0001764046false00-000000000017640462026-11-032026-11-03
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
November 3, 2026
Date of Report (date of earliest event reported)
CLARIVATE PLC
(Exact name of registrant as specified in its charter)
Jersey, Channel Islands
(State or other jurisdiction of incorporation or organization)
001-38911
(Commission File Number)
N/A
(I.R.S. Employer Identification No.)
70 St. Mary Axe
London
EC3A 8BE
United Kingdom
(Address of Principal Executive Offices)
(44) 207-433-4000
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Ordinary Shares, no par value
CLVT
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Item 2.02.  Results of Operations and Financial Condition.
On November 3, 2026, Clarivate Plc (the “Company”) issued a press release announcing earnings for the third quarter ended
September 30, 2026. The press release has been furnished with this Form 8-K as Exhibit 99.1 and is posted on the investor
relations section of the Company’s website (ir.clarivate.com/).
The information in this Item 2.02, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liabilities of that Section and shall not be incorporated by reference into any filing pursuant to the Securities Act of 1933,
as amended (the “Securities Act”), or the Exchange Act, except as otherwise expressly stated in such filing.
Item 7.01.  Regulation FD Disclosure.
On November 3, 2026, the Company posted to its website supplemental information related to revenue, earnings, and guidance.
The supplemental information has been furnished with this Current Report on Form 8-K as Exhibit 99.2 and is posted on the
investor relations section of the Company’s website (ir.clarivate.com/).
The information in this Item 7.01, including Exhibit 99.2 furnished herewith, is being furnished and shall not be deemed “filed”
for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section and shall not be
incorporated by reference into any filing pursuant to the Securities Act or the Exchange Act, except as otherwise expressly
stated in such filing.
Item 9.01.  Financial Statements and Exhibits
(d) Exhibits.
No.
Description
99.1
99.2
104
The cover page from the Company's Current Report on Form 8-K dated November 3, 2026, formatted in Inline
XBRL
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
 
