Full-Year 2022 Outlook

On August 3, 2022, we increased our guidance for adjusted operating profit margin and ROIC in reporting currency and for adjusted EPS growth in constant currencies. We reaffirmed our outlook for adjusted free cash flow in constant currencies. While first half organic growth was better than expected, we expect organic momentum to slow in the remainder of the year, largely due to challenging comparables. We expect second half margins to reflect increased hiring and investments. Growth in diluted adjusted EPS will be dampened by a return to our historical tax rate.

Our specific guidance for FY2022 adjusted operating profit margin, adjusted free cash flow, return on invested capital (ROIC), and diluted adjusted EPS is provided below.

Full-Year 2022 Outlook

Performance Indicators 2022 Guidance 2021 Actual
Adjusted operating profit margin* 26.0% - 26.5% 25.3%
Adjusted free cash flow €1,025 - €1,075 million €1,010 million
ROIC* 14%-15% 13.7%
Diluted adjusted EPS Mid to high single-digit growth €3.38

*Guidance for adjusted operating profit margin and ROIC is in reporting currencies and assumes an average EUR/USD rate in 2022 of €/$ 1.07. Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.18). Guidance reflects share repurchases of €1 billion in 2022.



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

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