Financial Analysis

Commitments and Contingencies Lawsuits and Legal Claims We are engaged in various legal proceedings, claims, audits, and investigations that have arisen in the ordinary course of business. These matters may include among others, antitrust/competition claims, intellectual property infringement claims, employment matters, and commercial matters. The outcome of the matters against us are subject to future resolution, including the uncertainties of litigation. From time to time, we are involved in litigation in the ordinary course of our business, including claims or contingencies that may arise related to matters occurring prior to our acquisition of businesses. At the present time, primarily because the matters are generally in early stages, we can give no assurance as to the outcome of any pending litigation to which we are currently a party, and we are unable to determine the ultimate resolution of these matters or the effect they may have on us. We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate levels of insurance, which we expect are likely to provide coverage for some of these liabilities or other losses that may arise from these litigation matters. Between January and March 2022, three putative securities class action complaints were filed in the United States District Court for the Eastern District of New York against Clarivate and certain of its executives and directors alleging that there were weaknesses in the Compa …

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Debt The following table summarizes our total indebtedness: June 30, 2026 December 31, 2025 Type Maturity Effective Interest Rate Carrying Value Effective Interest Rate Carrying Value Senior Secured Notes 2026 4.500% $ 4.500% $ 100.0 Senior Secured Notes 2028 3.875% 825.0 3.875% 921.2 Senior Notes 2029 4.875% 900.0 4.875% 921.4 Revolving Credit Facility 2029 6.394% 6.466% Term Loan Facility (Tranche 1) 2031 6.394% 1,999.2 6.466% 1,999.2 Term Loan Facility (Tranche 2) 2031 6.894% 500.0 6.966% 500.0 Finance lease 2036 6.936% 27.3 6.936% 28.1 Total debt outstanding 4,251.5 4,469.9 Debt discounts and issuance costs (40.6) (46.9) Current portion of long-term debt (1) (1.6) (101.5) Long-term debt $ 4,209.3 $ 4,321.5 (1) As of December 31, 2025, $100.0 of the Senior Secured Notes due 2026 were outstanding, which we fully redeemed in January 2026. Senior Secured Notes (2026) In January 2026, we redeemed the remaining $100.0 aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the January 30, 2026 redemption date. Senior Secured Notes (2028) and Senior Notes (2029) Interest on the Senior Secured Notes due 2028 and the Senior Notes due 2029 is payable semi-annually to holders of record on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis with borrowings under our credit facilities. Both series of Notes are guaranteed on a joint and several basis by each of …

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The following table summarizes our revenues disaggregated by transaction type (see Note 11 - Segment Information for revenues by segment): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Subscription $ 403.3 $ 405.7 $ 800.8 $ 794.3 Re-occurring 109.3 108.9 217.9 214.8 Recurring revenues 512.6 514.6 1,018.7 1,009.1 Transactional 74.7 106.8 154.1 206.0 Revenues $ 587.3 $ 621.4 $ 1,172.8 $ 1,215.1

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Other Intangible Assets, Net and Goodwill Other intangible assets, net The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class: June 30, 2026 December 31, 2025 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 7,805.2 $ (2,043.8) $ 5,761.4 $ 7,828.2 $ (1,875.4) $ 5,952.8 Technology and content 2,840.6 (1,549.6) 1,291.0 2,832.2 (1,453.1) 1,379.1 Computer software 1,322.8 (821.7) 501.1 1,252.1 (758.8) 493.3 Trade names and other 89.1 (65.2) 23.9 89.3 (63.3) 26.0 Definite-lived intangible assets 12,057.7 (4,480.3) 7,577.4 12,001.8 (4,150.6) 7,851.2 Indefinite-lived trade names 156.9 156.9 156.9 156.9 Other intangible assets, net $ 12,214.6 $ (4,480.3) $ 7,734.3 $ 12,158.7 $ (4,150.6) $ 8,008.1 Amortization expense related to intangible assets was $180.0 and $185.2 for the three months ended June 30, 2026 and 2025 , respectively. For the six months ended June 30, 2026 and 2025 , amortization expense was $358.7 and $365.8 , respectively. Goodwill The following table summarizes the change in the carrying amount of Goodwill by segment: A&G IP LS&H Total Consolidated Balance as of December 31, 2025 $ 1,088.9 $ $ 477.8 $ 1,566.7 Goodwill impairment (221.7) (221.7) Impact of foreign currency fluctuations (0.1) (0.1) Balance as of June 30, 2026 $ 1,088.8 $ $ 256.1 $ 1,344.9 During the second quarter of 2026, we identified indicators of impairment relat …

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Income Taxes We compute our provision (benefit) for income taxes by applying the estimated annual effective tax rate to year-to-date pre- tax income (loss) and adjust the provision for discrete tax items recorded in the period. The income tax provision of $8.0 and $12.3 for the three months ended June 30, 2026 and 2025 , respectively, was primarily due to the mix of jurisdictions and legal entities in which pre-tax profits and losses were recognized. The income tax provision of $19.4 and $31.1 for the six months ended June 30, 2026 and 2025 , respectively, was primarily due to the mix of jurisdictions and legal entities in which pre-tax profits and losses were recognized. The non-cash goodwill impairment recorded during the second quarter of 2026 did not have a significant impact on our income tax provision because it was mostly non-deductible for tax purposes.

