Full-Year 2023 Outlook

Our guidance for 2023 is provided below. We expect organic growth to pick up slightly in the fourth quarter and we expect the adjusted operating margin to improve year-on-year in the fourth quarter, resulting in a margin increase for the full year. Adjusted free cash flow in constant currencies is expected to increase in the fourth quarter.

Full-Year 2023 Outlook

Performance Indicators 2023 Guidance 2022 Actual
Adjusted operating profit margin* 26.1% - 26.5% 26.1%
Adjusted free cash flow** Around €1,200 million €1,220 million
ROIC* 16.5%-17.0% 15.5%
Diluted adjusted EPS** High single-digit growth 8%

*Guidance for adjusted operating profit margin and ROIC is in reporting currency and assumes an average EUR/USD rate in 2023 of €/$ 1.08. ** Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.05). Guidance reflects share repurchases of €1 billion in 2023. 

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

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