CLARIVATE PLC
 
Date: November 3, 2026
By: /s/ Michael Easton
 
Name:  Michael Easton
 
Executive Vice President & Chief Financial Officer
 
1
Clarivate Reports Third Quarter 2026 Results, Delivering Clear Path to Value Creation
— Improved recurring organic revenue growth driven by portfolio transformation
and AI-led innovation —
— Updates 2026 financial outlook following the divestiture of Life Sciences & Healthcare segment —
London, UK -- November 3, 2026 Clarivate Plc (NYSE: CLVT) (the “Company” or “Clarivate”), a leading
global provider of transformative intelligence, today reported results for the third quarter ended September 30,
2026.
Executive Commentary
Matti Shem Tov, Chief Executive Officer:
“Third quarter results continued to improve across key metrics, including organic recurring revenue growth and
the return to positive ACV growth in the Intellectual Property segment. We also achieved a major milestone with
the early close of the Life Sciences & Healthcare segment divestiture, positioning us for enhanced value creation
in our two market-leading segments, Academia & Government and Intellectual Property. The growing
commercial traction and customer validation from our AI-led innovation within A&G and IP give us confidence
in our ability to deliver on our commitments of accelerating sustained organic growth, expanding free cash flow
and reducing leverage.”
Michael Easton, Executive Vice President and Chief Financial Officer:
“We are seeing the benefits of disciplined execution across the business, with improving growth trends, strong
margins and continued free cash flow generation. Our focus remains on translating organic growth into
sustainable earnings and free cash flow, while maintaining a disciplined approach to capital allocation. Looking
ahead, we are well positioned to further strengthen our financial profile and enhance our financial flexibility.”
Third Quarter 2026 Results
Total revenues were $567.9 million, including the Life Sciences & Healthcare segment (“LS&H”), which was
divested on October 6, 2026, compared to total revenues of $623.1 million for the third quarter of 2025, primarily
due to inorganic disposals. Excluding LS&H, which is now presented as discontinued operations, total
revenues were $481.6 million, compared to total revenues of $530.3 million for the third quarter of 2025,
primarily due to inorganic disposals.
Organic revenues for continuing operations increased 0.4% as organic subscription growth of 1.5% and organic
re-occurring growth of 0.7% was partially offset by lower organic transactional revenues.
Organic ACV for continuing operations grew 1.8% compared to September 30, 2025, reflecting continued
progress toward a more sustainable, subscription-led revenue base.
Net loss, including LS&H, was $80.8 million, or $0.13 per diluted share, compared to a net loss of $28.3 million,
or $0.04 per diluted share, for the third quarter of 2025, driven by a $62.2 million non-cash LS&H goodwill
impairment charge. Adjusted net income, including LS&H, was $136.0 million, or $0.21 per diluted share,
compared to $119.3 million, or $0.18 per diluted share, for the third quarter of 2025. Adjusted EBITDA,
including LS&H, was $245.3 million, compared to Adjusted EBITDA of $252.4 million for the third quarter of
2025.
First Nine Months 2026 Results
Total revenues were $1,740.7 million, including the LS&H segment, compared to total revenues of $1,838.2
million, primarily due to inorganic disposals. Excluding the LS&H segment, which is now presented as
discontinued operations, total revenues were $1,472.4 million, compared to total revenues of $1,546.7 million
for the first nine months of 2025, primarily due to inorganic disposals.
Organic revenues for continuing operations increased 0.1%, as a 0.9% increase in organic recurring revenues
(subscription and re-occurring) was offset by lower organic transactional revenues.
2
Net loss, including LS&H, was $389.6 million, or $0.61 per diluted share, compared to a net loss of $204.2
million, or $0.30 per diluted share, for the first nine months of 2025, driven by a $283.9 million non-cash LS&H
goodwill impairment charge. Adjusted net income, including LS&H, was $378.4 million, or $0.59 per diluted
share, compared to $338.4 million, or $0.49 per diluted share, for the first nine months of 2025. Adjusted
EBITDA, including LS&H, was $733.7 million, compared to Adjusted EBITDA of $747.2 million for the first
nine months of 2025.
Clarivate, including LS&H, generated $399.0 million of operating cash flow and $233.1 million of free cash flow
during the first nine months of 2026.
Selected Financial Information
(In millions, except percentages and per share data),
(unaudited)
Three Months Ended
September 30,
Change
Nine Months Ended
September 30,
Change
2026
2025
$
%
2026
2025
$
%
Revenues, including discontinued operations
$567.9
$623.1
$(55.2)
(8.9)%
$1,740.7
$1,838.2
$(97.5)
(5.3)%
Revenues, continuing operations
$481.6
$530.3
$(48.7)
(9.2)%
$1,472.4
$1,546.7
$(74.3)
(4.8)%
Net income (loss)
$(80.8)
$(28.3)
$(52.5)
N/M
$(389.6)
$(204.2)
$(185.4)
N/M
Adjusted net income(1)
$136.0
$119.3
$16.7
14.0%
$378.4
$338.4
$40.0
11.8%
Adjusted EBITDA, including discontinued
operations(1)
$245.3
$252.4
$(7.1)
(2.8)%
$733.7
$747.2
$(13.5)
(1.8)%
Adjusted EBITDA, continuing operations(1)
$218.2
$222.2
$(4.0)
(1.8)%
$645.6
$645.7
$(0.1)
–%
Diluted EPS, continuing operations
$(0.04)
$(0.04)
$0.00
–%
$(0.19)
$(0.31)
$0.12
(38.7)%
Diluted EPS, discontinued operations
$(0.09)
$0.00
$(0.09)
N/M
$(0.42)
$0.01
$(0.43)
N/M
Diluted EPS, including discontinued operations
$(0.13)
$(0.04)
$(0.09)
N/M
$(0.61)
$(0.30)
$(0.31)
N/M
Adjusted diluted EPS(1)
$0.21
$0.18
$0.03
16.7%
$0.59
$0.49
$0.10
20.4%
Net cash provided by operating activities
$165.6
$181.1
$(15.5)
(8.6)%
$399.0
$468.6
$(69.6)
(14.9)%
Free cash flow(1)
$110.2
$115.5
$(5.3)
(4.6)%
$233.1
$276.1
$(43.0)
(15.6)%
Third Quarter 2026 Continuing Operations Commentary
Subscription revenues increased $2.4 million, or 0.7%, to $338.3 million. Organic subscription revenues increased
1.5%, primarily due to new sales and pricing actions.
Re-occurring revenues increased $0.5 million, or 0.5%, to $105.8 million. Organic re-occurring revenues
increased 0.7%, primarily due to higher IP volumes.
Recurring revenues, which consist of subscription and re-occurring revenues, increased 1.3% organically, or $5.7
million.
Transactional revenues decreased $51.6 million to $37.5 million, primarily due to product group wind-downs
within A&G. On an organic basis, the decline was 12.4%, or $3.9 million, primarily due to lower activity across
both segments, driven in part by customer migration to higher margin subscription products as we focus on our
recurring revenues.
Balance Sheet and Cash Flow
As of September 30, 2026, cash and cash equivalents of $257.0 million decreased $72.2 million compared to
December 31, 2025.
Total debt outstanding was $4,176.1 million as of September 30, 2026, a decrease of $293.8 million compared to
the prior year, driven by a $100.0 million accelerated debt repayment in January 2026 resulting in the full
3
redemption of the senior secured notes due November 2026, as well as the retirement of $192.6 million aggregate
principal of the senior secured notes due 2028 and senior notes due 2029 through a series of debt repurchases at
an approximate 5% discount to par.
Net cash provided by operating activities including discontinued operations for the first nine months of 2026 was
$399.0 million compared to $468.6 million in the prior year period. Free cash flow including discontinued
operations for the first nine months of 2026 was $233.1 million compared to $276.1 million in the prior year
period.
On October 6, 2026 the company completed the sale of the LS&H segment for net cash proceeds of $488.4
million.
Updates 2026 outlook excluding discontinued operations (forward-looking statement)
The full year 2026 outlook presented below assumes no further acquisitions, divestitures, or unanticipated events.
The Q4 2026 outlook presented below is provided in connection with the completion of the LS&H divestiture and
also assumes no further acquisitions, divestitures, or unanticipated events.
Full Year 2026 Outlook
Q4 2026 Outlook
ACV Organic Growth
1.75% to 2.25%
1.75% to 2.25%
Recurring Organic Revenue Growth
1.00% to 1.50%
2.00% to 2.50%
Revenues
$1.965B to $1.985B
$490M to $510M
Adjusted EBITDA(1)
$0.865B to $0.885B
$215M to $235M
Adjusted EBITDA Margin(1)
43.0% to 45.0%
44.0% to 46.0%
Adjusted Diluted EPS(1)(2)
$0.73 to $0.77
$0.14 to $0.18
Free Cash Flow(1)(3)
$320M to $340M
$85M to $105M
Notes to press release
(1)Non-GAAP measure. Please see “Reconciliations to Certain Non-GAAP Measures” in this release for important disclosures and reconciliations of
these financial measures to the most directly comparable GAAP measure. These terms are defined elsewhere in this press release.
(2)Adjusted diluted EPS for the full year and Q4 2026 outlooks are calculated based on approximately 646 million fully diluted adjusted weighted average
ordinary shares outstanding. The full year 2026 outlook includes results from discontinued operations for the nine months ended September 30, 2026
and excludes results from discontinued operations for the three months ended December 31, 2026.
(3)Free cash flow includes results from discontinued operations for the nine months ended September 30, 2026 and excludes results from discontinued
operations for the three months ended December 31, 2026.
Conference Call and Webcast
Clarivate will host a conference call and webcast today to review the results for the third quarter at 8:30 a.m.
Eastern Time. The webcast is open to all interested parties and may include forward-looking information.
The live webcast of the earnings call will be accessible through the investor relations section of the Company’s
website. To join the webcast please visit https://events.q4inc.com/attendee/388781202.
Interested parties may access the live audio broadcast. U.S. participants may call 833-461-5787; international
participants may call +1 585-542-9983 (long-distance charges will apply). The conference ID number is 388 781
202.
A replay of the webcast will also be available on https://ir.clarivate.com beginning two hours after the conclusion
of the live call and will remain available for one year.
Use of Non-GAAP Financial Measures
This release contains financial measures that have not been prepared in accordance with U.S. generally accepted
accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income,
Adjusted diluted EPS, and Free cash flow. Non-GAAP financial measures are not recognized terms under GAAP,
are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss
for the period determined in accordance with GAAP or operating cash flows determined in accordance with
4
GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial
measures or results of operations calculated or determined in accordance with GAAP.
We use non-GAAP measures internally in our operational and financial decision-making, to assess the operating
performance of our business, to assess performance for employee compensation purposes, and to decide how to
allocate resources. We believe that such measures allow us to focus on what we deem to be more reliable
indicators of ongoing operating performance and our ability to generate cash flow from operations, and we also
believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP
measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of
companies comparable to us, many of which present non-GAAP measures when reporting their results. Further,
these measures can be useful in evaluating our performance against our peer companies because we believe they
provide users with valuable insight into key components of our GAAP financial disclosure. However, non-GAAP
measures have limitations as analytical tools and because not all companies use identical calculations, our
presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other
companies.
Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures are
provided within the schedules attached to this release. Our presentation of non-GAAP measures should not be
construed as an inference that our future results will be unaffected by any of the adjusted items, or that any
projections and estimates will be realized in their entirety or at all.
Forward-Looking Statements
This release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or
projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking
statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include all matters that are not historical facts, including statements
relating to our intentions, beliefs, or current expectations concerning, among other things, any future strategic
transactions we may explore, the anticipated use of proceeds from the divestiture of our Life Sciences &
Healthcare business, and any related cost savings or other benefits, our results of operations, financial condition,
liquidity, capital allocation plans and share repurchases, foreign exchange impacts, our prospects, growth,
strategies and shareholder value, the markets in which we operate, our financial guidance for the fiscal year 2026
and key drivers thereof and underlying assumptions, the impact or anticipated benefits of our Value Creation Plan
and other growth strategies, the global macroeconomic uncertainty and volatility, the impact of artificial
intelligence (“AI”) on our business and strategy, and the timing of any of the foregoing. These forward-looking
statements can generally be identified by the use of forward-looking terminology, including the terms “believes,”
“estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or “should” or, in
each case, their negative or other variations or comparable terminology. Such forward-looking statements are
based on available current market material and management’s expectations, beliefs, and forecasts concerning
future events impacting us. These forward-looking statements involve a number of risks and uncertainties (some
of which are beyond our control) or other assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those factors described in Item 1A. Risk Factors in our annual report
on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). There
can be no assurance that future developments affecting us will be those that we have anticipated. Should one or
more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results
may vary in material respects from those projected in these forward-looking statements. We do not undertake any
obligation to update or revise any forward-looking statements, whether as a result of new information, future
events, or otherwise, except as may be required under applicable securities laws. Please consult our public filings
with the SEC, which are also available on our website at www.clarivate.com.
About Clarivate
Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics,
workflow solutions and expert services in the areas of Academia & Government and Intellectual Property. For
more information, please visit www.clarivate.com.
5
Condensed Consolidated Balance Sheets – Unaudited
(In millions)
September 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents, including restricted cash
$257.0
$329.2
Accounts receivable, net
747.4
696.8
Prepaid expenses
95.7
79.2
Other current assets
61.6
62.0
Current assets held for sale
70.6
142.8
Total current assets
1,232.3
1,310.0
Property and equipment, net
44.6
52.0
Other intangible assets, net
7,155.5
7,515.9
Goodwill
1,088.8
1,088.9
Other non-current assets
109.3
59.9
Deferred income taxes
19.4
16.1
Operating lease right-of-use assets
38.7
45.4
Non-current assets held for sale
679.7
981.2
Total assets
$10,368.3
$11,069.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$117.2
$138.8
Accrued compensation
87.3
114.6
Accrued expenses and other current liabilities
276.3
260.0
Current portion of deferred revenues
761.3
737.4
Current portion of operating lease liability
16.3
17.8
Current portion of long-term debt
1.6
101.5
Current liabilities held for sale
144.5
198.7
Total current liabilities
1,404.5
1,568.8
Long-term debt
4,136.8
4,321.5
Other non-current liabilities
72.6
81.1
Deferred income taxes
195.0
201.8
Operating lease liabilities
29.2
37.3
Non-current liabilities held for sale
15.8
16.0
Total liabilities
5,853.9
6,226.5
Commitments and contingencies
Shareholders' equity:
Ordinary Shares, no par value; unlimited shares authorized; 639.9 and 640.7 shares issued and
outstanding as of September 30, 2026 and December 31, 2025, respectively
12,825.8
12,810.6
Accumulated other comprehensive loss
(407.2)
(453.1)
Accumulated deficit
(7,904.2)
(7,514.6)
Total shareholders' equity
4,514.4
4,842.9
Total liabilities and shareholders' equity
$10,368.3
$11,069.4
6
Condensed Consolidated Statements of Operations – Unaudited
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except per share data)
2026
2025
2026
2025
Revenues
$481.6
$530.3
$1,472.4
$1,546.7
Operating expenses:
Cost of revenues
139.0
178.5
442.4
511.3
Selling, general and administrative costs
134.6
145.7
447.3
453.2
Depreciation and amortization
162.3
168.6
484.7
499.2
Restructuring costs
4.5
7.9
24.9
34.3
Other operating expense (income), net
1.1
(16.3)
(8.4)
33.6
Total operating expenses
441.5
484.4
1,390.9
1,531.6
Operating income (loss)
40.1
45.9
81.5
15.1
Interest expense, net
61.0
68.5
180.4
199.4
Income (loss) from continuing operations before income taxes
(20.9)
(22.6)
(98.9)
(184.3)
Provision (benefit) for income taxes
5.5
2.3
23.4
29.0
Income (loss) from continuing operations, net of taxes
(26.4)
(24.9)
(122.3)
(213.3)
Income (loss) from discontinued operations, net of taxes
(54.4)
(3.4)
(267.3)
9.1
Net income (loss)
$(80.8)
$(28.3)
$(389.6)
$(204.2)
Basic earnings (loss) per share:
Continuing operations
$(0.04)
$(0.04)
$(0.19)
$(0.31)
Discontinued operations
(0.09)
–
(0.42)
0.01
Basic earnings (loss) per share
$(0.13)
$(0.04)
$(0.61)
$(0.30)
Diluted earnings (loss) per share:
Continuing operations
$(0.04)
$(0.04)
$(0.19)
$(0.31)
Discontinued operations
(0.09)
–
(0.42)
0.01
Diluted earnings (loss) per share
$(0.13)
$(0.04)
$(0.61)
$(0.30)
Weighted average shares used to compute earnings per share:
Basic
639.7
668.3
639.9
679.7
Diluted
639.7
668.3
639.9
679.7
7
Condensed Consolidated Statements of Cash Flows – Unaudited
Nine Months Ended September 30,
(In millions)
2026
2025
Cash Flows From Operating Activities
Net income (loss)
$(389.6)
$(204.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
532.0
568.1
Share-based compensation
40.2
45.4
Goodwill and intangible asset impairments
283.9
–
Loss on classification as held for sale
10.1
–
Deferred income taxes
(9.8)
(11.6)
Amortization and write-off of debt issuance costs
9.9
11.3
Other operating activities
(16.5)
29.9
Changes in operating assets and liabilities:
Accounts receivable
19.3
6.2
Prepaid expenses
(14.9)
(7.2)
Other assets
(7.0)
0.5
Accounts payable
(26.9)
11.7
Accrued expenses and other current liabilities
(20.6)
27.3
Deferred revenues
(7.4)
(8.3)
Operating leases, net
(2.6)
(4.3)
Other liabilities
(1.1)
3.8
Net cash provided by operating activities
399.0
468.6
Cash Flows From Investing Activities
Capital expenditures
(165.9)
(192.5)
Net cash used for investing activities
(165.9)
(192.5)
Cash Flows From Financing Activities
Principal payments on debt
(284.2)
(600.0)
Proceeds from issuance of debt
–
500.0
Payment of debt issuance and extinguishment costs
–
(9.5)
Repurchases of ordinary shares
(18.1)
(149.5)
Payments related to tax withholding for share-based compensation
(6.8)
(9.6)
Other financing activities
4.1
3.4
Net cash used for financing activities
(305.0)
(265.2)
Effects of exchange rates
(0.3)
12.6
Net change in cash and cash equivalents, including restricted cash
(72.2)
23.5
Cash and cash equivalents, including restricted cash, beginning of period
329.2
295.2
Cash and cash equivalents, including restricted cash, end of period
$257.0
$318.7
8
Supplemental Revenues Information
Annualized contract value (“ACV”), at any point in time, represents the annualized value of all active customer
subscription-based license agreements for the next 12 months, assuming those coming up for renewal during the
measurement period are renewed at their current price level. Our organic ACV grew 1.8% compared to September
30, 2025, primarily driven by improved product pricing. Our total ACV for September 30, 2026, compared to
September 30, 2025, increased 3.6%, primarily due to improved product pricing and FX movements.
The following tables present our revenues by type and segment, as well as the components driving the changes
between periods.
Revenues by transaction type
(In millions, except percentages);
(unaudited)
Three Months Ended
September 30,
Change
% of Change
2026
2025
$
%
Acquisitions
Disposals
FX
Organic
Subscription
$338.3
$335.9
$2.4
0.7%
—%
(0.1)%
(0.7)%
1.5%
Re-occurring
105.8
105.3
0.5
0.5%
—%
—%
(0.2)%
0.7%
Recurring revenues
444.1
441.2
2.9
0.7%
—%
(0.1)%
(0.5)%
1.3%
Transactional
37.5
89.1
(51.6)
(57.9)%
—%
(45.3)%
(0.2)%
(12.4)%
Revenues
$481.6
$530.3
$(48.7)
(9.2)%
—%
(9.1)%
(0.5)%
0.4%
(In millions, except percentages);
(unaudited)
Nine Months Ended
September 30,
Change
% of Change
2026
2025
$
%
Acquisitions
Disposals
FX
Organic
Subscription
$1,004.7
$989.4
$15.3
1.5%
—%
(0.2)%
0.4%
1.3%
Re-occurring
323.7
320.1
3.6
1.1%
—%
(0.1)%
1.5%
(0.3)%
Recurring revenues
1,328.4
1,309.5
18.9
1.4%
—%
(0.2)%
0.7%
0.9%
Transactional
144.0
237.2
(93.2)
(39.3)%
—%
(30.1)%
0.4%
(9.6)%
Revenues
$1,472.4
$1,546.7
$(74.3)
(4.8)%
—%
(5.5)%
0.6%
0.1%
Revenues by segment
(In millions, except percentages);
(unaudited)
Three Months Ended
September 30,
Change
% of Change
2026
2025
$
%
Acquisitions
Disposals
FX
Organic
Academia & Government
$286.9
$332.5
$(45.6)
(13.7)%
—%
(14.1)%
(0.5)%
0.9%
Intellectual Property
194.7
197.8
(3.1)
(1.6)%
—%
(0.6)%
(0.6)%
(0.4)%
Revenues
$481.6
$530.3
$(48.7)
(9.2)%
—%
(9.1)%
(0.5)%
0.4%
(In millions, except percentages);
(unaudited)
Nine Months Ended
September 30,
Change
% of Change
2026
2025
$
%
Acquisitions
Disposals
FX
Organic
Academia & Government
$882.2
$953.7
$(71.5)
(7.5)%
—%
(8.9)%
0.3%
1.1%
Intellectual Property
590.2
593.0
(2.8)
(0.5)%
—%
(0.3)%
1.1%
(1.3)%
Revenues
$1,472.4
$1,546.7
$(74.3)
(4.8)%
—%
(5.5)%
0.6%
0.1%
9
Reconciliations to Certain Non-GAAP Measures
Adjusted EBITDA and Adjusted EBITDA margin
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. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted
EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues.
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the three
and nine months ended September 30, 2026 and 2025 and reconciles these non-GAAP measures to our Income
(loss) from continuing operations, net of taxes and Income (loss) from continuing operations margin for the same
periods:
 