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Recently Adopted Accounting Standards In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets. The practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. We adopted this standard on a prospective basis in the first quarter of 2026, with no material impact on our financial statements or related disclosures. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which requires footnote disclosure that disaggregates relevant expense captions, including the total amount of selling expenses. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are currently assessing the impact of this update on our financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software , which removes all references to project stages and clarifies the threshold that entities apply to begin capitalizing costs. The update further specifies req …

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Restructuring We have engaged in various restructuring programs to strengthen our business and streamline our operations, including taking actions related to the location and use of leased facilities. Our recent restructuring programs include the following: Value Creation Plan - During the fourth quarter of 2024, we approved a broad-based plan to optimize our business model, which includes reductions in force and lease rationalization activities. We expect to incur approximately $16 of additional costs associated with this plan, primarily in 2026 . Segment Optimization - During the second quarter of 2023, we approved a restructuring plan to reduce operational costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce. This program is complete. The following table summarizes the pre-tax charges by activity and program during the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Severance and related benefit costs Value Creation Plan $ 10.9 $ 8.8 $ 22.8 $ 32.8 Segment Optimization 0.4 Exit and disposal costs Value Creation Plan 1.2 0.5 1.3 0.8 Restructuring costs $ 12.1 $ 9.3 $ 24.1 $ 34.0 The following table summarizes the pre-tax charges by program and segment during the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Academia & Government Value Creation Plan $ 3.5 $ 4.3 $ 8.3 $ 16.6 Intellectual Property Value Creation Plan 7.4 …

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Revenues We derive revenue through subscriptions to our product offerings, re-occurring contracts in our IP segment, and transactional sales that are typically quoted on a product, data set, or project basis. Subscription-based revenues are recurring revenues that we typically earn under annual contracts, pursuant to which we license the right to use our products to our customers or provide maintenance services over a contractual term. We invoice and collect the subscription fee at the beginning of the subscription period. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. Cash received or receivable in advance of completing the performance obligations is included in deferred revenue. We recognize subscription revenue ratably over the contract term as the access or service is provided. Re-occurring revenues are derived solely from the patent and trademark renewal services provided by our IP segment. Our services help customers maintain and protect their patents and trademarks in multiple jurisdictions around the world. Because of the re-occurring nature of the patent and trademark lifecycle, our customers engage us on a regular basis to ensure their intellectual property rights remain protected. These contracts typically include evergreen clauses or are multi-year agreements. We invoice and recognize revenue upon delivery of the service. Transactional revenues are earned for specific deliverables that are typica …

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Segment Information As discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies , we have organized our business into three reportable segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare. Our chief operating decision maker (CODM) evaluates performance for our reportable segments based primarily on revenues and Adjusted EBITDA. Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and amortization, and Interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in Net income (loss) for the period that we do not consider indicative of our ongoing operating performance. Significant segment expenses include people-related costs, royalties and other product costs, technology costs (comprised primarily of software licenses and hosting costs), and outside service costs (comprised primarily of professional services and contracted labor). Other costs primarily include facilities costs and product marketing costs. The following table summarizes reportable segment revenues, expenses, and profit and provides a reconciliation of total reportable segment Adjusted EBITDA to Net income (loss) f …

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Shareholders' Equity Share Repurchase Program In December 2024, the Board authorized a share repurchase program of up to $500.0 of our ordinary shares for a period of two years, from January 1, 2025 through December 31, 2026 . D uring the six months ended June 30, 2026 , we repurchased approximately 7.0 million ordinary shares for $18.1 at an average price of $2.59 per share. All repurchased shares were immediately retired and restored as authorized but unissued ordinary shares. Accumulated Other Comprehensive Loss (AOCL) The following tables provide information about the changes in AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax): Six Months Ended June 30, 2026 Hedging relationships (1) Defined benefit pension plans Foreign currency translation adjustment (2) AOCL Balance as of December 31, 2025 $ 2.3 $ (1.1) $ (454.3) $ (453.1) Other comprehensive income (loss) before reclassifications 12.2 0.1 (10.1) 2.2 Reclassifications from AOCL to net earnings (2.9) (0.5) (3.4) Net other comprehensive income (loss) 9.3 0.1 (10.6) (1.2) Balance as of June 30, 2026 $ 11.6 $ (1.0) $ (464.9) $ (454.3) Six Months Ended June 30, 2025 Hedging relationships (1) Defined benefit pension plans Foreign currency translation adjustment (2) AOCL Balance as of December 31, 2024 $ 10.7 $ (0.4) $ (536.6) $ (526.3) Other comprehensive income (loss) before reclassifications (1.7) 0.1 114.6 113.0 Reclassifications from AOCL to net earnings (5. …

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Subsequent Event In July 2026, we entered into a definitive agreement to divest our LS&H business to an affiliate of Altaris LLC for an aggregate purchase price of $600.0 , consisting of approximately $500.0 in cash at closing, $25.0 in cash deferred to the later of the completion of a transition services agreement and January 31, 2028 (but no later than January 31, 2028, in any case), and a $75.0 seller note. As a result of the transaction, we expect to be able to increase our focus on our A&G and IP businesses, and we anticipate that the proceeds from the sale will strengthen our balance sheet through reduced debt. We anticipate that the transaction will close by the end of calendar year 2026, subject to customary closing conditions, including regulatory approvals and the expiration of applicable waiting periods. We have determined that the disposition of the LS&H business meets the criteria to be reported and presented as a discontinued operation beginning in the third quarter of 2026.

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