Full-Year 2024 Outlook

Our guidance for 2024 is provided below. We expect sustained good organic growth in line with the prior year and a further modest increase in the adjusted operating margin. Margin improvement is expected to be realized in the second half of the year, mainly due to timing of investments.

Full-Year 2024 Outlook

Performance Indicators 2024 Guidance 2023 Actual
Adjusted operating profit margin* 26.4% - 26.8% 26.4%
Adjusted free cash flow**  €1,150-€1,200 million €1,164 million
ROIC* 17%-18% 16.8%
Diluted adjusted EPS** Mid-to high single-digit  12%

*Guidance for adjusted operating profit margin and ROIC is in reporting currency and assumes an average EUR/USD rate in 2024 of €/$ 1.11. ** Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.08). Guidance reflects share repurchases of €1 billion in 2024. 

For definitions of the above performance indicators, please consult the Glossary 

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