40-50% Target dividend payout ratio2 1.5 - 2.5x target debt / adjusted EBITDA3

Transformational Objectives

    More than two thirds
  • Recurring RevenueI
    More than half
  • Revenue outside of CanadaII
    More than half
  • Global Solutions, Insights and Analytics (GSIA) revenueIII

*High Growth is defined as high-single to double digit revenue CAGR, Strong Growth is defined as 5% plus revenue CAGR, and Market Growth is defined as revenue CAGR in line with the overall market.

1 Adjusted EPS and adjusted EPS CAGR are non-GAAP ratios that do not have standardized meanings prescribed by GAAP, and are therefore unlikely to be comparable to similar measures presented by other companies. See discussion under the headings "Non-GAAP Measures" and "Caution Regarding Forward Looking Information - Assumptions related to long term financial objectives" in TMX's 2023 Annual MD&A (which is incorporated by reference and available under our profile on SEDAR at www.sedarplus.ca) for information on the composition of adjusted EPS.

2 Dividend payout ratio is a non-GAAP ratio. See discussion under the heading "Non-GAAP Measures" in TMX's 2023 Annual MD&A.

3 Debt/Adjusted EBITDA is a non-GAAP ratio. See discussion under the heading "Non-GAAP Measures" in TMX's 2023 Annual MD&A.

Transformational Objectives:

I Recurring revenue streams include substantially all of Global Solutions, Insights and Analytics, as well as sustaining fees, custody fees, transfer agency fees, and other access/subscription based revenues.

II Revenue based on the country to which customer invoices are addressed.

III GSIA segment revenue as a percentage of total TMX revenue.