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except percentages); (unaudited)
2026
2025
2026
2025
Income (loss) from continuing operations, net of taxes
$(26.4)
$(24.9)
$(122.3)
$(213.3)
Provision (benefit) for income taxes
5.5
2.3
23.4
29.0
Depreciation and amortization
162.3
168.6
484.7
499.2
Interest expense, net
61.0
68.5
180.4
199.4
Share-based compensation expense
7.7
13.1
32.3
37.1
Restructuring costs
4.5
7.9
24.9
34.3
Transaction related costs
(0.2)
3.0
17.5
17.3
Other(1)
3.8
(16.3)
4.7
42.7
Adjusted EBITDA
$218.2
$222.2
$645.6
$645.7
Income (loss) from continuing operations margin
(5.5) %
(4.7) %
(8.3) %
(13.8) %
Adjusted EBITDA margin
45.3 %
41.9 %
43.8 %
41.7 %
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances, the impact of initiatives to reduce our cost
structure related to the LS&H divestiture, and other items that do not reflect our ongoing operating performance.
10
The following table presents our calculation of Adjusted EBITDA, including discontinued operations and
Adjusted EBITDA margin for the three and nine months ended September 30, 2026 and 2025 and reconciles these
non-GAAP measures to our Net income (loss) and Net income (loss) margin for the same periods:
 
