Full-Year 2023 Outlook

Our guidance for 2023 is provided below. We expect full-year organic growth to be in line with the prior year and the adjusted operating profit margin to improve. In the first and second quarters of 2023, organic growth is expected to be slower compared to the prior year period, most notably in Health and Governance, Risk & Compliance. The adjusted operating margin is expected to ease in the first half.

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 €/$ 1.07. ** 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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