TMX Group Limited (X:CA) Scotiabank’s 27th Annual Financials Summit September 9, 2026 2:25 PM EDT
Company Participants
David Arnold – Chief Financial Officer
Loui Anastasopoulos – CEO of Toronto Stock Exchange & Global Head of Capital Formation
Conference Call Participants
Phil Hardie – Scotiabank Global Banking and Markets, Research Division
Presentation
David Arnold
Chief Financial Officer
[Audio Gap] And that’s really been fueled across all of our business segments, as opposed to just 1 or 2. And then the second one is really accelerating the growth that we’ve spoken about, where we have a strategy to be more global than local. And we announced 3 transactions. It represented roughly $2 billion in inorganic investment. And we’re firing on all cylinders right now. Looking ahead, we’re excited. We’re hoping to continue building this momentum into the second half of this year and then, quite frankly, into 2027.
Question-and-Answer Session
Phil Hardie
Scotiabank Global Banking and Markets, Research Division
Excellent. Listen, the TM2X vision really targets $2 billion of revenue at twice the speed it took to double the revenue to $1 billion in 2021 — sorry, 2022. And that effectively targets a $2 billion top line, I think, by the end of 2029. And David, by my numbers, I think you’re on track to getting there 1 year early organically. And I think with the recent Cboe and MEMX deals, it looks like you’ll exceed that target by roughly 2 years’ time, in 2027. Am I getting ahead of myself, or does that…
David Arnold
Chief Financial Officer
No, Phil, I actually think your math is directionally there, and maybe you’ve been a little conservative. If we look at the first half of this year, organically, we did $975 million in revenue, right? So if you just look at the exit run rate out of the first half of the