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except percentages); (unaudited)
2026
2025
2026
2025
Net income (loss)
$(80.8)
$(28.3)
$(389.6)
$(204.2)
Provision (benefit) for income taxes
7.7
3.8
27.1
34.9
Depreciation and amortization
162.3
191.8
532.0
568.1
Interest expense, net
61.0
68.5
180.4
199.4
Share-based compensation expense
10.8
16.0
40.5
45.6
Goodwill and intangible asset impairments
62.2
—
283.9
—
Loss on classification as held for sale
10.1
—
10.1
—
Restructuring costs
4.9
11.9
29.0
45.9
Transaction related costs
8.1
4.1
26.5
18.5
Other(1)
(1.0)
(15.4)
(6.2)
39.0
Adjusted EBITDA, including discontinued operations
$245.3
$252.4
$733.7
$747.2
Net income (loss) margin
(14.9) %
(4.5) %
(22.6) %
(11.1) %
Adjusted EBITDA margin
43.2 %
40.5 %
42.1 %
40.6 %
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing
operating performance.
Adjusted net income and Adjusted diluted EPS
Adjusted net income represents Net income (loss), adjusted to exclude amortization related to acquired intangible
assets, 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 and the associated income tax impact of such
adjustments.
Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares.
The Adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are
dilutive.
11
The following tables present our calculation of Adjusted net income including discontinued operations and
Adjusted diluted EPS including discontinued operations for the three and nine months ended September 30, 2026
and 2025 and reconciles these non-GAAP measures to our Net income (loss) and diluted EPS for the same
periods:
Three Months Ended September 30,
2026
2025
(In millions, except per share amounts); (unaudited)
Amount
Per Share
Amount
Per Share
Net income (loss) and Diluted EPS
$(80.8)
$(0.13)
$(28.3)
$(0.04)
Amortization related to acquired intangible assets
122.6
0.19
136.7
0.20
Share-based compensation expense
10.8
0.02
16.0
0.02
Goodwill and intangible asset impairments
62.2
0.10
—
—
Loss on classification as held for sale
10.1
0.02
—
—
Restructuring costs
4.9
0.01
11.9
0.02
Transaction related costs
8.1
0.01
4.1
0.01
Other(1)
0.7
(0.01)
(14.0)
(0.02)
Income tax impact of related adjustments
(2.6)
—
(7.1)
(0.01)
Adjusted net income and Adjusted diluted EPS
$136.0
$0.21
$119.3
$0.18
Adjusted weighted average ordinary shares, diluted
643.6
675.5
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing
operating performance.
Nine Months Ended September 30,
2026
2025
(In millions, except per share amounts); (unaudited)
Amount
Per Share
Amount
Per Share
Net income (loss) and Diluted EPS
$(389.6)
$(0.61)
$(204.2)
$(0.30)
Amortization related to acquired intangible assets
393.3
0.61
410.0
0.60
Share-based compensation expense
40.5
0.06
45.6
0.07
Goodwill and intangible asset impairments
283.9
0.44
—
—
Loss on classification as held for sale
10.1
0.02
—
—
Restructuring costs
29.0
0.05
45.9
0.07
Transaction related costs
26.5
0.04
18.5
0.03
Other(1)
(1.2)
—
40.5
0.05
Income tax impact of related adjustments
(14.1)
(0.02)
(17.9)
(0.03)
Adjusted net income and Adjusted diluted EPS
$378.4
$0.59
$338.4
$0.49
Adjusted weighted average ordinary shares, diluted
644.5
685.0
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing
operating performance.
Free cash flow
Free cash flow represents Net cash provided by operating activities less Capital expenditures. The following table
presents our calculation of Free cash flow including discontinued operations for the three and nine months ended
September 30, 2026 and 2025 and reconciles this non-GAAP measure to Net cash provided by operating activities
for the same periods:
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions); (unaudited)
2026
2025
2026
2025
Net cash provided by operating activities
$165.6
$181.1
$399.0
$468.6
Capital expenditures
(55.4)
(65.6)
(165.9)
(192.5)
Free cash flow
$110.2
 
