Full-Year 2021 Outlook

Due to the ongoing nature of the COVID-19 pandemic we currently expect economic activity and spending patterns to be subdued for most of 2021, with a gradual recovery starting in the second half. In the first half of 2021 we face a challenging comparable, partly because we expect lower PPP (Paycheck Protection Program) revenues in 2021.

We remain in a strong position to respond to the new challenges should they arise. Our specific guidance for 2021 adjusted operating profit margin, adjusted free cash flow, return on invested capital (ROIC), and diluted adjusted EPS is provided below.

Full-Year 2021 Outlook

Performance Indicators 2021 Guidance 2020
Adjusted operating profit margin 24.5%-25.0% 24.4%
Adjusted free cash flow €875-925 million €907 million
ROIC Around 12% 12.3%
Diluted adjusted EPS Mid-single-digit growth €3.13

Note: Guidance for adjusted operating profit margin and ROIC is in reported currencies and assumes an average EUR/USD rate in 2021 of €/$ 1.21. Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.14). Guidance reflects share repurchases for up to €350 million in 2021.