$115.5
$233.1
 
$276.1
12
Reconciliations to Certain Non-GAAP Measures - 2026 Outlook
Adjusted EBITDA and Adjusted EBITDA margin
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for continuing
operations for the 2026 outlook and reconciles these non-GAAP measures to our Net income (loss) and Net
income (loss) margin for the same period:
Year Ending December 31, 2026
(Forecasted)
(In millions); (unaudited)
Low
 
High
Net income (loss)
$(154)
$(144)
Provision (benefit) for income taxes
45
45
Depreciation and amortization
650
650
Interest expense, net
225
230
Share-based compensation expense
45
50
Restructuring costs(1)
30
30
Transaction related costs
35
35
Other
(11)
(11)
Adjusted EBITDA
$865
$885
Net income (loss) margin
(7.8)%
(7.3)%
Adjusted EBITDA margin
43.0%
45.0%
(1)Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan.
Adjusted diluted EPS
The following table presents our calculation of Adjusted diluted EPS for the 2026 outlook, including the impact of
discontinued operations for the first nine months, and reconciles this non-GAAP measure to our Net income (loss)
per share for the same period:
Year Ending December 31, 2026
(Forecasted)
(Unaudited)
Low
High
Net income (loss) per share
$(0.65)
$(0.62)
Amortization related to acquired intangible assets
0.80
0.80
Share-based compensation expense
0.07
0.08
Goodwill and intangible asset impairments
0.46
0.46
Restructuring costs(1)
0.05
0.05
Transaction related costs
0.05
0.05
Other
(0.02)
(0.02)
Income tax impact of related adjustments
(0.03)
(0.03)
Adjusted diluted EPS
$0.73
$0.77
Adjusted weighted average ordinary shares, diluted
~650 million
(1)Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan.
13
Free cash flow
The following table presents our calculation of Free cash flow for the 2026 outlook, including the impact of
discontinued operations for the first nine months, and reconciles this non-GAAP measure to our Net cash
provided by operating activities for the same period:
Year Ending December 31, 2026
(Forecasted)
(In millions); (unaudited)
Low
High
Net cash provided by operating activities
$550
$570
Capital expenditures
(230)
(230)
Free cash flow
$320
$340
Media Contact:
Amy Bourke-Waite, Senior Director, Communications & Brand
newsroom@clarivate.com
Investor Relations Contact:
Mark Donohue, Vice President, Investor Relations
investor.relations@clarivate.com
Q3 2026 Earnings Call November 03, 2026

 
Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 2 Forward-Looking Statements This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of 1995. Forward-looking statements included in this presentation include all matters that are not historical facts, including statements relating to our intentions, beliefs, or current expectations concerning, among other things, any future strategic transactions we may explore, the anticipated use of proceeds from the divestiture of our Life Sciences & Healthcare business and any related cost savings or other benefits, our results of operations, financial condition, liquidity, capital allocation plans and share repurchases, foreign exchange impacts, our prospects, growth, strategies and shareholder value, the markets in which we operate, our financial guidance for the fiscal year 2026 and key drivers thereof and underlying assumptions, the impact or anticipated benefits of our Value Creation Plan and other growth strategies, the global macroeconomic uncertainty and volatility, the impact of artificial intelligence (“AI”) on our business and strategy, and the timing of any of the foregoing. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or “should” or, in each case, their negative or other variations or comparable terminology. Such forward-looking statements are based on available current market material and management's expectations, beliefs, and forecasts concerning future events impacting us. These forward-looking statements involve a number of risks, uncertainties, and other important factors (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, our ability to compete in the highly competitive industry in which we operate; our ability to maintain high annual renewal rates; our ability to maintain revenues if our products and services do not achieve and maintain broad market acceptance, or if we are unable to keep pace with or adapt to rapidly changing technology, evolving industry standards, and changing regulatory requirements; reductions in customers’ research budgets or government funding; the success of our Value Creation Plan; our ability to derive fully the anticipated benefits from organic growth, existing or future acquisitions, joint ventures, investments, or dispositions; our exposure to risk from the international scope of our operations; our level of indebtedness; our ability to leverage AI in our products and services; any significant disruption in or unauthorized access to or breaches of our computer systems or those of third parties that we utilize in our operations; other factors beyond our control; and those factors described in Item 1A. Risk Factors in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). There can be no assurance that future developments affecting us will be those that we have anticipated. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Please consult our public filings with the SEC, which are also available on our website at www.clarivate.com.

 
Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 3 Non-GAAP Financial Measures This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA, continuing operations, Adjusted EBITDA, including discontinued operations, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow. Non-GAAP financial measures are not recognized terms under GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial measures or results of operations calculated or determined in accordance with GAAP. We use non-GAAP measures internally in our operational and financial decision- making, to assess the operating performance of our business, to assess performance for employee compensation purposes, and to decide how to allocate resources. We believe that such measures allow us to focus on what we deem to be more reliable indicators of ongoing operating performance and our ability to generate cash flow from operations, and we also believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. Further, these measures can be useful in evaluating our performance against our peer companies because we believe they provide users with valuable insight into key components of our GAAP financial disclosure. However, non-GAAP measures have limitations as analytical tools and because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are provided within the Appendix to this presentation. Our presentation of non-GAAP measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all. Industry and Market Data The market data and other statistical information used throughout this presentation are based on industry publications and surveys, public filings, and various government sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. We have not independently verified such third-party information, nor have we ascertained the underlying economic assumptions relied upon in those sources, and we are unable to assure you of the accuracy or completeness of such information contained in this presentation. While we are not aware of any misstatements regarding our market, industry, or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors.

 
Agenda 4© 2026 Clarivate. All rights reserved. Business Review Financial Review Q&A Matti Shem Tov Chief Executive Officer Michael Easton Chief Financial Officer

 
Matti Shem Tov Chief Executive Officer Business Review

 
Q3 2026 Overview 6 ACV Organic Growth: 1.8% ▲ 30 bps YoY Recurring Organic Growth: 1.3% ▲ 110 bps YoY 43.2% Margin1,2 ▲ 270 bps sequentially $75m debt reduction YTD debt reduction of $293m ▲ 3₵ YoY Revenues Adj. EBITDA1,2 Free Cash Flow1,2 Adj. EPS1,2 $568M $245M $110M 21₵ 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes results of discontinued operations. © 2026 Clarivate. All rights reserved. Academia & Government Organic ACV and subs revenue organic growth at 2% Selected by Abes (Agency for Higher Education) to modernize France’s national academic library system • Completed sale of Life Sciences & Healthcare segment for $600M • Simplified operating structure positioned for accelerating organic ACV and revenue growth • Strengthened financial profile Intellectual Property Re-occurring organic revenue growth of nearly 1% in Q3; ACV turns to positive growth USPTO entrusts Clarivate AI to power image search across U.S. trademark register Highlights 2

 
The New Clarivate | Uniquely Scaled AI-Powered Transformative Intelligence © 2026 Clarivate. All rights reserved. 7 Intellectual PropertyScaled, Focused and Highly Recurring Trusted, proprietary AI-powered solutions enabling confident, high-impact decisions Intelligence Solutions 50% of Revenue1 Clarivate AI Platforms embedded across global organizations to drive efficiency and collaboration Workflow Solutions 25% of Revenue1 Expert-led, tech-driven services that customers rely on to enable execution at global scale Tech-Enabled Services 25% of Revenue1 ~$2B Revenue and ~93% Recurring Organic Revenue Mix1 1 FY26E organic revenue based on midpoint of guidance range. 80+ In-market AI agents, assistants and capabilities 465M+ AI API calls handled across the platform, September year to date ~2.5x Growth in AI API calls handled versus the same period last year

 
Academia & Government | Powering the Global Research Landscape © 2026 Clarivate. All rights reserved. 8 99% of top 400 universities use our solutions 120M+ Students and researchers use our solutions to enhance learning 75% of national and regional research assessments are powered by our data Leading Market PositionDeeply Embedded, Uniquely Proprietary, Mission-Critical Global Scale and Reach Research, content and software solutions embedded across the world’s leading academic institutions Mission-Critical to Research, Learning and Funding Decisions Trusted to power research, teaching and learning, funding decisions and library operations across institutions Proprietary Combination of Assets Powering Trusted AI Unique ecosystem connecting scholarly content, institutional workflows and research intelligence, backed by deep domain expertise 1 FY26E organic revenue based on midpoint of guidance range. ~$1.2B Revenue and ~95% Recurring Organic Revenue Mix1

 
Web of Science Research Intelligence: Early Traction, Global Reach © 2026 Clarivate. All rights reserved. 9 Global Adoption 6 Months Since Release in May 2026 100+ Institutional customers across the globe 25 Countries with signed customers ~$20M Active 2026-27 sales pipeline 15+ Americas 40+ EMEA 40+ APAC Numbers represent count of institutional customers by region AI-Native Intelligence Platform for Research Strategy, Impact and Funding Enabling institutions to optimize research strategy, demonstrate research impact and increase funding Agentic AI turns complex questions and tasks into actionable outputs Explainable, traceable insights grounded in curated, authoritative data Developed in partnership with the global research community

 
Intellectual Property | Powering the Global IP Economy © 2026 Clarivate. All rights reserved. 10 90% of top 100 R&D investors use our solutions to accelerate innovation 15K+ IP customers rely on our solutions to manage and protect their portfolios 40 Patent & Trademark Offices (including all the IP5) use our solutions Leading Market PositionCritical Infrastructure, Non-Discretionary, Non-Deferrable work Intellectual Infrastructure for the Innovation Economy Enabling the world’s largest enterprises, law firms and innovators create, protect and commercialize IP globally Differentiated Capabilities Driving AI Advantage Uniting IP management software, curated patent and trademark data and IP lifecycle services, supported by the industry’s largest team of IP specialists Trusted to Safeguard Billions in Intangible Value Decades of partnership providing customers with certainty and continuity for non- discretionary, non-deferrable work 1 FY26E organic revenue based on midpoint of guidance range. ~$0.8B Revenue and ~90% Recurring Organic Revenue Mix1

 
IPOne: Reimagining IP Ecosystem Through Agentic AI © 2026 Clarivate. All rights reserved. 11 Blue-Chip Development & Early Access Partners Signed Ahead of November 2026 Early Adopter Launch 25 Countries with signed customers 40+ Development & Early Access Partners inc. 15+ Fortune Global 500 companies ~$20M Active 2026-27 sales pipeline 5 Purpose built AI agents leveraging proprietary assets, due for Q4 2026 early adopter r lease1 1B+ Interconnected data points developed and enriched over decades by domain experts IPOne: IP Agentic AI Intelligence Layer That Extends and Enhances Current Solutions Grounded in proprietary IP data, general- purpose AI cannot access Trusted intelligence wherever decisions are made Specialized AI Agents trained by deep IP domain experts Enabling IP specialists to automate high- value work across the IP lifecycle 15+ Americas 10+ EMEA 10+ APAC Numbers represent count of development and early access partners by region 1 General release expected Q1 2027. Listen to Simon Webster, President IP on IPOne: http://ir.clarivate.com/video-library

 
On Track to Accelerate Organic Growth and Drive Increased Shareholder Value © 2026 Clarivate. All rights reserved. 12 Clarivate Today FOCUSED on two market-leading segments STREAMLINED portfolio and operations STRENGTHENED financial profile 1 Organic subscription + Re-occurring order types. 2 Midpoint of 2026 guidance range. FY2026 Estimate FY2027 Perspective Providing 2027 perspective due to early close of LS&H divestiture Organic ACV Growth2 ~2% ▲ Free Cash Flow ~$320M - $340M ~$350M - $400M Recurring Organic Revenue Growth1,2 ~1 ¼% Improving ~100bps from H1 to H2 2026 ▲ Net Leverage ~4x ~3.5 - 3.6x

 
Michael Easton Chief Financial Officer Financial Review

 
Q3 and YTD 2026 Financial Results 14 Changes from Prior Year 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes results of discontinued operations. Note: Amounts in table may not sum due to rounding. $m except per share data Q3 ’26 Q3 ‘25 Change YTD ‘26 YTD ‘25 Change Revenues $482 $530 $(49) $1,472 $1,547 $(74) Operating Expenses 442 484 (43) 1,391 1,532 (141) Operating Income / (Loss) $40 $46 $(6) $81 $15 $66 Interest Expense, Net 61 69 (6) 180 199 (19) Income Tax Expense (Benefit) 5 2 3 23 29 (6) Income / (Loss) from continuing operations $(26) $(25) $(1) $(122) $(213) $91 Net Income / (Loss) Per Share, basic $(0.04) $(0.04) $0.00 $(0.19) $(0.31) $0.12 Adjusted EBITDA1 218 222 (4) 646 646 - Adjusted EBITDA Margin1 45.3% 41.9% 340 bps 43.8% 41.8% 200 bps Adjusted Diluted EPS1, 2 $0.21 $0.18 $0.03 $0.59 $0.49 $0.10 Operating Cash Flow 2 $166 $181 $(16) $399 $469 $(70) Capital Spending 2 55 66 (10) 166 193 (27) Free Cash Flow1, 2 110 115 (5) 233 276 (43) Revenues • Organic revenue growth more than offset by inorganic disposals, related almost entirely to the wind- down of the A&G books business which was completed in Q2'26 Income / (Loss) from Continuing Operations • YTD change due to improved cost management, reduced interest expense and unfavorable FX in the prior year period Operating Cash Flow • Change due to lower Adjusted EBITDA and working capital impacts © 2026 Clarivate. All rights reserved.

 
Q3 2026 Revenues and Adj. EBITDA1 151 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Represents the results of discontinued operations of LS&H. Note: Amounts in table may not sum due to rounding. Organic • Organic recurring revenues of ~$6, offset by transactional revenues; disciplined cost management led to organic profit growth Inorganic Disposals • Impact from A&G and IP segments disposals as LS&H disposals moved to discontinued operations Foreign Exchange • Weakening of a basket of foreign currencies versus USD drove translation impact in addition to realized transaction loss © 2026 Clarivate. All rights reserved. $530 +$2 Revenues Adj. EBITDA1 Year + Better - Worse Changes from Last Year 2025 Previously Reported 2026 Continuing Operations $623 $482 $252 40.5% $218 45.3% FX ($3) ($5) Organic +$13 ($93) ($30) LS&H Discontinued Operations2 ($48) ($12) Inorganic Disposals $222 41.9% 2025 Continuing Operations +86 +27 LS&H Discontinued Operations2 2026 Total Company $568 245 43.2% $ millions

 
YTD 2026 Revenues and Adj. EBITDA1 16© 2026 Clarivate. All rights reserved. $1,547 +$1 Revenues Adj. EBITDA1 Year + Better - Worse Changes from Last Year 2025 Previously Reported 2026 Continuing Operations $1,838 $1,472 $747 40.6% $646 43.8% FX +$9 ($10) Organic +$23 ($291) ($101) LS&H Discontinued Operations2 ($85) ($13) Inorganic Disposals $646 41.8% 2025 Continuing Operations +268 +88 LS&H Discontinued Operations2 2026 Total Company $1,741 734 42.1% $ millions Organic • Organic recurring revenues of ~$12, offset by transactional revenues; disciplined cost management led to organic profit growth Inorganic Disposals • Impact from A&G disposals as LS&H disposals moved to discontinued operations Foreign Exchange • Strengthening of a basket of foreign currencies versus USD drove translation impact in addition to realized transaction loss in current year and transaction gains last year 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Represents the results of discontinued operations of LS&H. Note: Amounts in table may not sum due to rounding.

 
Q3 and YTD 2026 Cash Flow 17 Changes from Prior Year $m Q3 ‘26 Q3 ‘25 Change YTD ‘26 YTD ‘25 Change Adj. EBITDA, incl disc ops1 $245 $252 $(7) $734 $747 $(14) One-Time Costs2 (11) (13) 2 (45) (55) 10 Interest (40) (45) 5 (157) (171) 14 Taxes (14) (5) (8) (40) (29) (11) Working Capital (13) (3) (10) (85) (4) (81) Other3 (3) (5) 2 (8) (19) 11 Operating Cash Flow 166 181 (16) 399 469 (70) Capital Spending (55) (66) 10 (166) (193) 27 Free Cash Flow1 $110 $115 $(5) $233 $276 $(43) Debt Repayment (73) (100) 27 (284) (100) (184) Share Repurchase - (50) 50 (18) (150) 131 Acquisitions / Divestitures - (2) 2 5 4 1 Other4 2 (7) 10 (8) (7) (1) Cash Flow $39 $(44) $83 $(72) $23 $(96) Free Cash Flow1 • Change from prior year driven primarily by higher taxes and working capital, largely due to timing of collections and disbursements, as well as higher incentive compensation payout, partially offset by lower capital spending Capital Allocation • Repurchased $75m face value of 2028 notes in Q3, at a discount of ~2%, bringing year-to-date debt reduction to $293m 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes restructuring-related severance and transaction cost. 3 Includes impaired contractual costs. 4 Fx, Tax withholding for share-based compensation and refinancing cost. Note: Amounts in table may not sum due to rounding. © 2026 Clarivate. All rights reserved.

 
FY 2026 Updated Guidance Post LS&H Sale 18 ACV and Recurring Organic Growth • Range updated as LS&H moved to discontinued ops Revenues • Range updated as LS&H moved to discontinued ops Adj. EBITDA / Margin / Adj. EPS1 • Profit and Margin expansion driven by organic growth, cost discipline and disposal of lower margin businesses • EBITDA range updated to excl LS&H • EPS growth due to share repurchases Free Cash Flow1 • Range updated due to impacts on timing of closure of LS&H sale in Q4 and higher one-time costs to close the transaction and achieve cost savings ACV Organic Growth 1¾% 2¼% ~2% Recurring Organic Revenue Mix3 Adj. EBITDA1 $865m $885m ~$875m Adj. EBITDA Margin1 43% 45% ~44% Adj. Diluted EPS1,6 77₵73₵ ~75₵ Free Cash Flow1,6 $320m $340m ~$330m Revenues $1,965m $1,985m ~$1,975m Recurring Organic Growth2 1% 1 ½% ~1¼% 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Subscription + Re-occurring order types. 3 (Subscription + Re-occurring) / Total Revenues excluding disposals. 4 Mid Point included for illustrative purposes only. 5 Prior year comparison excludes LS&H, except for as indicated by footnote 6. 6 Includes results of LS&H for 9 months in 2026 and full year 2025. Mid Point4Guidance Range © 2026 Clarivate. All rights reserved. 92% 93% 94% +40bps +60bps +15 +250bps +9% (35) (90) +40bps Midpoint4 vs. PY5Excludes full year FY26 LS&H estimates of $370m revenue and $120m Adj. EBITDA

 
FY 2026 Revenues and Adj. EBITDA1 Outlook 19 Organic • Recurring revenue growth of ~$20m partially offset by transactional decline • Strong profit flow-through driven by disciplined cost management Inorganic Disposals • Books transactional revenues wind-down completed in H1; smaller wind-downs remain Discontinued Operations • Includes LS&H segment for full year 2025 and nine-months in 2026 Foreign Exchange • Modest benefit expected on topline from H1 with headwinds on transactional expense impacts © 2026 Clarivate. All rights reserved. $2,065 ~+$10 Revenues Adj. EBITDA1 Year + Better - Worse Changes from Last Year $2,455 ~$1,975 $1,002 40.8% ~$875 44.3% ~+$10 ~($5)~+$40 ($390) ($140) ~($110) ~($20)$860 41.6% ~+$270 ~+$85 ~$2,240 ~$960 42.9% 2025 Previously Reported 2026 Continuing Operations FXOrganicLS&H Discontinued Operations2 Inorganic Disposals 2025 Continuing Operations LS&H Discontinued Operations2 2026 Total Company 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Represents the results of discontinued operations of LS&H for the full year 2025 and the nine-months through Q3 2026. Note: Amounts in table may not sum due to rounding.

 
~500 460 470 480 490 500 510 520 530 1.6% 1.7% 1.4% 1.8% ~2% 0.5% 0.9% 0.5% 1.3% >2% Q4 25A Q1 26A Q2 26A Q3 26A Q4 26E Organic ACV Growth (%) Organic Recurring Revenue Growth (%) 41.1% 42.2% 44.0% 45.3% ~45% FY 2026 Quarterly Performance Building Momentum 20 Revenue, Organic ACV Growth, Organic Recurring Revenue Growth and Adj. EBITDA % Revenue ($M) Adj. EBITDA Margin (%)1 © 2026 Clarivate. All rights reserved. 4 2025A Q1 2026A Q2 2026A Q3 2026A Q4 2026E Revenue • Less variability this year due to increased recurring revenue mix as a result of the disposals Organic ACV • Acceleration in H2 from momentum of new subs sales, pricing and retention Organic Recurring Revenue • Experienced slight sequential pull back in Q2 due to timing of subs renewals; acceleration returns in H2 on improving subs and re- occurring becoming positive Adj. EBITDA Margin1 • Margin accelerates through year from total organic revenue growth in H2 along with disposals and cost management programs 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures.

 
FY 2026 Cash Flow Outlook 21 Changes from Prior Year ($ millions) Free Cash Flow1 • Expecting lower versus prior year due to timing of LS&H sale closing in Q4 and related working capital impacts Capital Allocation • Repurchased $75m of 2028 notes in Q3, bringing year-to-date debt reduction to $293m • Plan to use net proceeds from LS&H divestiture, closed in October 2026, and Q4 free cash flow to retire an additional ~$575- 600m of the 2028 and 2029 notes 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes restructuring-related severance and transaction cost. 3 Includes impaired contractual costs. 4 Fx, tax withholding for share-based compensation, and refinancing cost. Note: Amounts in table may not sum due to rounding. 2026 Outlook 2025 Actuals Change Adj. EBITDA, incl. Disc Ops1 ~$960 $1,002 ~(40) One-Time Costs2 ~(70) (67) ~(5) Interest ~(230) (253) ~25 Taxes ~(50) (42) ~(10) Working Capital ~(35) 12 ~(45) Other3 ~(15) (23) ~10 Operating Cash Flow ~560 629 ~(70) Capital Spending ~(230) (263) ~35 Free Cash Flow1 ~$330 $365 ~(35) Debt Repayment ~(875) (100) ~(775) Share Repurchase ~(20) (225) ~205 Acquisitions / Divestitures ~490 3 ~490 Other4 ~(15) (9) ~(5) Cash Flow ~$(90) $34 ~$(120) © 2026 Clarivate. All rights reserved.

 
Q&A Session

 
Appendix Presentation of Certain Non-GAAP Financial Measures

 
Historical Revenue Growth Metrics 24 Quarterly organic growth: Continuing Operations © 2026 Clarivate. All rights reserved. Continuing Operations Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Retention Rate 93.5% 93.7% 93.1% 93.7% Organic ACV Growth +1.6% +1.7% +1.4% +1.8% Subscription Growth +1.1% +1.8% +0.6% +1.5% Recurring Growth1 +0.5% +0.9% +0.5% +1.3% Transactional Growth (15.0%) (3.0%) (13.2%) (12.3%) Total Organic Growth (1.0%) +0.6% (0.7%) +0.4% +1.8% +1.5% +1.3% (12.4%) +0.4% +93.7% 1 Includes subscription revenue and re-occurring revenue.

 
25© 2026 Clarivate. All rights reserved. Presentation of Certain Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin 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. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted net income and Adjusted diluted EPS Adjusted net income represents net income (loss), adjusted to exclude amortization related to acquired intangible assets, 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 and the associated income tax impact of such adjustments. Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares. The adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are dilutive. Free cash flow Free cash flow represents Net cash provided by (used for) operating activities less capital expenditures.

 
26 $m Q3 ‘26 Q3 ’25 YTD ’26 YTD ’25 Income (loss) from continuing operations, net of taxes $(26.4) $(24.9) $(122.3) $(213.3) Provision (benefit) for income taxes 5.5 2.3 23.4 29.0 Depreciation and amortization 162.3 168.6 484.7 499.2 Interest expense, net 61.0 68.5 180.4 199.4 Share-based compensation expense 7.7 13.1 32.3 37.1 Restructuring costs 4.5 7.9 24.9 34.3 Transaction related costs (0.2) 3.0 17.5 17.3 Other1 3.8 (16.3) 4.7 42.7 Adjusted EBITDA $218.2 $222.2 $645.6 $645.7 Income (loss) from continuing operations margin (5.5)% (4.7)% (8.3)% (13.8)% Adjusted EBITDA margin 45.3% 41.9% 43.8% 41.7% © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances, the impact of initiatives to reduce our cost structure related to the LS&H divestiture, and other items that do not reflect our ongoing operating performance. Reconciliation of Non-GAAP Financial Measures Income (loss) from continuing operations, net of tax to Adjusted EBITDA and Adjusted EBITDA margin

 
27 $m Q3 ‘26 Q3 ’25 YTD ’26 YTD ’25 Net income (loss) $(80.8) $(28.3) $(389.6) $(204.2) Provision (benefit) for income taxes 7.7 3.8 27.1 34.9 Depreciation and amortization 162.3 191.8 532.0 568.1 Interest expense, net 61.0 68.5 180.4 199.4 Share-based compensation expense 10.8 16.0 40.5 45.6 Goodwill and intangible asset impairments 62.2 — 283.9 — Loss on classification as held for sale 10.1 — 10.1 — Restructuring costs 4.9 11.9 29.0 45.9 Transaction related costs 8.1 4.1 26.5 18.5 Other1 (1.0) (15.4) (6.2) 39.0 Adjusted EBITDA, including discontinued operations $245.3 $252.4 $733.7 $747.2 Net income (loss) margin (14.9)% (4.5)% (22.6)% (11.1)% Adjusted EBITDA margin 43.2% 40.5% 42.1% 40.6% © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. Reconciliation of Non-GAAP Financial Measures Net income (loss) to Adjusted EBITDA, including discontinued operations and Adjusted EBITDA margin

 
Reconciliation of Non-GAAP Financial Measures 28 Net income (loss) and Net income (loss) per share to Adjusted net income and Adjusted diluted EPS © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. Q3 ‘26 Q3 ‘25 YTD ’26 YTD ‘25 $m except per share data Amount Per Share Amount Per Share Amount Per Share Amount Per Share Net income (loss) and Diluted EPS $(80.8) $(0.13) $(28.3) $(0.04) $(389.6) $(0.61) $(204.2) $(0.30) Amortization related to acquired intangible assets 122.6 0.19 136.7 0.20 393.3 0.61 410.0 0.60 Share-based compensation expense 10.8 0.02 16.0 0.02 40.5 0.06 45.6 0.07 Goodwill and intangible asset impairments 62.2 0.10 — — 283.9 0.44 — — Loss on classification as held for sale 10.1 0.02 — — 10.1 0.02 — — Restructuring costs 4.9 0.01 11.9 0.02 29.0 0.05 45.9 0.07 Transaction related costs 8.1 0.01 4.1 0.01 26.5 0.04 18.5 0.03 Other1 0.7 (0.01) (14.0) (0.02) (1.2) — 40.5 0.05 Income tax impact of related adjustments (2.6) — (7.1) (0.01) (14.1) (0.02) (17.9) (0.03) Adjusted net income and Adjusted diluted EPS $136.0 $0.21 $119.3 $0.18 $378.4 $0.59 $338.4 $0.49 Adjusted weighted average ordinary shares, diluted 643.6 675.5 644.5 685.0

 
29© 2026 Clarivate. All rights reserved. $m Q3 ‘26 Q3 ‘25 YTD ’26 YTD ’25 Net cash provided by operating activities $165.6 $181.1 $399.0 $468.6 Capital expenditures (55.4) (65.6) (165.9) (192.5) Free cash flow $110.2 $115.5 $233.1 $276.1 Reconciliation of Non-GAAP Financial Measures Net cash provided by operating activities to Free cash flow

 
30© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net income (loss) $(154) $(144) $(201) Provision (benefit) for income taxes 45 45 9 Depreciation and amortization 650 650 666 Interest expense, net 225 230 265 Share-based compensation expense 45 50 51 Restructuring costs1 30 30 39 Transaction related costs 35 35 21 Other (11) (11) 10 Adjusted EBITDA $865 $885 $860 Net income (loss) margin (7.8)% (7.3)% (9.7)% Adjusted EBITDA margin 43.0% 45.0% 41.6% 1 For the 2026 outlook, reflects restructuring costs expected to be incurred associated with the Value Creation Plan. Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin

 
31© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) Low High Net income (loss) per share $(0.65) $(0.62) Amortization related to acquired intangible assets 0.80 0.80 Share-based compensation expense 0.07 0.08 Goodwill and intangible asset impairments 0.46 0.46 Restructuring costs1 0.05 0.05 Transaction related costs 0.05 0.05 Other (0.02) (0.02) Income tax impact of related adjustments (0.03) (0.03) Adjusted diluted EPS $0.73 $0.77 Adjusted weighted average ordinary shares, diluted ~650 million Reconciliation of Non-GAAP Financial Measures – 2026 Outlook 1 Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan. Net income (loss) per fully diluted weighted shares outstanding to Adjusted diluted EPS

 
32 Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net cash provided by operating activities $550 $570 $628.5 Capital expenditures (230) (230) (263.2) Free cash flow $320 $340 $365.3 © 2026 Clarivate. All rights reserved. Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net cash provided by operating activities to Free cash flow

 
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